NPORT-EX 2 449.htm CFS_449_20250731_20250904195317951.pdf

APPLIED FINANCE EXPLORER FUND

Schedule of Investments

July 31, 2025 (unaudited)

99.47% COMMON STOCKS

3.37% COMMUNICATION SERVICES CarGurus, Inc.(A)

John Wiley & Sons, Inc. Class A

Sinclair, Inc.

TEGNA, Inc.

Ziff Davis, Inc.(A)

10.61% CONSUMER DISCRETIONARY

Asbury Automotive Group, Inc.(A)

Dana, Inc.

Frontdoor, Inc.(A)

G-III Apparel Group Ltd.(A)

Green Brick Partners, Inc.(A)

Group 1 Automotive, Inc.

Hilton Grand Vacations, Inc.(A)

Hovnanian Enterprises, Inc.(A)

KB Home

Monarch Casino & Resort, Inc.

Patrick Industries, Inc.

Phinia, Inc.

Sally Beauty Holdings, Inc.(A)

Stride, Inc.(A)

Taylor Morrison Home Corp.(A)

Upbound Group, Inc.

2.37% CONSUMER STAPLES

The Andersons, Inc

BellRing Brands, Inc.(A)

Performance Food Group Co.(A)

Shares

 

Value

202,746

$

6,654,124

154,902

 

5,979,217

334,556

 

4,837,680

376,883

 

6,293,946

171,785

 

5,345,949

 

 

29,110,916

21,000

 

4,664,520

416,417

 

6,629,359

125,304

 

7,330,284

164,220

 

3,875,592

76,371

 

4,730,420

14,811

 

6,104,354

140,888

 

6,314,600

24,481

 

2,924,745

83,673

 

4,623,770

70,000

 

7,207,200

86,526

 

8,413,788

135,083

 

6,848,708

457,929

 

4,460,228

54,895

 

7,039,186

116,264

 

6,892,130

169,517

 

3,497,983

 

 

91,556,867

149,968

 

5,386,851

115,347

 

6,295,639

87,136

 

8,748,454

 

 

20,430,944

 

APPLIED FINANCE EXPLORER FUND

 

 

 

Schedule of Investments

 

 

 

 

July 31, 2025 (unaudited)

 

 

 

 

 

Shares

 

Value

6.96%

ENERGY

 

 

 

 

Antero Resources Corp.(A)

164,401

$

5,742,527

 

Civitas Resources, Inc.

160,265

 

4,865,645

 

Dorian LPG Ltd.

207,272

 

5,967,361

 

Gulfport Energy Corp.(A)

39,494

 

6,877,090

 

International Seaways, Inc.

144,115

 

5,750,188

 

Liberty Energy, Inc.

312,284

 

3,853,585

 

Murphy Oil Corp.

150,012

 

3,721,798

 

Peabody Energy Corporation

287,001

 

4,635,066

 

Permian Resources Corp.

370,699

 

5,249,098

 

Schlumberger Ltd.

171,424

 

5,794,131

 

SM Energy Co.

128,560

 

3,546,970

 

Weatherford International plc

71,785

 

4,059,442

 

 

 

 

60,062,901

26.92%

FINANCIALS

 

 

 

 

Arbor Realty Trust, Inc. REIT

634,359

 

7,079,446

 

ARMOUR Residential REIT, Inc.

380,850

 

6,211,664

 

Axos Financial, Inc.(A)

102,451

 

8,846,644

 

The Bancorp, Inc(A)

124,423

 

7,858,557

 

CNO Financial Group, Inc.

193,031

 

7,111,262

 

Columbia Banking System, Inc.

284,134

 

6,762,389

 

Customers Bancorp, Inc.(A)

125,197

 

7,981,309

 

Donnelley Financial Solutions(A)

107,832

 

5,710,783

 

Dynex Capital, Inc.

417,651

 

5,195,578

 

Enact Holdings, Inc.

177,080

 

6,155,301

 

Enova International, Inc.(A)

81,427

 

8,514,007

 

F&G Annuities & Life, Inc.

143,563

 

4,581,095

 

Federated Hermes, Inc.

136,146

 

6,748,757

 

Hancock Whitney Corp.

118,768

 

7,092,825

 

HCI Group, Inc.

52,331

 

7,328,433

 

Jackson Financial, Inc.

88,150

 

7,718,414

 

MFA Financial, Inc.

666,811

 

6,061,312

 

Mr. Cooper Group, Inc.(A)

49,069

 

7,641,025

 

Navient Corp.

458,786

 

5,936,691

 

NCR Atleos Corp.(A)

198,483

 

6,073,580

 

NMI Holdings, Inc.(A)

181,202

 

6,762,459

 

Old National Bancorp of Indiana

257,113

 

5,427,655

APPLIED FINANCE EXPLORER FUND

Schedule of Investments

July 31, 2025 (unaudited)

FINANCIALS Continued

Pathward Financial, Inc.

PennyMac Financial Services, Inc.

PennyMac Mortgage Investment Trust

PJT Partners, Inc.

Preferred Bank

Prog Holdings, Inc.

QCR Holdings, Inc.

Radian Group, Inc.

Rithm Capital Corp.

SLM Corp.

StoneX Group, Inc.(A)

Victory Capital Holdings, Inc. Class A

9.97% HEALTH CARE

Amneal Pharmaceuticals, Inc.(A)

Amphastar Pharmaceuticals, Inc.(A)

ANI Pharmaceuticals, Inc.(A)

Catalyst Pharmaceuticals, Inc.(A)

Collegium Pharmaceutical, Inc.(A)

The Ensign Group, Inc

Halozyme Therapeutics, Inc.(A)

Harmony Biosciences Holdings, Inc.(A)

Innoviva, Inc.(A)

Lantheus Holdings, Inc.(A)

Pediatrix Medical Group Inc. (A)

Owens & Minor, Inc.(A)

Prestige Consumer Healthcare Inc.(A)

Supernus Pharmaceuticals, Inc.(A)

Tenet Healthcare Corp.(A)

United Therapeutics Corp.(A)

Waystar Holding Corp.(A)

Shares

 

Value

95,243

$

7,202,752

52,585

 

4,897,767

498,194

 

5,873,707

42,077

 

7,515,794

71,757

 

6,516,971

207,497

 

6,606,704

70,000

 

4,970,000

211,816

 

6,907,320

523,321

 

6,295,552

244,540

 

7,776,372

110,328

 

10,728,295

119,170

 

8,212,005

 

 

232,302,425

606,953

 

4,746,372

175,516

 

3,677,060

77,956

 

4,938,513

266,124

 

5,676,425

165,208

 

4,933,111

46,835

 

7,025,250

92,701

 

5,559,279

127,823

 

4,496,813

250,000

 

4,542,500

63,139

 

4,494,865

410,000

 

5,022,500

399,411

 

2,767,918

74,617

 

5,517,927

190,998

 

6,704,030

37,704

 

6,080,901

19,993

 

5,492,077

118,965

 

4,399,326

 

 

86,074,867

APPLIED FINANCE EXPLORER FUND

Schedule of Investments

July 31, 2025 (unaudited)

16.38% INDUSTRIALS

Alight, Inc.

American Woodmark Corp.(A)

API Group Corp.(A)

Atmus Filtration Technologies, Inc.

BrightView Holdings, Inc.(A)

Builders FirstSource, Inc.(A)

Comfort Systems USA, Inc.

CSG Systems International, Inc.

Genco Shipping & Trading Ltd.

GMS, Inc.(A)

The Greenbrier Companies, Inc

Herc Holdings, Inc.

Hillman Solutions Corp.(A)

Huron Consulting Group, Inc.(A)

Janus International Group, Inc.(A)

Maximus, Inc.

SkyWest, Inc.(A)

Sterling Infrastructure, Inc.(A)

Terex Corp.

Verra Mobility Corp.(A)

7.33% INFORMATION TECHNOLOGY

ACI Worldwide, Inc.(A)

Adeia, Inc.

ASGN, Inc.(A)

Consensus Cloud Solutions, Inc.(A)

Diebold Nixdorf, Inc.(A)

Insight Enterprises, Inc.(A)

InterDigital, Inc.

Netgear, Inc.(A)

OSI Systems, Inc.(A)

Progress Software Corp.

ScanSource, Inc.(A)

Xerox Corporation

Shares

 

Value

740,000

$

3,966,400

105,722

 

5,562,034

205,751

 

7,421,439

138,668

 

5,395,572

366,850

 

5,851,258

44,480

 

5,654,742

18,782

 

13,209,381

119,223

 

7,446,669

451,237

 

7,188,205

78,892

 

8,649,719

137,314

 

6,247,787

46,055

 

5,379,685

829,197

 

6,542,364

45,563

 

6,017,961

769,856

 

6,597,666

78,306

 

5,783,681

75,409

 

8,744,428

48,205

 

12,899,176

136,165

 

6,925,352

233,157

 

5,889,546

 

 

141,373,065

132,613

 

5,644,009

341,035

 

4,416,403

113,954

 

5,713,654

108,472

 

2,188,965

105,388

 

5,932,291

48,617

 

5,765,004

33,766

 

8,718,381

225,289

 

5,237,969

33,301

 

7,359,854

96,681

 

4,648,422

150,259

 

5,836,060

440,256

 

1,783,037

 

 

63,244,049

 

APPLIED FINANCE EXPLORER FUND

 

 

 

Schedule of Investments

 

 

 

 

July 31, 2025 (unaudited)

 

 

 

 

 

Shares

 

Value

3.54%

MATERIALS

 

 

 

 

Alpha Metallurgical Resources(A)

51,967

$

6,135,744

 

Commercial Metals Co.

140,523

 

7,287,523

 

Element Solutions, Inc.

267,802

 

6,320,127

 

Ryerson Holding Corp.

170,222

 

3,506,573

 

Warrior Met Coal, Inc.

142,548

 

7,324,116

 

 

 

 

30,574,083

8.05%

REAL ESTATE

 

 

 

 

American Assets Trust, Inc. REIT

156,119

 

2,970,945

 

Apple Hospitality REIT, Inc.

400,000

 

4,700,000

 

DiamondRock Hospitality Co. REIT

703,104

 

5,427,963

 

Douglas Emmett, Inc. REIT

389,116

 

5,898,999

 

Empire State Realty Trust REIT

506,842

 

3,669,536

 

Kite Realty Group Trust REIT

263,610

 

5,794,148

 

The Macerich Co REIT

410,151

 

6,853,623

 

Newmark Group, Inc.

580,499

 

8,806,170

 

Ryman Hospitality Properties, Inc. REIT

57,247

 

5,441,900

 

Sabra Health Care REIT, Inc.

362,257

 

6,531,494

 

SL Green Realty Corp.

104,124

 

5,961,099

 

Tanger Factory Outlet Centers, Inc. REIT

248,264

 

7,452,885

 

 

 

 

69,508,762

3.97%

UTILITIES

 

 

 

 

California Water Service Group

123,577

 

5,619,046

 

Middlesex Water Company

78,434

 

4,047,194

 

New Jersey Resources Corp.

108,080

 

4,961,953

 

One Gas, Inc.

82,823

 

6,021,232

 

Southwest Gas Corp.

81,943

 

6,403,026

 

TXNM Energy, Inc.

126,991

 

7,211,819

 

 

 

 

34,264,270

99.47%

TOTAL COMMON STOCKS

 

 

858,503,149

0.50%

MONEY MARKET FUND

 

 

 

 

Federated Treasury Obligations Fund 4.170%(B)

4,337,472

 

4,337,472

 

APPLIED FINANCE EXPLORER FUND

 

 

 

Schedule of Investments

 

 

 

July 31, 2025 (unaudited)

 

 

 

Shares

 

Value

99.97%

TOTAL INVESTMENTS

$

862,840,621

0.03%

Other assets, net of liabilities

 

223,001

100.00%

NET ASSETS

$

863,063,622

(A)Non-income producing

(B)Effective 7 day yield as of July 31, 2025 REIT - Real Estate Investment Trust.

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, 2025:

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

 

 

 

 

 

Other

Significant

 

 

 

 

 

 

Significant

Unobservable

 

 

 

 

Quoted Prices

Observable Inputs

 

Inputs

 

Total

COMMON STOCKS

$

858,503,149

$

-

$

-

$

858,503,149

MONEY MARKET FUND

 

4,337,472

 

 

 

 

 

4,337,472

TOTAL INVESTMENTS

$

862,840,621

$

-

$

-

$

862,840,621

The cost of investments for Federal income tax purposes has been estimated a/o July 31, 2025 since

 

 

 

the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income

 

 

tax purpose is $751,409,581, and the related net unrealized appreciation (depreciation) consists of:

 

 

 

 

 

 

 

Gross unrealized appreciation

$

167,257,790

 

 

 

 

Gross unrealized depreciation

 

(55,826,750)

 

 

 

 

 

Net unrealized appreciation

$

111,431,040