| APPLIED FINANCE SELECT FUND |
| ||
Schedule of Investments | January 31, 2024 (unaudited) | |||
97.95% | COMMON STOCK |
| Shares | Value |
|
|
| ||
9.97% | COMMUNICATION SERVICES |
|
|
|
| Alphabet, Inc. Class A(A) . . . . . . . . | 85,420 | $ 11,967,342 | |
| META Platforms, Inc.(A) . . . . . . . . | 37,745 | 14,725,834 | |
| Verizon Communications, Inc. . . . . . | 325,007 | 13,764,046 | |
| The Walt Disney Co. . . . . . . . . . | 132,502 | 12,726,817 | |
|
|
|
| 53,184,039 |
10.22% | CONSUMER DISCRETIONARY |
|
|
|
| Aptiv plc(A) . . . . . . . . . . . . . . | 119,950 | 9,755,534 | |
| Darden Restaurants, Inc. . . . . . . . | 68,611 | 11,154,776 | |
| DR Horton, Inc. . . . . . . . . . . . | 84,000 | 12,004,440 | |
| LKQ Corp. . . . . . . . . . . . . . . | 226,908 | 10,589,796 | |
| Lowe’s Cos., Inc. . . . . . . . . . . . | 51,590 | 10,980,416 | |
|
|
|
| 54,484,962 |
6.35% | CONSUMER STAPLES |
|
|
|
| Constellation Brands, Inc. . . . . . . . | 35,547 | 8,711,859 | |
| Target Corp. . . . . . . . . . . . . . | 60,318 | 8,389,027 | |
| Tyson Foods, Inc. Class A . . . . . . . | 171,854 | 9,410,725 | |
| Walgreens Boots Alliance, Inc. . . . . . | 326,023 | 7,358,339 | |
|
|
|
| 33,869,950 |
3.93% | ENERGY |
|
|
|
| Chevron Corp. . . . . . . . . . . . . | 43,245 | 6,375,610 | |
| ConocoPhillips . . . . . . . . . . . . | 59,603 | 6,667,788 | |
| Valero Energy Corp. . . . . . . . . . | 56,908 | 7,904,521 | |
|
|
|
| 20,947,919 |
13.67% | FINANCIALS |
|
|
|
| Ameriprise Financial, Inc. . . . . . . . | 26,114 | 10,101,679 | |
| Bank of America Corp. . . . . . . . . | 296,821 | 10,094,882 | |
| Fiserv, Inc.(A) . . . . . . . . . . . . . | 74,093 | 10,511,574 | |
| JPMorgan Chase & Co. . . . . . . . . | 60,919 | 10,621,837 | |
| Mastercard, Inc. Class A . . . . . . . | 23,447 | 10,533,096 | |
| MetLife, Inc. . . . . . . . . . . . . . | 155,562 | 10,783,558 | |
| The Travelers Companies, Inc. . . . . . | 48,371 | 10,223,695 | |
|
|
|
| 72,870,321 |
| 1 |
|
|
|
QUARTERLY REPORT
| APPLIED FINANCE SELECT FUND |
| ||
Schedule of Investments - continued | January 31, 2024 (unaudited) | |||
12.38% | HEALTH CARE |
| Shares | Value |
|
|
| ||
| CVS Health Corp. . . . . . . . . . . | 97,633 | $ 7,260,966 | |
| Danaher Corp. . . . . . . . . . . . . | 36,103 | 8,661,471 | |
| Incyte Corp.(A) . . . . . . . . . . . . | 120,000 | 7,052,400 | |
| McKesson Corp. . . . . . . . . . . . | 16,876 | 8,436,144 | |
| Merck & Company, Inc. . . . . . . . . | 72,352 | 8,738,675 | |
| Regeneron Pharmaceuticals, Inc.(A) . . . | 8,828 | 8,322,862 | |
| Stryker Corp. . . . . . . . . . . . . | 28,614 | 9,599,425 | |
| Thermo Fisher Scientific, Inc. . . . . . | 14,685 | 7,914,921 | |
|
|
|
| 65,986,864 |
8.59% | INDUSTRIALS |
|
|
|
| Cummins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 34,588 | 8,276,908 | |
| Quanta Services, Inc. . . . . . . . . . | 42,248 | 8,198,224 | |
| Union Pacific Corp. . . . . . . . . . . | 36,528 | 8,910,275 | |
| United Rentals, Inc. . . . . . . . . . . | 17,800 | 11,132,120 | |
| Wabtec Corp. . . . . . . . . . . . . | 70,500 | 9,275,685 | |
|
|
|
| 45,793,212 |
26.49% | INFORMATION TECHNOLOGY |
|
|
|
| Adobe, Inc.(A) . . . . . . . . . . . . | 27,100 | 16,741,838 | |
| Apple, Inc. . . . . . . . . . . . . . . | 86,409 | 15,933,820 | |
| Cisco Systems, Inc. . . . . . . . . . . | 300,133 | 15,060,674 | |
| HP, Inc. . . . . . . . . . . . . . . . | 496,645 | 14,258,678 | |
| Intel Corp. . . . . . . . . . . . . . . | 356,807 | 15,371,246 | |
| International Business Machines Corp. . | 96,776 | 17,773,880 | |
| KLA Corp. . . . . . . . . . . . . . . | 28,908 | 17,172,508 | |
| Microchip Technology, Inc. . . . . . . | 166,000 | 14,139,880 | |
| Roper Technologies, Inc. . . . . . . . | 27,603 | 14,822,811 | |
|
|
|
| 141,275,335 |
2.17% | MATERIALS |
|
|
|
| Celanese Corp. Class A . . . . . . . . | 41,785 | 6,112,728 | |
| CF Industries Holdings, Inc. . . . . . . . . . . . . | 72,552 | 5,478,402 | |
|
|
|
| 11,591,130 |
2.18% | REAL ESTATE |
|
|
|
| Host Hotels & Resorts, Inc. . . . . . . | 605,966 | 11,646,667 | |
2.00% | UTILITIES |
|
|
|
| DTE Energy Co. | 49,702 | 5,239,585 | |
| Public Service Enterprise Group, Inc. | 93,753 | 5,436,736 | |
|
|
|
| 10,676,321 |
| 2 |
|
|
|
QUARTERLY REPORT
| APPLIED FINANCE SELECT FUND |
|
| ||
Schedule of Investments - continued | January 31, 2024 (unaudited) |
| |||
|
|
| Shares | Value | |
97.95% | TOTAL COMMON STOCK . . . . . . . . | . . . . . . | $522,326,720 |
| |
2.29% | MONEY MARKET FUND |
|
|
|
|
| Federated Treasury Obligations Fund |
|
|
|
|
| 5.19%(B) . . . . . . . . . . . . . . | 12,195,466 | 12,195,466 |
| |
100.23% | TOTAL INVESTMENTS . . . . . . . . . . . . . . . . | 534,522,186 |
| ||
(0.23%) | Liabilities in excess of other assets . . . . . . . . . . . | (1,248,335) | |||
100.00% | NET ASSETS . . . . . . . . . . . . . . . . . . . . | $533,273,851 |
|
(A)Non-income producing
(B)Effective 7 day yield as of January 31,2024
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 . . . . . | $522,326,720 |
|
|
| $522,326,720 |
Money Market Fund . . . | 12,195,466 |
|
|
| 12,195,466 |
Total Investments . . . . | $534,522,186 |
|
|
| $534,522,186 |
|
|
|
|
|
|
3
QUARTERLY REPORT
APPLIED FINANCE SELECT FUND
Schedule of Investments - continued | January 31, 2024 (unaudited) |
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 $406,322,940, and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . . . . | $139,576,539 |
|
Gross unrealized depreciation . . . . | $ (11,377,294) | |
Net unrealized appreciation . . . . . | $128,199,245 |
|
4
QUARTERLY REPORT