APPLIED FINANCE EXPLORER FUND

 

 

 

 

Schedule of Investments

 

 

 

 

July 31, 2026 (unaudited)

 

 

98.72%

COMMON STOCKS

Shares

 

Value

 

 

 

2.99%

COMMUNICATION SERVICES

 

 

 

 

CarGurus, Inc.(A)

212,746

$

7,709,915

 

Cars.com, Inc.(A)

451,024

 

5,344,634

 

John Wiley & Sons, Inc. Class A

166,902

 

8,712,284

 

Ziff Davis, Inc.(A)

181,785

 

9,649,148

 

 

 

 

31,415,981

8.07%

CONSUMER DISCRETIONARY

 

 

 

 

Academy Sports & Outdoors, Inc.

131,703

 

6,249,307

 

Adtalem Global Education, Inc.(A)

55,058

 

6,873,991

 

Frontdoor, Inc.(A)

133,072

 

9,665,019

 

G-III Apparel Group Ltd.

187,594

 

6,830,298

 

Green Brick Partners, Inc.(A)

87,490

 

6,188,168

 

Group 1 Automotive, Inc.

17,417

 

4,994,673

 

Hilton Grand Vacations, Inc.(A)

130,275

 

6,010,888

 

KB Home

93,347

 

5,131,285

 

Patrick Industries, Inc.

81,745

 

6,748,050

 

Phinia, Inc.

126,083

 

9,278,448

 

Sally Beauty Holdings, Inc.(A)

507,102

 

7,591,317

 

Stride, Inc.(A)

64,598

 

5,186,573

 

Upbound Group, Inc.

210,277

 

4,077,271

 

 

 

 

84,825,288

1.13%

CONSUMER STAPLES

 

 

 

 

BellRing Brands, Inc.(A)

145,499

 

1,802,733

 

Performance Food Group Co.(A)

88,136

 

10,081,877

 

 

 

 

11,884,610

9.25%

ENERGY

 

 

 

 

Delek US Holdings, Inc.

165,325

 

11,220,608

 

Diversified Energy Co

424,000

 

5,707,040

 

Green Plains, Inc.(A)

370,182

 

6,237,567

 

International Seaways, Inc.

142,000

 

13,657,560

 

Par Pacific Holdings, Inc.(A)

197,536

 

16,994,022

 

PBF Energy, Inc.

183,388

 

13,255,285

 

Permian Resources Corp.

370,699

 

7,899,596

 

Tidewater, Inc.(A)

78,401

 

5,884,779

APPLIED FINANCE EXPLORER FUND

 

 

 

Schedule of Investments

 

 

 

July 31, 2026 (unaudited)

 

 

 

Shares

 

Value

Weatherford International plc

71,785

$

6,302,005

World Kinect Corp.

252,931

 

10,081,830

 

 

 

97,240,292

25.80% FINANCIALS

 

 

 

Acadian Asset Management, Inc.

131,329

 

11,358,645

ARMOUR Residential REIT, Inc.(A)

383,986

 

6,324,249

Atlanticus Holdings Corp.(A)

68,691

 

7,246,214

Axos Financial, Inc.(A)

91,980

 

9,327,692

The Bancorp, Inc.(A)

122,196

 

8,195,686

Customers Bancorp, Inc.(A)

115,869

 

9,116,573

Dave, Inc.(A)

21,699

 

8,087,000

Donnelley Financial Solutions(A)

115,901

 

5,482,117

Enact Holdings, Inc.

178,202

 

8,432,519

Encore Capital Group Inc(A)

116,761

 

10,984,875

Enova International, Inc.(A)

69,427

 

17,644,178

Federated Hermes, Inc.

137,037

 

8,216,739

Hancock Whitney Corp.

119,440

 

9,196,880

HCI Group, Inc.

47,124

 

8,247,171

Heritage Insurance Holdings, Inc.(A)

227,224

 

6,673,569

Jackson Financial, Inc.

81,565

 

9,973,768

Mercury General Corp.

70,516

 

7,553,674

Navient Corp.

458,786

 

3,849,215

NCR Atleos Corp.(A)

198,483

 

9,334,655

NMI Holdings, Inc.(A)

182,434

 

8,081,826

Old National Bancorp of Indiana

259,059

 

6,901,332

Pathward Financial, Inc.

95,822

 

8,455,333

PennyMac Financial Services, Inc.

53,511

 

4,035,265

PJT Partners, Inc.

44,390

 

7,471,281

Preferred Bank

54,247

 

5,665,557

Prog Holdings, Inc.

208,638

 

9,184,245

Radian Group, Inc.

223,160

 

8,701,008

Rithm Capital Corp.

609,776

 

6,024,587

Sezzle, Inc.(A)

75,346

 

11,659,794

Slide Insurance Holdings Inc

382,582

 

7,640,163

SLM Corp.

246,577

 

6,409,769

Universal Insurance Holdings, Inc.

90,498

 

3,955,668

Victory Capital Holdings, Inc. Class A

119,170

 

11,801,405

 

 

 

271,232,652

APPLIED FINANCE EXPLORER FUND

 

 

 

Schedule of Investments

 

 

 

July 31, 2026 (unaudited)

 

 

12.76% HEALTH CARE

Shares

 

Value

 

 

 

Amneal Pharmaceuticals, Inc.(A)

606,953

$

11,119,379

Amphastar Pharmaceuticals, Inc.(A)

180,913

 

3,607,405

ANI Pharmaceuticals, Inc.(A)

79,146

 

6,271,529

BrightSpring Health Services I(A)

180,951

 

10,804,584

Collegium Pharmaceutical, Inc.(A)

167,869

 

5,940,884

Concentra Group Holdings Parent, Inc.

232,954

 

7,372,994

The Ensign Group, Inc.

41,090

 

7,320,594

Halozyme Therapeutics, Inc.(A)

93,888

 

7,749,516

Harmony Biosciences Holdings, Inc.(A)

130,198

 

4,588,178

HealthEquity, Inc.(A)

85,707

 

8,622,981

Indivior Pharmaceuticals, Inc.(A)

152,284

 

6,092,883

Innoviva, Inc.(A)

253,022

 

5,305,871

Mednax, Inc.(A)

411,299

 

10,903,536

Option Care Health, Inc.(A)

204,128

 

4,701,068

Pacira BioSciences Inc(A)

273,565

 

7,224,852

PACS Group Inc(A)

162,050

 

7,455,920

Tenet Healthcare Corp.(A)

37,704

 

9,606,225

United Therapeutics Corp.(A)

18,394

 

9,522,758

 

 

 

134,211,157

14.22% INDUSTRIALS

 

 

 

Alight, Inc.

26,235

 

445,470

Allegiant Travel Co.(A)

77,769

 

7,627,583

Array Technologies, Inc.(A)

806,080

 

4,207,738

Atmus Filtration Technologies, Inc.

138,668

 

7,159,429

Blue Bird Corp(A)

110,000

 

8,182,900

Comfort Systems USA, Inc.

12,106

 

20,939,627

EnerSys

35,000

 

6,511,750

The Greenbrier Companies, Inc.

137,314

 

6,762,714

Hillman Solutions Corp.(A)

679,197

 

5,345,280

Huron Consulting Group, Inc.(A)

45,563

 

6,915,096

Janus International Group, Inc.(A)

494,572

 

2,537,154

Matson, Inc.

55,802

 

11,304,927

Maximus, Inc.

83,306

 

5,019,186

SkyWest, Inc.(A)

75,409

 

8,066,501

Sterling Infrastructure, Inc.(A)

35,558

 

21,219,948

Trinity Industries, Inc.

220,000

 

6,872,800

APPLIED FINANCE EXPLORER FUND

 

 

 

Schedule of Investments

 

 

 

July 31, 2026 (unaudited)

 

 

 

Shares

 

Value

Tutor Perini Corp.

100,000

$

8,375,000

V2X, Inc.(A)

120,000

 

10,828,800

Verra Mobility Corp.(A)

233,157

 

1,233,400

 

 

 

149,555,303

8.85% INFORMATION TECHNOLOGY

 

 

 

ACI Worldwide, Inc.(A)

143,519

 

8,227,944

Adeia, Inc.

381,056

 

10,155,142

Blackbaud, Inc.(A)

140,780

 

6,025,384

Clear Secure, Inc.

146,815

 

8,110,061

CommScope Holding Co., Inc.

357,959

 

4,202,439

Consensus Cloud Solutions, Inc.(A)

128,472

 

4,676,381

Diebold Nixdorf, Inc.(A)

113,052

 

8,319,497

DXC Technology Co.(A)

856,513

 

9,627,206

OSI Systems, Inc.(A)

33,301

 

7,372,508

PC Connection, Inc.

80,000

 

6,697,600

Penguin Solutions, Inc.(A)

249,937

 

13,154,184

ScanSource, Inc.(A)

115,464

 

6,537,572

 

 

 

93,105,918

4.17% MATERIALS

 

 

 

Century Aluminum Co.(A)

196,401

 

8,792,873

Commercial Metals Co.

144,278

 

9,914,784

Element Solutions, Inc.

275,428

 

10,116,470

Perimeter Solutions Inc(A)

379,006

 

11,601,374

Warrior Met Coal, Inc.

42,548

 

3,378,737

 

 

 

43,804,238

7.14% REAL ESTATE

 

 

 

American Assets Trust, Inc. REIT

158,832

 

3,746,847

Apple Hospitality REIT, Inc.

400,000

 

6,604,000

DiamondRock Hospitality Co. REIT

703,104

 

9,309,097

Douglas Emmett, Inc. REIT

389,116

 

4,599,351

Innovative Industrial Properties, Inc.

120,424

 

7,082,135

Newmark Group, Inc.

510,499

 

7,654,933

Park Hotels & Resorts, Inc. REIT

400,000

 

6,024,000

Piedmont Office Realty Trust, Inc.(A)

455,799

 

4,416,692

RLJ Lodging Trust REIT

300,000

 

3,675,000

Ryman Hospitality Properties, Inc. REIT

57,247

 

7,651,062

 

APPLIED FINANCE EXPLORER FUND

 

 

 

Schedule of Investments

 

 

 

 

July 31, 2026 (unaudited)

Shares

 

Value

 

 

 

 

Tanger Factory Outlet Centers, Inc. REIT

248,264

$

10,094,414

 

Xenia Hotels & Resorts, Inc. REIT

202,646

 

4,170,455

 

 

 

 

75,027,986

4.34%

UTILITIES

 

 

 

 

California Water Service Group

123,577

 

6,192,443

 

New Jersey Resources Corp.

108,080

 

6,256,751

 

One Gas, Inc.

82,823

 

6,431,206

 

Otter Tail Corp.

91,945

 

8,129,777

 

Portland General Electric

80,000

 

3,946,400

 

Southwest Gas Corp.

81,943

 

7,325,704

 

TXNM Energy, Inc.

126,991

 

7,355,319

 

 

 

 

45,637,600

98.72%

TOTAL COMMON STOCKS

 

 

1,037,941,025

 

(Cost: $761,054,426)

 

 

 

0.37%

EXCHANGE TRADED FUNDS

 

 

 

0.37%

MID-CAP FUNDS

 

 

 

 

Applied Finance IVS International SMID ETF(A)(B)

60,000

 

1,505,904

 

Applied Finance IVS US SMID ETF(B)

80,000

 

2,427,952

 

 

 

 

3,933,856

0.37%

TOTAL EXCHANGE TRADED FUNDS

 

 

3,933,856

 

(Cost: $3,538,180)

 

 

 

0.91%

MONEY MARKET FUNDS

 

 

 

 

Federated Treasury Obligations Fund 3.550%(C)

9,588,587

 

9,588,587

 

(Cost: $9,588,587)

 

 

 

100.00%

TOTAL INVESTMENTS

 

 

1,051,463,468

 

(Cost: $774,181,193)

 

 

 

0.00%

Liabilities in excess of other assets

 

 

(72,054)

100.00%

NET ASSETS

 

$

1,051,391,414

(A)Non-income producing

(B)Affiliated Investment - The Fund's Advisor also serves as advisor to the underlying ETF. (Note 1)

(C)Effective 7 day yield as of July 31,2026 REIT - Real Estate Investment Trust.

See Notes to Schedule of Investments.

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 summarizes the inputs used to value the Fund’s investments as of July 31, 2026:

 

 

 

 

 

 

 

Level 2

 

Level 3

 

 

 

 

 

 

Other

Significant

 

 

 

 

Level 1

Significant

Unobservable

 

 

Assets

 

Quoted Prices

Observable Inputs

 

Inputs

 

Total

 

 

 

 

 

 

 

 

Common Stocks

$

1,037,941,025

$

-

$

-

$

1,037,941,025

Exchange Traded Funds

 

3,933,856

 

-

 

-

 

3,933,856

Money Market Funds

 

9,588,587

 

-

 

-

 

9,588,587

 

$

1,051,463,468

$

-

$

-

$

1,051,463,468

The cost of investments for Federal income tax purposes has been estimated a/o July 31, 2026, since

the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purposes is $774,181,193, and the related net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation

$

310,686,913

Gross unrealized depreciation

 

(33,404,638)

Net unrealized appreciation (depreciation)

$

277,282,275