Appleseed
Fund
Schedule
of
Investments
June
30,
2025
(Unaudited)
o
Common
Stocks
—
69.15%
Shares
Fair
Value
Canada
—
4.90%
Materials
—
0.99%
Cameco
Corporation
7,000
$
519,610
Real
Estate
—
3.91%
Boardwalk
Real
Estate
Investment
Trust
40,000
2,055,341
Total
Canada
2,574,951
France
—
2.98%
Communications
—
2.98%
Bollore
SA
250,000
1,569,494
Total
France
1,569,494
Greece
—
1.94%
Industrials
—
1.94%
Diana
Shipping,
Inc.
(a)
700,000
1,022,000
Total
Greece
1,022,000
Ireland
—
6.32%
Financials
—
5.33%
AerCap
Holdings
NV
24,000
2,808,000
Health
Care
—
0.99%
Medtronic
PLC
6,000
523,020
Total
Ireland
3,331,020
Israel
—
2.58%
Industrials
—
2.58%
Ituran
Location
and
Control
Ltd.
35,000
1,355,550
Total
Israel
1,355,550
Mexico
—
2.53%
Health
Care
—
2.53%
Wal-Mart
de
Mexico
SAB
de
CV
-
ADR
40,000
1,332,400
Total
Mexico
1,332,400
Russia
—
0.00%
Financials
—
0.00%
Moscow
Exchange
MICEX-RTS
PJSC
-
ADR
(a)(b)(c)
1,300,000
166
Sberbank
of
Russia
PJSC
–
ADR
(a)(b)(c)
324,000
4
Total
Russia
170
Appleseed
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Common
Stocks
—
69.15%-
(continued)
Shares
Fair
Value
South
Korea
—
5.07%
Communications
—
1.21%
Gravity
Co.
Ltd.
-
ADR
(a)
10,000
$
636,900
Technology
—
3.86%
Samsung
Electronics
Co.
Ltd.
46,000
2,034,224
Total
South
Korea
2,671,124
Switzerland
—
1.01%
Health
Care
—
1.01%
Roche
Holding
AG
-
ADR
(a)
13,000
529,880
Total
Switzerland
529,880
United
States
—
41.82%
Consumer
Discretionary
—
4.60%
Lululemon
Athletica,
Inc.
(a)
4,500
1,069,110
VF
Corporation
115,000
1,351,250
2,420,360
Consumer
Staples
—
6.80%
Dollar
General
Corp.
20,000
2,287,600
Herbalife
Ltd.
(a)
150,000
1,293,000
3,580,600
Financials
—
4.45%
AGNC
Investment
Corp.
115,000
1,056,850
Willis
Lease
Finance
Corp.
9,000
1,285,020
2,341,870
Health
Care
—
5.88%
Ardelyx,
Inc.
(a)
125,000
490,000
Charles
River
Laboratories
International,
Inc.
(a)
7,500
1,137,975
Humana,
Inc.
6,000
1,466,880
3,094,855
Industrials
—
7.58%
GXO
Logistics,
Inc.
(a)
33,000
1,607,100
Stanley
Black
&
Decker,
Inc.
16,000
1,084,000
WESCO
International,
Inc.
7,000
1,296,400
3,987,500
Materials
—
7.87%
CF
Industries
Holdings,
Inc.
18,000
1,656,000
Chemours
Co.
(The)
(a)
90,000
1,030,500
Mosaic
Co.
(The)
40,000
1,459,200
4,145,700
Real
Estate
—
4.64%
Alexander
&
Baldwin,
Inc.
60,000
1,069,800
Appleseed
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Common
Stocks
—
69.15%-
(continued)
Shares
Fair
Value
United
States
—
41.82%
(continued)
Real
Estate
—
4.64%
-
continued
Easterly
Government
Properties,
Inc.
(a)
62,000
$
1,376,400
2,446,200
Total
United
States
22,017,085
TOTAL COMMON
STOCKS
(Cost $32,769,035)
36,403,674
Closed
End
Funds
—
11.45%
Canada
—
11.45%
Sprott
Physical
Gold
Trust
(a)
175,000
4,436,250
Sprott
Physical
Uranium
Trust
(a)
85,000
1,592,900
TOTAL CLOSED
END
FUNDS
(Cost $2,627,390)
6,029,150
Exchange-Traded
Funds
—
7.32%
United
States
—
7.32%
iShares
Bitcoin
Trust
ETF
(a)
25,000
1,530,250
Simplify
MBS
ETF
(a)
14,500
726,305
VanEck
Merk
Gold
Shares
(a)
50,000
1,594,500
TOTAL EXCHANGE-TRADED
FUNDS
(Cost $2,257,997)
3,851,055
Preferred
Stocks
—
1.50%
United
States
—
1.50%
Financials
—
1.50%
Federal
National
Mortgage
Association,
Series
S,
5.25%
25,000
375,000
Federal
National
Mortgage
Association,
Series
T,
8.25%
30,000
412,200
TOTAL PREFERRED
STOCKS
(Cost $93,802)
787,200
U.S.
Government
&
Agencies
—
2.43%
Principal
Amount
Fair
Value
United
States
Treasury
Inflation
Indexed
Bonds,
0.50%,
1/15/2028
(d)
$
1,000,000
1,276,536
TOTAL
U.S.
GOVERNMENT
&
AGENCIES
(Cost $1,265,727)
1,276,536
Appleseed
Fund
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Convertible
Bonds
—
5.42%
Principal
Amount
Fair
Value
AerCap
Ireland
Capital
DAC,
3.65%,
7/21/2027
$
500,000
$
492,304
Lumentum
Holdings,
Inc.,
0.50%,
12/15/2026
2,000,000
2,359,532
TOTAL
CONVERTIBLE
BONDS
(Cost $2,538,270)
2,851,836
Certificates
of
Deposit
—
0.95%
Deerwood
Bank,
3.05%,
9/8/2025
250,000
250,000
Spring
Bank,
3.00%,
3/31/2026
250,000
250,000
TOTAL
CERTIFICATES
OF
DEPOSIT
(Cost $500,000)
500,000
Money
Market
Funds
-
1.27%
Shares
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
4.20%
(e)
669,456
669,456
TOTAL
MONEY
MARKET
FUNDS
(Cost
$669,456)
669,456
Total
Investments
—
99.49%
(Cost
$42,721,677)
52,368,907
Other
Assets
in
Excess
of
Liabilities
—
0.51%
267,567
Net
Assets
—
100.00%
$
52,636,474
(a)
Non-income
producing
security.
(b)
Security
is
currently
being
valued
according
to
the
fair
value
procedures.
(c)
Illiquid
security.
The
total
fair
value
of
these
securities
as
of
June
30,
2025
was
$170,
representing
0.00%
of
net
assets.
(d)
Principal
amount
of
security
is
adjusted
periodically
based
on
changes
in
the
Consumer
Price
Index.
(e)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
June
30,
2025.
ADR
-
American
Depositary
Receipt