| APPLIED FINANCE DIVIDEND FUND |
| |
Schedule of Investments | July 31, 2023 (unaudited) | ||
94.90% | COMMON STOCKS | Shares | Fair Value |
|
| ||
11.97% | CONSUMER DISCRETIONARY |
|
|
| Darden Restaurants, Inc. . . . . . . . . | 4,472 | $ 755,410 |
| Hasbro, Inc. . . . . . . . . . . . . . . | 10,454 | 674,910 |
| The Home Depot . . . . . . . . . . . | 2,312 | 771,838 |
| Target Corp. . . . . . . . . . . . . . . | 3,881 | 529,640 |
| Whirlpool Corp. . . . . . . . . . . . . | 4,183 | 603,440 |
|
|
| 3,335,238 |
4.55% | CONSUMER STAPLES |
|
|
| Unilever, N.V. . . . . . . . . . . . . . | 12,148 | 652,712 |
| Walgreens Boots Alliance, Inc. . . . . . . | 20,511 | 614,715 |
|
|
| 1,267,427 |
5.93% | ENERGY |
|
|
| Chevron Corp. . . . . . . . . . . . . . | 4,976 | 814,372 |
| Marathon Petroleum Corp. . . . . . . . | 6,305 | 838,691 |
|
|
| 1,653,063 |
20.44% | FINANCIALS |
|
|
| Ameriprise Financial, Inc. . . . . . . . . | 2,406 | 838,371 |
| Huntington Bancshares, Inc. . . . . . . . | 53,311 | 652,527 |
| JPMorgan Chase & Co. . . . . . . . . . | 4,667 | 737,199 |
| The PNC Financial Services Group, Inc. . . | 4,842 | 662,821 |
| Prudential Financial, Inc. . . . . . . . . | 7,685 | 741,526 |
| State Street Corp. . . . . . . . . . . . | 9,297 | 673,475 |
| The Travelers Companies, Inc. . . . . . . | 4,101 | 707,874 |
| Truist Financial Corp. . . . . . . . . . . | 20,500 | 681,010 |
|
|
| 5,694,803 |
15.59% | HEALTH CARE |
|
|
| Abbott Laboratories . . . . . . . . . . | 6,800 | 757,044 |
| Eli Lilly and Co. . . . . . . . . . . . . | 1,682 | 764,553 |
| Johnson & Johnson . . . . . . . . . . | 4,209 | 705,134 |
| Merck & Co., Inc. . . . . . . . . . . . . | 6,719 | 716,581 |
| Novartis AG . . . . . . . . . . . . . . | 7,690 | 806,681 |
| Pfizer, Inc. . . . . . . . . . . . . . . . | 16,484 | 594,413 |
|
|
| 4,344,406 |
10.90% | INDUSTRIAL |
|
|
| Eaton Corp. PLC . . . . . . . . . . . . | 4,146 | 851,257 |
| Norfolk Southern Corp. . . . . . . . . . | 3,089 | 721,560 |
| PACCAR, Inc. . . . . . . . . . . . . . | 9,442 | 813,239 |
| Rtx Corp. . . . . . . . . . . . . . . . | 7,394 | 650,154 |
|
|
| 3,036,210 |
| 1 |
|
|
QUARTERLY REPORT
| APPLIED FINANCE DIVIDEND FUND |
|
| |
Schedule of Investments - continued | July 31, 2023 (unaudited) | |||
10.09% | INFORMATION TECHNOLOGY | Shares |
| Fair Value |
|
|
| ||
| Accenture PLC . . . . . . . . . . . . . | 2,025 | $ | 640,609 |
| Cisco Systems, Inc. . . . . . . . . . . . | 13,192 |
| 686,512 |
| Intel Corp. . . . . . . . . . . . . . . . | 19,509 |
| 697,837 |
| Microsoft Corp. . . . . . . . . . . . . | 2,338 |
| 785,381 |
|
|
|
| 2,810,339 |
2.97% | MATERIALS |
|
| 828,743 |
| LyondellBasell Industries NV . . . . . . | 8,383 |
| |
2.84% | REAL ESTATE |
|
| 792,874 |
| Omega Healthcare Investors, Inc. . . . . | 24,855 |
| |
2.27% | TELECOMMUNICATIONS |
|
| 631,673 |
| Verizon Communications, Inc. . . . . . . | 18,535 |
| |
7.35% | UTILITIES |
|
|
|
| Public Services Enterprise Group, Inc. . . | 11,615 |
| 733,139 |
| Sempra Energy . . . . . . . . . . . . | 4,696 |
| 699,798 |
| UGI Corp. . . . . . . . . . . . . . . . | 22,800 |
| 615,372 |
|
|
|
| 2,048,309 |
94.90% | TOTAL COMMON STOCKS . . . . . . . |
|
| 26,443,085 |
4.54% | EXCHANGE TRADED FUND |
|
|
|
4.54% | LARGE CAP |
|
| 1,264,820 |
| Applied Finance Valuation Large Cap ETF . | 44,600 |
| |
| TOTAL EXCHANGE TRADED FUND . . . |
|
| 1,264,820 |
0.29% | MONEY MARKET FUND |
|
|
|
| Federated Treasury Obligations Fund - |
|
|
|
| Institutional Class 5.13%(A) . . . . . . . | 80,384 |
| 80,384 |
99.73% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . |
| 27,788,289 | |
0.27% | Assets net of liabilities . . . . . . . . . . . . . . . . . |
| 74,234 | |
100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | $ | 27,862,523 | |
(A) Effective 7 day yield as of July 31, 2023
2
QUARTERLY REPORT
APPLIED FINANCE DIVIDEND FUND
Schedule of Investments - continued | July 31, 2023 (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, 2023:
|
| Level 1 |
|
| Level 2 |
|
| Level 3 |
|
|
|
|
|
|
| Other |
|
|
|
|
|
|
|
|
|
| Significant |
|
| Significant |
|
|
| Quoted Prices |
| Observable |
| Unobservable |
| Total | |||
Common Stocks . . . . |
|
| Inputs |
|
| Inputs |
| |||
$ | 26,443,085 | $ | — | $ | — | $ | 26,443,085 | |||
ETF Funds . . . . . . . | $ | 1,264,820 |
|
|
|
|
|
| $ | 1,264,820 |
Money Market . . . . . | $ | 80,384 |
|
|
|
|
|
| $ | 80,384 |
Total Investments . . . . | $ | 27,788,289 | $ | — | $ | — | $ | 27,788,289 | ||
|
|
|
|
|
|
|
|
|
|
|
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, 2023.
At July 31, 2023 the cost of investments 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 $28,140,416 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . . . . | $ | 2,858,376 |
|
Gross unrealized depreciation . . . . |
| (3,210,503) | |
Net unrealized appreciation . . . . . | $ | (352,127 | ) |
3
QUARTERLY REPORT