| APPLIED FINANCE SELECT FUND |
|
| ||||
Schedule of Investments |
| July 31, 2022 (unaudited) |
| ||||
|
|
| Shares | Fair Value | |||
92.95% | COMMON STOCKS |
|
|
|
|
|
|
12.38% | CONSUMER DISCRETIONARY |
|
|
|
|
|
|
| Aptiv PLC* . . . . . . . . . . . . . . . . . . . . . . | .64,974. . . . . $ | 6,815,123 |
| |||
| Darden Restaurants, Inc.. . . . . . . . . . | . . . . . | 59,111. . |
| 7,358,728 |
| |
| LKQ Corp.. . . . . . . . . . . . . . . . . . | . . . . | 156,725. . . . . . | . 8,594,799 |
| ||
| Lowe’s Cos.., Inc.. . . . . . . . . . . . . . . | . . . . . | 35,090. . . . |
| 6,720,788 |
| |
| Target Corp.. . . . . . . . . . . . . . . . | . . . . . | 46,515. . . . . | . 7,599,621 |
| ||
| The Walt Disney Co..* . . . . . . . . . . . . . . . . . . . | 58,026 |
| 6,156,559 |
| ||
|
|
|
|
|
| 43,245,618 |
|
6.19% | CONSUMER STAPLES |
|
|
|
|
|
|
| Constellation Brands, Inc.. - Class A . . . . . . | 24,447 |
| 6,021,541 |
| ||
| Tyson Foods, Inc.. - Class A . . . . . . | . . . . | 65,844. . . |
| 5,794,931 |
| |
| Walgreens Boots Alliance, Inc.. . . . . | . . . . .110,023. |
| 4,359,111 |
| ||
| Walmart, Inc.. . . . . . . . . . . . . . . . . . | . . . . . 41,128. . . . |
| 5,430,952 |
| ||
|
|
|
|
|
| 21,606,535 |
|
5.01% | ENERGY |
|
|
|
|
|
|
| Chevron Corp.. . . . . . . . . . . . . . . | . . . . . | .36,745. . . . |
| 6,018,096 |
| |
| ConocoPhillips . . . . . . . . . . . . . . . . . | . . . . .56,603. . |
| 5,514,830 |
| ||
| Valero Energy Corp.. . . . . . . . . . . | . . . . . | 53,908. . . . |
| 5,971,389 |
| |
|
|
|
|
|
| 17,504,315 |
|
11.53% | FINANCIALS |
|
|
|
|
|
|
| The Allstate Corp.. . . . . . . . . . . . | . . . . . . | .52,452. . . |
| 6,135,310 |
| |
| Ameriprise Financial, Inc.. . . . . . . . . | . . . . .20,514. . |
| 5,537,139 |
| ||
| Bank of America Corp.. . . . . . . . . . | . . . . . . . . 166,306 |
| 5,622,806 |
| ||
| Capital One Financial Corp.. . . . . . . . | . . . . .49,889. |
| 5,479,309 | |||
| JPMorgan Chase & Co.. . . . . . . . . . . | . . . . . . . 46,919 |
| 5,412,576 | |||
| MetLife, Inc.. . . . . . . . . . . . . . . . . . | . . . . . .93,000. . . . | 5,882,250 | ||||
| The Travelers Cos.., Inc.. . . . . . . . . . . . . . . . . . | 39,039 |
| 6,195,489 |
| ||
|
|
|
|
|
| 40,264,879 |
|
1
QUARTERLY REPORT
| APPLIED FINANCE SELECT FUND |
|
|
| ||||
Schedule of Investments - continued |
|
| July 31, 2022 (unaudited) |
| ||||
|
|
|
| Shares |
| Fair Value | ||
13.50% | HEALTH CARE |
|
|
|
|
|
|
|
| CVS Health Corp.. |
|
|
| 57,633 | $ | 5,514,325 |
|
| Danaher Corp.. . . . . . . . . . . . . . . | . . . . | 20,603. . . . . | . 6,005,156 |
| |||
| McKesson Corp.. . . . . . . . . . . . . . . | . . . . .22,573. . . . |
| 7,710,485 |
| |||
| Merck & Co.., Inc.. . . . . . . . . . . . . . | . . |
| . . | 72,352. . . . . | 6,463,928 |
| |
| Pfizer, Inc.. . . . . . . . . . . . . . . . . . . . . . . | . .104,109. . . . . |
| 5,258,546 |
| |||
| Regeneron Pharmaceuticals, Inc..* . . . | . . |
| . . | 8,900 |
| 5,177,041 |
|
| Stryker Corp.. . . . . . . . . . . . . . . . . . | . . . . . | 23,104. . . . |
| 4,961,584 |
| ||
| Thermo Fisher Scientific, Inc.. . . . . . . . | . . . . . 10,085 |
| 6,034,965 |
| |||
|
|
|
|
|
|
| 47,126,030 |
|
8.38% | INDUSTRIAL |
|
|
|
|
|
|
|
| Cummins, Inc.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. |
| 23,588 |
| 5,220,260 |
| ||
| Quanta Services, Inc.. . . . . . . . . . . . . | . . . . | 45,248. . . |
| 6,277,255 |
| ||
| Roper Technologies, Inc.. . . . . . . . . | . . . .11,403. . . |
| 4,979,348 |
| |||
| Stanley Black & Decker, Inc.. . . . . . . . . . . | . | .26,518. |
| 2,580,997 | |||
| Union Pacific Corp.. . . . . . . . . . . . . | . . | . | .22,228. . . . | 5,052,424 | |||
| Westinghouse Air Brake |
|
|
|
|
| 5,140,850 |
|
| Technologies Corp.. . . . . . . . . . . . . . . . . . . |
| 55,000 |
|
| |||
|
|
|
|
|
|
| 29,251,134 |
|
26.31% | INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
| Alphabet, Inc.. - Class A* . . . . . . . . . | . . . . 61,420. . . |
| 7,144,374 |
| |||
| Apple, Inc.. . . . . . . . . . . . . . . . . . . . . | . . . . .65,909. . . |
| 10,710,872 |
| |||
| Cisco Systems, Inc.. . . . . . . . . . . . . . | . . . . |
| . | .182,133. |
| 8,263,374 |
|
| Fiserv, Inc..* . . . . . . . . . . . . . . . | . . . . 103,093. . . . | 10,894,868. . . . |
| ||||
| HP, Inc.. . . . . . . . . . . . . . . . . . . . . . . . .294,645. . . . . 9,838,197. . | |||||||
| Intel Corp.. . . . . . . . . . . . . . . . . . . | . . . .209,807. . . . | . .7,618,092 |
| ||||
| International Business Machines Corp.. | . . . |
|
| 78,776 |
| 10,303,113 |
|
| KLA Corp.. . . . . . . . . . . . . . . . . . | . . |
| . . 28,108. . . . . | 10,780,542. . |
| ||
| Mastercard, Inc.. - Class A . . . . . . . . . | . . . . | 30,447. . |
| 10,771,844 |
| ||
| Meta Platforms, Inc..* . . . . . . . . . . . | . . . . | . . | .34,845. |
| 5,543,840 |
| |
|
|
|
|
|
|
| 91,869,116 |
|
2
QUARTERLY REPORT
| APPLIED FINANCE SELECT FUND |
| ||
Schedule of Investments - continued | July 31, 2022 (unaudited) | |||
|
|
| Shares | Fair Value |
2.67% | MATERIALS |
|
| |
| Celanese Corp.. Class A . . . . . . . . . . . . | . .30,500. . | $ 3,584,055 | |
| CF Industries Holdings, Inc.. .. .. .. .. .. .. .. .. .. .. .. .. .. | 59,970 | 5,726,535 | |
|
|
|
| 9,310,590 |
2.39% | REAL ESTATE |
|
| |
| Host Hotels & Resorts, Inc.. . . . . . . . . . . . | . 468,113. . | 8,337,093 | |
2.08% | TELECOMMUNICATION SERVICES |
|
| |
| Verizon Communications, Inc.. . . . . . . . . . | . 157,410. | 7,270,768 | |
2.51% | UTILITIES |
|
| |
| DTE Energy Co.. . . . . . . . . . . . . . . . . . . | . 35,702. . . . | 4,651,971 | |
| Public Service Enterprise Group, Inc.. . . . . . | 62,753 | 4,120,990 | |
|
|
|
| 8,772,961 |
92.95% | TOTAL COMMON STOCKS . . . . . . . . . . . . . . . . . . . . . . | .324,559,039. . . . . . | ||
6.96% | MONEY MARKET FUNDS |
|
| |
| Federated Treasury Obligations Fund |
| 24,321,996 | |
| Institutional Class 1..81%** . . . . . . . . . .24,321,996. . . |
99.91% TOTAL INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . 348,881,035. . . . . . . . .
0.09% Other assets, net of liabilities . . . . . . . . . . . . . . . . . . . . . . . 299,896. . . . .
100.00% NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$349,180,931. . . . . . . . .
*Non-income producing
**Effective 7 day yield as of July 31, 2022
3
QUARTERLY REPORT
APPLIED FINANCE SELECT FUND
Schedule of Investments - continued | July 31, 2022 (unaudited) |
In accordance with U. .S. . GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. . Various inputs are used in determining the value of a Fund’s investments.. U..S.. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. . Level 1 includes quoted prices in active markets for identical securities.. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc..).. Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)..
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities..
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2022:
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
|
|
|
| Other |
|
|
|
|
|
|
|
| Significant |
|
| Significant |
|
| Quoted Prices |
| Observable |
| Unobservable | Total | ||
|
|
| Inputs |
|
| Inputs | ||
Common Stocks | $324,559,039 | $ | — | $ | — | $324,559,039 | ||
Money Market Funds | 24,321,996 |
|
| — |
|
| — | 24,321,996 |
Total Investments | $348,881,035 | $ | — | $ | — | $348,881,035 | ||
|
|
|
|
|
|
|
|
|
The Fund held no Level 3 securities at any time during the period..
There were no transfers into or out of Levels 1 and 2 during the period ended July 31, 2022..
At July 31, 2022, the cost of investment for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end.. Cost of securities for Federal income tax purpose is $284,496,956 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . . . . . | .$ 76,036,307. . |
| |
Gross unrealized depreciation . . . . . | . (11,652,229. . | ) | |
Net unrealized appreciation . . . . . . . . | . $.64,384,079. |
| |
|
|
|
|
4
QUARTERLY REPORT