| APPLIED FINANCE DIVIDEND FUND |
| ||
Schedule of Investments | January 31, 2024 (unaudited) | |||
|
|
| Shares | Fair Value |
99.77% | COMMON STOCK |
|
|
|
3.50% | COMMUNICATION SERVICES |
|
|
|
| Verizon Communications, Inc. . . . . . . | 21,535 | $ 912,007 | |
9.55% | CONSUMER DISCRETIONARY |
|
|
|
| Darden Restaurants, Inc. . . . . . . . . | 4,472 | 727,058 | |
| Hasbro, Inc. . . . . . . . . . . . . . . | 11,454 | 560,673 | |
| Home Depot, Inc. . . . . . . . . . . . | 2,112 | 745,452 | |
| Whirlpool Corp. . . . . . . . . . . . . | 4,183 | 458,122 | |
|
|
|
| 2,491,305 |
7.46% | CONSUMER STAPLES |
|
|
|
| Target Corp. . . . . . . . . . . . . . . | 5,181 | 720,573 | |
| Unilever plc ADR . . . . . . . . . . . . | 12,148 | 591,486 | |
| Walgreens Boots Alliance, Inc. . . . . . . | 28,011 | 632,208 | |
|
|
|
| 1,944,267 |
6.44% | ENERGY |
|
|
|
| Chevron Corp. . . . . . . . . . . . . . | 4,976 | 733,612 | |
| Marathon Petroleum Corp. . . . . . . . | 5,705 | 944,748 | |
|
|
|
| 1,678,360 |
21.43% | FINANCIALS |
|
|
|
| Ameriprise Financial, Inc. . . . . . . . . | 1,936 | 748,903 | |
| Huntington Bancshares . . . . . . . . . | 53,311 | 678,649 | |
| JPMorgan Chase & Co. . . . . . . . . . | 4,167 | 726,558 | |
| The PNC Financial Services Group, Inc. . . | 4,842 | 732,159 | |
| Prudential Financial, Inc. . . . . . . . . | 6,985 | 732,936 | |
| State Street Corp. . . . . . . . . . . . | 9,297 | 686,769 | |
| The Travelers Companies, Inc. . . . . . . | 3,701 | 782,243 | |
| Truist Financial Corp. . . . . . . . . . . | 13,500 | 500,310 | |
|
|
|
| 5,588,527 |
16.47% | HEALTH CARE |
|
|
|
| Abbott Laboratories . . . . . . . . . . | 6,200 | 701,530 | |
| AbbVie, Inc. . . . . . . . . . . . . . . | 4,200 | 690,480 | |
| Eli Lilly & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,232 | 795,392 | |
| Johnson & Johnson . . . . . . . . . . | 4,209 | 668,810 | |
| Merck & Company, Inc. . . . . . . . . . | 6,019 | 726,975 | |
| Novartis AG ADR . . . . . . . . . . . . | 6,880 | 711,874 | |
|
|
|
| 4,295,061 |
| 1 |
|
|
|
QUARTERLY REPORT
| APPLIED FINANCE DIVIDEND FUND |
|
| ||
Schedule of Investments - continued | January 31, 2024 (unaudited) | ||||
|
|
| Shares |
| Fair Value |
11.47% | INDUSTRIALS |
|
|
|
|
| Eaton Corp. plc . . . . . . . . . . . . | 2,976 | $ | 732,334 | |
| Norfolk Southern Corp. . . . . . . . . . | 3,089 |
| 726,656 | |
| PACCAR, Inc. . . . . . . . . . . . . . | 7,642 |
| 767,180 | |
| RTX Corp. . . . . . . . . . . . . . . . | 8,394 |
| 764,861 | |
|
|
|
|
| 2,991,031 |
11.01% | INFORMATION TECHNOLOGY |
|
|
|
|
| Accenture plc, Class A . . . . . . . . . | 2,025 |
| 736,857 | |
| Cisco Systems, Inc. . . . . . . . . . . . | 13,192 |
| 661,975 | |
| Intel Corp. . . . . . . . . . . . . . . . | 16,209 |
| 698,284 | |
| Microsoft Corp. . . . . . . . . . . . . | 1,948 |
| 774,486 | |
|
|
|
|
| 2,871,602 |
2.72% | MATERIALS |
|
|
|
|
| LyondellBasell Industries NV . . . . . . | 7,543 |
| 709,947 | |
2.37% | REAL ESTATE |
|
|
|
|
| Omega Healthcare Investors, Inc. . . . . | 21,355 |
| 619,295 | |
7.35% | UTILITIES |
|
|
|
|
| Public Service Enterprise Group, Inc. . . . | 11,615 |
| 673,554 | |
| Sempra Energy . . . . . . . . . . . . | 9,392 |
| 672,092 | |
| UGI Corp. . . . . . . . . . . . . . . . | 25,800 |
| 571,212 | |
|
|
|
|
| 1,916,858 |
99.77% | TOTAL COMMON STOCK . . . . . . . . . . . . . . . |
| 26,018,260 | ||
0.00% | MONEY MARKET FUND |
|
|
|
|
| Federated Treasury Obligations Fund |
|
|
|
|
| 5.19%(B) . . . . . . . . . . . . . . . |
|
|
| — |
99.77% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | $ | 26,018,260 | ||
0.23% | Assets net of liabilities . . . . . . . . . . . . . . . . . |
| 60,987 | ||
100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . . | $ | 26,079,247 |
(B) Effective 7 day yield as of January 31,2024
2
QUARTERLY REPORT
APPLIED FINANCE DIVIDEND FUND
Schedule of Investments - continued | January 31, 2024 (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 January 31, 2024:
|
| Level 2 |
| Level 3 |
|
|
| Other |
|
|
|
|
| Significant |
| Significant |
|
|
| Observable |
| Unobservable |
|
| Quoted Prices | Inputs |
| Inputs | Total |
Common Stock . . . . . | $ 26,018,260 |
|
|
| $ 26,018,260 |
Money Market Fund . . . | — |
|
|
| — |
Total Investments . . . . | $ 26,018,260 |
|
|
| $ 26,018,260 |
|
|
|
|
|
|
The cost of investments for Federal income tax purposes has been estimated as of January 31, 2024 since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $25,907,306, and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . . . . | $ | 3,394,473 |
|
Gross unrealized depreciation . . . . | $ | (3,283,520) | |
Net unrealized appreciation . . . . . | $ | 110,954 |
|
|
|
|
|
3
QUARTERLY REPORT