Washington, D.C. 20549
Item 1. Report to Stockholders.
TABLE OF CONTENTS
Letter to Shareholders | 1 |
Sector Concentrations & Top 10 Holdings | 3 |
Shareholder Expense Analysis | 8 |
Fund Holdings & Financial Statements | 10 |
LETTER TO SHAREHOLDERS June 30, 2015
It’s Time for a History Lesson
“History has a way of repeating itself.” We often think of this adage when we look at financial markets in an effort to try to put things into perspective. Markets move in cycles, lessons are learned, and looking back in history is often the best lesson to make sense of what we’re seeing today.
We are now several years into this current secular bull market. Historically, secular bull markets have run anywhere from 10 to 16 years. During these bull market periods, we’ve seen various types of market volatility and a range of global events—Korean War, JFK’s assassination, U.S. Civil Rights unrest, the stock market crash of 1987, 1991 Gulf War. At the time they occurred, these events made an impact on society and created short-term market volatility, but the secular bull markets were strong and carried on their upward trajectory.
As of this writing, there has been a lot of talk about a global economic slowdown led by China, which has been fueling global growth for the last decade. There is also the continuing financial crisis in Greece. The situation in Greece has been going on for some time, but continues to make headlines. Although the country received another bailout from the European Union and is facing another wave of austerity measures, its economic future remains uncertain. There are serious concerns that Greece could potentially default on its loans and possibly leave the European Union. A departure from the EU could trigger other European countries with fragile economies—Portugal, Spain and Italy—to follow and create a global financial crisis. As it stands now, Greece has little impact on the U.S. economy, but if other countries were to stumble and exit the European Union, it would severely impact the European currency (euro) and global markets.
Again, we have to look back at history and put current events into perspective. In 1997, the economies of Thailand, Indonesia and South Korea were in shambles. Their currency issues and debt situation led to what was called the “Asian contagion.” The effects of this crisis spread across the globe. The U.S. stock market felt the impact of the economic crisis in Southeast Asia, but our secular bull market continued on. That said, we need to put things in context and not let the headlines detract from the steady progress that our economy is making here in the U.S. After all, the population of Greece is approximately 11 million people. Would you believe that’s the same population as the State of Ohio? In fact, there are more people living in Columbus, Ohio than there are in Athens, Greece. In our opinion, we believe that history will portray this Greek crisis as more of a drama than a tragedy.
When I look at history, I also think about how the second quarter of the year holds a special place for us at Meeder. It was the start of the second quarter in 1974 when my dad founded this firm with a focus on defensive investing. He set out in a very volatile period and dire economic environment with a mission to maximize returns for investors by using a disciplined investment process—a process that has evolved and endured for 41 years.
The first half of 2015 has been an interesting one. Second quarter of 2015 proved to be another volatile period for the markets. After a promising first quarter, the major indexes started strong in April, saw market highs in May, and then returned much of the gains made in the first half of the quarter. With regard to volatility, the market activity in the second quarter was another roller coaster ride. But, again, as history has shown, there have been 13 downturns in the market of 5% or more since this bull market began in March 2009. Stock market corrections are a healthy part of any bull market as investors digest gains. Pullbacks and corrections are necessary for the markets as new lows establish a new baseline from which to advance further.
Performance Review
In reviewing the six-month period ending June 30, 2015, the S&P 500 Index of large-cap stocks was up 1.23% year to date, while the Russell 2000 Index of small-cap stocks increased by 4.75% for the same period. As far as the global picture, the MSCI EAFE Index of developed international regions gained 5.93% while the MSCI Emerging Markets Index was up 3.07%. In the fixed income arena, the Barclays U.S. Aggregate Bond Index closed the first six months of 2014 with a decrease of -0.10%. The 10-year Treasury yield finished the year-to-date period at 2.35%.
Despite the volatility in the markets, our disciplined, quantitative, time-tested investment process has positioned many of our funds and portfolios to outperform their benchmarks and competitors. Our flagship Muirfield
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 1 |
Fund received a 5-star Morningstar RatingTM for the period ending June 30, 2015. This is quite an accomplishment, but more impressive is the fact that the Fund remains in the top decile across the 1-, 3-, 5- and 10-year periods among all tactical allocation funds. Additionally, the Balanced Fund and Quantex Fund are also highly ranked across long-term periods in their Morningstar categories. Furthermore, the Total Return Bond Fund outperformed its benchmark for the 3-year period.
As for specific investment decisions driven by our investment process and models, in our defensively-managed portfolios, we remained essentially fully invested in the equity market during the first half of 2015 due to indications from our model that gauges the risk/reward relationship of the stock market. Regarding our equity exposure, we maintained our tactical overweight exposure to technology and healthcare in mid- and small-cap investments. We also maintained our tactical exposure to international investments due to momentum, valuation, and currency factors in our investment model, with a positioning emphasis on developed international. With regard to our fixed-income exposure, our model favored high yield corporate bonds during the second quarter. Strong corporate fundamentals, low default rates, and historically low interest rates continued to support the attractiveness of this sector. We maintained a reduced exposure to emerging market bonds in light of volatile currency dynamics and momentum factors. Our duration positioning evolved over the course of the quarter, lengthening from mid-March through mid-April, and largely shortening thereafter. At the end of June, we were positioned in line with the benchmark, with an estimated duration of about 5.8 years (versus 5.7 years for the Barclays U.S. Aggregate).
What’s ahead?
As we head into the second half of 2015, we are encouraged that U.S. economic growth remains steady, despite ongoing market volatility and global economic and political events. Inflation is almost non-existent, the unemployment rate is the lowest it’s been since May 2008, oil prices are low, and the housing market continues to recover. Of course, one of the variables that could have an impact on economic growth is the Federal Reserve and their plan to raise interest rates. It’s not a question of if they will raise rates, but when they will do so. As I mentioned earlier, the slowdown in China may also have an impact on global markets, as well as the U.S. market. We shall see.
Despite the capital market volatility and economic challenges presented during the first six months of 2015, we are extremely pleased with the performance of our Funds. Our investment team will continue to diligently manage our funds, review and refine our investment models, and continue to identify the best investment opportunities we believe will minimize risks and maximize returns for our clients.
On behalf of the more than 70 associates at Meeder Investment Management, we thank you for your continued support, trust and confidence in our investment management services and the Meeder Funds.
Robert S. Meeder
President
Meeder Funds
June 30, 2015
Page 2 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
e
Muirfield Fund*
Sector Concentration# | % of total net assets |
Information Technology | 16.9% |
Healthcare | 14.3% |
Consumer Discretionary | 10.6% |
Financials | 9.8% |
Consumer Staples | 4.9% |
Industrials | 4.4% |
Energy | 4.4% |
Materials | 0.8% |
Telecommunication Services | 0.6% |
Utilities | 0.1% |
Registered Investment Companies | 10.1% |
Money Market Registered Investment Companies | 14.4% |
Bank Obligations | 0.2% |
Other Assets/Liabilities (Net) | 8.5% |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares MSCI EAFE ETF | 10.1% |
Apple, Inc. | 2.7% |
Microsoft Corp. | 1.9% |
Exxon Mobil Corp. | 1.7% |
JPMorgan Chase & Co. | 1.5% |
Berkshire Hathaway, Inc. | 1.5% |
Johnson & Johnson | 1.4% |
Oracle Corp. | 1.3% |
Intel Corp. | 1.2% |
Gilead Sciences, Inc. | 1.2% |
Utilities & Infrastructure Fund
| Sector Concentration# | % of total net assets |
Telecommunication Services | 25.8% |
Utility Services | 19.9% |
Electric Utility | 18.0% |
Pipelines | 13.3% |
Natural Gas Distribution | 11.3% |
Water Utility | 7.1% |
Oil Exploration and Production | 2.0% |
Money Market Registered Investment Companies | 2.4% |
Other Assets/Liabilities (Net) | 0.2% |
Total | 100% |
Top 10 Holdings | % of total net assets |
Kinder Morgan, Inc. | 4.5% |
MDU Resources Group, Inc. | 4.1% |
Macquarie Infrastructure Corp. | 4.1% |
Energy Transfer Equity LP | 3.7% |
Veolia Environnement | 3.6% |
ITC Holdings Corp. | 3.6% |
Telephone & Data Systems, Inc. | 3.6% |
OGE Energy Corp. | 3.3% |
Enterprise Products Partners LP | 3.3% |
Corning, Inc. | 3.2% |
Quantex Fund*
| Sector Concentration# | % of total net assets |
Financials | 14.8% |
Industrials | 14.5% |
Consumer Discretionary | 14.1% |
Information Technology | 11.1% |
Energy | 10.9% |
Healthcare | 6.2% |
Materials | 5.8% |
Consumer Staples | 3.2% |
Utilities | 3.1% |
Money Market Registered Investment Companies | 19.8% |
Bank Obligations | 1.0% |
Other Assets/Liabilities (Net) | (4.5%) |
Total | 100% |
Top 10 Holdings | % of total net assets |
Thoratec Corp. | 1.1% |
Hasbro, Inc. | 1.1% |
Newfield Exploration Co. | 1.1% |
JC Penney Co., Inc. | 1.1% |
Post Holdings, Inc. | 1.0% |
Cathay General Bancorp. | 1.0% |
CARBO Ceramics, Inc. | 1.0% |
Convergys Corp. | 1.0% |
Total System Services, Inc. | 1.0% |
Darden Restaurants, Inc. | 1.0% |
* | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
# | Concentrations are subject to change. |
Page 4 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Dynamic Growth Fund*
Sector Concentration# | % of total net assets |
Information Technology | 16.9% |
Healthcare | 15.6% |
Consumer Discretionary | 10.9% |
Financials | 10.0% |
Energy | 5.1% |
Industrials | 4.5% |
Consumer Staples | 4.2% |
Telecommunication Services | 0.9% |
Materials | 0.6% |
Utilities | 0.2% |
Registered Investment Companies | 10.4% |
Money Market Registered Investment Companies | 13.0% |
Bank Obligations | 0.4% |
Other Assets/Liabilities (Net) | 7.3% |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares MSCI EAFE ETF | 10.2% |
Apple, Inc. | 3.1% |
Microsoft Corp. | 1.9% |
Exxon Mobil Corp. | 1.8% |
JPMorgan Chase & Co. | 1.6% |
Johnson & Johnson | 1.6% |
Berkshire Hathaway, Inc. | 1.6% |
Wal-Mart Stores, Inc. | 1.4% |
Citigroup, Inc. | 1.2% |
Oracle Corp. | 1.2% |
Aggressive Growth Fund*
| Sector Concentration# | % of total net assets |
Information Technology | 18.0% |
Healthcare | 14.7% |
Consumer Discretionary | 10.7% |
Financials | 10.2% |
Energy | 5.4% |
Industrials | 5.0% |
Consumer Staples | 4.5% |
Materials | 1.0% |
Registered Investment Companies | 12.1% |
Money Market Registered Investment Companies | 10.1% |
Bank Obligations | 0.7% |
Other Assets/Liabilities (Net) | 7.6% |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares MSCI EAFE ETF | 11.9% |
Apple, Inc. | 3.4% |
Microsoft Corp. | 2.0% |
Exxon Mobil Corp. | 1.8% |
Berkshire Hathaway, Inc. | 1.7% |
JPMorgan Chase & Co. | 1.5% |
Wal-Mart Stores, Inc. | 1.4% |
Oracle Corp. | 1.3% |
Gilead Sciences, Inc. | 1.2% |
iShares China Large-Cap ETF | 1.1% |
Balanced Fund*
| Sector Concentration# | % of total net assets |
Information Technology | 12.8% |
Healthcare | 10.5% |
Consumer Discretionary | 7.5% |
Financials | 7.0% |
Consumer Staples | 3.6% |
Industrials | 3.3% |
Energy | 3.2% |
Materials | 0.6% |
Telecommunication Services | 0.4% |
Utilities | 0.1% |
Registered Investment Companies | 38.0% |
Money Market Registered Investment Companies | 7.7% |
Bank Obligations | 0.3% |
Other Assets/Liabilities (Net) | 5.0% |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares MSCI EAFE ETF | 7.3% |
DoubleLine Total Return Bond Fund | 4.3% |
Federated Bond Fund | 4.3% |
Metropolitan West Total Return Bond Fund | 4.3% |
Prudential Total Return Bond Fund | 4.2% |
iShares 1-3 Year Treasury Bond ETF | 3.5% |
iShares 20+ Year Treasury Bond ETF | 2.5% |
Apple, Inc. | 1.8% |
Baird Core Plus Bond Fund | 1.4% |
PIMCO Investment Grade Corporate Bond Fund | 1.4% |
* | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
# | Concentrations are subject to change. |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 5 |
Strategic Growth Fund*
Sector Concentration# | % of total net assets |
Financials | 14.7% |
Information Technology | 11.2% |
Healthcare | 10.0% |
Energy | 8.3% |
Consumer Discretionary | 8.2% |
Industrials | 4.2% |
Consumer Staples | 3.5% |
Materials | 2.5% |
Telecommunication Services | 0.6% |
Utilities | 0.5% |
Registered Investment Companies | 29.1% |
Money Market Registered Investment Companies | 2.2% |
Bank Obligations | 0.6% |
Other Assets/Liabilities (Net) | 4.4% |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares MSCI Emerging Markets ETF | 8.9% |
iShares MSCI EAFE ETF | 8.9% |
Ivy International Core Equity Fund | 6.7% |
Goldman Sachs Emerging Markets Equity Insights Fund | 3.5% |
Oppenheimer Developing Markets Fund | 2.4% |
Exxon Mobil Corp. | 2.0% |
Apple, Inc. | 1.4% |
Wal-Mart Stores, Inc. | 1.3% |
Oracle Corp. | 1.2% |
Cigna Corp. | 1.0% |
Spectrum Fund*
| Sector Concentration# | % of total net assets |
Long Positions | |
Healthcare | 9.6% |
Information Technology | 8.8% |
Financials | 6.9% |
Consumer Discretionary | 6.5% |
Industrials | 3.2% |
Consumer Staples | 2.1% |
Energy | 1.6% |
Materials | 0.5% |
Registered Investment Companies | 10.7% |
Money Market Registered Investment Companies | 23.1% |
Other Assets/Liabilities (Net) | 50.8% |
| | 123.8% |
| Sector Concentration# | % of total net assets |
Short Positions | |
Financials | (6.0%) |
Consumer Discretionary | (3.5%) |
Industrials | (3.4%) |
Healthcare | (3.0%) |
Information Technology | (2.7%) |
Energy | (1.9%) |
Utilities | (1.1%) |
Materials | (1.0%) |
Consumer Staples | (0.7%) |
Telecommunication Services | (0.5%) |
| | (23.8%) |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares MSCI EAFE ETF | 20.1% |
Apple, Inc. | 3.4% |
iShares China Large-Cap ETF | 2.1% |
Citigroup, Inc. | 1.7% |
Valero Energy Corp. | 1.6% |
Fiserv, Inc. | 1.5% |
Intel Corp. | 1.3% |
Amgen, Inc. | 1.3% |
Everest Re Group, Ltd. | 1.2% |
Hanover Insurance Group, Inc. | 1.2% |
* | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
# | Concentrations are subject to change. |
Page 6 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Total Return Bond Fund
Sector Concentration# | % of total net assets |
Investment Grade Bond | 44.1% |
Government Bond | 35.5% |
Global Bond | 10.6% |
High Yield Bond | 10.2% |
Cash | 3.6% |
Other Assets/Liabilities (Net) | (4.0%) |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares 1-3 Year Treasury Bond ETF | 19.8% |
iShares 20+ Year Treasury Bond ETF | 14.3% |
DoubleLine Total Return Bond Fund | 7.7% |
Metropolitan West Total Return Bond Fund | 7.5% |
Federated Bond Fund | 7.5% |
Prudential Total Return Bond Fund | 7.5% |
Ivy High Income Fund | 5.1% |
Goldman Sachs Emerging Markets Debt Fund | 4.9% |
Sentinel Total Return Bond Fund | 4.9% |
Fidelity Capital & Income Fund | 4.7% |
Money Market Fund
| Sector Concentration# | % of total net assets |
Money Market Registered Investment Companies | 38.5% |
Repurchase Agreements | 17.0% |
Bank Obligations | 13.6% |
Certificates of Deposit | 13.5% |
Corporate Obligations | 9.0% |
U.S. Government Agency Obligations | 8.4% |
Total | 100% |
Top 10 Holdings | % of total net assets |
Fidelity Institutional Money Market Portfolio, 0.14% | 38.4% |
FICA Bank Deposit Program (StoneCastle), 0.23% | 11.4% |
FCStone Repo, 0.26%, 7/2/2015 | 5.7% |
FCStone Repo, 0.26%, 7/1/2015 | 5.7% |
FCStone Repo, 0.20%, 7/7/2015 | 5.7% |
Caterpillar Financial Power Investment Floating Rate Demand Note, 0.45% | 5.6% |
Federal Home Loan Bank, 0.22%, 10/7/2015 | 2.8% |
Federal Farm Credit Bank, 0.20%, 8/3/2015 | 2.8% |
Fannie Mae, 0.45%, 8/24/2015 | 2.8% |
Royal Bank of Canada, 0.33%, 5/12/2016 | 1.1% |
# | Concentrations are subject to change. |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 7 |
Shareholder Expense Analysis (Unaudited)
Shareholders of mutual funds pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1 fees) and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The table below provides information on actual and hypothetical account values. The examples shown are based on an investment of $1,000 invested at the beginning of the period and held for the six-month period from December 31, 2014 to June 30, 2015.
ACTUAL EXPENSES: You may use actual account values and actual expenses, along with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g.: an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: Hypothetical account values and hypothetical expenses are based on the Funds’ actual expense ratios and assume rates of return of 5% per year before expenses, which are not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
| | | | Beginning
Account Value
(12/31/2014) | | | Ending
Account Value (6/30/15) | | | Expenses Paid
During Period1
(12/31/14 - 6/30/15) | | | Expense Ratio
(Annualized) | |
Muirfield Fund | Actual | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 5.65 | | | | 1.14 | % |
Hypothetical | | | 1,000.00 | | | | 1,019.14 | | | | 5.71 | | | | 1.14 | % |
Utilities & Infrastructure Fund | Actual | | | 1,000.00 | | | | 973.70 | | | | 8.91 | | | | 1.82 | % |
Hypothetical | | | 1,000.00 | | | | 1,015.77 | | | | 9.10 | | | | 1.82 | % |
Quantex Fund | Actual | | | 1,000.00 | | | | 997.40 | | | | 4.70 | | | | 0.95 | % |
Hypothetical | | | 1,000.00 | | | | 1,020.08 | | | | 4.76 | | | | 0.95 | % |
Dynamic Growth Fund | Actual | | | 1,000.00 | | | | 1,001.00 | | | | 5.95 | | | | 1.20 | % |
Hypothetical | | | 1,000.00 | | | | 1,018.84 | | | | 6.01 | | | | 1.20 | % |
Aggressive Growth Fund | Actual | | | 1,000.00 | | | | 1,004.80 | | | | 6.46 | | | | 1.30 | % |
Hypothetical | | | 1,000.00 | | | | 1,018.35 | | | | 6.51 | | | | 1.30 | % |
Balanced Fund | Actual | | | 1,000.00 | | | | 996.30 | | | | 6.48 | | | | 1.31 | % |
Hypothetical | | | 1,000.00 | | | | 1,018.30 | | | | 6.56 | | | | 1.31 | % |
Strategic Growth Fund | Actual | | | 1,000.00 | | | | 1,007.70 | | | | 6.17 | | | | 1.24 | % |
Hypothetical | | | 1,000.00 | | | | 1,018.65 | | | | 6.21 | | | | 1.24 | % |
Spectrum Fund | Actual | | | 1,000.00 | | | | 1,010.00 | | | | 7.33 | | | | 1.47 | % |
Hypothetical | | | 1,000.00 | | | | 1,017.50 | | | | 7.35 | | | | 1.47 | % |
Total Return Bond Fund | Actual | | | 1,000.00 | | | | 996.60 | | | | 4.21 | | | | 0.85 | % |
Hypothetical | | | 1,000.00 | | | | 1,020.58 | | | | 4.26 | | | | 0.85 | % |
Money Market Fund - Retail Class | Actual | | | 1,000.00 | | | | 1,000.30 | | | | 0.84 | | | | 0.17 | % |
Hypothetical | | | 1,000.00 | | | | 1,023.95 | | | | 0.85 | | | | 0.17 | % |
Money Market Fund - Institutional Class | Actual | | | 1,000.00 | | | | 1,000.50 | | | | 0.60 | | | | 0.12 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.20 | | | | 0.60 | | | | 0.12 | % |
Please note that the expenses shown in the table above are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any transactional costs were included, your costs would have been higher.
1 | Expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period by 181/365 (to reflect the total number of days in the six-month period). |
Page 8 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Disclosures
Investment Risks, Performance and Fees
Past performance is not a guarantee of future results. Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will lead to successful results. Investments in foreign securities may entail unique and additional risks including political, market and currency risks. Returns for periods of one year and greater are annualized.
Opinions and forecasts regarding sectors, industries, companies, countries and/or themes, portfolio composition and holdings as of 6/30/2015 are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security, industry, or sector.
Management fees and/or expenses were waived and/or reimbursed in Meeder Funds to reduce expenses. For the Quantex Fund™, the advisor has contractually agreed to waive fees and/or to reimburse expenses until April 30, 2016, unless sooner terminated at the sole discretion of the Funds’ Board of Trustees.
This is not an offer to purchase securities. Investors are advised to consider the investment objectives, risks, charges and expenses of the Meeder Funds, as well as current Fund performance information, carefully before investing. The Meeder Funds prospectus contains this and other information about the Funds and should be read carefully before investing. To request or receive a copy of the Meeder Funds prospectus, contact Shareholder Services at 800.325.3539 or visit www.meederfunds.com.
Index Disclosures
The Russell 2000 Index is a market-capitalization weighted index of the 2,000 smallest companies included in the Russell 3000 Index. The Russell 3000 Index is a market-capitalization weighted index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization.
The Standard & Poor’s (S&P) 500 Index is a market value-weighted index of common stocks considered representative of the broad market.
The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasures, government-related and corporate securities, Mortgage-Backed Securities (agency fixed-rate and hybrid ARM pass-throughs), Asset-Backed Securities and Commercial Mortgage-Backed Securities.
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
The MSCI Emerging Markets Index captures large and mid cap representation across 23 emerging markets countries. With 823 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
All indexes are unmanaged and total returns for each index assumes change in security prices and reinvestment of dividends and capital gain distributions. Returns for an index do not take into account the deduction of expenses associated with a mutual fund such as investment management and accounting fees, brokerage commissions, or other expenses associated with investing. One cannot invest directly in an index.
©2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Meeder, Meeder Funds, Muirfield Fund, and Quantex Fund are registered trademarks of Meeder Investment Management, Inc.
Meeder Funds are distributed by Adviser Dealer Services, Inc. Member FINRA
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 9 |
Schedule of Investments
June 30, 2015 (unaudited)
Muirfield Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — 66.8% | |
Consumer Discretionary — 10.6% | | | | | | |
Aaron's, Inc. | | | 27,265 | | | | 987,266 | |
Amazon.com, Inc. (2) | | | 6,975 | | | | 3,027,778 | |
Asbury Automotive Group, Inc. (2) | | | 5,885 | | | | 533,299 | |
AutoNation, Inc. (2) | | | 20,275 | | | | 1,276,920 | |
AutoZone, Inc. (2) | | | 645 | | | | 430,151 | |
Best Buy Co., Inc. | | | 33,370 | | | | 1,088,196 | |
Big Lots, Inc. | | | 13,405 | | | | 603,091 | |
Brinker International, Inc. | | | 18,015 | | | | 1,038,565 | |
Cinemark Holdings, Inc. | | | 12,270 | | | | 492,886 | |
Cooper Tire & Rubber Co. | | | 30,780 | | | | 1,041,287 | |
Cracker Barrel Old Country Store, Inc. | | | 6,850 | | | | 1,021,746 | |
Deckers Outdoor Corp. (2) | | | 9,565 | | | | 688,393 | |
Dick's Sporting Goods, Inc. | | | 18,635 | | | | 964,734 | |
Dollar General Corp. | | | 11,090 | | | | 862,137 | |
Foot Locker, Inc. | | | 10,390 | | | | 696,234 | |
Ford Motor Co. | | | 79,000 | | | | 1,185,790 | |
GameStop Corp. (4) | | | 12,445 | | | | 534,637 | |
GNC Holdings, Inc. | | | 14,220 | | | | 632,506 | |
Home Depot, Inc./The | | | 18,030 | | | | 2,003,673 | |
Interpublic Group of Cos., Inc./The | | | 35,585 | | | | 685,723 | |
Jack in the Box, Inc. | | | 11,655 | | | | 1,027,505 | |
Kohl's Corp. | | | 18,535 | | | | 1,160,476 | |
Lear Corp. | | | 13,210 | | | | 1,482,955 | |
Leggett & Platt, Inc. | | | 16,795 | | | | 817,581 | |
Lowe's Cos, Inc. | | | 28,660 | | | | 1,919,360 | |
Marriott International, Inc./MD | | | 11,820 | | | | 879,290 | |
Murphy USA, Inc. (2) | | | 17,240 | | | | 962,337 | |
O'Reilly Automotive, Inc. (2) | | | 6,395 | | | | 1,445,142 | |
Sally Beauty Holdings, Inc. (2) | | | 21,070 | | | | 665,391 | |
Select Comfort Corp. (2) | | | 33,180 | | | | 997,723 | |
Starz (2) | | | 12,565 | | | | 561,907 | |
Target Corp. | | | 25,780 | | | | 2,104,421 | |
Texas Roadhouse, Inc. | | | 28,670 | | | | 1,073,118 | |
Time Warner, Inc. | | | 15,085 | | | | 1,318,580 | |
Walt Disney Co./The | | | 28,855 | | | | 3,293,510 | |
(Cost $38,384,396) | | | | | | | 39,504,308 | |
| | | | | | | | | |
Consumer Staples — 4.9% | | | | | | | | |
Coca-Cola Co./The | | | 73,190 | | | | 2,871,244 | |
Coty, Inc. | | | 34,330 | | | | 1,097,530 | |
CVS Health Corp. | | | 34,270 | | | | 3,594,238 | |
Kimberly-Clark Corp. | | | 9,120 | | | | 966,446 | |
Kroger Co./The | | | 17,070 | | | | 1,237,746 | |
Procter & Gamble Co./The | | | 22,580 | | | | 1,766,659 | |
Rite Aid Corp. (2) | | | 115,740 | | | | 966,429 | |
Spectrum Brands Holdings, Inc. | | | 6,935 | | | | 707,301 | |
Walgreens Boots Alliance, Inc. | | | 14,470 | | | | 1,221,847 | |
Wal-Mart Stores, Inc. | | | 57,210 | | | | 4,057,904 | |
(Cost $17,741,996) | | | | | | | 18,487,344 | |
| | | | | | | | | |
Energy — 4.4% | | | | | | | | |
Chevron Corp. | | | 25,525 | | | | 2,462,397 | |
ConocoPhillips | | | 10,265 | | | | 630,374 | |
Delek US Holdings, Inc. | | | 10,225 | | | | 376,485 | |
Devon Energy Corp. | | | 8,115 | | | | 482,761 | |
Exterran Holdings, Inc. | | | 15,585 | | | | 508,850 | |
Exxon Mobil Corp. | | | 68,960 | | | | 5,737,471 | |
Marathon Petroleum Corp. | | | 18,280 | | | | 956,227 | |
Murphy Oil Corp. | | | 10,880 | | | | 452,282 | |
Nabors Industries, Ltd. | | | 60,240 | | | | 869,263 | |
Oil States International, Inc. (2) | | | 22,400 | | | | 833,952 | |
Peabody Energy Corp. (4) | | | 104,030 | | | | 227,826 | |
Phillips 66 | | | 7,680 | | | | 618,701 | |
Tesoro Corp. | | | 3,835 | | | | 323,712 | |
Valero Energy Corp. | | | 19,970 | | | | 1,250,122 | |
World Fuel Services Corp. | | | 16,030 | | | | 768,639 | |
(Cost $17,699,341) | | | | | | | 16,499,062 | |
| | | | | | | | | |
Financials — 9.8% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 36,405 | | | | 982,207 | |
American Financial Group, Inc./OH | | | 9,290 | | | | 604,222 | |
Bank of New York Mellon Corp./The | | | 34,650 | | | | 1,454,261 | |
Berkshire Hathaway, Inc. (2) | | | 36,860 | | | | 5,017,015 | |
Citigroup, Inc. | | | 53,765 | | | | 2,969,979 | |
Credit Acceptance Corp. (2) | | | 3,230 | | | | 795,161 | |
Equity LifeStyle Properties, Inc. (3) | | | 9,915 | | | | 521,331 | |
Erie Indemnity Co. | | | 6,040 | | | | 495,703 | |
Essex Property Trust, Inc. (3) | | | 3,420 | | | | 726,750 | |
Goldman Sachs Group, Inc./The | | | 11,910 | | | | 2,486,689 | |
Hanover Insurance Group, Inc./The | | | 8,690 | | | | 643,321 | |
Hartford Financial Services Group, Inc./The | | | 23,245 | | | | 966,295 | |
Investment Technology Group, Inc. | | | 15,305 | | | | 379,564 | |
Jones Lang LaSalle, Inc. | | | 4,340 | | | | 742,140 | |
JPMorgan Chase & Co. | | | 74,735 | | | | 5,064,043 | |
Kilroy Realty Corp. (3) | | | 7,175 | | | | 481,801 | |
MetLife, Inc. | | | 33,990 | | | | 1,903,100 | |
Moody's Corp. | | | 7,155 | | | | 772,454 | |
Morgan Stanley | | | 41,335 | | | | 1,603,385 | |
MSCI, Inc. | | | 11,350 | | | | 698,593 | |
New Residential Investment Corp. (3) | | | 31,000 | | | | 472,440 | |
Prudential Financial, Inc. | | | 21,095 | | | | 1,846,234 | |
Ryman Hospitality Properties, Inc. (3) | | | 8,670 | | | | 460,464 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 11 |
Schedule of Investments
June 30, 2015 (unaudited)
Muirfield Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Selective Insurance Group, Inc. | | | 17,420 | | | | 488,631 | |
Voya Financial, Inc. | | | 23,120 | | | | 1,074,386 | |
Wells Fargo & Co. | | | 56,200 | | | | 3,160,688 | |
(Cost $35,266,582) | | | | | | | 36,810,857 | |
| | | | | | | | | |
Healthcare — 14.3% | | | | | | | | |
Abbott Laboratories | | | 17,380 | | | | 853,010 | |
AbbVie, Inc. | | | 18,910 | | | | 1,270,563 | |
Aetna, Inc. | | | 21,505 | | | | 2,741,027 | |
Agilent Technologies, Inc. | | | 25,305 | | | | 976,267 | |
AMAG Pharmaceuticals, Inc. (2) | | | 14,515 | | | | 1,002,406 | |
AmerisourceBergen Corp. | | | 7,995 | | | | 850,188 | |
Amgen, Inc. | | | 12,625 | | | | 1,938,190 | |
Anacor Pharmaceuticals, Inc. (2) | | | 14,555 | | | | 1,126,994 | |
Anthem, Inc. | | | 15,415 | | | | 2,530,218 | |
Biogen, Inc. (2) | | | 4,840 | | | | 1,955,070 | |
Bluebird Bio, Inc. (2) | | | 5,440 | | | | 915,933 | |
Cardinal Health, Inc. | | | 12,455 | | | | 1,041,861 | |
Celgene Corp. (2) | | | 13,590 | | | | 1,572,839 | |
Chemed Corp. (4) | | | 3,855 | | | | 505,391 | |
Cigna Corp. | | | 7,645 | | | | 1,238,490 | |
Community Health Systems, Inc. (2) | | | 14,385 | | | | 905,823 | |
Dyax Corp. (2) | | | 41,460 | | | | 1,098,690 | |
Gilead Sciences, Inc. | | | 35,075 | | | | 4,106,581 | |
HCA Holdings, Inc. (2) | | | 14,400 | | | | 1,306,368 | |
Health Net, Inc./CA (2) | | | 3,700 | | | | 237,244 | |
Hologic, Inc. (2) | | | 28,715 | | | | 1,092,893 | |
Humana, Inc. | | | 5,125 | | | | 980,310 | |
Johnson & Johnson | | | 49,990 | | | | 4,872,024 | |
Magellan Health, Inc. (2) | | | 8,965 | | | | 628,178 | |
McKesson Corp. | | | 6,300 | | | | 1,416,303 | |
Merck & Co., Inc. | | | 33,915 | | | | 1,930,781 | |
Molina Healthcare, Inc. (2) | | | 9,260 | | | | 650,978 | |
Neurocrine Biosciences, Inc. (2) | | | 23,475 | | | | 1,121,166 | |
Pfizer, Inc. | | | 98,540 | | | | 3,304,046 | |
Quest Diagnostics, Inc. | | | 10,635 | | | | 771,250 | |
Quintiles Transnational Holdings, Inc. (2) | | | 11,280 | | | | 819,041 | |
Receptos, Inc. (2) | | | 6,530 | | | | 1,241,027 | |
Stryker Corp. | | | 10,565 | | | | 1,009,697 | |
United Therapeutics Corp. (2) | | | 2,640 | | | | 459,228 | |
UnitedHealth Group, Inc. | | | 20,860 | | | | 2,544,920 | |
Universal Health Services, Inc. | | | 3,885 | | | | 552,059 | |
VCA, Inc. (2) | | | 12,310 | | | | 669,726 | |
Zoetis, Inc. | | | 24,150 | | | | 1,164,513 | |
(Cost $48,429,625) | | | | | | | 53,401,293 | |
| | | | | | | | | |
Industrials — 4.4% | | | | | | | | |
Alaska Air Group, Inc. | | | 12,025 | | | | 774,771 | |
AMERCO | | | 1,855 | | | | 606,418 | |
Avis Budget Group, Inc. (2) | | | 25,240 | | | | 1,112,579 | |
BWX Technologies, Inc. (2) | | | 29,840 | | | | 978,752 | |
FedEx Corp. | | | 5,775 | | | | 984,060 | |
General Dynamics Corp. | | | 9,825 | | | | 1,392,104 | |
General Electric Co. | | | 88,165 | | | | 2,342,543 | |
HD Supply Holdings, Inc. (2) | | | 29,070 | | | | 1,022,683 | |
JetBlue Airways Corp. (2) | | | 79,620 | | | | 1,652,911 | |
KAR Auction Services, Inc. | | | 15,105 | | | | 564,927 | |
Matson, Inc. | | | 7,728 | | | | 324,885 | |
Quad/Graphics, Inc. | | | 9,640 | | | | 178,436 | |
Southwest Airlines Co. | | | 37,490 | | | | 1,240,544 | |
Stanley Black & Decker, Inc. | | | 5,535 | | | | 582,503 | |
Verisk Analytics, Inc. (2) | | | 10,380 | | | | 755,249 | |
Wabtec Corp./DE | | | 14,985 | | | | 1,412,186 | |
West Corp. | | | 18,760 | | | | 564,676 | |
(Cost $16,292,779) | | | | | | | 16,490,227 | |
| | | | | | | | | |
Information Technology — 16.9% | | | | | | | | |
Apple, Inc. | | | 74,270 | | | | 9,315,314 | |
Brocade Communications Systems, Inc. | | | 80,905 | | | | 961,151 | |
Cirrus Logic, Inc. (2) | | | 21,415 | | | | 728,752 | |
Cisco Systems, Inc. | | | 111,380 | | | | 3,058,495 | |
DST Systems, Inc. | | | 8,490 | | | | 1,069,570 | |
EarthLink Holdings Corp. | | | 68,180 | | | | 510,668 | |
eBay, Inc. (2) | | | 29,560 | | | | 1,780,694 | |
EchoStar Corp. (2) | | | 14,965 | | | | 728,496 | |
Electronic Arts, Inc. (2) | | | 29,030 | | | | 1,930,495 | |
Ellie Mae, Inc. (2) | | | 15,715 | | | | 1,096,750 | |
Fiserv, Inc. (2) | | | 12,750 | | | | 1,056,083 | |
Google, Inc. — Class C (2) | | | 4,577 | | | | 2,382,374 | |
Google, Inc. — Class A (2) | | | 5,575 | | | | 3,010,723 | |
Hewlett—Packard Co. | | | 64,218 | | | | 1,927,182 | |
Infoblox, Inc. (2) | | | 30,820 | | | | 807,792 | |
Intel Corp. | | | 136,765 | | | | 4,159,707 | |
InterDigital, Inc./PA | | | 16,895 | | | | 961,157 | |
International Business Machines Corp. | | | 14,705 | | | | 2,391,915 | |
j2 Global, Inc. | | | 12,350 | | | | 839,059 | |
Jabil Circuit, Inc. | | | 73,075 | | | | 1,555,767 | |
Lexmark International, Inc. | | | 22,270 | | | | 984,334 | |
MAXIMUS, Inc. | | | 9,150 | | | | 601,430 | |
Micron Technology, Inc. (2) | | | 31,580 | | | | 594,967 | |
Microsoft Corp. | | | 148,355 | | | | 6,549,872 | |
NCR Corp. (2) | | | 35,870 | | | | 1,079,687 | |
NeuStar, Inc. (2)(4) | | | 23,210 | | | | 677,964 | |
The accompanying notes are an integral part of these financial statements.
Page 12 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Muirfield Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
NVIDIA Corp. | | | 39,910 | | | | 802,590 | |
Oracle Corp. | | | 106,895 | | | | 4,307,869 | |
Paycom Software, Inc. (2) | | | 28,555 | | | | 975,153 | |
Polycom, Inc. (2) | | | 75,220 | | | | 860,517 | |
Synaptics, Inc. (2) | | | 10,410 | | | | 902,911 | |
Synopsys, Inc. (2) | | | 12,910 | | | | 653,892 | |
Tessera Technologies, Inc. | | | 20,095 | | | | 763,208 | |
Texas Instruments, Inc. | | | 36,075 | | | | 1,858,223 | |
Western Union Co./The | | | 68,335 | | | | 1,389,251 | |
(Cost $59,010,612) | | | | | | | 63,274,012 | |
| | | | | | | | | |
Materials — 0.8% | | | | | | | | |
Ashland, Inc. | | | 7,970 | | | | 971,543 | |
International Paper Co. | | | 13,875 | | | | 660,311 | |
Mosaic Co./The | | | 16,805 | | | | 787,314 | |
Newmont Mining Corp. | | | 22,490 | | | | 525,366 | |
(Cost $3,030,242) | | | | | | | 2,944,534 | |
| | | | | | | | | |
Telecommunication Services — 0.6% | | | | | | | | |
Premiere Global Services, Inc. (2) | | | 9,805 | | | | 100,893 | |
Verizon Communications, Inc. | | | 47,520 | | | | 2,214,906 | |
(Cost $2,431,396) | | | | | | | 2,315,799 | |
| | | | | | | | | |
Utilities — 0.1% | | | | | | | | |
Public Service Enterprise Group, Inc. | | | 6,585 | | | | 258,659 | |
(Cost $270,518) | | | | | | | 258,659 | |
| | | | | | | | | |
Total Common Stocks (Cost $238,557,487) | | | | | | | 249,986,095 | |
| | | | | | | | | |
Registered Investment Companies — 10.1% | |
iShares China Large-Cap ETF (4)(9) | | | 76,225 | | | | 3,513,973 | |
iShares MSCI EAFE ETF (9) | | | 542,055 | | | | 34,415,072 | |
Total Registered Investment Companies (Cost $38,967,200) | | | | | | | 37,929,045 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 14.4% | |
Fidelity Institutional Money Market Portfolio, 0.14% (5) | | | 5,587,348 | | | | 5,587,348 | |
Meeder Money Market Fund - Institutional Class, 0.11% (6) | | | 48,373,070 | | | | 48,373,070 | |
Total Money Market Registered Investment Companies (Cost $53,960,418) | | | | | | | 53,960,418 | |
| | | | | | | | | |
Bank Obligations — 0.2% | |
Capital Bank Deposit Account, 0.65%, 7/1/2015 (7) | | | 249,408 | | | | 249,408 | |
EverBank Money Market Account, 0.61%, 7/1/2015 (7) | | | 249,379 | | | | 249,379 | |
Pacific Mercantile Bank Deposit Account, 0.58%, 7/1/2015 (7) | | | 249,360 | | | | 249,360 | |
Total Bank Obligations (Cost $748,147) | | | | | | | 748,147 | |
Total Investments — 91.5% (Cost $332,233,252)(1) | | | | | | | 342,623,705 | |
Other Assets less Liabilities — 8.5% | | | | | | | 31,792,047 | |
Total Net Assets — 100.0% | | | | | | | 374,415,752 | |
| | | | | | | | | |
Trustee Deferred Compensation (8) | |
Meeder Aggressive Growth Fund | | | 4,251 | | | | 44,721 | |
Meeder Balanced Fund | | | 2,275 | | | | 24,820 | |
Meeder Dynamic Growth Fund | | | 1,532 | | | | 15,351 | |
Meeder Muirfield Fund | | | 6,254 | | | | 43,903 | |
Meeder Quantex Fund | | | 3,385 | | | | 118,577 | |
Meeder Utilities & Infrastructure Fund | | | 478 | | | | 14,120 | |
Total Trustee Deferred Compensation (Cost $182,903) | | | | | | | 261,492 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 13 |
Schedule of Investments
June 30, 2015 (unaudited)
Muirfield Fund | |
| | | Long Contracts | | | Unrealized Appreciation (Depreciation)($) | |
Futures Contracts | |
Standard & Poors 500 Mini Futures expiring September 2015, notional value $48,483,840 | | | 472 | | | | (643,688 | ) |
Total Futures Contracts | | | 472 | | | | (643,688 | ) |
(1) | Cost for federal income tax purposes of $332,465,617 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 17,642,383 | |
Unrealized depreciation | | | (7,251,930 | ) |
Net unrealized appreciation (depreciation) | | $ | 10,390,453 | |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(4) | All or a portion of this security is on loan. |
(5) | Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(7) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(8) | Assets of affiliates to the Muirfield Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
Page 14 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Dynamic Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — 68.9% | |
Consumer Discretionary — 10.9% | | | | | | |
Aaron's, Inc. | | | 17,720 | | | | 641,641 | |
Amazon.com, Inc. (2) | | | 2,790 | | | | 1,211,111 | |
AutoNation, Inc. (2) | | | 9,290 | | | | 585,084 | |
Best Buy Co., Inc. | | | 15,295 | | | | 498,770 | |
Brinker International, Inc. | | | 9,005 | | | | 519,138 | |
Cinemark Holdings, Inc. | | | 7,360 | | | | 295,651 | |
Cooper Tire & Rubber Co. | | | 9,160 | | | | 309,883 | |
Cracker Barrel Old Country Store, Inc. | | | 3,425 | | | | 510,873 | |
CST Brands, Inc. | | | 5,675 | | | | 221,666 | |
Dana Holding Corp. | | | 11,760 | | | | 242,021 | |
Deckers Outdoor Corp. (2) | | | 4,415 | | | | 317,748 | |
Dick's Sporting Goods, Inc. | | | 9,320 | | | | 482,496 | |
Dollar General Corp. | | | 13,165 | | | | 1,023,447 | |
Foot Locker, Inc. | | | 3,595 | | | | 240,901 | |
Ford Motor Co. | | | 49,375 | | | | 741,119 | |
GameStop Corp. (4) | | | 7,465 | | | | 320,696 | |
GNC Holdings, Inc. | | | 4,920 | | | | 218,842 | |
Home Depot, Inc./The | | | 9,015 | | | | 1,001,837 | |
Interpublic Group of Cos., Inc./The | | | 22,345 | | | | 430,588 | |
Jack in the Box, Inc. | | | 5,825 | | | | 513,532 | |
Kohl's Corp. | | | 8,495 | | | | 531,872 | |
Lear Corp. | | | 5,225 | | | | 586,559 | |
Leggett & Platt, Inc. | | | 10,825 | | | | 526,961 | |
Lowe's Cos., Inc. | | | 9,315 | | | | 623,826 | |
Marriott International, Inc./MD | | | 9,965 | | | | 741,296 | |
Murphy USA, Inc. (2) | | | 8,620 | | | | 481,168 | |
O'Reilly Automotive, Inc. (2) | | | 2,930 | | | | 662,121 | |
Sally Beauty Holdings, Inc. (2) | | | 7,295 | | | | 230,376 | |
Select Comfort Corp. (2) | | | 16,590 | | | | 498,861 | |
Target Corp. | | | 13,570 | | | | 1,107,719 | |
Texas Roadhouse, Inc. | | | 14,335 | | | | 536,559 | |
Time Warner, Inc. | | | 7,540 | | | | 659,071 | |
Walt Disney Co./The | | | 13,525 | | | | 1,543,744 | |
(Cost $18,629,066) | | | | | | | 19,057,177 | |
| | | | | | | | | |
Consumer Staples — 4.2% | | | | | | | | |
Coca-Cola Co./The | | | 7,480 | | | | 293,440 | |
Coty, Inc. | | | 16,155 | | | | 516,475 | |
CVS Health Corp. | | | 12,340 | | | | 1,294,219 | |
Kimberly-Clark Corp. | | | 3,650 | | | | 386,791 | |
Kroger Co./The | | | 8,535 | | | | 618,873 | |
Procter & Gamble Co./The | | | 7,905 | | | | 618,487 | |
Rite Aid Corp. (2) | | | 57,870 | | | | 483,215 | |
Walgreens Boots Alliance, Inc. | | | 9,290 | | | | 784,448 | |
Wal-Mart Stores, Inc. | | | 31,650 | | | | 2,244,935 | |
(Cost $6,910,447) | | | | | | | 7,240,883 | |
| |
Energy — 5.1% | | | | | | | | |
Chevron Corp. | | | 13,675 | | | | 1,319,227 | |
ConocoPhillips | | | 8,955 | | | | 549,927 | |
Devon Energy Corp. | | | 6,655 | | | | 395,906 | |
Exterran Holdings, Inc. | | | 9,350 | | | | 305,278 | |
Exxon Mobil Corp. | | | 34,480 | | | | 2,868,735 | |
Marathon Petroleum Corp. | | | 9,650 | | | | 504,792 | |
Murphy Oil Corp. | | | 6,265 | | | | 260,436 | |
Nabors Industries, Ltd. | | | 35,435 | | | | 511,327 | |
Oil States International, Inc. (2) | | | 13,175 | | | | 490,505 | |
Phillips 66 | | | 4,340 | | | | 349,630 | |
Superior Energy Services, Inc. | | | 31,630 | | | | 665,495 | |
Tesoro Corp. | | | 2,180 | | | | 184,014 | |
Valero Energy Corp. | | | 8,260 | | | | 517,076 | |
(Cost $9,399,084) | | | | | | | 8,922,348 | |
| | | | | | | | | |
Financials — 10.0% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 20,020 | | | | 540,140 | |
Bank of America Corp. | | | 23,395 | | | | 398,183 | |
Bank of New York Mellon Corp./The | | | 12,705 | | | | 533,229 | |
Berkshire Hathaway, Inc. (2) | | | 19,075 | | | | 2,596,298 | |
Citigroup, Inc. | | | 34,075 | | | | 1,882,303 | |
Credit Acceptance Corp. (2) | | | 1,290 | | | | 317,572 | |
Equity LifeStyle Properties, Inc. (3) | | | 4,835 | | | | 254,224 | |
Erie Indemnity Co. | | | 4,470 | | | | 366,853 | |
Essex Property Trust, Inc. (3) | | | 1,365 | | | | 290,063 | |
Goldman Sachs Group, Inc./The | | | 5,240 | | | | 1,094,060 | |
Hanover Insurance Group, Inc./The | | | 7,605 | | | | 562,998 | |
Hartford Financial Services Group, Inc./The | | | 7,750 | | | | 322,168 | |
Investment Technology Group, Inc. | | | 7,655 | | | | 189,844 | |
Jones Lang LaSalle, Inc. | | | 1,735 | | | | 296,685 | |
JPMorgan Chase & Co. | | | 38,925 | | | | 2,637,557 | |
Kilroy Realty Corp. (3) | | | 5,740 | | | | 385,441 | |
MetLife, Inc. | | | 18,365 | | | | 1,028,256 | |
Moody's Corp. | | | 3,575 | | | | 385,957 | |
Morgan Stanley | | | 17,910 | | | | 694,729 | |
MSCI, Inc. | | | 6,110 | | | | 376,071 | |
Prudential Financial, Inc. | | | 7,740 | | | | 677,405 | |
Ryman Hospitality Properties, Inc. (3) | | | 4,335 | | | | 230,232 | |
Voya Financial, Inc. | | | 7,705 | | | | 358,051 | |
Wells Fargo & Co. | | | 19,480 | | | | 1,095,555 | |
(Cost $16,681,066) | | | | | | | 17,513,874 | |
| | | | | | | | | |
Healthcare — 15.6% | | | | | | | | |
Abbott Laboratories | | | 12,990 | | | | 637,549 | |
AbbVie, Inc. | | | 11,200 | | | | 752,528 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 15 |
Schedule of Investments
June 30, 2015 (unaudited)
Dynamic Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Aetna, Inc. | | | 10,330 | | | | 1,316,662 | |
Agilent Technologies, Inc. | | | 10,120 | | | | 390,430 | |
AMAG Pharmaceuticals, Inc. (2) | | | 7,255 | | | | 501,030 | |
AmerisourceBergen Corp. | | | 4,395 | | | | 467,364 | |
Amgen, Inc. | | | 8,910 | | | | 1,367,863 | |
Anacor Pharmaceuticals, Inc. (2) | | | 7,275 | | | | 563,303 | |
Anthem, Inc. | | | 7,705 | | | | 1,264,699 | |
Biogen, Inc. (2) | | | 3,060 | | | | 1,236,056 | |
Bluebird Bio, Inc. (2) | | | 2,720 | | | | 457,966 | |
Cardinal Health, Inc. | | | 8,350 | | | | 698,478 | |
Celgene Corp. (2) | | | 8,750 | | | | 1,012,681 | |
Chemed Corp. (4) | | | 1,715 | | | | 224,837 | |
Cigna Corp. | | | 4,950 | | | | 801,900 | |
Dyax Corp. (2) | | | 20,730 | | | | 549,345 | |
Edwards Lifesciences Corp. (2) | | | 1,885 | | | | 268,481 | |
Gilead Sciences, Inc. | | | 15,785 | | | | 1,848,108 | |
HCA Holdings, Inc. (2) | | | 6,275 | | | | 569,268 | |
Health Net, Inc./CA (2) | | | 5,520 | | | | 353,942 | |
Hologic, Inc. (2) | | | 16,635 | | | | 633,128 | |
Humana, Inc. | | | 2,795 | | | | 534,628 | |
Johnson & Johnson | | | 26,995 | | | | 2,630,932 | |
Magellan Health, Inc. (2) | | | 3,350 | | | | 234,735 | |
McKesson Corp. | | | 3,360 | | | | 755,362 | |
Merck & Co., Inc. | | | 10,510 | | | | 598,334 | |
Molina Healthcare, Inc. (2) | | | 3,145 | | | | 221,094 | |
Neurocrine Biosciences, Inc. (2) | | | 11,735 | | | | 560,464 | |
Pfizer, Inc. | | | 23,130 | | | | 775,549 | |
Quest Diagnostics, Inc. | | | 4,965 | | | | 360,062 | |
Quintiles Transnational Holdings, Inc. (2) | | | 5,640 | | | | 409,520 | |
Receptos, Inc. (2) | | | 3,265 | | | | 620,513 | |
STERIS Corp. | | | 3,005 | | | | 193,642 | |
Stryker Corp. | | | 4,225 | | | | 403,783 | |
Surgical Care Affiliates, Inc. (2) | | | 4,660 | | | | 178,851 | |
United Therapeutics Corp. (2) | | | 2,640 | | | | 459,228 | |
UnitedHealth Group, Inc. | | | 12,515 | | | | 1,526,830 | |
Universal Health Services, Inc. | | | 3,885 | | | | 552,059 | |
VCA, Inc. (2) | | | 6,825 | | | | 371,314 | |
(Cost $24,526,246) | | | | | | | 27,302,518 | |
| | | | | | | | | |
Industrials — 4.5% | | | | | | | | |
Alaska Air Group, Inc. | | | 4,810 | | | | 309,908 | |
AMERCO | | | 1,210 | | | | 395,561 | |
Avis Budget Group, Inc. (2) | | | 8,415 | | | | 370,933 | |
BWX Technologies, Inc. (2) | | | 11,935 | | | | 391,468 | |
General Dynamics Corp. | | | 6,620 | | | | 937,988 | |
General Electric Co. | | | 56,465 | | | | 1,500,275 | |
HD Supply Holdings, Inc. (2) | | | 11,630 | | | | 409,143 | |
JetBlue Airways Corp. (2) | | | 24,155 | | | | 501,458 | |
KAR Auction Services, Inc. | | | 10,800 | | | | 403,920 | |
Quad/Graphics, Inc. | | | 4,820 | | | | 89,218 | |
Southwest Airlines Co. | | | 18,685 | | | | 618,287 | |
Stanley Black & Decker, Inc. | | | 5,850 | | | | 615,654 | |
Verisk Analytics, Inc. (2) | | | 5,190 | | | | 377,624 | |
Wabtec Corp./DE | | | 4,995 | | | | 470,729 | |
West Corp. | | | 13,095 | | | | 394,160 | |
(Cost $7,879,854) | | | | | | | 7,786,326 | |
| | | | | | | | | |
Information Technology — 16.9% | | | | | | | | |
Apple, Inc. | | | 40,330 | | | | 5,058,389 | |
Brocade Communications Systems, Inc. | | | 24,270 | | | | 288,328 | |
Cisco Systems, Inc. | | | 59,595 | | | | 1,636,479 | |
DST Systems, Inc. | | | 2,120 | | | | 267,078 | |
EarthLink Holdings Corp. | | | 34,090 | | | | 255,334 | |
eBay, Inc. (2) | | | 13,750 | | | | 828,300 | |
Electronic Arts, Inc. (2) | | | 8,465 | | | | 562,923 | |
Ellie Mae, Inc. (2) | | | 7,860 | | | | 548,549 | |
Facebook, Inc. (2) | | | 3,155 | | | | 270,589 | |
Google, Inc. - Class C (2) | | | 2,361 | | | | 1,228,924 | |
Google, Inc. - Class A (2) | | | 3,170 | | | | 1,711,927 | |
Hewlett-Packard Co. | | | 36,880 | | | | 1,106,769 | |
Infoblox, Inc. (2) | | | 18,130 | | | | 475,187 | |
Intel Corp. | | | 60,605 | | | | 1,843,301 | |
InterDigital, Inc./PA | | | 6,760 | | | | 384,576 | |
International Business Machines Corp. | | | 8,105 | | | | 1,318,359 | |
IXYS Corp. | | | 12,245 | | | | 187,349 | |
j2 Global, Inc. | | | 5,295 | | | | 359,742 | |
Jabil Circuit, Inc. | | | 14,670 | | | | 312,324 | |
Lexmark International, Inc. | | | 8,910 | | | | 393,822 | |
Micron Technology, Inc. (2) | | | 25,365 | | | | 477,877 | |
Microsoft Corp. | | | 69,755 | | | | 3,079,683 | |
NCR Corp. (2) | | | 10,760 | | | | 323,876 | |
NVIDIA Corp. | | | 22,890 | | | | 460,318 | |
Oracle Corp. | | | 45,875 | | | | 1,848,763 | |
Paycom Software, Inc. (2) | | | 14,280 | | | | 487,662 | |
Polycom, Inc. (2) | | | 44,250 | | | | 506,220 | |
Synaptics, Inc. (2) | | | 5,205 | | | | 451,456 | |
Tessera Technologies, Inc. | | | 8,930 | | | | 339,161 | |
Texas Instruments, Inc. | | | 18,040 | | | | 929,240 | |
Visa, Inc. | | | 21,780 | | | | 1,462,527 | |
(Cost $27,518,928) | | | | | | | 29,405,032 | |
| | | | | | | | | |
Materials — 0.6% | | | | | | | | |
Ashland, Inc. | | | 3,190 | | | | 388,861 | |
International Paper Co. | | | 4,770 | | | | 227,004 | |
The accompanying notes are an integral part of these financial statements.
Page 16 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Dynamic Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Mosaic Co./The | | | 5,020 | | | | 235,187 | |
Newmont Mining Corp. | | | 8,995 | | | | 210,123 | |
(Cost $1,093,915) | | | | | | | 1,061,175 | |
| | | | | | | | | |
Telecommunication Services — 0.9% | | | | | | | | |
Premiere Global Services, Inc. (2) | | | 4,900 | | | | 50,421 | |
Verizon Communications, Inc. | | | 32,085 | | | | 1,495,482 | |
(Cost $1,627,225) | | | | | | | 1,545,903 | |
| | | | | | | | | |
Utilities — 0.2% | | | | | | | | |
PG&E Corp. | | | 3,360 | | | | 164,976 | |
Public Service Enterprise Group, Inc. | | | 3,895 | | | | 152,996 | |
(Cost $334,955) | | | | | | | 317,972 | |
| | | | | | | | | |
Total Common Stocks (Cost $114,600,786) | | | | | | | 120,153,208 | |
| | | | | | | | | |
Registered Investment Companies — 10.4% | |
iShares China Large-Cap ETF (4)(9) | | | 36,495 | | | | 1,682,419 | |
iShares MSCI EAFE ETF (9) | | | 260,320 | | | | 16,527,717 | |
Total Registered Investment Companies (Cost $18,703,357) | | | | | | | 18,210,136 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 13.0% | |
Fidelity Institutional Money Market Portfolio, 0.14% (5) | | | 2,255,623 | | | | 2,255,623 | |
Meeder Money Market Fund - Institutional Class, 0.11% (6) | | | 20,400,301 | | | | 20,400,301 | |
Total Money Market Registered Investment Companies (Cost $22,655,924) | | | | | | | 22,655,924 | |
| | | | | | | | | |
Bank Obligations — 0.4% | |
Capital Bank Deposit Account, 0.65%, 7/1/2015 (7) | | | 249,408 | | | | 249,408 | |
EverBank Money Market Account, 0.61%, 7/1/2015 (7) | | | 249,379 | | | | 249,379 | |
Pacific Mercantile Bank Deposit Account, 0.58%, 7/1/2015 (7) | | | 249,360 | | | | 249,360 | |
Total Bank Obligations (Cost $748,147) | | | | | | | 748,147 | |
Total Investments — 92.7% (Cost $156,708,214)(1) | | | | | | | 161,767,415 | |
Other Assets less Liabilities — 7.3% | | | | | | | 12,650,281 | |
Total Net Assets — 100.0% | | | | | | | 174,417,696 | |
| | | | | | | | | |
Trustee Deferred Compensation (8) | |
Meeder Aggressive Growth Fund | | | 3,015 | | | | 31,718 | |
Meeder Balanced Fund | | | 1,596 | | | | 17,412 | |
Meeder Dynamic Growth Fund | | | 1,087 | | | | 10,892 | |
Meeder Muirfield Fund | | | 3,407 | | | | 23,917 | |
Meeder Quantex Fund | | | 1,542 | | | | 54,016 | |
Meeder Utilities & Infrastructure Fund | | | 337 | | | | 9,955 | |
Total Trustee Deferred Compensation (Cost $107,868) | | | | | | | 147,910 | |
| | | Long Contracts | | | Unrealized Appreciation (Depreciation)($) | |
Futures Contracts | |
Standard & Poors 500 Mini Futures expiring September 2015, notional value $35,849,280 | | | 349 | | | | (493,942 | ) |
Total Futures Contracts | | | 349 | | | | (493,942 | ) |
(1) | Cost for federal income tax purposes of $156,761,052 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 8,717,580 | |
Unrealized depreciation | | | (3,658,378 | ) |
Net unrealized appreciation (depreciation) | | $ | 5,059,201 | |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(4) | All or a portion of this security is on loan. |
(5) | Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(7) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(8) | Assets of affiliates to the Dynamic Growth Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 17 |
Schedule of Investments
June 30, 2015 (unaudited)
Aggressive Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — 69.5% | |
Consumer Discretionary — 10.7% | | | | | | |
Aaron's, Inc. | | | 11,590 | | | | 419,674 | |
Amazon.com, Inc. (2) | | | 1,745 | | | | 757,487 | |
Asbury Automotive Group, Inc. (2) | | | 3,825 | | | | 346,622 | |
AutoNation, Inc. (2) | | | 4,645 | | | | 292,542 | |
AutoZone, Inc. (2) | | | 530 | | | | 353,457 | |
Best Buy Co., Inc. | | | 7,645 | | | | 249,303 | |
Brinker International, Inc. | | | 4,505 | | | | 259,713 | |
Cinemark Holdings, Inc. | | | 6,135 | | | | 246,443 | |
Cooper Tire & Rubber Co. | | | 12,310 | | | | 416,447 | |
Cracker Barrel Old Country Store, Inc. | | | 1,710 | | | | 255,064 | |
Deckers Outdoor Corp. (2) | | | 4,490 | | | | 323,145 | |
Dick's Sporting Goods, Inc. | | | 5,590 | | | | 289,394 | |
Foot Locker, Inc. | | | 2,955 | | | | 198,015 | |
Ford Motor Co. | | | 16,460 | | | | 247,065 | |
GameStop Corp. (4) | | | 6,220 | | | | 267,211 | |
GNC Holdings, Inc. | | | 4,045 | | | | 179,922 | |
Home Depot, Inc./The | | | 5,860 | | | | 651,222 | |
Interpublic Group of Cos., Inc./The | | | 14,895 | | | | 287,027 | |
Jack in the Box, Inc. | | | 2,915 | | | | 256,986 | |
Kohl's Corp. | | | 6,565 | | | | 411,035 | |
Lear Corp. | | | 4,120 | | | | 462,511 | |
Leggett & Platt, Inc. | | | 7,215 | | | | 351,226 | |
Lowe's Cos., Inc. | | | 5,730 | | | | 383,738 | |
Marriott International, Inc./MD | | | 4,135 | | | | 307,603 | |
Murphy USA, Inc. (2) | | | 4,310 | | | | 240,584 | |
O'Reilly Automotive, Inc. (2) | | | 1,465 | | | | 331,061 | |
Sally Beauty Holdings, Inc. (2) | | | 5,995 | | | | 189,322 | |
Select Comfort Corp. (2) | | | 8,295 | | | | 249,431 | |
Skechers U.S.A., Inc. (2) | | | 1,670 | | | | 183,349 | |
Starz (2) | | | 10,345 | | | | 462,628 | |
Target Corp. | | | 4,425 | | | | 361,213 | |
Texas Roadhouse, Inc. | | | 7,165 | | | | 268,186 | |
Time Warner, Inc. | | | 4,640 | | | | 405,582 | |
(Cost $10,563,026) | | | | | | | 10,904,208 | |
| | | | | | | | | |
Consumer Staples — 4.5% | | | | | | | | |
Coca-Cola Co./The | | | 20,735 | | | | 813,434 | |
Coty, Inc. | | | 10,095 | | | | 322,737 | |
CVS Health Corp. | | | 8,355 | | | | 876,272 | |
Kimberly-Clark Corp. | | | 2,280 | | | | 241,612 | |
Rite Aid Corp. (2) | | | 28,935 | | | | 241,607 | |
Spectrum Brands Holdings, Inc. | | | 3,105 | | | | 316,679 | |
Walgreens Boots Alliance, Inc. | | | 6,040 | | | | 510,018 | |
Wal-Mart Stores, Inc. | | | 18,365 | | | | 1,302,629 | |
(Cost $4,502,415) | | | | | | | 4,624,988 | |
| | | | | | | | | |
Energy — 5.4% | | | | | | | | |
Chevron Corp. | | | 7,295 | | | | 703,749 | |
ConocoPhillips | | | 6,715 | | | | 412,368 | |
Delek US Holdings, Inc. | | | 9,070 | | | | 333,957 | |
Exterran Holdings, Inc. | | | 7,795 | | | | 254,507 | |
Exxon Mobil Corp. | | | 20,685 | | | | 1,720,992 | |
Marathon Oil Corp. | | | 6,950 | | | | 184,453 | |
Marathon Petroleum Corp. | | | 2,960 | | | | 154,838 | |
Nabors Industries, Ltd. | | | 17,720 | | | | 255,700 | |
Oil States International, Inc. (2) | | | 6,590 | | | | 245,346 | |
Peabody Energy Corp. (4) | | | 80,460 | | | | 176,207 | |
Phillips 66 | | | 3,005 | | | | 242,083 | |
Superior Energy Services, Inc. | | | 21,250 | | | | 447,100 | |
Tesoro Corp. | | | 1,620 | | | | 136,744 | |
Valero Energy Corp. | | | 2,490 | | | | 155,874 | |
World Fuel Services Corp. | | | 3,095 | | | | 148,405 | |
(Cost $6,372,126) | | | | | | | 5,572,323 | |
| | | | | | | | | |
Financials — 10.2% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 10,010 | | | | 270,070 | |
American Financial Group, Inc./OH | | | 3,870 | | | | 251,705 | |
Bank of New York Mellon Corp./The | | | 8,085 | | | | 339,327 | |
Berkshire Hathaway, Inc. (2) | | | 11,430 | | | | 1,555,737 | |
Citigroup, Inc. | | | 15,125 | | | | 835,505 | |
Credit Acceptance Corp. (2) | | | 1,075 | | | | 264,644 | |
Equity LifeStyle Properties, Inc. (3) | | | 4,835 | | | | 254,224 | |
Erie Indemnity Co. (2) | | | 3,350 | | | | 274,935 | |
Essex Property Trust, Inc. (3) | | | 1,140 | | | | 242,250 | |
Hanover Insurance Group, Inc./The | | | 4,345 | | | | 321,660 | |
Hartford Financial Services Group, Inc./The | | | 7,880 | | | | 327,572 | |
Investment Technology Group, Inc. | | | 3,825 | | | | 94,860 | |
Jones Lang LaSalle, Inc. | | | 1,445 | | | | 247,095 | |
JPMorgan Chase & Co. | | | 21,350 | | | | 1,446,676 | |
Kilroy Realty Corp. (3) | | | 3,585 | | | | 240,733 | |
MetLife, Inc. | | | 4,780 | | | | 267,632 | |
Moody's Corp. | | | 2,860 | | | | 308,766 | |
MSCI, Inc. | | | 4,365 | | | | 268,666 | |
New Residential Investment Corp. (3) | | | 20,150 | | | | 307,086 | |
Prudential Financial, Inc. | | | 3,575 | | | | 312,884 | |
Ryman Hospitality Properties, Inc. (3) | | | 4,770 | | | | 253,335 | |
Selective Insurance Group, Inc. | | | 11,325 | | | | 317,666 | |
Vornado Realty Trust (3) | | | 1,695 | | | | 160,906 | |
Voya Financial, Inc. | | | 7,835 | | | | 364,092 | |
Wells Fargo & Co. | | | 16,355 | | | | 919,805 | |
(Cost $10,049,805) | | | | | | | 10,447,831 | |
The accompanying notes are an integral part of these financial statements.
Page 18 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Aggressive Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Healthcare — 14.7% | | | | | | |
Abbott Laboratories | | | 6,825 | | | | 334,971 | |
Aetna, Inc. | | | 2,805 | | | | 357,525 | |
Agilent Technologies, Inc. | | | 7,590 | | | | 292,822 | |
Akorn, Inc. (2) | | | 6,070 | | | | 265,016 | |
AMAG Pharmaceuticals, Inc. (2) | | | 4,355 | | | | 300,756 | |
AmerisourceBergen Corp. | | | 3,250 | | | | 345,605 | |
Amgen, Inc. | | | 5,345 | | | | 820,564 | |
Anacor Pharmaceuticals, Inc. (2) | | | 4,365 | | | | 337,982 | |
Anthem, Inc. | | | 1,915 | | | | 314,328 | |
Bluebird Bio, Inc. (2) | | | 1,630 | | | | 274,443 | |
Cardinal Health, Inc. | | | 3,350 | | | | 280,228 | |
Celgene Corp. (2) | | | 4,380 | | | | 506,919 | |
Centene Corp. (2) | | | 4,630 | | | | 372,252 | |
Chemed Corp. (4) | | | 3,000 | | | | 393,300 | |
Cigna Corp. | | | 1,900 | | | | 307,800 | |
Dyax Corp. (2) | | | 12,440 | | | | 329,660 | |
Edwards Lifesciences Corp. (2) | | | 2,290 | | | | 326,165 | |
Gilead Sciences, Inc. | | | 9,230 | | | | 1,080,648 | |
HCA Holdings, Inc. (2) | | | 2,620 | | | | 237,686 | |
Health Net, Inc./CA (2) | | | 6,490 | | | | 416,139 | |
Hill-Rom Holdings, Inc. | | | 5,855 | | | | 318,102 | |
Hologic, Inc. | | | 11,090 | | | | 422,085 | |
Humana, Inc. | | | 1,665 | | | | 318,481 | |
Magellan Health, Inc. (2) | | | 4,230 | | | | 296,396 | |
McKesson Corp. | | | 1,320 | | | | 296,749 | |
Merck & Co., Inc. | | | 14,955 | | | | 851,388 | |
Molina Healthcare, Inc. (2) | | | 3,465 | | | | 243,590 | |
Neurocrine Biosciences, Inc. (2) | | | 7,040 | | | | 336,230 | |
PAREXEL International Corp. (2) | | | 2,115 | | | | 136,016 | |
Pfizer, Inc. | | | 24,735 | | | | 829,365 | |
Quest Diagnostics, Inc. | | | 4,325 | | | | 313,649 | |
Quintiles Transnational Holdings, Inc. (2) | | | 4,515 | | | | 327,834 | |
Receptos, Inc. (2) | | | 1,960 | | | | 372,498 | |
STERIS Corp. | | | 3,755 | | | | 241,972 | |
Stryker Corp. | | | 3,170 | | | | 302,957 | |
United Therapeutics Corp. (2) | | | 1,740 | | | | 302,673 | |
UnitedHealth Group, Inc. | | | 2,990 | | | | 364,780 | |
Universal Health Services, Inc. | | | 3,020 | | | | 429,142 | |
VCA, Inc. (2) | | | 5,495 | | | | 298,955 | |
Zoetis, Inc. | | | 2,020 | | | | 97,404 | |
(Cost $12,903,805) | | | | | | | 14,995,075 | |
| | | | | | | | | |
Industrials — 5.0% | | | | | | | | |
Alaska Air Group, Inc. | | | 4,010 | | | | 258,364 | |
AMERCO | | | 775 | | | | 253,355 | |
Avis Budget Group, Inc. (2) | | | 12,620 | | | | 556,290 | |
BWX Technologies, Inc. (2) | | | 8,955 | | | | 293,724 | |
General Dynamics Corp. | | | 3,565 | | | | 505,125 | |
HD Supply Holdings, Inc. (2) | | | 8,720 | | | | 306,770 | |
JetBlue Airways Corp. (2) | | | 31,845 | | | | 661,102 | |
Matson, Inc. | | | 5,023 | | | | 211,167 | |
Quad/Graphics, Inc. | | | 2,410 | | | | 44,609 | |
Southwest Airlines Co. | | | 10,270 | | | | 339,834 | |
Stanley Black & Decker, Inc. | | | 2,575 | | | | 270,993 | |
United Continental Holdings, Inc. (2) | | | 5,130 | | | | 271,941 | |
Verisk Analytics, Inc. (2) | | | 4,150 | | | | 301,954 | |
Wabtec Corp./DE | | | 5,995 | | | | 564,969 | |
West Corp. | | | 7,815 | | | | 235,232 | |
(Cost $5,203,924) | | | | | | | 5,075,429 | |
| | | | | | | | | |
Information Technology — 18.0% | | | | | | | | |
Apple, Inc. | | | 25,245 | | | | 3,166,354 | |
Broadridge Financial Solutions, Inc. | | | 2,875 | | | | 143,779 | |
Brocade Communications Systems, Inc. | | | 20,225 | | | | 240,273 | |
Cirrus Logic, Inc. (2) | | | 14,800 | | | | 503,644 | |
Cisco Systems, Inc. | | | 10,905 | | | | 299,451 | |
CoreLogic, Inc./United States (2) | | | 7,740 | | | | 307,201 | |
DST Systems, Inc. | | | 1,215 | | | | 153,066 | |
EarthLink Holdings Corp. | | | 17,045 | | | | 127,667 | |
eBay, Inc. (2) | | | 8,235 | | | | 496,076 | |
Electronic Arts, Inc. (2) | | | 4,180 | | | | 277,970 | |
Ellie Mae, Inc. (2) | | | 4,715 | | | | 329,060 | |
Fiserv, Inc. (2) | | | 4,465 | | | | 369,836 | |
Google, Inc. - Class C (2) | | | 1,604 | | | | 834,898 | |
Google, Inc. - Class A (2) | | | 295 | | | | 159,312 | |
Hewlett-Packard Co. | | | 20,215 | | | | 606,652 | |
Infoblox, Inc. (2) | | | 9,065 | | | | 237,594 | |
Integrated Device Technology, Inc. (2) | | | 11,225 | | | | 243,583 | |
Intel Corp. | | | 28,535 | | | | 867,892 | |
InterDigital, Inc./PA | | | 4,175 | | | | 237,516 | |
j2 Global, Inc. | | | 5,385 | | | | 365,857 | |
Jabil Circuit, Inc. | | | 14,915 | | | | 317,540 | |
Lexmark International, Inc. | | | 6,625 | | | | 292,825 | |
Methode Electronics, Inc. | | | 5,295 | | | | 145,348 | |
Micron Technology, Inc. (2) | | | 12,280 | | | | 231,355 | |
Microsemi Corp. (2) | | | 8,300 | | | | 290,085 | |
Microsoft Corp. | | | 42,930 | | | | 1,895,360 | |
NCR Corp. (2) | | | 8,965 | | | | 269,847 | |
NeuStar, Inc. (2)(4) | | | 8,930 | | | | 260,845 | |
NVIDIA Corp. | | | 15,520 | | | | 312,107 | |
OmniVision Technologies, Inc. (2) | | | 9,360 | | | | 245,185 | |
Oracle Corp. | | | 29,810 | | | | 1,201,343 | |
Paycom Software, Inc. (2) | | | 8,565 | | | | 292,495 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 19 |
Schedule of Investments
June 30, 2015 (unaudited)
Aggressive Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Polycom, Inc. (2) | | | 22,125 | | | | 253,110 | |
Synaptics, Inc. (2) | | | 3,125 | | | | 271,047 | |
Synopsys, Inc. (2) | | | 5,380 | | | | 272,497 | |
Tessera Technologies, Inc. | | | 11,595 | | | | 440,378 | |
Texas Instruments, Inc. | | | 4,510 | | | | 232,310 | |
Visa, Inc. | | | 13,220 | | | | 887,723 | |
Western Union Co./The | | | 17,865 | | | | 363,195 | |
(Cost $17,586,218) | | | | | | | 18,442,276 | |
| | | | | | | | | |
Materials — 1.0% | | | | | | | | |
Ashland, Inc. | | | 2,345 | | | | 285,856 | |
International Paper Co. | �� | | 4,625 | | | | 220,104 | |
Mosaic Co./The | | | 3,350 | | | | 156,948 | |
Newmont Mining Corp. | | | 14,620 | | | | 341,523 | |
(Cost $1,036,651) | | | | | | | 1,004,431 | |
| | | | | | | | | |
Telecommunication Services — 0.0% | | | | | | | | |
Premiere Global Services, Inc. (2) | | | 2,450 | | | | 25,211 | |
(Cost $25,817) | | | | | | | 25,211 | |
| | | | | | | | | |
Total Common Stocks (Cost $68,243,787) | | | | | | | 71,091,772 | |
| | | | | | | | | |
Registered Investment Companies — 12.1% | |
iShares China Large-Cap ETF (4)(9) | | | 22,805 | | | | 1,051,311 | |
iShares MSCI EAFE ETF (9) | | | 177,315 | | | | 11,257,729 | |
Total Registered Investment Companies (Cost $12,651,696) | | | | | | | 12,309,040 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 10.1% | |
Fidelity Institutional Money Market Portfolio, 0.14% (5) | | | 2,192,553 | | | | 2,192,553 | |
Meeder Money Market Fund - Institutional Class, 0.11% (6) | | | 8,185,109 | | | | 8,185,109 | |
Total Money Market Registered Investment Companies (Cost $10,377,662) | | | | | | | 10,377,662 | |
| | | | | | | | | |
Bank Obligations — 0.7% | |
Capital Bank Deposit Account, 0.65%, 7/1/2015 (7) | | | 249,408 | | | | 249,408 | |
EverBank Money Market Account, 0.61%, 7/1/2015 (7) | | | 249,379 | | | | 249,379 | |
Pacific Mercantile Bank Deposit Account, 0.58%, 7/1/2015 (7) | | | 249,360 | | | | 249,360 | |
Total Bank Obligations (Cost $748,147) | | | | | | | 748,147 | |
Total Investments — 92.4% (Cost $92,021,292)(1) | | | | | | | 94,526,621 | |
Other Assets less Liabilities — 7.6% | | | | | | | 7,760,373 | |
Total Net Assets — 100.0% | | | | | | | 102,286,994 | |
| | | | | | | | | |
Trustee Deferred Compensation (8) | |
Meeder Aggressive Growth Fund | | | 1,669 | | | | 17,558 | |
Meeder Balanced Fund | | | 902 | | | | 9,841 | |
Meeder Dynamic Growth Fund | | | 598 | | | | 5,992 | |
Meeder Muirfield Fund | | | 2,034 | | | | 14,279 | |
Meeder Quantex Fund | | | 965 | | | | 33,804 | |
Meeder Utilities & Infrastructure Fund | | | 187 | | | | 5,524 | |
Total Trustee Deferred Compensation (Cost $64,011) | | | | | | | 86,998 | |
| | | Long Contracts | | | Unrealized Appreciation (Depreciation)($) | |
Futures Contracts | |
Standard & Poors 500 Mini Futures expiring September 2015, notional value $17,462,400 | | | 170 | | | | (265,088 | ) |
E-mini Standard & Poors MidCap 400 Futures expiring September 2015, notional value $1,498,100 | | | 10 | | | | (1,780 | ) |
Total Futures Contracts | | | 180 | | | | (266,868 | ) |
(1) | Cost for federal income tax purposes of $92,047,361 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 5,775,013 | |
Unrealized depreciation | | | (3,269,684 | ) |
Net unrealized appreciation (depreciation) | | $ | 2,505,329 | |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(4) | All or a portion of this security is on loan. |
(5) | Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(7) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(8) | Assets of affiliates to the Aggressive Growth Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
Page 20 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Balanced Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — 49.0% | |
Consumer Discretionary — 7.5% | | | | | | |
Aaron's, Inc. | | | 11,349 | | | | 410,947 | |
Amazon.com, Inc. (2) | | | 2,908 | | | | 1,262,333 | |
Asbury Automotive Group, Inc. (2) | | | 2,568 | | | | 232,712 | |
AutoNation, Inc. (2) | | | 8,325 | | | | 524,309 | |
AutoZone, Inc. (2) | | | 290 | | | | 193,401 | |
Best Buy Co., Inc. | | | 13,700 | | | | 446,757 | |
Big Lots, Inc. | | | 5,950 | | | | 267,691 | |
Brinker International, Inc. | | | 7,510 | | | | 432,952 | |
Cinemark Holdings, Inc. | | | 5,115 | | | | 205,470 | |
Cooper Tire & Rubber Co. | | | 13,720 | | | | 464,148 | |
Cracker Barrel Old Country Store, Inc. | | | 2,856 | | | | 426,001 | |
Deckers Outdoor Corp. (2) | | | 4,320 | | | | 310,910 | |
Dick's Sporting Goods, Inc. | | | 7,778 | | | | 402,667 | |
Dollar General Corp. | | | 4,700 | | | | 365,378 | |
Foot Locker, Inc. | | | 4,341 | | | | 290,890 | |
Ford Motor Co. | | | 32,933 | | | | 494,324 | |
GameStop Corp. (4) | | | 5,188 | | | | 222,876 | |
GNC Holdings, Inc. | | | 5,942 | | | | 264,300 | |
Home Depot, Inc./The | | | 7,516 | | | | 835,253 | |
Interpublic Group of Cos., Inc./The | | | 14,870 | | | | 286,545 | |
Jack in the Box, Inc. | | | 4,859 | | | | 428,369 | |
Kohl's Corp. | | | 8,132 | | | | 509,145 | |
Lear Corp. | | | 6,205 | | | | 696,573 | |
Leggett & Platt, Inc. | | | 7,020 | | | | 341,734 | |
Lowe's Cos., Inc. | | | 11,948 | | | | 800,158 | |
Marriott International, Inc./MD | | | 5,250 | | | | 390,548 | |
Murphy USA, Inc. (2) | | | 7,187 | | | | 401,178 | |
O'Reilly Automotive, Inc. (2) | | | 2,625 | | | | 593,198 | |
Sally Beauty Holdings, Inc. (2) | | | 8,804 | | | | 278,030 | |
Select Comfort Corp. (2) | | | 13,832 | | | | 415,928 | |
Starz (2) | | | 5,655 | | | | 252,892 | |
Target Corp. | | | 10,585 | | | | 864,054 | |
Texas Roadhouse, Inc. | | | 11,952 | | | | 447,363 | |
Time Warner, Inc. | | | 6,303 | | | | 550,945 | |
Walt Disney Co./The | | | 12,500 | | | | 1,426,750 | |
(Cost $16,269,085) | | | | | | | 16,736,729 | |
| | | | | | | | | |
Consumer Staples — 3.6% | | | | | | | | |
Coca-Cola Co./The | | | 30,511 | | | | 1,196,947 | |
Coty, Inc. | | | 14,825 | | | | 473,955 | |
CVS Health Corp. | | | 14,845 | | | | 1,556,944 | |
Kimberly-Clark Corp. | | | 3,938 | | | | 417,310 | |
Kroger Co./The | | | 7,065 | | | | 512,283 | |
Procter & Gamble Co./The | | | 9,730 | | | | 761,275 | |
Rite Aid Corp. (2) | | | 48,249 | | | | 402,879 | |
Spectrum Brands Holdings, Inc. | | | 2,900 | | | | 295,771 | |
Walgreens Boots Alliance, Inc. | | | 6,130 | | | | 517,617 | |
Wal-Mart Stores, Inc. | | | 26,090 | | | | 1,850,564 | |
(Cost $7,682,656) | | | | | | | 7,985,545 | |
| | | | | | | | | |
Energy — 3.2% | | | | | | | | |
Chevron Corp. | | | 10,719 | | | | 1,034,062 | |
ConocoPhillips | | | 4,564 | | | | 280,275 | |
Delek US Holdings, Inc. | | | 4,556 | | | | 167,752 | |
Devon Energy Corp. | | | 3,665 | | | | 218,031 | |
Exterran Holdings, Inc. | | | 6,497 | | | | 212,127 | |
Exxon Mobil Corp. | | | 30,610 | | | | 2,546,751 | |
Marathon Petroleum Corp. | | | 8,230 | | | | 430,511 | |
Murphy Oil Corp. | | | 4,545 | | | | 188,936 | |
Nabors Industries, Ltd. | | | 25,038 | | | | 361,298 | |
Oil States International, Inc. (2) | | | 9,310 | | | | 346,611 | |
Peabody Energy Corp. (4) | | | 46,125 | | | | 101,014 | |
Phillips 66 | | | 3,455 | | | | 278,335 | |
Tesoro Corp. | | | 1,801 | | | | 152,022 | |
Valero Energy Corp. | | | 6,954 | | | | 435,320 | |
World Fuel Services Corp. | | | 6,991 | | | | 335,218 | |
(Cost $7,638,486) | | | | | | | 7,088,263 | |
| | | | | | | | | |
Financials — 7.0% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 14,950 | | | | 403,351 | |
American Financial Group, Inc./OH | | | 4,062 | | | | 264,192 | |
Bank of New York Mellon Corp./The | | | 14,478 | | | | 607,642 | |
Berkshire Hathaway, Inc. (2) | | | 15,250 | | | | 2,075,678 | |
Citigroup, Inc. | | | 23,350 | | | | 1,289,854 | |
Credit Acceptance Corp. (2) | | | 1,347 | | | | 331,604 | |
Equity LifeStyle Properties, Inc. (3) | | | 4,145 | | | | 217,944 | |
Erie Indemnity Co. | | | 2,525 | | | | 207,227 | |
Essex Property Trust, Inc. (3) | | | 1,426 | | | | 303,025 | |
Goldman Sachs Group, Inc./The | | | 5,125 | | | | 1,070,049 | |
Hanover Insurance Group, Inc./The | | | 3,530 | | | | 261,326 | |
Hartford Financial Services Group, Inc./The | | | 10,495 | | | | 436,277 | |
Investment Technology Group, Inc. | | | 6,215 | | | | 154,132 | |
Jones Lang LaSalle, Inc. | | | 1,809 | | | | 309,339 | |
JPMorgan Chase & Co. | | | 31,728 | | | | 2,149,888 | |
Kilroy Realty Corp. (3) | | | 3,098 | | | | 208,031 | |
MetLife, Inc. | | | 14,174 | | | | 793,602 | |
Moody's Corp. | | | 3,145 | | | | 339,534 | |
Morgan Stanley | | | 18,170 | | | | 704,814 | |
MSCI, Inc. | | | 5,135 | | | | 316,059 | |
New Residential Investment Corp. (3) | | | 13,525 | | | | 206,121 | |
Prudential Financial, Inc. | | | 8,797 | | | | 769,913 | |
Ryman Hospitality Properties, Inc. (3) | | | 3,920 | | | | 208,191 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 21 |
Schedule of Investments
June 30, 2015 (unaudited)
Balanced Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Selective Insurance Group, Inc. | | | 7,601 | | | | 213,208 | |
Voya Financial, Inc. | | | 10,440 | | | | 485,147 | |
Wells Fargo & Co. | | | 23,485 | | | | 1,320,796 | |
(Cost $15,010,723) | | | | | | | 15,646,944 | |
| | | | | | | | | |
Healthcare — 10.5% | | | | | | | | |
Abbott Laboratories | | | 7,335 | | | | 360,002 | |
AbbVie, Inc. | | | 8,044 | | | | 540,476 | |
Aetna, Inc. | | | 9,403 | | | | 1,198,506 | |
Agilent Technologies, Inc. | | | 10,574 | | | | 407,945 | |
Akorn, Inc. (2) | | | 6,670 | | | | 291,212 | |
AMAG Pharmaceuticals, Inc. (2) | | | 6,058 | | | | 418,365 | |
AmerisourceBergen Corp. | | | 3,610 | | | | 383,887 | |
Amgen, Inc. | | | 5,710 | | | | 876,599 | |
Anacor Pharmaceuticals, Inc. (2) | | | 6,075 | | | | 470,387 | |
Anthem, Inc. | | | 6,592 | | | | 1,082,011 | |
Biogen, Inc. (2) | | | 2,041 | | | | 824,442 | |
Bluebird Bio, Inc. (2) | | | 2,271 | | | | 382,368 | |
Cardinal Health, Inc. | | | 5,370 | | | | 449,201 | |
Celgene Corp. (2) | | | 6,149 | | | | 711,655 | |
Chemed Corp. (4) | | | 1,735 | | | | 227,459 | |
Cigna Corp. | | | 3,320 | | | | 537,840 | |
Community Health Systems, Inc. (2) | | | 6,010 | | | | 378,450 | |
Dyax Corp. (2) | | | 17,305 | | | | 458,583 | |
Gilead Sciences, Inc. | | | 15,819 | | | | 1,852,089 | |
HCA Holdings, Inc. (2) | | | 6,145 | | | | 557,474 | |
Health Net, Inc./CA (2) | | | 1,736 | | | | 111,312 | |
Hologic, Inc. (2) | | | 12,000 | | | | 456,720 | |
Humana, Inc. | | | 2,232 | | | | 426,937 | |
Johnson & Johnson | | | 21,879 | | | | 2,132,326 | |
Magellan Health, Inc. (2) | | | 3,745 | | | | 262,412 | |
McKesson Corp. | | | 2,539 | | | | 570,793 | |
Merck & Co., Inc. | | | 14,699 | | | | 836,814 | |
Molina Healthcare, Inc. (2) | | | 4,080 | | | | 286,824 | |
Neurocrine Biosciences, Inc. (2) | | | 9,798 | | | | 467,952 | |
Pfizer, Inc. | | | 42,510 | | | | 1,425,360 | |
Quest Diagnostics, Inc. | | | 4,805 | | | | 348,459 | |
Quintiles Transnational Holdings, Inc. (2) | | | 4,960 | | | | 360,146 | |
Receptos, Inc. (2) | | | 2,725 | | | | 517,886 | |
Stryker Corp. | | | 4,415 | | | | 421,942 | |
United Therapeutics Corp. (2) | | | 1,190 | | | | 207,001 | |
UnitedHealth Group, Inc. | | | 9,015 | | | | 1,099,830 | |
Universal Health Services, Inc. | | | 1,745 | | | | 247,965 | |
VCA, Inc. (2) | | | 5,735 | | | | 312,013 | |
Zoetis, Inc. | | | 10,598 | | | | 511,036 | |
(Cost $21,283,358) | | | | | | | 23,412,679 | |
| | | | | | | | | |
Industrials — 3.3% | | | | | | | | |
Alaska Air Group, Inc. | | | 5,013 | | | | 322,988 | |
AMERCO | | | 811 | | | | 265,124 | |
Avis Budget Group, Inc. (2) | | | 11,485 | | | | 506,259 | |
BWX Technologies, Inc. (2) | | | 12,469 | | | | 408,983 | |
Curtiss-Wright Corp. | | | 3,170 | | | | 229,635 | |
FedEx Corp. | | | 2,590 | | | | 441,336 | |
General Dynamics Corp. | | | 4,260 | | | | 603,599 | |
General Electric Co. | | | 34,003 | | | | 903,460 | |
HD Supply Holdings, Inc. (2) | | | 12,147 | | | | 427,331 | |
JetBlue Airways Corp. (2) | | | 35,485 | | | | 736,669 | |
KAR Auction Services, Inc. | | | 6,310 | | | | 235,994 | |
Matson, Inc. | | | 3,371 | | | | 141,717 | |
Quad/Graphics, Inc. | | | 3,915 | | | | 72,467 | |
Southwest Airlines Co. | | | 16,385 | | | | 542,180 | |
Stanley Black & Decker, Inc. | | | 2,315 | | | | 243,631 | |
Verisk Analytics, Inc. (2) | | | 4,565 | | | | 332,149 | |
Wabtec Corp./DE | | | 6,507 | | | | 613,220 | |
West Corp. | | | 8,202 | | | | 246,880 | |
(Cost $7,176,072) | | | | | | | 7,273,622 | |
| | | | | | | | | |
Information Technology — 12.8% | | | | | | | | |
Apple, Inc. | | | 31,035 | | | | 3,892,564 | |
Brocade Communications Systems, Inc. | | | 33,728 | | | | 400,689 | |
CDW Corp./DE | | | 16,685 | | | | 571,962 | |
Cirrus Logic, Inc. (2) | | | 9,510 | | | | 323,625 | |
Cisco Systems, Inc. | | | 48,498 | | | | 1,331,755 | |
DST Systems, Inc. | | | 3,820 | | | | 481,244 | |
EarthLink Holdings Corp. | | | 27,690 | | | | 207,398 | |
eBay, Inc. (2) | | | 12,335 | | | | 743,060 | |
EchoStar Corp. (2) | | | 6,255 | | | | 304,493 | |
Electronic Arts, Inc. (2) | | | 12,665 | | | | 842,223 | |
Ellie Mae, Inc. (2) | | | 6,559 | | | | 457,753 | |
Fiserv, Inc. (2) | | | 5,740 | | | | 475,444 | |
Google, Inc. - Class C (2) | | | 2,070 | | | | 1,077,456 | |
Google, Inc. - Class A (2) | | | 2,489 | | | | 1,344,160 | |
Hewlett-Packard Co. | | | 26,838 | | | | 805,408 | |
Infoblox, Inc. (2) | | | 12,810 | | | | 335,750 | |
Intel Corp. | | | 57,155 | | | | 1,738,369 | |
InterDigital, Inc./PA | | | 7,060 | | | | 401,643 | |
International Business Machines Corp. | | | 6,339 | | | | 1,031,102 | |
j2 Global, Inc. | | | 5,575 | | | | 378,766 | |
Jabil Circuit, Inc. | | | 31,810 | | | | 677,235 | |
Lexmark International, Inc. | | | 9,305 | | | | 411,281 | |
MAXIMUS, Inc. | | | 3,999 | | | | 262,854 | |
Micron Technology, Inc. (2) | | | 14,210 | | | | 267,716 | |
Microsoft Corp. | | | 62,974 | | | | 2,780,301 | |
The accompanying notes are an integral part of these financial statements.
Page 22 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Balanced Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
NCR Corp. (2) | | | 15,383 | | | | 463,028 | |
NeuStar, Inc. (2)(4) | | | 9,615 | | | | 280,854 | |
NVIDIA Corp. | | | 17,960 | | | | 361,176 | |
Oracle Corp. | | | 44,670 | | | | 1,800,201 | |
Paycom Software, Inc. (2) | | | 11,918 | | | | 407,000 | |
PMC-Sierra, Inc. (2) | | | 22,910 | | | | 196,110 | |
Polycom, Inc. (2) | | | 31,264 | | | | 357,660 | |
Skyworks Solutions, Inc. | | | 4,136 | | | | 430,558 | |
Synaptics, Inc. (2) | | | 4,345 | | | | 376,864 | |
Synopsys, Inc. (2) | | | 5,643 | | | | 285,818 | |
Tessera Technologies, Inc. | | | 8,320 | | | | 315,994 | |
Texas Instruments, Inc. | | | 15,039 | | | | 774,659 | |
Western Union Co./The | | | 28,526 | | | | 579,934 | |
Xerox Corp. | | | 67,450 | | | | 717,668 | |
(Cost $27,062,274) | | | | | | | 28,891,775 | |
| | | | | | | | | |
Materials — 0.6% | | | | | | | | |
Ashland, Inc. | | | 3,330 | | | | 405,927 | |
International Paper Co. | | | 6,066 | | | | 288,681 | |
Mosaic Co./The | | | 7,731 | | | | 362,197 | |
Newmont Mining Corp. | | | 9,813 | | | | 229,232 | |
(Cost $1,322,560) | | | | | | | 1,286,037 | |
| | | | | | | | | |
Telecommunication Services — 0.4% | | | | | | | | |
Premiere Global Services, Inc. | | | 3,980 | | | | 40,954 | |
Verizon Communications, Inc. | | | 19,855 | | | | 925,442 | |
(Cost $1,014,726) | | | | | | | 966,396 | |
| | | | | | | | | |
Utilities — 0.1% | | | | | | | | |
Public Service Enterprise Group, Inc. | | | 2,935 | | | | 115,287 | |
(Cost $120,573) | | | | | | | 115,287 | |
| | | | | | | | | |
Total Common Stocks (Cost $104,580,513) | | | | | | | 109,403,277 | |
| | | | | | | | | |
Registered Investment Companies — 38.0% | |
Baird Core Plus Bond Fund | | | 270,965 | | | | 2,986,040 | |
Delaware Corporate Bond Fund | | | 510,556 | | | | 2,966,333 | |
DoubleLine Total Return Bond Fund | | | 836,335 | | | | 9,122,715 | |
Federated Bond Fund | | | 978,058 | | | | 9,037,254 | |
Fidelity Capital & Income Fund | | | 172,091 | | | | 1,689,936 | |
Goldman Sachs Emerging Markets Debt Fund | | | 140,826 | | | | 1,713,849 | |
iShares 1-3 Year Treasury Bond ETF (9) | | | 87,745 | | | | 7,446,041 | |
iShares 20+ Year Treasury Bond ETF (9) | | | 45,780 | | | | 5,377,319 | |
iShares China Large-Cap ETF (4)(9) | | | 34,470 | | | | 1,589,067 | |
iShares MSCI EAFE ETF (9) | | | 244,892 | | | | 15,548,193 | |
Ivy High Income Fund | | | 217,500 | | | | 1,729,123 | |
Metropolitan West Total Return Bond Fund | | | 835,757 | | | | 9,034,538 | |
PIMCO Investment Grade Corporate Bond Fund | | | 284,183 | | | | 2,966,875 | |
Prudential Total Return Bond Fund | | | 626,267 | | | | 8,886,731 | |
Sentinel Total Return Bond Fund | | | 280,284 | | | | 2,931,770 | |
TCW Emerging Markets Income Fund | | | 214,457 | | | | 1,682,413 | |
Total Registered Investment Companies (Cost $86,673,003) | | | | | | | 84,708,197 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 7.7% | |
Fidelity Institutional Money Market Portfolio, 0.14% (5) | | | 4,161,496 | | | | 4,161,496 | |
Meeder Money Market Fund - Institutional Class, 0.11% (6) | | | 13,115,688 | | | | 13,115,688 | |
Total Money Market Registered Investment Companies (Cost $17,277,184) | | | | | | | 17,277,184 | |
| | | | | | | | | |
Bank Obligations — 0.3% | |
Capital Bank Deposit Account, 0.65%, 7/1/2015 (7) | | | 249,408 | | | | 249,408 | |
EverBank Money Market Account, 0.61%, 7/1/2015 (7) | | | 249,379 | | | | 249,379 | |
Pacific Mercantile Bank Deposit Account, 0.58%, 7/1/2015 (7) | | | 249,360 | | | | 249,360 | |
Total Bank Obligations (Cost $748,147) | | | | | | | 748,147 | |
Total Investments — 95.0% (Cost $209,278,847)(1) | | | | | | | 212,136,805 | |
Other Assets less Liabilities — 5.0% | | | | | | | 11,250,091 | |
Total Net Assets — 100.0% | | | | | | | 223,386,896 | |
| | | | | | | | | |
Trustee Deferred Compensation (8) | |
Meeder Aggressive Growth Fund | | | 2,835 | | | | 29,824 | |
Meeder Balanced Fund | | | 1,540 | | | | 16,801 | |
Meeder Dynamic Growth Fund | | | 1,017 | | | | 10,190 | |
Meeder Muirfield Fund | | | 2,655 | | | | 18,638 | |
Meeder Quantex Fund | | | 972 | | | | 34,049 | |
Meeder Utilities & Infrastructure Fund | | | 318 | | | | 9,394 | |
Total Trustee Deferred Compensation (Cost $94,115) | | | | | | | 118,896 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 23 |
Schedule of Investments
June 30, 2015 (unaudited)
Balanced Fund | |
| | | Long Contracts | | | Unrealized Appreciation (Depreciation)($) | |
Futures Contracts | |
Standard & Poors 500 Mini Futures expiring September 2015, notional value $12,634,560 | | | 123 | | | | (188,978 | ) |
Total Futures Contracts | | | 123 | | | | (188,978 | ) |
(1) | Cost for federal income tax purposes of $209,382,249 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 7,581,159 | |
Unrealized depreciation | | | (4,723,201 | ) |
Net unrealized appreciation (depreciation) | | $ | 2,857,958 | |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(4) | All or a portion of this security is on loan. |
(5) | Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(7) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(8) | Assets of affiliates to the Balanced Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
Page 24 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Strategic Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — 63.7% | |
Consumer Discretionary — 8.2% | | | | | | |
AMC Networks, Inc. (2) | | | 5,000 | | | | 409,250 | |
AutoNation, Inc. (2) | | | 6,310 | | | | 397,404 | |
Best Buy Co., Inc. | | | 10,335 | | | | 337,024 | |
Brinker International, Inc. | | | 7,185 | | | | 414,215 | |
Cinemark Holdings, Inc. | | | 7,360 | | | | 295,651 | |
Cooper Tire & Rubber Co. | | | 11,790 | | | | 398,856 | |
Cracker Barrel Old Country Store, Inc. | | | 2,140 | | | | 319,202 | |
CST Brands, Inc. | | | 11,635 | | | | 454,463 | |
Dollar General Corp. | | | 7,010 | | | | 544,957 | |
Ford Motor Co. | | | 32,915 | | | | 494,054 | |
GameStop Corp. (4) | | | 7,465 | | | | 320,696 | |
Interpublic Group of Cos., Inc./The | | | 19,455 | | | | 374,898 | |
Jack in the Box, Inc. | | | 3,440 | | | | 303,270 | |
Kohl's Corp. | | | 8,635 | | | | 540,637 | |
Lear Corp. | | | 5,080 | | | | 570,281 | |
Leggett & Platt, Inc. | | | 9,490 | | | | 461,973 | |
Marriott International, Inc./MD | | | 4,815 | | | | 358,188 | |
Murphy USA, Inc. (2) | | | 5,120 | | | | 285,798 | |
O'Reilly Automotive, Inc. (2) | | | 2,190 | | | | 494,896 | |
Sally Beauty Holdings, Inc. (2) | | | 8,103 | | | | 255,893 | |
Starz (2) | | | 7,570 | | | | 338,530 | |
Target Corp. | | | 13,840 | | | | 1,129,759 | |
Time Warner, Inc. | | | 4,640 | | | | 405,582 | |
(Cost $9,801,252) | | | | | | | 9,905,477 | |
| | | | | | | | | |
Consumer Staples — 3.5% | | | | | | | | |
Coty, Inc. | | | 16,155 | | | | 516,475 | |
Kimberly-Clark Corp. | | | 5,015 | | | | 531,440 | |
Rite Aid Corp. (2) | | | 34,760 | | | | 290,246 | |
Spectrum Brands Holdings, Inc. | | | 5,815 | | | | 593,072 | |
Tyson Foods, Inc. | | | 13,380 | | | | 570,389 | |
Walgreens Boots Alliance, Inc. | | | 3,610 | | | | 304,828 | |
Wal-Mart Stores, Inc. | | | 20,220 | | | | 1,434,205 | |
(Cost $4,159,448) | | | | | | | 4,240,655 | |
| | | | | | | | | |
Energy — 8.3% | | | | | | | | |
Chevron Corp. | | | 10,445 | | | | 1,007,629 | |
ConocoPhillips | | | 9,935 | | | | 610,108 | |
Delek US Holdings, Inc. | | | 17,145 | | | | 631,279 | |
Devon Energy Corp. | | | 13,015 | | | | 774,262 | |
Exterran Holdings, Inc. | | | 9,350 | | | | 305,278 | |
Exxon Mobil Corp. | | | 27,075 | | | | 2,252,639 | |
Marathon Petroleum Corp. | | | 12,190 | | | | 637,659 | |
Murphy Oil Corp. | | | 11,345 | | | | 471,612 | |
Nabors Industries, Ltd. | | | 20,705 | | | | 298,773 | |
Oil States International, Inc. (2) | | | 10,135 | | | | 377,326 | |
Phillips 66 | | | 4,675 | | | | 376,618 | |
Superior Energy Services, Inc. | | | 10,425 | | | | 219,342 | |
Tesoro Corp. | | | 11,660 | | | | 984,221 | |
Valero Energy Corp. | | | 8,640 | | | | 540,864 | |
Western Refining, Inc. | | | 4,025 | | | | 175,571 | |
World Fuel Services Corp. | | | 5,345 | | | | 256,293 | |
(Cost $10,444,162) | | | | | | | 9,919,474 | |
| | | | | | | | | |
Financials — 14.7% | | | | | | | | |
Alexandria Real Estate Equities, Inc. (3) | | | 5,875 | | | | 513,828 | |
AmTrust Financial Services, Inc. (4) | | | 5,105 | | | | 334,429 | |
Bank of New York Mellon Corp./The | | | 6,930 | | | | 290,852 | |
Boston Properties, Inc. (3) | | | 6,155 | | | | 745,001 | |
Citigroup, Inc. | | | 18,850 | | | | 1,041,274 | |
Credit Acceptance Corp. (2) | | | 2,615 | | | | 643,761 | |
Digital Realty Trust, Inc. (3) | | | 11,370 | | | | 758,152 | |
Equity LifeStyle Properties, Inc. (3) | | | 16,625 | | | | 874,143 | |
Equity One, Inc. (3) | | | 21,375 | | | | 498,893 | |
Erie Indemnity Co. | | | 5,510 | | | | 452,206 | |
Essex Property Trust, Inc. (3) | | | 3,645 | | | | 774,563 | |
Goldman Sachs Group, Inc./The | | | 3,040 | | | | 634,722 | |
Hanover Insurance Group, Inc./The | | | 3,630 | | | | 268,729 | |
Hartford Financial Services Group, Inc./The | | | 16,545 | | | | 687,776 | |
JPMorgan Chase & Co. | | | 14,325 | | | | 970,662 | |
Kilroy Realty Corp. (3) | | | 10,565 | | | | 709,440 | |
Kimco Realty Corp. (3) | | | 20,800 | | | | 468,832 | |
Mid-America Apartment Communities, Inc. (3) | | | 6,555 | | | | 477,270 | |
Moody's Corp. | | | 5,290 | | | | 571,108 | |
Morgan Stanley | | | 13,865 | | | | 537,823 | |
MSCI, Inc. | | | 5,240 | | | | 322,522 | |
NASDAQ OMX Group, Inc./The | | | 5,950 | | | | 290,420 | |
Popular, Inc. (2) | | | 8,595 | | | | 248,052 | |
Retail Properties of America, Inc. (3) | | | 46,970 | | | | 654,292 | |
Ryman Hospitality Properties, Inc. (3) | | | 17,200 | | | | 913,492 | |
SL Green Realty Corp. (3) | | | 2,475 | | | | 271,978 | |
Sunstone Hotel Investors, Inc. (3) | | | 45,005 | | | | 675,525 | |
Travelers Cos., Inc./The | | | 8,900 | | | | 860,274 | |
Vornado Realty Trust (3) | | | 7,225 | | | | 685,869 | |
Voya Financial, Inc. | | | 9,730 | | | | 452,153 | |
(Cost $17,614,177) | | | | | | | 17,628,041 | |
| | | | | | | | | |
Healthcare — 10.0% | | | | | | | | |
AbbVie, Inc. | | | 7,564 | | | | 508,225 | |
Aetna, Inc. | | | 2,305 | | | | 293,795 | |
AMAG Pharmaceuticals, Inc. (2) | | | 4,445 | | | | 306,972 | |
AmerisourceBergen Corp. | | | 2,990 | | | | 317,957 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 25 |
Schedule of Investments
June 30, 2015 (unaudited)
Strategic Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Amsurg Corp. (2) | | | 7,885 | | | | 551,556 | |
Anacor Pharmaceuticals, Inc. (2) | | | 4,335 | | | | 335,659 | |
Anthem, Inc. | | | 1,555 | | | | 255,238 | |
Centene Corp. (2) | | | 4,530 | | | | 364,212 | |
Cigna Corp. | | | 7,165 | | | | 1,160,730 | |
Gilead Sciences, Inc. | | | 7,280 | | | | 852,342 | |
Health Net, Inc./CA (2) | | | 5,000 | | | | 320,600 | |
Hologic, Inc. (2) | | | 22,315 | | | | 849,309 | |
Humana, Inc. | | | 2,290 | | | | 438,031 | |
Johnson & Johnson | | | 9,990 | | | | 973,625 | |
Merck & Co., Inc. | | | 13,165 | | | | 749,483 | |
Molina Healthcare, Inc. (2) | | | 2,045 | | | | 143,764 | |
Pfizer, Inc. | | | 16,460 | | | | 551,904 | |
Team Health Holdings, Inc. (2) | | | 6,740 | | | | 440,324 | |
United Therapeutics Corp. (2) | | | 1,175 | | | | 204,391 | |
UnitedHealth Group, Inc. | | | 7,460 | | | | 910,120 | |
Universal Health Services, Inc. | | | 3,510 | | | | 498,771 | |
VCA, Inc. (2) | | | 12,430 | | | | 676,254 | |
Zoetis, Inc. | | | 6,400 | | | | 308,608 | |
(Cost $9,886,042) | | | | | | | 12,011,870 | |
| | | | | | | | | |
Industrials — 4.2% | | | | | | | | |
Alaska Air Group, Inc. | | | 4,810 | | | | 309,908 | |
BWX Technologies, Inc. (2) | | | 5,970 | | | | 195,816 | |
FedEx Corp. | | | 3,885 | | | | 662,004 | |
General Dynamics Corp. | | | 5,605 | | | | 794,172 | |
KAR Auction Services, Inc. | | | 13,180 | | | | 492,932 | |
Roper Technologies, Inc. | | | 4,620 | | | | 796,765 | |
Southwest Airlines Co. | | | 14,530 | | | | 480,798 | |
Stanley Black & Decker, Inc. | | | 8,360 | | | | 879,806 | |
Verisk Analytics, Inc. (2) | | | 5,535 | | | | 402,727 | |
(Cost $4,751,689) | | | | | | | 5,014,928 | |
| | | | | | | | | |
Information Technology — 11.2% | | | | | | | | |
Apple, Inc. | | | 12,780 | | | | 1,602,932 | |
Broadridge Financial Solutions, Inc. | | | 9,900 | | | | 495,099 | |
Brocade Communications Systems, Inc. | | | 24,271 | | | | 288,339 | |
Cirrus Logic, Inc. (2) | | | 5,950 | | | | 202,479 | |
Cisco Systems, Inc. | | | 32,005 | | | | 878,857 | |
eBay, Inc. (2) | | | 9,930 | | | | 598,183 | |
Electronic Arts, Inc. (2) | | | 4,780 | | | | 317,870 | |
Fiserv, Inc. (2) | | | 5,100 | | | | 422,433 | |
Harris Corp. | | | 5,145 | | | | 395,702 | |
Hewlett-Packard Co. | | | 29,310 | | | | 879,593 | |
Infoblox, Inc. (2) | | | 11,040 | | | | 289,358 | |
Intel Corp. | | | 31,970 | | | | 972,368 | |
j2 Global, Inc. | | | 6,865 | | | | 466,408 | |
MAXIMUS, Inc. | | | 3,050 | | | | 200,477 | |
Micron Technology, Inc. (2) | | | 17,545 | | | | 330,548 | |
NeuStar, Inc. (2)(4) | | | 19,400 | | | | 566,674 | |
NVIDIA Corp. | | | 17,740 | | | | 356,751 | |
Oracle Corp. | | | 32,680 | | | | 1,317,004 | |
Polycom, Inc. (2) | | | 23,365 | | | | 267,296 | |
Synaptics, Inc. (2) | | | 3,000 | | | | 260,205 | |
Tessera Technologies, Inc. | | | 5,110 | | | | 194,078 | |
Texas Instruments, Inc. | | | 9,160 | | | | 471,832 | |
Total System Services, Inc. | | | 10,420 | | | | 435,243 | |
Visa, Inc. | | | 13,995 | | | | 939,764 | |
Western Union Co./The | | | 15,205 | | | | 309,118 | |
(Cost $13,324,972) | | | | | | | 13,458,611 | |
| | | | | | | | | |
Materials — 2.5% | | | | | | | | |
Ashland, Inc. | | | 1,990 | | | | 242,581 | |
Bemis Co., Inc. | | | 6,455 | | | | 290,540 | |
Celanese Corp. | | | 7,445 | | | | 535,147 | |
CF Industries Holdings, Inc. | | | 6,275 | | | | 403,357 | |
Commercial Metals Co. | | | 15,365 | | | | 247,069 | |
Dow Chemical Co./The | | | 4,735 | | | | 242,290 | |
International Paper Co. | | | 14,510 | | | | 690,531 | |
Newmont Mining Corp. | | | 15,400 | | | | 359,744 | |
(Cost $3,121,437) | | | | | | | 3,011,259 | |
| | | | | | | | | |
Telecommunication Services — 0.6% | | | | | | | | |
Verizon Communications, Inc. | | | 16,020 | | | | 746,692 | |
(Cost $785,608) | | | | | | | 746,692 | |
| | | | | | | | | |
Utilities — 0.5% | | | | | | | | |
Vectren Corp. | | | 15,865 | | | | 610,485 | |
(Cost $600,725) | | | | | | | 610,485 | |
| | | | | | | | | |
Total Common Stocks (Cost $74,489,512) | | | | | | | 76,547,492 | |
| | | | | | | | | |
Registered Investment Companies — 29.1% | |
Goldman Sachs Emerging Markets Equity Insights Fund | | | 448,290 | | | | 4,025,647 | |
iShares MSCI EAFE ETF (9) | | | 160,570 | | | | 10,194,588 | |
iShares MSCI Emerging Markets ETF (9) | | | 257,425 | | | | 10,199,179 | |
Ivy International Core Equity Fund | | | 422,143 | | | | 7,746,327 | |
Oppenheimer Developing Markets Fund | | | 79,464 | | | | 2,772,503 | |
Total Registered Investment Companies (Cost $35,647,060) | | | | | | | 34,938,244 | |
The accompanying notes are an integral part of these financial statements.
Page 26 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Strategic Growth Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Money Market Registered Investment Companies — 2.2% | |
Fidelity Institutional Money Market Portfolio, 0.14% (5) | | | 1,241,073 | | | | 1,241,073 | |
Meeder Money Market Fund - Institutional Class, 0.11% (6) | | | 1,456,766 | | | | 1,456,766 | |
Total Money Market Registered Investment Companies (Cost $2,697,839) | | | | | | | 2,697,839 | |
| | | | | | | | | |
Bank Obligations — 0.6% | |
Capital Bank Deposit Account, 0.65%, 7/1/2015 (7) | | | 249,408 | | | | 249,408 | |
EverBank Money Market Account, 0.61%, 7/1/2015 (7) | | | 249,379 | | | | 249,379 | |
Pacific Mercantile Bank Deposit Account, 0.58%, 7/1/2015 (7) | | | 249,360 | | | | 249,360 | |
Total Bank Obligations (Cost $748,147) | | | | | | | 748,147 | |
Total Investments — 95.6% (Cost $113,582,558)(1) | | | | | | | 114,931,722 | |
Other Assets less Liabilities — 4.4% | | | | | | | 5,290,818 | |
Total Net Assets — 100.0% | | | | | | | 120,222,540 | |
| | | | | | | | | |
Trustee Deferred Compensation (8) | |
Meeder Aggressive Growth Fund | | | 2,425 | | | | 25,511 | |
Meeder Balanced Fund | | | 1,318 | | | | 14,379 | |
Meeder Dynamic Growth Fund | | | 871 | | | | 8,727 | |
Meeder Muirfield Fund | | | 2,282 | | | | 16,020 | |
Meeder Quantex Fund | | | 833 | | | | 29,180 | |
Meeder Utilities & Infrastructure Fund | | | 272 | | | | 8,035 | |
Total Trustee Deferred Compensation (Cost $80,835) | | | | | | | 101,852 | |
Strategic Growth Fund | |
| | | Long Contracts | | | Unrealized Appreciation (Depreciation)($) | |
Futures Contracts | | | | | | |
Standard & Poors 500 Mini Futures expiring September 2015, notional value $3,287,040 | | | 32 | | | | (93,200 | ) |
Russell 2000 Mini Index Futures expiring September 2015, notional value $3,376,080 | | | 27 | | | | (25,544 | ) |
E-mini Standard & Poors MidCap 400 Futures expiring September 2015, notional value $1,947,530 | | | 13 | | | | (20,921 | ) |
Total Futures Contracts | | | 72 | | | | (139,665 | ) |
(1) | Cost for federal income tax purposes of $114,443,915 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 5,411,082 | |
Unrealized depreciation | | | (4,061,918 | ) |
Net unrealized appreciation (depreciation) | | $ | 1,349,164 | |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(4) | All or a portion of this security is on loan. |
(5) | Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(7) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(8) | Assets of affiliates to the Strategic Growth Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 27 |
Schedule of Investments
June 30, 2015 (unaudited)
Spectrum Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks - Long — 39.2% | |
Consumer Discretionary — 6.5% | | | | | | |
Aaron's, Inc. | | | 4,235 | | | | 153,349 | |
AutoZone, Inc. (2) | | | 225 | | | | 150,053 | |
Best Buy Co., Inc. (5) | | | 5,035 | | | | 164,191 | |
Cinemark Holdings, Inc. | | | 2,925 | | | | 117,497 | |
Cooper Tire & Rubber Co. (5) | | | 5,845 | | | | 197,736 | |
Dick's Sporting Goods, Inc. | | | 2,795 | | | | 144,697 | |
Foot Locker, Inc. | | | 2,395 | | | | 160,489 | |
Ford Motor Co. | | | 14,155 | | | | 212,467 | |
GNC Holdings, Inc. | | | 3,280 | | | | 145,894 | |
Houghton Mifflin Harcourt Co. (2) | | | 9,765 | | | | 246,078 | |
Interpublic Group of Cos., Inc./The | | | 9,190 | | | | 177,091 | |
Kohl's Corp. | | | 2,725 | | | | 170,612 | |
Lear Corp. (5) | | | 1,070 | | | | 120,118 | |
Leggett & Platt, Inc. (5) | | | 4,640 | | | | 225,875 | |
Regis Corp. (2)(5) | | | 12,425 | | | | 195,818 | |
Sally Beauty Holdings, Inc. (2) | | | 4,860 | | | | 153,479 | |
Starz (2) | | | 6,065 | | | | 271,227 | |
Time Warner, Inc. | | | 2,320 | | | | 202,791 | |
(Cost $3,183,729) | | | | | | | 3,209,462 | |
| | | | | | | | | |
Consumer Staples — 2.1% | | | | | | | | |
Coty, Inc. | | | 5,985 | | | | 191,340 | |
CVS Health Corp. (5) | | | 1,965 | | | | 206,089 | |
Kimberly-Clark Corp. | | | 1,955 | | | | 207,171 | |
Kroger Co./The (5) | | | 2,690 | | | | 195,052 | |
Spectrum Brands Holdings, Inc. | | | 2,145 | | | | 218,769 | |
(Cost $965,168) | | | | | | | 1,018,421 | |
| | | | | | | | | |
Energy — 1.6% | | | | | | | | |
Murphy Oil Corp. (5) | | | 4,425 | | | | 183,947 | |
Nabors Industries, Ltd. | | | 8,860 | | | | 127,850 | |
Oil States International, Inc. (2) | | | 3,295 | | | | 122,673 | |
Valero Energy Corp. (5) | | | 5,930 | | | | 371,218 | |
(Cost $813,692) | | | | | | | 805,688 | |
| | | | | | | | | |
Financials — 6.9% | | | | | | | | |
American Financial Group, Inc./OH | | | 1,780 | | | | 115,771 | |
Bank of New York Mellon Corp./The | | | 4,605 | | | | 193,272 | |
Citigroup, Inc. | | | 7,415 | | | | 409,604 | |
Equity LifeStyle Properties, Inc. (3)(5) | | | 4,870 | | | | 256,065 | |
Erie Indemnity Co. (5) | | | 3,045 | | | | 249,903 | |
Essex Property Trust, Inc. (3) | | | 910 | | | | 193,375 | |
Everest Re Group, Ltd. (5) | | | 1,560 | | | | 283,936 | |
Hanover Insurance Group, Inc./The (5) | | | 3,820 | | | | 282,795 | |
Hartford Financial Services Group, Inc./The | | | 6,405 | | | | 266,256 | |
Kilroy Realty Corp. (3) | | | 2,875 | | | | 193,056 | |
MetLife, Inc. | | | 3,660 | | | | 204,923 | |
Prudential Financial, Inc. | | | 2,560 | | | | 224,051 | |
Selective Insurance Group, Inc. (5) | | | 9,895 | | | | 277,555 | |
Voya Financial, Inc. | | | 5,975 | | | | 277,658 | |
(Cost $3,461,047) | | | | | | | 3,428,220 | |
| | | | | | | | | |
Healthcare — 9.6% | | | | | | | | |
Aetna, Inc. | | | 1,885 | | | | 240,262 | |
Affymetrix, Inc. (2)(5) | | | 18,420 | | | | 201,146 | |
Agilent Technologies, Inc. | | | 3,795 | | | | 146,411 | |
AMAG Pharmaceuticals, Inc. (2) | | | 2,175 | | | | 150,206 | |
Amgen, Inc. | | | 2,045 | | | | 313,948 | |
Anacor Pharmaceuticals, Inc. (2) | | | 2,185 | | | | 169,185 | |
Anthem, Inc. | | | 1,380 | | | | 226,513 | |
Bluebird Bio, Inc. (2) | | | 815 | | | | 137,222 | |
Celgene Corp. (2) | | | 1,670 | | | | 193,277 | |
Cigna Corp. | | | 1,590 | | | | 257,580 | |
Community Health Systems, Inc. (2)(5) | | | 1,970 | | | | 124,051 | |
Dyax Corp. (2) | | | 6,220 | | | | 164,830 | |
Gilead Sciences, Inc. (5) | | | 1,965 | | | | 230,062 | |
HCA Holdings, Inc. (2)(5) | | | 2,735 | | | | 248,119 | |
Hologic, Inc. (2)(5) | | | 3,345 | | | | 127,311 | |
LifePoint Health, Inc. (2)(5) | | | 3,035 | | | | 263,893 | |
Molina Healthcare, Inc. (2)(5) | | | 4,005 | | | | 281,552 | |
Neurocrine Biosciences, Inc. (2) | | | 3,520 | | | | 168,115 | |
Receptos, Inc. (2) | | | 980 | | | | 186,249 | |
Stryker Corp. | | | 2,115 | | | | 202,131 | |
United Therapeutics Corp. (2) | | | 1,175 | | | | 204,391 | |
Universal American Corp./NY (2) | | | 22,795 | | | | 230,685 | |
Universal Health Services, Inc. | | | 890 | | | | 126,469 | |
VCA, Inc. (2) | | | 2,320 | | | | 126,220 | |
(Cost $4,258,575) | | | | | | | 4,719,828 | |
| | | | | | | | | |
Industrials — 3.2% | | | | | | | | |
AMERCO | | | 625 | | | | 204,319 | |
BWX Technologies, Inc. (2) | | | 4,475 | | | | 146,780 | |
Hawaiian Holdings, Inc. (2)(5) | | | 7,745 | | | | 183,944 | |
HD Supply Holdings, Inc. (2) | | | 4,360 | | | | 153,385 | |
KAR Auction Services, Inc. (5) | | | 5,920 | | | | 221,408 | |
Stanley Black & Decker, Inc. | | | 1,195 | | | | 125,762 | |
United Continental Holdings, Inc. (2)(5) | | | 5,130 | | | | 271,941 | |
Wabtec Corp./DE | | | 2,995 | | | | 282,249 | |
(Cost $1,667,066) | | | | | | | 1,589,788 | |
| | | | | | | | | |
Information Technology — 8.8% | | | | | | | | |
Apple, Inc. (5) | | | 6,415 | | | | 804,600 | |
Electronic Arts, Inc. (2)(5) | | | 2,675 | | | | 177,888 | |
The accompanying notes are an integral part of these financial statements.
Page 28 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Spectrum Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks - Long — continued | |
Ellie Mae, Inc. (2) | | | 2,355 | | | | 164,355 | |
Fiserv, Inc. (2) | | | 4,465 | | | | 369,836 | |
Global Payments, Inc. (5) | | | 2,335 | | | | 241,556 | |
Infoblox, Inc. (2) | | | 4,530 | | | | 118,731 | |
Intel Corp. (5) | | | 10,575 | | | | 321,639 | |
InterDigital, Inc./PA | | | 2,535 | | | | 144,216 | |
j2 Global, Inc. (5) | | | 3,420 | | | | 232,355 | |
Jabil Circuit, Inc. (5) | | | 9,920 | | | | 211,197 | |
Lexmark International, Inc. | | | 3,340 | | | | 147,628 | |
Microsemi Corp. (2)(5) | | | 7,420 | | | | 259,329 | |
NVIDIA Corp. | | | 8,870 | | | | 178,376 | |
Paycom Software, Inc. (2) | | | 4,285 | | | | 146,333 | |
Polycom, Inc. (2) | | | 11,060 | | | | 126,526 | |
Sykes Enterprises, Inc. (2)(5) | | | 8,860 | | | | 214,855 | |
Synaptics, Inc. (2) | | | 1,560 | | | | 135,307 | |
Tessera Technologies, Inc. (5) | | | 5,535 | | | | 210,219 | |
Western Union Co./The (5) | | | 11,715 | | | | 238,166 | |
(Cost $4,324,135) | | | | | | | 4,443,112 | |
| | | | | | | | | |
Materials — 0.5% | | | | | | | | |
Ashland, Inc. | | | 1,195 | | | | 145,671 | |
Newmont Mining Corp. | | | 4,880 | | | | 113,997 | |
(Cost $265,666) | | | | | | | 259,668 | |
| | | | | | | | | |
Total Common Stocks - Long (Cost $18,939,078) | | | | | | | 19,474,187 | |
| | | | | | | | | |
Registered Investment Companies — 10.7% | |
iShares China Large Cap ETF (8) | | | 10,640 | | | | 490,504 | |
iShares MSCI EAFE ETF (5)(8) | | | 75,970 | | | | 4,823,335 | |
Total Registered Investment Companies
(Cost $5,457,258) | | | | | | | 5,313,839 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 23.1% | |
Meeder Money Market Fund - Institutional Class, 0.11% (6) | | | 11,448,418 | | | | 11,448,418 | |
Total Money Market Registered Investment Companies (Cost $11,448,418) | | | | | | | 11,448,418 | |
Total Investments - Long — 73.0% (Cost $35,844,754)(1) | | | | | | | 36,236,444 | |
Total Securities Sold Short — (23.8%) (Proceeds Received ($11,796,385)) | | | | | | | (11,805,350 | ) |
Other Assets less Liabilities — 50.8% | | | | | | | 25,224,207 | |
Total Net Assets — 100.0% | | | | | | | 49,655,301 | |
| | | | | | | | | |
Common Stocks - Short — (23.8%) | |
Consumer Discretionary — (3.5%) | | | | | | | | |
Chipotle Mexican Grill, Inc. (2)(4) | | | (200 | ) | | | (120,998 | ) |
Chuy's Holdings, Inc. (2)(4) | | | (4,135 | ) | | | (110,777 | ) |
Dixie Group, Inc./The (2)(4) | | | (7,830 | ) | | | (82,215 | ) |
Dorman Products, Inc. (2)(4) | | | (2,705 | ) | | | (128,920 | ) |
Dunkin' Brands Group, Inc. (4) | | | (1,345 | ) | | | (73,975 | ) |
Five Below, Inc. (2)(4) | | | (2,575 | ) | | | (101,790 | ) |
HSN, Inc. (4) | | | (1,155 | ) | | | (81,069 | ) |
Lions Gate Entertainment Corp. (4) | | | (1,940 | ) | | | (71,877 | ) |
Meritage Homes Corp. (2)(4) | | | (2,140 | ) | | | (100,773 | ) |
National Semiconductor (2)(4) | | | (5,115 | ) | | | (85,932 | ) |
Polaris Industries, Inc. (4) | | | (885 | ) | | | (131,077 | ) |
Tesla Motors, Inc. (2)(4) | | | (320 | ) | | | (85,843 | ) |
Tupperware Brands Corp. (4) | | | (1,895 | ) | | | (122,303 | ) |
UCP, Inc. (2)(4) | | | (11,100 | ) | | | (84,138 | ) |
Under Armour, Inc. (2)(4) | | | (1,630 | ) | | | (136,007 | ) |
Vince Holding Corp. (2)(4) | | | (2,840 | ) | | | (34,023 | ) |
Winnebago Industries, Inc. (4) | | | (4,720 | ) | | | (111,345 | ) |
Wynn Resorts, Ltd. (4) | | | (995 | ) | | | (98,177 | ) |
(Proceeds Received ($1,759,506)) | | | | | | | (1,761,239 | ) |
| | | | | | | | | |
Consumer Staples — (0.7%) | | | | | | | | |
Keurig Green Mountain, Inc. (4) | | | (635 | ) | | | (48,660 | ) |
Limoneira Co. (4) | | | (4,250 | ) | | | (94,478 | ) |
Philip Morris International, Inc. (4) | | | (775 | ) | | | (62,132 | ) |
Sprouts Farmers Market, Inc. (2)(4) | | | (1,750 | ) | | | (47,215 | ) |
WhiteWave Foods Co./The (2)(4) | | | (1,685 | ) | | | (82,363 | ) |
(Proceeds Received ($380,613)) | | | | | | | (334,848 | ) |
| | | | | | | | | |
Energy — (1.9%) | | | | | | | | |
Bonanza Creek Energy, Inc. (2)(4) | | | (2,920 | ) | | | (53,290 | ) |
Cheniere Energy, Inc. (2)(4) | | | (1,625 | ) | | | (112,548 | ) |
Concho Resources, Inc. (2)(4) | | | (685 | ) | | | (77,994 | ) |
Diamondback Energy, Inc. (2)(4) | | | (1,505 | ) | | | (113,447 | ) |
Oasis Petroleum, Inc. (2)(4) | | | (5,775 | ) | | | (91,534 | ) |
ONEOK, Inc. (4) | | | (1,780 | ) | | | (70,274 | ) |
Pioneer Natural Resources Co. (4) | | | (410 | ) | | | (56,863 | ) |
Rice Energy, Inc. (2)(4) | | | (4,470 | ) | | | (93,110 | ) |
Stone Energy Corp. (2)(4) | | | (5,880 | ) | | | (74,029 | ) |
Whiting Petroleum Corp. (2)(4) | | | (2,375 | ) | | | (79,800 | ) |
Williams Cos., Inc./The (4) | | | (2,485 | ) | | | (142,613 | ) |
(Proceeds Received ($1,014,294)) | | | | | | | (965,502 | ) |
| | | | | | | | | |
Financials — (6.0%) | | | | | | | | |
Artisan Partners Asset Management, Inc. (4) | | | (1,345 | ) | | | (62,489 | ) |
BankUnited, Inc. (4) | | | (2,415 | ) | | | (86,771 | ) |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 29 |
Schedule of Investments
June 30, 2015 (unaudited)
Spectrum Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks - Short — continued | |
BofI Holding, Inc. (2)(4) | | | (970 | ) | | | (102,539 | ) |
CBOE Holdings, Inc. (4) | | | (1,325 | ) | | | (75,817 | ) |
CIT Group, Inc. (4) | | | (2,745 | ) | | | (127,615 | ) |
Cousins Properties, Inc. (3)(4) | | | (12,005 | ) | | | (124,612 | ) |
Crown Castle International Corp. (3)(4) | | | (730 | ) | | | (58,619 | ) |
Cullen/Frost Bankers, Inc. (4) | | | (1,145 | ) | | | (89,974 | ) |
Eaton Vance Corp. (4) | | | (1,935 | ) | | | (75,717 | ) |
Encore Capital Group, Inc. (2)(4) | | | (1,900 | ) | | | (81,206 | ) |
Financial Engines, Inc. (4) | | | (2,945 | ) | | | (125,104 | ) |
First Cash Financial Services, Inc. (2)(4) | | | (2,580 | ) | | | (117,622 | ) |
Gaming and Leisure Properties, Inc. (3)(4) | | | (3,360 | ) | | | (123,177 | ) |
Government Properties Income Trust (3)(4) | | | (5,205 | ) | | | (96,553 | ) |
Greenhill & Co., Inc. (4) | | | (2,000 | ) | | | (82,660 | ) |
HCP, Inc. (3)(4) | | | (2,700 | ) | | | (98,469 | ) |
Howard Hughes Corp./The (2)(4) | | | (430 | ) | | | (61,722 | ) |
Kennedy-Wilson Holdings, Inc. (4) | | | (2,570 | ) | | | (63,196 | ) |
LTC Properties, Inc. (3)(4) | | | (2,850 | ) | | | (118,560 | ) |
New York Community Bancorp, Inc. (4) | | | (4,525 | ) | | | (83,170 | ) |
Paramount Group, Inc. (3)(4) | | | (4,240 | ) | | | (72,758 | ) |
Parkway Properties, Inc./Md (3)(4) | | | (4,450 | ) | | | (77,608 | ) |
People's United Financial, Inc. (4) | | | (8,250 | ) | | | (133,733 | ) |
Plum Creek Timber Co., Inc. (3)(4) | | | (1,885 | ) | | | (76,474 | ) |
Potlatch Corp. (3)(4) | | | (1,600 | ) | | | (56,512 | ) |
PRA Group, Inc. (2)(4) | | | (1,500 | ) | | | (93,465 | ) |
Renasant Corp. (4) | | | (2,690 | ) | | | (87,694 | ) |
St Joe Co./The (2)(4) | | | (7,175 | ) | | | (111,428 | ) |
Starwood Waypoint Residential Trust (3)(4) | | | (2,470 | ) | | | (58,687 | ) |
T Rowe Price Group, Inc. (4) | | | (950 | ) | | | (73,844 | ) |
Virtus Investment Partners, Inc. (4) | | | (645 | ) | | | (85,301 | ) |
Washington Federal, Inc. (4) | | | (3,865 | ) | | | (90,248 | ) |
WP Carey, Inc. (3)(4) | | | (940 | ) | | | (55,404 | ) |
(Proceeds Received ($2,919,147)) | | | | | | | (2,928,748 | ) |
| | | | | | | | | |
Healthcare — (3.0%) | | | | | | | | |
Akebia Therapeutics, Inc. (2)(4) | | | (12,035 | ) | | | (123,840 | ) |
Alexion Pharmaceuticals, Inc. (2)(4) | | | (625 | ) | | | (112,981 | ) |
athenahealth, Inc. (2)(4) | | | (850 | ) | | | (97,393 | ) |
BioDelivery Sciences International, Inc. (2)(4) | | | (10,570 | ) | | | (84,137 | ) |
Epizyme, Inc. (2)(4) | | | (5,505 | ) | | | (132,120 | ) |
Intercept Pharmaceuticals, Inc. (2)(4) | | | (260 | ) | | | (62,759 | ) |
OvaScience, Inc. (2)(4) | | | (2,595 | ) | | | (75,073 | ) |
Pacira Pharmaceuticals, Inc./DE (2)(4) | | | (1,300 | ) | | | (91,936 | ) |
Puma Biotechnology, Inc. (2)(4) | | | (330 | ) | | | (38,528 | ) |
Regeneron Pharmaceuticals, Inc. (2)(4) | | | (225 | ) | | | (114,779 | ) |
Revance Therapeutics, Inc. (2)(4) | | | (4,480 | ) | | | (143,269 | ) |
Seattle Genetics, Inc. (2)(4) | | | (2,690 | ) | | | (130,196 | ) |
Ultragenyx Pharmaceutical, Inc. (2)(4) | | | (1,605 | ) | | | (164,336 | ) |
Veracyte, Inc. (2)(4) | | | (11,325 | ) | | | (126,161 | ) |
(Proceeds Received ($1,388,529)) | | | | | | | (1,497,508 | ) |
| | | | | | | | | |
Industrials — (3.4%) | | | | | | | | |
Donaldson Co., Inc. (4) | | | (1,655 | ) | | | (59,249 | ) |
Fastenal Co. (4) | | | (2,250 | ) | | | (94,905 | ) |
Generac Holdings, Inc. (2)(4) | | | (1,895 | ) | | | (75,326 | ) |
Huron Consulting Group, Inc. (2)(4) | | | (2,055 | ) | | | (144,034 | ) |
Kirby Corp. (2)(4) | | | (815 | ) | | | (62,478 | ) |
Landstar System, Inc. (4) | | | (1,255 | ) | | | (83,922 | ) |
Manitowoc Co., Inc./The (4) | | | (4,370 | ) | | | (85,652 | ) |
Mobile Mini, Inc. (4) | | | (3,340 | ) | | | (140,414 | ) |
MRC Global, Inc. (2)(4) | | | (6,850 | ) | | | (105,764 | ) |
MSC Industrial Direct Co., Inc. (4) | | | (860 | ) | | | (60,002 | ) |
Powell Industries, Inc. (4) | | | (2,905 | ) | | | (102,169 | ) |
Precision Castparts Corp. (4) | | | (290 | ) | | | (57,962 | ) |
Proto Labs, Inc. (2)(4) | | | (880 | ) | | | (59,382 | ) |
PSINET, Inc. (2)(4) | | | (1,520 | ) | | | (82,110 | ) |
Roadrunner Transportation Systems, Inc. (2)(4) | | | (3,620 | ) | | | (93,396 | ) |
Rush Enterprises, Inc. (2)(4) | | | (4,575 | ) | | | (119,911 | ) |
Saia, Inc. (2)(4) | | | (1,925 | ) | | | (75,633 | ) |
Stock Building Supply Holdings, Inc. (2)(4) | | | (5,275 | ) | | | (103,126 | ) |
WW Grainger, Inc. (4) | | | (265 | ) | | | (62,712 | ) |
(Proceeds Received ($1,642,020)) | | | | | | | (1,668,147 | ) |
| | | | | | | | | |
Information Technology — (2.7%) | | | | | | | | |
Benefitfocus, Inc. (2)(4) | | | (2,690 | ) | | | (117,957 | ) |
CoStar Group, Inc. (2)(4) | | | (400 | ) | | | (80,504 | ) |
Cree, Inc. (2)(4) | | | (2,125 | ) | | | (55,314 | ) |
FARO Technologies, Inc. (2)(4) | | | (2,340 | ) | | | (109,278 | ) |
FireEye, Inc. (2)(4) | | | (1,850 | ) | | | (90,484 | ) |
Interactive Intelligence Group, Inc. (2)(4) | | | (1,755 | ) | | | (78,045 | ) |
KLA-Tencor Corp. (4) | | | (1,015 | ) | | | (57,053 | ) |
Marketo, Inc. (2)(4) | | | (3,050 | ) | | | (85,583 | ) |
Pandora Media, Inc. (2)(4) | | | (6,800 | ) | | | (105,672 | ) |
Ruckus Wireless, Inc. (2)(4) | | | (8,970 | ) | | | (92,750 | ) |
Shutterstock, Inc. (2)(4) | | | (1,380 | ) | | | (80,923 | ) |
SunEdison, Inc. (2)(4) | | | (3,690 | ) | | | (110,368 | ) |
SunPower Corp. (2)(4) | | | (2,925 | ) | | | (83,099 | ) |
Ubiquiti Networks, Inc. (4) | | | (3,195 | ) | | | (101,968 | ) |
Yelp, Inc. (2)(4) | | | (1,690 | ) | | | (72,721 | ) |
(Proceeds Received ($1,319,928)) | | | | | | | (1,321,719 | ) |
The accompanying notes are an integral part of these financial statements.
Page 30 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Spectrum Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks - Short — continued | |
Materials — (1.0%) | | | | | | |
Deltic Timber Corp. (4) | | | (1,250 | ) | | | (84,550 | ) |
Flotek Industries, Inc. (2)(4) | | | (4,720 | ) | | | (59,142 | ) |
FMC Corp. (4) | | | (1,015 | ) | | | (53,338 | ) |
Freeport-McMoRan, Inc. (4) | | | (7,005 | ) | | | (130,433 | ) |
TimkenSteel Corp. (4) | | | (4,725 | ) | | | (127,528 | ) |
W.R. Grace & Co. (2)(4) | | | (635 | ) | | | (63,691 | ) |
(Proceeds Received ($532,229)) | | | | | | | (518,682 | ) |
| | | | | | | | | |
Telecommunication Services — (0.5%) | | | | | | | | |
AT&T, Inc. (4) | | | (1,950 | ) | | | (69,264 | ) |
Cogent Communications Holdings, Inc. (4) | | | (1,730 | ) | | | (58,543 | ) |
Sprint Corp. (2)(4) | | | (26,005 | ) | | | (118,583 | ) |
(Proceeds Received ($253,596)) | | | | | | | (246,390 | ) |
| | | | | | | | | |
Utilities — (1.1%) | | | | | | | | |
Empire District Electric Co./The (4) | | | (3,380 | ) | | | (73,684 | ) |
Great Plains Energy, Inc. (4) | | | (4,835 | ) | | | (116,814 | ) |
ITC Holdings Corp. (4) | | | (1,720 | ) | | | (55,350 | ) |
MDU Resources Group, Inc. (4) | | | (5,910 | ) | | | (115,422 | ) |
OGE Energy Corp. (4) | | | (3,390 | ) | | | (96,852 | ) |
TerraForm Power, Inc. (4) | | | (2,750 | ) | | | (104,445 | ) |
(Proceeds Received ($586,523)) | | | | | | | (562,567 | ) |
| | | | | | | | | |
Total Common Stocks — Short (Proceeds Received ($11,796,385)) | | | | | | | (11,805,350 | ) |
| | | | | | | | | |
Total Securities Sold Short (Proceeds Received ($11,796,385)) | | | | | | | (11,805,350 | ) |
| | | | | | | | | |
Trustee Deferred Compensation (7) | |
Meeder Aggressive Growth Fund | | | 17 | | | | 179 | |
Meeder Balanced Fund | | | 10 | | | | 109 | |
Meeder Dynamic Growth Fund | | | 6 | | | | 60 | |
Meeder Muirfield Fund | | | 16 | | | | 112 | |
Meeder Quantex Fund | | | 4 | | | | 140 | |
Meeder Utilities & Infrastructure Fund | | | 2 | | | | 59 | |
Total Trustee Deferred Compensation (Cost $701) | | | | | | | 659 | |
Spectrum Fund | |
| | | Long Contracts | | | Unrealized Appreciation (Depreciation)($) | |
Futures Contracts | | | | | | |
Standard & Poors 500 Mini Futures expiring September 2015, notional value $21,160,320 | | | 206 | | | | (301,589 | ) |
Russell 2000 Mini Index Futures expiring September 2015, notional value $750,240 | | | 6 | | | | (5,882 | ) |
E-mini Standard & Poors MidCap 400 Futures expiring September 2015, notional value $9,438,030 | | | 63 | | | | (178,627 | ) |
Total Futures Contracts | | | 275 | | | | (486,098 | ) |
(1) | Cost for federal income tax and financial reporting purposes are the same. |
Unrealized appreciation | | $ | 1,699,974 | |
Unrealized depreciation | | | (1,317,249 | ) |
Net unrealized appreciation (depreciation) | | $ | 382,725 | |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(5) | All or a portion of the security is held as collateral for securities sold short. The total fair value of this collateral on June 30, 2015 was $11,419,653. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(7) | Assets of affiliates to the Spectrum Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 31 |
Schedule of Investments
June 30, 2015 (unaudited)
Quantex Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — 83.7% | |
Consumer Discretionary — 14.1% | | | | | | |
Abercrombie & Fitch Co. (4) | | | 22,005 | | | | 473,328 | |
AutoNation, Inc. (2) | | | 10,435 | | | | 657,196 | |
Big Lots, Inc. | | | 15,750 | | | | 708,593 | |
Cablevision Systems Corp. (4) | | | 30,540 | | | | 731,128 | |
Darden Restaurants, Inc. | | | 10,750 | | | | 764,110 | |
Fossil Group, Inc. (2) | | | 5,690 | | | | 394,658 | |
GameStop Corp. (4) | | | 16,405 | | | | 704,759 | |
Goodyear Tire & Rubber Co./The | | | 22,060 | | | | 665,109 | |
Guess?, Inc. | | | 29,900 | | | | 573,183 | |
Hasbro, Inc. | | | 11,460 | | | | 857,093 | |
International Speedway Corp. | | | 19,915 | | | | 730,283 | |
JC Penney Co., Inc. (2)(4) | | | 97,270 | | | | 823,877 | |
Leggett & Platt, Inc. | | | 14,795 | | | | 720,221 | |
MDC Holdings, Inc. (4) | | | 23,810 | | | | 713,586 | |
New York Times Co./The | | | 47,680 | | | | 650,832 | |
Rent-A-Center, Inc./TX | | | 17,355 | | | | 492,014 | |
(Cost $9,028,293) | | | | | | | 10,659,970 | |
| | | | | | | | | |
Consumer Staples — 3.2% | | | | | | | | |
Avon Products, Inc. | | | 67,125 | | | | 420,203 | |
Dean Foods Co. | | | 32,525 | | | | 525,929 | |
Post Holdings, Inc. (2) | | | 15,045 | | | | 811,377 | |
Tootsie Roll Industries, Inc. (4) | | | 21,182 | | | | 684,390 | |
(Cost $2,726,310) | | | | | | | 2,441,899 | |
| | | | | | | | | |
Energy — 10.9% | | | | | | | | |
Atwood Oceanics, Inc. | | | 22,220 | | | | 587,497 | |
California Resources Corp. | | | 100,030 | | | | 604,181 | |
CARBO Ceramics, Inc. (4) | | | 19,040 | | | | 792,635 | |
CONSOL Energy, Inc. | | | 18,645 | | | | 405,342 | |
Denbury Resources, Inc. | | | 77,530 | | | | 493,091 | |
Diamond Offshore Drilling, Inc. (4) | | | 17,170 | | | | 443,158 | |
Ensco PLC | | | 21,045 | | | | 468,672 | |
Helmerich & Payne, Inc. | | | 9,345 | | | | 658,075 | |
Newfield Exploration Co. (2) | | | 23,240 | | | | 839,429 | |
Noble Corp. plc | | | 38,040 | | | | 585,436 | |
Peabody Energy Corp. (4) | | | 81,435 | | | | 178,343 | |
QEP Resources, Inc. | | | 31,170 | | | | 576,957 | |
Tidewater, Inc. (4) | | | 19,445 | | | | 441,985 | |
Transocean, Ltd. (4) | | | 42,175 | | | | 679,861 | |
Unit Corp. (2) | | | 18,485 | | | | 501,313 | |
(Cost $10,315,585) | | | | | | | 8,255,975 | |
| | | | | | | | | |
Financials — 14.8% | | | | | | | | |
Alexander & Baldwin, Inc. | | | 15,765 | | | | 621,141 | |
Apartment Investment & Management Co. (3) | | | 16,965 | | | | 626,517 | |
Assurant, Inc. | | | 9,210 | | | | 617,070 | |
Astoria Financial Corp. | | | 47,180 | | | | 650,612 | |
Cathay General Bancorp | | | 24,635 | | | | 799,406 | |
Cincinnati Financial Corp. | | | 12,160 | | | | 610,189 | |
Comerica, Inc. | | | 13,455 | | | | 690,511 | |
Huntington Bancshares, Inc./OH | | | 59,915 | | | | 677,639 | |
International Bancshares Corp. | | | 23,750 | | | | 638,163 | |
Kemper Corp. | | | 17,460 | | | | 673,083 | |
Legg Mason, Inc. | | | 11,810 | | | | 608,569 | |
Leucadia National Corp. | | | 26,335 | | | | 639,414 | |
Mack-Cali Realty Corp. (3) | | | 33,065 | | | | 609,388 | |
NASDAQ OMX Group, Inc./The | | | 13,140 | | | | 641,363 | |
Torchmark Corp. | | | 11,637 | | | | 677,506 | |
Trustmark Corp. | | | 25,685 | | | | 641,611 | |
Wells Fargo & Co. Preferred (2) | | | 1 | | | | — | |
Zions Bancorporation | | | 22,110 | | | | 701,661 | |
(Cost $9,440,100) | | | | | | | 11,123,843 | |
| | | | | | | | | |
Healthcare — 6.2% | | | | | | | | |
DENTSPLY International, Inc. | | | 11,835 | | | | 610,094 | |
Halyard Health, Inc. (2) | | | 13,865 | | | | 561,533 | |
HMS Holdings Corp. (2) | | | 29,815 | | | | 511,924 | |
Patterson Cos., Inc. | | | 13,105 | | | | 637,558 | |
PerkinElmer, Inc. | | | 14,410 | | | | 758,542 | |
Tenet Healthcare Corp. (2) | | | 12,437 | | | | 719,854 | |
Thoratec Corp. (2) | | | 19,415 | | | | 865,326 | |
(Cost $3,915,339) | | | | | | | 4,664,831 | |
| | | | | | | | | |
Industrials — 14.5% | | | | | | | | |
ADT Corp./The | | | 17,395 | | | | 583,950 | |
Allegion PLC | | | 11,365 | | | | 683,491 | |
Dun & Bradstreet Corp./The | | | 5,210 | | | | 635,620 | |
Expeditors International of Washington, Inc. | | | 14,130 | | | | 651,464 | |
Flowserve Corp. | | | 10,540 | | | | 555,036 | |
FTI Consulting, Inc. (2) | | | 16,315 | | | | 672,831 | |
Granite Construction, Inc. | | | 16,575 | | | | 588,578 | |
Harsco Corp. | | | 33,365 | | | | 550,523 | |
Herman Miller, Inc. | | | 21,415 | | | | 619,536 | |
Jacobs Engineering Group, Inc. (2) | | | 14,100 | | | | 572,742 | |
Joy Global, Inc. | | | 13,550 | | | | 490,510 | |
MSA Safety, Inc. | | | 11,870 | | | | 575,814 | |
Pitney Bowes, Inc. | | | 25,860 | | | | 538,147 | |
Quanta Services, Inc. (2) | | | 22,200 | | | | 639,803 | |
Robert Half International, Inc. | | | 10,800 | | | | 599,400 | |
Ryder System, Inc. | | | 6,785 | | | | 592,805 | |
The accompanying notes are an integral part of these financial statements.
Page 32 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Quantex Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — continued | |
Snap-on, Inc. | | | 4,610 | | | | 734,143 | |
Xylem, Inc./NY | | | 16,560 | | | | 613,879 | |
(Cost $10,215,084) | | | | | | | 10,898,272 | |
| | | | | | | | | |
Information Technology — 11.1% | | | | | | | | |
Acxiom Corp. (2) | | | 31,095 | | | | 546,650 | |
Convergys Corp. | | | 30,945 | | | | 788,788 | |
FLIR Systems, Inc. | | | 19,505 | | | | 601,145 | |
Intersil Corp. | | | 43,565 | | | | 544,998 | |
Itron, Inc. (2) | | | 14,905 | | | | 513,328 | |
Knowles Corp. (2)(4) | | | 26,770 | | | | 484,537 | |
NeuStar, Inc. (2)(4) | | | 22,675 | | | | 662,336 | |
Polycom, Inc. (2) | | | 46,690 | | | | 534,134 | |
Semtech Corp. (2) | | | 22,865 | | | | 453,870 | |
Silicon Laboratories, Inc. (2) | | | 13,240 | | | | 715,092 | |
Teradata Corp. (2) | | | 14,430 | | | | 533,910 | |
Total System Services, Inc. | | | 18,560 | | | | 775,251 | |
VeriSign, Inc. (2) | | | 11,060 | | | | 682,623 | |
Vishay Intertechnology, Inc. | | | 44,550 | | | | 520,344 | |
(Cost $8,529,311) | | | | | | | 8,357,006 | |
| | | | | | | | | |
Materials — 5.8% | | | | | | | | |
Airgas, Inc. | | | 5,475 | | | | 579,146 | |
Avery Dennison Corp. | | | 12,150 | | | | 740,421 | |
Commercial Metals Co. | | | 38,690 | | | | 622,135 | |
International Flavors & Fragrances, Inc. | | | 6,220 | | | | 679,784 | |
Martin Marietta Materials, Inc. | | | 4,395 | | | | 621,936 | |
Owens-Illinois, Inc. (2) | | | 23,355 | | | | 535,764 | |
Worthington Industries, Inc. | | | 20,950 | | | | 629,757 | |
(Cost $4,074,309) | | | | | | | 4,408,943 | |
| | | | | | | | | |
Utilities — 3.1% | | | | | | | | |
AGL Resources, Inc. | | | 12,750 | | | | 593,640 | |
ONE Gas, Inc. | | | 15,295 | | | | 650,955 | |
Pinnacle West Capital Corp. | | | 9,225 | | | | 524,810 | |
TECO Energy, Inc. | | | 30,765 | | | | 543,310 | |
(Cost $2,337,501) | | | | | | | 2,312,715 | |
| | | | | | | | | |
Total Common Stocks (Cost $60,581,832) | | | | | | | 63,123,454 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 19.8% | |
Fidelity Institutional Money Market Portfolio, 0.14% (5) | | | 7,123,016 | | | | 7,123,016 | |
Meeder Money Market Fund - Institutional Class, 0.11% (6) | | | 7,822,471 | | | | 7,822,471 | |
Total Money Market Registered Investment Companies (Cost $14,945,487) | | | | | | | 14,945,487 | |
| | | | | | | | | |
Bank Obligations — 1.0% | |
Capital Bank Deposit Account, 0.65%, 7/1/2015 (7) | | | 249,408 | | | | 249,408 | |
EverBank Money Market Account, 0.61%, 7/1/2015 (7) | | | 249,379 | | | | 249,379 | |
Pacific Mercantile Bank Deposit Account, 0.58%, 7/1/2015 (7) | | | 249,360 | | | | 249,360 | |
Total Bank Obligations (Cost $748,147) | | | | | | | 748,147 | |
Total Investments — 104.5% (Cost $76,275,466)(1) | | | | | | | 78,817,088 | |
Liabilities less Other Assets — (4.5%) | | | | | | | (3,391,385 | ) |
Total Net Assets — 100.0% | | | | | | | 75,425,703 | |
| | | | | | | | | |
Trustee Deferred Compensation (8) | |
Meeder Aggressive Growth Fund | | | 1,245 | | | | 13,097 | |
Meeder Balanced Fund | | | 673 | | | | 7,342 | |
Meeder Dynamic Growth Fund | | | 445 | | | | 4,459 | |
Meeder Muirfield Fund | | | 2,245 | | | | 15,760 | |
Meeder Quantex Fund | | | 1,329 | | | | 46,555 | |
Meeder Utilities & Infrastructure Fund | | | 140 | | | | 4,136 | |
Total Trustee Deferred Compensation (Cost $61,689) | | | | | | | 91,349 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 33 |
Schedule of Investments
June 30, 2015 (unaudited)
Quantex Fund | |
| | | Long Contracts | | | Unrealized Appreciation (Depreciation)($) | |
Futures Contracts | | | | | | |
E-mini Standard & Poors MidCap 400 Futures expiring September 2015, notional value $11,834,990 | | | 79 | | | | (225,325 | ) |
Total Futures Contracts | | | 79 | | | | (225,325 | ) |
(1) | Cost for federal income tax purposes of $76,337,609 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 7,697,884 | |
Unrealized depreciation | | | (5,156,262 | ) |
Net unrealized appreciation (depreciation) | | $ | 2,541,622 | |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(4) | All or a portion of this security is on loan. |
(5) | Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(7) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(8) | Assets of affiliates to the Quantex Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
Page 34 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Utilities & Infrastructure Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Common Stocks — 97.4% | |
Electric Utility — 18.0% | | | | | | |
AES Corp. | | | 132,960 | | | | 1,763,050 | |
Covanta Holding Corp. | | | 66,271 | | | | 1,404,283 | |
General Electric Co. | | | 50,154 | | | | 1,332,592 | |
ITC Holdings Corp. | | | 63,003 | | | | 2,027,437 | |
MDU Resources Group, Inc. | | | 119,126 | | | | 2,326,531 | |
Sempra Energy | | | 13,883 | | | | 1,373,584 | |
(Cost $10,092,099) | | | | | | | 10,227,477 | |
| | | | | | | | | |
Natural Gas Distribution — 11.3% | | | | | | | | |
Energy Transfer Equity, L.P. | | | 32,942 | | | | 2,113,888 | |
MarkWest Energy Partners, L.P. | | | 18,022 | | | | 1,016,080 | |
National Grid PLC - ADR (3) | | | 13,608 | | | | 878,669 | |
ONEOK, Inc. | | | 17,885 | | | | 706,100 | |
Williams Cos., Inc./The | | | 31,067 | | | | 1,782,935 | |
(Cost $3,448,843) | | | | | | | 6,497,672 | |
| | | | | | | | | |
Oil Exploration & Production — 2.0% | | | | | | | | |
EQT Corp. | | | 13,967 | | | | 1,136,076 | |
(Cost $810,759) | | | | | | | 1,136,076 | |
| | | | | | | | | |
Pipelines — 13.3% | | | | | | | | |
Enterprise Products Partners, L.P. | | | 61,700 | | | | 1,844,213 | |
Kinder Morgan, Inc. | | | 66,303 | | | | 2,545,304 | |
National Fuel Gas Co. | | | 22,224 | | | | 1,308,771 | |
Questar Corp. | | | 48,844 | | | | 1,021,328 | |
Spectra Energy Corp. | | | 25,173 | | | | 820,640 | |
(Cost $6,342,789) | | | | | | | 7,540,256 | |
| | | | | | | | | |
Telecommunication Services — 25.8% | | | | | | | | |
American Tower Corp. (4) | | | 18,127 | | | | 1,691,068 | |
Arris, Group Inc. (2) | | | 34,274 | | | | 1,048,784 | |
AT&T, Inc. | | | 45,903 | | | | 1,630,475 | |
BCE, Inc. | | | 20,335 | | | | 864,237 | |
Corning, Inc. | | | 92,860 | | | | 1,832,128 | |
QUALCOMM, Inc. | | | 21,501 | | | | 1,346,608 | |
Telefonaktiebolaget LM Ericsson - ADR (3) | | | 100,337 | | | | 1,047,518 | |
Telephone & Data Systems, Inc. | | | 68,712 | | | | 2,020,133 | |
T-Mobile US, Inc. (2) | | | 36,108 | | | | 1,399,907 | |
Verizon Communications, Inc. | | | 26,699 | | | | 1,244,440 | |
Vodafone Group PLC - ADR (3) | | | 13,110 | | | | 477,860 | |
(Cost $13,306,649) | | | | | | | 14,603,158 | |
| | | | | | | | | |
Utility Services — 19.9% | | | | | | | | |
Cummins, Inc. | | | 9,339 | | | | 1,225,183 | |
Calpine Corp. (2) | | | 51,689 | | | | 929,885 | |
Fluor Corp. | | | 12,338 | | | | 654,037 | |
Macquarie Infrastructure Company, LLC | | | 27,902 | | | | 2,305,542 | |
OGE Energy Corp. | | | 64,944 | | | | 1,855,450 | |
Ormat Technologies, Inc. | | | 15,870 | | | | 597,982 | |
Pattern Energy Group, Inc. | | | 48,164 | | | | 1,366,894 | |
Quanta Services, Inc. (2) | | | 42,366 | | | | 1,220,988 | |
UGI Corp. | | | 32,076 | | | | 1,105,018 | |
(Cost $10,900,476) | | | | | | | 11,260,979 | |
| | | | | | | | | |
Water Utility — 7.1% | | | | | | | | |
American Water Works Co., Inc. | | | 19,760 | | | | 960,929 | |
Aqua America, Inc. | | | 42,153 | | | | 1,032,327 | |
Veolia Environnement SA - ADR (3) | | | 100,081 | | | | 2,043,654 | |
(Cost $3,723,350) | | | | | | | 4,036,910 | |
| | | | | | | | | |
Total Common Stocks (Cost $48,624,965) | | | | | | | 55,302,528 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 2.4% | |
Meeder Money Market Fund - Institutional Class, 0.11% (5) | | | 1,336,604 | | | | 1,336,604 | |
Total Money Market Registered Investment Companies (Cost $1,336,604) | | | | | | | 1,336,604 | |
Total Investments — 99.8% (Cost $49,961,569)(1) | | | | | | | 56,639,132 | |
Other Assets less Liabilities — 0.2% | | | | | | | 140,668 | |
Total Net Assets — 100.0% | | | | | | | 56,779,800 | |
| | | | | | | | | |
Trustee Deferred Compensation (6) | |
Meeder Aggressive Growth Fund | | | 1,415 | | | | 14,886 | |
Meeder Balanced Fund | | | 763 | | | | 8,324 | |
Meeder Dynamic Growth Fund | | | 504 | | | | 5,050 | |
Meeder Muirfield Fund | | | 2,124 | | | | 14,910 | |
Meeder Quantex Fund | | | 1,164 | | | | 40,775 | |
Meeder Utilities & Infrastructure Fund | | | 158 | | | | 4,667 | |
Total Trustee Deferred Compensation (Cost $61,208) | | | | | | | 88,612 | |
(1) | Cost for federal income tax purposes of $50,130,464 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 8,237,019 | |
Unrealized depreciation | | | (1,559,456 | ) |
Net unrealized appreciation (depreciation) | | $ | 6,677,563 | |
(2) | Represents non-income producing securities. |
(3) | American Depositary Receipt. |
(4) | Real estate investment trust. |
(5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(6) | Assets of affiliates to the Utilities & Infrastructure Fund held for the benefit of the Fund’s Trustees in connection with the Trustees Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 35 |
Schedule of Investments
June 30, 2015 (unaudited)
Total Return Bond Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Registered Investment Companies — 100.4% | |
Baird Core Plus Bond Fund | | | 422,630 | | | | 4,657,378 | |
Delaware Corporate Bond Fund | | | 795,684 | | | | 4,622,927 | |
DoubleLine Total Return Bond Fund | | | 1,322,652 | | | | 14,427,446 | |
Federated Bond Fund (6) | | | 1,527,474 | | | | 14,113,856 | |
Fidelity Capital & Income Fund | | | 903,979 | | | | 8,877,070 | |
Goldman Sachs Emerging Markets Debt Fund | | | 760,871 | | | | 9,259,797 | |
iShares 1-3 Year Treasury Bond ETF (5) | | | 440,235 | | | | 37,358,343 | |
iShares 20+ Year Treasury Bond ETF (5) | | | 229,705 | | | | 26,981,149 | |
iShares JP Morgan USD Emerging Markets Bond ETF (5) | | | 10,655 | | | | 1,171,198 | |
Ivy High Income Fund | | | 1,201,776 | | | | 9,554,123 | |
Metropolitan West Total Return Bond Fund | | | 1,306,394 | | | | 14,122,124 | |
PIMCO Investment Grade Corporate Bond Fund | | | 442,077 | | | | 4,615,287 | |
Prudential Total Return Bond Fund | | | 992,869 | | | | 14,088,812 | |
Sentinel Total Return Bond Fund (6) | | | 878,204 | | | | 9,186,016 | |
TCW Emerging Markets Income Fund | | | 1,118,670 | | | | 8,775,963 | |
Total Registered Investment Companies (Cost $185,112,261) | | | | | | | 181,811,489 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 3.2% | |
Meeder Money Market Fund - Institutional Class, 0.11% (2) | | | 5,872,392 | | | | 5,872,392 | |
Total Money Market Registered Investment Companies (Cost $5,872,392) | | | | | | | 5,872,392 | |
| | | | | | | | | |
Bank Obligations — 0.4% | |
Capital Bank Deposit Account, 0.65%, 7/1/2015 (3) | | | 249,408 | | | | 249,408 | |
EverBank Money Market Account, 0.61%, 7/1/2015 (3) | | | 249,379 | | | | 249,379 | |
Pacific Mercantile Bank Deposit Account, 0.58%, 7/1/2015 (3) | | | 249,360 | | | | 249,360 | |
Total Bank Obligations (Cost $748,147) | | | | | | | 748,147 | |
| | | | | | | | | |
U.S. Government Obligations — 0.0% | |
Government National Mortgage Association, 6.50%, due 7/20/2038 | | | 38,161 | | | | 46,641 | |
Total U.S. Government Obligations (Cost $45,566) | | | | | | | 46,641 | |
Total Investments — 104.0% (Cost $191,778,366)(1) | | | | | | | 188,478,669 | |
Liabilities less Other Assets — (4.0%) | | | | | | | (7,311,460 | ) |
Total Net Assets — 100.0% | | | | | | | 181,167,209 | |
| | | | | | | | | |
Trustee Deferred Compensation (4) | |
Meeder Aggressive Growth Fund | | | 1,019 | | | | 10,720 | |
Meeder Balanced Fund | | | 566 | | | | 6,175 | |
Meeder Dynamic Growth Fund | | | 387 | | | | 3,878 | |
Meeder Muirfield Fund | | | 1,010 | | | | 7,090 | |
Meeder Quantex Fund | | | 314 | | | | 10,999 | |
Meeder Utilities & Infrastructure Fund | | | 120 | | | | 3,545 | |
Total Trustee Deferred Compensation (Cost $37,938) | | | | | | | 42,407 | |
(1) | Cost for federal income tax purposes of $192,153,659 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | | $ | 132,924 | |
Unrealized depreciation | | | (3,432,621 | ) |
Net unrealized appreciation (depreciation) | | $ | (3,299,697 | ) |
(2) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2015. |
(3) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(4) | Assets of affiliates to the Total Return Bond Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(6) | A portion of this security may be deemed illiquid due to the Investment Company Act of 1940 provision stating that no issuer of any investment company security purchased or acquired by a registered investment company shall be obligated to redeem such security in an amount exceeding 1 per centum of such issuer’s total outstanding shares during any period of less than thirty days. As of June 30, 2015, the fair value of illiquid securities held by the Fund was $830,955 or 0.46% of net assets. |
The accompanying notes are an integral part of these financial statements.
Page 36 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Money Market Fund | |
Security Description | | Coupon/Yield | | Maturity/ Demand Date | | Principal Amount ($) or Shares | | | Fair
Value ($) | |
Bank Obligations — 13.6% | |
American National Bank Deposit Account | | | 0.20 | %(2) | 07/01/15 | | | 249,622 | | | | 249,622 | |
Bank Midwest Deposit Account | | | 0.65 | %(2) | 07/01/15 | | | 249,129 | | | | 249,129 | |
Capital Bank Deposit Account | | | 0.65 | %(2) | 07/01/15 | | | 249,138 | | | | 249,138 | |
Columbus First Bank Demand Deposit Account | | | 0.45 | %(2) | 07/01/15 | | | 249,559 | | | | 249,559 | |
EverBank Money Market Account | | | 0.61 | %(2) | 07/01/15 | | | 249,121 | | | | 249,121 | |
FICA Bank Deposit Program (3) | | | 0.23 | % | 07/02/15 | | | 20,048,993 | | | | 20,048,993 | |
First Merchants Bank Demand Account | | | 0.25 | %(2) | 07/01/15 | | | 249,781 | | | | 249,781 | |
Metro City Bank Deposit Account | | | 0.45 | %(2) | 07/01/15 | | | 249,558 | | | | 249,558 | |
Mid America Bank Demand Deposit Account | | | 0.50 | %(2) | 07/01/15 | | | 249,724 | | | | 249,724 | |
Nationwide Bank Deposit Account | | | 0.60 | %(2) | 07/01/15 | | | 249,127 | | | | 249,127 | |
Pacific Mercantile Bank Deposit Account | | | 0.58 | %(2) | 07/01/15 | | | 249,115 | | | | 249,115 | |
Paragon Commercial Bank Deposit Account | | | 0.70 | %(2) | 07/01/15 | | | 249,024 | | | | 249,024 | |
Plaza Bank Deposit Account | | | 0.45 | %(2) | 07/01/15 | | | 249,599 | | | | 249,599 | |
PNC Bank Deposit Account | | | 0.20 | %(2) | 07/01/15 | | | 249,622 | | | | 249,622 | |
State Bank of India Deposit Account | | | 0.55 | %(2) | 07/01/15 | | | 249,017 | | | | 249,017 | |
TD Bank Demand Deposit Account | | | 0.20 | %(2) | 07/01/15 | | | 249,624 | | | | 249,624 | |
The Private Bank Deposit Account | | | 0.25 | %(2) | 07/01/15 | | | 249,538 | | | | 249,538 | |
Total Bank Obligations (Cost $24,039,291) | | | | 24,039,291 | |
| | | | | | | | | | | | | | |
Certificates of Deposit — 13.5% | |
1st Colonial Bancorp, Inc. | | | 0.50 | % | 06/17/16 | | | 248,000 | | | | 248,000 | |
1st Trust Bank, Inc. | | | 0.40 | % | 02/26/16 | | | 249,000 | | | | 249,000 | |
Amboy Bank | | | 0.50 | % | 03/24/16 | | | 248,000 | | | | 247,909 | |
Banc of California NA | | | 0.30 | % | 07/27/15 | | | 249,000 | | | | 249,000 | |
Banco Popular de Puerto Rico | | | 0.60 | % | 12/24/15 | | | 248,000 | | | | 248,000 | |
Bank Hapoalim BM/New York NY | | | 0.40 | % | 07/17/15 | | | 249,000 | | | | 249,000 | |
Bank Leumi USA | | | 0.45 | % | 03/23/16 | | | 248,000 | | | | 248,000 | |
Bank of China, Ltd./New York NY | | | 0.50 | % | 06/10/16 | | | 248,000 | | | | 248,000 | |
Bank of Holland/MI | | | 0.30 | % | 10/23/15 | | | 249,000 | | | | 249,000 | |
Bank of India/New York NY | | | 0.55 | % | 03/23/16 | | | 248,000 | | | | 248,000 | |
Bank of North Carolina | | | 0.45 | % | 06/17/16 | | | 249,000 | | | | 249,000 | |
Bankers' Bank of Kansas NA | | | 0.45 | % | 12/22/15 | | | 249,000 | | | | 249,000 | |
Bankers Bank of the West | | | 0.40 | % | 12/17/15 | | | 249,000 | | | | 249,000 | |
Bankers Bank/Oklahoma City OK | | | 0.30 | % | 11/12/15 | | | 249,000 | | | | 249,000 | |
Barclays Bank Delaware | | | 0.45 | % | 12/17/15 | | | 248,000 | | | | 248,000 | |
BBCN Bank | | | 0.35 | % | 08/14/15 | | | 249,000 | | | | 249,000 | |
Beal Bank SSB | | | 0.50 | % | 09/16/15 | | | 249,000 | | | | 249,000 | |
Beal Bank USA | | | 0.50 | % | 09/30/15 | | | 249,000 | | | | 249,000 | |
Berkshire Bank/Pittsfield MA | | | 0.45 | % | 03/31/16 | | | 248,000 | | | | 248,000 | |
Biddeford Savings Bank | | | 0.35 | % | 07/29/15 | | | 249,000 | | | | 249,000 | |
Bremer Bank NA/South St Paul MN | | | 0.35 | % | 11/05/15 | | | 249,000 | | | | 249,000 | |
Capital Bank NA/Miami FL | | | 0.45 | % | 08/13/15 | | | 249,000 | | | | 249,000 | |
Cathay Bank/Los Angeles CA | | | 0.50 | % | 03/21/16 | | | 248,000 | | | | 248,000 | |
Celtic Bank/Salt Lake City UT | | | 0.30 | % | 11/06/15 | | | 249,000 | | | | 249,000 | |
Centennial Bank/Conway AR | | | 0.45 | % | 05/12/16 | | | 249,000 | | | | 249,000 | |
Central Bank/Tampa FL | | | 0.40 | % | 12/23/15 | | | 249,000 | | | | 249,000 | |
CFG Community Bank | | | 0.25 | % | 07/31/15 | | | 249,000 | | | | 249,000 | |
Cherokee State Bank/Cherokee IA | | | 0.45 | % | 06/24/16 | | | 249,000 | | | | 249,000 | |
Citizens Deposit Bank of Arlington, Inc./Arlington KY | | | 0.45 | % | 06/03/16 | | | 248,000 | | | | 248,000 | |
Citizens State Bank/Okemah OK | | | 0.45 | % | 03/04/16 | | | 249,000 | | | | 249,000 | |
Community & Southern Bank | | | 0.45 | % | 03/10/16 | | | 248,000 | | | | 248,000 | |
Community Bank of the Chesapeake | | | 0.30 | % | 09/30/15 | | | 249,000 | | | | 249,000 | |
Compass Bank | | | 0.45 | % | 05/06/16 | | | 248,000 | | | | 248,000 | |
Discover Bank/Greenwood DE | | | 0.50 | % | 06/10/16 | | | 248,000 | | | | 248,000 | |
DMB Community Bank | | | 0.45 | % | 06/17/16 | | | 249,000 | | | | 249,000 | |
Dollar Bank FSB | | | 0.40 | % | 11/17/15 | | | 249,000 | | | | 249,000 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 37 |
Schedule of Investments
June 30, 2015 (unaudited)
Money Market Fund | |
Security Description | | Coupon/Yield | | Maturity/ Demand Date | | Principal Amount ($) or Shares | | | Fair
Value ($) | |
Certificates of Deposit — continued | |
EnerBank USA | | | 0.45 | % | 11/25/15 | | | 248,000 | | | | 248,000 | |
Enterprise Bank/Allison Park PA | | | 0.40 | % | 03/11/16 | | | 249,000 | | | | 249,000 | |
Espirito Santo Bank | | | 0.40 | % | 12/08/15 | | | 249,000 | | | | 249,000 | |
ESSA Bank & Trust | | | 0.40 | % | 02/26/16 | | | 248,000 | | | | 248,000 | |
F&M Bank/Clarksville TN | | | 0.40 | % | 09/25/15 | | | 249,000 | | | | 249,000 | |
First National Bank of Omaha | | | 0.45 | % | 06/10/16 | | | 248,000 | | | | 248,000 | |
First Niagara Bank NA | | | 0.45 | % | 02/26/16 | | | 248,000 | | | | 248,000 | |
First State Bank of Blakely | | | 0.35 | % | 12/11/15 | | | 249,000 | | | | 249,000 | |
FirstBank Puerto Rico | | | 0.45 | % | 06/06/16 | | | 249,000 | | | | 249,000 | |
FirstMerit Bank NA/Akron OH | | | 0.45 | % | 07/16/15 | | | 249,000 | | | | 249,000 | |
Flushing Bank | | | 0.50 | % | 12/10/15 | | | 249,000 | | | | 249,000 | |
Four Oaks Bank & Trust Co. | | | 0.45 | % | 04/22/16 | | | 249,000 | | | | 249,000 | |
Franklin Synergy Bank | | | 0.40 | % | 02/26/16 | | | 249,000 | | | | 249,000 | |
GE Capital Bank/United States | | | 0.40 | % | 11/16/15 | | | 249,000 | | | | 249,000 | |
Goldman Sachs Bank USA/New York NY | | | 0.40 | % | 07/16/15 | | | 249,000 | | | | 249,000 | |
Grand River Bank | | | 0.30 | % | 08/05/15 | | | 249,000 | | | | 249,000 | |
Greenfield Savings Bank | | | 0.40 | % | 03/28/16 | | | 249,000 | | | | 249,000 | |
Hardin County Bank/Savannah TN | | | 0.40 | % | 10/23/15 | | | 249,000 | | | | 249,000 | |
Investors Bank/Short Hills NJ | | | 0.45 | % | 05/20/16 | | | 248,000 | | | | 248,000 | |
Israel Discount Bank of New York | | | 0.45 | % | 03/31/16 | | | 248,000 | | | | 248,000 | |
Lakeside Bank/Chicago IL | | | 0.45 | % | 12/23/15 | | | 249,000 | | | | 249,000 | |
LCA Bank Corp. | | | 0.45 | % | 03/04/16 | | | 248,000 | | | | 248,000 | |
Lincoln Savings Bank/Cedar Falls IA | | | 0.40 | % | 09/11/15 | | | 249,000 | | | | 249,000 | |
Mahopac Bank | | | 0.30 | % | 07/31/15 | | | 249,000 | | | | 249,000 | |
MB Financial Bank NA | | | 0.45 | % | 06/10/16 | | | 249,000 | | | | 249,000 | |
Medallion Bank/Salt Lake City UT | | | 0.45 | % | 08/03/15 | | | 249,000 | | | | 249,000 | |
Mercantil Commercebank NA | | | 0.55 | % | 03/24/16 | | | 248,000 | | | | 248,000 | |
Meridian Bank/Malvern PA | | | 0.35 | % | 10/16/15 | | | 249,000 | | | | 249,000 | |
Merrick Bank Corp/South Jordan UT | | | 0.45 | % | 05/20/16 | | | 249,000 | | | | 249,000 | |
Mizuho Bank USA | | | 0.30 | % | 12/03/15 | | | 249,000 | | | | 249,000 | |
MVB Bank, Inc. | | | 0.30 | % | 09/23/15 | | | 249,000 | | | | 249,000 | |
Northfield Bank | | | 0.45 | % | 12/09/15 | | | 248,000 | | | | 248,000 | |
Northview Bank | | | 0.45 | % | 06/29/16 | | | 249,000 | | | | 249,000 | |
Pacific Continental Bank | | | 0.30 | % | 07/23/15 | | | 249,000 | | | | 249,000 | |
Pacific Premier Bank | | | 0.35 | % | 10/23/15 | | | 249,000 | | | | 249,000 | |
Pacific Western Bank | | | 0.45 | % | 11/19/15 | | | 249,000 | | | | 249,000 | |
Patriot National Bank | | | 0.45 | % | 03/31/16 | | | 248,000 | | | | 248,000 | |
People's Bank of Seneca | | | 0.45 | % | 05/20/16 | | | 248,000 | | | | 248,000 | |
People's United Bank NA | | | 0.40 | % | 02/25/16 | | | 248,000 | | | | 248,000 | |
PlainsCapital Bank | | | 0.35 | % | 10/15/15 | | | 249,000 | | | | 249,000 | |
Putnam 1st Mercantile Bank | | | 0.40 | % | 12/10/15 | | | 249,000 | | | | 249,000 | |
RiverBank/Spokane WA | | | 0.40 | % | 02/25/16 | | | 249,000 | | | | 249,000 | |
Safra National Bank of New York | | | 0.50 | % | 07/30/15 | | | 249,000 | | | | 249,000 | |
Santander Bank NA | | | 0.50 | % | 07/22/15 | | | 248,000 | | | | 248,000 | |
Southern First Bank | | | 0.40 | % | 12/23/15 | | | 249,000 | | | | 249,000 | |
Southern Michigan Bank & Trust | | | 0.45 | % | 03/18/16 | | | 249,000 | | | | 249,000 | |
Standard Bank & Trust Co/Hickory Hills IL | | | 0.40 | % | 09/11/15 | | | 249,000 | | | | 249,000 | |
Stearns Bank NA | | | 0.45 | % | 12/18/15 | | | 248,000 | | | | 248,000 | |
Sterling Bank/Poplar Bluff MO | | | 0.40 | % | 10/30/15 | | | 249,000 | | | | 249,000 | |
TCF National Bank | | | 0.35 | % | 07/16/15 | | | 249,000 | | | | 249,000 | |
Town North Bank NA/Dallas TX | | | 0.40 | % | 07/24/15 | | | 249,000 | | | | 249,000 | |
Towne Bank/Portsmouth VA | | | 0.45 | % | 05/27/16 | | | 248,000 | | | | 248,000 | |
Transportation Alliance Bank, Inc. | | | 0.40 | % | 12/31/15 | | | 249,000 | | | | 249,000 | |
United Bank | | | 0.30 | % | 11/03/15 | | | 249,000 | | | | 249,000 | |
United Bankers' Bank | | | 0.40 | % | 02/26/16 | | | 249,000 | | | | 249,000 | |
Valley Central Savings Bank | | | 0.40 | % | 12/04/15 | | | 249,000 | | | | 249,000 | |
Vectra Bank Colorado NA | | | 0.45 | % | 06/09/16 | | | 248,000 | | | | 248,000 | |
WEX Bank | | | 0.45 | % | 05/13/16 | | | 248,000 | | | | 248,000 | |
Wilshire Bank | | | 0.35 | % | 07/31/15 | | | 249,000 | | | | 249,000 | |
Woori America Bank | | | 0.40 | % | 02/25/16 | | | 249,000 | | | | 249,000 | |
Total Certificates of Deposit (Cost $23,873,909) | | | | 23,873,909 | |
The accompanying notes are an integral part of these financial statements.
Page 38 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Schedule of Investments
June 30, 2015 (unaudited)
Money Market Fund | |
Security Description | | Coupon/Yield | | Maturity/ Demand Date | | Principal Amount ($) or Shares | | | Fair
Value ($) | |
Corporate Obligations — 9.0% | |
Bath Technologies (5) | | | 0.35 | %(2) | 07/02/15 | | | 455,000 | | | | 455,000 | |
Caterpillar Financial Power Investment Floating Rate Demand Note | | | 0.45 | %(4) | 07/01/15 | | | 9,928,948 | | | | 9,928,948 | |
General Electric Capital Corp. | | | 1.15 | %(2) | 08/10/15 | | | 1,560,000 | | | | 1,571,267 | |
Royal Bank of Canada | | | 0.33 | %(2) | 07/12/15 | | | 2,000,000 | | | | 2,000,000 | |
Springside Corp. Exchange Partners, LLC (5) | | | 0.35 | %(2) | 07/02/15 | | | 1,950,000 | | | | 1,950,000 | |
Total Corporate Obligations (Cost $15,905,215) | | | | 15,905,215 | |
| | | | | | | | | | | | | | |
Repurchase Agreements — 17.0% | |
Int'l FCStone (Collateralized by $9,920,000 Federal Home Loan Mortgage Corp., 3.50%, due 5/1/45, fair value $10,204,823) (proceeds $10,000,000), purchase date 6/24/15 | | | 0.26 | % | 07/01/15 | | | 10,000,000 | | | | 10,000,000 | |
Int'l FCStone (Collateralized by $9,920,000 Federal Home Loan Mortgage Corp., 3.50%, due 5/1/45, fair value $10,204,823) (proceeds $10,000,000), purchase date 6/25/15 | | | 0.26 | % | 07/02/15 | | | 10,000,000 | | | | 10,000,000 | |
Int'l FCStone (Collateralized by $100,271,487 various Federal Home Loan Mortgage Corps., 3.50% - 6.50%, due 8/1/21 - 5/1/45, fair value $10,204,276)(proceeds $10,000,000), purchase date 6/30/15 | | | 0.20 | % | 07/07/15 | | | 10,000,000 | | | | 10,000,000 | |
Total Repurchase Agreements (Cost $30,000,000) | | | | 30,000,000 | |
| | | | | | | | | | | | | | |
U.S. Government Agency Obligations — 8.4% | |
Fannie Mae | | | 0.45 | %(4) | 08/24/15 | | | 4,865,000 | | | | 4,867,342 | |
Federal Farm Credit Bank | | | 0.20 | %(4) | 08/03/15 | | | 5,000,000 | | | | 5,000,186 | |
Federal Home Loan Bank | | | 0.22 | %(4) | 07/07/15 | | | 5,000,000 | | | | 5,000,678 | |
Total U.S. Government Agency Obligations (Cost $14,868,206) | | | | 14,868,206 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 39 |
Schedule of Investments
June 30, 2015 (unaudited)
Money Market Fund | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Money Market Registered Investment Companies — 38.5% | |
Fidelity Institutional Money Market Portfolio, 0.14% (6) | | | 67,910,284 | | | | 67,910,284 | |
Total Money Market Registered Investment Companies (Cost $67,910,284) | | | | | | | 67,910,284 | |
Total Investments — 100.0% (Cost $176,596,905) (1) | | | | | | | 176,596,905 | |
Other Assets less Liabilities — 0.0% | | | | | | | 67,845 | |
Total Net Assets — 100.0% | | | | | | | 176,664,750 | |
| | | | | | | | | |
Trustee Deferred Compensation (7) | |
Meeder Aggressive Growth Fund | | | 995 | | | | 10,467 | |
Meeder Balanced Fund | | | 531 | | | | 5,793 | |
Meeder Dynamic Growth Fund | | | 352 | | | | 3,527 | |
Meeder Muirfield Fund | | | 1,886 | | | | 13,240 | |
Meeder Quantex Fund | | | 1,160 | | | | 40,635 | |
Meeder Utilities & Infrastructure Fund | | | 110 | | | | 3,249 | |
Total Trustee Deferred Compensation (Cost $53,017) | | | | | | | 76,911 | |
(1) | Cost for federal income tax and financial reporting purposes are the same. |
(2) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(3) | The FICA bank deposits were purchased through StoneCastle Partners, LLC, an independent, privately held asset management and investment services company. The underlying bank deposits are insured through the Federal Deposit Insurance Corporation (FDIC). The interest rate varies monthly and any accrued interest is reinvested into the program on a monthly basis. For a complete list of the underlying bank deposits that make up this program, visit www.meederinvestment.com. |
(4) | Floating rate security. The rate shown represents the rate in effect at June 30, 2015. The maturity date shown reflects the earlier of the next demand date or stated maturity date. |
(5) | Represents a restricted security purchased under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. Security is restricted as to resale to institutional investors, but has been deemed liquid in accordance with guidelines approved by the Board of Trustees. Bath Technologies was acquired on 10/18/1999 at a cost of $455,000. Springside Corp. Exchange Partners, LLC was acquired on 2/5/2004 at a cost of $1,950,000. As of June 30, 2015, securities restricted as to resale to institutional investors represented 1.4% of Total Investments. The fair value noted approximates amortized cost. |
(6) | 7-day yield as of June 30, 2015. |
(7) | Assets of affiliates to the Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
The accompanying notes are an integral part of these financial statements.
Page 40 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
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Statements of Assets & Liabilities
June 30, 2015 (unaudited) | |
| | | Muirfield
Fund | | | Dynamic Growth Fund | | | Aggressive Growth Fund | |
Assets | | | | | | | | | |
Investments, at fair value (1)(2) | | $ | 294,250,635 | | | $ | 141,367,114 | | | $ | 86,341,512 | |
Repurchase agreements, at fair value (1) | | | — | | | | — | | | | — | |
Investments in affiliates, at fair value and cost (1) | | | 48,373,070 | | | | 20,400,301 | | | | 8,185,109 | |
Trustee deferred compensation investments, at fair value | | | 261,492 | | | | 147,910 | | | | 86,998 | |
Cash held at broker for collateral on futures | | | 25,000,000 | | | | 12,000,000 | | | | 6,450,000 | |
Cash held at broker for collateral on securities sold short | | | — | | | | — | | | | — | |
Receivable for securities sold | | | 15,478,904 | | | | 5,533,995 | | | | 4,804,476 | |
Receivable for net variation margin on futures contracts | | | — | | | | — | | | | — | |
Receivable for capital stock issued | | | 591,526 | | | | 191,536 | | | | 128,673 | |
Receivable from investment advisor | | | — | | | | — | | | | — | |
Interest and dividend receivable | | | 818,745 | | | | 373,492 | | | | 259,734 | |
Receivable from securities lending agent (See Note #4) | | | 3,335 | | | | 888 | | | | 1,069 | |
Receivable for commissions recaptured | | | 93,050 | | | | 41,199 | | | | 28,337 | |
Prepaid expenses/other assets | | | 40,891 | | | | 22,181 | | | | 19,211 | |
Total Assets | | | 384,911,648 | | | | 180,078,616 | | | | 106,305,119 | |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Investments sold short, at fair value (1)(2) | | | — | | | | — | | | | — | |
Payable for securities purchased | | | 3,882,564 | | | | 2,339,368 | | | | 1,166,427 | |
Payable for collateral on securities loaned | | | 5,587,348 | | | | 2,255,623 | | | | 2,192,553 | |
Payable for Trustee Deferred Compensation Plan | | | 261,492 | | | | 147,910 | | | | 86,998 | |
Payable for net variation margin on futures contracts | | | 128,738 | | | | 444,907 | | | | 255,996 | |
Payable for capital stock redeemed | | | 239,196 | | | | 265,221 | | | | 181,752 | |
Dividends payable | | | 19,484 | | | | 37 | | | | — | |
Dividends payable - Money Market Fund - Retail Class | | | | | | | | | | | | |
Dividends payable - Money Market Fund - Institutional Class | | | | | | | | | | | | |
Dividend expense payable on short positions | | | — | | | | — | | | | — | |
Payable to investment advisor | | | 34,924 | | | | 15,128 | | | | 10,740 | |
Accrued distribution plan (12b-1) and administrative service plan fees | | | 307,008 | | | | 166,687 | | | | 103,625 | |
Accrued transfer agent, fund accounting, CCO, and administrative fees | | | 12,469 | | | | 6,703 | | | | 4,474 | |
Accrued trustee fees | | | 4,739 | | | | 2,826 | | | | 1,718 | |
Other accrued liabilities | | | 17,934 | | | | 16,510 | | | | 13,842 | |
Total Liabilities | | | 10,495,896 | | | | 5,660,920 | | | | 4,018,125 | |
| | | | | | | | | | | | | |
Net Assets | | $ | 374,415,752 | | | $ | 174,417,696 | | | $ | 102,286,994 | |
| | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | |
Capital | | $ | 350,274,845 | | | $ | 163,617,604 | | | $ | 95,026,522 | |
Accumulated undistributed (distributions in excess of) net investment income | | | 27,137 | | | | 164,271 | | | | 75,068 | |
Accumulated undistributed net realized gain (loss) from investments and futures contracts | | | 14,367,005 | | | | 6,070,562 | | | | 4,946,943 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | | 9,746,765 | | | | 4,565,259 | | | | 2,238,461 | |
Total Net Assets | | $ | 374,415,752 | | | $ | 174,417,696 | | | $ | 102,286,994 | |
| | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | |
Money Market Fund - Retail Class | | | | | | | | | | | | |
Money Market Fund - Institutional Class | | | | | | | | | | | | |
Total Net Assets | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Capital Stock Outstanding (unlimited number of shares authorized, $0.10 par value) | | | 53,337,079 | | | | 17,399,886 | | | | 9,725,462 | |
Money Market Fund - Retail Class | | | | | | | | | | | | |
Money Market Fund - Institutional Class | | | | | | | | | | | | |
Total Capital Stock Outstanding | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 7.02 | | | $ | 10.02 | | | $ | 10.52 | |
Money Market Fund - Retail Class | | | | | | | | | | | | |
Money Market Fund - Institutional Class | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(1) Investments and affiliated investments at cost | | $ | 332,233,252 | | | $ | 156,708,214 | | | $ | 92,021,292 | |
(2) Fair value of securities loaned included in investments at fair value (See Note #1 and Note #4) | | $ | 5,423,980 | | | $ | 2,196,798 | | | $ | 2,121,621 | |
The accompanying notes are an integral part of these financial statements.
Page 42 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
| |
Balanced
Fund | | | Strategic Growth Fund | | | Spectrum Fund | | | Quantex
Fund | | | Utilities and Infrastructure Fund | | | Dividend Opportunities Fund | | | Total Return Bond Fund | | | Money
Market Fund | |
| | | | | | | | | | | | | | | | | | | | | | |
$ | 199,021,117 | | | $ | 113,474,956 | | | $ | 24,788,026 | | | $ | 70,994,617 | | | $ | 55,302,528 | | | $ | — | | | $ | 182,606,277 | | | $ | 146,596,905 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 30,000,000 | |
| | 13,115,688 | | | | 1,456,766 | | | | 11,448,418 | | | | 7,822,471 | | | | 1,336,604 | | | | — | | | | 5,872,392 | | | | — | |
| | 118,896 | | | | 101,852 | | | | 659 | | | | 91,349 | | | | 88,612 | | | | — | | | | 42,407 | | | | 76,911 | |
| | 14,000,000 | | | | 4,000,000 | | | | 8,775,000 | | | | 3,900,000 | | | | — | | | | — | | | | 700,000 | | | | — | |
| | — | | | | — | | | | 13,515,024 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 8,223,771 | | | | 3,524,355 | | | | 3,158,098 | | | | — | | | | — | | | | — | | | | 19,227,239 | | | | — | |
| | — | | | | — | | | | 676,253 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 401,309 | | | | 47,720 | | | | 78,518 | | | | 107,945 | | | | 115,034 | | | | 319,000 | | | | 295,162 | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 34,851 | |
| | 363,455 | | | | 352,233 | | | | 102,467 | | | | 61,696 | | | | 138,002 | | | | — | | | | 1,086 | | | | 56,595 | |
| | 1,403 | | | | 1,665 | | | | — | | | | 10,508 | | | | — | | | | — | | | | — | | | | — | |
| | 45,394 | | | | 14,933 | | | | 22,501 | | | | 3,616 | | | | — | | | | — | | | | 44,849 | | | | — | |
| | 26,865 | | | | 16,130 | | | | 19,395 | | | | 17,083 | | | | 17,715 | | | | — | | | | 38,551 | | | | 15,951 | |
| | 235,317,898 | | | | 122,990,610 | | | | 62,584,359 | | | | 83,009,285 | | | | 56,998,495 | | | | 319,000 | | | | 208,827,963 | | | | 176,781,213 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | 11,805,350 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 7,025,350 | | | | 1,103,426 | | | | 1,016,176 | | | | — | | | | — | | | | — | | | | 27,153,359 | | | | — | |
| | 4,161,496 | | | | 1,241,073 | | | | — | | | | 7,123,016 | | | | — | | | | — | | | | — | | | | — | |
| | 118,896 | | | | 101,852 | | | | 659 | | | | 91,349 | | | | 88,612 | | | | — | | | | 42,407 | | | | 76,911 | |
| | 41,580 | | | | 72,349 | | | | — | | | | 241,274 | | | | — | | | | — | | | | — | | | | — | |
| | 329,240 | | | | 98,101 | | | | 40,801 | | | | 55,045 | | | | 48,516 | | | | — | | | | 271,206 | | | | — | |
| | 82 | | | | — | | | | — | | | | 243 | | | | 803 | | | | — | | | | 128 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 64 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,633 | |
| | — | | | | — | | | | 3,541 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 22,449 | | | | 10,663 | | | | 4,124 | | | | 7,890 | | | | 33,799 | | | | — | | | | 6,906 | | | | — | |
| | 206,619 | | | | 117,928 | | | | 46,215 | | | | 47,736 | | | | 33,380 | | | | — | | | | 165,541 | | | | 3,163 | |
| | 8,140 | | | | 5,115 | | | | 3,095 | | | | 3,767 | | | | 3,413 | | | | — | | | | 5,256 | | | | 7,081 | |
| | 3,063 | | | | 2,200 | | | | 866 | | | | 1,317 | | | | 1,057 | | | | — | | | | 2,751 | | | | 834 | |
| | 14,087 | | | | 15,363 | | | | 8,231 | | | | 11,945 | | | | 9,115 | | | | — | | | | 13,200 | | | | 15,777 | |
| | 11,931,002 | | | | 2,768,070 | | | | 12,929,058 | | | | 7,583,582 | | | | 218,695 | | | | — | | | | 27,660,754 | | | | 116,463 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 223,386,896 | | | $ | 120,222,540 | | | $ | 49,655,301 | | | $ | 75,425,703 | | | $ | 56,779,800 | | | $ | 319,000 | | | $ | 181,167,209 | | | $ | 176,664,750 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 217,352,034 | | | $ | 114,569,754 | | | $ | 49,332,200 | | | $ | 63,858,385 | | | $ | 48,465,476 | | | $ | 319,000 | | | $ | 188,995,246 | | | $ | 176,664,747 | |
| | 57,256 | | | | 160,029 | | | | (91,001 | ) | | | 55,852 | | | | (414,437 | ) | | | — | | | | (355,703 | ) | | | 3 | |
| | 3,308,626 | | | | 4,283,258 | | | | 517,475 | | | | 9,195,169 | | | | 2,051,198 | | | | — | | | | (4,172,637 | ) | | | — | |
| | 2,668,980 | | | | 1,209,499 | | | | (103,373 | ) | | | 2,316,297 | | | | 6,677,563 | | | | — | | | | (3,299,697 | ) | | | — | |
$ | 223,386,896 | | | $ | 120,222,540 | | | $ | 49,655,301 | | | $ | 75,425,703 | | | $ | 56,779,800 | | | $ | 319,000 | | | $ | 181,167,209 | | | $ | 176,664,750 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 50,128,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 126,536,741 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 176,664,748 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20,474,161 | | | | 11,488,583 | | | | 4,915,750 | | | | 2,153,339 | | | | 1,921,908 | | | | 31,900 | | | | 19,125,671 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 50,128,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 126,536,741 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 176,664,748 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 10.91 | | | $ | 10.46 | | | $ | 10.10 | | | $ | 35.03 | | | $ | 29.54 | | | $ | 10.00 | | | $ | 9.47 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 209,278,847 | | | $ | 113,582,558 | | | $ | 24,048,369 | | | $ | 76,275,466 | | | $ | 49,961,569 | | | $ | — | | | $ | 191,778,366 | | | $ | 176,596,905 | |
$ | 4,053,465 | | | $ | 1,201,990 | | | $ | — | | | $ | 6,691,620 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 43 |
Statements of Operations
For the Period Ended June 30, 2015 (unaudited) | |
| | | Muirfield
Fund | | | Dynamic Growth Fund | | | Aggressive Growth Fund | |
Investment Income | | | | | | | | | |
Interest | | $ | 3,377 | | | $ | 2,778 | | | $ | 2,688 | |
Interest from affiliates | | | 28,135 | | | | 8,727 | | | | 4,300 | |
Dividends | | | 2,406,828 | | | | 1,272,834 | | | | 694,597 | |
Total Investment Income | | | 2,438,340 | | | | 1,284,339 | | | | 701,585 | |
| | | | | | | | | | | | | |
Fund Expenses | | | | | | | | | | | | |
Investment advisor | | | 1,127,835 | | | | 590,824 | | | | 361,145 | |
Transfer agent | | | 198,293 | | | | 94,532 | | | | 57,783 | |
Transfer agent - Money Market Fund - Retail Class | | | | | | | | | | | | |
Transfer agent - Money Market Fund - Institutional Class | | | | | | | | | | | | |
Fund accounting | | | 34,872 | | | | 26,226 | | | | 23,163 | |
Administrative | | | 137,154 | | | | 67,980 | | | | 43,481 | |
Trustee | | | 9,957 | | | | 5,231 | | | | 3,287 | |
Audit | | | 6,818 | | | | 6,818 | | | | 6,818 | |
Legal | | | 2,860 | | | | 2,860 | | | | 2,860 | |
Custody | | | 16,343 | | | | 11,267 | | | | 8,541 | |
Printing | | | 6,691 | | | | 3,353 | | | | 2,011 | |
Distribution plan (12b-1) | | | 330,488 | | | | 196,941 | | | | 120,382 | |
Distribution plan (12b-1) - Money Market Fund - Retail Class | | | | | | | | | | | | |
Distribution plan (12b-1) - Money Market Fund - Institutional Class | | | | | | | | | | | | |
Administrative service plan | | | 330,488 | | | | 157,553 | | | | 96,305 | |
Postage | | | 5,790 | | | | 3,644 | | | | 2,038 | |
Registration and filing | | | 30,163 | | | | 17,322 | | | | 14,883 | |
Insurance | | | 8,109 | | | | 5,128 | | | | 3,023 | |
Chief Compliance Officer | | | 2,456 | | | | 2,456 | | | | 2,456 | |
Short sale expense | | | — | | | | — | | | | — | |
Dividend expense on securities sold short | | | — | | | | — | | | | — | |
Other | | | 9,231 | | | | 8,077 | | | | 6,902 | |
Total Expenses Before Reductions | | | 2,257,548 | | | | 1,200,212 | | | | 755,078 | |
| | | | | | | | | | | | | |
Expenses voluntarily reimbursed/waived by investment advisor (See Note #4) | | | — | | | | (104,693 | ) | | | (4 | ) |
Expenses contractually reimbursed/waived by investment advisor (See Note #4) | | | — | | | | — | | | | — | |
Commissions recaptured and fees received from custodian (See Note #4) | | | (341,585 | ) | | | (141,406 | ) | | | (116,797 | ) |
Securities lending credit (See Note #4) | | | (36,899 | ) | | | (7,944 | ) | | | (11,760 | ) |
Transfer agent expenses contractually waived (See Note #4) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | |
Net Expenses | | | 1,879,064 | | | | 946,169 | | | | 626,517 | |
| | | | | | | | | | | | |
Net Investment Income (Loss) | | | 559,276 | | | | 338,170 | | | | 75,068 | |
| | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) from Investments | | | | | | | | | | | | |
Net realized gains (losses) from investments | | | 3,933,397 | | | | 3,930,756 | | | | 3,712,981 | |
Net realized gains (losses) from futures contracts | | | 2,330,775 | | | | 851,842 | | | | 434,478 | |
Distributions of long-term realized gains by other investment companies | | | — | | | | — | | | | — | |
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and
Distributions of Long-term Realized Gains by Other Investment Companies | | | 6,264,172 | | | | 4,782,598 | | | | 4,147,459 | |
| | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (8,494,599 | ) | | | (5,421,318 | ) | | | (4,042,466 | ) |
| | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) from Investments | | | (2,230,427 | ) | | | (638,720 | ) | | | 104,993 | |
| | | | | | | | | | | | | |
Net Change in Net Assets Resulting from Operations | | $ | (1,671,151 | ) | | $ | (300,550 | ) | | $ | 180,061 | |
The accompanying notes are an integral part of these financial statements.
Page 44 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
| |
Balanced
Fund | | | Strategic Growth Fund | | | Spectrum Fund | | | Quantex
Fund | | | Utilities and Infrastructure Fund | | | Dividend Opportunities Fund | | | Total Return Bond Fund | | | Money
Market Fund | |
| | | | | | | | | | | | | | | | | | | | | | |
$ | 2,869 | | | $ | 1,705 | | | $ | — | | | $ | 3,225 | | | $ | — | | | $ | — | | | $ | 4,883 | | | $ | 207,096 | |
| | 11,254 | | | | 2,681 | | | | 4,709 | | | | 3,305 | | | | 1,091 | | | | — | | | | 3,465 | | | | — | |
| | 1,976,519 | | | | 903,071 | | | | 200,952 | | | | 552,815 | | | | 727,362 | | | | — | | | | 2,627,597 | | | | — | |
| | 1,990,642 | | | | 907,457 | | | | 205,661 | | | | 559,345 | | | | 728,453 | | | | — | | | | 2,635,945 | | | | 207,096 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 759,108 | | | | 451,927 | | | | 151,149 | | | | 352,169 | | | | 259,281 | | | | — | | | | 266,512 | | | | 306,151 | |
| | 122,777 | | | | 72,308 | | | | 27,592 | | | | 42,260 | | | | 34,195 | | | | — | | | | 66,933 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,770 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 53,275 | |
| | 28,579 | | | | 24,374 | | | | 16,775 | | | | 21,424 | | | | 19,662 | | | | — | | | | 26,715 | | | | 27,619 | |
| | 86,810 | | | | 53,164 | | | | 20,151 | | | | 33,133 | | | | 26,024 | | | | — | | | | 71,892 | | | | 79,124 | |
| | 6,299 | | | | 4,066 | | | | 1,622 | | | | 2,514 | | | | 1,986 | | | | — | | | | 5,243 | | | | 864 | |
| | 6,818 | | | | 6,818 | | | | 7,562 | | | | 6,818 | | | | 6,818 | | | | — | | | | 6,818 | | | | 6,818 | |
| | 2,860 | | | | 2,860 | | | | 2,833 | | | | 2,860 | | | | 2,860 | | | | — | | | | 2,860 | | | | 2,860 | |
| | 13,405 | | | | 8,986 | | | | 5,708 | | | | 5,727 | | | | 3,575 | | | | — | | | | 10,062 | | | | 6,953 | |
| | 4,130 | | | | 2,556 | | | | 915 | | | | 1,475 | | | | 1,163 | | | | — | | | | 3,403 | | | | 5,041 | |
| | 255,785 | | | | 126,540 | | | | 50,383 | | | | 70,434 | | | | 63,373 | | | | — | | | | 209,167 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,991 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | |
| | 204,628 | | | | 120,514 | | | | 40,306 | | | | 42,260 | | | | 34,327 | | | | — | | | | 167,334 | | | | — | |
| | 3,463 | | | | 2,374 | | | | 1,341 | | | | 2,452 | | | | 3,171 | | | | — | | | | 3,018 | | | | 2,589 | |
| | 19,201 | | | | 12,148 | | | | 10,737 | | | | 12,412 | | | | 12,823 | | | | — | | | | 17,780 | | | | 12,517 | |
| | 5,332 | | | | 4,170 | | | | 2,403 | | | | 2,241 | | | | 1,939 | | | | — | | | | 4,760 | | | | 6,170 | |
| | 2,456 | | | | 2,456 | | | | 2,456 | | | | 2,456 | | | | 2,456 | | | | — | | | | 2,456 | | | | 2,456 | |
| | — | | | | — | | | | 21,126 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | 44,268 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 7,721 | | | | 7,391 | | | | 4,881 | | | | 6,787 | | | | 7,036 | | | | — | | | | 7,584 | | | | 9,282 | |
| | 1,529,372 | | | | 902,652 | | | | 412,208 | | | | 607,422 | | | | 480,689 | | | | — | | | | 872,537 | | | | 545,482 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (6,273 | ) | | | (65,879 | ) | | | (24,393 | ) | | | — | | | | — | | | | — | | | | (27,405 | ) | | | (400,091 | ) |
| | — | | | | — | | | | — | | | | (88,042 | ) | | | — | | | | | | | | — | | | | — | |
| | (170,040 | ) | | | (72,258 | ) | | | (91,153 | ) | | | (99,917 | ) | | | — | | | | — | | | | (119,130 | ) | | | — | |
| | (17,441 | ) | | | (17,087 | ) | | | — | | | | (84,457 | ) | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (16,733 | ) | | | (23,656 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,335,618 | | | | 747,428 | | | | 296,662 | | | | 335,006 | | | | 480,689 | | | | — | | | | 709,269 | | | | 121,734 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 655,024 | | | | 160,029 | | | | (91,001 | ) | | | 224,339 | | | | 247,764 | | | | — | | | | 1,926,676 | | | | 85,362 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 898,170 | | | | 1,782,778 | | | | (644,876 | ) | | | 8,070,832 | | | | 809,158 | | | | — | | | | (2,352,045 | ) | | | | |
| | 1,376,436 | | | | 685,702 | | | | 1,162,351 | | | | 649,248 | | | | — | | | | — | | | | — | | | | | |
| | 9,923 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 52,127 | | | | | |
| | 2,284,529 | | | | 2,468,480 | | | | 517,475 | | | | 8,720,080 | | | | 809,158 | | | | — | | | | (2,299,918 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (4,159,023 | ) | | | (1,769,288 | ) | | | (103,373 | ) | | | (9,052,711 | ) | | | (2,622,591 | ) | | | — | | | | (464,807 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (1,874,494 | ) | | | 699,192 | | | | 414,102 | | | | (332,631 | ) | | | (1,813,433 | ) | | | — | | | | (2,764,725 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | (1,219,470 | ) | | $ | 859,221 | | | $ | 323,101 | | | $ | (108,292 | ) | | $ | (1,565,669 | ) | | $ | — | | | $ | (838,049 | ) | | $ | 85,362 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 45 |
Statements of Changes in Net Assets
For the Period Ended June 30, 2015 (unaudited) and the Year Ended December 31, 2014 | |
| | | Muirfield Fund | | | Dynamic Growth Fund | |
| | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
Operations | | | | | | | | | | | | |
Net investment income (loss) | | $ | 559,276 | | | $ | 449,749 | | | $ | 338,170 | | | $ | 471,324 | |
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies | | | 6,264,172 | | | | 26,700,418 | | | | 4,782,598 | | | | 17,242,720 | |
Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (8,494,599 | ) | | | (3,212,623 | ) | | | (5,421,318 | ) | | | (3,058,617 | ) |
Net change in net assets resulting from operations | | | (1,671,151 | ) | | | 23,937,544 | | | | (300,550 | ) | | | 14,655,427 | |
| | | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From net investment income | | | (532,139 | ) | | | (5,879,491 | ) | | | (173,899 | ) | | | (3,511,885 | ) |
From net realized gain from investment transactions | | | — | | | | (20,294,983 | ) | | | — | | | | (16,292,978 | ) |
Net change in net assets resulting from distributions | | | (532,139 | ) | | | (26,174,474 | ) | | | (173,899 | ) | | | (19,804,863 | ) |
| | | | | | | | | | | | | | | | | |
Capital Transactions | | | | | | | | | | | | | | | | |
Issued | | | 143,524,410 | | | | 154,701,216 | | | | 58,279,638 | | | | 48,965,894 | |
Reinvested | | | 512,639 | | | | 25,116,304 | | | | 173,862 | | | | 19,800,900 | |
Redeemed | | | (65,279,419 | ) | | | (41,542,639 | ) | | | (25,198,889 | ) | | | (24,905,524 | ) |
Net change in net assets resulting from capital transactions | | | 78,757,630 | | | | 138,274,881 | | | | 33,254,611 | | | | 43,861,270 | |
| | | | | | | | | | | | | | | | | |
Total Change in Net Assets | | | 76,554,340 | | | | 136,037,951 | | | | 32,780,162 | | | | 38,711,834 | |
| | | | | | | | | | | | | | | | | |
Net Assets - Beginning of Year | | | 297,861,412 | | | | 161,823,461 | | | | 141,637,534 | | | | 102,925,700 | |
| | | | | | | | | | | | | | | | | |
Net Assets - End of Year | | $ | 374,415,752 | | | $ | 297,861,412 | | | $ | 174,417,696 | | | $ | 141,637,534 | |
| | | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | 27,137 | | | $ | — | | | $ | 164,271 | | | $ | — | |
| | | | | | | | | | | | | | | | |
Share Transactions | | | | | | | | | | | | | | | | |
Issued | | | 20,178,172 | | | | 21,304,503 | | | | 5,747,298 | | | | 4,565,469 | |
Reinvested | | | 73,025 | | | | 3,590,370 | | | | 17,352 | | | | 1,973,154 | |
Redeemed | | | (9,286,509 | ) | | | (5,799,923 | ) | | | (2,502,285 | ) | | | (2,345,575 | ) |
Net change in shares | | | 10,964,688 | | | | 19,094,950 | | | | 3,262,365 | | | | 4,193,048 | |
The accompanying notes are an integral part of these financial statements.
Page 46 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
| |
Aggressive Growth Fund | | | Balanced Fund | | | Strategic Growth Fund | | | Spectrum Fund | |
2015 | | | 2014 | | | 2015 | | | 2014 | | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| | | | | | | | | | | | | | | | | | | | | | |
$ | 75,068 | | | $ | (244 | ) | | $ | 655,024 | | | $ | 1,243,806 | | | $ | 160,029 | | | $ | 541,920 | | | $ | (91,001 | ) | | $ | — | |
| | 4,147,459 | | | | 12,388,072 | | | | 2,284,529 | | | | 12,197,019 | | | | 2,468,480 | | | | 14,410,324 | | | | 517,475 | | | | — | |
| | (4,042,466 | ) | | | (2,942,543 | ) | | | (4,159,023 | ) | | | (2,328,516 | ) | | | (1,769,288 | ) | | | (9,770,618 | ) | | | (103,373 | ) | | | — | |
| | 180,061 | | | | 9,445,285 | | | | (1,219,470 | ) | | | 11,112,309 | | | | 859,221 | | | | 5,181,626 | | | | 323,101 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (517,807 | ) | | | (597,768 | ) | | | (3,484,493 | ) | | | — | | | | (1,542,587 | ) | | | — | | | | — | |
| | — | | | | (12,317,940 | ) | | | — | | | | (11,307,384 | ) | | | — | | | | (12,921,526 | ) | | | — | | | | — | |
| | — | | | | (12,835,747 | ) | | | (597,768 | ) | | | (14,791,877 | ) | | | — | | | | (14,464,113 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 27,587,701 | | | | 26,130,227 | | | | 72,194,279 | | | | 81,723,404 | | | | 24,963,594 | | | | 31,635,498 | | | | 52,920,601 | | | | — | |
| | — | | | | 12,834,936 | | | | 597,650 | | | | 14,790,348 | | | | — | | | | 14,463,880 | | | | — | | | | — | |
| | (10,327,927 | ) | | | (15,335,710 | ) | | | (23,121,496 | ) | | | (22,942,016 | ) | | | (15,444,861 | ) | | | (18,741,638 | ) | | | (3,588,401 | ) | | | — | |
| | 17,259,774 | | | | 23,629,453 | | | | 49,670,433 | | | | 73,571,736 | | | | 9,518,733 | | | | 27,357,740 | | | | 49,332,200 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17,439,835 | | | | 20,238,991 | | | | 47,853,195 | | | | 69,892,168 | | | | 10,377,954 | | | | 18,075,253 | | | | 49,655,301 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 84,847,159 | | | | 64,608,168 | | | | 175,533,701 | | | | 105,641,533 | | | | 109,844,586 | | | | 91,769,333 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 102,286,994 | | | $ | 84,847,159 | | | $ | 223,386,896 | | | $ | 175,533,701 | | | $ | 120,222,540 | | | $ | 109,844,586 | | | $ | 49,655,301 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 75,068 | | | $ | — | | | $ | 57,256 | | | $ | — | | | $ | 160,029 | | | $ | — | | | $ | (91,001 | ) | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2,587,981 | | | | 2,298,608 | | | | 6,523,483 | | | | 7,126,019 | | | | 2,363,963 | | | | 2,710,992 | | | | 5,265,130 | | | | — | |
| | — | | | | 1,243,931 | | | | 54,514 | | | | 1,343,900 | | | | — | | | | 1,395,753 | | | | — | | | | — | |
| | (965,232 | ) | | | (1,360,339 | ) | | | (2,087,092 | ) | | | (2,006,171 | ) | | | (1,457,684 | ) | | | (1,601,446 | ) | | | (349,380 | ) | | | — | |
| | 1,622,749 | | | | 2,182,200 | | | | 4,490,905 | | | | 6,463,748 | | | | 906,279 | | | | 2,505,299 | | | | 4,915,750 | | | | — | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 47 |
Statements of Changes in Net Assets
For the Period Ended June 30, 2015 (unaudited) and the Year Ended December 31, 2014 | |
| | | Quantex Fund | |
| | | 2015 | | | 2014 | |
Operations | | | | | | |
Net investment income (loss) | | $ | 224,339 | | | $ | 189,184 | |
Net realized gain (loss) from investment transactions, futures contracts, and
distributions of long-term realized gains by other investment companies | | | 8,720,080 | | | | 4,557,460 | |
Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (9,052,711 | ) | | | (20,515 | ) |
Net change in net assets resulting from operations | | | (108,292 | ) | | | 4,726,129 | |
| | | | | | | | | |
Distributions to Shareholders | | | | | | | | |
From net investment income | | | (168,487 | ) | | | (623,095 | ) |
From net realized gain from investment transactions | | | — | | | | (4,310,572 | ) |
Net change in net assets resulting from distributions | | | (168,487 | ) | | | (4,933,667 | ) |
| | | | | | | | | |
Distributions to Shareholders - Money Market Fund | | | | | | | | |
From net investment income (Retail Class) | | | | | | | | |
From net investment income (Institutional Class) | | | | | | | | |
Net change in net assets resulting from distributions | | | | | | | | |
| | | | | | | | | |
Capital Transactions | | | | | | | | |
Issued | | | 21,239,376 | | | | 21,424,612 | |
Reinvested | | | 168,089 | | | | 4,922,968 | |
Redeemed | | | (7,538,723 | ) | | | (8,782,104 | ) |
Net change in net assets resulting from capital transactions | | | 13,868,742 | | | | 17,565,476 | |
| | | | | | | | | |
Total Change in Net Assets | | | 13,591,963 | | | | 17,357,938 | |
| | | | | | | | | |
Net Assets - Beginning of Year | | | 61,833,740 | | | | 44,475,802 | |
| | | | | | | | | |
Net Assets - End of Year | | $ | 75,425,703 | | | $ | 61,833,740 | |
| | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | 55,852 | | | $ | — | |
| | | | | | | | |
Share Transactions | | | | | | | | |
Issued | | | 604,326 | | | | 587,005 | |
Reinvested | | | 4,789 | | | | 142,308 | |
Redeemed | | | (212,526 | ) | | | (241,814 | ) |
Net change in shares | | | 396,589 | | | | 487,499 | |
The accompanying notes are an integral part of these financial statements.
Page 48 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
�� | |
Utilities and Infrastructure Fund | | | Dividend Opportunities Fund | | | Total Return Bond Fund | | | Money Market Fund | |
2015 | | | 2014 | | | 2015 | | | 2014 | | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
| | | | | | | | | | | | | | | | | | | | | | |
$ | 247,764 | | | $ | 266,215 | | | $ | — | | | $ | — | | | $ | 1,926,676 | | | $ | 3,859,005 | | | $ | 85,362 | | | $ | 112,717 | |
| | 809,158 | | | | 5,021,590 | | | | — | | | | — | | | | (2,299,918 | ) | | | (280,382 | ) | | | — | | | | — | |
| | (2,622,591 | ) | | | (1,660,068 | ) | | | — | | | | — | | | | (464,807 | ) | | | (2,250,102 | ) | | | — | | | | — | |
| | (1,565,669 | ) | | | 3,627,737 | | | | — | | | | — | | | | (838,049 | ) | | | 1,328,521 | | | | 85,362 | | | | 112,717 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (201,065 | ) | | | (1,184,559 | ) | | | — | | | | — | | | | (2,282,380 | ) | | | (3,859,006 | ) | | | | | | | | |
| | — | | | | (3,457,377 | ) | | | — | | | | — | | | | — | | | | — | | | | | | | | | |
| | (201,065 | ) | | | (4,641,936 | ) | | | — | | | | — | | | | (2,282,380 | ) | | | (3,859,006 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | (14,835 | ) | | | (35,192 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | (70,525 | ) | | | (77,524 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | (85,360 | ) | | | (112,716 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17,650,407 | | | | 17,093,759 | | | | 319,000 | | | | — | | | | 59,709,815 | | | | 70,794,768 | | | | 562,819,136 | | | | 575,762,988 | |
| | 197,478 | | | | 4,530,578 | | | | — | | | | — | | | | 2,281,614 | | | | 3,858,320 | | | | 16,472 | | | | 40,062 | |
| | (6,046,852 | ) | | | (11,852,646 | ) | | | — | | | | — | | | | (20,749,311 | ) | | | (19,157,160 | ) | | | (588,836,802 | ) | | | (477,909,279 | ) |
| | 11,801,033 | | | | 9,771,691 | | | | 319,000 | | | | — | | | | 41,242,118 | | | | 55,495,928 | | | | (26,001,194 | ) | | | 97,893,771 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10,034,299 | | | | 8,757,492 | | | | 319,000 | | | | — | | | | 38,121,689 | | | | 52,965,443 | | | | (26,001,192 | ) | | | 97,893,772 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 46,745,501 | | | | 37,988,009 | | | | — | | | | — | | | | 143,045,520 | | | | 90,080,077 | | | | 202,665,942 | | | | 104,772,170 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 56,779,800 | | | $ | 46,745,501 | | | $ | 319,000 | | | $ | — | | | $ | 181,167,209 | | | $ | 143,045,520 | | | $ | 176,664,750 | | | $ | 202,665,942 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | (414,437 | ) | | $ | (461,136 | ) | | $ | — | | | $ | — | | | $ | (355,703 | ) | | $ | 1 | | | $ | 3 | | | $ | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 578,279 | | | | 517,223 | | | | 31,900 | | | | — | | | | 6,181,486 | | | | 7,194,856 | | | | 562,819,136 | | | | 575,762,988 | |
| | 6,503 | | | | 149,254 | | | | — | | | | — | | | | 236,734 | | | | 393,552 | | | | 16,472 | | | | 40,062 | |
| | (198,149 | ) | | | (357,474 | ) | | | — | | | | — | | | | (2,153,890 | ) | | | (1,948,521 | ) | | | (588,836,802 | ) | | | (477,909,279 | ) |
| | 386,633 | | | | 309,003 | | | | 31,900 | | | | — | | | | 4,264,330 | | | | 5,639,887 | | | | (26,001,194 | ) | | | 97,893,771 | |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 49 |
Financial Highlights
For a Share Outstanding Through the Period Ended June 30, 2015 (unaudited) and
Each Fiscal Year Ended December 31, | |
| | | | | | Income from Investment Operations | | | Less Distributions | |
| | Net Asset Value, Beginning of Period | | | Net Investment Income (Loss) (5) | | | Net gains (losses) on securities, futures, and options (both realized and unrealized) | | | Total from Investment Operations | | | From Net Investment Income | | | From Net Capital Gains | | | From Tax Return of Capital | | | Total
Distributions | |
Muirfield Fund (1)(2)(3)(4) | |
2015 | | $ | 7.03 | | | | 0.01 | | | | (0.01 | ) | | | (0.00 | ) | | | (0.01 | ) | | | 0.00 | | | | 0.00 | | | | (0.01 | ) |
2014 | | $ | 6.95 | | | | 0.01 | | | | 0.81 | | | | 0.82 | | | | (0.18 | ) | | | (0.56 | ) | | | 0.00 | | | | (0.74 | ) |
2013 | | $ | 5.81 | | | | 0.01 | | | | 1.75 | | | | 1.76 | | | | (0.01 | ) | | | (0.61 | ) | | | 0.00 | | | | (0.62 | ) |
2012 | | $ | 5.17 | | | | (0.01 | ) | | | 0.65 | | | | 0.64 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2011 | | $ | 5.60 | | | | (0.01 | ) | | | (0.41 | ) | | | (0.42 | ) | | | (0.01 | ) | | | 0.00 | | | | 0.00 | | | | (0.01 | ) |
2010 | | $ | 4.99 | | | | 0.02 | | | | 0.61 | | | | 0.63 | | | | (0.02 | ) | | | 0.00 | | | | 0.00 | | | | (0.02 | ) |
Dynamic Growth Fund (1)(2)(3)(4) | |
2015 | | $ | 10.02 | | | | 0.02 | | | | (0.01 | ) | | | 0.01 | | | | (0.01 | ) | | | 0.00 | | | | 0.00 | | | | (0.01 | ) |
2014 | | $ | 10.35 | | | | 0.04 | | | | 1.25 | | | | 1.29 | | | | (0.30 | ) | | | (1.32 | ) | | | 0.00 | | | | (1.62 | ) |
2013 | | $ | 8.80 | | | | 0.02 | | | | 2.74 | | | | 2.76 | | | | (0.02 | ) | | | (1.19 | ) | | | 0.00 | | | | (1.21 | ) |
2012 | | $ | 7.68 | | | | 0.00 | | | | 1.12 | | | | 1.12 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2011 | | $ | 8.14 | | | | (0.01 | ) | | | (0.45 | ) | | | (0.46 | ) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2010 | | $ | 7.06 | | | | 0.02 | | | | 1.08 | | | | 1.10 | | | | (0.02 | ) | | | 0.00 | | | | 0.00 | | | | (0.02 | ) |
Aggressive Growth Fund (1)(2)(3)(4) | |
2015 | | $ | 10.47 | | | | 0.01 | | | | 0.04 | | | | 0.05 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2014 | | $ | 10.91 | | | | 0.00 | | | | 1.43 | | | | 1.43 | | | | (0.08 | ) | | | (1.79 | ) | | | 0.00 | | | | (1.87 | ) |
2013 | | $ | 8.44 | | | | (0.00 | )* | | | 2.56 | | | | 2.56 | | | | 0.00 | | | | (0.09 | ) | | | 0.00 | | | | (0.09 | ) |
2012 | | $ | 7.40 | | | | (0.03 | ) | | | 1.07 | | | | 1.04 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2011 | | $ | 7.97 | | | | (0.07 | ) | | | (0.50 | ) | | | (0.57 | ) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2010 | | $ | 6.89 | | | | (0.01 | ) | | | 1.09 | | | | 1.08 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
Balanced Fund (1)(2)(3)(4) | |
2015 | | $ | 10.98 | | | | 0.04 | | | | (0.08 | ) | | | (0.04 | ) | | | (0.03 | ) | | | 0.00 | | | | 0.00 | | | | (0.03 | ) |
2014 | | $ | 11.10 | | | | 0.10 | | | | 0.84 | | | | 0.94 | | | | (0.27 | ) | | | (0.79 | ) | | | 0.00 | | | | (1.06 | ) |
2013 | | $ | 10.06 | | | | 0.09 | | | | 1.89 | | | | 1.98 | | | | (0.09 | ) | | | (0.85 | ) | | | 0.00 | | | | (0.94 | ) |
2012 | | $ | 9.18 | | | | 0.07 | | | | 0.89 | | | | 0.96 | | | | (0.08 | ) | | | 0.00 | | | | 0.00 | | | | (0.08 | ) |
2011 | | $ | 9.72 | | | | 0.13 | | | | (0.57 | ) | | | (0.44 | ) | | | (0.10 | ) | | | 0.00 | | | | 0.00 | | | | (0.10 | ) |
2010 | | $ | 8.98 | | | | 0.14 | | | | 0.74 | | | | 0.88 | | | | (0.14 | ) | | | 0.00 | | | | 0.00 | | | | (0.14 | ) |
Strategic Growth Fund (1)(2)(3)(4) | |
2015 | | $ | 10.38 | | | | 0.01 | | | | 0.07 | | | | 0.08 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2014 | | $ | 11.36 | | | | 0.06 | | | | 0.58 | | | | 0.64 | | | | (0.16 | ) | | | (1.46 | ) | | | 0.00 | | | | (1.62 | ) |
2013 | | $ | 10.07 | | | | 0.04 | | | | 2.34 | | | | 2.38 | | | | (0.05 | ) | | | (1.04 | ) | | | 0.00 | | | | (1.09 | ) |
2012 | | $ | 8.90 | | | | 0.00 | | | | 1.17 | | | | 1.17 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2011 | | $ | 9.71 | | | | (0.04 | ) | | | (0.77 | ) | | | (0.81 | ) | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2010 | | $ | 8.12 | | | | 0.04 | | | | 1.58 | | | | 1.62 | | | | (0.03 | ) | | | 0.00 | | | | 0.00 | | | | (0.03 | ) |
Spectrum Fund (1)(2)(3)(4) | |
2015 (6) | | $ | 10.00 | | | | (0.04 | ) | | | 0.14 | | | | 0.10 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
1 | Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions do not include impact of expenses of the underlying security holdings as represented in the schedule of investments. |
2 | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
3 | Total return and portfolio turnover rate are not annualized for periods of less than one full year. |
The accompanying notes are an integral part of these financial statements.
Page 50 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
| | | | | | | Ratios/Supplemental Data | |
Net Asset Value, End of Period | | | Total Return (Assumes Reinvestment of Distributions) | | | Net Assets, End of Period ($000) | | | Ratio of Net Expenses to Average Net Assets | | | Ratio of Net Investment Income (Loss) to Average Net Assets | | | Ratio of Expenses to Average Net Assets after Reductions, Excluding Commissions Recaptured and Fees Received from Custodian | | | Ratio of Expenses to Average Net Assets Before Reductions | | | Portfolio Turnover Rate | |
| | | | | | | | | | | | | | | | | | | | | | |
$ | 7.02 | | | | 0.00 | % | | $ | 374,416 | | | | 1.14 | % | | | 0.34 | % | | | 1.35 | % | | | 1.37 | % | | | 104 | % |
$ | 7.03 | | | | 12.12 | % | | $ | 297,861 | | | | 1.22 | % | | | 0.22 | % | | | 1.44 | % | | | 1.44 | % | | | 238 | % |
$ | 6.95 | | | | 30.46 | % | | $ | 161,823 | | | | 1.22 | % | | | 0.14 | % | | | 1.42 | % | | | 1.54 | % | | | 260 | % |
$ | 5.81 | | | | 12.38 | % | | $ | 114,171 | | | | 1.39 | % | | | (0.12 | %) | | | 1.42 | % | | | 1.58 | % | | | 154 | % |
$ | 5.17 | | | | (7.55 | %) | | $ | 119,787 | | | | 1.39 | % | | | (0.11 | %) | | | 1.46 | % | | | 1.58 | % | | | 189 | % |
$ | 5.60 | | | | 12.65 | % | | $ | 122,266 | | | | 1.39 | % | | | 0.40 | % | | | 1.47 | % | | | 1.60 | % | | | 128 | % |
| |
$ | 10.02 | | | | 0.10 | % | | $ | 174,418 | | | | 1.20 | % | | | 0.43 | % | | | 1.38 | % | | | 1.52 | % | | | 108 | % |
$ | 10.02 | | | | 12.80 | % | | $ | 141,638 | | | | 1.22 | % | | | 0.40 | % | | | 1.45 | % | | | 1.54 | % | | | 230 | % |
$ | 10.35 | | | | 31.61 | % | | $ | 102,926 | | | | 1.22 | % | | | 0.20 | % | | | 1.39 | % | | | 1.58 | % | | | 276 | % |
$ | 8.80 | | | | 14.58 | % | | $ | 91,977 | | | | 1.39 | % | | | (0.04 | %) | | | 1.42 | % | | | 1.57 | % | | | 154 | % |
$ | 7.68 | | | | (5.65 | %) | | $ | 90,902 | | | | 1.39 | % | | | (0.08 | %) | | | 1.46 | % | | | 1.57 | % | | | 176 | % |
$ | 8.14 | | | | 15.54 | % | | $ | 95,239 | | | | 1.39 | % | | | 0.23 | % | | | 1.47 | % | | | 1.59 | % | | | 119 | % |
| |
$ | 10.52 | | | | 0.48 | % | | $ | 102,287 | | | | 1.30 | % | | | 0.16 | % | | | 1.54 | % | | | 1.57 | % | | | 125 | % |
$ | 10.47 | | | | 13.49 | % | | $ | 84,847 | | | | 1.33 | % | | | 0.00 | % | | | 1.59 | % | | | 1.60 | % | | | 239 | % |
$ | 10.91 | | | | 30.40 | % | | $ | 64,608 | | | | 1.35 | % | | | (0.03 | %) | | | 1.57 | % | | | 1.65 | % | | | 272 | % |
$ | 8.44 | | | | 14.05 | % | | $ | 38,939 | | | | 1.59 | % | | | (0.44 | %) | | | 1.62 | % | | | 1.74 | % | | | 167 | % |
$ | 7.40 | | | | (7.15 | %) | | $ | 32,167 | | | | 1.59 | % | | | (0.73 | %) | | | 1.65 | % | | | 1.70 | % | | | 224 | % |
$ | 7.97 | | | | 15.67 | % | | $ | 33,908 | | | | 1.59 | % | | | (0.07 | %) | | | 1.66 | % | | | 1.77 | % | | | 124 | % |
| |
$ | 10.91 | | | | (0.37 | %) | | $ | 223,387 | | | | 1.31 | % | | | 0.64 | % | | | 1.47 | % | | | 1.50 | % | | | 102 | % |
$ | 10.98 | | | | 8.61 | % | | $ | 175,534 | | | | 1.33 | % | | | 0.94 | % | | | 1.50 | % | | | 1.54 | % | | | 180 | % |
$ | 11.10 | | | | 19.79 | % | | $ | 105,642 | | | | 1.33 | % | | | 0.85 | % | | | 1.47 | % | | | 1.57 | % | | | 217 | % |
$ | 10.06 | | | | 10.42 | % | | $ | 86,628 | | | | 1.49 | % | | | 0.76 | % | | | 1.51 | % | | | 1.58 | % | | | 168 | % |
$ | 9.18 | | | | (4.49 | %) | | $ | 85,797 | | | | 1.44 | % | | | 1.29 | % | | | 1.51 | % | | | 1.60 | % | | | 164 | % |
$ | 9.72 | | | | 9.76 | % | | $ | 57,779 | | | | 1.52 | % | | | 1.51 | % | | | 1.57 | % | | | 1.66 | % | | | 161 | % |
| |
$ | 10.46 | | | | 0.77 | % | | $ | 120,223 | | | | 1.24 | % | | | 0.27 | % | | | 1.36 | % | | | 1.50 | % | | | 73 | % |
$ | 10.38 | | | | 5.87 | % | | $ | 109,845 | | | | 1.23 | % | | | 0.54 | % | | | 1.37 | % | | | 1.51 | % | | | 143 | % |
$ | 11.36 | | | | 23.82 | % | | $ | 91,769 | | | | 1.23 | % | | | 0.36 | % | | | 1.40 | % | | | 1.58 | % | | | 231 | % |
$ | 10.07 | | | | 13.15 | % | | $ | 79,446 | | | | 1.39 | % | | | (0.05 | %) | | | 1.42 | % | | | 1.58 | % | | | 86 | % |
$ | 8.90 | | | | (8.34 | %) | | $ | 84,672 | | | | 1.39 | % | | | (0.37 | %) | | | 1.48 | % | | | 1.58 | % | | | 166 | % |
$ | 9.71 | | | | 19.96 | % | | $ | 62,431 | | | | 1.49 | % | | | 0.48 | % | | | 1.59 | % | | | 1.70 | % | | | 115 | % |
| |
$ | 10.10 | | | | 1.00 | % | | $ | 49,655 | | | | 1.47 | % | | | (0.45 | %) | | | 1.92 | % | | | 2.05 | % | | | 114 | % |
4 | Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions are annualized for periods of less than one full year. |
5 | Net investment income per share is based on average shares outstanding during the period. |
6 | Commenced operations on January 1, 2015. |
* | Actual amounts were less than one-half of a cent per share. |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 51 |
Financial Highlights
For a Share Outstanding Through the Period Ended June 30, 2015 (unaudited) and
Each Fiscal Year Ended December 31, | |
| | | | | | Income from Investment Operations | | | Less Distributions | |
| | Net Asset Value, Beginning of Period | | | Net Investment Income (Loss) (5) | | | Net gains (losses) on securities, futures, and options (both realized and unrealized) | | | Total from Investment Operations | | | From Net Investment Income | | | From Net Capital Gains | | | From Tax Return of Capital | | | Total
Distributions | |
Quantex Fund (3)(4) | |
2015 | | $ | 35.20 | | | | 0.11 | | | | (0.20 | ) | | | (0.09 | ) | | | (0.08 | ) | | | 0.00 | | | | 0.00 | | | | (0.08 | ) |
2014 | | $ | 35.04 | | | | 0.13 | | | | 3.11 | | | | 3.24 | | | | (0.40 | ) | | | (2.68 | ) | | | 0.00 | | | | (3.08 | ) |
2013 | | $ | 25.46 | | | | 0.09 | | | | 10.45 | | | | 10.54 | | | | (0.08 | ) | | | (0.88 | ) | | | 0.00 | | | | (0.96 | ) |
2012 | | $ | 21.84 | | | | 0.07 | | | | 3.63 | | | | 3.70 | | | | (0.08 | ) | | | 0.00 | | | | 0.00 | | | | (0.08 | ) |
2011 | | $ | 22.77 | | | | 0.00 | * | | | (0.92 | ) | | | (0.92 | ) | | | (0.01 | ) | | | 0.00 | | | | 0.00 | | | | (0.01 | ) |
2010 | | $ | 18.48 | | | | (0.06 | ) | | | 4.35 | | | | 4.29 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
Utilities and Infrastructure Fund (3)(4) | |
2015 | | $ | 30.45 | | | | 0.14 | | | | (0.94 | ) | | | (0.80 | ) | | | (0.11 | ) | | | 0.00 | | | | 0.00 | | | | (0.11 | ) |
2014 | | $ | 30.98 | | | | 0.19 | | | | 2.64 | | | | 2.83 | | | | (0.83 | ) | | | (2.53 | ) | | | 0.00 | | | | (3.36 | ) |
2013 | | $ | 24.17 | | | | 0.17 | | | | 6.81 | | | | 6.98 | | | | (0.17 | ) | | | 0.00 | | | | 0.00 | | | | (0.17 | ) |
2012 | | $ | 24.06 | | | | 0.15 | | | | 0.21 | | | | 0.36 | | | | (0.15 | ) | | | (0.10 | ) | | | 0.00 | | | | (0.25 | ) |
2011 | | $ | 23.51 | | | | 0.22 | | | | 0.70 | | | | 0.92 | | | | (0.37 | ) | | | 0.00 | | | | 0.00 | | | | (0.37 | ) |
2010 | | $ | 20.73 | | | | 0.15 | | | | 2.76 | | | | 2.91 | | | | (0.13 | ) | | | 0.00 | | | | 0.00 | | | | (0.13 | ) |
Dividend Opportunities Fund (1)(2)(3)(4) | |
2015 (7) | | $ | 10.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
Total Return Bond Fund (1)(2)(3)(4) | |
2015 | | $ | 9.63 | | | | 0.11 | | | | (0.14 | ) | | | (0.03 | ) | | | (0.13 | ) | | | 0.00 | | | | 0.00 | | | | (0.13 | ) |
2014 | | $ | 9.77 | | | | 0.33 | | | | (0.15 | ) | | | 0.18 | | | | (0.32 | ) | | | 0.00 | | | | 0.00 | | | | (0.32 | ) |
2013 | | $ | 10.15 | | | | 0.38 | | | | (0.38 | ) | | | (0.00 | ) | | | (0.38 | ) | | | 0.00 | | | | 0.00 | | | | (0.38 | ) |
2012 | | $ | 9.73 | | | | 0.44 | | | | 0.41 | | | | 0.85 | | | | (0.43 | ) | | | 0.00 | | | | 0.00 | | | | (0.43 | ) |
2011 (6) | | $ | 10.00 | | | | 0.25 | | | | (0.31 | ) | | | (0.06 | ) | | | (0.21 | ) | | | 0.00 | | | | 0.00 | | | | (0.21 | ) |
Money Market Fund - Retail Class (3)(4) | |
2015 | | $ | 1.00 | | | | 0.000 | * | | | N/ | A | | | 0.000 | * | | | 0.000 | * | | | 0.000 | | | | 0.000 | | | | 0.000 | * |
2014 | | $ | 1.00 | | | | 0.001 | * | | | N/ | A | | | 0.001 | * | | | (0.001 | )* | | | 0.000 | | | | 0.000 | | | | (0.001 | )* |
2013 | | $ | 1.00 | | | | 0.001 | | | | N/ | A | | | 0.001 | | | | (0.001 | ) | | | 0.000 | | | | 0.000 | | | | (0.001 | ) |
2012 | | $ | 1.00 | | | | 0.001 | | | | N/ | A | | | 0.001 | | | | (0.001 | ) | | | 0.000 | | | | 0.000 | | | | (0.001 | ) |
2011 | | $ | 1.00 | | | | 0.001 | | | | N/ | A | | | 0.001 | | | | (0.001 | ) | | | 0.000 | | | | 0.000 | | | | (0.001 | ) |
2010 | | $ | 1.00 | | | | 0.002 | | | | N/ | A | | | 0.002 | | | | (0.002 | ) | | | 0.000 | | | | 0.000 | | | | (0.002 | ) |
Money Market Fund - Institutional Class (3)(4) | |
2015 | | $ | 1.00 | | | | 0.001 | | | | N/ | A | | | 0.001 | | | | (0.001 | ) | | | 0.000 | | | | 0.000 | | | | (0.001 | ) |
2014 | | $ | 1.00 | | | | 0.001 | | | | N/ | A | | | 0.001 | | | | (0.001 | ) | | | 0.000 | | | | 0.000 | | | | (0.001 | ) |
2013 | | $ | 1.00 | | | | 0.001 | | | | N/ | A | | | 0.001 | | | | (0.001 | ) | | | 0.000 | | | | 0.000 | | | | (0.001 | ) |
2012 | | $ | 1.00 | | | | 0.002 | | | | N/ | A | | | 0.002 | | | | (0.002 | ) | | | 0.000 | | | | 0.000 | | | | (0.002 | ) |
2011 | | $ | 1.00 | | | | 0.002 | | | | N/ | A | | | 0.002 | | | | (0.002 | ) | | | 0.000 | | | | 0.000 | | | | (0.002 | ) |
2010 | | $ | 1.00 | | | | 0.003 | | | | N/ | A | | | 0.003 | | | | (0.003 | ) | | | 0.000 | | | | 0.000 | | | | (0.003 | ) |
1 | Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions do not include impact of expenses of the underlying security holdings as represented in the schedule of investments. |
2 | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
3 | Total return and portfolio turnover rate are not annualized for periods of less than one full year. |
4 | Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions are annualized for periods of less than one full year. |
The accompanying notes are an integral part of these financial statements.
Page 52 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
| |
| | | | | | Ratios/Supplemental Data | |
Net Asset Value, End of Period | | | Total Return (Assumes Reinvestment of Distributions) | | | Net Assets, End of Period ($000) | | | Ratio of Net Expenses to Average Net Assets | | | Ratio of Net Investment Income (Loss) to Average Net Assets | | | Ratio of Expenses to Average Net Assets after Reductions, Excluding Commissions Recaptured and Fees Received from Custodian | | | Ratio of Expenses to Average Net Assets Before Reductions | | | Portfolio Turnover Rate | |
| |
$ | 35.03 | | | | (0.26 | %) | | $ | 75,426 | | | | 0.95 | % | | | 0.64 | % | | | 1.23 | % | | | 1.72 | % | | | 72 | % |
$ | 35.20 | | | | 9.48 | % | | $ | 61,834 | | | | 1.44 | % | | | 0.36 | % | | | 1.52 | % | | | 1.78 | % | | | 29 | % |
$ | 35.04 | | | | 41.54 | % | | $ | 44,476 | | | | 1.52 | % | | | 0.27 | % | | | 1.58 | % | | | 1.94 | % | | | 25 | % |
$ | 25.46 | | | | 16.93 | % | | $ | 23,306 | | | | 1.60 | % | | | 0.29 | % | | | 1.61 | % | | | 2.06 | % | | | 31 | % |
$ | 21.84 | | | | (4.05 | %) | | $ | 17,434 | | | | 1.62 | % | | | 0.01 | % | | | 1.62 | % | | | 2.06 | % | | | 57 | % |
$ | 22.77 | | | | 23.21 | % | | $ | 17,024 | | | | 1.65 | % | | | (0.26 | %) | | | 1.65 | % | | | 2.17 | % | | | 55 | % |
| |
$ | 29.54 | | | | (2.63 | %) | | $ | 56,780 | | | | 1.82 | % | | | 0.94 | % | | | 1.82 | % | | | 1.82 | % | | | 11 | % |
$ | 30.45 | | | | 9.42 | % | | $ | 46,746 | | | | 1.88 | % | | | 0.63 | % | | | 1.88 | % | | | 1.89 | % | | | 34 | % |
$ | 30.98 | | | | 28.96 | % | | $ | 37,988 | | | | 1.87 | % | | | 0.62 | % | | | 1.87 | % | | | 1.99 | % | | | 19 | % |
$ | 24.17 | | | | 1.52 | % | | $ | 30,452 | | | | 1.89 | % | | | 0.63 | % | | | 1.89 | % | | | 2.02 | % | | | 29 | % |
$ | 24.06 | | | | 3.93 | % | | $ | 32,609 | | | | 1.90 | % | | | 0.87 | % | | | 1.90 | % | | | 2.02 | % | | | 43 | % |
$ | 23.51 | | | | 14.10 | % | | $ | 24,144 | | | | 1.92 | % | | | 0.70 | % | | | 1.92 | % | | | 2.11 | % | | | 53 | % |
| |
$ | 10.00 | | | | N/ | A | | $ | 319 | | | | N/ | A | | | N/ | A | | | N/ | A | | | N/ | A | | | N/ | A |
| |
$ | 9.47 | | | | (0.34 | %) | | $ | 181,167 | | | | 0.85 | % | | | 2.30 | % | | | 0.99 | % | | | 1.04 | % | | | 130 | % |
$ | 9.63 | | | | 1.78 | % | | $ | 143,046 | | | | 0.99 | % | | | 3.39 | % | | | 1.02 | % | | | 1.13 | % | | | 82 | % |
$ | 9.77 | | | | 0.01 | % | | $ | 90,080 | | | | 0.99 | % | | | 3.87 | % | | | 1.01 | % | | | 1.19 | % | | | 79 | % |
$ | 10.15 | | | | 8.93 | % | | $ | 76,001 | | | | 0.99 | % | | | 4.45 | % | | | 1.00 | % | | | 1.23 | % | | | 157 | % |
$ | 9.73 | | | | (0.57 | %) | | $ | 56,998 | | | | 0.99 | % | | | 4.97 | % | | | 1.06 | % | | | 1.36 | % | | | 125 | % |
| |
$ | 1.00 | | | | 0.03 | % | | $ | 50,128 | | | | 0.17 | % | | | 0.06 | % | | | 0.17 | % | | | 0.59 | % | | | N/ | A |
$ | 1.00 | | | | 0.06 | % | | $ | 54,927 | | | | 0.16 | % | | | 0.06 | % | | | 0.16 | % | | | 0.67 | % | | | N/ | A |
$ | 1.00 | | | | 0.08 | % | | $ | 61,288 | | | | 0.22 | % | | | 0.08 | % | | | 0.22 | % | | | 0.90 | % | | | N/ | A |
$ | 1.00 | | | | 0.10 | % | | $ | 73,546 | | | | 0.30 | % | | | 0.10 | % | | | 0.30 | % | | | 0.82 | % | | | N/ | A |
$ | 1.00 | | | | 0.11 | % | | $ | 78,903 | | | | 0.30 | % | | | 0.11 | % | | | 0.30 | % | | | 0.90 | % | | | N/ | A |
$ | 1.00 | | | | 0.20 | % | | $ | 96,087 | | | | 0.38 | % | | | 0.20 | % | | | 0.38 | % | | | 0.86 | % | | | N/ | A |
| |
$ | 1.00 | | | | 0.05 | % | | $ | 126,537 | | | | 0.12 | % | | | 0.11 | % | | | 0.12 | % | | | 0.59 | % | | | N/ | A |
$ | 1.00 | | | | 0.11 | % | | $ | 147,739 | | | | 0.10 | % | | | 0.11 | % | | | 0.10 | % | | | 0.65 | % | | | N/ | A |
$ | 1.00 | | | | 0.14 | % | | $ | 43,485 | | | | 0.15 | % | | | 0.14 | % | | | 0.15 | % | | | 0.71 | % | | | N/ | A |
$ | 1.00 | | | | 0.16 | % | | $ | 84,953 | | | | 0.23 | % | | | 0.17 | % | | | 0.23 | % | | | 0.63 | % | | | N/ | A |
$ | 1.00 | | | | 0.20 | % | | $ | 23,231 | | | | 0.21 | % | | | 0.20 | % | | | 0.21 | % | | | 0.71 | % | | | N/ | A |
$ | 1.00 | | | | 0.28 | % | | $ | 33,584 | | | | 0.29 | % | | | 0.29 | % | | | 0.29 | % | | | 0.68 | % | | | N/ | A |
5 | Except for Money Market Fund, net investment income per share is based on average shares outstanding during the period. |
6 | Commenced operations on June 30, 2011 |
7 | Commenced operations on June 30, 2015. |
* | Actual amounts were less than one-half of a cent per share |
The accompanying notes are an integral part of these financial statements.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 53 |
Notes to Financial Statements
June 30, 2015 (unaudited)
1. Organization and Significant Accounting Policies
Meeder Funds Trust (the “Trust”) was organized in 1982 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Trust offers eleven separate series and is presently comprised of eleven separate funds as follows: Muirfield Fund (“Muirfield”), Dynamic Growth Fund (“Dynamic”), Aggressive Growth Fund (“Aggressive”), Balanced Fund (“Balanced”), Strategic Growth Fund (“Strategic”), Spectrum Fund (“Spectrum”)(please see second paragraph of Note #1 for more information), Dividend Opportunities Fund (“Dividend”)(please see third paragraph of Note #1 for more information), Quantex Fund (“Quantex”), Utilities and Infrastructure Fund (“Utilities”), Total Return Bond Fund (“Bond”), and Money Market Fund (“Money Market”) (each a “Fund” and collectively the “Funds”). Money Market offers two classes of shares (the Retail Class (“Retail Class”) and the Institutional Class (“Institutional Class”)). Each class of shares has equal rights as to earnings and assets except that each class bears different distribution and transfer agent expenses. The investment objective of Muirfield, Dynamic, Aggressive, Strategic, Spectrum, and Quantex is to provide long term capital appreciation. The investment objective of Balanced is to provide income and long term capital appreciation. The investment objective of Dividend and Utilities is to provide total return, including capital appreciation and income. The investment objective of Bond is total return, consisting of income and capital growth, consistent with minimizing the risk of loss of capital. The investment objective of Money Market is to provide current income while maintaining a stable share price of $1.00.
On January 1, 2015, Meeder Asset Management, Inc. (“MAM”), the investment advisor to the Funds, offered a new fund to the Trust. Spectrum Fund seeks to achieve its investment objective primarily by taking long and short positions in the global securities markets. The Fund primarily invests long in common and preferred stocks and in investment companies (“underlying funds”), which include domestic and foreign mutual funds, as well as in exchange traded funds (“ETFs”), closed-end funds and unit investment trusts. Short positions involve selling a security the Fund does not own in anticipation that the security’s price will decline. The Fund’s typical long equity investment exposure will range from 0% to 150%, while the Fund’s typical short equity investment exposure will range from 0% to 50%. The Fund may use leverage (e.g., by borrowing or through derivatives). As a result, the sum of the Fund’s investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time.
On June 30, 2015, MAM offered a new fund to the Trust. Dividend Opportunities Fund intends to pursue its investment objective by investing primarily in common and preferred stocks. The Fund may also invest in underlying funds, which include foreign and domestic mutual funds, as well as in ETFs, closed-end funds and unit investment trusts, Master Limited Partnerships (“MLPs”), and Real Estate Investment Trusts (“REITs”). A MLP is a limited partnership that is publicly traded on an exchange. It combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. Under normal market conditions, the Fund intends to invest at least 80% of its net assets (plus borrowing for investment purposes, if any) in dividend-paying equity securities. With respect to the 80% investment in dividend-paying equity securities, the Fund will look through to the investments made by the underlying funds. Additionally, the Fund may invest up to 20% of its net assets in debt securities of any maturity and of any credit rating, including securities that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality (commonly referred to as “high yield securities” or “junk bonds”). The Fund will only invest in U.S. dollar denominated securities.
Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Page 54 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Security valuation. All investments in securities are recorded at their estimated fair value, as described in Note #2.
Repurchase agreements. Each Fund may engage in repurchase agreement transactions whereby the Fund takes possession of an underlying debt instrument subject to an obligation of the seller to repurchase the instrument from the Fund and an obligation of the Fund to resell the instrument at an agreed upon price and term. At all times, the Fund maintains the fair value of collateral, including accrued interest, of at least 100% of the amount of the repurchase agreement, plus accrued interest. If the seller defaults or the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.
Short sales. Spectrum may make short sales as part of its overall portfolio management strategy or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including ETFs. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its position in a permissible manner. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund’s needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short and borrowing costs are not covered under the Adviser’s expense limitation agreement with the Fund and, therefore, these expenses will be borne by the shareholders of the Fund. The amount of restricted cash held at the broker as collateral for securities sold short was $13,515,024 as of June 30, 2015.
Futures & options. Each Fund, except Money Market, may engage in transactions in financial futures contracts and options contracts in order to manage the risk of unanticipated changes in market values of securities held in the Fund, or which it intends to purchase. The futures and options contracts are adjusted by the daily exchange rate of the underlying currency, or index, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses in the statement of assets and liabilities and the statement of operations until the contract settlement date, at which time realized gains and losses are included in the statement of operations.
To the extent that the Fund enters into futures contracts on an index or group of securities, the Fund exposes itself to an indeterminate liability and will be required to pay or receive a sum of money measured by the change in the fair value of the index. Upon entering into a futures contract, the Fund is required to deposit an initial margin, which is either cash or securities (disclosed as pledged as collateral on the Schedules of Investments) in an amount equal to a certain percentage of the contract value. Subsequently, the variation margin, which is equal to changes in the daily settlement price or last sale price on the exchanges where futures contracts trade, is recorded as an unrealized gain or loss until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize losses. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Except for Money Market and Utilities, it is normal practice for each Fund to invest in futures
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 55 |
contracts on a daily basis. The Funds, except for Bond and Money Market, typically utilize equity index futures contracts to equitize cash positions or adjust targeted stock market exposure. Bond and the fixed income portion of Balanced can utilize Treasury futures contracts in order to adjust duration. Although Utilities is permitted to invest in futures contracts, it typically does not.
Call and put option contracts involve the payment of a premium for the right to purchase or sell an individual security or index aggregate at a specified price until the expiration of the contract. Such transactions expose the Fund to the loss of the premium paid if the Fund does not sell or exercise the contract prior to the expiration date. In the case of a call option, sufficient cash or money market instruments will be segregated to complete the purchase. Options are fair valued on the basis of the daily settlement price or last sale on the exchanges where they trade and the changes in fair value are recorded as unrealized appreciation or depreciation until closed, exercised or expired. For the six months ended June 30, 2015, there were no call or put options transacted for any of the Funds.
The Funds may write covered call or put options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. When written options are closed or exercised, premiums received are offset against the proceeds paid, and the Fund records realized gains or losses for the difference. When written options expire, the liability is eliminated, and the Fund records realized gains for the entire amount of premiums received. Although permitted, it is currently not normal practice for the Funds to write call and put options and none were written during the six months ended June 30, 2015. The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Statements of Assets and Liabilities as of June 30, 2015 was as follows:
Amount of Net Variation Margin and Unrealized Appreciation (Depreciation) on Derivatives | |
| | |
| Type of Derivative/Risk | Statements of Assets & Liabilities Location* | | Fair Value of Variation Margin | | | Fair Value of Unrealized Appreciation (Depreciation) | |
Muirfield Fund | Equity contracts | Liabilities, Payable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 128,738 | | | $ | (643,688 | ) |
Dynamic Growth Fund | Equity contracts | Liabilities, Payable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 444,907 | | | | (493,942 | ) |
Aggressive Growth Fund | Equity contracts | Liabilities, Payable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 255,996 | | | | (266,869 | ) |
Balanced Fund | Equity contracts | Liabilities, Payable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 41,580 | | | | (188,978 | ) |
Strategic Growth Fund | Equity contracts | Liabilities, Payable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 72,349 | | | | (139,665 | ) |
Spectrum Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 676,253 | | | | (486,098 | ) |
Page 56 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Amount of Net Variation Margin and Unrealized Appreciation (Depreciation) on Derivatives | |
| | |
| Type of Derivative/Risk | Statements of Assets & Liabilities Location* | | Fair Value of Variation Margin | | | Fair Value of Unrealized Appreciation (Depreciation) | |
Quantex Fund | Equity contracts | Liabilities, Payable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 241,274 | | | | (225,325 | ) |
* | Unrealized appreciation (depreciation) on futures contracts is included with unrealized appreciation (depreciation) of investments on the Statements of Assets & Liabilities. |
The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2015 was as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | |
| | |
| Type of Derivative/ Risk | | Contracts as of December 31, 2014 | | | Contracts Opened During the Period | | | Contracts Closed/ Expired During the Period | | | Contracts as of June 30, 2015 | | Statement of Operations Location | | For the Six Months Ended June 30, 2015 | |
Muirfield Fund | Equity contracts | | | 804 | | | | 3,700 | | | | 4,032 | | | | 472 | | Net realized gains from futures contracts | | $ | 2,330,775 | |
Dynamic Growth Fund | Equity contracts | | | 54 | | | | 1,911 | | | | 1,616 | | | | 349 | | Net realized gains from futures contracts | | | 851,842 | |
Aggressive Growth Fund | Equity contracts | | | 40 | | | | 1,141 | | | | 1,001 | | | | 180 | | Net realized gains from futures contracts | | | 434,478 | |
Balanced Fund | Equity contracts | | | 285 | | | | 1,521 | | | | 1,683 | | | | 123 | | Net realized gains from futures contracts | | | 1,376,436 | |
Strategic Growth Fund | Equity contracts | | | 44 | | | | 591 | | | | 563 | | | | 72 | | Net realized gains from futures contracts | | | 685,702 | |
Spectrum Fund | Equity contracts | | | — | | | | 1,244 | | | | 969 | | | | 275 | | Net realized gains from futures contracts | | | 1,162,351 | |
Quantex Fund | Equity contracts | | | 40 | | | | 431 | | | | 392 | | | | 79 | | Net realized gains from futures contracts | | | 649,248 | |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 57 |
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income | |
| | |
| Type of
Derivative/Risk | Statement of Operations Location | | For the Six Months Ended June 30, 2015 | |
Muirfield Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | | $ | (1,486,322 | ) |
Dynamic Growth Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (581,156 | ) |
Aggressive Growth Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (320,159 | ) |
Balanced Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (533,984 | ) |
Strategic Growth Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (204,919 | ) |
Spectrum Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (486,098 | ) |
Quantex Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | | | (346,615 | ) |
Federal income taxes. It is each Fund’s policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income and net capital gains to its shareholders. Therefore, no federal income tax provision is required.
As of and during the six months ended June 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statements of operations. During the six months ended June 30, 2015, the Funds did not incur any interest or penalties.
The Funds are not subject to examination by U.S. federal and state tax authorities for tax years before 2011.
Distributions to shareholders. Distributions to shareholders are recorded on the ex-dividend date. Muirfield, Quantex, Dynamic, Aggressive, Balanced, Strategic, and Spectrum declare and pay dividends from net investment income, if any, on a quarterly basis. Utilities, Dividend, and Bond declare and pay dividends from net investment income on a monthly basis. Money Market declares dividends from net investment income on a daily basis and pays such dividends on a monthly basis. Each Fund distributes net capital gains, if any, on an annual basis.
Page 58 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Distributions from net investment income and from net capital gains are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to deferrals of certain losses, expiring capital loss carryforwards, and differing treatments of unrealized gains and losses of futures contracts held by each Fund. Accordingly, timing differences relating to shareholder distributions are reflected in the components of net assets and permanent book and tax differences have been reclassified within the components of net assets based on their ultimate characterization for federal income tax purposes. For the year ended December 31, 2014, the Funds made the following reclassifications to increase/(decrease) the components of net assets:
| | | Capital | | | Accumulated Undistributed (Distributions in Excess of) Net Investment Income | | | Accumulated Undistributed Net Realized Gain (Loss) from Investments and Futures Contracts | |
Muirfield Fund | | $ | — | | | $ | 5,429,742 | | | $ | (5,429,742 | ) |
Dynamic Growth Fund | | | — | | | | 3,040,561 | | | | (3,040,561 | ) |
Aggressive Growth Fund | | | — | | | | 518,051 | | | | (518,051 | ) |
Balanced Fund | | | — | | | | 2,240,685 | | | | (2,240,685 | ) |
Strategic Growth Fund | | | — | | | | 1,000,667 | | | | (1,000,667 | ) |
Quantex Fund | | | — | | | | 433,911 | | | | (433,911 | ) |
Utilities & Infrastructure Fund | | | (145,520 | ) | | | 693,831 | | | | (548,311 | ) |
Investment income & expenses. For Money Market, income and expenses (other than expenses attributable to a specific class) are allocated to each class of shares based on its relative net assets. Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds based on each Fund’s relative net assets or other appropriate basis.
Capital Share Transactions. Money Market is authorized to issue an unlimited number of shares in the Retail Class and the Institutional Class. Transactions in the capital shares of the Fund for the six months ended June 30, 2015 and the year ended December 31, 2014 were as follows:
| | | 2015 | | | 2014 | |
| | | Amount | | | Shares | | | Amount | | | Shares | |
Retail Class | | | | | | | | | | | | |
Issued | | $ | 55,485,025 | | | | 55,485,025 | | | $ | 103,062,606 | | | | 103,062,606 | |
Reinvested | | | 14,352 | | | | 14,352 | | | | 33,592 | | | | 33,592 | |
Redeemed | | | (60,297,934 | ) | | | (60,297,934 | ) | | | (109,457,288 | ) | | | (109,457,288 | ) |
Net increase (decrease) | | $ | (4,798,557 | ) | | | (4,798,557 | ) | | $ | (6,361,090 | ) | | | (6,361,090 | ) |
| | | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Issued | | $ | 507,334,111 | | | | 507,334,111 | | | $ | 472,700,382 | | | | 472,700,382 | |
Reinvested | | | 2,120 | | | | 2,120 | | | | 6,470 | | | | 6,470 | |
Redeemed | | | (528,538,868 | ) | | | (528,538,868 | ) | | | (368,451,991 | ) | | | (368,451,991 | ) |
Net increase (decrease) | | $ | (21,202,637 | ) | | | (21,202,637 | ) | | $ | 104,254,861 | | | | 104,254,861 | |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 59 |
Offsetting Assets & Liabilities. The Funds’ policy is to recognize a net asset/liability equal to the net variation margin for futures contracts. Risks arise from the possible inability of counterparties to meet the terms of their contracts. During the six months ended June 30, 2015, the Funds were not subject to any master netting arrangements. The table below reflects the offsetting assets and liabilities relating to securities lending, futures contracts, and repurchase agreements shown on the Statements of Assets and Liabilities at June 30, 2015.
| | | | | | | | | | | Gross Amounts Not Offset in the Statements of Assets and Liabilities | | | | |
Description/ Fund | | Gross Amounts of Recognized Assets/ Liabilities | | | Gross Amounts Offset in the Statements of Assets and Liabilities | | | Net Amounts Presented in the Statements of Assets and Liabilities | | | Financial Instruments* | | | Collateral Pledged (Received)* | | | Net Amount | |
Assets: | | | | | | | | | | | | | | | | | | |
Securities Loaned | | | | | | | | | | | | | | | | | | |
Muirfield Fund | | $ | 5,423,980 | | | $ | — | | | $ | 5,423,980 | | | $ | — | | | $ | (5,423,980 | ) | | $ | — | |
Dynamic Growth Fund | | | 2,196,798 | | | | — | | | | 2,196,798 | | | | — | | | | (2,196,798 | ) | | | — | |
Aggressive Growth Fund | | | 2,121,621 | | | | — | | | | 2,121,621 | | | | — | | | | (2,121,621 | ) | | | — | |
Balanced Fund | | | 4,053,465 | | | | — | | | | 4,053,465 | | | | — | | | | (4,053,465 | ) | | | — | |
Strategic Growth Fund | | | 1,201,990 | | | | — | | | | 1,201,990 | | | | — | | | | (1,201,990 | ) | | | — | |
Quantex Fund | | | 6,691,620 | | | | — | | | | 6,691,620 | | | | — | | | | (6,691,620 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | |
Spectrum Fund | | $ | 676,253 | | | $ | — | | | $ | 676,253 | | | $ | 676,253 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | | | | | | | | | | | | | | | | | | | |
Money Market Fund | | $ | 30,000,000 | | | $ | — | | | $ | 30,000,000 | | | $ | — | | | $ | — | | | $ | 30,000,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | |
Muirfield Fund | | $ | 128,738 | | | $ | — | | | $ | 128,738 | | | $ | 128,738 | | | $ | — | | | $ | — | |
Dynamic Growth Fund | | | 444,907 | | | | — | | | | 444,907 | | | | 444,907 | | | | — | | | | — | |
Aggressive Growth Fund | | | 255,996 | | | | — | | | | 255,996 | | | | 255,996 | | | | — | | | | — | |
Balanced Fund | | | 41,580 | | | | — | | | | 41,580 | | | | 41,580 | | | | — | | | | — | |
Strategic Growth Fund | | | 72,349 | | | | — | | | | 72,349 | | | | 72,349 | | | | — | | | | — | |
Quantex Fund | | | 241,274 | | | | — | | | | 241,274 | | | | 241,274 | | | | — | | | | — | |
* | The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged. |
Other. The Funds record security transactions on the trade date. Gains and losses realized from the sale of securities are determined on the specific identification basis. Dividend income is recognized on the ex-dividend date and interest income (including amortization of premium and accretion of discount) is recognized as earned. Short-term capital gain distributions from underlying funds are classified as dividend income for financial reporting purposes. Long-term capital gains distributions are broken out as such. Discounts and premiums are amortized over the lives of the respective securities. Distributions received from partnerships are recorded as return of capital distributions. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
Page 60 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
2. Securities Valuations
The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.
Equity securities (including publicly traded partnerships, real estate investment trusts, american depositary receipts, exchange traded funds, and common stock). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation and are categorized in level 1 of the fair value hierarchy.
Investments in registered open-end investment companies, including money market funds, are valued at the daily redemption value as reported by the underlying fund and are categorized in level 1 of the fair value hierarchy.
Short-term notes (including bank obligations, commercial paper, corporate obligations, repurchase agreements, U.S. government agency obligations, and floating rate demand notes). Short-term notes held in the Funds, except Money Market, maturing more than sixty days after the valuation date, are valued at the last sales price as of the close of business on the day of valuation, or, lacking any sales, at the most recent bid price or yield equivalent as obtained from dealers that make markets in such securities. When valued at last sales price, the securities will be categorized as level 1. When using bid prices or yield equivalents, they will be categorized as level 2. When such securities are valued within sixty days or less to maturity, the difference between the valuation existing on the sixty-first day before maturity and maturity value is amortized on a straight-line basis to maturity and will be categorized as level 2.
All securities held in Money Market, other than money market funds, are valued at amortized cost, which approximates fair value, and will be categorized as level 2.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 61 |
Certificates of deposit. Certificates of deposit are valued at acquisition cost, which approximates fair value, and will be categorized as level 2.
U.S. government obligations. U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. In either case, these securities will be categorized as level 2.
Restricted securities (equity and debt). Restricted securities for which quotations are not readily available are valued at fair value as determined by the Trustees. Depending on the relative significance of valuation inputs, these instruments may be classified in either level 2 or level 3 of the fair value hierarchy.
Derivative instruments (futures contracts). Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.
For the six months ended June 30, 2015, the Funds did not hold any assets at any time in which significant unobservable inputs were used in determining fair value. Therefore, no reconciliation of level 3 securities is provided. Also, there were no transfers between level 1 and level 2 securities. The Funds recognize transfers between fair value hierarchy levels at the end of the reporting period. The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of June 30, 2015.
Muirfield – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 249,986,095 | | | $ | — | | | $ | — | | | $ | 249,986,095 | |
Registered investment companies | | | 37,929,045 | | | | — | | | | — | | | | 37,929,045 | |
Money market registered investment companies | | | 53,960,418 | | | | — | | | | — | | | | 53,960,418 | |
Bank Obligations | | | — | | | | 748,147 | | | | — | | | | 748,147 | |
Total | | $ | 341,875,558 | | | $ | 748,147 | | | $ | — | | | $ | 342,623,705 | |
Trustee deferred compensation | | $ | 261,492 | | | $ | — | | | $ | — | | | $ | 261,492 | |
Futures contracts** | | $ | (643,688 | ) | | $ | — | | | $ | — | | | $ | (643,688 | ) |
Dynamic – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 120,153,208 | | | $ | — | | | $ | — | | | $ | 120,153,208 | |
Registered investment companies | | | 18,210,136 | | | | — | | | | — | | | | 18,210,136 | |
Money market registered investment companies | | | 22,655,924 | | | | — | | | | — | | | | 22,655,924 | |
Bank Obligations | | | — | | | | 748,147 | | | | — | | | | 748,147 | |
Total | | $ | 161,019,268 | | | $ | 748,147 | | | $ | — | | | $ | 161,767,415 | |
Trustee deferred compensation | | $ | 147,910 | | | $ | — | | | $ | — | | | $ | 147,910 | |
Futures contracts** | | $ | (493,942 | ) | | $ | — | | | $ | — | | | $ | (493,942 | ) |
Aggressive – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 71,091,772 | | | $ | — | | | $ | — | | | $ | 71,091,772 | |
Registered investment companies | | | 12,309,040 | | | | — | | | | — | | | | 12,309,040 | |
Money market registered investment companies | | | 10,377,662 | | | | — | | | | — | | | | 10,377,662 | |
Bank Obligations | | | — | | | | 748,147 | | | | — | | | | 748,147 | |
Total | | $ | 93,778,474 | | | $ | 748,147 | | | $ | — | | | $ | 94,526,621 | |
Trustee deferred compensation | | $ | 86,998 | | | $ | — | | | $ | — | | | $ | 86,998 | |
Futures contracts** | | $ | (266,868 | ) | | $ | — | | | $ | — | | | $ | (266,868 | ) |
Page 62 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Balanced – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 109,403,277 | | | $ | — | | | $ | — | | | $ | 109,403,277 | |
Registered investment companies | | | 84,708,197 | | | | — | | | | — | | | | 84,708,197 | |
Money market registered investment companies | | | 17,277,184 | | | | — | | | | — | | | | 17,277,184 | |
Bank Obligations | | | — | | | | 748,147 | | | | — | | | | 748,147 | |
Total | | $ | 211,388,658 | | | $ | 748,147 | | | $ | — | | | $ | 212,136,805 | |
Trustee deferred compensation | | $ | 118,896 | | | $ | — | | | $ | — | | | $ | 118,896 | |
Futures contracts** | | $ | (188,978 | ) | | $ | — | | | $ | — | | | $ | (188,978 | ) |
Strategic – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 76,547,492 | | | $ | — | | | $ | — | | | $ | 76,547,492 | |
Registered investment companies | | | 34,938,244 | | | | — | | | | — | | | | 34,938,244 | |
Money market registered investment companies | | | 2,697,839 | | | | — | | | | — | | | | 2,697,839 | |
Bank Obligations | | | — | | | | 748,147 | | | | — | | | | 748,147 | |
Total | | $ | 114,183,575 | | | $ | 748,147 | | | $ | — | | | $ | 114,931,722 | |
Trustee deferred compensation | | $ | 101,852 | | | $ | — | | | $ | — | | | $ | 101,852 | |
Futures contracts** | | $ | (139,665 | ) | | $ | — | | | $ | — | | | $ | (139,665 | ) |
Spectrum – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks – Long* | | $ | 19,474,187 | | | $ | — | | | $ | — | | | $ | 19,474,187 | |
Registered investment companies | | | 5,313,839 | | | | — | | | | — | | | | 5,313,839 | |
Money market registered investment companies | | | 11,448,418 | | | | — | | | | — | | | | 11,448,418 | |
Total – Long investments | | $ | 36,236,444 | | | $ | — | | | $ | — | | | $ | 36,236,444 | |
Common stocks – Short* | | $ | (11,805,350 | ) | | $ | — | | | $ | — | | | $ | (11,805,350 | ) |
Trustee deferred compensation | | $ | 659 | | | $ | — | | | $ | — | | | $ | 659 | |
Futures contracts** | | $ | (486,098 | ) | | $ | — | | | $ | — | | | $ | (486,098 | ) |
Quantex – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 63,123,454 | | | $ | — | | | $ | — | | | $ | 63,123,454 | |
Money market registered investment companies | | | 14,945,487 | | | | — | | | | — | | | | 14,945,487 | |
Bank Obligations | | | — | | | | 748,147 | | | | — | | | | 748,147 | |
Total | | $ | 78,068,941 | | | $ | 748,147 | | | $ | — | | | $ | 78,817,088 | |
Trustee deferred compensation | | $ | 91,349 | | | $ | — | | | $ | — | | | $ | 91,349 | |
Futures contracts** | | $ | (225,325 | ) | | $ | — | | | $ | — | | | $ | (225,325 | ) |
Utilities – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 55,302,528 | | | $ | — | | | $ | — | | | $ | 55,302,528 | |
Money market registered investment companies | | | 1,336,604 | | | | — | | | | — | | | | 1,336,604 | |
Total | | $ | 56,639,132 | | | $ | — | | | $ | — | | | $ | 56,639,132 | |
Trustee deferred compensation | | $ | 88,612 | | | $ | — | | | $ | — | | | $ | 88,612 | |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 63 |
Bond – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Registered investment companies | | $ | 181,811,489 | | | $ | — | | | $ | — | | | $ | 181,811,489 | |
Money market registered investment companies | | | 5,872,392 | | | | — | | | | — | | | | 5,872,392 | |
Bank Obligations | | | — | | | | 748,147 | | | | — | | | | 748,147 | |
U.S. government obligations | | | — | | | | 46,641 | | | | — | | | | 46,641 | |
Total | | $ | 187,683,881 | | | $ | 794,788 | | | $ | — | | | $ | 188,478,669 | |
Trustee deferred compensation | | $ | 42,407 | | | $ | — | | | $ | — | | | $ | 42,407 | |
Money Market – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank obligations | | $ | — | | | $ | 24,039,291 | | | $ | — | | | $ | 24,039,291 | |
Certificates of deposit | | | — | | | | 23,873,909 | | | | — | | | | 23,873,909 | |
Corporate obligations | | | — | | | | 15,905,215 | | | | — | | | | 15,905,215 | |
Repurchase agreements | | | — | | | | 30,000,000 | | | | — | | | | 30,000,000 | |
U.S. government agency obligations | | | — | | | | 14,868,206 | | | | — | | | | 14,868,206 | |
Money Market registered investment companies | | | 67,910,284 | | | | — | | | | — | | | | 67,910,284 | |
Total | | $ | 67,910,284 | | | $ | 108,686,621 | | | $ | — | | | $ | 176,596,905 | |
Trustee deferred compensation | | $ | 76,911 | | | $ | — | | | $ | — | | | $ | 76,911 | |
* | See schedule of investments for industry classifications. |
** | Futures contracts include unrealized gain/loss on contracts open at June 30, 2015. |
3. Investment Transactions
For the six months ended June 30, 2015, the cost of purchases and proceeds from sales or maturities of long-term investments for the Funds, excluding U.S. Government investments, were as follows:
| | | Purchases | | | Sales | |
Muirfield Fund | | $ | 353,753,443 | | | $ | 273,869,893 | |
Dynamic Growth Fund | | | 149,438,316 | | | | 145,918,862 | |
Aggressive Growth Fund | | | 107,063,809 | | | | 104,225,446 | |
Balanced Fund | | | 236,626,198 | | | | 178,661,884 | |
Strategic Growth Fund | | | 86,712,717 | | | | 80,302,523 | |
Spectrum Fund | | | 33,900,949 | | | | 20,679,332 | |
Quantex Fund | | | 52,125,707 | | | | 44,452,167 | |
Utilities & Infrastructure Fund | | | 17,785,623 | | | | 5,449,115 | |
Total Return Bond Fund | | | 258,518,081 | | | | 210,128,035 | |
For the six months ended June 30, 2015, the cost of purchases and proceeds from sales or maturities of long-term U.S. Government investments for the Funds are as follows:
| | | Purchases | | | Sales | |
Total Return Bond Fund | | $ | 751,217 | | | $ | 750,075 | |
Page 64 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
4. Investment Advisory Fees and Other Transactions with Affiliates
Meeder Asset Management, Inc. (“MAM”), a wholly-owned subsidiary of Meeder Investment Management, Inc. (“Meeder”), provides each Fund, under a separate Investment Advisory Contract, with investment management, research, statistical and advisory services. The services of MAM will terminate automatically if assigned and may be terminated without penalty at any time upon 60 days prior written notice by majority vote of the Fund, by the Trustees of the Fund, or by MAM. For such services the Funds pay a fee at the following annual rates:
| | Percentage of Average Daily Net Assets up to $50 Million | Percentage of Average Daily Net Assets Exceeding $50 Million up to $100 Million | Percentage of Average Daily Net Assets up to $100 Million | Percentage of Average Daily Net Assets up to $200 Million | Percentage of Average Daily Net Assets Exceeding $100 Million | Percentage of Average Daily Net Assets Exceeding $200 Million |
Muirfield | 1.00% | 0.75% | N/A | N/A | 0.60% | N/A |
Quantex* | 1.00% | 0.75% | N/A | N/A | 0.60% | N/A |
Utilities** | 1.00% | 0.75% | N/A | N/A | 0.60% | N/A |
Dynamic | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Aggressive | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Balanced | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Strategic | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Spectrum | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Dividend | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Bond | N/A | N/A | 0.40% | N/A | 0.20% | N/A |
Money Market*** | N/A | N/A | 0.40% | N/A | 0.25% | N/A |
* | MAM has contractually agreed to reduce its investment advisory fee by 0.25% for Quantex for average daily net assets up to $50 million. The foregoing reduction in investment advisory fees shall automatically renew annually on or about April 30th, unless MAM elects to terminate this reduction. During the six months ended June 30, 2015, $88,042 of investment advisory fees was waived in Quantex and is not subject to recoupment. |
** | Under a separate Investment Subadvisory Agreement with MAM, Miller/Howard Investments, Inc. (“Miller/Howard”) serves as subadvisor of Utilities. The Investment Subadvisory Agreement provides that it will terminate automatically if assigned, and that it may be terminated without penalty to the Fund by MAM, the Trustees of the Fund, or by the vote of a majority of the outstanding voting shares of the Fund upon not less than 30 days written notice. As subadvisor to Utilities, Miller/Howard receives a fee paid by MAM. |
*** | During the six months ended June 30, 2015, MAM voluntarily agreed to reduce $18,759 of investment advisory fees in Money Market. |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 65 |
Mutual Funds Service Co. (“MFSCo”), a wholly-owned subsidiary of Meeder, serves as stock transfer, dividend disbursing and shareholder services agent for each Fund. In compensation for such services, each Fund pays MFSCo an annual fee equal to the greater of the following:
| | | Minimum Fee | | | Amount Per Active Shareholder Account | | | Percentage of Average Daily Net Assets | |
Muirfield | | $ | 4,000 | | | $ | 15 | | | | 0.12 | % |
Quantex | | | 4,000 | | | | 15 | | | | 0.12 | % |
Utilities | | | 4,000 | | | | 15 | | | | 0.12 | % |
Dynamic | | | 4,000 | | | | 15 | | | | 0.12 | % |
Aggressive | | | 4,000 | | | | 15 | | | | 0.12 | % |
Balanced | | | 4,000 | | | | 15 | | | | 0.12 | % |
Strategic | | | 4,000 | | | | 15 | | | | 0.12 | % |
Spectrum | | | 4,000 | | | | 15 | | | | 0.12 | % |
Dividend | | | 4,000 | | | | 15 | | | | 0.12 | % |
Bond | | | 4,000 | | | | 15 | | | | 0.08 | % |
Retail Class | | | 4,000 | | | | 20 | | | | 0.08 | % |
Institutional Class | | | 4,000 | | | | 20 | | | | 0.08 | % |
For fixed income Funds (Bond and Money Market) that are subject to an expense cap and which are above the expense cap, the basis point fee will be contractually reduced by 0.02%. During the six months ended June 30, 2015, MFSCo waived $16,733 and $23,656 of transfer agent fees for Bond and the Institutional Class, respectively.
MFSCo provides the Trust with certain administrative services. In compensation for such services, each Fund pays MFSCo at the following annual rates:
| | Percentage of Average Daily Net Assets up to $50 Million | Percentage of Average Daily Net Assets Exceeding $50 Million |
Muirfield | 0.10% | 0.08% |
Quantex | 0.10% | 0.08% |
Utilities | 0.10% | 0.08% |
Dynamic | 0.10% | 0.08% |
Aggressive | 0.10% | 0.08% |
Balanced | 0.10% | 0.08% |
Strategic | 0.10% | 0.08% |
Spectrum | 0.10% | 0.08% |
Dividend | 0.10% | 0.08% |
Bond | 0.10% | 0.08% |
Money Market | 0.10% | 0.08% |
Page 66 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
MFSCo serves as accounting services agent for each Fund. In compensation for such services, each Fund pays MFSCo an annual fee equal to the greater of a minimum fee or at a rate based on the percentage of average daily net assets. The annual rates are as follows:
| | | Minimum Fee | | | Percentage of Average Daily Net Assets up to $10 Million | | | Percentage of Average Daily Net Assets Exceeding $10 Million up to $30 Million | | | Percentage of Average Daily Net Assets Exceeding $30 Million up to $80 Million | | | Percentage of Average Daily Net Assets Exceeding $80 Million | |
Muirfield | | $ | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Quantex | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Utilities | �� | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Dynamic | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Aggressive | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Balanced | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Strategic | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Spectrum | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Dividend | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Bond | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Money Market | | | 30,000 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
For the six months ended June 30, 2015, MAM agreed to voluntarily waive and/or reimburse investment advisory fees. The amount waived and/or reimbursed and the net expense ratio (excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses) for each Fund are as follows:
| | | Voluntary Expense Reimbursements | | | Ratio of Net Expenses to Average Net Assets | |
Muirfield | | $ | — | | | | 1.14 | % |
Quantex* | | | — | | | | 0.95 | % |
Utilities | | | — | | | | 1.82 | % |
Dynamic | | | 104,693 | | | | 1.20 | % |
Aggressive | | | 4 | | | | 1.30 | % |
Balanced | | | 6,273 | | | | 1.31 | % |
Strategic | | | 65,879 | | | | 1.24 | % |
Spectrum | | | 24,393 | | | | 1.47 | % |
Bond | | | 27,405 | | | | 0.85 | % |
Retail Class | | | 106,590 | | | | 0.17 | % |
Institutional Class | | | 274,742 | | | | 0.12 | % |
* | $88,042 of investment advisory fees was contractually waived and is not subject to recoupment as noted on page 65. |
Expenses were contractually reimbursed in 2012 for Muirfield, Dynamic, Balanced, Strategic, and Bond in the amounts of $40,054, $29,382, $32,787, $28,319, and $52,431, respectively. These contractual expense reimbursements are subject to repayment by the applicable Fund before December 31, 2015, contingent upon the Fund operating below the contractual expense limitation in place at the time in which the amount was waived. Expenses were contractually reimbursed in 2013 for Muirfield, Dynamic, Aggressive, Balanced, Strategic, and Bond in the amounts of $49,794, $40,570, $1,137, $28,346, $42,790, and $42,868, respectively. These contractual expense reimbursements are subject to repayment by the applicable Fund before December 31, 2016, contingent upon the Fund operating below the contractual expense limitation in place at the time in which the amount was waived.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 67 |
Certain Funds have entered into an agreement with the Trust’s custodian, The Huntington National Bank (“HNB”), whereby HNB receives distribution, service, and administration fees (collectively the “fees”) from the underlying security holdings of the Funds, and forwards those fees to the appropriate Funds. The Funds use the fees received to reduce the gross expenses of each Fund. The Funds may invest in security holdings in which fees are not paid. As such, the gross expenses of a Fund would not be decreased. Also, without this agreement it is likely that the Funds would not collect any fees from underlying security holdings. For the six months ended June 30, 2015, gross expenses were reduced by the following amounts:
| | | Amount Received to Reduce Gross Expenses | |
Balanced | | $ | 2,050 | |
Certain Funds have entered into securities lending arrangements with HNB. Under the terms of the agreement, HNB is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned. The cash collateral is invested in short term instruments as noted in the Schedules of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against charges incurred by the Funds. HNB is paid a fee for administering the securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement. As of June 30, 2015, the Funds (excluding Utilities, Spectrum, Dividend, Bond and Money Market) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. For the six months ended June 30, 2015, income earned through securities lending arrangements was as follows:
| | | Amount Received to Reduce Gross Expenses | |
Muirfield | | $ | 36,899 | |
Dynamic | | | 7,944 | |
Aggressive | | | 11,760 | |
Balanced | | | 17,441 | |
Strategic | | | 17,087 | |
Quantex | | | 84,457 | |
Page 68 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Certain Funds have entered into directed brokerage agreements with independent brokers/dealers, whereby Fund expenses are reduced. The Funds use these amounts received to reduce the gross expenses of each Fund. The Funds may invest in security holdings in which brokerage fees are not recaptured. As such, the gross expenses of a Fund would not be decreased. Also, without these agreements it is likely that the Funds would not recapture any fees from portfolio transactions. For the six months ended June 30, 2015, commissions recaptured through directed brokerage arrangements were as follows:
| | | Amount Received to Reduce Gross Expenses | |
Muirfield | | $ | 341,585 | |
Dynamic | | | 141,406 | |
Aggressive | | | 116,797 | |
Balanced | | | 167,990 | |
Strategic | | | 72,258 | |
Spectrum | | | 91,153 | |
Quantex | | | 99,917 | |
Bond | | | 119,130 | |
The Funds have adopted a written plan pursuant to Rule 12b-1 of the Act that allows the Funds to pay fees for the sale and distribution of Fund shares and for services provided to Fund shareholders. 12b-1 fees are paid by the Funds to financial intermediaries, securities brokers, investment advisers, and other persons, including MAM and its affiliates. In addition, the Funds (other than Money Market) have adopted an administrative services plan that allows the Funds to pay financial intermediaries and other persons, including “platforms,” for providing administrative services to Fund shareholders and maintaining shareholder accounts. The annual adopted 12b-1 plan and administrative services plan maximum limitations, along with 12b-1 plan expense payments made to MAM and its affiliates for the six months ended June 30, 2015, are as follows:
| | | Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets | | | Maximum Annual Administrative Services Plan Expense as a Percentage of Average Daily Net Assets | | | 12b-1 Plan Expense Payments Made to MAM and Its Affiliates | |
Muirfield | | | 0.20 | % | | | 0.20 | % | | $ | 61,126 | |
Quantex | | | 0.20 | % | | | 0.20 | % | | | 21,025 | |
Utilities | | | 0.25 | % | | | 0.20 | % | | | 17,173 | |
Dynamic | | | 0.25 | % | | | 0.20 | % | | | 52,595 | |
Aggressive | | | 0.25 | % | | | 0.20 | % | | | 34,348 | |
Balanced | | | 0.25 | % | | | 0.20 | % | | | 48,997 | |
Strategic | | | 0.25 | % | | | 0.20 | % | | | 34,779 | |
Spectrum | | | 0.25 | % | | | 0.20 | % | | | 11,738 | |
Dividend | | | 0.25 | % | | | 0.20 | % | | | N/A | |
Bond | | | 0.25 | % | | | 0.20 | % | | | 43,778 | |
Retail Class | | | 0.20 | % | | | N/A | | | | N/A | |
Institutional Class | | | 0.03 | % | | | N/A | | | | N/A | |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 69 |
The Funds have adopted a Deferred Compensation Plan (the “Plan”) for the independent Trustees. Under the Plan, each eligible Trustee is permitted to defer all or a portion of the trustees fees payable by any of the Funds as an investment into any combination of Funds until a specified point of time. The investment into the Funds is recorded as an asset however an offsetting liability is also recorded for the deferred payment. Once the eligible Trustees’ deferral amounts can be distributed, a lump sum or generally equal annual installments over a period of up to ten (10) years can be made to the eligible Trustee(s). The Funds may terminate this Plan at any time.
Certain trustees and officers of the Funds are also officers or directors of Meeder, MAM, and MFSCo.
During the six months ended June 30, 2015, several of the Funds invested in the Money Market Fund, an affiliate, as described in Section 2(a)(3) of the Investment Company Act of 1940. As of June 30, 2015, the 7-day yield of the Institutional Class was 0.11%. The purchases/sales amounts in the following table are presented on a gross basis, while the statement of changes in net assets shows subscriptions and redemptions into and out of the Institutional Class on a net basis. A summary of the Funds’ investments in this affiliate during the year is noted below:
| | | 12/31/14 Fair Value | | | Purchases | | | Sales | | | 6/30/15 Cost | | | Income | | | 6/30/15 Fair Value | |
Muirfield Fund | | $ | 81,863,069 | | | $ | 196,314,359 | | | $ | (229,804,358 | ) | | $ | 48,373,070 | | | $ | 28,135 | | | $ | 48,373,070 | |
Dynamic Growth Fund | | | 4,114,155 | | | | 101,021,489 | | | | (84,735,343 | ) | | | 20,400,301 | | | | 8,727 | | | | 20,400,301 | |
Aggressive Growth Fund | | | 3,031,754 | | | | 60,406,324 | | | | (55,252,969 | ) | | | 8,185,109 | | | | 4,300 | | | | 8,185,109 | |
Balanced Fund | | | 34,211,013 | | | | 93,765,689 | | | | (114,861,014 | ) | | | 13,115,688 | | | | 11,254 | | | | 13,115,688 | |
Strategic Growth Fund | | | 3,575,894 | | | | 24,549,972 | | | | (26,669,100 | ) | | | 1,456,766 | | | | 2,681 | | | | 1,456,766 | |
Spectrum Fund | | | — | | | | 60,931,637 | | | | (49,483,219 | ) | | | 11,448,418 | | | | 4,709 | | | | 11,448,418 | |
Quantex Fund | | | 4,609,306 | | | | 28,372,717 | | | | (25,159,552 | ) | | | 7,822,471 | | | | 3,305 | | | | 7,822,471 | |
Utilities & Infrastructure Fund | | | 1,919,031 | | | | 13,689,795 | | | | (14,272,222 | ) | | | 1,336,604 | | | | 1,091 | | | | 1,336,604 | |
Total Return Bond Fund | | | 6,508,078 | | | | 52,950,315 | | | | (53,586,001 | ) | | | 5,872,392 | | | | 3,456 | | | | 5,872,392 | |
5. Federal Tax Information
The tax characteristics of dividends paid by the Funds during the year ended December 31, 2014 were as follows:
| | | Ordinary Income | | | Net Short-Term Capital Gains | | | Net Long-Term Capital Gains | | | Tax Return of Capital | | | Total
Dividends Paid* | |
Muirfield Fund | | $ | 434,212 | | | $ | 18,050,608 | | | $ | 7,674,117 | | | $ | — | | | $ | 26,158,937 | |
Dynamic Growth Fund | | | 471,226 | | | | 11,967,242 | | | | 7,366,297 | | | | — | | | | 19,804,765 | |
Aggressive Growth Fund | | | — | | | | 7,408,648 | | | | 5,427,099 | | | | — | | | | 12,835,747 | |
Balanced Fund | | | 1,243,731 | | | | 8,971,878 | | | | 4,576,191 | | | | — | | | | 14,791,800 | |
Strategic Growth Fund | | | 541,908 | | | | 7,088,245 | | | | 6,833,948 | | | | — | | | | 14,464,101 | |
Quantex Fund | | | 188,716 | | | | 964,549 | | | | 3,779,934 | | | | — | | | | 4,933,199 | |
Utilities & Infrastructure Fund | | | 948,157 | | | | 218,193 | | | | 3,458,342 | | | | — | | | | 4,624,692 | |
Total Return Bond Fund | | | 3,858,882 | | | | — | | | | — | | | | — | | | | 3,858,882 | |
Money Market Fund | | | 105,566 | | | | — | | | | — | | | | — | | | | 105,566 | |
* | Total dividends paid may differ from the amount reported in the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. |
Page 70 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
The tax characteristics of dividends paid by the Funds during the year ended December 31, 2013 were as follows:
| | | Ordinary Income | | | Net Short-Term Capital Gains | | | Net Long-Term Capital Gains | | | Tax Return of Capital | | | Total Dividends Paid* | |
Muirfield Fund | | $ | 187,286 | | | $ | 8,348,387 | | | $ | 4,520,781 | | | $ | — | | | $ | 13,056,454 | |
Dynamic Growth Fund | | | 177,368 | | | | 7,337,091 | | | | 3,169,172 | | | | — | | | | 10,683,631 | |
Aggressive Growth Fund | | | — | | | | — | | | | 548,517 | | | | — | | | | 548,517 | |
Balanced Fund | | | 823,964 | | | | 4,667,755 | | | | 2,725,223 | | | | — | | | | 8,216,942 | |
Strategic Growth Fund | | | 311,092 | | | | 3,457,716 | | | | 4,270,636 | | | | — | | | | 8,039,444 | |
Quantex Fund | | | 94,759 | | | | 112,273 | | | | 963,205 | | | | — | | | | 1,170,237 | |
Utilities & Infrastructure Fund | | | 214,711 | | | | — | | | | — | | | | — | | | | 214,711 | |
Total Return Bond Fund | | | 3,309,309 | | | | — | | | | — | | | | — | | | | 3,309,309 | |
Money Market Fund | | | 124,107 | | | | — | | | | — | | | | — | | | | 124,107 | |
As of December 31, 2014, the components of accumulated earnings/(deficit) on a tax basis for the Funds were as follows:
| | | Undistributed Ordinary Income | | | Accumulated Capital and Other Gains and (Losses) | | | Unrealized Appreciation/ (Depreciation)** | | | Total Accumulated Earnings/(Deficit) | |
Muirfield Fund | | $ | 3,939,172 | | | $ | 5,238,660 | | | $ | 17,166,365 | | | $ | 26,344,197 | |
Dynamic Growth Fund | | | 941,178 | | | | 486,838 | | | | 9,846,525 | | | | 11,274,541 | |
Aggressive Growth Fund | | | 596,373 | | | | 282,470 | | | | 6,201,568 | | | | 7,080,410 | |
Balanced Fund | | | 751,209 | | | | 721,296 | | | | 6,379,595 | | | | 7,852,100 | |
Strategic Growth Fund | | | — | | | | 2,741,389 | | | | 2,052,176 | | | | 4,793,595 | |
Quantex Fund | | | 269,412 | | | | 389,110 | | | | 11,185,575 | | | | 11,844,097 | |
Utilities & Infrastructure Fund | | | — | | | | 804,279 | | | | 9,131,259 | | | | 9,935,538 | |
Total Return Bond Fund | | | 1 | | | | (1,497,425 | ) | | | (3,210,183 | ) | | | (4,707,607 | ) |
Money Market Fund | | | 1 | | | | — | | | | — | | | | 1 | |
* | Total dividends paid may differ from the amount reported in the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. |
** | The differences between book- and tax-basis unrealized appreciation/(depreciation) are attributable primarily to: deferral of post-October losses, wash sales, and the realization for tax purposes of unrealized gains/(losses) on certain derivative instruments. |
The Strategic Growth Fund and Total Return Bond Fund elected to defer post-October losses in the amounts of $771,255 and $355,071, respectively.
For federal income tax purposes, the following Fund has capital loss carryforwards as of December 31, 2014, which are not subject to expiration and are available to offset future capital gains, if any. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders:
Capital Loss Carryforwards | | Amount | | Tax Character |
Total Return Bond Fund | | $ | 1,495,858 | | Short-term |
Total Return Bond Fund | | | 1,567 | | Long-term |
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 71 |
6. Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of June 30, 2015, account holders that held more than 25% of the voting securities of the Funds and may be deemed to control the Funds are as follows:
| | Name of Account Holder | Percent of Voting Securities |
Muirfield Fund | National Financial Services Corp. and certain affiliates held for the benefit of others | 26% |
Dynamic Growth Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 31% |
Aggressive Growth Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 38% |
Balanced Fund | National Financial Services Corp. and certain affiliates held for the benefit of others | 35% |
Balanced Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 33% |
Strategic Growth Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 72% |
Spectrum Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 36% |
Spectrum Fund | National Financial Services Corp. and certain affiliates held for the benefit of others | 25% |
Dividend Opportunities Fund | Dale W. Smith | 58% |
Dividend Opportunities Fund | Carey & Co. held for the benefit of others | 42% |
Total Return Bond Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 38% |
Total Return Bond Fund | National Financial Services Corp. and certain affiliates held for the benefit of others | 31% |
Money Market Fund – Institutional Class | Carey & Co. held for the benefit of others | 98% |
7. Subsequent Events
Management evaluated subsequent events through the date these financial statements were issued and concluded no subsequent events required recognition or disclosure in these financial statements.
Page 72 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
Trustees and Officers (unaudited)
Certain trustees and officers of the Funds are also officers or directors of Meeder, MAM, and MFSCo. The Trustees oversee the management of the Trust and elect its officers. The officers are responsible for the Funds’ day-to-day operations. The Trustees’ and officers’ names, addresses, years of birth, positions held with the Trust, and length of service with the Meeder Funds are listed below. Also included is each Board member’s principal occupation during, at least, the past five years. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Those Trustees who are “interested persons”, as defined in the 1940 Act, by virtue of their affiliation with the Trust, are indicated by an asterisk (*).
Name, Address1,
and Year of Birth | Year First Elected a Trustee or Officer of the Trust | Position and Number
of Funds Overseen2 | Principal Occupation During
Past Five Years and Other
Directorships Held |
Robert S. Meeder, Jr.* Year of Birth: 1961 | 1992 | Trustee and President | President of Meeder Asset Management, Inc. |
Jack W. Nicklaus** Year of Birth: 1961 | 1998 | Trustee | Designer, Nicklaus Design, a golf course design firm and division of The Nicklaus Companies. |
Stuart M. Allen** Year of Birth: 1961 | 2006 | Trustee | President of Gardiner Allen DeRoberts Insurance LLC, an insurance agency; Chairman of the Trust’s Audit Committee. |
Anthony D’Angelo** Year of Birth: 1959 | 2006 | Trustee | General Manager, WSYX ABC 6 /WTTE-TV Fox 28 /WWHO television stations, Columbus, Ohio, operated by Sinclair Broadcast Group (2014 – present); Director of Sales (2004 – 2014); Lead Trustee of the Trust. |
Dale W. Smith Year of Birth: 1959 | 2006 | Vice President | Chief Financial Officer of Meeder Asset Management, Inc. (2005 – present); formerly Senior Vice President of Financial Services of BISYS Fund Services (1996 – 2004). |
Mary “Maggie” Bull Year of Birth: 1966 | 2011 | Chief Compliance Officer | Chief Compliance Officer, Legal Counsel and Anti-Money Laundering Officer of the Funds (2011 – present); Independent Legal Consultant (2007 – 2010); Assistant General Counsel of Nationwide (2006 – 2007). |
Bruce E. McKibben Year of Birth: 1969 | 2002 | Treasurer | Director of Fund Accounting of Mutual Funds Service Co., the Trust’s transfer agent (1997 – present). Interim Chief Operating Officer of Meeder Asset Management, Inc. (June 2008 – October 2008). |
Ruth Kirkpatrick Year of Birth: 1951 | 2009 | Secretary, pro tempore | Senior Legal Specialist of Meeder Asset Management, Inc. |
1 | The address of each Trustee is 6125 Memorial Drive, Dublin, OH 43017. |
2 | Each Trustee serves for an indefinite term, until his or her resignation, death, or removal. Each Trustee oversees all eleven Funds in the Trust. |
* | Robert S. Meeder, Jr. is deemed an “interested person” of the Trust by virtue of his position as President of Meeder Asset Management, Inc., the Advisor of the Trust. |
** | Each independent Trustee is a member of the Trust’s Audit Committee, Compensation Committee, and Nominating Committee. |
The Statement of Additional Information includes additional information about each Trustee and is available without charge. To obtain a copy of the Statement of Additional Information, please contact your financial representative or call toll free 1-800-325-3539.
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 73 |
Other Information
The Funds file their complete schedules of portfolios holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. In addition, Money Market Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. The Funds’ Forms N-Q and N-MFP are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds’ schedules of positions are also available on the Funds’ website at www.meederfunds.com.
A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities, and information regarding how the Funds voted these proxies for the 12-month period ended June 30, 2015, is available on the SEC’s website at http://www/sec.gov, or, without charge, upon request by calling toll-free 1-800-325-3539.
Page 74 | 2015 Meeder Funds Semiannual Report | June 30, 2015 |
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Manager and Investment Advisor
Meeder Asset Management, Inc.
6125 Memorial Drive
P.O. Box 7177
Dublin, Ohio 43017
Subadvisor/Utilities and Infrastructure Fund
Miller/Howard Investments, Inc.
141 Upper Byrdcliffe Road, P.O. Box 549
Woodstock, New York 12498
Board of Trustees
Stuart Allen
Anthony D’Angelo
Robert S. Meeder
Jack Nicklaus II
Custodian
The Huntington National Bank
Columbus, Ohio 43215
Transfer Agent & Dividend Disbursing Agent
Mutual Funds Service Co.
6125 Memorial Drive
Dublin, Ohio 43017
Independent Registered Public Accounting Firm
Cohen Fund Audit Services, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, Ohio 44115
2015 Meeder Funds Semiannual Report | June 30, 2015 | Page 77 |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.
Item 3. Audit Committee Financial Expert.
Currently, the Meeder Funds (the “Funds”) do not have an Audit Committee member who possesses all of the attributes required to be an "audit committee financial expert" as defined in instruction 2(b) of Item 3 of Form N-CSR. However, the Board of Trustees believes that each member of the Audit Committee has substantial experience relating to the review of financial statements and the operations of audit committees. Accordingly, the Board of Trustees believes that the members are qualified to evaluate the Funds’ financial statements, supervise the Funds’ preparation of its financial statements, and oversee the work of the Funds’ independent auditors. The Board of Trustees also believes that, although no single Audit Committee member possesses all of the attributes required to be an “audit committee financial expert”, the Audit Committee members collectively as a group possess the attributes required to be an “audit committee financial expert.”
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements. Tax fees include amounts related to tax compliance, tax planning, and tax advice. All other fees include amounts related to the registrant’s annual filing of Form N1A.
(e)(1) A purpose of the Audit Committee is to approve the engagement of the registrant’s independent auditors (i) to render audit and non-audit services for the registrant in accordance with Rule 2-01(c)(7)(i) of Regulation S-X, subject to the waiver provisions set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X, and (ii) to render non-audit services for the registrant’s investment advisors (other than a sub-advisor whose role is primarily portfolio management and is subcontracted or overseen by another investment advisor) and any other entity controlling by, or under common control with the investment advisor that provides ongoing services to the registrant, in each case under (ii) if the engagement relates directly to the operations and financial reporting of the registrant, in accordance with Rule 2-01(c)(7)(ii) of Regulation S-X, subject to waiver provisions set forth in Rule 2-01(c)(7)(ii) of Regulation S-X.
(e)(2) 100% of services included in (b) – (d) above were approved pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant were $2,850 and $33,850 respectively.
(h) Not applicable.
Items 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.
(b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12. Exhibits.
(a)(1) Code of Ethics filed herewith as EX-99.CODE ETH.
(a)(2) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR270.30a-2(a)). Filed herewith as EX-99.CERT.
(b) Certifications of principal executive officer and principal financial officer, under Section 906 of the Sarbanes-Oxley Act of 2002, and 18 U.S.C. ss.1350. Filed herewith as EX-99.906 CERT.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
