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, 2016
Reflections on the first half of 2016
As I reflect on the first half of 2016, I recognize that it’s the All-Star Break in Major League Baseball. Each July, our national pastime brings together the best in the game to put on a great show of skill and talent. It’s also a time for every team in baseball to assess their performance in the first half of the year, make any necessary adjustments, and position themselves for a strong second half. For some teams—those that have had a great first half—they just need to keep doing what they’re doing and ensure their players remain healthy and focused. For many other teams, the work can be challenging. Every team has the objective of making it to the postseason, but it’s not easy.
This pause in the baseball season, and at mid-year, is a welcome break to reflect on all that has taken place in the first half of 2016. From a capital markets perspective, it has been quite a year. In the U.S., the stock market had a volatile first quarter, continuing the downturn that began in late 2015, but rebounded in the latter part of the second quarter to near record new highs by June 30. However, just as in baseball, conditions can vary from ballpark to ballpark. In this case, while U.S. markets showed improving conditions, that wasn’t the case in the United Kingdom where citizens voted to leave the European Union. This outcome was unexpected and had ripple effects across global markets. We saw a flight to quality in both equity and fixed income markets as investors sought safe havens to weather the volatility and uncertainty.
Market uncertainty is clearly a theme that will continue to dominate this year, but we cannot let emotions get in the way of clear thinking and a long- term perspective. Often there are investors that find themselves driven to decisions based on what they see and hear from cable business channels or financial publications. You cannot let emotions get the best of you. Don’t be that baseball fan that watches their home team struggle through early innings and decides to leave the ballpark early, only to find the team surging to victory in the ninth inning. As the late great Yogi Berra said, “It ain’t over ‘til it’s over.” Remember that it is time in the market, not timing, that can produce favorable results over the long term. Noisy headlines will come and go, but you need to maintain a long-term view.
Capital Markets Review
Following their decision to increase interest rates in December 2015, the Federal Reserve has quickly backtracked and agreed to slow their plans for increasing rates for the remainder of 2016. In their April meeting, the Fed confirmed that they would dial back expectations from the proposed four quarter-point hikes, citing risks in global economies. The key event of the quarter was the Brexit vote in the United Kingdom (UK) to leave the European Union (EU). Many forecasters and investors were caught off guard and equity markets sold off sharply. Spain and Italy were down over 10% while U.S. equity markets were down 3%. The UK vote to leave the EU raised uncertainty in the European integration and fears that other European countries, such as Italy and France, may consider leaving the EU as well.
The stock market started the second quarter continuing the trends from the first quarter. It was a risk-on rally from the market bottom in mid-February, with the worst-performing asset classes rebounding the most. Asset classes that were among the worst performers last year, such as emerging market equities and high yield bonds, became top performers. The risk-on trade reversed in June as markets gave back their gains from April and May. For the second quarter, the S&P 500 returned 2.64%, the MSCI EAFE Index of developed markets delivered -1.46%, and the MSCI Emerging Markets Index posted a return of 0.66%.
Economic data and global central bank monetary events appeared to be creating a lot of conflict with the direction of the fixed income markets. Reports on the health of the economy appear to have provided ammunition to support either dovish or hawkish members of the Fed. Members from both sides swayed the markets in late May with their comments on target interest rates. As for the global environment, the topics of Brexit and negative interest rates seemed to dominate the news wires. While news of Brexit caused volatility to spike within equities, fixed income markets benefitted from the news as investors sought a flight to quality. The 10-year Treasury started the second quarter with a yield of 1.90% before rallying and ending the quarter at 1.49%. Fixed income indices have continued to have solid performance. The Barclays High Yield Corporate Index returned 5.52% for the quarter while the more widely held Barclays U.S. Aggregate Bond Index posted a gain of 2.21%.
Performance Review
As for the performance of the Meeder Funds, our team continued to adhere to the disciplined, time- tested, model-driven investment process that has helped us deliver competitive performance over the long term.
The Meeder Muirfield Fund, a tactical allocation fund with the ability to go defensive during volatile periods, maintained an overall Morningstar rating of four stars as of June 30, 2016. Additionally, the Meeder Quantex Fund delivered solid returns for the 1-, 3-, 5-, and 10-year periods. On the fixed income side, I wanted to highlight that the Meeder Total Return Bond Fund celebrated its fifth anniversary on June 30th.
In our defensively managed funds, we began the year with a sizeable defensive position and used the downturn during the first quarter to marginally increase our equity exposure. Our defensive model is comprised of numerous factors spanning trend/technical, interest rate, and fundamental disciplines, which are examined to gauge the risk/reward relationship present in the stock market. Based on the output of our model, we have increased equity exposure since mid-February and reached a fully invested position in May. Breadth and sentiment remain positive factors in our models. Within these funds and portfolios, we also maintain marginal preference for value and remain overweight information technology. From a capitalization perspective, we are neutral relative to the Russell 3000 Index. Our models favor U.S. equity markets over developed international, while we reduced our exposure to emerging markets.
2016 Semiannual Report | June 30, 2016 | Page 1 |
Push for the Postseason
As players and coaches in Major League Baseball prepare for their push to the postseason, we look ahead to the second half of 2016 with cautious optimism and recognition that market uncertainty will continue to be driven by global events and headlines. Concerns remain regarding global economic growth, global monetary policies and the impact of negative interest rates on certain economies, U.S. and global political uncertainty, and terrorism threats here at home and abroad.
As I’ve stated previously, we continue to believe that there is more room to run in this bull market. Market uncertainty and corrections can and will occur. Our investment team will continue to apply our disciplined investment process across all of our funds. We are here to work with you, to listen to your questions, and respond with solutions that can help keep you on track to achieving your investment goals.
On behalf of the entire team at Meeder Investment Management, we thank you for your continued support, trust and confidence in our investment management services.
Robert S. Meeder
President and CEO
Meeder Asset Management, Inc.
The Meeder Muirfield Fund’s Morningstar rating is based on 284 tactical allocation funds as of June 30, 2016. Morningstar rates mutual funds from one to five stars based on how well they’ve performed in comparison to similar funds after adjustment for actual expenses and assuming reinvestment of dividends and capital gains. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star.
© 2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; 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. Past performance is no guarantee of future results.
Sector Concentrations, Top 10 Holdings,
Fund Expense Analysis
June 30, 2016
Sector Concentration# | % of total net assets |
Financials | 18.0% |
Information Technology | 6.7% |
Energy | 5.5% |
Consumer Discretionary | 4.4% |
Healthcare | 2.8% |
Industrials | 2.1% |
Consumer Staples | 2.1% |
Materials | 1.8% |
Telecommunication Services | 1.3% |
Utilities | 1.2% |
Registered Investment Companies | 46.2% |
Money Market Registered Investment Companies | 6.6% |
Bank Obligations | 0.9% |
Other Assets/Liabilities (Net) | 0.4% |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares Core MSCI Emerging Markets ETF | 16.8% |
iShares MSCI EAFE ETF | 15.7% |
iShares Core MSCI EAFE ETF | 8.9% |
Oppenheimer International Growth Fund I | 2.5% |
Goldman Sachs Emerging Markets Equity Insights Fund Intl | 2.0% |
Exxon Mobil Corp. | 1.2% |
Amazon.com, Inc. | 1.1% |
AT&T, Inc. | 1.0% |
JPMorgan Chase & Co. | 0.8% |
Chevron Corp. | 0.8% |
Aggressive Growth Fund*
Sector Concentration# | % of total net assets |
Information Technology | 15.3% |
Financials | 12.6% |
Healthcare | 11.0% |
Consumer Discretionary | 9.4% |
Consumer Staples | 8.5% |
Industrials | 7.2% |
Energy | 5.3% |
Utilities | 3.5% |
Telecommunication Services | 2.3% |
Materials | 2.0% |
Registered Investment Companies | 7.2% |
Money Market Registered Investment Companies | 14.7% |
Bank Obligations | 1.1% |
Other Assets/Liabilities (Net) | (0.1%) |
Total | 100% |
Top 10 Holdings | % of total net assets |
Technology Select Sector SPDR® ETF | 3.1% |
iShares Russell 2000 Value ETF | 2.2% |
Apple, Inc. | 2.2% |
iShares MSCI Emerging Markets ETF | 2.1% |
Alphabet, Inc. A | 1.9% |
Exxon Mobil Corp. | 1.7% |
Microsoft Corp. | 1.6% |
Amazon.com, Inc. | 1.5% |
Johnson & Johnson | 1.4% |
Facebook, Inc. A | 1.3% |
Dividend Opportunities Fund*
Sector Concentration# | % of total net assets |
Financials | 33.5% |
Information Technology | 10.8% |
Consumer Discretionary | 8.0% |
Consumer Staples | 8.0% |
Industrials | 5.9% |
Telecommunication Services | 5.8% |
Energy | 5.3% |
Materials | 5.3% |
Healthcare | 4.5% |
Utilities | 2.9% |
Registered Investment Companies | 1.6% |
Money Market Registered Investment Companies | 7.2% |
Bank Obligations | 0.6% |
Other Assets/Liabilities (Net) | 0.6% |
Total | 100% |
Top 10 Holdings | % of total net assets |
Johnson & Johnson | 3.0% |
AT&T, Inc. | 2.7% |
JPMorgan Chase & Co. | 2.4% |
Cisco Systems, Inc. | 1.9% |
Bank of America Corporation | 1.8% |
Microsoft Corp. | 1.8% |
Chevron Corp. | 1.7% |
Exxon Mobil Corp. | 1.7% |
iShares MSCI Emerging Markets ETF | 1.6% |
American International Group, Inc. | 1.3% |
* | 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 | 2016 Semiannual Report | June 30, 2016 |
Dynamic Growth Fund*
Sector Concentration# | % of total net assets |
Information Technology | 16.3% |
Financials | 12.5% |
Healthcare | 11.6% |
Consumer Discretionary | 9.8% |
Consumer Staples | 8.9% |
Industrials | 7.7% |
Energy | 5.7% |
Utilities | 3.5% |
Telecommunication Services | 2.4% |
Materials | 1.9% |
Registered Investment Companies | 4.1% |
Money Market Registered Investment Companies | 14.1% |
Bank Obligations | 0.7% |
Other Assets/Liabilities (Net) | 0.8% |
Total | 100% |
Top 10 Holdings | % of total net assets |
Apple, Inc. | 2.2% |
iShares MSCI Emerging Markets ETF | 2.1% |
Technology Select Sector SPDR® ETF | 2.0% |
Alphabet, Inc. A | 2.0% |
Exxon Mobil Corp. | 1.7% |
Microsoft Corp. | 1.7% |
Amazon.com, Inc. | 1.5% |
Johnson & Johnson | 1.5% |
Facebook, Inc. A | 1.4% |
AT&T, Inc. | 1.4% |
Quantex Fund*
Sector Concentration# | % of total net assets |
Consumer Discretionary | 24.4% |
Industrials | 17.6% |
Energy | 11.9% |
Financials | 11.2% |
Information Technology | 10.3% |
Materials | 8.2% |
Utilities | 6.1% |
Healthcare | 4.1% |
Consumer Staples | 2.1% |
Money Market Registered Investment Companies | 14.1% |
Bank Obligations | 1.1% |
Other Assets/Liabilities (Net) | (11.1%) |
Total | 100% |
Top 10 Holdings | % of total net assets |
Consol Energy, Inc. | 1.7% |
Joy Global, Inc. | 1.4% |
ONEOK, Inc. | 1.3% |
EQT Corp. | 1.2% |
Cabot Oil & Gas Corp. Class A | 1.2% |
Murphy Oil Corp. | 1.2% |
NiSource, Inc. | 1.1% |
CenterPoint Energy, Inc. | 1.1% |
The AES Corp. | 1.1% |
Big Lots, Inc. | 1.1% |
Balanced Fund*
Sector Concentration# | % of total net assets |
Information Technology | 9.9% |
Financials | 7.7% |
Healthcare | 7.1% |
Consumer Discretionary | 6.0% |
Consumer Staples | 5.4% |
Industrials | 4.7% |
Energy | 3.4% |
Utilities | 2.2% |
Telecommunication Services | 1.4% |
Materials | 1.2% |
Registered Investment Companies | 32.1% |
Money Market Registered | 17.2% |
Investment Companies Bank Obligations | 0.3% |
Other Assets/Liabilities (Net) | 1.4% |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares 3-7 Year Treasury Bond ETF | 5.0% |
iShares 7-10 Year Treasury Bond ETF | 4.0% |
Prudential Total Return Bond Fund Z | 2.9% |
Metropolitan West Total Return Bond Fund I | 2.8% |
DoubleLine Total Return Bond Fund I | 2.8% |
iShares JPMorgan USD Emerg Markets Bond ETF | 1.9% |
Baird Core Plus Bond Fund Inst | 1.8% |
JPMorgan Core Plus Bond Fund Instl | 1.8% |
Pioneer Bond Fund Y | 1.7% |
iShares 1-3 Year Treasury Bond ETF | 1.6% |
* | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
# | Concentrations are subject to change. |
2016 Semiannual Report | June 30, 2016 | Page 5 |
Muirfield Fund*
Sector Concentration# | % of total net assets |
Information Technology | 15.0% |
Financials | 11.9% |
Healthcare | 11.1% |
Consumer Discretionary | 9.2% |
Consumer Staples | 8.6% |
Industrials | 7.4% |
Energy | 5.3% |
Utilities | 3.3% |
Telecommunication Services | 2.2% |
Materials | 1.9% |
Registered Investment Companies | 2.1% |
Money Market Registered Investment Companies | 20.4% |
Bank Obligations | 0.2% |
Other Assets/Liabilities (Net) | 1.4% |
Total | 100% |
Top 10 Holdings | % of total net assets |
Apple, Inc. | 2.1% |
iShares MSCI Emerging Markets ETF | 2.1% |
Alphabet, Inc. A | 1.9% |
Exxon Mobil Corp. | 1.6% |
Microsoft Corp. | 1.6% |
Amazon.com, Inc. | 1.4% |
Johnson & Johnson | 1.4% |
Facebook, Inc. A | 1.3% |
AT&T, Inc. | 1.3% |
Berkshire Hathaway, Inc. B | 1.3% |
Spectrum Fund*
Sector Concentration# | % of total net assets |
Long Positions | |
Financials | 17.0% |
Information Technology | 14.0% |
Healthcare | 11.3% |
Consumer Discretionary | 10.1% |
Industrials | 6.2% |
Consumer Staples | 5.4% |
Energy | 4.9% |
Materials | 3.4% |
Utilities | 3.4% |
Telecommunication Services | 1.7% |
Registered Investment Companies | 1.9% |
Money Market Registered Investment Companies | 8.0% |
Bank Obligations | 0.2% |
Other Assets/Liabilities (Net) | 40.1% |
127.6% |
|
|
Short Positions | |
Financials | (7.8%) |
Healthcare | (4.7%) |
Consumer Discretionary | (4.7%) |
Information Technology | (4.4%) |
Industrials | (2.5%) |
Energy | (1.5%) |
Materials | (0.9%) |
Consumer Staples | (0.4%) |
Telecommunication Services | (0.4%) |
Utilities | (0.3%) |
(27.6%) | |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares MSCI Emerging Markets ETF | 3.3% |
American International Group, Inc. | 1.9% |
AT&T, Inc. | 1.8% |
Prudential Financial, Inc. | 1.8% |
Amazon.com, Inc. | 1.8% |
NiSource, Inc. | 1.7% |
Alphabet, Inc. A | 1.6% |
Apple, Inc. | 1.6% |
General Motors Co. | 1.6% |
Exxon Mobil Corp. | 1.5% |
* | 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 | 2016 Semiannual Report | June 30, 2016 |
Miller/Howard Infrastructure Fund
Sector Concentration# | % of total net assets |
Telecommunication Services | 31.1% |
Utility Services | 20.1% |
Natural Gas Distribution | 15.1% |
Electric Utility | 14.5% |
Pipelines | 14.2% |
Water Utility | 4.4% |
Money Market Registered Investment Companies | 1.4% |
Other Assets/Liabilities (Net) | (0.8%) |
Total | 100% |
Top 10 Holdings | % of total net assets |
Macquarie Infrastructure Corp. | 4.9% |
Kinder Morgan, Inc. | 4.5% |
Avangrid, Inc. | 4.4% |
Qualcomm, Inc. | 4.3% |
OGE Energy Corp. | 4.3% |
Targa Resources Corp. | 4.2% |
American Tower Corp. | 4.1% |
Enterprise Products Partners LP | 3.6% |
National Grid Plc | 3.6% |
United Parcel Service | 3.5% |
Total Return Bond Fund**
Sector Concentration# | % of total net assets |
Registered Investment Companies | 96.4% |
Money Market Registered Investment Companies | 3.8% |
Bank Obligations | 0.3% |
Other Assets/Liabilities (Net) | (0.5%) |
Total | 100% |
Top 10 Holdings | % of total net assets |
iShares 3-7 Year Treasury Bond ETF | 15.3% |
iShares 7-10 Year Treasury Bond ETF | 12.6% |
iShares JPMorgan USD Emerg Markets Bond ETF | 11.8% |
Prudential Total Return Bond Fund Z | 6.8% |
Metropolitan West Total Return Bond Fund I | 6.7% |
DoubleLine Total Return Bond Fund I | 6.7% |
Lord Abbett High Yield Fund I | 5.2% |
iShares 1-3 Year Treasury Bond ETF | 4.9% |
iShares iBoxx $ High Yield Corporate Bd ETF | 4.9% |
TCW Emerging Markets Income Fund I | 4.3% |
Money Market Fund
Sector Concentration# | % of total net assets |
Repurchase Agreements | 34.2% |
Money Market Registered Investment Companies | 24.4% |
Commercial Paper | 15.4% |
Corporate Obligations | 9.0% |
U.S. Government Agency Obligations | 5.9% |
Bank Obligations | 5.6% |
Certificates of Deposit | 5.5% |
Total | 100% |
Top 10 Holdings | % of total net assets |
Fidelity Prime Institutional Money Market, 0.48% | 24.4% |
South Street Repo, 0.55%, 7/1/2016 | 21.4% |
Caterpillar Financial Power Investment Floating Rate Demand Note, 0.45% | 6.4% |
INTL FCStone Repo, 0.48%, 7/5/2016 | 4.3% |
INTL FCStone Repo, 0.46%, 7/6/2016 | 4.3% |
INTL FCStone Repo, 0.45%, 7/7/2016 | 4.3% |
Credit Agricole, 0.91%, 12/27/16 | 1.0% |
Canadian Imperial Holdings, 0.97%, 12/16/16 | 0.9% |
Springside Corp. Exchange Partners I LLC, 0.66%, 7/7/16 | 0.7% |
Royal Bank of Canada/New York, NY, 0.88%, 7/14/16 | 0.6% |
# | Concentrations are subject to change. |
* | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
** | The Fund primarily invests in underlying mutual funds. The sector concentration percentages are reflected on a “look through” basis. |
2016 Semiannual Report | June 30, 2016 | 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, 2015 to June 30, 2016.
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 | Ending (6/30/16) | Expenses Paid | Expense Ratio2 | ||||||||||||||
Muirfield Fund | Actual |
| $1,000.00 |
| $998.50 |
| $6.71 | 1.35 | % | ||||||||
Hypothetical | 1,000.00 | 1,018.15 | 6.77 | 1.35 | % | ||||||||||||
Miller/Howard Infrastructure Fund | Actual | 1,000.00 | 1,165.30 | 11.57 | 2.15 | % | |||||||||||
Hypothetical | 1,000.00 | 1,014.17 | 10.77 | 2.15 | % | ||||||||||||
Quantex Fund | Actual | 1,000.00 | 1,086.20 | 7.99 | 1.54 | % | |||||||||||
Hypothetical | 1,000.00 | 1,017.21 | 7.72 | 1.54 | % | ||||||||||||
Dynamic Growth Fund | Actual | 1,000.00 | 994.70 | 6.89 | 1.39 | % | |||||||||||
Hypothetical | 1,000.00 | 1,017.95 | 6.97 | 1.39 | % | ||||||||||||
Aggressive Growth Fund | Actual | 1,000.00 | 988.60 | 7.86 | 1.59 | % | |||||||||||
Hypothetical | 1,000.00 | 1,016.96 | 7.97 | 1.59 | % | ||||||||||||
Balanced Fund | Actual | 1,000.00 | 1,011.60 | 7.30 | 1.46 | % | |||||||||||
Hypothetical | 1,000.00 | 1,017.60 | 7.32 | 1.46 | % | ||||||||||||
Global Opportunities Fund | Actual | 1,000.00 | 988.20 | 6.82 | 1.38 | % | |||||||||||
Hypothetical | 1,000.00 | 1,018.00 | 6.92 | 1.38 | % | ||||||||||||
Spectrum Fund | Actual | 1,000.00 | 999.00 | 9.64 | 1.94 | % | |||||||||||
Hypothetical | 1,000.00 | 1,015.22 | 9.72 | 1.94 | % | ||||||||||||
Dividend Opportunities Fund | Actual | 1,000.00 | 1,036.00 | 8.10 | 1.60 | % | |||||||||||
Hypothetical | 1,000.00 | 1,016.91 | 8.02 | 1.60 | % | ||||||||||||
Total Return Bond Fund | Actual | 1,000.00 | 1,047.50 | 5.04 | 0.99 | % | |||||||||||
Hypothetical | 1,000.00 | 1,019.94 | 4.97 | 0.99 | % | ||||||||||||
Money Market Fund - Retail Class | Actual | 1,000.00 | 1,001.30 | 1.24 | 0.25 | % | |||||||||||
Hypothetical | 1,000.00 | 1,023.62 | 1.26 | 0.25 | % | ||||||||||||
Money Market Fund - Institutional Class | Actual | 1,000.00 | 1,001.70 | 0.90 | 0.18 | % | |||||||||||
Hypothetical | 1,000.00 | 1,023.97 | 0.91 | 0.18 | % |
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 182/366 (to reflect the total number of days in the six-month period). |
2 | Does not include the effects of acquired fund fees and expenses. |
Page 8 | 2016 Semiannual Report | June 30, 2016 |
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. All performance figures represent total returns and average annual total returns or current and effective yields for the periods ended June 30, 2016. Investment performance assumes reinvestment of all dividend and capital gain distributions. Current performance may be lower or higher than the performance data quoted.
Opinions and forecasts regarding sectors, industries, companies, countries and/or themes, portfolio composition and holdings as of June 30, 2016 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, 2017, 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.
To obtain the most current 7-day yields for the Money Market Fund, call Meeder Funds Shareholder Services Department toll free at (800) 325-3539 or (614) 760-2159. Investments in the Money Market Fund (either class) are not a bank deposit and are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Money Market Fund (either class.)
Meeder Funds are distributed by Adviser Dealer Services, Inc. Member FINRA
2016 Semiannual Report | June 30, 2016 | Page 9 |
2016 Semiannual Report
Fund Holdings & Financial Statements
Schedule of Investments
June 30, 2016 (unaudited)
Muirfield Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 75.9% | ||||||||
Consumer Discretionary — 9.2% | ||||||||
Abercrombie & Fitch Co. | 6,664 | 118,686 | ||||||
Amazon.com, Inc. (2) | 7,485 | 5,356,416 | ||||||
Best Buy Co., Inc. | 12,535 | 383,571 | ||||||
Cable One, Inc. | 168 | 85,917 | ||||||
Carnival Corp. | 16,296 | 720,283 | ||||||
Carter's, Inc. | 693 | 73,784 | ||||||
CBS Corp. | 6,067 | 330,287 | ||||||
Children's Place, Inc./The | 1,095 | 87,797 | ||||||
Coach, Inc. | 7,858 | 320,135 | ||||||
Comcast Corp. | 36,163 | 2,357,466 | ||||||
Darden Restaurants, Inc. | 3,807 | 241,135 | ||||||
Discovery Communications, Inc. (2) | 5,721 | 144,341 | ||||||
Dollar General Corp. | 7,181 | 675,014 | ||||||
Dollar Tree, Inc. (2) | 1,851 | 174,438 | ||||||
DR Horton, Inc. | 12,921 | 406,753 | ||||||
Equifax, Inc. | 1,188 | 152,539 | ||||||
Expedia, Inc. | 1,057 | 112,359 | ||||||
Express, Inc. (2) | 6,489 | 94,155 | ||||||
Ford Motor Co. | 82,143 | 1,032,538 | ||||||
GameStop Corp. (4) | 2,792 | 74,211 | ||||||
Garmin, Ltd. (4) | 1,730 | 73,387 | ||||||
General Motors Co. | 40,589 | 1,148,669 | ||||||
Genesco, Inc. (2) | 2,349 | 151,064 | ||||||
Genuine Parts Co. | 3,186 | 322,583 | ||||||
Goodyear Tire & Rubber Co./The | 4,890 | 125,477 | ||||||
Hasbro, Inc. | 3,974 | 333,776 | ||||||
Home Depot, Inc./The | 21,860 | 2,791,303 | ||||||
International Game Technology PLC | 5,438 | 101,908 | ||||||
Interpublic Group of Cos., Inc./The | 3,130 | 72,303 | ||||||
Kohl's Corp. | 3,881 | 147,168 | ||||||
Lear Corp. | 1,984 | 201,892 | ||||||
Leggett & Platt, Inc. | 1,455 | 74,365 | ||||||
Lowe's Cos., Inc. | 17,895 | 1,416,747 | ||||||
Madison Square Garden Co./The (2) | 776 | 133,868 | ||||||
Mattel, Inc. | 6,101 | 190,900 | ||||||
McDonald's Corp. | 15,282 | 1,839,036 | ||||||
MDC Holdings, Inc. | 16,760 | 407,938 | ||||||
Meredith Corp. | 1,609 | 83,523 | ||||||
Mohawk Industries, Inc. (2) | 1,210 | 229,610 | ||||||
Netflix, Inc. (2) | 5,986 | 547,599 | ||||||
News Corp. | 35,980 | 408,373 | ||||||
NIKE, Inc. | 24,860 | 1,372,272 | ||||||
NVR, Inc. (2) | 81 | 144,208 | ||||||
O'Reilly Automotive, Inc. (2) | 511 | 138,532 | ||||||
Pool Corp. | 806 | 75,788 | ||||||
Priceline Group, Inc./The (2) | 740 | 923,823 | ||||||
PVH Corp. | 1,094 | 103,088 | ||||||
Ross Stores, Inc. | 6,922 | 392,408 | ||||||
Royal Caribbean Cruises, Ltd. | 2,272 | 152,565 | ||||||
Staples, Inc. | 20,168 | 173,848 | ||||||
Starbucks Corp. | 18,634 | 1,064,374 | ||||||
Target Corp. | 10,361 | 723,405 | ||||||
Thor Industries, Inc. | 2,993 | 193,767 | ||||||
Time Warner, Inc. | 12,309 | 905,204 | ||||||
TJX Cos., Inc./The | 11,774 | 909,306 | ||||||
Tractor Supply Co. | 1,929 | 175,886 | ||||||
Twenty-First Century Fox, Inc. | 19,672 | 532,128 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (2) | 327 | 79,670 | ||||||
Urban Outfitters, Inc. (2) | 3,432 | 94,380 | ||||||
Viacom, Inc. | 2,229 | 92,437 | ||||||
Vista Outdoor, Inc. (2) | 2,613 | 124,718 | ||||||
Walt Disney Co./The | 24,130 | 2,360,397 | ||||||
Whirlpool Corp. | 1,195 | 199,135 | ||||||
Yum! Brands, Inc. | 5,993 | 496,940 | ||||||
(Cost $34,698,023) | 35,171,593 | |||||||
Consumer Staples — 8.6% | ||||||||
Altria Group, Inc. | 30,493 | 2,102,797 | ||||||
Archer-Daniels-Midland Co. | 14,125 | 605,821 | ||||||
Bunge, Ltd. | 2,585 | 152,903 | ||||||
Casey's General Stores, Inc. | 607 | 79,827 | ||||||
Clorox Co./The | 2,908 | 402,438 | ||||||
Coca-Cola Co./The | 55,956 | 2,536,485 | ||||||
Colgate-Palmolive Co. | 6,339 | 464,015 | ||||||
ConAgra Foods, Inc. | 3,882 | 185,598 | ||||||
Constellation Brands, Inc. | 2,052 | 339,401 | ||||||
Costco Wholesale Corp. | 4,702 | 738,402 | ||||||
Coty, Inc. (4) | 10,369 | 269,490 | ||||||
CVS Health Corp. | 16,922 | 1,620,112 | ||||||
Darling Ingredients, Inc. (2) | 7,129 | 106,222 | ||||||
Dr Pepper Snapple Group, Inc. | 4,956 | 478,898 | ||||||
Estee Lauder Cos., Inc./The | 5,521 | 502,521 | ||||||
General Mills, Inc. | 3,827 | 272,942 | ||||||
Hormel Foods Corp. | 4,106 | 150,280 | ||||||
Ingredion, Inc. | 1,437 | 185,962 | ||||||
JM Smucker Co./The | 2,209 | 336,674 | ||||||
Kimberly-Clark Corp. | 3,501 | 481,317 | ||||||
Kraft Heinz Co./The | 20,376 | 1,802,868 | ||||||
Kroger Co./The | 10,680 | 392,917 | ||||||
McCormick & Co., Inc./MD | 850 | 90,670 | ||||||
Mead Johnson Nutrition Co. | 2,000 | 181,500 | ||||||
Molson Coors Brewing Co. | 4,963 | 501,908 | ||||||
Mondelez International, Inc. | 28,768 | 1,309,232 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 11 |
Schedule of Investments
June 30, 2016 (unaudited)
Muirfield Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Monster Beverage Corp. (2) | 1,913 | 307,438 | ||||||
PepsiCo, Inc. | 17,248 | 1,827,253 | ||||||
Philip Morris International, Inc. | 21,744 | 2,211,800 | ||||||
Procter & Gamble Co./The | 36,840 | 3,119,243 | ||||||
Reynolds American, Inc. | 24,769 | 1,335,792 | ||||||
Rite Aid Corp. (2) | 191,756 | 1,436,252 | ||||||
Sanderson Farms, Inc. (4) | 875 | 75,810 | ||||||
Sysco Corp. | 15,235 | 773,024 | ||||||
Tyson Foods, Inc. | 9,049 | 604,383 | ||||||
Walgreens Boots Alliance, Inc. | 14,726 | 1,226,234 | ||||||
Wal-Mart Stores, Inc. | 50,880 | 3,715,258 | ||||||
(Cost $30,889,761) | 32,923,687 | |||||||
Energy — 5.3% | ||||||||
Anadarko Petroleum Corp. | 7,090 | 377,543 | ||||||
Apache Corp. | 4,814 | 267,995 | ||||||
Atwood Oceanics, Inc. (4) | 5,972 | 74,769 | ||||||
Baker Hughes, Inc. | 6,322 | 285,312 | ||||||
Cabot Oil & Gas Corp. | 4,838 | 124,530 | ||||||
Chesapeake Energy Corp. (4) | 1,160 | 4,965 | ||||||
Chevron Corp. | 32,087 | 3,363,680 | ||||||
Concho Resources, Inc. (2) | 609 | 72,635 | ||||||
ConocoPhillips | 17,750 | 773,900 | ||||||
CONSOL Energy, Inc. (4) | 5,317 | 85,551 | ||||||
Diamond Offshore Drilling, Inc. (4) | 6,632 | 161,357 | ||||||
EOG Resources, Inc. | 7,982 | 665,858 | ||||||
EQT Corp. | 1,502 | 116,300 | ||||||
Exxon Mobil Corp. | 65,415 | 6,132,002 | ||||||
Halliburton Co. | 10,333 | 467,982 | ||||||
Helmerich & Payne, Inc. (4) | 1,396 | 93,713 | ||||||
Hess Corp. | 7,470 | 448,947 | ||||||
HollyFrontier Corp. | 2,796 | 66,461 | ||||||
Kinder Morgan, Inc./DE | 31,541 | 590,448 | ||||||
Marathon Oil Corp. | 15,860 | 238,059 | ||||||
Marathon Petroleum Corp. | 8,445 | 320,572 | ||||||
National Oilwell Varco, Inc. | 6,651 | 223,806 | ||||||
Noble Corp. plc (4) | 14,176 | 116,810 | ||||||
Noble Energy, Inc. | 5,118 | 183,583 | ||||||
Occidental Petroleum Corp. | 9,995 | 755,222 | ||||||
ONEOK, Inc. | 2,331 | 110,606 | ||||||
Parsley Energy, Inc. (2) | 4,317 | 116,818 | ||||||
Phillips 66 | 7,901 | 626,865 | ||||||
Pioneer Natural Resources Co. | 2,385 | 360,636 | ||||||
QEP Resources, Inc. | 3,965 | 69,903 | ||||||
Range Resources Corp. | 1,973 | 85,115 | ||||||
Rowan Cos. Plc | 12,536 | 221,386 | ||||||
Schlumberger, Ltd. | 18,194 | 1,438,782 | ||||||
Spectra Energy Corp. | 5,732 | 209,963 | ||||||
Tesoro Corp. | 2,142 | 160,479 | ||||||
Valero Energy Corp. | 11,807 | 602,157 | ||||||
World Fuel Services Corp. | 2,257 | 107,185 | ||||||
WPX Energy, Inc. (2) | 7,896 | 73,512 | ||||||
(Cost $18,415,187) | 20,195,407 | |||||||
Financials — 11.9% | ||||||||
Aflac, Inc. | 9,223 | 665,532 | ||||||
Alleghany Corp. (2) | 165 | 90,681 | ||||||
Allied World Assurance Co. Holdings AG | 7,092 | 249,213 | ||||||
Allstate Corp./The | 8,770 | 613,462 | ||||||
Ally Financial, Inc. | 5,975 | 101,993 | ||||||
American International Group, Inc. | 25,562 | 1,351,974 | ||||||
American Tower Corp. (3) | 3,811 | 432,968 | ||||||
Assurant, Inc. | 845 | 72,932 | ||||||
Assured Guaranty, Ltd. | 5,824 | 147,755 | ||||||
Axis Capital Holdings, Ltd. | 6,877 | 378,235 | ||||||
Bank of America Corp. | 206,349 | 2,738,251 | ||||||
Bank of New York Mellon Corp./The | 27,006 | 1,049,183 | ||||||
BB&T Corp. | 7,891 | 280,999 | ||||||
Berkshire Hathaway, Inc. (2) | 32,695 | 4,733,909 | ||||||
BlackRock, Inc. | 977 | 334,652 | ||||||
Capital One Financial Corp. | 26,997 | 1,714,579 | ||||||
Chubb, Ltd. | 9,827 | 1,284,487 | ||||||
Cincinnati Financial Corp. | 2,144 | 160,564 | ||||||
CIT Group, Inc. | 2,904 | 92,667 | ||||||
Citigroup, Inc. | 53,482 | 2,267,102 | ||||||
Citizens Financial Group, Inc. | 9,052 | 180,859 | ||||||
CME Group, Inc./IL | 5,052 | 492,065 | ||||||
CNO Financial Group, Inc. | 2,117 | 36,963 | ||||||
Comerica, Inc. | 4,229 | 173,939 | ||||||
CoreSite Realty Corp. (3) | 622 | 55,165 | ||||||
Crown Castle International Corp. (3) | 2,770 | 280,961 | ||||||
CyrusOne, Inc. (3) | 1,545 | 85,995 | ||||||
Discover Financial Services | 3,898 | 208,894 | ||||||
DuPont Fabros Technology, Inc. (3) | 2,792 | 132,732 | ||||||
E*TRADE Financial Corp. (2) | 3,159 | 74,205 | ||||||
Education Realty Trust, Inc. (3) | 1,242 | 57,306 | ||||||
Endurance Specialty Holdings, Ltd. | 5,843 | 392,416 | ||||||
Equinix, Inc. (3) | 1,310 | 507,926 | ||||||
Equity Residential (3) | 3,806 | 262,157 | ||||||
Everest Re Group, Ltd. | 1,626 | 297,021 | ||||||
Fifth Third Bancorp | 27,721 | 487,612 | ||||||
General Growth Properties, Inc. (3) | 10,955 | 326,678 | ||||||
Goldman Sachs Group, Inc./The | 5,578 | 828,779 | ||||||
Great Western Bancorp, Inc. | 1,263 | 39,835 |
The accompanying notes are an integral part of these financial statements.
Page 12 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Muirfield Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Hancock Holding Co. | 2,843 | 74,231 | ||||||
Hanover Insurance Group, Inc./The | 3,043 | 257,499 | ||||||
Hartford Financial Services Group, Inc./The | 7,278 | 322,998 | ||||||
Hospitality Properties Trust (3) | 266 | 7,661 | ||||||
IBERIABANK Corp. | 1,498 | 89,476 | ||||||
Intercontinental Exchange, Inc. | 832 | 212,959 | ||||||
JPMorgan Chase & Co. | 71,623 | 4,450,653 | ||||||
KeyCorp | 32,775 | 362,164 | ||||||
Kimco Realty Corp. (3) | 2,951 | 92,602 | ||||||
Leucadia National Corp. | 4,337 | 75,160 | ||||||
Lincoln National Corp. | 9,272 | 359,475 | ||||||
Loews Corp. | 11,275 | 463,290 | ||||||
MetLife, Inc. | 22,056 | 878,490 | ||||||
Morgan Stanley | 41,972 | 1,090,433 | ||||||
Nasdaq, Inc. | 2,639 | 170,664 | ||||||
Navient Corp. | 18,493 | 220,991 | ||||||
Old Republic International Corp. | 22,374 | 431,594 | ||||||
PNC Financial Services Group, Inc./The | 6,648 | 541,081 | ||||||
Popular, Inc. | 4,868 | 142,632 | ||||||
Progressive Corp./The | 2,251 | 75,409 | ||||||
Prologis, Inc. (3) | 8,226 | 403,403 | ||||||
Prudential Financial, Inc. | 11,834 | 844,238 | ||||||
Public Storage (3) | 2,216 | 566,387 | ||||||
Regions Financial Corp. | 77,702 | 661,244 | ||||||
Reinsurance Group of America, Inc. | 11,385 | 1,104,231 | ||||||
RenaissanceRe Holdings, Ltd. | 1,629 | 191,310 | ||||||
S&P Global, Inc. | 692 | 74,224 | ||||||
Senior Housing Properties Trust (3) | 6,892 | 143,560 | ||||||
STORE Capital Corp. (3) | 4,024 | 118,507 | ||||||
SunTrust Banks, Inc. | 12,895 | 529,727 | ||||||
Travelers Cos., Inc./The | 10,506 | 1,250,634 | ||||||
Unum Group | 7,496 | 238,298 | ||||||
US Bancorp | 18,152 | 732,070 | ||||||
Validus Holdings, Ltd. | 14,171 | 688,569 | ||||||
Ventas, Inc. (3) | 3,237 | 235,718 | ||||||
Voya Financial, Inc. | 4,270 | 105,725 | ||||||
Wells Fargo & Co. | 53,189 | 2,517,435 | ||||||
Welltower, Inc. (3) | 4,897 | 373,004 | ||||||
White Mountains Insurance Group, Ltd. | 141 | 118,722 | ||||||
XL Group PLC | 14,762 | 491,722 | ||||||
Zions Bancorporation | 4,783 | 120,197 | ||||||
(Cost $45,959,803) | 45,511,033 | |||||||
Healthcare — 11.1% | ||||||||
Abbott Laboratories | 18,017 | 708,248 | ||||||
AbbVie, Inc. | 23,969 | 1,483,921 | ||||||
Aetna, Inc. | 16,642 | 2,032,487 | ||||||
Agilent Technologies, Inc. | 10,293 | 456,597 | ||||||
Alexion Pharmaceuticals, Inc. (2) | 3,424 | 399,786 | ||||||
Allergan plc (2) | 6,037 | 1,395,090 | ||||||
Amgen, Inc. | 11,542 | 1,756,115 | ||||||
Anthem, Inc. | 12,161 | 1,597,226 | ||||||
Baxter International, Inc. | 11,837 | 535,269 | ||||||
Becton Dickinson and Co. | 3,224 | 546,758 | ||||||
Biogen, Inc. (2) | 3,256 | 787,366 | ||||||
Bio-Rad Laboratories, Inc. (2) | 896 | 128,146 | ||||||
Boston Scientific Corp. (2) | 31,231 | 729,868 | ||||||
Bristol-Myers Squibb Co. | 24,268 | 1,784,911 | ||||||
Bruker Corp. | 3,995 | 90,846 | ||||||
Cambrex Corp. (2) | 1,389 | 71,853 | ||||||
Cardinal Health, Inc. | 2,175 | 169,672 | ||||||
Celgene Corp. (2) | 12,298 | 1,212,952 | ||||||
Charles River Laboratories International, Inc. (2) | 1,400 | 115,416 | ||||||
Cigna Corp. | 10,032 | 1,283,996 | ||||||
CR Bard, Inc. | 1,295 | 304,532 | ||||||
DENTSPLY SIRONA, Inc. | 6,386 | 396,187 | ||||||
Edwards Lifesciences Corp. (2) | 4,492 | 447,987 | ||||||
Eli Lilly & Co. | 15,430 | 1,215,113 | ||||||
Emergent BioSolutions, Inc. (2) | 3,527 | 99,179 | ||||||
Express Scripts Holding Co. (2) | 7,661 | 580,704 | ||||||
Gilead Sciences, Inc. | 17,641 | 1,471,612 | ||||||
Henry Schein, Inc. (2) | 955 | 168,844 | ||||||
INC Research Holdings, Inc. (2) | 1,930 | 73,591 | ||||||
Intuitive Surgical, Inc. (2) | 952 | 629,662 | ||||||
Johnson & Johnson | 43,340 | 5,257,142 | ||||||
Laboratory Corp of America Holdings (2) | 1,357 | 176,776 | ||||||
Masimo Corp. (2) | 2,935 | 154,132 | ||||||
McKesson Corp. | 2,968 | 553,977 | ||||||
Medivation, Inc. (2) | 1,223 | 73,747 | ||||||
Medtronic PLC | 21,067 | 1,827,984 | ||||||
Merck & Co., Inc. | 42,218 | 2,432,179 | ||||||
Mettler-Toledo International, Inc. (2) | 197 | 71,889 | ||||||
Mylan NV (2) | 1,891 | 81,767 | ||||||
PerkinElmer, Inc. | 3,926 | 205,801 | ||||||
Pfizer, Inc. | 97,826 | 3,444,453 | ||||||
PRA Health Sciences, Inc. (2) | 1,714 | 71,577 | ||||||
Quest Diagnostics, Inc. | 5,112 | 416,168 | ||||||
Shire PLC | 876 | 161,254 | ||||||
Stryker Corp. | 3,810 | 456,552 | ||||||
Teleflex, Inc. | 794 | 140,784 | ||||||
Thermo Fisher Scientific, Inc. | 6,923 | 1,022,942 | ||||||
UnitedHealth Group, Inc. | 13,338 | 1,883,326 | ||||||
Universal Health Services, Inc. | 2,300 | 308,430 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 13 |
Schedule of Investments
June 30, 2016 (unaudited)
Muirfield Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
VCA, Inc. (2) | 2,556 | 172,811 | ||||||
VWR Corp. (2) | 4,696 | 135,714 | ||||||
Waters Corp. (2) | 530 | 74,545 | ||||||
Zimmer Biomet Holdings, Inc. | 3,083 | 371,132 | ||||||
Zoetis, Inc. | 2,099 | 99,619 | ||||||
(Cost $40,375,979) | 42,268,635 | |||||||
Industrials — 7.4% | ||||||||
3M Co. | 9,661 | 1,691,834 | ||||||
Acuity Brands, Inc. | 290 | 71,908 | ||||||
AGCO Corp. | 3,741 | 176,313 | ||||||
Air Lease Corp. | 2,773 | 74,261 | ||||||
AO Smith Corp. | 1,810 | 159,479 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) | 1,810 | 74,970 | ||||||
Beacon Roofing Supply, Inc. (2) | 1,723 | 78,345 | ||||||
Boeing Co./The | 9,223 | 1,197,791 | ||||||
BWX Technologies, Inc. | 4,292 | 153,525 | ||||||
Carlisle Cos., Inc. | 1,509 | 159,471 | ||||||
CH Robinson Worldwide, Inc. | 3,534 | 262,400 | ||||||
CSX Corp. | 11,304 | 294,808 | ||||||
Cummins, Inc. | 2,379 | 267,495 | ||||||
Curtiss-Wright Corp. | 2,608 | 219,724 | ||||||
Danaher Corp. | 13,939 | 1,407,839 | ||||||
Delta Air Lines, Inc. | 8,723 | 317,779 | ||||||
Dover Corp. | 2,457 | 170,319 | ||||||
Eaton Corp. PLC | 10,770 | 643,292 | ||||||
Emerson Electric Co. | 6,415 | 334,606 | ||||||
FedEx Corp. | 4,823 | 732,035 | ||||||
General Dynamics Corp. | 3,784 | 526,884 | ||||||
General Electric Co. | 147,129 | 4,631,621 | ||||||
Hawaiian Holdings, Inc. (2) | 1,862 | 70,682 | ||||||
HD Supply Holdings, Inc. (2) | 7,497 | 261,046 | ||||||
Honeywell International, Inc. | 11,297 | 1,314,067 | ||||||
Huntington Ingalls Industries, Inc. | 950 | 159,629 | ||||||
Illinois Tool Works, Inc. | 4,659 | 485,281 | ||||||
Ingersoll-Rand PLC | 7,974 | 507,784 | ||||||
Jacobs Engineering Group, Inc. (2) | 15,134 | 753,825 | ||||||
Kansas City Southern | 822 | 74,054 | ||||||
KLX, Inc. (2) | 2,182 | 67,642 | ||||||
L-3 Communications Holdings, Inc. | 3,519 | 516,202 | ||||||
Lockheed Martin Corp. | 2,785 | 691,153 | ||||||
ManpowerGroup, Inc. | 2,500 | 160,850 | ||||||
Masco Corp. | 7,378 | 228,275 | ||||||
MSC Industrial Direct Co., Inc. | 1,227 | 86,577 | ||||||
Norfolk Southern Corp. | 5,160 | 439,271 | ||||||
Northrop Grumman Corp. | 5,462 | 1,214,093 | ||||||
Oshkosh Corp. | 2,304 | 109,924 | ||||||
Owens Corning | 3,883 | 200,052 | ||||||
Quanta Services, Inc. (2) | 14,616 | 337,922 | ||||||
Raytheon Co. | 5,275 | 717,136 | ||||||
Republic Services, Inc. | 10,853 | 556,867 | ||||||
Ryder System, Inc. | 2,114 | 129,250 | ||||||
Snap-on, Inc. | 936 | 147,720 | ||||||
Southwest Airlines Co. | 9,968 | 390,845 | ||||||
Spirit AeroSystems Holdings, Inc. (2) | 193 | 8,299 | ||||||
Stanley Black & Decker, Inc. | 6,441 | 716,368 | ||||||
Terex Corp. | 4,376 | 88,877 | ||||||
Textron, Inc. | 2,035 | 74,400 | ||||||
Timken Co./The | 3,385 | 103,784 | ||||||
Toro Co./The | 2,644 | 233,201 | ||||||
TransUnion (2) | 1,441 | 48,187 | ||||||
Trinity Industries, Inc. | 3,960 | 73,537 | ||||||
Tutor Perini Corp. (2) | 933 | 21,972 | ||||||
Union Pacific Corp. | 8,541 | 745,202 | ||||||
United Continental Holdings, Inc. (2) | 2,517 | 103,298 | ||||||
United Parcel Service, Inc. | 3,907 | 420,862 | ||||||
United Technologies Corp. | 10,979 | 1,125,896 | ||||||
USG Corp. (2) | 2,803 | 75,569 | ||||||
Wabash National Corp. (2) | 7,445 | 94,552 | ||||||
Waste Management, Inc. | 5,458 | 361,702 | ||||||
Watsco, Inc. | 723 | 101,719 | ||||||
WESCO International, Inc. (2) | 2,258 | 116,264 | ||||||
Xylem, Inc./NY | 6,614 | 295,315 | ||||||
(Cost $27,100,886 | 28,075,850 | |||||||
Information Technology — 15.0% | ||||||||
Accenture PLC | 13,871 | 1,571,446 | ||||||
Activision Blizzard, Inc. | 15,312 | 606,815 | ||||||
Adobe Systems, Inc. (2) | 8,003 | 766,607 | ||||||
Alphabet, Inc. (2) | 9,908 | 6,970,575 | ||||||
Analog Devices, Inc. | 1,928 | 109,202 | ||||||
Apple, Inc. | 83,406 | 7,973,614 | ||||||
Applied Materials, Inc. | 26,682 | 639,568 | ||||||
Arrow Electronics, Inc. (2) | 5,122 | 317,052 | ||||||
Autodesk, Inc. (2) | 1,365 | 73,901 | ||||||
Automatic Data Processing, Inc. | 1,906 | 175,104 | ||||||
Avnet, Inc. | 15,060 | 610,081 | ||||||
Broadcom, Ltd. | 3,688 | 573,115 | ||||||
Broadridge Financial Solutions, Inc. | 1,122 | 73,154 | ||||||
Brocade Communications Systems, Inc. | 8,128 | 74,615 | ||||||
CA, Inc. | 17,425 | 572,063 | ||||||
CACI International, Inc. (2) | 822 | 74,317 | ||||||
Cadence Design Systems, Inc. (2) | 4,190 | 101,817 | ||||||
Cisco Systems, Inc. | 87,998 | 2,524,663 |
The accompanying notes are an integral part of these financial statements.
Page 14 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Muirfield Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Citrix Systems, Inc. (2) | 5,603 | 448,744 | ||||||
Cognizant Technology Solutions Corp. (2) | 7,571 | 433,364 | ||||||
Coherent, Inc. (2) | 3,396 | 311,685 | ||||||
Computer Sciences Corp. | 6,875 | 341,344 | ||||||
Corning, Inc. | 30,891 | 632,648 | ||||||
eBay, Inc. (2) | 14,417 | 337,502 | ||||||
Electronic Arts, Inc. (2) | 6,044 | 457,893 | ||||||
Facebook, Inc. (2) | 43,474 | 4,968,209 | ||||||
Fidelity National Information Services, Inc. | 5,942 | 437,807 | ||||||
First Solar, Inc. (2) | 2,879 | 139,574 | ||||||
Fiserv, Inc. (2) | 1,707 | 185,602 | ||||||
FLIR Systems, Inc. | 2,366 | 73,228 | ||||||
Genpact, Ltd. (2) | 4,130 | 110,849 | ||||||
Global Payments, Inc. | 1,511 | 107,855 | ||||||
Hewlett Packard Enterprise Co. | 28,900 | 528,003 | ||||||
HP, Inc. | 11,355 | 142,505 | ||||||
Integrated Device Technology, Inc. (2) | 3,563 | 71,723 | ||||||
Intel Corp. | 78,461 | 2,573,521 | ||||||
International Business Machines Corp. | 14,028 | 2,129,170 | ||||||
Intersil Corp. | 3,898 | 52,779 | ||||||
Intuit, Inc. | 2,864 | 319,651 | ||||||
Jabil Circuit, Inc. | 3,996 | 73,806 | ||||||
Juniper Networks, Inc. | 9,412 | 211,676 | ||||||
Lumentum Holdings, Inc. (2) | 213 | 5,155 | ||||||
MasterCard, Inc. | 12,259 | 1,079,528 | ||||||
Maxim Integrated Products, Inc. | 2,041 | 72,843 | ||||||
MaxLinear, Inc. (2) | 1,092 | 19,634 | ||||||
Micron Technology, Inc. (2) | 11,913 | 163,923 | ||||||
Microsoft Corp. | 115,324 | 5,901,129 | ||||||
Motorola Solutions, Inc. | 1,103 | 72,765 | ||||||
NVIDIA Corp. | 15,866 | 745,861 | ||||||
Oracle Corp. | 58,600 | 2,398,498 | ||||||
PayPal Holdings, Inc. (2) | 15,607 | 569,812 | ||||||
QLogic Corp. (2) | 7,661 | 112,923 | ||||||
QUALCOMM, Inc. | 21,058 | 1,128,077 | ||||||
salesforce.com, Inc. (2) | 8,424 | 668,950 | ||||||
Sanmina Corp. (2) | 4,565 | 122,388 | ||||||
Skyworks Solutions, Inc. | 3,795 | 240,148 | ||||||
Symantec Corp. | 6,639 | 136,365 | ||||||
Synopsys, Inc. (2) | 2,002 | 108,268 | ||||||
Tech Data Corp. (2) | 1,021 | 73,359 | ||||||
Teradyne, Inc. | 6,788 | 133,656 | ||||||
Texas Instruments, Inc. | 18,623 | 1,166,731 | ||||||
Total System Services, Inc. | 3,908 | 207,554 | ||||||
Visa, Inc. | 32,804 | 2,433,073 | ||||||
Western Digital Corp. | 3,322 | 156,998 | ||||||
Xerox Corp. | 31,776 | 301,554 | ||||||
Xilinx, Inc. | 1,905 | 87,878 | ||||||
Yahoo!, Inc. (2) | 16,395 | 615,796 | ||||||
(Cost $57,887,474) | 57,619,713 | |||||||
Materials — 1.9% | ||||||||
Air Products & Chemicals, Inc. | 2,140 | 303,966 | ||||||
Albemarle Corp. | 2,464 | 195,420 | ||||||
Alcoa, Inc. | 14,309 | 132,644 | ||||||
Avery Dennison Corp. | 6,005 | 448,874 | ||||||
Celanese Corp. | 1,122 | 73,435 | ||||||
Commercial Metals Co. | 8,451 | 142,822 | ||||||
Domtar Corp. | 22,621 | 791,961 | ||||||
Eastman Chemical Co. | 1,830 | 124,257 | ||||||
International Flavors & Fragrances, Inc. | 695 | 87,619 | ||||||
LyondellBasell Industries NV | 6,299 | 468,772 | ||||||
Martin Marietta Materials, Inc. | 1,565 | 300,480 | ||||||
Monsanto Co. | 6,157 | 636,695 | ||||||
Mosaic Co./The | 8,736 | 228,708 | ||||||
Newmont Mining Corp. | 11,203 | 438,261 | ||||||
Nucor Corp. | 9,530 | 470,877 | ||||||
PPG Industries, Inc. | 1,419 | 147,789 | ||||||
Reliance Steel & Aluminum Co. | 2,643 | 203,247 | ||||||
Royal Gold, Inc. | 1,091 | 78,574 | ||||||
Sherwin-Williams Co./The | 1,621 | 476,039 | ||||||
Sonoco Products Co. | 1,745 | 86,657 | ||||||
Steel Dynamics, Inc. | 9,732 | 238,434 | ||||||
Trinseo SA | 5,912 | 253,802 | ||||||
Vulcan Materials Co. | 4,154 | 499,975 | ||||||
WestRock Co. | 5,856 | 227,623 | ||||||
Worthington Industries, Inc. | 1,487 | 62,900 | ||||||
(Cost $7,120,807) | 7,119,831 | |||||||
Telecommunication Services — 2.2% | ||||||||
AT&T, Inc. | 111,768 | 4,829,495 | ||||||
CenturyLink, Inc. | 13,196 | 382,816 | ||||||
Level 3 Communications, Inc. (2)(3) | 5,286 | 272,176 | ||||||
Verizon Communications, Inc. | 54,481 | 3,042,219 | ||||||
(Cost $7,711,183) | 8,526,706 | |||||||
Utilities — 3.3% | ||||||||
AES Corp./VA | 15,561 | 194,201 | ||||||
Ameren Corp. | 7,507 | 402,225 | ||||||
American Electric Power Co., Inc. | 18,288 | 1,281,805 | ||||||
American Water Works Co., Inc. | 3,131 | 264,601 | ||||||
Atmos Energy Corp. | 1,259 | 102,382 | ||||||
Consolidated Edison, Inc. | 9,235 | 742,863 | ||||||
DTE Energy Co. | 3,273 | 324,420 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 15 |
Schedule of Investments
June 30, 2016 (unaudited)
Muirfield Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Duke Energy Corp. | 9,938 | 852,580 | ||||||
Edison International | 6,545 | 508,350 | ||||||
Entergy Corp. | 7,123 | 579,456 | ||||||
Exelon Corp. | 24,037 | 873,985 | ||||||
FirstEnergy Corp. | 14,636 | 510,943 | ||||||
Fluor Corp. | 3,250 | 160,160 | ||||||
Great Plains Energy, Inc. | 12,143 | 369,147 | ||||||
NextEra Energy, Inc. | 5,023 | 654,999 | ||||||
NiSource, Inc. | 22,538 | 597,708 | ||||||
PG&E Corp. | 9,525 | 608,838 | ||||||
Pinnacle West Capital Corp. | 10,626 | 861,344 | ||||||
Portland General Electric Co. | 1,697 | 74,872 | ||||||
PPL Corp. | 9,447 | 356,624 | ||||||
Public Service Enterprise Group, Inc. | 16,724 | 779,506 | ||||||
SCANA Corp. | 5,546 | 419,610 | ||||||
Southern Co./The | 9,990 | 535,764 | ||||||
UGI Corp. | 1,640 | 74,210 | ||||||
Westar Energy, Inc. | 4,030 | 226,043 | ||||||
Xcel Energy, Inc. | 8,402 | 376,242 | ||||||
(Cost $11,907,833) | 12,732,878 | |||||||
Total Common Stocks (Cost $282,066,936) | 290,145,333 | |||||||
Registered Investment Companies — 2.1% | ||||||||
iShares MSCI Emerging Markets ETF (9) | 231,398 | 7,950,835 | ||||||
Total Registered Investment Companies (Cost $7,848,409) | 7,950,835 | |||||||
Money Market Registered Investment Companies — 20.4% | ||||||||
Fidelity Institutional Money Market Portfolio, 0.46% (5) | 945,851 | 945,851 | ||||||
Meeder Money Market Fund - Institutional Class, 0.39% (6) | 76,913,043 | 76,913,043 | ||||||
Total Money Market Registered Investment Companies (Cost $77,858,894) | 77,858,894 | |||||||
Bank Obligations — 0.2% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
EverBank Money Market Account, 0.61%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $747,000) | 747,000 | |||||||
Total Investments — 98.6% (Cost $368,521,239) (1) | 376,702,062 | |||||||
Other Assets less Liabilities — 1.4% | 5,269,918 | |||||||
Total Net Assets — 100.0% | 381,971,980 | |||||||
Trustee Deferred Compensation (8) | ||||||||
Meeder Aggressive Growth Fund | 4,920 | 46,740 | ||||||
Meeder Balanced Fund | 2,591 | 27,076 | ||||||
Meeder Dynamic Growth Fund | 1,769 | 16,416 | ||||||
Meeder Muirfield Fund | 6,895 | 44,473 | ||||||
Meeder Quantex Fund | 4,095 | 123,423 | ||||||
Meeder Miller/Howard Infrastructure Fund | 754 | 15,894 | ||||||
Total Trustee Deferred Compensation (Cost $224,989) | 274,022 |
Long Contracts | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
Standard & Poors 500 Mini Futures expiring September 2016, notional value $84,862,120 | 812 | (45,731 | ) | |||||
Total Futures Contracts | 812 | (45,731 | ) |
(1) | Cost for federal income tax purposes of $368,883,415 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 14,279,087 | ||
Unrealized depreciation | (6,143,995 | ) | ||
Net unrealized appreciation (depreciation) | $ | 8,135,092 |
(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, 2016. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(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, 2016. 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. |
(9) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
Page 16 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Dynamic Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 80.3% | ||||||||
Consumer Discretionary — 9.8% | ||||||||
Abercrombie & Fitch Co. | 1,938 | 34,516 | ||||||
Amazon.com, Inc. (2) | 2,183 | 1,562,198 | ||||||
American Eagle Outfitters, Inc. | 565 | 9,000 | ||||||
Best Buy Co., Inc. | 3,751 | 114,781 | ||||||
Cable One, Inc. | 54 | 27,616 | ||||||
Carnival Corp. | 4,695 | 207,519 | ||||||
Carter's, Inc. | 198 | 21,081 | ||||||
CBS Corp. | 1,692 | 92,112 | ||||||
Children's Place, Inc./The | 337 | 27,021 | ||||||
Coach, Inc. | 2,285 | 93,091 | ||||||
Comcast Corp. | 10,550 | 687,755 | ||||||
Darden Restaurants, Inc. | 1,137 | 72,018 | ||||||
DeVry Education Group, Inc. | 500 | 8,920 | ||||||
Discovery Communications, Inc. (2) | 1,649 | 41,604 | ||||||
Dollar General Corp. | 2,165 | 203,510 | ||||||
Dollar Tree, Inc. (2) | 581 | 54,753 | ||||||
DR Horton, Inc. | 4,073 | 128,218 | ||||||
Equifax, Inc. | 342 | 43,913 | ||||||
Expedia, Inc. | 323 | 34,335 | ||||||
Express, Inc. (2) | 2,017 | 29,267 | ||||||
Finish Line, Inc./The | 491 | 9,913 | ||||||
Ford Motor Co. | 23,750 | 298,538 | ||||||
GameStop Corp. (4) | 636 | 16,905 | ||||||
Garmin, Ltd. (4) | 393 | 16,671 | ||||||
General Motors Co. | 11,843 | 335,157 | ||||||
Genesco, Inc. (2) | 694 | 44,631 | ||||||
Genuine Parts Co. | 863 | 87,379 | ||||||
Goodyear Tire & Rubber Co./The | 1,357 | 34,821 | ||||||
Hasbro, Inc. | 1,162 | 97,596 | ||||||
Home Depot, Inc./The | 6,403 | 817,599 | ||||||
International Game Technology PLC | 1,481 | 27,754 | ||||||
Interpublic Group of Cos., Inc./The | 1,111 | 25,664 | ||||||
Kohl's Corp. | 1,223 | 46,376 | ||||||
Lear Corp. | 548 | 55,764 | ||||||
Leggett & Platt, Inc. | 409 | 20,904 | ||||||
Lowe's Cos., Inc. | 5,264 | 416,751 | ||||||
Madison Square Garden Co./The (2) | 232 | 40,022 | ||||||
Mattel, Inc. | 1,798 | 56,259 | ||||||
McDonald's Corp. | 4,498 | 541,289 | ||||||
MDC Holdings, Inc. | 4,260 | 103,688 | ||||||
Meredith Corp. | 384 | 19,933 | ||||||
Mohawk Industries, Inc. (2) | 356 | 67,555 | ||||||
Murphy USA, Inc. (2) | 142 | 10,531 | ||||||
Netflix, Inc. (2) | 1,757 | 160,730 | ||||||
News Corp. | 10,233 | 116,145 | ||||||
NIKE, Inc. | 7,318 | 403,954 | ||||||
NVR, Inc. (2) | 25 | 44,509 | ||||||
Ollie's Bargain Outlet Holdings, Inc. (2) | 357 | 8,886 | ||||||
O'Reilly Automotive, Inc. (2) | 181 | 49,069 | ||||||
Pool Corp. | 104 | 9,779 | ||||||
Priceline Group, Inc./The (2) | 216 | 269,657 | ||||||
PVH Corp. | 314 | 29,588 | ||||||
Ross Stores, Inc. | 2,063 | 116,951 | ||||||
Royal Caribbean Cruises, Ltd. | 671 | 45,058 | ||||||
Signet Jewelers, Ltd. | 355 | 29,256 | ||||||
Smith & Wesson Holding Corp. (2)(4) | 446 | 12,122 | ||||||
Staples, Inc. | 5,894 | 50,806 | ||||||
Starbucks Corp. | 5,537 | 316,273 | ||||||
Target Corp. | 3,033 | 211,764 | ||||||
Thor Industries, Inc. | 774 | 50,109 | ||||||
Time Warner, Inc. | 3,565 | 262,170 | ||||||
TJX Cos., Inc./The | 3,528 | 272,467 | ||||||
Tractor Supply Co. | 567 | 51,699 | ||||||
Twenty-First Century Fox, Inc. | 5,745 | 155,402 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (2) | 103 | 25,095 | ||||||
Urban Outfitters, Inc. (2) | 1,011 | 27,803 | ||||||
Viacom, Inc. | 632 | 26,209 | ||||||
Vista Outdoor, Inc. (2) | 773 | 36,895 | ||||||
Walt Disney Co./The | 7,070 | 691,587 | ||||||
Whirlpool Corp. | 343 | 57,158 | ||||||
Yum! Brands, Inc. | 1,744 | 144,612 | ||||||
(Cost $10,003,868) | 10,360,681 | |||||||
Consumer Staples — 8.9% | ||||||||
Altria Group, Inc. | 8,795 | 606,503 | ||||||
Archer-Daniels-Midland Co. | 4,104 | 176,021 | ||||||
Blue Buffalo Pet Products, Inc. (2) | 401 | 9,359 | ||||||
Bunge, Ltd. | 803 | 47,497 | ||||||
Campbell Soup Co. | 134 | 8,915 | ||||||
Casey's General Stores, Inc. | 231 | 30,379 | ||||||
Church & Dwight Co., Inc. | 84 | 8,643 | ||||||
Clorox Co./The | 915 | 126,627 | ||||||
Coca-Cola Co./The | 16,354 | 741,327 | ||||||
Coca-Cola Enterprises, Inc. | 4,133 | 147,507 | ||||||
Colgate-Palmolive Co. | 1,962 | 143,618 | ||||||
ConAgra Foods, Inc. | 1,268 | 60,623 | ||||||
Constellation Brands, Inc. | 608 | 100,563 | ||||||
Costco Wholesale Corp. | 1,524 | 239,329 | ||||||
CVS Health Corp. | 5,137 | 491,816 | ||||||
Darling Ingredients, Inc. (2) | 1,968 | 29,323 | ||||||
Dr Pepper Snapple Group, Inc. | 1,419 | 137,118 | ||||||
Estee Lauder Cos., Inc./The | 1,603 | 145,905 | ||||||
General Mills, Inc. | 1,143 | 81,519 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 17 |
Schedule of Investments
June 30, 2016 (unaudited)
Dynamic Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Herbalife, Ltd. (2) | 146 | 8,545 | ||||||
Hormel Foods Corp. | 673 | 24,632 | ||||||
Ingredion, Inc. | 441 | 57,070 | ||||||
JM Smucker Co./The | 662 | 100,895 | ||||||
Kimberly-Clark Corp. | 1,067 | 146,691 | ||||||
Kraft Heinz Co./The | 5,950 | 526,456 | ||||||
Kroger Co./The | 3,511 | 129,170 | ||||||
McCormick & Co., Inc./MD | 250 | 26,668 | ||||||
Mead Johnson Nutrition Co. | 607 | 55,085 | ||||||
Molson Coors Brewing Co. | 1,439 | 145,526 | ||||||
Mondelez International, Inc. | 8,214 | 373,819 | ||||||
Monster Beverage Corp. (2) | 565 | 90,801 | ||||||
PepsiCo, Inc. | 5,113 | 541,671 | ||||||
Philip Morris International, Inc. | 6,256 | 636,360 | ||||||
Pilgrim's Pride Corp. | 386 | 9,835 | ||||||
Procter & Gamble Co./The | 10,840 | 917,823 | ||||||
Reynolds American, Inc. | 7,256 | 391,316 | ||||||
Sanderson Farms, Inc. | 187 | 16,202 | ||||||
Sysco Corp. | 4,710 | 238,985 | ||||||
Tyson Foods, Inc. | 2,702 | 180,467 | ||||||
Walgreens Boots Alliance, Inc. | 4,532 | 377,380 | ||||||
Wal-Mart Stores, Inc. | 14,915 | 1,089,093 | ||||||
(Cost $8,864,084) | 9,417,082 | |||||||
Energy — 5.7% | ||||||||
Anadarko Petroleum Corp. | 2,058 | 109,589 | ||||||
Apache Corp. | 1,373 | 76,435 | ||||||
Atwood Oceanics, Inc. (4) | 942 | 11,794 | ||||||
Baker Hughes, Inc. | 1,820 | 82,137 | ||||||
Cabot Oil & Gas Corp. | 1,406 | 36,190 | ||||||
Chevron Corp. | 9,254 | 970,097 | ||||||
Concho Resources, Inc. (2) | 397 | 47,350 | ||||||
ConocoPhillips | 5,129 | 223,624 | ||||||
CONSOL Energy, Inc. (4) | 1,507 | 24,248 | ||||||
Diamond Offshore Drilling, Inc. (4) | 1,885 | 45,862 | ||||||
EOG Resources, Inc. | 2,319 | 193,451 | ||||||
EQT Corp. | 414 | 32,056 | ||||||
Exxon Mobil Corp. | 18,991 | 1,780,216 | ||||||
Halliburton Co. | 3,016 | 136,595 | ||||||
Helmerich & Payne, Inc. (4) | 325 | 21,817 | ||||||
Hess Corp. | 2,151 | 129,275 | ||||||
HollyFrontier Corp. | 311 | 7,392 | ||||||
Kinder Morgan, Inc./DE | 9,065 | 169,697 | ||||||
Marathon Oil Corp. | 4,437 | 66,599 | ||||||
Marathon Petroleum Corp. | 2,330 | 88,447 | ||||||
Nabors Industries, Ltd. | 860 | 8,643 | ||||||
National Oilwell Varco, Inc. | 1,936 | 65,146 | ||||||
Noble Corp. plc (4) | 4,405 | 36,297 | ||||||
Noble Energy, Inc. | 1,459 | 52,334 | ||||||
Oasis Petroleum, Inc. (2) | 893 | 8,341 | ||||||
Occidental Petroleum Corp. | 2,817 | 212,853 | ||||||
ONEOK, Inc. | 623 | 29,561 | ||||||
Parsley Energy, Inc. (2) | 1,156 | 31,281 | ||||||
Patterson-UTI Energy, Inc. | 413 | 8,805 | ||||||
Phillips 66 | 2,116 | 167,883 | ||||||
Pioneer Natural Resources Co. | 685 | 103,579 | ||||||
QEP Resources, Inc. | 1,107 | 19,516 | ||||||
Range Resources Corp. | 586 | 25,280 | ||||||
Rowan Cos. Plc | 3,639 | 64,265 | ||||||
Schlumberger, Ltd. | 5,284 | 417,859 | ||||||
Spectra Energy Corp. | 1,461 | 53,516 | ||||||
Teekay Tankers, Ltd. | 59,653 | 177,766 | ||||||
Tesoro Corp. | 559 | 41,880 | ||||||
Valero Energy Corp. | 3,336 | 170,136 | ||||||
World Fuel Services Corp. | 497 | 23,603 | ||||||
WPX Energy, Inc. (2) | 1,472 | 13,704 | ||||||
(Cost $5,960,840) | 5,985,119 | |||||||
Financials — 12.5% | ||||||||
Aflac, Inc. | 2,704 | 195,121 | ||||||
Alleghany Corp. (2) | 76 | 41,768 | ||||||
Allied World Assurance Co. Holdings AG | 2,379 | 83,598 | ||||||
Allstate Corp./The | 2,744 | 191,943 | ||||||
Ally Financial, Inc. | 2,027 | 34,601 | ||||||
American Campus Communities, Inc. (3) | 378 | 19,985 | ||||||
American International Group, Inc. | 7,815 | 413,335 | ||||||
American Tower Corp. (3) | 1,124 | 127,698 | ||||||
Assurant, Inc. | 306 | 26,411 | ||||||
Assured Guaranty, Ltd. | 1,486 | 37,700 | ||||||
Axis Capital Holdings, Ltd. | 2,225 | 122,375 | ||||||
Bank of America Corp. | 60,209 | 798,973 | ||||||
Bank of New York Mellon Corp./The | 7,992 | 310,489 | ||||||
BB&T Corp. | 2,219 | 79,019 | ||||||
Berkshire Hathaway, Inc. (2) | 9,652 | 1,397,513 | ||||||
BlackRock, Inc. | 278 | 95,223 | ||||||
Capital One Financial Corp. | 7,883 | 500,649 | ||||||
CBRE Group, Inc. (2) | 319 | 8,447 | ||||||
Cincinnati Financial Corp. | 731 | 54,745 | ||||||
CIT Group, Inc. | 862 | 27,506 | ||||||
Citigroup, Inc. | 15,619 | 662,089 | ||||||
Citizens Financial Group, Inc. | 2,807 | 56,084 | ||||||
CME Group, Inc./IL | 1,561 | 152,041 | ||||||
CNO Financial Group, Inc. | 1,541 | 26,906 | ||||||
Comerica, Inc. | 1,244 | 51,166 |
The accompanying notes are an integral part of these financial statements.
Page 18 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Dynamic Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
CoreSite Realty Corp. (3) | 188 | 16,674 | ||||||
Crown Castle International Corp. (3) | 830 | 84,187 | ||||||
CyrusOne, Inc. (3) | 401 | 22,320 | ||||||
Discover Financial Services | 1,220 | 65,380 | ||||||
DuPont Fabros Technology, Inc. (3) | 894 | 42,501 | ||||||
Education Realty Trust, Inc. (3) | 276 | 12,735 | ||||||
Endurance Specialty Holdings, Ltd. | 1,903 | 127,805 | ||||||
EPR Properties (3) | 155 | 12,505 | ||||||
Equinix, Inc. (3) | 386 | 149,664 | ||||||
Equity Residential (3) | 1,120 | 77,146 | ||||||
Everest Re Group, Ltd. | 538 | 98,276 | ||||||
Fifth Third Bancorp | 7,902 | 138,996 | ||||||
General Growth Properties, Inc. (3) | 1,266 | 37,752 | ||||||
Goldman Sachs Group, Inc./The | 1,638 | 243,374 | ||||||
Great Western Bancorp, Inc. | 376 | 11,859 | ||||||
Hancock Holding Co. | 578 | 15,092 | ||||||
Hanover Insurance Group, Inc./The | 1,021 | 86,397 | ||||||
Hartford Financial Services Group, Inc./The | 2,161 | 95,905 | ||||||
Hospitality Properties Trust (3) | 26 | 749 | ||||||
IBERIABANK Corp. | 416 | 24,848 | ||||||
Intercontinental Exchange, Inc. | 263 | 67,317 | ||||||
JPMorgan Chase & Co. | 20,916 | 1,299,720 | ||||||
KeyCorp | 8,799 | 97,229 | ||||||
Kimco Realty Corp. (3) | 1,094 | 34,330 | ||||||
Leucadia National Corp. | 1,245 | 21,576 | ||||||
Lincoln National Corp. | 2,582 | 100,104 | ||||||
Loews Corp. | 3,730 | 153,266 | ||||||
MetLife, Inc. | 6,477 | 257,979 | ||||||
Morgan Stanley | 12,138 | 315,345 | ||||||
Nasdaq, Inc. | 825 | 53,353 | ||||||
Navient Corp. | 5,517 | 65,928 | ||||||
Old Republic International Corp. | 6,769 | 130,574 | ||||||
PNC Financial Services Group, Inc./The | 1,959 | 159,443 | ||||||
Popular, Inc. | 1,408 | 41,254 | ||||||
Progressive Corp./The | 979 | 32,797 | ||||||
Prologis, Inc. (3) | 2,466 | 120,933 | ||||||
Prudential Financial, Inc. | 3,282 | 234,138 | ||||||
Public Storage (3) | 663 | 169,456 | ||||||
Regions Financial Corp. | 22,318 | 189,926 | ||||||
Reinsurance Group of America, Inc. | 3,402 | 329,960 | ||||||
RenaissanceRe Holdings, Ltd. | 704 | 82,678 | ||||||
S&P Global, Inc. | 248 | 26,600 | ||||||
Senior Housing Properties Trust (3) | 1,884 | 39,244 | ||||||
STORE Capital Corp. (3) | 1,356 | 39,934 | ||||||
SunTrust Banks, Inc. | 3,747 | 153,927 | ||||||
Travelers Cos., Inc./The | 3,187 | 379,380 | ||||||
Unum Group | 2,207 | 70,161 | ||||||
US Bancorp | 5,492 | 221,492 | ||||||
Validus Holdings, Ltd. | 4,426 | 215,059 | ||||||
Ventas, Inc. (3) | 1,046 | 76,170 | ||||||
Voya Financial, Inc. | 1,318 | 32,634 | ||||||
Wells Fargo & Co. | 15,743 | 745,116 | ||||||
Welltower, Inc. (3) | 1,442 | 109,837 | ||||||
Weyerhaeuser Co. (3) | 357 | 10,628 | ||||||
White Mountains Insurance Group, Ltd. | 55 | 46,310 | ||||||
XL Group PLC | 4,521 | 150,595 | ||||||
Zions Bancorporation | 1,325 | 33,297 | ||||||
(Cost $13,393,007) | 13,187,240 | |||||||
Healthcare — 11.6% | ||||||||
Abbott Laboratories | 5,303 | 208,461 | ||||||
AbbVie, Inc. | 7,048 | 436,342 | ||||||
ABIOMED, Inc. (2) | 83 | 9,071 | ||||||
Aetna, Inc. | 4,321 | 527,724 | ||||||
Agilent Technologies, Inc. | 2,940 | 130,418 | ||||||
Alexion Pharmaceuticals, Inc. (2) | 1,027 | 119,913 | ||||||
Align Technology, Inc. | 106 | 8,538 | ||||||
Allergan plc (2) | 1,781 | 411,571 | ||||||
Amgen, Inc. | 3,389 | 515,636 | ||||||
AMN Healthcare Services, Inc. (2) | 216 | 8,634 | ||||||
Anthem, Inc. | 4,873 | 640,020 | ||||||
Baxter International, Inc. | 3,488 | 157,727 | ||||||
Becton Dickinson and Co. | 956 | 162,128 | ||||||
Biogen, Inc. (2) | 969 | 234,324 | ||||||
Bio-Rad Laboratories, Inc. (2) | 279 | 39,903 | ||||||
Boston Scientific Corp. (2) | 9,212 | 215,284 | ||||||
Bristol-Myers Squibb Co. | 7,127 | 524,191 | ||||||
Bruker Corp. | 1,194 | 27,152 | ||||||
Cambrex Corp. (2) | 309 | 15,985 | ||||||
Cardinal Health, Inc. | 698 | 54,451 | ||||||
Celgene Corp. (2) | 3,639 | 358,915 | ||||||
Charles River Laboratories International, Inc. (2) | 451 | 37,180 | ||||||
CR Bard, Inc. | 400 | 94,064 | ||||||
Cynosure, Inc. (2) | 218 | 10,605 | ||||||
DENTSPLY SIRONA, Inc. | 1,868 | 115,891 | ||||||
Edwards Lifesciences Corp. (2) | 1,333 | 132,940 | ||||||
Eli Lilly & Co. | 4,573 | 360,124 | ||||||
Emergent BioSolutions, Inc. (2) | 816 | 22,946 | ||||||
Express Scripts Holding Co. (2) | 2,299 | 174,264 | ||||||
Gilead Sciences, Inc. | 5,170 | 431,281 | ||||||
Henry Schein, Inc. (2) | 286 | 50,565 | ||||||
INC Research Holdings, Inc. (2) | 520 | 19,828 | ||||||
Intuitive Surgical, Inc. (2) | 283 | 187,179 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 19 |
Schedule of Investments
June 30, 2016 (unaudited)
Dynamic Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Johnson & Johnson | 12,658 | 1,535,415 | ||||||
Laboratory Corp of America Holdings (2) | 425 | 55,365 | ||||||
Mallinckrodt PLC (2) | 371 | 22,549 | ||||||
Masimo Corp. (2) | 865 | 45,425 | ||||||
McKesson Corp. | 889 | 165,932 | ||||||
Medivation, Inc. (2) | 326 | 19,658 | ||||||
Medtronic PLC | 6,208 | 538,668 | ||||||
Merck & Co., Inc. | 12,403 | 714,537 | ||||||
Mettler-Toledo International, Inc. (2) | 48 | 17,516 | ||||||
Mylan NV (2) | 590 | 25,512 | ||||||
PerkinElmer, Inc. | 1,138 | 59,654 | ||||||
Pfizer, Inc. | 28,662 | 1,009,189 | ||||||
PRA Health Sciences, Inc. (2) | 488 | 20,379 | ||||||
Prestige Brands Holdings, Inc. (2) | 303 | 16,786 | ||||||
Quest Diagnostics, Inc. | 1,495 | 121,708 | ||||||
Shire PLC | 272 | 50,070 | ||||||
Stryker Corp. | 1,133 | 135,767 | ||||||
Teleflex, Inc. | 241 | 42,732 | ||||||
Thermo Fisher Scientific, Inc. | 2,003 | 295,963 | ||||||
UnitedHealth Group, Inc. | 4,213 | 594,876 | ||||||
Universal Health Services, Inc. | 696 | 93,334 | ||||||
VCA, Inc. (2) | 752 | 50,843 | ||||||
VWR Corp. (2) | 1,502 | 43,408 | ||||||
Waters Corp. (2) | 117 | 16,456 | ||||||
Zimmer Biomet Holdings, Inc. | 918 | 110,509 | ||||||
Zoetis, Inc. | 729 | 34,598 | ||||||
(Cost $11,754,812) | 12,280,104 | |||||||
Industrials — 7.7% | ||||||||
3M Co. | 2,820 | 493,838 | ||||||
Acuity Brands, Inc. | 59 | 14,630 | ||||||
AGCO Corp. | 1,052 | 49,581 | ||||||
Air Lease Corp. | 567 | 15,184 | ||||||
American Woodmark Corp. (2) | 130 | 8,629 | ||||||
AO Smith Corp. | 466 | 41,059 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) | 363 | 15,035 | ||||||
Beacon Roofing Supply, Inc. (2) | 531 | 24,145 | ||||||
Boeing Co./The | 2,711 | 352,078 | ||||||
BWX Technologies, Inc. | 1,213 | 43,389 | ||||||
Carlisle Cos., Inc. | 432 | 45,654 | ||||||
CH Robinson Worldwide, Inc. | 1,012 | 75,141 | ||||||
CSX Corp. | 3,113 | 81,187 | ||||||
Cummins, Inc. | 665 | 74,773 | ||||||
Curtiss-Wright Corp. | 746 | 62,851 | ||||||
Danaher Corp. | 4,034 | 407,434 | ||||||
Delta Air Lines, Inc. | 2,510 | 91,439 | ||||||
Dover Corp. | 659 | 45,682 | ||||||
Eaton Corp. PLC | 3,035 | 181,281 | ||||||
Emerson Electric Co. | 1,710 | 89,194 | ||||||
Expeditors International of Washington, Inc. | 241 | 11,819 | ||||||
FedEx Corp. | 1,389 | 210,822 | ||||||
General Dynamics Corp. | 1,109 | 154,417 | ||||||
General Electric Co. | 42,436 | 1,335,885 | ||||||
Hawaiian Holdings, Inc. (2) | 307 | 11,654 | ||||||
HD Supply Holdings, Inc. (2) | 2,103 | 73,226 | ||||||
Honeywell International, Inc. | 3,239 | 376,760 | ||||||
Huntington Ingalls Industries, Inc. | 298 | 50,073 | ||||||
Illinois Tool Works, Inc. | 1,263 | 131,554 | ||||||
Ingersoll-Rand PLC | 2,253 | 143,471 | ||||||
Jacobs Engineering Group, Inc. (2) | 4,342 | 216,275 | ||||||
Kansas City Southern | 193 | 17,387 | ||||||
L-3 Communications Holdings, Inc. | 1,054 | 154,611 | ||||||
Lockheed Martin Corp. | 872 | 216,404 | ||||||
ManpowerGroup, Inc. | 559 | 35,966 | ||||||
Masco Corp. | 2,095 | 64,819 | ||||||
MSC Industrial Direct Co., Inc. | 335 | 23,638 | ||||||
Norfolk Southern Corp. | 1,516 | 129,057 | ||||||
Northrop Grumman Corp. | 1,592 | 353,870 | ||||||
Orbital ATK, Inc. | 99 | 8,429 | ||||||
Oshkosh Corp. | 649 | 30,964 | ||||||
Owens Corning | 1,119 | 57,651 | ||||||
Parker-Hannifin Corp. | 80 | 8,644 | ||||||
Quanta Services, Inc. (2) | 4,281 | 98,977 | ||||||
Raytheon Co. | 1,564 | 212,626 | ||||||
Republic Services, Inc. | 3,157 | 161,986 | ||||||
Ryder System, Inc. | 628 | 38,396 | ||||||
Snap-on, Inc. | 234 | 36,930 | ||||||
Southwest Airlines Co. | 2,912 | 114,180 | ||||||
Spirit AeroSystems Holdings, Inc. (2) | 225 | 9,675 | ||||||
Stanley Black & Decker, Inc. | 1,784 | 198,416 | ||||||
Terex Corp. | 1,295 | 26,301 | ||||||
Textron, Inc. | 329 | 12,028 | ||||||
Timken Co./The | 814 | 24,957 | ||||||
Toro Co./The | 745 | 65,709 | ||||||
TransUnion (2) | 485 | 16,218 | ||||||
Trinity Industries, Inc. | 618 | 11,476 | ||||||
Tutor Perini Corp. (2) | 266 | 6,264 | ||||||
Union Pacific Corp. | 2,502 | 218,300 | ||||||
United Continental Holdings, Inc. (2) | 790 | 32,422 | ||||||
United Parcel Service, Inc. | 1,122 | 120,862 | ||||||
United Technologies Corp. | 3,244 | 332,672 | ||||||
USG Corp. (2) | 719 | 19,384 | ||||||
Wabash National Corp. (2) | 1,830 | 23,241 | ||||||
Waste Management, Inc. | 1,561 | 103,447 |
The accompanying notes are an integral part of these financial statements.
Page 20 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Dynamic Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Watsco, Inc. | 218 | 30,670 | ||||||
WESCO International, Inc. (2) | 590 | 30,379 | ||||||
Xylem, Inc./NY | 1,709 | 76,307 | ||||||
(Cost $7,752,096) | 8,051,423 | |||||||
Information Technology — 16.3% | ||||||||
Accenture PLC | 4,207 | 476,611 | ||||||
Activision Blizzard, Inc. | 4,482 | 177,622 | ||||||
Adobe Systems, Inc. (2) | 2,547 | 243,977 | ||||||
Alphabet, Inc. (2) | 2,901 | 2,040,941 | ||||||
Analog Devices, Inc. | 598 | 33,871 | ||||||
Apple, Inc. | 24,354 | 2,328,242 | ||||||
Applied Materials, Inc. | 7,911 | 189,627 | ||||||
Arrow Electronics, Inc. (2) | 1,509 | 93,407 | ||||||
Autodesk, Inc. (2) | 384 | 20,790 | ||||||
Automatic Data Processing, Inc. | 567 | 52,090 | ||||||
Avnet, Inc. | 4,524 | 183,267 | ||||||
Broadcom, Ltd. | 1,090 | 169,386 | ||||||
Broadridge Financial Solutions, Inc. | 484 | 31,557 | ||||||
Brocade Communications Systems, Inc. | 2,438 | 22,381 | ||||||
CA, Inc. | 5,678 | 186,409 | ||||||
CACI International, Inc. (2) | 248 | 22,422 | ||||||
Cadence Design Systems, Inc. (2) | 1,222 | 29,695 | ||||||
Cirrus Logic, Inc. (2) | 415 | 16,098 | ||||||
Cisco Systems, Inc. | 25,971 | 745,108 | ||||||
Citrix Systems, Inc. (2) | 1,648 | 131,988 | ||||||
Cognizant Technology Solutions Corp. (2) | 2,402 | 137,490 | ||||||
Coherent, Inc. (2) | 985 | 90,403 | ||||||
Computer Sciences Corp. | 2,116 | 105,059 | ||||||
Corning, Inc. | 9,152 | 187,433 | ||||||
DST Systems, Inc. | 74 | 8,616 | ||||||
eBay, Inc. (2) | 4,375 | 102,419 | ||||||
Electronic Arts, Inc. (2) | 1,781 | 134,929 | ||||||
Facebook, Inc. (2) | 12,721 | 1,453,756 | ||||||
Fair Isaac Corp. | 77 | 8,702 | ||||||
Fidelity National Information Services, Inc. | 1,903 | 140,213 | ||||||
First Solar, Inc. (2) | 883 | 42,808 | ||||||
Fiserv, Inc. (2) | 653 | 71,001 | ||||||
FLIR Systems, Inc. | 629 | 19,468 | ||||||
Genpact, Ltd. (2) | 1,306 | 35,053 | ||||||
Global Payments, Inc. | 449 | 32,050 | ||||||
Harris Corp. | 192 | 16,020 | ||||||
Hewlett Packard Enterprise Co. | 8,447 | 154,327 | ||||||
HP, Inc. | 3,220 | 40,411 | ||||||
Integrated Device Technology, Inc. (2) | 789 | 15,883 | ||||||
Intel Corp. | 23,561 | 772,801 | ||||||
International Business Machines Corp. | 4,090 | 620,780 | ||||||
Intuit, Inc. | 906 | 101,119 | ||||||
Jabil Circuit, Inc. | 931 | 17,196 | ||||||
Juniper Networks, Inc. | 2,775 | 62,410 | ||||||
Lumentum Holdings, Inc. (2) | 411 | 9,946 | ||||||
MasterCard, Inc. | 3,575 | 314,815 | ||||||
Maxim Integrated Products, Inc. | 640 | 22,842 | ||||||
MaxLinear, Inc. (2) | 332 | 5,969 | ||||||
Micron Technology, Inc. (2) | 3,500 | 48,160 | ||||||
Microsoft Corp. | 33,882 | 1,733,742 | ||||||
MicroStrategy, Inc. (2) | 63 | 11,026 | ||||||
Motorola Solutions, Inc. | 244 | 16,097 | ||||||
NVIDIA Corp. | 4,631 | 217,703 | ||||||
Oracle Corp. | 17,048 | 697,775 | ||||||
PayPal Holdings, Inc. (2) | 4,612 | 168,384 | ||||||
QLogic Corp. (2) | 2,514 | 37,056 | ||||||
Qorvo, Inc. (2) | 170 | 9,394 | ||||||
QUALCOMM, Inc. | 6,151 | 329,509 | ||||||
salesforce.com, Inc. (2) | 2,499 | 198,446 | ||||||
Sanmina Corp. (2) | 1,171 | 31,395 | ||||||
Skyworks Solutions, Inc. | 925 | 58,534 | ||||||
Symantec Corp. | 2,147 | 44,099 | ||||||
Synopsys, Inc. (2) | 657 | 35,531 | ||||||
Tech Data Corp. (2) | 294 | 21,124 | ||||||
Teradyne, Inc. | 1,764 | 34,733 | ||||||
Texas Instruments, Inc. | 5,554 | 347,958 | ||||||
Total System Services, Inc. | 1,459 | 77,487 | ||||||
Universal Display Corp. (2) | 125 | 8,475 | ||||||
Visa, Inc. | 9,633 | 714,479 | ||||||
Western Digital Corp. | 968 | 45,748 | ||||||
Xerox Corp. | 9,154 | 86,871 | ||||||
Xilinx, Inc. | 588 | 27,124 | ||||||
Yahoo!, Inc. (2) | 5,055 | 189,866 | ||||||
(Cost $16,864,365) | 17,110,124 | |||||||
Materials — 1.9% | ||||||||
Air Products & Chemicals, Inc. | 644 | 91,474 | ||||||
Albemarle Corp. | 716 | 56,786 | ||||||
Alcoa, Inc. | 3,938 | 36,505 | ||||||
Avery Dennison Corp. | 1,713 | 128,047 | ||||||
Celanese Corp. | 212 | 13,875 | ||||||
Coeur Mining, Inc. (2) | 930 | 9,914 | ||||||
Commercial Metals Co. | 2,481 | 41,929 | ||||||
Domtar Corp. | 6,469 | 226,479 | ||||||
Eastman Chemical Co. | 493 | 33,475 | ||||||
International Flavors & Fragrances, Inc. | 190 | 23,953 | ||||||
LyondellBasell Industries NV | 1,845 | 137,305 | ||||||
Martin Marietta Materials, Inc. | 446 | 85,632 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 21 |
Schedule of Investments
June 30, 2016 (unaudited)
Dynamic Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Monsanto Co. | 1,824 | 188,620 | ||||||
Mosaic Co./The | 2,510 | 65,712 | ||||||
Newmont Mining Corp. | 3,334 | 130,426 | ||||||
Nucor Corp. | 2,659 | 131,381 | ||||||
PPG Industries, Inc. | 435 | 45,305 | ||||||
Reliance Steel & Aluminum Co. | 769 | 59,136 | ||||||
Royal Gold, Inc. | 251 | 18,077 | ||||||
Sherwin-Williams Co./The | 471 | 138,319 | ||||||
Sonoco Products Co. | 310 | 15,395 | ||||||
Steel Dynamics, Inc. | 2,913 | 71,369 | ||||||
Trinseo SA | 1,728 | 74,183 | ||||||
Vulcan Materials Co. | 1,261 | 151,774 | ||||||
WestRock Co. | 1,627 | 63,241 | ||||||
Worthington Industries, Inc. | 311 | 13,155 | ||||||
(Cost $2,038,447) | 2,051,467 | |||||||
Telecommunication Services — 2.4% | ||||||||
AT&T, Inc. | 32,561 | 1,406,961 | ||||||
CenturyLink, Inc. | 4,141 | 120,130 | ||||||
Level 3 Communications, Inc. (2)(3) | 1,520 | 78,265 | ||||||
Verizon Communications, Inc. | 15,846 | 884,841 | ||||||
(Cost $2,138,026) | 2,490,197 | |||||||
Utilities — 3.5% | ||||||||
AES Corp./VA | 3,691 | 46,064 | ||||||
Alliant Energy Corp. | 442 | 17,547 | ||||||
Ameren Corp. | 2,190 | 117,340 | ||||||
American Electric Power Co., Inc. | 5,261 | 368,743 | ||||||
American Water Works Co., Inc. | 981 | 82,904 | ||||||
Atmos Energy Corp. | 445 | 36,187 | ||||||
Consolidated Edison, Inc. | 2,792 | 224,588 | ||||||
DTE Energy Co. | 964 | 95,552 | ||||||
Duke Energy Corp. | 2,940 | 252,223 | ||||||
Dynegy, Inc. (2) | 522 | 8,999 | ||||||
Edison International | 1,987 | 154,330 | ||||||
Entergy Corp. | 2,069 | 168,313 | ||||||
Exelon Corp. | 6,913 | 251,357 | ||||||
FirstEnergy Corp. | 4,202 | 146,692 | ||||||
Fluor Corp. | 784 | 38,636 | ||||||
Great Plains Energy, Inc. | 3,294 | 100,138 | ||||||
NextEra Energy, Inc. | 1,474 | 192,210 | ||||||
NiSource, Inc. | 6,764 | 179,381 | ||||||
PG&E Corp. | 2,793 | 178,529 | ||||||
Pinnacle West Capital Corp. | 3,106 | 251,772 | ||||||
Portland General Electric Co. | 310 | 13,677 | ||||||
PPL Corp. | 2,818 | 106,380 | ||||||
Public Service Enterprise Group, Inc. | 4,899 | 228,342 | ||||||
SCANA Corp. | 1,601 | 121,132 | ||||||
Southern Co./The | 2,883 | 154,615 | ||||||
UGI Corp. | 191 | 8,643 | ||||||
Westar Energy, Inc. | 1,368 | 76,731 | ||||||
Xcel Energy, Inc. | 2,735 | 122,472 | ||||||
(Cost $3,495,295) | 3,743,497 | |||||||
Total Common Stocks (Cost $82,264,840) | 84,676,934 | |||||||
Registered Investment Companies — 4.1% | ||||||||
iShares MSCI Emerging Markets ETF (9) | 64,551 | 2,217,972 | ||||||
Technology Select Sector SPDR Fund (9) | 48,864 | 2,119,232 | ||||||
Total Registered Investment Companies (Cost $4,350,254) | 4,337,204 | |||||||
Money Market Registered Investment Companies — 14.1% | ||||||||
Fidelity Institutional Money Market Portfolio, 0.46% (5) | 144,234 | 144,234 | ||||||
Meeder Money Market Fund - Institutional Class, 0.39% (6) | 14,719,952 | 14,719,952 | ||||||
Total Money Market Registered Investment Companies (Cost $14,864,186) | 14,864,186 | |||||||
Bank Obligations — 0.7% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
EverBank Money Market Account, 0.61%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $747,000) | 747,000 | |||||||
Total Investments — 99.2% (Cost $102,226,280) (1) | 104,625,324 | |||||||
Other Assets less Liabilities — 0.8% | 858,291 | |||||||
Total Net Assets — 100.0% | 105,483,615 | |||||||
Trustee Deferred Compensation (8) | ||||||||
Meeder Aggressive Growth Fund | 3,311 | 31,455 | ||||||
Meeder Balanced Fund | 1,715 | 17,922 | ||||||
Meeder Dynamic Growth Fund | 1,189 | 11,034 | ||||||
Meeder Muirfield Fund | 3,662 | 23,620 | ||||||
Meeder Quantex Fund | 1,851 | 55,789 | ||||||
Meeder Miller/Howard Infrastructure Fund | 500 | 10,540 | ||||||
Total Trustee Deferred Compensation (Cost $126,605) | 150,360 |
The accompanying notes are an integral part of these financial statements.
Page 22 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Dynamic Growth Fund | ||||||||
Long Contracts | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
Standard & Poors 500 Mini Futures expiring September 2016, notional value $16,826,110 | 161 | (62,645 | ) | |||||
Total Futures Contracts | 161 | (62,645 | ) |
(1) | Cost for federal income tax purposes of $106,539,926 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 4,662,450 | ||
Unrealized depreciation | (2,326,051 | ) | ||
Net unrealized appreciation (depreciation) | $ | 2,336,399 |
(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, 2016. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(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, 2016. 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. |
(9) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 23 |
Schedule of Investments
June 30, 2016 (unaudited)
Aggressive Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 77.1% | ||||||||
Consumer Discretionary — 9.4% | ||||||||
Abercrombie & Fitch Co. | 1,389 | 24,738 | ||||||
Amazon.com, Inc. (2) | 1,406 | 1,006,162 | ||||||
Ascena Retail Group, Inc. (2) | 12,924 | 90,339 | ||||||
Best Buy Co., Inc. | 2,508 | 76,745 | ||||||
Cable One, Inc. | 22 | 11,251 | ||||||
Carnival Corp. | 3,120 | 137,904 | ||||||
Carter's, Inc. | 110 | 11,712 | ||||||
CBS Corp. | 932 | 50,738 | ||||||
Charter Communications, Inc. (2) | 480 | 109,747 | ||||||
Children's Place, Inc./The | 223 | 17,880 | ||||||
Coach, Inc. | 1,640 | 66,814 | ||||||
Comcast Corp. | 6,563 | 427,842 | ||||||
Darden Restaurants, Inc. | 713 | 45,161 | ||||||
DeVry Education Group, Inc. | 316 | 5,637 | ||||||
Dollar General Corp. | 1,376 | 129,344 | ||||||
Dollar Tree, Inc. (2) | 267 | 25,162 | ||||||
DR Horton, Inc. | 2,560 | 80,589 | ||||||
Equifax, Inc. | 163 | 20,929 | ||||||
Expedia, Inc. | 165 | 17,540 | ||||||
Express, Inc. (2) | 1,851 | 26,858 | ||||||
Ford Motor Co. | 15,868 | 199,461 | ||||||
GameStop Corp. (4) | 338 | 8,984 | ||||||
General Motors Co. | 8,494 | 240,380 | ||||||
Genesco, Inc. (2) | 373 | 23,988 | ||||||
Genuine Parts Co. | 566 | 57,308 | ||||||
Goodyear Tire & Rubber Co./The | 703 | 18,039 | ||||||
Hasbro, Inc. | 779 | 65,428 | ||||||
Home Depot, Inc./The | 4,131 | 527,487 | ||||||
International Game Technology PLC | 934 | 17,503 | ||||||
Lear Corp. | 399 | 40,602 | ||||||
Lowe's Cos., Inc. | 3,398 | 269,020 | ||||||
Madison Square Garden Co./The (2) | 121 | 20,874 | ||||||
Mattel, Inc. | 1,031 | 32,260 | ||||||
McDonald's Corp. | 2,850 | 342,969 | ||||||
MDC Holdings, Inc. | 3,102 | 75,503 | ||||||
Meredith Corp. | 242 | 12,562 | ||||||
Mohawk Industries, Inc. (2) | 192 | 36,434 | ||||||
Netflix, Inc. (2) | 1,098 | 100,445 | ||||||
News Corp. | 7,121 | 80,823 | ||||||
NIKE, Inc. | 4,514 | 249,173 | ||||||
NVR, Inc. (2) | 15 | 26,705 | ||||||
O'Reilly Automotive, Inc. (2) | 48 | 13,013 | ||||||
Priceline Group, Inc./The (2) | 136 | 169,784 | ||||||
PVH Corp. | 131 | 12,344 | ||||||
Ross Stores, Inc. | 1,092 | 61,905 | ||||||
Royal Caribbean Cruises, Ltd. | 393 | 26,390 | ||||||
Smith & Wesson Holding Corp. (2)(4) | 261 | 7,094 | ||||||
Staples, Inc. | 3,654 | 31,497 | ||||||
Starbucks Corp. | 3,389 | 193,580 | ||||||
Target Corp. | 1,833 | 127,980 | ||||||
Thor Industries, Inc. | 623 | 40,333 | ||||||
Time Warner, Inc. | 2,222 | 163,406 | ||||||
TJX Cos., Inc./The | 2,036 | 157,240 | ||||||
Tractor Supply Co. | 303 | 27,628 | ||||||
Twenty-First Century Fox, Inc. | 3,098 | 83,801 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (2) | 91 | 22,171 | ||||||
Urban Outfitters, Inc. (2) | 474 | 13,035 | ||||||
Viacom, Inc. | 216 | 8,958 | ||||||
Vista Outdoor, Inc. (2) | 432 | 20,619 | ||||||
Walt Disney Co./The | 4,412 | 431,582 | ||||||
Whirlpool Corp. | 196 | 32,661 | ||||||
Yum! Brands, Inc. | 1,026 | 85,076 | ||||||
(Cost $6,454,055) | 6,559,137 | |||||||
Consumer Staples — 8.5% | ||||||||
Altria Group, Inc. | 5,726 | 394,865 | ||||||
Archer-Daniels-Midland Co. | 2,969 | 127,340 | ||||||
Blue Buffalo Pet Products, Inc. (2) | 271 | 6,325 | ||||||
Bunge, Ltd. | 542 | 32,059 | ||||||
Casey's General Stores, Inc. | 76 | 9,995 | ||||||
Clorox Co./The | 558 | 77,222 | ||||||
Coca-Cola Co./The | 9,860 | 446,954 | ||||||
Colgate-Palmolive Co. | 971 | 71,077 | ||||||
ConAgra Foods, Inc. | 301 | 14,391 | ||||||
Constellation Brands, Inc. | 337 | 55,740 | ||||||
Costco Wholesale Corp. | 800 | 125,632 | ||||||
CVS Health Corp. | 3,154 | 301,964 | ||||||
Darling Ingredients, Inc. (2) | 1,370 | 20,413 | ||||||
Dr Pepper Snapple Group, Inc. | 934 | 90,252 | ||||||
Estee Lauder Cos., Inc./The | 1,024 | 93,204 | ||||||
General Mills, Inc. | 206 | 14,692 | ||||||
Hormel Foods Corp. | 555 | 20,313 | ||||||
Ingredion, Inc. | 380 | 49,176 | ||||||
JM Smucker Co./The | 397 | 60,507 | ||||||
Kimberly-Clark Corp. | 575 | 79,051 | ||||||
Kraft Heinz Co./The | 3,849 | 340,560 | ||||||
Kroger Co./The | 1,419 | 52,205 | ||||||
Molson Coors Brewing Co. | 953 | 96,377 | ||||||
Mondelez International, Inc. | 5,520 | 251,215 | ||||||
Monster Beverage Corp. (2) | 321 | 51,588 | ||||||
PepsiCo, Inc. | 2,915 | 308,815 | ||||||
Philip Morris International, Inc. | 3,931 | 399,861 | ||||||
Pilgrim's Pride Corp. | 277 | 7,058 |
The accompanying notes are an integral part of these financial statements.
Page 24 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Aggressive Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Procter & Gamble Co./The | 6,721 | 569,067 | ||||||
Reynolds American, Inc. | 4,693 | 253,093 | ||||||
Rite Aid Corp. (2) | 40,157 | 300,776 | ||||||
Sanderson Farms, Inc. | 126 | 10,917 | ||||||
Sysco Corp. | 3,047 | 154,605 | ||||||
Tyson Foods, Inc. | 1,825 | 121,892 | ||||||
Walgreens Boots Alliance, Inc. | 2,663 | 221,748 | ||||||
Wal-Mart Stores, Inc. | 9,530 | 695,881 | ||||||
(Cost $5,625,086) | 5,926,830 | |||||||
Energy — 5.3% | ||||||||
Apache Corp. | 927 | 51,606 | ||||||
Atwood Oceanics, Inc. | 652 | 8,163 | ||||||
Baker Hughes, Inc. | 1,083 | 48,876 | ||||||
Cabot Oil & Gas Corp. | 920 | 23,681 | ||||||
Chevron Corp. | 6,161 | 645,858 | ||||||
ConocoPhillips | 3,400 | 148,240 | ||||||
CONSOL Energy, Inc. (4) | 903 | 14,529 | ||||||
Diamond Offshore Drilling, Inc. (4) | 1,238 | 30,121 | ||||||
EOG Resources, Inc. | 1,543 | 128,717 | ||||||
EQT Corp. | 232 | 17,964 | ||||||
Exxon Mobil Corp. | 12,179 | 1,141,649 | ||||||
Halliburton Co. | 1,686 | 76,359 | ||||||
Helmerich & Payne, Inc. | 206 | 13,829 | ||||||
Hess Corp. | 1,519 | 91,292 | ||||||
Kinder Morgan, Inc./DE | 5,758 | 107,790 | ||||||
Marathon Oil Corp. | 2,898 | 43,499 | ||||||
Marathon Petroleum Corp. | 1,509 | 57,282 | ||||||
National Oilwell Varco, Inc. | 1,167 | 39,270 | ||||||
Noble Corp. plc (4) | 3,089 | 25,453 | ||||||
Noble Energy, Inc. | 986 | 35,368 | ||||||
Oasis Petroleum, Inc. (2) | 567 | 5,296 | ||||||
Occidental Petroleum Corp. | 1,814 | 137,066 | ||||||
ONEOK, Inc. | 389 | 18,458 | ||||||
Parsley Energy, Inc. (2) | 1,142 | 30,903 | ||||||
PDC Energy, Inc. (2) | 101 | 5,819 | ||||||
Phillips 66 | 1,381 | 109,569 | ||||||
Pioneer Natural Resources Co. | 445 | 67,288 | ||||||
QEP Resources, Inc. | 874 | 15,409 | ||||||
Range Resources Corp. | 360 | 15,530 | ||||||
Rowan Cos. Plc | 2,929 | 51,726 | ||||||
RSP Permian, Inc. (2) | 157 | 5,478 | ||||||
Schlumberger, Ltd. | 3,385 | 267,686 | ||||||
Teekay Tankers, Ltd. | 27,985 | 83,395 | ||||||
Tesoro Corp. | 362 | 27,121 | ||||||
Valero Energy Corp. | 2,416 | 123,216 | ||||||
World Fuel Services Corp. | 429 | 20,373 | ||||||
WPX Energy, Inc. (2) | 895 | 8,332 | ||||||
(Cost $3,553,823) | 3,742,211 | |||||||
Financials — 12.6% | ||||||||
Aflac, Inc. | 1,940 | 139,990 | ||||||
Alleghany Corp. (2) | 46 | 25,281 | ||||||
Allied World Assurance Co. Holdings AG | 1,434 | 50,391 | ||||||
Allstate Corp./The | 2,056 | 143,817 | ||||||
Ally Financial, Inc. | 1,224 | 20,894 | ||||||
American International Group, Inc. | 5,609 | 296,660 | ||||||
American Tower Corp. (3) | 654 | 74,301 | ||||||
Assurant, Inc. | 289 | 24,944 | ||||||
Assured Guaranty, Ltd. | 1,290 | 32,727 | ||||||
Axis Capital Holdings, Ltd. | 1,646 | 90,530 | ||||||
Bank of America Corp. | 40,659 | 539,545 | ||||||
Bank of New York Mellon Corp./The | 5,478 | 212,820 | ||||||
BB&T Corp. | 649 | 23,111 | ||||||
Berkshire Hathaway, Inc. (2) | 6,063 | 877,862 | ||||||
BlackRock, Inc. | 128 | 43,844 | ||||||
Capital One Financial Corp. | 5,090 | 323,266 | ||||||
Cincinnati Financial Corp. | 438 | 32,802 | ||||||
CIT Group, Inc. | 463 | 14,774 | ||||||
Citigroup, Inc. | 10,740 | 455,269 | ||||||
Citizens Financial Group, Inc. | 2,432 | 48,591 | ||||||
CME Group, Inc./IL | 956 | 93,114 | ||||||
CNO Financial Group, Inc. | 1,879 | 32,807 | ||||||
Comerica, Inc. | 1,104 | 45,408 | ||||||
CoreSite Realty Corp. (3) | 105 | 9,312 | ||||||
CyrusOne, Inc. (3) | 221 | 12,301 | ||||||
Discover Financial Services | 586 | 31,404 | ||||||
DuPont Fabros Technology, Inc. (3) | 642 | 30,521 | ||||||
E*TRADE Financial Corp. (2) | 374 | 8,785 | ||||||
Endurance Specialty Holdings, Ltd. | 1,513 | 101,613 | ||||||
EPR Properties (3) | 88 | 7,100 | ||||||
Equinix, Inc. (3) | 251 | 97,320 | ||||||
Equity Residential (3) | 551 | 37,953 | ||||||
Everest Re Group, Ltd. | 418 | 76,356 | ||||||
Fifth Third Bancorp | 4,618 | 81,231 | ||||||
General Growth Properties, Inc. (3) | 1,830 | 54,571 | ||||||
Goldman Sachs Group, Inc./The | 959 | 142,488 | ||||||
Great Western Bancorp, Inc. | 277 | 8,737 | ||||||
Hancock Holding Co. | 449 | 11,723 | ||||||
Hanover Insurance Group, Inc./The | 874 | 73,958 | ||||||
Hartford Financial Services Group, Inc./The | 1,512 | 67,103 | ||||||
Hospitality Properties Trust (3) | 55 | 1,584 | ||||||
IBERIABANK Corp. | 363 | 21,682 | ||||||
Intercontinental Exchange, Inc. | 126 | 32,251 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 25 |
Schedule of Investments
June 30, 2016 (unaudited)
Aggressive Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
JPMorgan Chase & Co. | 13,731 | 853,244 | ||||||
KeyCorp | 6,247 | 69,029 | ||||||
Kimco Realty Corp. (3) | 469 | 14,717 | ||||||
Leucadia National Corp. | 482 | 8,353 | ||||||
Lincoln National Corp. | 2,179 | 84,480 | ||||||
Loews Corp. | 2,988 | 122,777 | ||||||
MetLife, Inc. | 4,672 | 186,086 | ||||||
Morgan Stanley | 8,224 | 213,660 | ||||||
Nasdaq, Inc. | 538 | 34,792 | ||||||
Navient Corp. | 4,114 | 49,162 | ||||||
Old Republic International Corp. | 6,234 | 120,254 | ||||||
PNC Financial Services Group, Inc./The | 1,162 | 94,575 | ||||||
Popular, Inc. | 1,069 | 31,322 | ||||||
Progressive Corp./The | 388 | 12,998 | ||||||
Prologis, Inc. (3) | 1,712 | 83,956 | ||||||
Prudential Financial, Inc. | 2,464 | 175,782 | ||||||
Public Storage (3) | 380 | 97,124 | ||||||
Regions Financial Corp. | 18,241 | 155,231 | ||||||
Reinsurance Group of America, Inc. | 2,409 | 233,649 | ||||||
RenaissanceRe Holdings, Ltd. | 404 | 47,446 | ||||||
S&P Global, Inc. | 90 | 9,653 | ||||||
Senior Housing Properties Trust (3) | 1,175 | 24,475 | ||||||
STORE Capital Corp. (3) | 698 | 20,556 | ||||||
SunTrust Banks, Inc. | 3,038 | 124,801 | ||||||
Travelers Cos., Inc./The | 2,392 | 284,744 | ||||||
Unum Group | 1,949 | 61,959 | ||||||
US Bancorp | 3,414 | 137,687 | ||||||
Validus Holdings, Ltd. | 3,363 | 163,408 | ||||||
Ventas, Inc. (3) | 535 | 38,959 | ||||||
Voya Financial, Inc. | 925 | 22,903 | ||||||
Wells Fargo & Co. | 9,412 | 445,470 | ||||||
Welltower, Inc. (3) | 834 | 63,526 | ||||||
White Mountains Insurance Group, Ltd. | 34 | 28,628 | ||||||
XL Group PLC | 3,125 | 104,094 | ||||||
Zions Bancorporation | 990 | 24,879 | ||||||
(Cost $9,062,928) | 8,795,120 | |||||||
Healthcare — 11.0% | ||||||||
Abbott Laboratories | 3,338 | 131,217 | ||||||
AbbVie, Inc. | 4,558 | 282,186 | ||||||
ABIOMED, Inc. (2) | 53 | 5,792 | ||||||
Aetna, Inc. | 2,277 | 278,090 | ||||||
Agilent Technologies, Inc. | 5,368 | 238,124 | ||||||
Allergan plc (2) | 1,131 | 261,363 | ||||||
Amgen, Inc. | 2,200 | 334,730 | ||||||
AMN Healthcare Services, Inc. (2) | 142 | 5,676 | ||||||
Baxter International, Inc. | 2,266 | 102,469 | ||||||
Becton Dickinson and Co. | 589 | 99,889 | ||||||
Biogen, Inc. (2) | 635 | 153,556 | ||||||
Bio-Rad Laboratories, Inc. (2) | 249 | 35,612 | ||||||
Boston Scientific Corp. (2) | 6,324 | 147,792 | ||||||
Bristol-Myers Squibb Co. | 4,524 | 332,740 | ||||||
Bruker Corp. | 1,322 | 30,062 | ||||||
Cambrex Corp. (2) | 207 | 10,708 | ||||||
Cardinal Health, Inc. | 359 | 28,006 | ||||||
Celgene Corp. (2) | 2,419 | 238,586 | ||||||
Charles River Laboratories International, Inc. (2) | 301 | 24,814 | ||||||
Cigna Corp. | 2,287 | 292,713 | ||||||
CR Bard, Inc. | 243 | 57,144 | ||||||
Cynosure, Inc. (2) | 244 | 11,869 | ||||||
Dyax Corp. - CVR | 7,330 | 0 | ||||||
DENTSPLY SIRONA, Inc. | 1,272 | 78,915 | ||||||
Edwards Lifesciences Corp. (2) | 946 | 94,345 | ||||||
Eli Lilly & Co. | 2,881 | 226,879 | ||||||
Emergent BioSolutions, Inc. (2) | 714 | 20,078 | ||||||
Express Scripts Holding Co. (2) | 1,373 | 104,073 | ||||||
Gilead Sciences, Inc. | 3,168 | 264,275 | ||||||
Henry Schein, Inc. (2) | 153 | 27,050 | ||||||
INC Research Holdings, Inc. (2) | 371 | 14,146 | ||||||
Intuitive Surgical, Inc. (2) | 188 | 124,345 | ||||||
Johnson & Johnson | 8,146 | 988,110 | ||||||
Laboratory Corp of America Holdings (2) | 221 | 28,790 | ||||||
Masimo Corp. (2) | 702 | 36,866 | ||||||
McKesson Corp. | 542 | 101,164 | ||||||
Medivation, Inc. (2) | 223 | 13,447 | ||||||
Medtronic PLC | 3,905 | 338,837 | ||||||
Merck & Co., Inc. | 7,960 | 458,576 | ||||||
Mettler-Toledo International, Inc. (2) | 39 | 14,232 | ||||||
Mylan NV (2) | 262 | 11,329 | ||||||
PerkinElmer, Inc. | 804 | 42,146 | ||||||
Pfizer, Inc. | 18,441 | 649,308 | ||||||
PRA Health Sciences, Inc. (2) | 384 | 16,036 | ||||||
Prestige Brands Holdings, Inc. (2) | 179 | 9,917 | ||||||
Quest Diagnostics, Inc. | 1,045 | 85,073 | ||||||
Stryker Corp. | 627 | 75,133 | ||||||
Teleflex, Inc. | 165 | 29,256 | ||||||
Thermo Fisher Scientific, Inc. | 1,309 | 193,418 | ||||||
UnitedHealth Group, Inc. | 2,855 | 403,126 | ||||||
Universal Health Services, Inc. | 448 | 60,077 | ||||||
VCA, Inc. (2) | 536 | 36,239 | ||||||
VWR Corp. (2) | 963 | 27,831 | ||||||
Zimmer Biomet Holdings, Inc. | 545 | 65,607 | ||||||
(Cost $7,228,981) | 7,741,762 | |||||||
The accompanying notes are an integral part of these financial statements.
Page 26 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Aggressive Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Industrials — 7.2% | ||||||||
3M Co. | 1,803 | 315,741 | ||||||
Acuity Brands, Inc. | 45 | 11,158 | ||||||
AGCO Corp. | 711 | 33,509 | ||||||
American Woodmark Corp. (2) | 124 | 8,231 | ||||||
AO Smith Corp. | 366 | 32,248 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) | 265 | 10,976 | ||||||
Beacon Roofing Supply, Inc. (2) | 455 | 20,689 | ||||||
Boeing Co./The | 1,699 | 220,649 | ||||||
BWX Technologies, Inc. | 1,137 | 40,670 | ||||||
Carlisle Cos., Inc. | 292 | 30,859 | ||||||
CH Robinson Worldwide, Inc. | 629 | 46,703 | ||||||
CSX Corp. | 1,063 | 27,723 | ||||||
Cummins, Inc. | 372 | 41,828 | ||||||
Curtiss-Wright Corp. | 532 | 44,821 | ||||||
Danaher Corp. | 2,607 | 263,307 | ||||||
Delta Air Lines, Inc. | 1,517 | 55,264 | ||||||
Dover Corp. | 347 | 24,054 | ||||||
Eaton Corp. PLC | 2,050 | 122,447 | ||||||
Emerson Electric Co. | 903 | 47,100 | ||||||
FedEx Corp. | 903 | 137,057 | ||||||
General Dynamics Corp. | 659 | 91,759 | ||||||
General Electric Co. | 25,581 | 805,290 | ||||||
Hawaiian Holdings, Inc. (2) | 279 | 10,591 | ||||||
HD Supply Holdings, Inc. (2) | 1,652 | 57,523 | ||||||
Honeywell International, Inc. | 2,074 | 241,248 | ||||||
Huntington Ingalls Industries, Inc. | 261 | 43,856 | ||||||
Illinois Tool Works, Inc. | 819 | 85,307 | ||||||
Ingersoll-Rand PLC | 1,548 | 98,577 | ||||||
Jacobs Engineering Group, Inc. (2) | 3,175 | 158,147 | ||||||
L-3 Communications Holdings, Inc. | 762 | 111,778 | ||||||
Lockheed Martin Corp. | 448 | 111,180 | ||||||
ManpowerGroup, Inc. | 469 | 30,175 | ||||||
Masco Corp. | 1,305 | 40,377 | ||||||
MSC Industrial Direct Co., Inc. | 214 | 15,100 | ||||||
Norfolk Southern Corp. | 960 | 81,725 | ||||||
Northrop Grumman Corp. | 1,099 | 244,286 | ||||||
Oshkosh Corp. | 478 | 22,805 | ||||||
Owens Corning | 905 | 46,626 | ||||||
Quanta Services, Inc. (2) | 2,808 | 64,921 | ||||||
Raytheon Co. | 978 | 132,959 | ||||||
Republic Services, Inc. | 2,005 | 102,877 | ||||||
Ryder System, Inc. | 489 | 29,897 | ||||||
Snap-on, Inc. | 157 | 24,778 | ||||||
Southwest Airlines Co. | 1,887 | 73,989 | ||||||
Spirit AeroSystems Holdings, Inc. (2) | 166 | 7,138 | ||||||
Stanley Black & Decker, Inc. | 1,298 | 144,364 | ||||||
Terex Corp. | 953 | 19,355 | ||||||
Timken Co./The | 569 | 17,446 | ||||||
Toro Co./The | 532 | 46,922 | ||||||
TransUnion (2) | 329 | 11,002 | ||||||
Trinity Industries, Inc. | 296 | 5,497 | ||||||
Tutor Perini Corp. (2) | 193 | 4,545 | ||||||
Union Pacific Corp. | 1,409 | 122,935 | ||||||
United Continental Holdings, Inc. (2) | 425 | 17,442 | ||||||
United Parcel Service, Inc. | 330 | 35,548 | ||||||
United Technologies Corp. | 1,940 | 198,947 | ||||||
USG Corp. (2) | 502 | 13,534 | ||||||
Wabash National Corp. (2) | 1,349 | 17,132 | ||||||
Waste Management, Inc. | 858 | 56,860 | ||||||
Watsco, Inc. | 128 | 18,008 | ||||||
WESCO International, Inc. (2) | 352 | 18,124 | ||||||
Xylem, Inc./NY | 1,275 | 56,929 | ||||||
(Cost $4,969,836) | 5,072,533 | |||||||
Information Technology — 15.3% | ||||||||
Accenture PLC | 2,699 | 305,770 | ||||||
Activision Blizzard, Inc. | 3,111 | 123,289 | ||||||
Adobe Systems, Inc. (2) | 1,472 | 141,003 | ||||||
Alphabet, Inc. (2) | 1,829 | 1,286,756 | ||||||
Apple, Inc. | 15,462 | 1,478,167 | ||||||
Applied Materials, Inc. | 5,020 | 120,329 | ||||||
Arrow Electronics, Inc. (2) | 1,196 | 74,032 | ||||||
Avnet, Inc. | 3,184 | 128,984 | ||||||
Broadcom, Ltd. | 627 | 97,436 | ||||||
Brocade Communications Systems, Inc. | 756 | 6,940 | ||||||
CA, Inc. | 3,523 | 115,660 | ||||||
CACI International, Inc. (2) | 179 | 16,183 | ||||||
Cadence Design Systems, Inc. (2) | 364 | 8,845 | ||||||
Cisco Systems, Inc. | 16,628 | 477,057 | ||||||
Citrix Systems, Inc. (2) | 1,131 | 90,582 | ||||||
Cognizant Technology Solutions Corp. (2) | 1,301 | 74,469 | ||||||
Coherent, Inc. (2) | 725 | 66,541 | ||||||
Computer Sciences Corp. | 2,051 | 101,832 | ||||||
Corning, Inc. | 5,922 | 121,283 | ||||||
eBay, Inc. (2) | 2,290 | 53,609 | ||||||
Electronic Arts, Inc. (2) | 1,160 | 87,882 | ||||||
Facebook, Inc. (2) | 8,073 | 922,582 | ||||||
Fairchild Semiconductor International, Inc. (2) | 15,847 | 314,563 | ||||||
Fidelity National Information Services, Inc. | 1,074 | 79,132 | ||||||
First Solar, Inc. (2) | 507 | 24,579 | ||||||
Fiserv, Inc. (2) | 191 | 20,767 | ||||||
Genpact, Ltd. (2) | 893 | 23,968 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 27 |
Schedule of Investments
June 30, 2016 (unaudited)
Aggressive Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Global Payments, Inc. | 408 | 29,123 | ||||||
Hewlett Packard Enterprise Co. | 5,608 | 102,458 | ||||||
HP, Inc. | 1,610 | 20,206 | ||||||
Intel Corp. | 14,344 | 470,483 | ||||||
International Business Machines Corp. | 2,568 | 389,771 | ||||||
Intuit, Inc. | 455 | 50,783 | ||||||
Juniper Networks, Inc. | 1,324 | 29,777 | ||||||
Lumentum Holdings, Inc. (2) | 273 | 6,607 | ||||||
Marvell Technology Group, Ltd. | 3,394 | 32,345 | ||||||
MasterCard, Inc. | 2,158 | 190,033 | ||||||
MaxLinear, Inc. (2) | 216 | 3,884 | ||||||
Microsoft Corp. | 21,315 | 1,090,689 | ||||||
MicroStrategy, Inc. (2) | 31 | 5,426 | ||||||
NVIDIA Corp. | 3,157 | 148,411 | ||||||
Oracle Corp. | 10,723 | 438,892 | ||||||
PayPal Holdings, Inc. (2) | 2,706 | 98,796 | ||||||
QLogic Corp. (2) | 1,449 | 21,358 | ||||||
QUALCOMM, Inc. | 3,676 | 196,923 | ||||||
salesforce.com, Inc. (2) | 1,499 | 119,036 | ||||||
Sanmina Corp. (2) | 899 | 24,102 | ||||||
Symantec Corp. | 936 | 19,225 | ||||||
Synopsys, Inc. (2) | 371 | 20,064 | ||||||
Tech Data Corp. (2) | 258 | 18,537 | ||||||
Texas Instruments, Inc. | 3,407 | 213,449 | ||||||
Total System Services, Inc. | 670 | 35,584 | ||||||
Universal Display Corp. (2) | 91 | 6,170 | ||||||
Visa, Inc. | 6,002 | 445,168 | ||||||
Western Digital Corp. | 632 | 29,868 | ||||||
Xerox Corp. | 7,463 | 70,824 | ||||||
Yahoo!, Inc. (2) | 2,985 | 112,117 | ||||||
(Cost $11,065,159) | 10,802,349 | |||||||
Materials — 2.0% | ||||||||
Air Products & Chemicals, Inc. | 344 | 48,862 | ||||||
Albemarle Corp. | 531 | 42,114 | ||||||
Alcoa, Inc. | 1,507 | 13,970 | ||||||
Avery Dennison Corp. | 1,242 | 92,840 | ||||||
Celanese Corp. | 188 | 12,305 | ||||||
Commercial Metals Co. | 2,222 | 37,552 | ||||||
Domtar Corp. | 4,850 | 169,799 | ||||||
Dow Chemical Co./The | 190 | 9,445 | ||||||
Eastman Chemical Co. | 224 | 15,210 | ||||||
International Flavors & Fragrances, Inc. | 113 | 14,246 | ||||||
LyondellBasell Industries NV | 1,172 | 87,220 | ||||||
Martin Marietta Materials, Inc. | 294 | 56,448 | ||||||
Monsanto Co. | 1,088 | 112,510 | ||||||
Mosaic Co./The | 1,482 | 38,799 | ||||||
Newmont Mining Corp. | 2,155 | 84,304 | ||||||
Nucor Corp. | 1,970 | 97,338 | ||||||
Reliance Steel & Aluminum Co. | 622 | 47,832 | ||||||
Royal Gold, Inc. | 134 | 9,651 | ||||||
Sherwin-Williams Co./The | 303 | 88,982 | ||||||
Sonoco Products Co. | 293 | 14,550 | ||||||
Steel Dynamics, Inc. | 2,430 | 59,535 | ||||||
Tahoe Resources, Inc. | 658 | 9,850 | ||||||
Trinseo SA | 1,276 | 54,779 | ||||||
Vulcan Materials Co. | 874 | 105,195 | ||||||
WestRock Co. | 1,058 | 41,124 | ||||||
Worthington Industries, Inc. | 213 | 9,010 | ||||||
(Cost $1,365,011) | 1,373,470 | |||||||
Telecommunication Services — 2.3% | ||||||||
AT&T, Inc. | 21,323 | 921,367 | ||||||
CenturyLink, Inc. | 2,929 | 84,970 | ||||||
Level 3 Communications, Inc. (2)(3) | 910 | 46,856 | ||||||
Verizon Communications, Inc. | 9,799 | 547,176 | ||||||
(Cost $1,374,681) | 1,600,369 | |||||||
Utilities — 3.5% | ||||||||
Ameren Corp. | 1,300 | 69,654 | ||||||
American Electric Power Co., Inc. | 3,537 | 247,908 | ||||||
American Water Works Co., Inc. | 632 | 53,410 | ||||||
Atmos Energy Corp. | 260 | 21,143 | ||||||
Consolidated Edison, Inc. | 1,757 | 141,333 | ||||||
DTE Energy Co. | 420 | 41,630 | ||||||
Duke Energy Corp. | 1,667 | 143,012 | ||||||
Dynegy, Inc. (2) | 333 | 5,741 | ||||||
Edison International | 1,224 | 95,068 | ||||||
Entergy Corp. | 1,292 | 105,104 | ||||||
Exelon Corp. | 4,683 | 170,274 | ||||||
FirstEnergy Corp. | 2,763 | 96,456 | ||||||
Fluor Corp.. | 448 | 22,077 | ||||||
Great Plains Energy, Inc. | 4,514 | 137,226 | ||||||
NextEra Energy, Inc. | 789 | 102,886 | ||||||
NiSource, Inc. | 5,165 | 136,976 | ||||||
PG&E Corp. | 1,772 | 113,266 | ||||||
Pinnacle West Capital Corp. | 2,139 | 173,387 | ||||||
PPL Corp. | 1,471 | 55,530 | ||||||
Public Service Enterprise Group, Inc. | 3,979 | 185,461 | ||||||
SCANA Corp. | 1,143 | 86,479 | ||||||
Southern Co./The | 801 | 42,958 | ||||||
Westar Energy, Inc. | 2,403 | 134,784 |
The accompanying notes are an integral part of these financial statements.
Page 28 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Aggressive Growth Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Xcel Energy, Inc. | 1,225 | 54,855 | ||||||
(Cost $2,248,460) | 2,436,618 | |||||||
Total Common Stocks (Cost $52,948,020) | 54,050,399 | |||||||
Registered Investment Companies — 7.2% | ||||||||
iShares MSCI Emerging Markets ETF (9) | 42,705 | 1,467,344 | ||||||
iShares Russell 2000 Value ETF (4)(9) | 15,311 | 1,489,607 | ||||||
Technology Select Sector SPDR Fund (9) | 48,501 | 2,103,488 | ||||||
Total Registered Investment Companies (Cost $4,998,346) | 5,060,439 | |||||||
Money Market Registered Investment Companies — 14.7% | ||||||||
Fidelity Institutional Money Market Portfolio, 0.46% (5) | 1,222,579 | 1,222,579 | ||||||
Meeder Money Market Fund - Institutional Class, 0.39% (6) | 9,068,520 | 9,068,520 | ||||||
Total Money Market Registered Investment Companies (Cost $10,291,099) | 10,291,099 | |||||||
Bank Obligations — 1.1% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
EverBank Money Market Account, 0.61%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $747,000) | 747,000 | |||||||
Total Investments — 100.1% (Cost $68,984,465) (1) | 70,148,937 | |||||||
Liabilities less Other Assets — (0.1%) | (84,429 | ) | ||||||
Total Net Assets — 100.0% | 70,064,508 | |||||||
Trustee Deferred Compensation (8) | ||||||||
Meeder Aggressive Growth Fund | 1,853 | 17,604 | ||||||
Meeder Balanced Fund | 980 | 10,241 | ||||||
Meeder Dynamic Growth Fund | 661 | 6,134 | ||||||
Meeder Muirfield Fund | 2,199 | 14,184 | ||||||
Meeder Quantex Fund | 1,161 | 34,993 | ||||||
Meeder Miller/Howard Infrastructure Fund | 281 | 5,923 | ||||||
Total Trustee Deferred Compensation (Cost $75,759) | 89,079 |
Long | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
Standard & Poors 500 Mini Futures expiring September 2016, notional value $8,987,860 | 86 | (26,727 | ) | |||||
Russell 2000 Mini Index Futures expiring September 2016, notional value $803,180 | 7 | (18,956 | ) | |||||
E-mini Standard & Poors MidCap 400 Futures expiring September 2016, notional value $1,194,400 | 8 | (18,262 | ) | |||||
Total Futures Contracts | 101 | (63,945 | ) |
(1) | Cost for federal income tax purposes of $69,330,765 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 2,807,266 | ||
Unrealized depreciation | (1,706,739 | ) | ||
Net unrealized appreciation (depreciation) | $ | 1,100,527 |
(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, 2016. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(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, 2016. 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. |
(9) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 29 |
Schedule of Investments
June 30, 2016 (unaudited)
Balanced Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 49.0% | ||||||||
Consumer Discretionary — 6.0% | ||||||||
Abercrombie & Fitch Co. | 3,217 | 57,295 | ||||||
Amazon.com, Inc. (2) | 3,505 | 2,508,248 | ||||||
Best Buy Co., Inc. | 6,057 | 185,344 | ||||||
Cable One, Inc. | 87 | 44,493 | ||||||
Carnival Corp. | 7,523 | 332,517 | ||||||
Carter's, Inc. | 325 | 34,603 | ||||||
CBS Corp. | 2,750 | 149,710 | ||||||
Children's Place, Inc./The | 542 | 43,458 | ||||||
Coach, Inc. | 3,611 | 147,112 | ||||||
Comcast Corp. | 16,948 | 1,104,840 | ||||||
Darden Restaurants, Inc. | 1,795 | 113,695 | ||||||
Discovery Communications, Inc. (2) | 2,771 | 69,912 | ||||||
Dollar General Corp. | 3,437 | 323,078 | ||||||
Dollar Tree, Inc. (2) | 941 | 88,680 | ||||||
DR Horton, Inc. | 4,648 | 146,319 | ||||||
Equifax, Inc. | 586 | 75,242 | ||||||
Expedia, Inc. | 538 | 57,189 | ||||||
Express, Inc. (2) | 3,229 | 46,853 | ||||||
Finish Line, Inc./The | 1,971 | 39,794 | ||||||
Ford Motor Co. | 38,709 | 486,572 | ||||||
GameStop Corp. (4) | 1,423 | 37,823 | ||||||
Garmin, Ltd. (4) | 811 | 34,403 | ||||||
General Motors Co. | 19,192 | 543,134 | ||||||
Genesco, Inc. (2) | 1,100 | 70,741 | ||||||
Genuine Parts Co. | 1,391 | 140,839 | ||||||
Goodyear Tire & Rubber Co./The | 2,360 | 60,558 | ||||||
Hasbro, Inc. | 1,871 | 157,145 | ||||||
Home Depot, Inc./The | 10,278 | 1,312,398 | ||||||
International Game Technology PLC | 2,619 | 49,080 | ||||||
Interpublic Group of Cos., Inc./The | 1,467 | 33,888 | ||||||
Kohl's Corp. | 2,055 | 77,926 | ||||||
Lear Corp. | 898 | 91,380 | ||||||
Leggett & Platt, Inc. | 682 | 34,857 | ||||||
Lowe's Cos., Inc. | 8,434 | 667,720 | ||||||
Madison Square Garden Co./The (2) | 374 | 64,519 | ||||||
Mattel, Inc. | 2,847 | 89,083 | ||||||
McDonald's Corp. | 7,190 | 865,245 | ||||||
MDC Holdings, Inc. | 7,821 | 190,363 | ||||||
Meredith Corp. | 777 | 40,334 | ||||||
Mohawk Industries, Inc. (2) | 581 | 110,251 | ||||||
Netflix, Inc. (2) | 2,831 | 258,980 | ||||||
News Corp. | 16,797 | 190,646 | ||||||
NIKE, Inc. | 11,786 | 650,587 | ||||||
NVR, Inc. (2) | 42 | 74,774 | ||||||
O'Reilly Automotive, Inc. (2) | 279 | 75,637 | ||||||
Pool Corp. | 378 | 35,543 | ||||||
Priceline Group, Inc./The (2) | 348 | 434,447 | ||||||
PVH Corp. | 526 | 49,565 | ||||||
Ross Stores, Inc. | 3,287 | 186,340 | ||||||
Royal Caribbean Cruises, Ltd. | 1,100 | 73,865 | ||||||
Smith & Wesson Holding Corp. (2)(4) | 1,264 | 34,356 | ||||||
Staples, Inc. | 9,857 | 84,967 | ||||||
Starbucks Corp. | 8,842 | 505,055 | ||||||
Target Corp. | 4,928 | 344,073 | ||||||
Thor Industries, Inc. | 1,267 | 82,026 | ||||||
Time Warner, Inc. | 5,755 | 423,223 | ||||||
TJX Cos., Inc./The | 5,497 | 424,533 | ||||||
Tractor Supply Co. | 910 | 82,974 | ||||||
Twenty-First Century Fox, Inc. | 9,282 | 251,078 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (2) | 165 | 40,201 | ||||||
Urban Outfitters, Inc. (2) | 1,658 | 45,595 | ||||||
Viacom, Inc. | 1,051 | 43,585 | ||||||
Vista Outdoor, Inc. (2) | 1,270 | 60,617 | ||||||
Walt Disney Co./The | 11,335 | 1,108,790 | ||||||
Whirlpool Corp. | 560 | 93,318 | ||||||
Yum! Brands, Inc. | 2,811 | 233,088 | ||||||
(Cost $16,339,176) | 16,614,504 | |||||||
Consumer Staples — 5.4% | ||||||||
Altria Group, Inc. | 14,296 | 985,852 | ||||||
Archer-Daniels-Midland Co. | 6,597 | 282,945 | ||||||
Bunge, Ltd. | 1,322 | 78,196 | ||||||
Casey's General Stores, Inc. | 369 | 48,527 | ||||||
Clorox Co./The | 1,466 | 202,880 | ||||||
Coca-Cola Co./The | 26,312 | 1,192,723 | ||||||
Colgate-Palmolive Co. | 3,034 | 222,089 | ||||||
ConAgra Foods, Inc. | 1,882 | 89,978 | ||||||
Constellation Brands, Inc. | 995 | 164,573 | ||||||
Costco Wholesale Corp. | 2,416 | 379,409 | ||||||
Coty, Inc. (4) | 5,484 | 142,529 | ||||||
CVS Health Corp. | 8,239 | 788,802 | ||||||
Darling Ingredients, Inc. (2) | 3,358 | 50,034 | ||||||
Dr Pepper Snapple Group, Inc. | 2,388 | 230,752 | ||||||
Estee Lauder Cos., Inc./The | 2,545 | 231,646 | ||||||
General Mills, Inc. | 1,816 | 129,517 | ||||||
Hormel Foods Corp. | 2,047 | 74,920 | ||||||
Ingredion, Inc. | 682 | 88,258 | ||||||
JM Smucker Co./The | 1,060 | 161,555 | ||||||
Kimberly-Clark Corp. | 1,680 | 230,966 | ||||||
Kraft Heinz Co./The | 9,545 | 844,542 | ||||||
Kroger Co./The | 5,745 | 211,359 | ||||||
McCormick & Co., Inc./MD | 475 | 50,668 | ||||||
Mead Johnson Nutrition Co. | 993 | 90,115 |
The accompanying notes are an integral part of these financial statements.
Page 30 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Balanced Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Molson Coors Brewing Co. | 2,316 | 234,217 | ||||||
Mondelez International, Inc. | 13,229 | 602,052 | ||||||
Monster Beverage Corp. (2) | 906 | 145,603 | ||||||
PepsiCo, Inc. | 8,308 | 880,150 | ||||||
Philip Morris International, Inc. | 10,165 | 1,033,984 | ||||||
Procter & Gamble Co./The | 17,208 | 1,457,001 | ||||||
Reynolds American, Inc. | 11,686 | 630,226 | ||||||
Rite Aid Corp. (2) | 2,407 | 18,028 | ||||||
Sanderson Farms, Inc. (4) | 410 | 35,522 | ||||||
Sysco Corp. | 7,564 | 383,797 | ||||||
Tyson Foods, Inc. | 4,326 | 288,934 | ||||||
Walgreens Boots Alliance, Inc. | 7,263 | 604,790 | ||||||
Wal-Mart Stores, Inc. | 23,965 | 1,749,924 | ||||||
(Cost $13,982,446) | 15,037,063 | |||||||
Energy — 3.4% | ||||||||
Anadarko Petroleum Corp. | 3,375 | 179,719 | ||||||
Apache Corp. | 2,262 | 125,926 | ||||||
Atwood Oceanics, Inc. (4) | 2,800 | 35,056 | ||||||
Baker Hughes, Inc. | 2,971 | 134,081 | ||||||
Cabot Oil & Gas Corp. | 2,324 | 59,820 | ||||||
Chesapeake Energy Corp. (4) | 591 | 2,529 | ||||||
Chevron Corp. | 15,006 | 1,573,079 | ||||||
Concho Resources, Inc. (2) | 286 | 34,111 | ||||||
ConocoPhillips | 8,407 | 366,545 | ||||||
CONSOL Energy, Inc. (4) | 2,557 | 41,142 | ||||||
Diamond Offshore Drilling, Inc. (4) | 3,137 | 76,323 | ||||||
EOG Resources, Inc. | 3,749 | 312,742 | ||||||
EQT Corp. | 726 | 56,214 | ||||||
Exxon Mobil Corp. | 30,625 | 2,870,788 | ||||||
Halliburton Co. | 4,886 | 221,287 | ||||||
Helmerich & Payne, Inc. (4) | 607 | 40,748 | ||||||
Hess Corp. | 3,518 | 211,432 | ||||||
HollyFrontier Corp. | 1,310 | 31,139 | ||||||
Kinder Morgan, Inc./DE | 15,024 | 281,249 | ||||||
Marathon Oil Corp. | 7,585 | 113,851 | ||||||
Marathon Petroleum Corp. | 4,000 | 151,840 | ||||||
National Oilwell Varco, Inc. | 3,166 | 106,536 | ||||||
Noble Corp. plc (4) | 6,790 | 55,950 | ||||||
Noble Energy, Inc. | 2,446 | 87,738 | ||||||
Occidental Petroleum Corp. | 4,633 | 350,069 | ||||||
ONEOK, Inc. | 1,107 | 52,527 | ||||||
Parsley Energy, Inc. (2) | 1,959 | 53,011 | ||||||
Phillips 66 | 3,671 | 291,257 | ||||||
Pioneer Natural Resources Co. | 1,119 | 169,204 | ||||||
QEP Resources, Inc. | 2,072 | 36,529 | ||||||
Range Resources Corp. | 973 | 41,975 | ||||||
Rowan Cos. Plc | 6,149 | 108,591 | ||||||
Schlumberger, Ltd. | 8,528 | 674,394 | ||||||
Scorpio Tankers, Inc. | 6,061 | 25,456 | ||||||
Spectra Energy Corp. | 2,719 | 99,597 | ||||||
Tesoro Corp. | 1,022 | 76,568 | ||||||
Valero Energy Corp. | 5,607 | 285,957 | ||||||
World Fuel Services Corp. | 1,064 | 50,529 | ||||||
WPX Energy, Inc. (2) | 3,702 | 34,466 | ||||||
(Cost $8,859,176) | 9,519,975 | |||||||
Financials — 7.7% | ||||||||
Aflac, Inc. | 4,234 | 305,525 | ||||||
Alleghany Corp. (2) | 82 | 45,066 | ||||||
Allied World Assurance Co. Holdings AG | 3,922 | 137,819 | ||||||
Allstate Corp./The | 4,221 | 295,259 | ||||||
Ally Financial, Inc. | 3,228 | 55,102 | ||||||
American International Group, Inc. | 12,324 | 651,816 | ||||||
American Tower Corp. (3) | 1,781 | 202,339 | ||||||
Assurant, Inc. | 397 | 34,265 | ||||||
Assured Guaranty, Ltd. | 2,739 | 69,488 | ||||||
Axis Capital Holdings, Ltd. | 3,449 | 189,695 | ||||||
Bank of America Corp. | 97,189 | 1,289,698 | ||||||
Bank of New York Mellon Corp./The | 12,528 | 486,713 | ||||||
BB&T Corp. | 4,114 | 146,500 | ||||||
Berkshire Hathaway, Inc. (2) | 15,374 | 2,226,001 | ||||||
BlackRock, Inc. | 430 | 147,288 | ||||||
Capital One Financial Corp. | 12,681 | 805,370 | ||||||
Chubb, Ltd. | 1,909 | 249,525 | ||||||
Cincinnati Financial Corp. | 1,057 | 79,159 | ||||||
CIT Group, Inc. | 1,555 | 49,620 | ||||||
Citigroup, Inc. | 25,193 | 1,067,931 | ||||||
Citizens Financial Group, Inc. | 4,735 | 94,605 | ||||||
CME Group, Inc./IL | 2,388 | 232,591 | ||||||
CNO Financial Group, Inc. | 2,778 | 48,504 | ||||||
Comerica, Inc. | 1,975 | 81,232 | ||||||
CoreSite Realty Corp. (3) | 285 | 25,277 | ||||||
Crown Castle International Corp. (3) | 1,304 | 132,265 | ||||||
CyrusOne, Inc. (3) | 752 | 41,856 | ||||||
Discover Financial Services | 1,955 | 104,768 | ||||||
DuPont Fabros Technology, Inc. (3) | 1,312 | 62,372 | ||||||
E*TRADE Financial Corp. (2) | 1,481 | 34,789 | ||||||
Education Realty Trust, Inc. (3) | 582 | 26,853 | ||||||
Endurance Specialty Holdings, Ltd. | 2,870 | 192,749 | ||||||
EPR Properties (3) | 451 | 36,387 | ||||||
Equinix, Inc. (3) | 614 | 238,066 | ||||||
Equity Residential (3) | 1,793 | 123,502 | ||||||
Everest Re Group, Ltd. | 832 | 151,981 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 31 |
Schedule of Investments
June 30, 2016 (unaudited)
Balanced Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Fifth Third Bancorp | 9,125 | 160,509 | ||||||
General Growth Properties, Inc. (3) | 5,252 | 156,615 | ||||||
Goldman Sachs Group, Inc./The | 2,694 | 400,275 | ||||||
Great Western Bancorp, Inc. | 597 | 18,829 | ||||||
Hancock Holding Co. | 1,333 | 34,805 | ||||||
Hanover Insurance Group, Inc./The | 1,530 | 129,469 | ||||||
Hartford Financial Services Group, Inc./The | 3,640 | 161,543 | ||||||
Hospitality Properties Trust (3) | 143 | 4,118 | ||||||
IBERIABANK Corp. | 716 | 42,767 | ||||||
Intercontinental Exchange, Inc. | 399 | 102,128 | ||||||
JPMorgan Chase & Co. | 33,708 | 2,094,615 | ||||||
KeyCorp | 14,096 | 155,761 | ||||||
Kimco Realty Corp. (3) | 1,460 | 45,815 | ||||||
Leucadia National Corp. | 2,033 | 35,232 | ||||||
Lincoln National Corp. | 4,288 | 166,246 | ||||||
Loews Corp. | 5,679 | 233,350 | ||||||
MetLife, Inc. | 10,405 | 414,431 | ||||||
Morgan Stanley | 19,617 | 509,650 | ||||||
Nasdaq, Inc. | 1,253 | 81,032 | ||||||
Navient Corp. | 9,013 | 107,705 | ||||||
Old Republic International Corp. | 10,730 | 206,982 | ||||||
PNC Financial Services Group, Inc./The | 3,409 | 277,459 | ||||||
Popular, Inc. | 2,276 | 66,687 | ||||||
Progressive Corp./The | 1,056 | 35,376 | ||||||
Prologis, Inc. (3) | 3,844 | 188,510 | ||||||
Prudential Financial, Inc. | 5,437 | 387,876 | ||||||
Public Storage (3) | 1,040 | 265,814 | ||||||
Regions Financial Corp. | 36,368 | 309,492 | ||||||
Reinsurance Group of America, Inc. | 5,383 | 522,097 | ||||||
RenaissanceRe Holdings, Ltd. | 952 | 111,803 | ||||||
S&P Global, Inc. | 337 | 36,147 | ||||||
Senior Housing Properties Trust (3) | 3,427 | 71,384 | ||||||
Spirit Realty Capital, Inc. (3) | 3,314 | 42,320 | ||||||
STORE Capital Corp. (3) | 2,004 | 59,018 | ||||||
SunTrust Banks, Inc. | 5,954 | 244,590 | ||||||
Travelers Cos., Inc./The | 4,965 | 591,034 | ||||||
Unum Group | 3,475 | 110,470 | ||||||
US Bancorp | 8,459 | 341,151 | ||||||
Validus Holdings, Ltd. | 6,923 | 336,389 | ||||||
Ventas, Inc. (3) | 1,572 | 114,473 | ||||||
Voya Financial, Inc. | 2,097 | 51,922 | ||||||
Wells Fargo & Co. | 25,198 | 1,192,620 | ||||||
Welltower, Inc. (3) | 2,323 | 176,943 | ||||||
White Mountains Insurance Group, Ltd. | 79 | 66,518 | ||||||
XL Group PLC | 7,195 | 239,665 | ||||||
Zions Bancorporation | 2,051 | 51,542 | ||||||
(Cost $21,789,973) | 21,315,153 | |||||||
Healthcare — 7.1% | ||||||||
Abbott Laboratories | 8,511 | 334,567 | ||||||
AbbVie, Inc. | 11,318 | 700,697 | ||||||
Aetna, Inc. | 7,008 | 855,887 | ||||||
Agilent Technologies, Inc. | 4,606 | 204,322 | ||||||
Alexion Pharmaceuticals, Inc. (2) | 1,657 | 193,471 | ||||||
Allergan plc (2) | 2,869 | 662,997 | ||||||
Amgen, Inc. | 5,439 | 827,544 | ||||||
Anthem, Inc. | 5,055 | 663,924 | ||||||
Baxter International, Inc. | 5,568 | 251,785 | ||||||
Becton Dickinson and Co. | 1,507 | 255,572 | ||||||
Biogen, Inc. (2) | 1,558 | 376,756 | ||||||
Bio-Rad Laboratories, Inc. (2) | 424 | 60,640 | ||||||
Boston Scientific Corp. (2) | 14,709 | 343,749 | ||||||
Bristol-Myers Squibb Co. | 11,381 | 837,073 | ||||||
Bruker Corp. | 1,863 | 42,365 | ||||||
Cambrex Corp. (2) | 651 | 33,676 | ||||||
Cardinal Health, Inc. | 1,135 | 88,541 | ||||||
Celgene Corp. (2) | 5,850 | 576,986 | ||||||
Charles River Laboratories International, Inc. (2) | 682 | 56,224 | ||||||
Cigna Corp. | 4,325 | 553,557 | ||||||
CR Bard, Inc. | 616 | 144,859 | ||||||
Cynosure, Inc. (2) | 712 | 34,635 | ||||||
DENTSPLY SIRONA, Inc. | 2,939 | 182,336 | ||||||
Edwards Lifesciences Corp. (2) | 2,132 | 212,624 | ||||||
Eli Lilly & Co. | 7,338 | 577,868 | ||||||
Emergent BioSolutions, Inc. (2) | 1,662 | 46,735 | ||||||
Express Scripts Holding Co. (2) | 3,700 | 280,460 | ||||||
Gilead Sciences, Inc. | 8,354 | 696,891 | ||||||
Henry Schein, Inc. (2) | 458 | 80,974 | ||||||
INC Research Holdings, Inc. (2) | 935 | 35,652 | ||||||
Intuitive Surgical, Inc. (2) | 448 | 296,312 | ||||||
Johnson & Johnson | 20,285 | 2,460,570 | ||||||
Laboratory Corp of America Holdings (2) | 702 | 91,450 | ||||||
Masimo Corp. (2) | 1,391 | 73,048 | ||||||
McKesson Corp. | 1,433 | 267,469 | ||||||
Medivation, Inc. (2) | 574 | 34,612 | ||||||
Medtronic PLC | 9,966 | 864,750 | ||||||
Merck & Co., Inc. | 19,832 | 1,142,522 | ||||||
Mettler-Toledo International, Inc. (2) | 92 | 33,573 | ||||||
Mylan NV (2) | 961 | 41,554 | ||||||
PerkinElmer, Inc. | 1,790 | 93,832 | ||||||
Pfizer, Inc. | 45,930 | 1,617,195 | ||||||
PRA Health Sciences, Inc. (2) | 803 | 33,533 | ||||||
Prestige Brands Holdings, Inc. (2) | 648 | 35,899 | ||||||
Quest Diagnostics, Inc. | 2,448 | 199,292 |
The accompanying notes are an integral part of these financial statements.
Page 32 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Balanced Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Shire PLC | 426 | 78,418 | ||||||
Stryker Corp. | 1,819 | 217,971 | ||||||
Teleflex, Inc. | 371 | 65,782 | ||||||
Thermo Fisher Scientific, Inc. | 3,172 | 468,695 | ||||||
UnitedHealth Group, Inc. | 6,563 | 926,696 | ||||||
Universal Health Services, Inc. | 1,126 | 150,997 | ||||||
VCA, Inc. (2) | 1,205 | 81,470 | ||||||
VWR Corp. (2) | 2,364 | 68,320 | ||||||
Zimmer Biomet Holdings, Inc. | 1,488 | 179,125 | ||||||
Zoetis, Inc. | 1,171 | 55,576 | ||||||
(Cost $18,756,196) | 19,792,028 | |||||||
Industrials — 4.7% | ||||||||
3M Co. | 4,508 | 789,441 | ||||||
Acuity Brands, Inc. | 136 | 33,723 | ||||||
AGCO Corp. | 1,694 | 79,838 | ||||||
Air Lease Corp. | 1,300 | 34,814 | ||||||
AO Smith Corp. | 748 | 65,906 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) | 849 | 35,166 | ||||||
Beacon Roofing Supply, Inc. (2) | 846 | 38,468 | ||||||
Boeing Co./The | 4,365 | 566,883 | ||||||
BWX Technologies, Inc. | 1,958 | 70,038 | ||||||
Carlisle Cos., Inc. | 698 | 73,765 | ||||||
CH Robinson Worldwide, Inc. | 1,614 | 119,840 | ||||||
CSX Corp. | 5,069 | 132,200 | ||||||
Cummins, Inc. | 1,096 | 123,234 | ||||||
Curtiss-Wright Corp. | 1,211 | 102,027 | ||||||
Danaher Corp. | 6,355 | 641,855 | ||||||
Delta Air Lines, Inc. | 4,078 | 148,562 | ||||||
Dover Corp. | 1,122 | 77,777 | ||||||
Eaton Corp. PLC | 4,927 | 294,290 | ||||||
Emerson Electric Co. | 2,884 | 150,429 | ||||||
FedEx Corp. | 2,219 | 336,800 | ||||||
General Dynamics Corp. | 1,783 | 248,265 | ||||||
General Electric Co. | 68,563 | 2,158,362 | ||||||
Hawaiian Holdings, Inc. (2) | 873 | 33,139 | ||||||
HD Supply Holdings, Inc. (2) | 3,503 | 121,974 | ||||||
Honeywell International, Inc. | 5,164 | 600,676 | ||||||
Huntington Ingalls Industries, Inc. | 466 | 78,302 | ||||||
Illinois Tool Works, Inc. | 2,025 | 210,924 | ||||||
Ingersoll-Rand PLC | 3,623 | 230,713 | ||||||
Jacobs Engineering Group, Inc. (2) | 6,958 | 346,578 | ||||||
Kansas City Southern | 385 | 34,685 | ||||||
L-3 Communications Holdings, Inc. | 1,671 | 245,119 | ||||||
Lockheed Martin Corp. | 1,373 | 340,737 | ||||||
ManpowerGroup, Inc. | 984 | 63,311 | ||||||
Masco Corp. | 3,440 | 106,434 | ||||||
MSC Industrial Direct Co., Inc. | 548 | 38,667 | ||||||
Norfolk Southern Corp. | 2,414 | 205,504 | ||||||
Northrop Grumman Corp. | 2,555 | 567,925 | ||||||
Oshkosh Corp. | 1,069 | 51,002 | ||||||
Owens Corning | 1,824 | 93,972 | ||||||
Quanta Services, Inc. (2) | 6,982 | 161,424 | ||||||
Raytheon Co. | 2,469 | 335,661 | ||||||
Republic Services, Inc. | 5,055 | 259,372 | ||||||
Ryder System, Inc. | 1,106 | 67,621 | ||||||
Snap-on, Inc. | 372 | 58,709 | ||||||
Southwest Airlines Co. | 4,699 | 184,248 | ||||||
Spirit AeroSystems Holdings, Inc. (2) | 91 | 3,913 | ||||||
Stanley Black & Decker, Inc. | 2,854 | 317,422 | ||||||
Terex Corp. | 2,141 | 43,484 | ||||||
Textron, Inc. | 954 | 34,878 | ||||||
Timken Co./The | 1,320 | 40,471 | ||||||
Toro Co./The | 1,214 | 107,075 | ||||||
TransUnion (2) | 675 | 22,572 | ||||||
Trinity Industries, Inc. | 1,865 | 34,633 | ||||||
Tutor Perini Corp. (2) | 1,674 | 39,423 | ||||||
Union Pacific Corp. | 4,015 | 350,309 | ||||||
United Continental Holdings, Inc. (2) | 1,321 | 54,214 | ||||||
United Parcel Service, Inc. | 1,768 | 190,449 | ||||||
United Technologies Corp. | 5,196 | 532,850 | ||||||
USG Corp. (2) | 1,306 | 35,210 | ||||||
Wabash National Corp. (2) | 3,331 | 42,304 | ||||||
Waste Management, Inc. | 2,491 | 165,079 | ||||||
Watsco, Inc. | 359 | 50,508 | ||||||
WESCO International, Inc. (2) | 1,043 | 53,704 | ||||||
Xylem, Inc./NY | 2,729 | 121,850 | ||||||
(Cost $12,575,716) | 12,998,728 | |||||||
Information Technology — 9.9% | ||||||||
Accenture PLC | 6,722 | 761,535 | ||||||
Activision Blizzard, Inc. | 7,199 | 285,296 | ||||||
Adobe Systems, Inc. (2) | 4,012 | 384,309 | ||||||
Alphabet, Inc. (2) | 4,656 | 3,275,636 | ||||||
Analog Devices, Inc. | 959 | 54,318 | ||||||
Apple, Inc. | 39,135 | 3,741,306 | ||||||
Applied Materials, Inc. | 12,625 | 302,621 | ||||||
Arrow Electronics, Inc. (2) | 2,416 | 149,550 | ||||||
Autodesk, Inc. (2) | 640 | 34,650 | ||||||
Automatic Data Processing, Inc. | 827 | 75,976 | ||||||
Avnet, Inc. | 7,255 | 293,900 | ||||||
Broadcom, Ltd. | 1,748 | 271,639 | ||||||
Broadridge Financial Solutions, Inc. | 701 | 45,705 | ||||||
Brocade Communications Systems, Inc. | 4,001 | 36,729 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 33 |
Schedule of Investments
June 30, 2016 (unaudited)
Balanced Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
CA, Inc. | 9,027 | 296,356 | ||||||
CACI International, Inc. (2) | 407 | 36,797 | ||||||
Cadence Design Systems, Inc. (2) | 1,887 | 45,854 | ||||||
Cisco Systems, Inc. | 41,532 | 1,191,553 | ||||||
Citrix Systems, Inc. (2) | 2,638 | 211,277 | ||||||
Cognizant Technology Solutions Corp. (2) | 3,807 | 217,913 | ||||||
Coherent, Inc. (2) | 1,574 | 144,462 | ||||||
Computer Sciences Corp. | 3,354 | 166,526 | ||||||
Corning, Inc. | 14,769 | 302,469 | ||||||
eBay, Inc. (2) | 7,138 | 167,101 | ||||||
Electronic Arts, Inc. (2) | 2,860 | 216,674 | ||||||
Facebook, Inc. (2) | 20,429 | 2,334,626 | ||||||
Fidelity National Information Services, Inc. | 2,993 | 220,524 | ||||||
First Solar, Inc. (2) | 1,411 | 68,405 | ||||||
Fiserv, Inc. (2) | 985 | 107,099 | ||||||
FLIR Systems, Inc. | 1,146 | 35,469 | ||||||
Genpact, Ltd. (2) | 2,019 | 54,190 | ||||||
Global Payments, Inc. | 714 | 50,965 | ||||||
Harris Corp. | 410 | 34,210 | ||||||
Hewlett Packard Enterprise Co. | 13,593 | 248,344 | ||||||
HP, Inc. | 5,239 | 65,749 | ||||||
Integrated Device Technology, Inc. (2) | 1,670 | 33,617 | ||||||
Intel Corp. | 37,517 | 1,230,557 | ||||||
International Business Machines Corp. | 6,580 | 998,712 | ||||||
Intuit, Inc. | 1,426 | 159,156 | ||||||
Itron, Inc. (2) | 1,439 | 62,021 | ||||||
Jabil Circuit, Inc. | 1,873 | 34,594 | ||||||
Juniper Networks, Inc. | 4,509 | 101,407 | ||||||
Lumentum Holdings, Inc. (2) | 103 | 2,493 | ||||||
MasterCard, Inc. | 5,699 | 501,854 | ||||||
Maxim Integrated Products, Inc. | 957 | 34,155 | ||||||
MaxLinear, Inc. (2) | 531 | 9,547 | ||||||
Micron Technology, Inc. (2) | 5,800 | 79,808 | ||||||
Microsoft Corp. | 54,448 | 2,786,103 | ||||||
MicroStrategy, Inc. (2) | 196 | 34,304 | ||||||
Motorola Solutions, Inc. | 517 | 34,106 | ||||||
NVIDIA Corp. | 7,413 | 348,485 | ||||||
Oracle Corp. | 27,397 | 1,121,359 | ||||||
PayPal Holdings, Inc. (2) | 7,408 | 270,466 | ||||||
QLogic Corp. (2) | 3,920 | 57,781 | ||||||
QUALCOMM, Inc. | 9,937 | 532,325 | ||||||
salesforce.com, Inc. (2) | 3,977 | 315,814 | ||||||
Sanmina Corp. (2) | 2,212 | 59,304 | ||||||
Skyworks Solutions, Inc. | 1,798 | 113,777 | ||||||
Symantec Corp. | 3,337 | 68,542 | ||||||
Synopsys, Inc. (2) | 1,000 | 54,080 | ||||||
Tech Data Corp. (2) | 472 | 33,913 | ||||||
Teradyne, Inc. | 2,973 | 58,538 | ||||||
Texas Instruments, Inc. | 8,678 | 543,677 | ||||||
Total System Services, Inc. | 2,294 | 121,834 | ||||||
Visa, Inc. | 15,401 | 1,142,292 | ||||||
Western Digital Corp. | 1,598 | 75,521 | ||||||
Xerox Corp. | 15,291 | 145,112 | ||||||
Xilinx, Inc. | 948 | 43,731 | ||||||
Yahoo!, Inc. (2) | 8,076 | 303,335 | ||||||
(Cost $27,886,075) | 27,442,053 | |||||||
Materials — 1.2% | ||||||||
Air Products & Chemicals, Inc. | 1,006 | 142,892 | ||||||
Albemarle Corp. | 1,151 | 91,286 | ||||||
Alcoa, Inc. | 7,280 | 67,486 | ||||||
Avery Dennison Corp. | 2,742 | 204,965 | ||||||
Celanese Corp. | 526 | 34,427 | ||||||
Commercial Metals Co. | 3,898 | 65,876 | ||||||
Domtar Corp. | 10,570 | 370,056 | ||||||
Eastman Chemical Co. | 863 | 58,598 | ||||||
International Flavors & Fragrances, Inc. | 355 | 44,755 | ||||||
LyondellBasell Industries NV | 3,016 | 224,451 | ||||||
Martin Marietta Materials, Inc. | 733 | 140,736 | ||||||
Monsanto Co. | 2,935 | 303,507 | ||||||
Mosaic Co./The | 4,217 | 110,401 | ||||||
Newmont Mining Corp. | 5,387 | 210,739 | ||||||
Nucor Corp. | 4,370 | 215,922 | ||||||
PPG Industries, Inc. | 674 | 70,197 | ||||||
Reliance Steel & Aluminum Co. | 1,218 | 93,664 | ||||||
Royal Gold, Inc. | 511 | 36,802 | ||||||
Sherwin-Williams Co./The | 766 | 224,951 | ||||||
Sonoco Products Co. | 815 | 40,473 | ||||||
Steel Dynamics, Inc. | 4,646 | 113,827 | ||||||
Trinseo SA | 2,805 | 120,419 | ||||||
Vulcan Materials Co. | 1,987 | 239,155 | ||||||
WestRock Co. | 2,752 | 106,970 | ||||||
Worthington Industries, Inc. | 697 | 29,483 | ||||||
(Cost $3,376,780) | 3,362,038 | |||||||
Telecommunication Services — 1.4% | ||||||||
AT&T, Inc. | 52,386 | 2,263,599 | ||||||
CenturyLink, Inc. | 6,203 | 179,949 | ||||||
Level 3 Communications, Inc. (2)(3) | 2,631 | 135,470 | ||||||
Verizon Communications, Inc. | 25,592 | 1,429,057 | ||||||
(Cost $3,515,251) | 4,008,075 | |||||||
Utilities — 2.2% | ||||||||
AES Corp./VA | 7,676 | 95,796 |
The accompanying notes are an integral part of these financial statements.
Page 34 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Balanced Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Ameren Corp. | 3,570 | 191,281 | ||||||
American Electric Power Co., Inc. | 8,415 | 589,807 | ||||||
American Water Works Co., Inc. | 1,515 | 128,033 | ||||||
Atmos Energy Corp. | 441 | 35,862 | ||||||
Consolidated Edison, Inc. | 4,495 | 361,578 | ||||||
DTE Energy Co. | 1,562 | 154,825 | ||||||
Duke Energy Corp. | 4,715 | 404,500 | ||||||
Edison International | 3,138 | 243,728 | ||||||
Entergy Corp. | 3,469 | 282,203 | ||||||
Exelon Corp. | 11,224 | 408,105 | ||||||
FirstEnergy Corp. | 7,066 | 246,674 | ||||||
Fluor Corp. | 1,381 | 68,056 | ||||||
Great Plains Energy, Inc. | 6,189 | 188,146 | ||||||
NextEra Energy, Inc. | 2,305 | 300,572 | ||||||
NiSource, Inc. | 10,690 | 283,499 | ||||||
PG&E Corp. | 4,474 | 285,978 | ||||||
Pinnacle West Capital Corp. | 4,977 | 403,436 | ||||||
Portland General Electric Co. | 795 | 35,075 | ||||||
PPL Corp. | 4,658 | 175,840 | ||||||
Public Service Enterprise Group, Inc. | 7,965 | 371,249 | ||||||
SCANA Corp. | 2,618 | 198,078 | ||||||
Southern Co./The | 4,551 | 244,070 | ||||||
Westar Energy, Inc. | 1,927 | 108,085 | ||||||
Xcel Energy, Inc. | 4,351 | 194,837 | ||||||
(Cost $5,593,542) | 5,999,313 | |||||||
Total Common Stocks (Cost $132,674,331) | 136,088,930 | |||||||
Registered Investment Companies — 32.1% | ||||||||
Baird Core Plus Bond Fund - Class I | 422,926 | 4,804,439 | ||||||
DoubleLine Total Return Bond Fund - Class I | 709,357 | 7,776,899 | ||||||
Frost Total Return Bond Fund - Class I | 304,570 | 3,188,847 | ||||||
iShares 1-3 Year Treasury Bond ETF (9) | 51,010 | 4,352,173 | ||||||
iShares 3-7 Year Treasury Bond ETF (9) | 106,775 | 13,597,693 | ||||||
iShares 7-10 Year Treasury Bond ETF (9) | 96,855 | 10,939,995 | ||||||
iShares iBoxx $ High Yield Corporate Bond ETF (9) | 48,570 | 4,113,879 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (9) | 45,000 | 5,181,750 | ||||||
iShares MSCI Emerging Markets ETF (9) | 117,587 | 4,040,289 | ||||||
JPMorgan Core Plus Bond Fund - Class I | 570,002 | 4,782,318 | ||||||
Lord Abbett High Yield Fund - Class I | 325,742 | 2,351,855 | ||||||
Metropolitan West Total Return Bond Fund - Class I | 707,974 | 7,780,637 | ||||||
PIMCO Investment Grade Corporate Bond Fund - Class I | 152,931 | 1,598,134 | ||||||
Pioneer Bond Fund - Class Y | 491,131 | 4,749,234 | ||||||
Prudential Total Return Bond Fund - Class Z | 537,808 | 7,889,645 | ||||||
TCW Emerging Markets Income Fund - Class I | 264,484 | 2,158,186 | ||||||
Total Registered Investment Companies (Cost $87,548,463) | 89,305,973 | |||||||
Money Market Registered Investment Companies — 17.2% | ||||||||
Fidelity Institutional Money Market Portfolio, 0.46% (5) | 481,678 | 481,678 | ||||||
Meeder Money Market Fund - Institutional Class, 0.39% (6) | 47,368,102 | 47,368,102 | ||||||
Total Money Market Registered Investment Companies (Cost $47,849,780) | 47,849,780 | |||||||
Bank Obligations — 0.3% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
EverBank Money Market Account, 0.61%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $747,000) | 747,000 | |||||||
Total Investments — 98.6% (Cost $268,819,574) (1) | 273,991,683 | |||||||
Other Assets less Liabilities — 1.4% | 3,862,300 | |||||||
Total Net Assets — 100.0% | 277,853,983 | |||||||
Trustee Deferred Compensation (8) | ||||||||
Meeder Aggressive Growth Fund | 3,302 | 31,369 | ||||||
Meeder Balanced Fund | 1,762 | 18,413 | ||||||
Meeder Dynamic Growth Fund | 1,183 | 10,978 | ||||||
Meeder Muirfield Fund | 3,061 | 19,743 | ||||||
Meeder Quantex Fund | 1,235 | 37,223 | ||||||
Meeder Miller/Howard Infrastructure Fund | 505 | 10,645 | ||||||
Total Trustee Deferred Compensation (Cost $116,490) | 128,371 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 35 |
Schedule of Investments
June 30, 2016 (unaudited)
Balanced Fund | ||||||||
Long Contracts | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
Standard & Poors 500 Mini Futures expiring September 2016, notional value $55,390,300 | 530 | (8,943 | ) | |||||
Total Futures Contracts | 530 | (8,943 | ) |
(1) | Cost for federal income tax purposes of $269,526,048 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 8,364,345 | ||
Unrealized depreciation | (3,201,179 | ) | ||
Net unrealized appreciation (depreciation) | $ | 5,163,166 |
(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, 2016. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(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, 2016. 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. |
(9) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
Page 36 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Global Opportunities Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 45.9% | ||||||||
Consumer Discretionary — 4.4% | ||||||||
Abercrombie & Fitch Co. | 4,393 | 78,239 | ||||||
Amazon.com, Inc. (2) | 1,311 | 938,178 | ||||||
Best Buy Co., Inc. | 8,767 | 268,270 | ||||||
Children's Place, Inc./The | 3,284 | 263,311 | ||||||
Dollar General Corp. | 3,324 | 312,456 | ||||||
General Motors Co. | 12,029 | 340,421 | ||||||
Home Depot, Inc./The | 4,604 | 587,885 | ||||||
Lear Corp. | 2,249 | 228,858 | ||||||
Lowe's Cos., Inc. | 3,813 | 301,875 | ||||||
McDonald's Corp. | 2,518 | 303,016 | ||||||
News Corp. | 18,884 | 214,333 | ||||||
(Cost $3,768,667) | 3,836,842 | |||||||
Consumer Staples — 2.1% | ||||||||
Ingredion, Inc. | 2,026 | 262,185 | ||||||
Reynolds American, Inc. | 7,878 | 424,861 | ||||||
Rite Aid Corp. (2) | 67,251 | 503,710 | ||||||
Sysco Corp. | 6,257 | 317,480 | ||||||
Tyson Foods, Inc. | 4,802 | 320,726 | ||||||
(Cost $1,764,023) | 1,828,962 | |||||||
Energy — 5.5% | ||||||||
Chevron Corp. | 6,385 | 669,340 | ||||||
Exxon Mobil Corp. | 11,402 | 1,068,823 | ||||||
Hess Corp. | 3,270 | 196,527 | ||||||
HollyFrontier Corp. | 236 | 5,610 | ||||||
Marathon Petroleum Corp. | 4,666 | 177,121 | ||||||
Noble Corp. plc | 28,217 | 232,508 | ||||||
Parsley Energy, Inc. (2) | 9,760 | 264,106 | ||||||
PBF Energy, Inc. | 10,397 | 247,241 | ||||||
Phillips 66 | 4,312 | 342,114 | ||||||
Rowan Cos. Plc | 14,310 | 252,715 | ||||||
Teekay Tankers, Ltd. | 62,623 | 186,617 | ||||||
Tesoro Corp. | 3,620 | 271,210 | ||||||
Unit Corp. (2) | 1,210 | 18,828 | ||||||
Valero Energy Corp. | 5,852 | 298,452 | ||||||
World Fuel Services Corp. | 5,506 | 261,480 | ||||||
WPX Energy, Inc. | 26,254 | 244,425 | ||||||
(Cost $4,912,106) | 4,737,117 | |||||||
Financials — 18.0% | ||||||||
Aflac, Inc. | 4,540 | 327,606 | ||||||
Allied World Assurance Co. Holdings AG | 4,299 | 151,067 | ||||||
Allstate Corp./The | 4,512 | 315,614 | ||||||
American Campus Communities, Inc. (3) | 4,880 | 258,006 | ||||||
American International Group, Inc. | 7,616 | 402,810 | ||||||
Assurant, Inc. | 3,156 | 272,394 | ||||||
Assured Guaranty, Ltd. | 10,217 | 259,205 | ||||||
Axis Capital Holdings, Ltd. | 4,834 | 265,870 | ||||||
Bank of America Corp. | 39,872 | 529,101 | ||||||
Berkshire Hathaway, Inc. (2) | 1,575 | 228,044 | ||||||
Capital One Financial Corp. | 5,255 | 333,745 | ||||||
CIT Group, Inc. | 659 | 21,029 | ||||||
Citigroup, Inc. | 12,034 | 510,122 | ||||||
Citizens Financial Group, Inc. | 7,976 | 159,360 | ||||||
CNO Financial Group, Inc. | 6,198 | 108,217 | ||||||
Comerica, Inc. | 4,319 | 177,640 | ||||||
CoreSite Realty Corp. (3) | 2,987 | 264,917 | ||||||
CyrusOne, Inc. (3) | 4,747 | 264,218 | ||||||
DuPont Fabros Technology, Inc. (3) | 5,443 | 258,760 | ||||||
Empire State Realty Trust, Inc. (3) | 226 | 4,292 | ||||||
Endurance Specialty Holdings, Ltd. | 765 | 51,377 | ||||||
EPR Properties (3) | 1,782 | 143,772 | ||||||
Equinix, Inc. (3) | 788 | 305,531 | ||||||
Equity LifeStyle Properties, Inc. (3) | 3,224 | 258,081 | ||||||
Equity One, Inc. (3) | 8,015 | 257,923 | ||||||
Equity Residential (3) | 2,741 | 188,800 | ||||||
Everest Re Group, Ltd. | 1,447 | 264,323 | ||||||
Fifth Third Bancorp | 15,679 | 275,794 | ||||||
Great Western Bancorp, Inc. | 4,405 | 138,934 | ||||||
Hanover Insurance Group, Inc./The | 3,029 | 256,314 | ||||||
JPMorgan Chase & Co. | 11,558 | 718,214 | ||||||
KeyCorp | 23,963 | 264,791 | ||||||
Kimco Realty Corp. (3) | 9,123 | 286,280 | ||||||
Lincoln National Corp. | 3,570 | 138,409 | ||||||
Loews Corp. | 6,603 | 271,317 | ||||||
Mack-Cali Realty Corp. (3) | 7,336 | 198,072 | ||||||
MetLife, Inc. | 8,298 | 330,509 | ||||||
Morgan Stanley | 14,065 | 365,409 | ||||||
Nasdaq, Inc. | 4,241 | 274,265 | ||||||
Navient Corp. | 6,719 | 80,292 | ||||||
Old Republic International Corp. | 11,074 | 213,617 | ||||||
PNC Financial Services Group, Inc./The | 2,278 | 185,406 | ||||||
Popular, Inc. | 5,418 | 158,747 | ||||||
Prologis, Inc. (3) | 6,310 | 309,442 | ||||||
Prudential Financial, Inc. | 4,426 | 315,751 | ||||||
Public Storage (3) | 1,361 | 347,858 | ||||||
QTS Realty Trust, Inc. (3) | 602 | 33,700 | ||||||
Regions Financial Corp. | 27,003 | 229,796 | ||||||
Reinsurance Group of America, Inc. | 2,697 | 261,582 | ||||||
RenaissanceRe Holdings, Ltd. | 2,229 | 261,774 | ||||||
Retail Properties of America, Inc. (3) | 8,982 | 151,796 | ||||||
Senior Housing Properties Trust (3) | 11,928 | 248,460 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 37 |
Schedule of Investments
June 30, 2016 (unaudited)
Global Opportunities Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
STORE Capital Corp. (3) | 8,908 | 262,341 | ||||||
SunTrust Banks, Inc. | 7,280 | 299,062 | ||||||
Travelers Cos., Inc./The | 2,842 | 338,312 | ||||||
United Community Banks, Inc./GA | 4,800 | 87,792 | ||||||
Unum Group | 8,023 | 255,051 | ||||||
Validus Holdings, Ltd. | 5,461 | 265,350 | ||||||
VEREIT, Inc. (3) | 2,031 | 20,594 | ||||||
Wells Fargo & Co. | 13,724 | 649,557 | ||||||
XL Group PLC | 8,551 | 284,834 | ||||||
Zions Bancorporation | 8,617 | 216,545 | ||||||
(Cost $15,274,494) | 15,577,791 | |||||||
Healthcare — 2.8% | ||||||||
Aetna, Inc. | 2,842 | 347,093 | ||||||
Anthem, Inc. | 1,975 | 259,397 | ||||||
Boston Scientific Corp. (2) | 14,065 | 328,699 | ||||||
Cigna Corp. | 4,530 | 579,796 | ||||||
Edwards Lifesciences Corp. (2) | 2,958 | 295,001 | ||||||
Five Prime Therapeutics, Inc. (2) | 2,201 | 91,011 | ||||||
Johnson & Johnson | 1,148 | 139,252 | ||||||
UnitedHealth Group, Inc. | 2,635 | 372,062 | ||||||
(Cost $2,200,901) | 2,412,311 | |||||||
Industrials — 2.1% | ||||||||
Atlas Air Worldwide Holdings, Inc. (2) | 752 | 31,148 | ||||||
BWX Technologies, Inc. | 6,110 | 218,555 | ||||||
General Electric Co. | 2,689 | 84,650 | ||||||
Hawaiian Holdings, Inc. (2) | 5,752 | 218,346 | ||||||
Insperity, Inc. | 3,433 | 265,131 | ||||||
Jacobs Engineering Group, Inc. (2) | 4,383 | 218,317 | ||||||
Owens Corning | 5,124 | 263,988 | ||||||
Quanta Services, Inc. (2) | 7,718 | 178,440 | ||||||
Stanley Black & Decker, Inc. | 2,569 | 285,724 | ||||||
Tutor Perini Corp. (2) | 1,278 | 30,097 | ||||||
(Cost $1,629,092) | 1,794,396 | |||||||
Information Technology — 6.7% | ||||||||
Activision Blizzard, Inc. | 8,186 | 324,411 | ||||||
Alphabet, Inc. (2) | 606 | 426,339 | ||||||
Apple, Inc. | 5,715 | 546,355 | ||||||
Arrow Electronics, Inc. (2) | 4,153 | 257,071 | ||||||
Avnet, Inc. | 6,028 | 244,194 | ||||||
Cisco Systems, Inc. | 19,202 | 550,905 | ||||||
Coherent, Inc. (2) | 2,511 | 230,460 | ||||||
Computer Sciences Corp. | 8,291 | 411,648 | ||||||
Facebook, Inc. (2) | 1,476 | 168,677 | ||||||
Fairchild Semiconductor | 22,989 | 456,332 | ||||||
Global Payments, Inc. | 3,430 | 244,833 | ||||||
Hewlett Packard Enterprise Co. | 13,864 | 253,295 | ||||||
Intel Corp. | 17,579 | 576,591 | ||||||
Marvell Technology Group, Ltd. | 12,174 | 116,018 | ||||||
MaxLinear, Inc. (2) | 6,556 | 117,877 | ||||||
Microsoft Corp. | 5,474 | 280,105 | ||||||
NVIDIA Corp. | 6,459 | 303,638 | ||||||
Sanmina Corp. | 9,080 | 243,435 | ||||||
Tech Data Corp. | 278 | 19,974 | ||||||
Zynga, Inc. | 1,882 | 4,686 | ||||||
(Cost $5,520,254) | 5,776,844 | |||||||
Materials — 1.8% | ||||||||
Albemarle Corp. | 2,850 | 226,034 | ||||||
Domtar Corp. | 6,980 | 244,370 | ||||||
Newmont Mining Corp. | 7,878 | 308,187 | ||||||
Reliance Steel & Aluminum Co. | 3,390 | 260,691 | ||||||
Steel Dynamics, Inc. | 8,570 | 209,965 | ||||||
Trinseo SA | 6,135 | 263,376 | ||||||
(Cost $1,346,063) | 1,512,623 | |||||||
Telecommunication Services — 1.3% | ||||||||
AT&T, Inc. | $ | 18,812 | 812,867 | |||||
CenturyLink, Inc. | 10,195 | 295,757 | ||||||
(Cost $1,041,580) | 1,108,624 | |||||||
Utilities — 1.2% | ||||||||
Exelon Corp. | 9,165 | 333,239 | ||||||
NiSource, Inc. | 10,820 | 286,946 | ||||||
PG&E Corp. | 5,088 | 325,226 | ||||||
TECO Energy, Inc. | 4,196 | 115,977 | ||||||
(Cost $955,004) | 1,061,388 | |||||||
Total Common Stocks (Cost $38,412,184) | 39,646,898 |
The accompanying notes are an integral part of these financial statements.
Page 38 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Global Opportunities Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Registered Investment Companies — 46.2% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund - Class I | 212,211 | 1,672,222 | ||||||
iShares Core MSCI EAFE ETF (7) | 146,645 | 7,609,409 | ||||||
iShares Core MSCI Emerging Markets ETF (7) | 344,012 | 14,393,463 | ||||||
iShares MSCI EAFE ETF (7) | 242,032 | 13,510,226 | ||||||
Oppenheimer Developing Markets Fund - Class Y | 18,442 | 574,110 | ||||||
Oppenheimer International Growth Fund - Class I | 61,215 | 2,145,570 | ||||||
Total Registered Investment Companies (Cost $42,247,398) | 39,905,000 | |||||||
Money Market Registered Investment Companies — 6.6% | ||||||||
Meeder Money Market Fund - Institutional Class, 0.39% (4) | 5,693,065 | 5,693,065 | ||||||
Total Money Market Registered Investment Companies (Cost $5,693,065) | 5,693,065 | |||||||
Bank Obligations — 0.9% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (5) | 249,000 | 249,000 | ||||||
EverBank Money Market Account, 0.61%, 7/1/2016 (5) | 249,000 | 249,000 | ||||||
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (5) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $747,000) | 747,000 | |||||||
Total Investments — 99.6% (Cost $87,099,647) (1) | 85,991,963 | |||||||
Other Assets less Liabilities — 0.4% | 305,033 | |||||||
Total Net Assets — 100.0% | 86,296,996 | |||||||
Trustee Deferred Compensation (6) | ||||||||
Meeder Aggressive Growth Fund | 2,665 | 25,318 | ||||||
Meeder Balanced Fund | 1,416 | 14,797 | ||||||
Meeder Dynamic Growth Fund | 953 | 8,844 | ||||||
Meeder Muirfield Fund | 2,476 | 15,970 | ||||||
Meeder Quantex Fund | 1,013 | 30,532 | ||||||
Meeder Miller/Howard Infrastructure Fund | 404 | 8,516 | ||||||
Total Trustee Deferred Compensation (Cost $93,952) | 103,977 |
Long Contracts | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
Standard & Poors 500 Mini Futures expiring September 2016, notional value $5,748,050 | 55 | (13,890 | ) | |||||
Russell 2000 Mini Index Futures expiring September 2016, notional value $1,147,400 | 10 | (27,080 | ) | |||||
E-mini Standard & Poors MidCap 400 Futures expiring September 2016, notional value $1,194,400 | 8 | (18,262 | ) | |||||
Total Futures Contracts | 73 | (59,232 | ) |
(1) | Cost for federal income tax purposes of $87,519,951 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 2,849,284 | ||
Unrealized depreciation | (4,016,200 | ) | ||
Net unrealized appreciation (depreciation) | $ | (1,166,916 | ) |
(2) | Represents non-income producing securities. |
(3) | Real estate investment trust. |
(4) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(5) | 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, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(6) | Assets of affiliates to the Global Opportunities Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(7) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 39 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Long — 77.4% | ||||||||
Consumer Discretionary — 10.1% | ||||||||
Aaron's, Inc. (6) | 2,120 | 46,407 | ||||||
Abercrombie & Fitch Co. | 11,438 | 203,711 | ||||||
Amazon.com, Inc. (2)(6) | 1,850 | 1,323,897 | ||||||
American Eagle Outfitters, Inc. | 3,146 | 50,116 | ||||||
AutoNation, Inc. (2) | 2,804 | 131,732 | ||||||
AutoZone, Inc. (2) | 96 | 76,209 | ||||||
Barnes & Noble, Inc. | 5,743 | 65,183 | ||||||
Best Buy Co., Inc. | 13,008 | 398,045 | ||||||
Big Lots, Inc. | 422 | 21,146 | ||||||
Carnival Corp. | 5,461 | 241,376 | ||||||
CBS Corp. | 1,384 | 75,345 | ||||||
Children's Place, Inc./The | 3,335 | 267,400 | ||||||
Cinemark Holdings, Inc. | 446 | 16,261 | ||||||
Coach, Inc. | 5,827 | 237,392 | ||||||
Comcast Corp. | 3,770 | 245,766 | ||||||
Cooper Tire & Rubber Co. (6) | 3,670 | 109,439 | ||||||
Darden Restaurants, Inc. | 1,320 | 83,609 | ||||||
DeVry Education Group, Inc. | 2,096 | 37,393 | ||||||
Dollar General Corp. (6) | 5,562 | 522,828 | ||||||
Domino's Pizza, Inc. | 720 | 94,594 | ||||||
DR Horton, Inc. | 2,616 | 82,352 | ||||||
Express, Inc. (2) | 12,610 | 182,971 | ||||||
Fiesta Restaurant Group, Inc. (2) | 2,686 | 58,582 | ||||||
Finish Line, Inc./The | 4,541 | 91,683 | ||||||
Foot Locker, Inc. | 1,752 | 96,115 | ||||||
Ford Motor Co. | 26,448 | 332,451 | ||||||
Garmin, Ltd. (4) | 1,253 | 53,152 | ||||||
General Motors Co. (6) | 41,866 | 1,184,808 | ||||||
Genesco, Inc. (2) | 1,541 | 99,102 | ||||||
Genuine Parts Co. (6) | 4,685 | 474,356 | ||||||
Goodyear Tire & Rubber Co./The (6) | 10,136 | 260,090 | ||||||
Graham Holdings Co. | 305 | 149,310 | ||||||
Hasbro, Inc. | 926 | 77,775 | ||||||
Home Depot, Inc./The | 3,019 | 385,496 | ||||||
Houghton Mifflin Harcourt Co. (2) | 616 | 9,628 | ||||||
International Game Technology PLC | 7,707 | 144,429 | ||||||
Lear Corp. | 1,070 | 108,883 | ||||||
Leggett & Platt, Inc. | 2,623 | 134,062 | ||||||
Lowe's Cos., Inc. (6) | 6,155 | 487,291 | ||||||
Mattel, Inc. | 256 | 8,010 | ||||||
McDonald's Corp. | 2,668 | 321,067 | ||||||
MDC Holdings, Inc. | 18,945 | 461,121 | ||||||
Meredith Corp. | 270 | 14,016 | ||||||
Movado Group, Inc. (6) | 2,673 | 57,951 | ||||||
Murphy USA, Inc. (2) | 2,584 | 191,629 | ||||||
Nautilus, Inc. (2) | 1,467 | 26,171 | ||||||
News Corp. | 31,724 | 360,067 | ||||||
NIKE, Inc. | 303 | 16,726 | ||||||
Nutrisystem, Inc. | 994 | 25,208 | ||||||
Ollie's Bargain Outlet Holdings, Inc. (2) | 1,097 | 27,304 | ||||||
Scholastic Corp. (6) | 1,552 | 61,475 | ||||||
Skechers U.S.A., Inc. (2)(6) | 3,586 | 106,576 | ||||||
Smith & Wesson Holding Corp. (2)(6) | 3,618 | 98,337 | ||||||
Staples, Inc. (6) | 19,574 | 168,728 | ||||||
Sturm Ruger & Co., Inc. (4) | 461 | 29,509 | ||||||
Target Corp. | 1,487 | 103,822 | ||||||
Tenneco, Inc. (2) | 2,556 | 119,135 | ||||||
Time Warner, Inc. | 1,411 | 103,765 | ||||||
TJX Cos., Inc./The (6) | 6,180 | 477,281 | ||||||
Tuesday Morning Corp. (2) | 12,651 | 88,810 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (2) | 591 | 143,991 | ||||||
Urban Outfitters, Inc. (2) | 1,478 | 40,645 | ||||||
Vince Holding Corp. (2) | 9,227 | 50,564 | ||||||
Vista Outdoor, Inc. (2)(6) | 6,419 | 306,379 | ||||||
Visteon Corp. (6) | 1,612 | 106,086 | ||||||
Walt Disney Co./The (6) | 2,458 | 240,442 | ||||||
Whirlpool Corp. (6) | 2,762 | 460,260 | ||||||
(Cost $13,033,796) | 12,875,460 | |||||||
Consumer Staples — 5.4% | ||||||||
Andersons, Inc./The | 1,503 | 53,417 | ||||||
Archer-Daniels-Midland Co. | 4,888 | 209,646 | ||||||
Blue Buffalo Pet Products, Inc. (2) | 25 | 584 | ||||||
Boston Beer Co., Inc./The (2) | 131 | 22,405 | ||||||
Bunge, Ltd. (6) | 4,517 | 267,181 | ||||||
Casey's General Stores, Inc. (6) | 2,084 | 274,067 | ||||||
Central Garden & Pet Co. (2) | 600 | 13,026 | ||||||
Colgate-Palmolive Co. | 2,533 | 185,416 | ||||||
Constellation Brands, Inc. (6) | 2,400 | 396,960 | ||||||
CVS Health Corp. | 2,665 | 255,147 | ||||||
Darling Ingredients, Inc. (2) | 6,512 | 97,029 | ||||||
Dr Pepper Snapple Group, Inc. | 2,178 | 210,460 | ||||||
Herbalife, Ltd. (2) | 785 | 45,946 | ||||||
Hormel Foods Corp. | 2,366 | 86,596 | ||||||
Ingles Markets, Inc. | 1,464 | 54,607 | ||||||
Ingredion, Inc. | 1,725 | 223,232 | ||||||
Kimberly-Clark Corp. | 1,060 | 145,729 | ||||||
Kraft Heinz Co./The | 4,293 | 379,845 | ||||||
Lancaster Colony Corp. | 48 | 6,125 | ||||||
Molson Coors Brewing Co. (6) | 3,900 | 394,407 | ||||||
Mondelez International, Inc. (6) | 12,986 | 590,993 | ||||||
Natural Health Trends Corp. (6) | 286 | 8,062 | ||||||
PepsiCo, Inc. | 1,764 | 186,878 |
The accompanying notes are an integral part of these financial statements.
Page 40 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Long — continued | ||||||||
Philip Morris International, Inc. | 225 | 22,887 | ||||||
Pilgrim's Pride Corp. | 38 | 968 | ||||||
Reynolds American, Inc. | 4,846 | 261,345 | ||||||
Sanderson Farms, Inc. (4) | 341 | 29,544 | ||||||
Spectrum Brands Holdings, Inc. | 1,161 | 138,519 | ||||||
Sysco Corp. | 4,721 | 239,544 | ||||||
Tyson Foods, Inc. (6) | 10,627 | 709,777 | ||||||
Walgreens Boots Alliance, Inc. (6) | 5,681 | 473,057 | ||||||
Wal-Mart Stores, Inc. | 11,391 | 831,771 | ||||||
(Cost $6,430,725) | 6,815,170 | |||||||
Energy — 4.9% | ||||||||
Antero Resources Corp. (2) | 60 | 1,559 | ||||||
Atwood Oceanics, Inc. (4) | 2,654 | 33,228 | ||||||
Cabot Oil & Gas Corp. | 256 | 6,589 | ||||||
Callon Petroleum Co. (2) | 1,095 | 12,297 | ||||||
Chevron Corp. (6) | 8,186 | 858,138 | ||||||
Concho Resources, Inc. (2)(6) | 1,972 | 235,200 | ||||||
ConocoPhillips | 1,393 | 60,735 | ||||||
CONSOL Energy, Inc. (4) | 4,499 | 72,389 | ||||||
Continental Resources, Inc./OK (2) | 180 | 8,149 | ||||||
Diamond Offshore Drilling, Inc. (4) | 3,381 | 82,260 | ||||||
Exxon Mobil Corp. | 12,394 | 1,161,814 | ||||||
Forum Energy Technologies, Inc. (2) | 1,262 | 21,845 | ||||||
GasLog, Ltd. (4)(6) | 7,152 | 92,833 | ||||||
Hess Corp. | 3,002 | 180,420 | ||||||
HollyFrontier Corp. | 2,093 | 49,751 | ||||||
Hornbeck Offshore Services, Inc. (2)(4) | 5,447 | 45,428 | ||||||
Marathon Oil Corp. | 9,700 | 145,597 | ||||||
Marathon Petroleum Corp. (6) | 5,727 | 217,397 | ||||||
Matador Resources Co. (2) | 2,328 | 46,094 | ||||||
Matrix Service Co. (2)(6) | 4,688 | 77,305 | ||||||
Nabors Industries, Ltd. | 6,844 | 68,782 | ||||||
National Oilwell Varco, Inc. | 1,682 | 56,599 | ||||||
Noble Corp. plc | 20,553 | 169,357 | ||||||
Oasis Petroleum, Inc. (2) | 4,298 | 40,143 | ||||||
Oil States International, Inc. (2)(6) | 6,557 | 215,594 | ||||||
ONEOK, Inc. | 757 | 35,920 | ||||||
Parsley Energy, Inc. (2) | 6,652 | 180,003 | ||||||
Patterson-UTI Energy, Inc. (6) | 8,573 | 182,776 | ||||||
PBF Energy, Inc. | 4,266 | 101,445 | ||||||
Phillips 66 | 24 | 1,904 | ||||||
Pioneer Natural Resources Co. | 537 | 81,200 | ||||||
QEP Resources, Inc. | 4,396 | 77,501 | ||||||
Range Resources Corp. | 76 | 3,279 | ||||||
Rice Energy, Inc. (2) | 768 | 16,927 | ||||||
Rowan Cos. Plc | 30,932 | 546,259 | ||||||
RSP Permian, Inc. (2) | 373 | 13,014 | ||||||
Schlumberger, Ltd. | 2,450 | 193,746 | ||||||
SemGroup Corp. | 1,072 | 34,904 | ||||||
Teekay Corp. | 1,549 | 11,044 | ||||||
Tesoro Corp. | 1,105 | 82,787 | ||||||
Unit Corp. (2) | 765 | 11,903 | ||||||
Valero Energy Corp. (6) | 11,592 | 591,192 | ||||||
World Fuel Services Corp. | 1,658 | 78,738 | ||||||
WPX Energy, Inc. (2) | 9,463 | 88,101 | ||||||
(Cost $6,087,578) | 6,292,146 | |||||||
Financials — 17.0% | ||||||||
Aflac, Inc. | 2,740 | 197,718 | ||||||
Alleghany Corp. (2)(6) | 1,034 | 568,266 | ||||||
Allstate Corp./The | 2,484 | 173,756 | ||||||
Ally Financial, Inc. | 7,484 | 127,752 | ||||||
American Campus Communities, Inc. (3) | 3,782 | 199,954 | ||||||
American Financial Group, Inc./OH | 1,780 | 131,595 | ||||||
American International Group, Inc. | 27,476 | 1,453,206 | ||||||
Assurant, Inc. | 1,157 | 99,861 | ||||||
Assured Guaranty, Ltd. (6) | 33,535 | 850,783 | ||||||
Axis Capital Holdings, Ltd. | 4,560 | 250,800 | ||||||
Banc of California, Inc. | 818 | 14,806 | ||||||
Bank of America Corp. (6) | 86,913 | 1,153,336 | ||||||
Bank of New York Mellon Corp./The | 2,314 | 89,899 | ||||||
BB&T Corp. | 4,160 | 148,138 | ||||||
Berkshire Hathaway, Inc. (2)(6) | 3,296 | 477,228 | ||||||
Capital One Financial Corp. | 10,356 | 657,710 | ||||||
CIT Group, Inc. | 764 | 24,379 | ||||||
Citigroup, Inc. (6) | 24,313 | 1,030,628 | ||||||
Citizens Financial Group, Inc. (6) | 28,753 | 574,485 | ||||||
CME Group, Inc. | 1,756 | 171,034 | ||||||
CNO Financial Group, Inc. | 17,408 | 303,944 | ||||||
Comerica, Inc. (6) | 12,788 | 525,970 | ||||||
CoreSite Realty Corp. (3) | 1,208 | 107,138 | ||||||
CyrusOne, Inc. (3) | 254 | 14,138 | ||||||
DuPont Fabros Technology, Inc. (3) | 2,573 | 122,320 | ||||||
East West Bancorp, Inc. (6) | 5,383 | 183,991 | ||||||
Endurance Specialty Holdings, Ltd. | 1,703 | 114,373 | ||||||
Enova International, Inc. (2) | 782 | 5,756 | ||||||
Equity Residential (3) | 1,288 | 88,717 | ||||||
Everest Re Group, Ltd. | 2,749 | 502,160 | ||||||
Fifth Third Bancorp | 3,637 | 63,975 | ||||||
First Midwest Bancorp, Inc./IL | 3,354 | 58,896 | ||||||
General Growth Properties, Inc. (3) | 1,280 | 38,170 | ||||||
Goldman Sachs Group, Inc./The (6) | 3,162 | 469,810 | ||||||
Great Western Bancorp, Inc. | 11,569 | 364,886 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 41 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Long — continued | ||||||||
Green Dot Corp. (2) | 1,166 | 26,806 | ||||||
Hancock Holding Co. | 1,369 | 35,745 | ||||||
Hanover Insurance Group, Inc./The (6) | 3,410 | 288,554 | ||||||
Intercontinental Exchange, Inc. | 136 | 34,811 | ||||||
JPMorgan Chase & Co. (6) | 17,967 | 1,116,469 | ||||||
KeyCorp (6) | 33,550 | 370,728 | ||||||
Kimco Realty Corp. (3) | 766 | 24,037 | ||||||
Leucadia National Corp. | 646 | 11,195 | ||||||
Lincoln National Corp. | 11,876 | 460,433 | ||||||
Loews Corp. | 10,989 | 451,538 | ||||||
Marcus & Millichap, Inc. (2) | 2,521 | 64,059 | ||||||
MetLife, Inc. (6) | 14,519 | 578,292 | ||||||
Morgan Stanley | 16,636 | 432,203 | ||||||
Navient Corp. | 22,309 | 266,593 | ||||||
Old Republic International Corp. (6) | 26,161 | 504,646 | ||||||
PHH Corp. (2) | 31 | 413 | ||||||
PNC Financial Services Group, Inc./The (6) | 3,826 | 311,398 | ||||||
Popular, Inc. | 4,018 | 117,727 | ||||||
PrivateBancorp, Inc. | 2,297 | 101,137 | ||||||
Prosperity Bancshares, Inc. | 3,109 | 158,528 | ||||||
Prudential Financial, Inc. (6) | 18,603 | 1,327,138 | ||||||
Regions Financial Corp. (6) | 85,567 | 728,175 | ||||||
Reinsurance Group of America, Inc. | 4,977 | 482,719 | ||||||
RenaissanceRe Holdings, Ltd. | 2,100 | 246,624 | ||||||
Senior Housing Properties Trust (3) | 2,350 | 48,951 | ||||||
ServisFirst Bancshares, Inc. | 300 | 14,817 | ||||||
State Street Corp. | 251 | 13,534 | ||||||
SunTrust Banks, Inc. (6) | 14,476 | 594,674 | ||||||
Travelers Cos., Inc./The | 1,612 | 191,892 | ||||||
Unum Group | 7,902 | 251,205 | ||||||
Validus Holdings, Ltd. (6) | 13,898 | 675,304 | ||||||
VEREIT, Inc. (3) | 5,396 | 54,715 | ||||||
Voya Financial, Inc. | 233 | 5,769 | ||||||
Waddell & Reed Financial, Inc. | 1,353 | 23,299 | ||||||
White Mountains Insurance Group, Ltd. | 12 | 10,104 | ||||||
XL Group PLC | 4,593 | 152,993 | ||||||
Zions Bancorporation | 1,100 | 27,643 | ||||||
(Cost $22,080,172) | 21,564,446 | |||||||
Healthcare — 11.3% | ||||||||
AbbVie, Inc. | 4,198 | 259,898 | ||||||
ABIOMED, Inc. (2)(6) | 1,623 | 177,378 | ||||||
Aceto Corp. (6) | 3,314 | 72,543 | ||||||
Acorda Therapeutics, Inc. (2) | 2,259 | 57,616 | ||||||
Agilent Technologies, Inc. | 3,031 | 134,455 | ||||||
Alder Biopharmaceuticals, Inc. (2)(4) | 2,665 | 66,545 | ||||||
Allergan plc (2) | 381 | 88,045 | ||||||
Allscripts Healthcare Solutions, Inc. (2) | 11,950 | 151,765 | ||||||
Alnylam Pharmaceuticals, Inc. (2) | 3,160 | 175,348 | ||||||
Amedisys, Inc. (2) | 1,906 | 96,215 | ||||||
Amgen, Inc. | 2,248 | 342,033 | ||||||
AMN Healthcare Services, Inc. (2) | 4,399 | 175,828 | ||||||
Baxter International, Inc. (6) | 12,623 | 570,812 | ||||||
BioMarin Pharmaceutical, Inc. (2) | 1,799 | 139,962 | ||||||
Boston Scientific Corp. (2) | 13,609 | 318,042 | ||||||
Bristol-Myers Squibb Co. | 3,689 | 271,326 | ||||||
Bruker Corp. | 11,939 | 271,493 | ||||||
Cambrex Corp. (2)(6) | 3,191 | 165,070 | ||||||
Cardinal Health, Inc. | 2,037 | 158,906 | ||||||
Charles River Laboratories International, Inc. (2) | 212 | 17,477 | ||||||
Chimerix, Inc. | 16,963 | 66,665 | ||||||
Clovis Oncology, Inc. (2) | 6,132 | 84,131 | ||||||
CONMED Corp. (6) | 5,876 | 280,461 | ||||||
Cynosure, Inc. (2) | 2,295 | 111,640 | ||||||
DENTSPLY SIRONA, Inc. | 2,806 | 174,084 | ||||||
DexCom, Inc. (2) | 474 | 37,602 | ||||||
Diplomat Pharmacy, Inc. (2) | 270 | 9,450 | ||||||
Dynavax Technologies Corp. (2) | 7,331 | 106,886 | ||||||
Eagle Pharmaceuticals, Inc./DE (2)(6) | 1,197 | 46,432 | ||||||
Edwards Lifesciences Corp. (2)(6) | 5,265 | 525,078 | ||||||
Eli Lilly & Co. | 2,003 | 157,736 | ||||||
Emergent BioSolutions, Inc. (2) | 12,327 | 346,635 | ||||||
Five Prime Therapeutics, Inc. (2) | 4,275 | 176,771 | ||||||
Gilead Sciences, Inc. (6) | 3,883 | 323,920 | ||||||
Halozyme Therapeutics, Inc. (2)(4) | 17,955 | 154,952 | ||||||
HealthEquity, Inc. (2)(6) | 3,412 | 103,674 | ||||||
HeartWare International, Inc. (2) | 5,736 | 331,254 | ||||||
Hologic, Inc. (2) | 286 | 9,896 | ||||||
ICU Medical, Inc. (2)(6) | 1,210 | 136,428 | ||||||
INC Research Holdings, Inc. (2)(6) | 5,056 | 192,785 | ||||||
Inogen, Inc. (2)(6) | 583 | 29,214 | ||||||
Intersect ENT, Inc. (2) | 6,063 | 78,395 | ||||||
Intuitive Surgical, Inc. (2)(6) | 852 | 563,521 | ||||||
Ironwood Pharmaceuticals, Inc. (2) | 13,798 | 180,409 | ||||||
Johnson & Johnson | 8,300 | 1,006,790 | ||||||
LHC Group, Inc. (2) | 582 | 25,189 | ||||||
LifePoint Health, Inc. (2) | 329 | 21,507 | ||||||
Ligand Pharmaceuticals, Inc. (2) | 1,498 | 178,666 | ||||||
Magellan Health, Inc. (2) | 80 | 5,262 | ||||||
Masimo Corp. (2) | 2,503 | 131,445 | ||||||
Medivation, Inc. (2) | 1,154 | 69,586 | ||||||
Medtronic PLC | 1,101 | 95,534 | ||||||
Merck & Co., Inc. (6) | 8,943 | 515,206 |
The accompanying notes are an integral part of these financial statements.
Page 42 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Long — continued | ||||||||
Meridian Bioscience, Inc. (6) | 9,702 | 189,189 | ||||||
Merit Medical Systems, Inc. (2)(6) | 3,735 | 74,065 | ||||||
Neurocrine Biosciences, Inc. (2) | 154 | 6,999 | ||||||
NuVasive, Inc. (2) | 2,193 | 130,966 | ||||||
Pacific Biosciences of California, Inc. (2) | 176 | 1,238 | ||||||
PerkinElmer, Inc. | 2,471 | 129,530 | ||||||
Pfizer, Inc. | 20,536 | 723,073 | ||||||
PharMerica Corp. (2)(6) | 2,277 | 56,151 | ||||||
Phibro Animal Health Corp. (6) | 7,888 | 147,190 | ||||||
Portola Pharmaceuticals, Inc. (2) | 3,865 | 91,214 | ||||||
PRA Health Sciences, Inc. (2) | 6,053 | 252,773 | ||||||
Premier, Inc. (2) | 3,202 | 104,705 | ||||||
PTC Therapeutics, Inc. (2)(4) | 12,183 | 85,525 | ||||||
Quality Systems, Inc. (6) | 5,930 | 70,626 | ||||||
Quest Diagnostics, Inc. | 1,349 | 109,822 | ||||||
Radius Health, Inc. (2)(6) | 2,574 | 94,595 | ||||||
Relypsa, Inc. (2)(4) | 2,768 | 51,208 | ||||||
Spectranetics Corp./The (2) | 3,080 | 57,627 | ||||||
Stryker Corp. | 1,123 | 134,569 | ||||||
Sucampo Pharmaceuticals, Inc. (2) | 8,077 | 88,605 | ||||||
Supernus Pharmaceuticals, Inc. (2)(6) | 2,307 | 46,994 | ||||||
Teleflex, Inc. | 16 | 2,837 | ||||||
Thermo Fisher Scientific, Inc. | 890 | 131,506 | ||||||
United Therapeutics Corp. (2) | 17 | 1,801 | ||||||
UnitedHealth Group, Inc. | 4,839 | 683,267 | ||||||
Universal American Corp. | 6,793 | 51,491 | ||||||
Universal Health Services, Inc. | 589 | 78,985 | ||||||
VCA, Inc. (2) | 1,260 | 85,189 | ||||||
VWR Corp. (2) | 6,031 | 174,296 | ||||||
WellCare Health Plans, Inc. (2) | 1,822 | 195,464 | ||||||
Zeltiq Aesthetics, Inc. (2) | 728 | 19,896 | ||||||
Zoetis, Inc. (6) | 5,866 | 278,400 | ||||||
(Cost $14,353,928) | 14,337,757 | |||||||
Industrials — 6.2% | ||||||||
Acuity Brands, Inc. | 81 | 20,085 | ||||||
Advisory Board Co./The (2) | 935 | 33,090 | ||||||
AGCO Corp. | 897 | 42,276 | ||||||
Air Lease Corp. | 773 | 20,701 | ||||||
Allison Transmission Holdings, Inc. | 3,945 | 111,367 | ||||||
AMERCO | 243 | 91,016 | ||||||
American Woodmark Corp. (2) | 1,074 | 71,292 | ||||||
Applied Industrial Technologies, Inc. | 2,278 | 102,829 | ||||||
Beacon Roofing Supply, Inc. (2) | 6,167 | 280,413 | ||||||
BWX Technologies, Inc. (6) | 13,788 | 493,197 | ||||||
Curtiss-Wright Corp. | 517 | 43,557 | ||||||
Dycom Industries, Inc. (2) | 194 | 17,413 | ||||||
Eaton Corp. PLC | 2,596 | 155,059 | ||||||
EMCOR Group, Inc. | 827 | 40,738 | ||||||
Emerson Electric Co. | 3,348 | 174,632 | ||||||
Essendant, Inc. | 4,858 | 148,460 | ||||||
Expeditors International of Washington, Inc. | 2,535 | 124,316 | ||||||
FedEx Corp. | 109 | 16,544 | ||||||
General Cable Corp. | 285 | 3,622 | ||||||
General Electric Co. (6) | 15,533 | 488,979 | ||||||
Granite Construction, Inc. | 264 | 12,025 | ||||||
Hawaiian Holdings, Inc. (2)(6) | 8,522 | 323,495 | ||||||
HD Supply Holdings, Inc. (2) | 13,949 | 485,704 | ||||||
Herman Miller, Inc. | 2,811 | 84,021 | ||||||
Huntington Ingalls Industries, Inc. | 1,005 | 168,870 | ||||||
Ingersoll-Rand PLC | 208 | 13,245 | ||||||
Insperity, Inc. | 2,260 | 174,540 | ||||||
Interface, Inc. (6) | 7,495 | 114,299 | ||||||
ITT Corp. (6) | 7,182 | 229,680 | ||||||
Jacobs Engineering Group, Inc. (2) | 6,839 | 340,651 | ||||||
John Bean Technologies Corp. | 190 | 11,632 | ||||||
KAR Auction Services, Inc. | 3,262 | 136,156 | ||||||
L-3 Communications Holdings, Inc. | 1,443 | 211,674 | ||||||
ManpowerGroup, Inc. (6) | 4,919 | 316,488 | ||||||
Masco Corp. | 8,504 | 263,114 | ||||||
MRC Global, Inc. (2) | 1,700 | 24,157 | ||||||
Navistar International Corp. (2) | 3,240 | 37,876 | ||||||
Norfolk Southern Corp. | 417 | 35,499 | ||||||
Northrop Grumman Corp. (6) | 1,348 | 299,633 | ||||||
Oshkosh Corp. | 877 | 41,842 | ||||||
Owens Corning (6) | 8,905 | 458,786 | ||||||
Proto Labs, Inc. (2) | 284 | 16,347 | ||||||
Quad/Graphics, Inc. | 752 | 17,514 | ||||||
Quanta Services, Inc. (2) | 6,945 | 160,568 | ||||||
Raytheon Co. (6) | 1,633 | 222,006 | ||||||
Republic Services, Inc. | 748 | 38,380 | ||||||
Ryder System, Inc. | 22 | 1,345 | ||||||
Spirit AeroSystems Holdings, Inc. (2) | 38 | 1,634 | ||||||
Stanley Black & Decker, Inc. | 1,195 | 132,908 | ||||||
Stericycle, Inc. (2) | 1,485 | 154,618 | ||||||
Terex Corp. | 4,460 | 90,583 | ||||||
Timken Co./The | 4,636 | 142,140 | ||||||
Titan International, Inc. | 7,917 | 49,085 | ||||||
Trinity Industries, Inc. | 898 | 16,676 | ||||||
TrueBlue, Inc. (2) | 6,509 | 123,150 | ||||||
Tutor Perini Corp. (2) | 7,958 | 187,411 | ||||||
United Continental Holdings, Inc. (2) | 4,467 | 183,326 | ||||||
USG Corp. (2) | 1,418 | 38,229 | ||||||
Veritiv Corp. (2) | 1,372 | 51,560 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 43 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Long — continued | ||||||||
Wabash National Corp. (2) | 447 | 5,677 | ||||||
(Cost $7,687,266) | 7,896,130 | |||||||
Information Technology — 14.0% | ||||||||
Accenture PLC | 2,529 | 286,510 | ||||||
Activision Blizzard, Inc. (6) | 15,817 | 626,828 | ||||||
Adobe Systems, Inc. (2) | 647 | 61,976 | ||||||
ADTRAN, Inc. (6) | 1,822 | 33,980 | ||||||
Advanced Micro Devices, Inc. (2) | 4,174 | 21,454 | ||||||
Alphabet, Inc. (2)(6) | 1,750 | 1,231,178 | ||||||
Apple, Inc. (6) | 12,760 | 1,219,856 | ||||||
Applied Materials, Inc. | 6,922 | 165,920 | ||||||
Arrow Electronics, Inc. (2) | 11,521 | 713,150 | ||||||
Avnet, Inc. | 26,041 | 1,054,921 | ||||||
Blackbaud, Inc. | 1,691 | 114,819 | ||||||
Blackhawk Network Holdings, Inc. (2) | 722 | 24,180 | ||||||
Booz Allen Hamilton Holding Corp. | 3,842 | 113,877 | ||||||
Broadcom, Ltd. | 9 | 1,399 | ||||||
Broadridge Financial Solutions, Inc. | 8,665 | 564,958 | ||||||
Brocade Communications Systems, Inc. | 13,333 | 122,397 | ||||||
CA, Inc. | 6,027 | 197,866 | ||||||
CACI International, Inc. (2) | 942 | 85,166 | ||||||
Cadence Design Systems, Inc. (2) | 1,562 | 37,957 | ||||||
Cirrus Logic, Inc. (2) | 1,106 | 42,902 | ||||||
Cisco Systems, Inc. | 20,834 | 597,727 | ||||||
Citrix Systems, Inc. (2) | 1,864 | 149,288 | ||||||
Corning, Inc. | 21,558 | 441,508 | ||||||
Cray, Inc. (2) | 1,954 | 58,464 | ||||||
DST Systems, Inc. | 1,571 | 182,912 | ||||||
eBay, Inc. (2) | 5,275 | 123,488 | ||||||
Ebix, Inc. | 470 | 22,513 | ||||||
Electronic Arts, Inc. (2)(6) | 4,163 | 315,389 | ||||||
ePlus, Inc. (2)(6) | 397 | 32,471 | ||||||
Facebook, Inc. (2) | 9,394 | 1,073,546 | ||||||
Fidelity National Information Services, Inc. | 1,460 | 107,573 | ||||||
First Solar, Inc. (2) | 3,269 | 158,481 | ||||||
Global Payments, Inc. (6) | 2,752 | 196,438 | ||||||
Hewlett Packard Enterprise Co. (6) | 23,101 | 422,055 | ||||||
HubSpot, Inc. (2) | 55 | 2,388 | ||||||
Imperva, Inc. (2) | 1,845 | 79,353 | ||||||
Inphi Corp. (2) | 2,911 | 93,239 | ||||||
Integrated Device Technology, Inc. (2)(6) | 9,396 | 189,141 | ||||||
Intel Corp. | 8,771 | 287,689 | ||||||
International Business Machines Corp. | 2,235 | 339,228 | ||||||
Intersil Corp. | 8,630 | 116,850 | ||||||
Intuit, Inc. | 1,156 | 129,021 | ||||||
Ixia (2)(6) | 15,536 | 152,564 | ||||||
Juniper Networks, Inc. | 6,161 | 138,561 | ||||||
Leidos Holdings, Inc. (6) | 4,256 | 203,735 | ||||||
Lumentum Holdings, Inc. (2) | 3,773 | 91,307 | ||||||
Luxoft Holding, Inc. (2) | 907 | 47,182 | ||||||
MaxLinear, Inc. (2) | 6,369 | 114,515 | ||||||
Methode Electronics, Inc. (6) | 4,539 | 155,370 | ||||||
Microsemi Corp. (2) | 1,883 | 61,536 | ||||||
Microsoft Corp. (6) | 21,075 | 1,078,408 | ||||||
MicroStrategy, Inc. (2)(6) | 1,268 | 221,925 | ||||||
Monolithic Power Systems, Inc. (6) | 3,511 | 239,872 | ||||||
National Instruments Corp. | 6,213 | 170,236 | ||||||
NIC, Inc. | 8,408 | 184,472 | ||||||
NVIDIA Corp. (6) | 9,779 | 459,711 | ||||||
ON Semiconductor Corp. (2) | 16,459 | 145,168 | ||||||
Oracle Corp. | 4,266 | 174,607 | ||||||
Palo Alto Networks, Inc. (2) | 397 | 48,688 | ||||||
Paylocity Holding Corp. (2) | 230 | 9,936 | ||||||
PayPal Holdings, Inc. (2) | 345 | 12,596 | ||||||
Progress Software Corp. (2)(6) | 5,259 | 144,412 | ||||||
QUALCOMM, Inc. | 1,576 | 84,426 | ||||||
Qualys, Inc. (2) | 925 | 27,574 | ||||||
Red Hat, Inc. (2) | 692 | 50,239 | ||||||
Rubicon Project, Inc./The (2) | 821 | 11,207 | ||||||
Sanmina Corp. (2)(6) | 8,736 | 234,212 | ||||||
Stamps.com, Inc. (2) | 230 | 20,107 | ||||||
Symantec Corp. (6) | 9,486 | 194,842 | ||||||
Tech Data Corp. (2)(6) | 5,287 | 379,871 | ||||||
Tessera Technologies, Inc. (6) | 4,271 | 130,863 | ||||||
Total System Services, Inc. | 650 | 34,522 | ||||||
Universal Display Corp. (2) | 569 | 38,578 | ||||||
Xerox Corp. (6) | 49,264 | 467,515 | ||||||
Xilinx, Inc. (6) | 5,126 | 236,462 | ||||||
Yahoo!, Inc. (2) | 5,872 | 220,552 | ||||||
(Cost $17,463,560) | 17,825,827 | |||||||
Materials — 3.4% | ||||||||
Albemarle Corp. | 1,384 | 109,765 | ||||||
Ashland, Inc. | 1,195 | 137,150 | ||||||
Avery Dennison Corp. | 905 | 67,649 | ||||||
Cabot Corp. | 3,374 | 154,057 | ||||||
Chemtura Corp. (2) | 3,088 | 81,461 | ||||||
Coeur Mining, Inc. (2) | 2,271 | 24,209 | ||||||
Commercial Metals Co. | 11,877 | 200,721 | ||||||
Domtar Corp. | 17,709 | 619,992 | ||||||
Huntsman Corp. | 2,062 | 27,734 | ||||||
KapStone Paper and Packaging Corp. | 4,968 | 64,634 | ||||||
LyondellBasell Industries NV | 262 | 19,498 |
The accompanying notes are an integral part of these financial statements.
Page 44 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Long — continued | ||||||||
Newmont Mining Corp. (6) | 16,455 | 643,720 | ||||||
Reliance Steel & Aluminum Co. (6) | 8,077 | 621,121 | ||||||
Sherwin-Williams Co./The (6) | 1,632 | 479,269 | ||||||
Steel Dynamics, Inc. | 19,166 | 469,567 | ||||||
Summit Materials, Inc. (2) | 1,600 | 32,736 | ||||||
Tahoe Resources, Inc. | 190 | 2,844 | ||||||
Trinseo SA | 5,870 | 251,999 | ||||||
US Concrete, Inc. (2) | 1,507 | 91,791 | ||||||
Vulcan Materials Co. | 459 | 55,245 | ||||||
WestRock Co. | 4,971 | 193,223 | ||||||
(Cost $4,193,651) | 4,348,385 | |||||||
Telecommunication Services — 1.7% | ||||||||
AT&T, Inc. | 31,458 | 1,359,300 | ||||||
CenturyLink, Inc. | 17,319 | 502,424 | ||||||
Inteliquent, Inc. | 3,573 | 71,067 | ||||||
Verizon Communications, Inc. | 4,173 | 233,020 | ||||||
(Cost $2,008,580) | 2,165,811 | |||||||
Utilities — 3.4% | ||||||||
AES Corp./VA | 10,631 | 132,675 | ||||||
American Electric Power Co., Inc. | 3,112 | 218,120 | ||||||
American Water Works Co., Inc. | 909 | 76,820 | ||||||
Aqua America, Inc. (6) | 9,585 | 341,801 | ||||||
Consolidated Edison, Inc. | 568 | 45,690 | ||||||
Duke Energy Corp. | 1,508 | 129,371 | ||||||
Dynegy, Inc. (2) | 2,962 | 51,065 | ||||||
Entergy Corp. | 4,884 | 397,313 | ||||||
Exelon Corp. | 11,784 | 428,466 | ||||||
FirstEnergy Corp. | 9,104 | 317,821 | ||||||
Fluor Corp. | 3,531 | 174,008 | ||||||
NiSource, Inc. (6) | 46,894 | 1,243,629 | ||||||
PG&E Corp. | 2,276 | 145,482 | ||||||
Pinnacle West Capital Corp. | 4,300 | 348,558 | ||||||
Public Service Enterprise Group, Inc. | 4,955 | 230,953 | ||||||
(Cost $3,836,440) | 4,281,772 | |||||||
Total Common Stocks - Long (Cost $97,175,696) | 98,402,904 | |||||||
Registered Investment Companies — 1.9% | ||||||||
iShares MSCI Emerging Markets ETF (6)(10) | 71,532 | 2,457,840 | ||||||
Total Registered Investment Companies (Cost $2,439,846) | 2,457,840 | |||||||
Money Market Registered Investment Companies — 8.0% | ||||||||
Fidelity Institutional Money Market Portfolio, 0.46% (5) | 428,256 | 428,256 | ||||||
Meeder Money Market Fund - Institutional Class, 0.39% (7) | 9,778,058 | 9,778,058 | ||||||
Total Money Market Registered Investment Companies (Cost $10,206,314) | 10,206,314 | |||||||
Bank Obligations — 0.2% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (8) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $249,000) | 249,000 | |||||||
Total Investments - Long — 87.5% (Cost $110,070,856) (1) | 111,316,058 | |||||||
Total Securities Sold Short — (27.6%) (Proceeds Received $(34,840,115)) | (35,068,762 | ) | ||||||
Other Assets less Liabilities — 40.1% | 51,021,309 | |||||||
Total Net Assets — 100.0% | 127,268,605 | |||||||
Common Stocks - Short — (27.6%) | ||||||||
Consumer Discretionary — (4.7%) | ||||||||
AMC Networks, Inc. (2) | (2,499 | ) | (150,990 | ) | ||||
Asbury Automotive Group, Inc. (2) | (1,937 | ) | (102,157 | ) | ||||
Bed Bath & Beyond, Inc. | (663 | ) | (28,655 | ) | ||||
BorgWarner, Inc. | (1,558 | ) | (45,992 | ) | ||||
Brinker International, Inc. | (4,410 | ) | (200,787 | ) | ||||
Buffalo Wild Wings, Inc. (2) | (1,219 | ) | (169,380 | ) | ||||
CalAtlantic Group, Inc. | (2,765 | ) | (101,503 | ) | ||||
Chuy's Holdings, Inc. (2) | (303 | ) | (10,487 | ) | ||||
Dana Holding Corp. | (7,606 | ) | (80,319 | ) | ||||
Deckers Outdoor Corp. (2) | (2,400 | ) | (138,048 | ) | ||||
Diamond Resorts International, Inc. (2) | (2,897 | ) | (86,794 | ) | ||||
Dillard's, Inc. | (2,387 | ) | (144,652 | ) | ||||
DISH Network Corp. (2) | (3,724 | ) | (195,138 | ) | ||||
Dorman Products, Inc. (2) | (1,835 | ) | (104,962 | ) | ||||
Dunkin' Brands Group, Inc. | (2,983 | ) | (130,118 | ) | ||||
Fossil Group, Inc. (2) | (2,674 | ) | (76,289 | ) | ||||
Francesca's Holdings Corp. (2) | (1,381 | ) | (15,260 | ) | ||||
Gap, Inc./The | (9,718 | ) | (206,216 | ) | ||||
GNC Holdings, Inc. | (1,902 | ) | (46,200 | ) | ||||
H&R Block, Inc. | (8,847 | ) | (203,481 | ) | ||||
Hanesbrands, Inc. | (3,294 | ) | (82,778 | ) | ||||
Harley-Davidson, Inc. | (4,348 | ) | (196,964 | ) | ||||
Harman International Industries, Inc. | (2,240 | ) | (160,877 | ) | ||||
Hibbett Sports, Inc. (2) | (1,099 | ) | (38,234 | ) | ||||
Hilton Worldwide Holdings, Inc. | (913 | ) | (20,570 | ) |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 45 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Short — continued | ||||||||
iRobot Corp. (2) | (1,310 | ) | (45,955 | ) | ||||
Jack in the Box, Inc. | (1,044 | ) | (89,700 | ) | ||||
K12, Inc. (2) | (1,765 | ) | (22,045 | ) | ||||
Kate Spade & Co. (2) | (4,479 | ) | (92,312 | ) | ||||
L Brands, Inc. | (1,692 | ) | (113,584 | ) | ||||
La Quinta Holdings, Inc. (2) | (5,764 | ) | (65,710 | ) | ||||
Las Vegas Sands Corp. | (609 | ) | (26,485 | ) | ||||
Lennar Corp. | (398 | ) | (18,348 | ) | ||||
Liberty Interactive Corp QVC Group (2) | (817 | ) | (20,727 | ) | ||||
LifeLock, Inc. (2) | (1,720 | ) | (27,193 | ) | ||||
Lions Gate Entertainment Corp. | (9,314 | ) | (188,422 | ) | ||||
Live Nation Entertainment, Inc. (2) | (7,323 | ) | (172,091 | ) | ||||
Macy's, Inc. | (672 | ) | (22,586 | ) | ||||
Marriott International, Inc./MD | (2,968 | ) | (197,253 | ) | ||||
MGM Resorts International (2) | (1,210 | ) | (27,382 | ) | ||||
Nordstrom, Inc. | (5,340 | ) | (203,187 | ) | ||||
Penn National Gaming, Inc. (2) | (13,717 | ) | (191,352 | ) | ||||
Polaris Industries, Inc. | (2,385 | ) | (194,998 | ) | ||||
Ralph Lauren Corp. | (478 | ) | (42,838 | ) | ||||
Scripps Networks Interactive, Inc. | (545 | ) | (33,937 | ) | ||||
SeaWorld Entertainment, Inc. | (1,936 | ) | (27,743 | ) | ||||
Service Corp International/US | (3,800 | ) | (102,752 | ) | ||||
Sinclair Broadcast Group, Inc. | (3,138 | ) | (93,701 | ) | ||||
Sotheby's | (5,720 | ) | (156,728 | ) | ||||
Starz (2) | (6,436 | ) | (192,565 | ) | ||||
Tempur Sealy International, Inc. (2) | (3,217 | ) | (177,964 | ) | ||||
Tiffany & Co. | (1,189 | ) | (72,101 | ) | ||||
Time, Inc. | (467 | ) | (7,687 | ) | ||||
TripAdvisor, Inc. (2) | (1,120 | ) | (72,016 | ) | ||||
Tupperware Brands Corp. | (1,038 | ) | (58,419 | ) | ||||
UCP, Inc. (2) | (5,600 | ) | (44,912 | ) | ||||
Williams-Sonoma, Inc. | (2,505 | ) | (130,586 | ) | ||||
Winnebago Industries, Inc. | (3,178 | ) | (72,840 | ) | ||||
Wolverine World Wide, Inc. | (4,786 | ) | (97,252 | ) | ||||
Wyndham Worldwide Corp. | (1,510 | ) | (107,557 | ) | ||||
(Proceeds Received $(6,047,730)) | (5,947,779 | ) | ||||||
Consumer Staples — (0.4%) | ||||||||
Central Garden & Pet Co. (2) | (631 | ) | (13,699 | ) | ||||
Coca-Cola Bottling Co. Consolidated | (263 | ) | (38,785 | ) | ||||
Edgewell Personal Care Co. | (2,288 | ) | (193,130 | ) | ||||
Flowers Foods, Inc. | (43 | ) | (806 | ) | ||||
Hain Celestial Group, Inc./The (2) | (566 | ) | (28,159 | ) | ||||
United Natural Foods, Inc. (2) | (778 | ) | (36,410 | ) | ||||
Vector Group, Ltd. | (9,318 | ) | (208,910 | ) | ||||
WhiteWave Foods Co./The (2) | (569 | ) | (26,709 | ) | ||||
Whole Foods Market, Inc. | (517 | ) | (16,554 | ) | ||||
(Proceeds Received $(536,636)) | (563,162 | ) | ||||||
Energy — (1.5%) | ||||||||
Anadarko Petroleum Corp. | (3,370 | ) | (179,453 | ) | ||||
Apache Corp. | (3,016 | ) | (167,901 | ) | ||||
Cabot Oil & Gas Corp. | (476 | ) | (12,252 | ) | ||||
Carrizo Oil & Gas, Inc. (2) | (4,612 | ) | (165,340 | ) | ||||
Cimarex Energy Co. | (1,481 | ) | (176,713 | ) | ||||
Clayton Williams Energy, Inc. (2) | (447 | ) | (12,275 | ) | ||||
Delek US Holdings, Inc. | (1,596 | ) | (21,083 | ) | ||||
Devon Energy Corp. | (4,780 | ) | (173,275 | ) | ||||
Diamondback Energy, Inc. (2) | (1,500 | ) | (136,815 | ) | ||||
Energen Corp. | (982 | ) | (47,342 | ) | ||||
Gulfport Energy Corp. (2) | (5,554 | ) | (173,618 | ) | ||||
Kinder Morgan, Inc./DE | (3,003 | ) | (56,216 | ) | ||||
Matador Resources Co. (2) | (5,928 | ) | (117,374 | ) | ||||
Murphy Oil Corp. | (1,395 | ) | (44,291 | ) | ||||
Noble Energy, Inc. | (529 | ) | (18,975 | ) | ||||
RPC, Inc. | (2,502 | ) | (38,856 | ) | ||||
SemGroup Corp. | (1,893 | ) | (61,636 | ) | ||||
Southwestern Energy Co. (2) | (3,771 | ) | (47,439 | ) | ||||
Spectra Energy Corp. | (1,396 | ) | (51,135 | ) | ||||
Teekay Corp. | (65 | ) | (463 | ) | ||||
Weatherford International | (21,096 | ) | (117,083 | ) | ||||
Western Refining, Inc. | (5,387 | ) | (111,134 | ) | ||||
Whiting Petroleum Corp. (2) | (672 | ) | (6,223 | ) | ||||
(Proceeds Received $(1,709,001)) | (1,936,892 | ) | ||||||
Financials — (7.8%) | ||||||||
Acadia Realty Trust (3) | (4,875 | ) | (173,160 | ) | ||||
Affiliated Managers Group, Inc. (2) | (1,314 | ) | (184,972 | ) | ||||
Ambac Financial Group, Inc. (2) | (4,535 | ) | (74,646 | ) | ||||
American Express Co. | (2,599 | ) | (157,915 | ) | ||||
American Homes 4 Rent (3) | (9,828 | ) | (201,277 | ) | ||||
Ameritrade Holdings Corp. | (6,753 | ) | (192,292 | ) | ||||
AmTrust Financial Services, Inc. | (6,427 | ) | (157,462 | ) | ||||
Aon PLC | (515 | ) | (56,253 | ) | ||||
Arthur J Gallagher & Co. | (3,630 | ) | (172,788 | ) | ||||
AvalonBay Communities, Inc. (3) | (197 | ) | (35,537 | ) | ||||
Banc of California, Inc. | (11,268 | ) | (203,951 | ) | ||||
Boston Properties, Inc. (3) | (1,297 | ) | (171,074 | ) | ||||
CBL & Associates Properties, Inc. (3) | (2,528 | ) | (23,536 | ) | ||||
CBOE Holdings, Inc. | (1,160 | ) | (77,279 | ) | ||||
CBRE Group, Inc. (2) | (2,000 | ) | (52,960 | ) | ||||
Cullen/Frost Bankers, Inc. | (2,669 | ) | (170,095 | ) | ||||
DCT Industrial Trust, Inc. (3) | (989 | ) | (47,512 | ) |
The accompanying notes are an integral part of these financial statements.
Page 46 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Short — continued | ||||||||
DDR Corp. (3) | (9,466 | ) | (171,713 | ) | ||||
Eaton Vance Corp. | (5,569 | ) | (196,808 | ) | ||||
Empire State Realty Trust, Inc. (3) | (6,500 | ) | (123,435 | ) | ||||
Essex Property Trust, Inc. (3) | (782 | ) | (178,366 | ) | ||||
Evercore Partners, Inc. | (2,767 | ) | (122,274 | ) | ||||
Federal Realty Investment Trust (3) | (1,285 | ) | (212,732 | ) | ||||
Federated Investors, Inc. | (1,752 | ) | (50,423 | ) | ||||
First Midwest Bancorp, Inc./IL | (10,261 | ) | (180,183 | ) | ||||
FNF Group | (15 | ) | (563 | ) | ||||
Gramercy Property Trust, Inc. (3) | (5,422 | ) | (49,991 | ) | ||||
Green Dot Corp. (2) | (5,257 | ) | (120,858 | ) | ||||
HCP, Inc. (3) | (4,838 | ) | (171,168 | ) | ||||
Home BancShares, Inc./AR | (9,686 | ) | (191,686 | ) | ||||
Host Hotels & Resorts, Inc. (3) | (4,414 | ) | (71,551 | ) | ||||
Howard Hughes Corp./The (2) | (1,755 | ) | (200,632 | ) | ||||
Hudson Pacific Properties, Inc. (3) | (5,689 | ) | (166,005 | ) | ||||
Interactive Brokers Group, Inc. | (2,904 | ) | (102,802 | ) | ||||
Intercontinental Exchange, Inc. | (374 | ) | (95,729 | ) | ||||
Iron Mountain, Inc. (3) | (2,137 | ) | (85,117 | ) | ||||
Jones Lang LaSalle, Inc. | (360 | ) | (35,082 | ) | ||||
Kilroy Realty Corp. (3) | (2,852 | ) | (189,059 | ) | ||||
Lazard, Ltd. | (3,147 | ) | (93,718 | ) | ||||
LTC Properties, Inc. (3) | (2,077 | ) | (107,443 | ) | ||||
MarketAxess Holdings, Inc. | (659 | ) | (95,819 | ) | ||||
Marsh & McLennan Cos., Inc. | (716 | ) | (49,017 | ) | ||||
MBIA, Inc. (2) | (3,090 | ) | (21,105 | ) | ||||
Mercury General Corp. | (1,327 | ) | (70,543 | ) | ||||
MGIC Investment Corp. (2) | (24,614 | ) | (146,453 | ) | ||||
Moody's Corp. | (2,041 | ) | (191,262 | ) | ||||
New York Community Bancorp, Inc. | (5,302 | ) | (79,477 | ) | ||||
NorthStar Asset Management Group, Inc./New York | (14,093 | ) | (143,890 | ) | ||||
NorthStar Realty Finance Corp. (3) | (12,552 | ) | (143,469 | ) | ||||
Paramount Group, Inc. (3) | (9,175 | ) | (146,250 | ) | ||||
Pebblebrook Hotel Trust (3) | (285 | ) | (7,481 | ) | ||||
Popular, Inc. | (10,714 | ) | (313,920 | ) | ||||
Post Properties, Inc. (3) | (855 | ) | (52,198 | ) | ||||
PRA Group, Inc. (2) | (234 | ) | (5,649 | ) | ||||
Primerica, Inc. | (3,089 | ) | (176,814 | ) | ||||
Raymond James Financial, Inc. | (1,381 | ) | (68,083 | ) | ||||
Realogy Holdings Corp. | (2,429 | ) | (70,490 | ) | ||||
RLJ Lodging Trust (3) | (2,805 | ) | (60,167 | ) | ||||
Santander Consumer USA Holdings, Inc. (2) | (2,812 | ) | (29,048 | ) | ||||
SEI Investments Co. | (3,475 | ) | (167,182 | ) | ||||
ServisFirst Bancshares, Inc. | (4,297 | ) | (212,229 | ) | ||||
Signature Bank/New York NY (2) | (1,322 | ) | (165,144 | ) | ||||
Simon Property Group, Inc. (3) | (377 | ) | (81,771 | ) | ||||
SL Green Realty Corp. (3) | (1,603 | ) | (170,671 | ) | ||||
SLM Corp. (2) | (25,042 | ) | (154,760 | ) | ||||
Stifel Financial Corp. (2) | (4,710 | ) | (148,130 | ) | ||||
Sun Communities, Inc. (3) | (2,799 | ) | (214,515 | ) | ||||
SVB Financial Group (2) | (1,636 | ) | (155,682 | ) | ||||
T Rowe Price Group, Inc. | (2,789 | ) | (203,513 | ) | ||||
Tanger Factory Outlet Centers, Inc. (3) | (5,365 | ) | (215,566 | ) | ||||
Taubman Centers, Inc. (3) | (2,838 | ) | (210,580 | ) | ||||
Texas Capital Bancshares, Inc. (2) | (3,518 | ) | (164,502 | ) | ||||
Third Point Reinsurance, Ltd. (2) | (9,600 | ) | (112,512 | ) | ||||
Vornado Realty Trust (3) | (2,079 | ) | (208,149 | ) | ||||
Western Alliance Bancorp (2) | (200 | ) | (6,530 | ) | ||||
Weyerhaeuser Co. (3) | (3,016 | ) | (89,786 | ) | ||||
WP Carey, Inc. (3) | (940 | ) | (65,255 | ) | ||||
WP Glimcher, Inc. (3) | (6,886 | ) | (77,054 | ) | ||||
(Proceeds Received $(9,875,036)) | (9,764,713 | ) | ||||||
Healthcare — (4.7%) | ||||||||
Acadia Healthcare Co., Inc. (2) | (3,330 | ) | (184,482 | ) | ||||
ACADIA Pharmaceuticals, Inc. (2) | (3,621 | ) | (117,538 | ) | ||||
Alexion Pharmaceuticals, Inc. (2) | (900 | ) | (105,084 | ) | ||||
Alkermes PLC (2) | (3,470 | ) | (149,973 | ) | ||||
AMAG Pharmaceuticals, Inc. (2) | (915 | ) | (21,887 | ) | ||||
Amedisys, Inc. (2) | (1,906 | ) | (96,215 | ) | ||||
AmerisourceBergen Corp. | (1,459 | ) | (115,728 | ) | ||||
Amicus Therapeutics, Inc. (2) | (13,463 | ) | (73,508 | ) | ||||
ARIAD Pharmaceuticals, Inc. (2) | (20,265 | ) | (149,758 | ) | ||||
athenahealth, Inc. (2) | (1,388 | ) | (191,558 | ) | ||||
Brookdale Senior Living, Inc. (2) | (9,256 | ) | (142,913 | ) | ||||
Cepheid (2) | (4,258 | ) | (130,934 | ) | ||||
Cerner Corp. (2) | (2,961 | ) | (173,515 | ) | ||||
Chimerix, Inc. (2) | (16,963 | ) | (66,665 | ) | ||||
Cooper Cos., Inc./The | (267 | ) | (45,809 | ) | ||||
Depomed, Inc. (2) | (1,190 | ) | (23,348 | ) | ||||
Endo International PLC (2) | (566 | ) | (8,824 | ) | ||||
Express Scripts Holding Co. (2) | (362 | ) | (27,440 | ) | ||||
Globus Medical, Inc. (2) | (262 | ) | (6,243 | ) | ||||
Halozyme Therapeutics, Inc. (2) | (3,877 | ) | (33,459 | ) | ||||
HeartWare International, Inc. (2) | (2,661 | ) | (153,673 | ) | ||||
Illumina, Inc. (2) | (1,216 | ) | (170,702 | ) | ||||
Impax Laboratories, Inc. (2) | (35 | ) | (1,009 | ) | ||||
Incyte Corp. (2) | (2,100 | ) | (167,958 | ) | ||||
Insulet Corp. (2) | (1,944 | ) | (58,787 | ) | ||||
Ionis Pharmaceuticals, Inc. (2) | (5,242 | ) | (122,086 | ) | ||||
Jazz Pharmaceuticals PLC (2) | (1,105 | ) | (156,148 | ) | ||||
Medicines Co./The (2) | (2,134 | ) | (71,766 | ) | ||||
Medidata Solutions, Inc. (2) | (830 | ) | (38,902 | ) |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 47 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Short — continued | ||||||||
MEDNAX, Inc. (2) | (2,405 | ) | (174,194 | ) | ||||
Molina Healthcare, Inc. (2) | (2,628 | ) | (131,137 | ) | ||||
Neurocrine Biosciences, Inc. (2) | (844 | ) | (38,360 | ) | ||||
Nevro Corp. (2) | (978 | ) | (72,137 | ) | ||||
Novavax, Inc. (2) | (29,142 | ) | (211,862 | ) | ||||
Ophthotech Corp. (2) | (3,072 | ) | (156,764 | ) | ||||
Pacira Pharmaceuticals, Inc./DE (2) | (3,710 | ) | (125,138 | ) | ||||
Perrigo Co. PLC | (1,809 | ) | (164,022 | ) | ||||
Portola Pharmaceuticals, Inc. (2) | (12,213 | ) | (288,227 | ) | ||||
Premier, Inc. (2) | (200 | ) | (6,540 | ) | ||||
Prothena Corp. PLC (2) | (2,482 | ) | (86,771 | ) | ||||
PTC Therapeutics, Inc. (2) | (6,183 | ) | (43,405 | ) | ||||
Regeneron Pharmaceuticals, Inc. (2) | (442 | ) | (154,360 | ) | ||||
Sage Therapeutics, Inc. (2) | (5,236 | ) | (157,761 | ) | ||||
Seattle Genetics, Inc. (2) | (2,871 | ) | (116,017 | ) | ||||
Spectranetics Corp./The (2) | (1,334 | ) | (24,959 | ) | ||||
Team Health Holdings, Inc. (2) | (3,691 | ) | (150,113 | ) | ||||
Tenet Healthcare Corp. (2) | (6,054 | ) | (167,333 | ) | ||||
TESARO, Inc. (2) | (2,484 | ) | (208,780 | ) | ||||
Ultragenyx Pharmaceutical, Inc. (2) | (1,911 | ) | (93,467 | ) | ||||
Varian Medical Systems, Inc. (2) | (1,626 | ) | (133,706 | ) | ||||
Veeva Systems, Inc. (2) | (5,120 | ) | (174,694 | ) | ||||
Vertex Pharmaceuticals, Inc. (2) | (1,869 | ) | (160,771 | ) | ||||
Wright Medical Group NV (2) | (7,477 | ) | (129,875 | ) | ||||
(Proceeds Received $(5,980,110)) | (5,976,305 | ) | ||||||
Industrials — (2.5%) | ||||||||
Allegiant Travel Co. | (769 | ) | (116,504 | ) | ||||
American Airlines Group, Inc. | (6,778 | ) | (191,885 | ) | ||||
Ametek, Inc. | (914 | ) | (42,254 | ) | ||||
Avis Budget Group, Inc. (2) | (5,449 | ) | (175,621 | ) | ||||
AZZ, Inc. | (723 | ) | (43,366 | ) | ||||
B/E Aerospace, Inc. | (2,600 | ) | (120,055 | ) | ||||
Clean Harbors, Inc. (2) | (859 | ) | (44,762 | ) | ||||
Colfax Corp. (2) | (4,476 | ) | (118,435 | ) | ||||
Deere & Co. | (1,056 | ) | (85,578 | ) | ||||
Donaldson Co., Inc. | (2,255 | ) | (77,482 | ) | ||||
Dun & Bradstreet Corp./The | (1,399 | ) | (170,454 | ) | ||||
Fastenal Co. | (2,053 | ) | (91,133 | ) | ||||
Flowserve Corp. | (3,510 | ) | (158,547 | ) | ||||
Genesee & Wyoming, Inc. (2) | (268 | ) | (15,799 | ) | ||||
Hertz Global Holding | (13,922 | ) | (154,117 | ) | ||||
Hexcel Corp. | (1,891 | ) | (78,741 | ) | ||||
Joy Global, Inc. | (3,608 | ) | (76,273 | ) | ||||
KBR, Inc. | (3,852 | ) | (51,000 | ) | ||||
Kennametal, Inc. | (3,823 | ) | (84,527 | ) | ||||
Knight Transportation, Inc. | (294 | ) | (7,815 | ) | ||||
Landstar System, Inc. | (405 | ) | (27,807 | ) | ||||
Middleby Corp./The (2) | (992 | ) | (114,328 | ) | ||||
Multi-Color Corp. | (379 | ) | (24,029 | ) | ||||
Navistar International Corp. (2) | (13,141 | ) | (153,618 | ) | ||||
Pentair PLC (2) | (2,907 | ) | (169,449 | ) | ||||
Pitney Bowes, Inc. | (5,702 | ) | (101,496 | ) | ||||
Powell Industries, Inc. | (2,315 | ) | (91,072 | ) | ||||
RBC Bearings, Inc. (2) | (505 | ) | (36,613 | ) | ||||
Swift Transportation Co. (2) | (4,282 | ) | (65,986 | ) | ||||
Team, Inc. (2) | (1,655 | ) | (41,094 | ) | ||||
TransDigm Group, Inc. (2) | (677 | ) | (178,518 | ) | ||||
Triumph Group, Inc. | (243 | ) | (8,627 | ) | ||||
United Rentals, Inc. (2) | (190 | ) | (12,749 | ) | ||||
United Technologies Corp. | (885 | ) | (90,757 | ) | ||||
Verisk Analytics, Inc. (2) | (206 | ) | (16,702 | ) | ||||
Wabtec Corp./DE | (549 | ) | (38,556 | ) | ||||
Woodward, Inc. | (868 | ) | (50,032 | ) | ||||
WW Grainger, Inc. | (265 | ) | (60,221 | ) | ||||
(Proceeds Received $(3,058,597)) | (3,186,002 | ) | ||||||
Information Technology — (4.4%) | ||||||||
Akamai Technologies, Inc. (2) | (2,711 | ) | (151,626 | ) | ||||
Alliance Data Systems Corp. (2) | (841 | ) | (164,769 | ) | ||||
Amphenol Corp. Class A | (548 | ) | (31,417 | ) | ||||
ARRIS International PLC (2) | (1,723 | ) | (36,114 | ) | ||||
Aspen Technology, Inc. (2) | (4,541 | ) | (182,730 | ) | ||||
Cardtronics, Inc. (2) | (969 | ) | (38,576 | ) | ||||
CDK Global, Inc. | (574 | ) | (31,851 | ) | ||||
CDW Corp./DE | (400 | ) | (16,032 | ) | ||||
Ciena Corp. (2) | (8,442 | ) | (158,288 | ) | ||||
Cognex Corp. | (595 | ) | (25,645 | ) | ||||
CommVault Systems, Inc. (2) | (823 | ) | (35,545 | ) | ||||
Cornerstone OnDemand, Inc. (2) | (4,225 | ) | (160,804 | ) | ||||
CoStar Group, Inc. (2) | (857 | ) | (187,392 | ) | ||||
EchoStar Corp. (2) | (720 | ) | (28,584 | ) | ||||
Electronics For Imaging, Inc. (2) | (1,399 | ) | (60,213 | ) | ||||
FactSet Research Systems, Inc. | (1,275 | ) | (205,804 | ) | ||||
FireEye, Inc. (2) | (11,859 | ) | (195,318 | ) | ||||
FleetCor Technologies, Inc. (2) | (1,080 | ) | (154,580 | ) | ||||
Fortnet, Inc. | (4,008 | ) | (126,613 | ) | ||||
GoDaddy, Inc. (2) | (2,832 | ) | (88,330 | ) | ||||
Guidewire Software, Inc. (2) | (2,892 | ) | (178,610 | ) | ||||
IAC/InterActiveCorp | (502 | ) | (28,263 | ) | ||||
Infinera Corp. (2) | (7,187 | ) | (81,069 | ) | ||||
Infoblox, Inc. (2) | (281 | ) | (5,272 | ) | ||||
j2 Global, Inc. | (2,642 | ) | (166,895 | ) | ||||
Keysight Technologies, Inc. (2) | (878 | ) | (25,541 | ) |
The accompanying notes are an integral part of these financial statements.
Page 48 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks - Short — continued | ||||||||
LogMeIn, Inc. | (146 | ) | (9,261 | ) | ||||
Lumentum Holdings, Inc. (2) | (274 | ) | (6,631 | ) | ||||
MACOM Technology Solutions Holdings, Inc. (2) | (1,300 | ) | (42,874 | ) | ||||
MAXIMUS, Inc. | (2,522 | ) | (139,643 | ) | ||||
Microchip Technology, Inc. | (3,469 | ) | (176,086 | ) | ||||
MTS Systems Corp. | (244 | ) | (10,697 | ) | ||||
NetScout Systems, Inc. (2) | (3,798 | ) | (84,506 | ) | ||||
NetSuite, Inc. (2) | (2,548 | ) | (185,494 | ) | ||||
Paycom Software, Inc. (2) | (362 | ) | (15,642 | ) | ||||
Proofpoint, Inc. (2) | (2,832 | ) | (178,671 | ) | ||||
Rackspace Hosting, Inc. (2) | (4,457 | ) | (92,973 | ) | ||||
ServiceNow, Inc. (2) | (2,392 | ) | (158,829 | ) | ||||
Splunk, Inc. (2) | (3,037 | ) | (164,545 | ) | ||||
SS&C Technologies Holdings, Inc. | (1,202 | ) | (33,752 | ) | ||||
Synaptics, Inc. (2) | (95 | ) | (5,106 | ) | ||||
Take-Two Interactive Software, Inc. (2) | (2,017 | ) | (76,485 | ) | ||||
Teradata Corp. (2) | (6,267 | ) | (157,114 | ) | ||||
Twitter, Inc. (2) | (12,323 | ) | (208,382 | ) | ||||
Tyler Technologies, Inc. (2) | (1,127 | ) | (187,882 | ) | ||||
Ultimate Software Group, Inc./The (2) | (862 | ) | (181,270 | ) | ||||
VeriFone Systems, Inc. (2) | (3,100 | ) | (57,474 | ) | ||||
Verint Systems, Inc. (2) | (4,437 | ) | (146,998 | ) | ||||
Western Union Co./The | (1,382 | ) | (26,507 | ) | ||||
WEX, Inc. (2) | (1,863 | ) | (165,192 | ) | ||||
Workday, Inc. (2) | (2,538 | ) | (189,512 | ) | ||||
Yelp, Inc. (2) | (2,208 | ) | (67,035 | ) | ||||
Zebra Technologies Corp. (2) | (3,498 | ) | (175,250 | ) | ||||
Zendesk, Inc. (2) | (4,989 | ) | (131,610 | ) | ||||
(Proceeds Received $(5,566,902)) | (5,641,302 | ) | ||||||
Materials — (0.9%) | ||||||||
Allegheny Technologies, Inc. | (3,321 | ) | (42,343 | ) | ||||
Deltic Timber Corp. | (808 | ) | (54,241 | ) | ||||
Ecolab, Inc. | (305 | ) | (36,173 | ) | ||||
FMC Corp. | (2,194 | ) | (101,604 | ) | ||||
Freeport-McMoRan, Inc. | (11,988 | ) | (133,546 | ) | ||||
Kaiser Aluminum Corp. | (1,004 | ) | (90,772 | ) | ||||
KapStone Paper and Packaging Corp. | (2,267 | ) | (29,494 | ) | ||||
Louisiana-Pacific Corp. (2) | (9,785 | ) | (169,770 | ) | ||||
Monsanto Co. | (64 | ) | (6,618 | ) | ||||
NewMarket Corp. | (106 | ) | (43,924 | ) | ||||
Olin Corp. | (1,538 | ) | (38,204 | ) | ||||
Owens-Illinois, Inc. (2) | (638 | ) | (11,490 | ) | ||||
Platform Specialty Products Corp. (2) | (17,133 | ) | (152,141 | ) | ||||
Restoration Hardware Holdings, Inc. (2) | (5,118 | ) | (146,784 | ) | ||||
WR Grace & Co. | (700 | ) | (51,247 | ) | ||||
(Proceeds Received $(1,262,208)) | (1,108,351 | ) | ||||||
Telecommunication Services — (0.4%) | ||||||||
Cogent Communications Holdings, Inc. | (1,730 | ) | (69,304 | ) | ||||
Communications Sales & Leasing, Inc. (3) | (6,874 | ) | (198,659 | ) | ||||
SBA Communications Corp. (2) | (1,973 | ) | (212,966 | ) | ||||
Zayo Group Holdings, Inc. (2) | (1,842 | ) | (51,447 | ) | ||||
(Proceeds Received $(475,533)) | (532,376 | ) | ||||||
Utilities — (0.3%) | ||||||||
Dominion Resources, Inc./VA | (324 | ) | (25,249 | ) | ||||
El Paso Electric Co. | (2,647 | ) | (125,124 | ) | ||||
National Fuel Gas Co. | (3,092 | ) | (175,873 | ) | ||||
NRG Energy, Inc. | (1,509 | ) | (22,620 | ) | ||||
Ormat Technologies, Inc. | (1,440 | ) | (63,014 | ) | ||||
(Proceeds Received $(328,362)) | (411,880 | ) | ||||||
Total Common Stocks - Short (Proceeds Received $(34,840,115)) | (35,068,762 | ) | ||||||
Total Securities Sold Short (Proceeds Received $(34,840,115)) | (35,068,762 | ) | ||||||
Trustee Deferred Compensation (9) | ||||||||
Meeder Aggressive Growth Fund | 162 | 1,539 | ||||||
Meeder Balanced Fund | 95 | 993 | ||||||
Meeder Dynamic Growth Fund | 60 | 557 | ||||||
Meeder Muirfield Fund | 156 | 1,006 | ||||||
Meeder Quantex Fund | 46 | 1,386 | ||||||
Meeder Miller/Howard Infrastructure Fund | 29 | 611 | ||||||
Total Trustee Deferred Compensation (Cost $6,244) | 6,092 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 49 |
Schedule of Investments
June 30, 2016 (unaudited)
Spectrum Fund | ||||||||
Long Contracts | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
Standard & Poors 500 Mini Futures expiring September 2016, notional value $61,347,370 | 587 | (284,899 | ) | |||||
Total Futures Contracts | 587 | (284,899 | ) |
(1) | Cost for federal income tax purposes of $110,278,154 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 7,610,894 | ||
Unrealized depreciation | (6,879,238 | ) | ||
Net unrealized appreciation (depreciation) | $ | 731,656 |
(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, 2016. |
(6) | 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, 2016 was $23,486,566. |
(7) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(8) | 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, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(9) | Assets of affiliates to the Spectrum Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(10) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
Page 50 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Quantex Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 95.9% | ||||||||
Consumer Discretionary — 24.4% | ||||||||
Aaron's, Inc. | 24,020 | 525,798 | ||||||
Abercrombie & Fitch Co. | 19,919 | 354,757 | ||||||
Bed Bath & Beyond, Inc. | 11,146 | 481,730 | ||||||
Big Lots, Inc. | 13,954 | 699,235 | ||||||
Chico's FAS, Inc. | 50,403 | 539,816 | ||||||
Darden Restaurants, Inc. | 8,451 | 535,286 | ||||||
Deckers Outdoor Corp. (2) | 11,394 | 655,383 | ||||||
DeVry Education Group, Inc. | 21,249 | 379,082 | ||||||
Fossil Group, Inc. (2) | 14,710 | 419,676 | ||||||
GameStop Corp. (4) | 19,180 | 509,804 | ||||||
Garmin, Ltd. (4) | 14,469 | 613,775 | ||||||
Guess?, Inc. | 28,485 | 428,699 | ||||||
H&R Block, Inc. | 26,362 | 606,326 | ||||||
Harman International Industries, Inc. | 7,220 | 518,540 | ||||||
International Speedway Corp. | 15,949 | 533,494 | ||||||
Leggett & Platt, Inc. | 12,799 | 654,157 | ||||||
MDC Holdings, Inc. | 21,066 | 512,746 | ||||||
Meredith Corp. | 11,297 | 586,427 | ||||||
Michael Kors Holdings, Ltd. (2) | 13,425 | 664,269 | ||||||
News Corp. | 40,255 | 456,894 | ||||||
PVH Corp. | 7,302 | 688,067 | ||||||
Rent-A-Center, Inc./TX | 35,925 | 441,159 | ||||||
Scripps Networks Interactive, Inc. | 9,741 | 606,572 | ||||||
Sotheby's (4) | 20,877 | 572,030 | ||||||
Staples, Inc. | 56,790 | 489,530 | ||||||
TEGNA, Inc. | 27,048 | 626,702 | ||||||
Time, Inc. | 34,321 | 564,924 | ||||||
Urban Outfitters, Inc. (2) | 23,640 | 650,100 | ||||||
Wynn Resorts, Ltd. (4) | 6,205 | 562,421 | ||||||
(Cost $16,488,419) | 15,877,399 | |||||||
Consumer Staples — 2.1% | ||||||||
Avon Products, Inc. | 120,424 | 455,203 | ||||||
Dean Foods Co. | 31,359 | 567,284 | ||||||
SUPERVALU, Inc. (2) | 79,322 | 374,400 | ||||||
(Cost $1,710,289) | 1,396,887 | |||||||
Energy — 11.9% | ||||||||
Atwood Oceanics, Inc. (4) | 52,571 | 658,189 | ||||||
Cabot Oil & Gas Corp. | 30,402 | 782,547 | ||||||
CONSOL Energy, Inc. (4) | 68,076 | 1,095,344 | ||||||
Diamond Offshore Drilling, Inc. (4) | 25,488 | 620,123 | ||||||
Ensco PLC | 34,945 | 339,316 | ||||||
EQT Corp. | 10,317 | 798,845 | ||||||
Helmerich & Payne, Inc. (4) | 10,043 | 674,187 | ||||||
Murphy Oil Corp. | 23,956 | 760,603 | ||||||
ONEOK, Inc. | 17,683 | 839,058 | ||||||
Range Resources Corp. | 13,498 | 582,304 | ||||||
Southwestern Energy Co. (2) | 45,078 | 567,081 | ||||||
(Cost $7,385,102) | 7,717,597 | |||||||
Financials — 11.2% | ||||||||
Alexander & Baldwin, Inc. | 17,029 | 615,428 | ||||||
Apartment Investment & Management Co. (3) | 13,435 | 593,290 | ||||||
Assurant, Inc. | 6,677 | 576,292 | ||||||
Comerica, Inc. | 12,857 | 528,808 | ||||||
International Bancshares Corp. | 23,477 | 612,515 | ||||||
Iron Mountain, Inc. (3) | 16,750 | 667,153 | ||||||
Kemper Corp. | 14,438 | 447,289 | ||||||
Legg Mason, Inc. | 15,100 | 445,299 | ||||||
Leucadia National Corp. | 33,907 | 587,608 | ||||||
Navient Corp. | 46,970 | 561,292 | ||||||
Torchmark Corp. | 9,409 | 581,664 | ||||||
Trustmark Corp. | 23,342 | 580,049 | ||||||
Wells Fargo & Co. Preferred (2) | 1 | 0 | ||||||
Zions Bancorporation | 19,700 | 495,061 | ||||||
(Cost $6,679,022) | 7,291,748 | |||||||
Healthcare — 4.1% | ||||||||
Halyard Health, Inc. (2) | 16,097 | 523,474 | ||||||
Patterson Cos., Inc. | 11,896 | 569,699 | ||||||
PerkinElmer, Inc. | 10,039 | 526,244 | ||||||
Tenet Healthcare Corp. (2) | 17,749 | 490,582 | ||||||
Varian Medical Systems, Inc. (2) | 6,656 | 547,323 | ||||||
(Cost $2,730,597) | 2,657,322 | |||||||
Industrials — 17.6% | ||||||||
Allegion PLC | 8,158 | 566,410 | ||||||
Dun & Bradstreet Corp./The | 5,175 | 630,522 | ||||||
Flowserve Corp. | 12,781 | 577,318 | ||||||
FTI Consulting, Inc. (2) | 15,517 | 631,232 | ||||||
GATX Corp. (4) | 12,639 | 555,737 | ||||||
Granite Construction, Inc. | 12,533 | 570,878 | ||||||
Herman Miller, Inc. | 18,739 | 560,109 | ||||||
HNI Corp. | 13,366 | 621,385 | ||||||
Jacobs Engineering Group, Inc. (2) | 12,820 | 638,564 | ||||||
Joy Global, Inc. | 42,649 | 901,601 | ||||||
Kennametal, Inc. | 28,011 | 619,323 | ||||||
KLX, Inc. (2) | 17,467 | 541,477 | ||||||
MSA Safety, Inc. | 12,372 | 649,901 | ||||||
NOW, Inc. (2) | 33,995 | 616,669 | ||||||
Pitney Bowes, Inc. | 26,044 | 463,583 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 51 |
Schedule of Investments
June 30, 2016 (unaudited)
Quantex Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Quanta Services, Inc. (2) | 26,558 | 614,021 | ||||||
Robert Half International, Inc. | 11,409 | 435,367 | ||||||
Werner Enterprises, Inc. | 22,993 | 528,149 | ||||||
Xylem, Inc./NY | 14,734 | 657,873 | ||||||
(Cost $10,798,936) | 11,380,119 | |||||||
Information Technology — 10.3% | ||||||||
Acxiom Corp. (2) | 25,850 | 568,442 | ||||||
CommVault Systems, Inc. (2) | 13,667 | 590,278 | ||||||
F5 Networks, Inc. (2) | 5,547 | 631,470 | ||||||
FLIR Systems, Inc. | 19,159 | 592,971 | ||||||
Intersil Corp. | 42,148 | 570,684 | ||||||
Knowles Corp. (2)(4) | 40,345 | 551,920 | ||||||
NetApp, Inc. | 20,272 | 498,488 | ||||||
NeuStar, Inc. (2)(4) | 22,437 | 527,494 | ||||||
Plantronics, Inc. | 11,341 | 499,004 | ||||||
Qorvo, Inc. (2) | 10,566 | 583,878 | ||||||
Teradata Corp. (2) | 20,356 | 510,325 | ||||||
Vishay Intertechnology, Inc. | 44,631 | 552,978 | ||||||
(Cost $7,205,397) | 6,677,932 | |||||||
Materials — 8.2% | ||||||||
Avery Dennison Corp. | 8,583 | 641,579 | ||||||
Carpenter Technology Corp. | 17,767 | 585,067 | ||||||
Chemours Co./The | 62,948 | 518,692 | ||||||
Commercial Metals Co. | 39,284 | 663,900 | ||||||
FMC Corp. | 12,952 | 599,807 | ||||||
Greif, Inc. | 17,455 | 650,549 | ||||||
Minerals Technologies, Inc. | 9,606 | 545,621 | ||||||
Owens-Illinois, Inc. (2) | 31,380 | 565,154 | ||||||
United States Steel Corp. (4) | 33,271 | 560,949 | ||||||
(Cost $4,780,047) | 5,331,318 | |||||||
Utilities — 6.1% | ||||||||
AES Corp./VA | 56,197 | 701,339 | ||||||
CenterPoint Energy, Inc. | 29,292 | 703,008 | ||||||
Fluor Corp. | 11,892 | 586,038 | ||||||
NiSource, Inc. | 27,566 | 731,051 | ||||||
NRG Energy, Inc. | 39,704 | 595,163 | ||||||
Pinnacle West Capital Corp. | 8,341 | 676,120 | ||||||
(Cost $3,321,814) | 3,992,719 | |||||||
Total Common Stocks (Cost $61,099,623) | 62,323,041 | |||||||
Money Market Registered Investment Companies — 14.1% | ||||||||
Fidelity Institutional Money Market Portfolio, 0.46% (5) | 6,936,623 | 6,936,623 | ||||||
Meeder Money Market Fund - Institutional Class, 0.39% (6) | 2,238,655 | 2,238,655 | ||||||
Total Money Market Registered Investment Companies (Cost $9,175,278) | 9,175,278 | |||||||
Bank Obligations — 1.1% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
EverBank Money Market Account, 0.61%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $747,000) | 747,000 | |||||||
Total Investments — 111.1% (Cost $71,021,901) (1) | 72,245,319 | |||||||
Liabilities less Other Assets — (11.1%) | (7,206,789 | ) | ||||||
Total Net Assets — 100.0% | 65,038,530 | |||||||
Trustee Deferred Compensation (8) | ||||||||
Meeder Aggressive Growth Fund | 1,394 | 13,243 | ||||||
Meeder Balanced Fund | 738 | 7,712 | ||||||
Meeder Dynamic Growth Fund | 497 | 4,612 | ||||||
Meeder Muirfield Fund | 2,399 | 15,474 | ||||||
Meeder Quantex Fund | 1,580 | 47,621 | ||||||
Meeder Miller/Howard Infrastructure Fund | 212 | 4,469 | ||||||
Total Trustee Deferred Compensation (Cost $73,920) | 93,131 |
The accompanying notes are an integral part of these financial statements.
Page 52 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Quantex Fund | ||||||||
Long Contracts | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
E-mini Standard & Poors MidCap 400 Futures expiring September 2016, notional value $3,732,500 | 25 | 9,009 | ||||||
Total Futures Contracts | 25 | 9,009 |
(1) | Cost for federal income tax purposes of $71,057,383 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 6,563,674 | ||
Unrealized depreciation | (5,331,247 | ) | ||
Net unrealized appreciation (depreciation) | $ | 1,232,427 |
(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, 2016. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(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, 2016. 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.
2016 Semiannual Report | June 30, 2016 | Page 53 |
Schedule of Investments
June 30, 2016 (unaudited)
Miller/Howard Infrastructure Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 99.4% | ||||||||
Electric Utility — 14.5% | ||||||||
AES Corp. | 52,318 | 652,929 | ||||||
Avangrid, Inc. | 19,250 | 886,655 | ||||||
InfraREIT, Inc. (4) | 25,127 | 440,728 | ||||||
ITC Holdings Corp. | 8,839 | 413,842 | ||||||
MDU Resources Group, Inc. | 21,621 | 518,904 | ||||||
(Cost $2,591,410) | 2,913,058 | |||||||
Natural Gas Distribution — 15.1% | ||||||||
Energy Transfer Equity, L.P. | 6,323 | 240,717 | ||||||
National Grid PLC - ADR (3) | 9,782 | 727,096 | ||||||
OGE Energy Corp. | 26,308 | 861,587 | ||||||
Targa Resources Corp. | 19,859 | 836,858 | ||||||
Williams Cos., Inc./The | 18,099 | 391,481 | ||||||
(Cost $2,959,413) | 3,057,739 | |||||||
Pipelines — 14.2% | ||||||||
Enterprise Products Partners, L.P. | 24,993 | 731,295 | ||||||
Kinder Morgan, Inc. | 48,417 | 906,299 | ||||||
MPLX L.P. | 7,955 | 267,527 | ||||||
National Fuel Gas Co. | 9,001 | 511,977 | ||||||
Spectra Energy Corp. | 11,834 | 433,479 | ||||||
(Cost $3,091,296) | 2,850,577 | |||||||
Telecommunication Services — 31.1% | ||||||||
American Tower Corp. (4) | 7,342 | 834,125 | ||||||
Arris Group, Inc. (2) | 17,839 | 373,905 | ||||||
AT&T, Inc. | 15,221 | 657,699 | ||||||
Calpine Corp. (2) | 20,937 | 308,821 | ||||||
Corning, Inc. | 29,208 | 598,180 | ||||||
Crown Castle International Corp. (4) | 4,154 | 421,340 | ||||||
DISH Network Corp. (2) | 10,384 | 544,122 | ||||||
QUALCOMM, Inc. | 16,211 | 868,423 | ||||||
Telefonaktiebolaget LM Ericsson - ADR (3) | 38,297 | 294,121 | ||||||
Telephone & Data Systems, Inc. | 9,530 | 282,660 | ||||||
Verizon Communications, Inc. | 7,168 | 400,261 | ||||||
Vodafone Group PLC - ADR (3) | 22,313 | 689,249 | ||||||
(Cost $6,367,198) | 6,272,906 | |||||||
Utility Services — 20.1% | ||||||||
FedEx Corp. | 4,522 | 686,349 | ||||||
Macquarie Infrastructure Company, LLC | 13,243 | 980,644 | ||||||
NextEra Energy Partners, L.P. | 16,809 | 510,657 | ||||||
Ormat Technologies, Inc. | 6,427 | 281,246 | ||||||
Pattern Energy Group, Inc. | 19,509 | 448,122 | ||||||
UGI Corp. | 9,684 | 438,201 | ||||||
United Parcel Service Class B shares | 6,463 | 696,194 | ||||||
(Cost $3,680,671) | 4,041,413 | |||||||
Water Utility — 4.4% | ||||||||
Aqua America, Inc. | 5,699 | 203,226 | ||||||
Veolia Environnement SA - ADR (3) | 31,435 | 681,197 | ||||||
(Cost $794,823) | 884,423 | |||||||
Total Common Stocks (Cost $19,484,811) | 20,020,116 | |||||||
Money Market Registered Investment Companies — 1.4% | ||||||||
Meeder Money Market Fund - Institutional Class, 0.39% (5) | 274,290 | 274,290 | ||||||
Total Money Market Registered Investment Companies (Cost $274,290) | 274,290 | |||||||
Total Investments — 100.8% (Cost $19,759,101) (1) | 20,294,406 | |||||||
Liabilities less Other Assets — (0.8%) | (166,718 | ) | ||||||
Total Net Assets — 100.0% | 20,127,688 | |||||||
Trustee Deferred Compensation (6) | ||||||||
Meeder Aggressive Growth Fund | 1,517 | 14,412 | ||||||
Meeder Balanced Fund | 797 | 8,329 | ||||||
Meeder Dynamic Growth Fund | 537 | 4,983 | ||||||
Meeder Muirfield Fund | 2,221 | 14,325 | ||||||
Meeder Quantex Fund | 1,373 | 41,382 | ||||||
Meeder Miller/Howard Infrastructure Fund | 228 | 4,806 | ||||||
Total Trustee Deferred Compensation (Cost $70,774) | 88,237 |
(1) | Cost for federal income tax purposes of $20,271,682 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 2,280,043 | ||
Unrealized depreciation | (1,744,738 | ) | ||
Net unrealized appreciation (depreciation) | $ | 535,305 |
(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, 2016. |
(6) | Assets of affiliates to the Miller/Howard 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.
Page 54 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Dividend Opportunities Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — 90.0% | ||||||||
Consumer Discretionary — 8.0% | ||||||||
Aaron's, Inc. | 336 | 7,355 | ||||||
Abercrombie & Fitch Co. | 19,177 | 341,542 | ||||||
Best Buy Co., Inc. | 11,568 | 353,981 | ||||||
Children's Place, Inc./The | 4,552 | 364,979 | ||||||
Coach, Inc. | 4,827 | 196,652 | ||||||
Comcast Corp. | 841 | 54,825 | ||||||
Drew Industries, Inc. | 2,735 | 232,037 | ||||||
General Motors Co. | 16,568 | 468,874 | ||||||
Genuine Parts Co. | 3,997 | 404,696 | ||||||
Goodyear Tire & Rubber Co./The | 182 | 4,670 | ||||||
Lear Corp. | 705 | 71,741 | ||||||
Lowe's Cos., Inc. | 4,469 | 353,811 | ||||||
McDonald's Corp. | 394 | 47,414 | ||||||
News Corp. | 26,118 | 296,439 | ||||||
(Cost $3,227,384) | 3,199,016 | |||||||
Consumer Staples — 8.0% | ||||||||
Altria Group, Inc. | 7,128 | 491,547 | ||||||
Ingredion, Inc. | 3,002 | 388,489 | ||||||
Philip Morris International, Inc. | 4,806 | 488,866 | ||||||
Procter & Gamble Co./The | 2,881 | 243,934 | ||||||
Reynolds American, Inc. | 6,700 | 361,331 | ||||||
Sysco Corp. | 8,538 | 433,218 | ||||||
Tyson Foods, Inc. | 6,570 | 438,810 | ||||||
Wal-Mart Stores, Inc. | 4,824 | 352,248 | ||||||
(Cost $2,716,450) | 3,198,443 | |||||||
Energy — 5.3% | ||||||||
Chevron Corp. | 6,372 | 667,977 | ||||||
Exxon Mobil Corp. | 7,005 | 656,649 | ||||||
PBF Energy, Inc. | 1,141 | 27,133 | ||||||
Valero Energy Corp. | 8,004 | 408,204 | ||||||
Williams Cos., Inc./The | 16,823 | 363,881 | ||||||
(Cost $2,002,837) | 2,123,844 | |||||||
Financials — 33.5% | ||||||||
Aflac, Inc. | 6,190 | 446,670 | ||||||
American International Group, Inc. | 10,023 | 530,116 | ||||||
Assurant, Inc. | 4,379 | 377,951 | ||||||
Bank of America Corp. | 52,772 | 700,285 | ||||||
Capital One Financial Corp. | 7,177 | 455,811 | ||||||
CBL & Associates Properties, Inc. (2) | 962 | 8,956 | ||||||
CIT Group, Inc. | 6,093 | 194,428 | ||||||
Citigroup, Inc. | 3,996 | 169,390 | ||||||
Citizens Financial Group, Inc. | 17,938 | 358,401 | ||||||
CNO Financial Group, Inc. | 19,313 | 337,205 | ||||||
Columbia Property Trust, Inc. (2) | 16,100 | 344,540 | ||||||
CoreSite Realty Corp. (2) | 4,180 | 370,724 | ||||||
Corporate Office Properties Trust (2) | 12,351 | 365,219 | ||||||
DuPont Fabros Technology, Inc. (2) | 7,565 | 359,640 | ||||||
Fifth Third Bancorp | 7,150 | 125,769 | ||||||
Fulton Financial Corp. | 2,494 | 33,669 | ||||||
GEO Group, Inc./The (2) | 7,790 | 266,262 | ||||||
Hancock Holding Co. | 8,840 | 230,812 | ||||||
Hanover Insurance Group, Inc./The | 4,405 | 372,751 | ||||||
Hospitality Properties Trust (2) | 11,567 | 333,130 | ||||||
JPMorgan Chase & Co. | 15,137 | 940,613 | ||||||
KeyCorp | 19,375 | 214,094 | ||||||
Lexington Realty Trust (2) | 36,205 | 366,033 | ||||||
Lincoln National Corp. | 9,190 | 356,296 | ||||||
MetLife, Inc. | 11,345 | 451,871 | ||||||
Navient Corp. | 30,740 | 367,343 | ||||||
Old Republic International Corp. | 19,646 | 378,971 | ||||||
PacWest Bancorp | 3,900 | 155,142 | ||||||
Popular, Inc. | 12,250 | 358,925 | ||||||
Prudential Financial, Inc. | 6,081 | 433,819 | ||||||
Regions Financial Corp. | 42,939 | 365,411 | ||||||
Reinsurance Group of America, Inc. | 3,942 | 382,335 | ||||||
Senior Housing Properties Trust (2) | 17,217 | 358,630 | ||||||
Spirit Realty Capital, Inc. (2) | 24,969 | 318,854 | ||||||
SunTrust Banks, Inc. | 10,026 | 411,868 | ||||||
Travelers Cos., Inc./The | 3,862 | 459,732 | ||||||
Trustmark Corp. | 600 | 14,910 | ||||||
Unum Group | 11,207 | 356,271 | ||||||
Wells Fargo & Co. | 5,953 | 281,755 | ||||||
(Cost $13,613,332) | 13,354,602 | |||||||
Healthcare — 4.5% | ||||||||
Johnson & Johnson | 9,735 | 1,180,857 | ||||||
Merck & Co., Inc. | 1,000 | 57,610 | ||||||
PDL BioPharma, Inc. | 79,817 | 250,625 | ||||||
Pfizer, Inc. | 5,939 | 209,112 | ||||||
Quality Systems, Inc. | 3,580 | 42,638 | ||||||
UnitedHealth Group, Inc. | 428 | 60,434 | ||||||
(Cost $1,628,068) | 1,801,276 | |||||||
Industrials — 5.9% | ||||||||
3M Co. | 244 | 42,729 | ||||||
General Electric Co. | 14,489 | 456,114 | ||||||
ManpowerGroup, Inc. | 4,734 | 304,586 | ||||||
Owens Corning | 7,464 | 384,545 | ||||||
Quad/Graphics, Inc. | 16,339 | 380,535 | ||||||
RR Donnelley & Sons Co. | 2,369 | 40,083 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 55 |
Schedule of Investments
June 30, 2016 (unaudited)
Dividend Opportunities Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Common Stocks — continued | ||||||||
Terex Corp. | 19,117 | 388,266 | ||||||
Universal Forest Products, Inc. | 4,097 | 379,751 | ||||||
(Cost $2,212,080) | 2,376,609 | |||||||
Information Technology — 10.8% | ||||||||
Activision Blizzard, Inc. | 11,439 | 453,328 | ||||||
Avnet, Inc. | 8,810 | 356,893 | ||||||
Cisco Systems, Inc. | 25,751 | 738,796 | ||||||
Convergys Corp. | 9,020 | 225,500 | ||||||
Intel Corp. | 7,312 | 239,834 | ||||||
International Business Machines Corp. | 210 | 31,874 | ||||||
Intersil Corp. | 18,260 | 247,240 | ||||||
Maxim Integrated Products, Inc. | 10,125 | 361,361 | ||||||
Microsoft Corp. | 13,621 | 696,987 | ||||||
NVIDIA Corp. | 8,853 | 416,180 | ||||||
Oracle Corp. | 2,026 | 82,924 | ||||||
Texas Instruments, Inc. | 1,261 | 79,002 | ||||||
Xerox Corp. | 39,066 | 370,736 | ||||||
(Cost $4,146,477) | 4,300,655 | |||||||
Materials — 5.3% | ||||||||
Albemarle Corp. | 4,324 | 342,936 | ||||||
Avery Dennison Corp. | 4,114 | 307,522 | ||||||
Commercial Metals Co. | 19,311 | 326,356 | ||||||
Newmont Mining Corp. | 9,698 | 379,386 | ||||||
Reliance Steel & Aluminum Co. | 4,950 | 380,655 | ||||||
Steel Dynamics, Inc. | 14,795 | 362,478 | ||||||
(Cost $2,010,488) | 2,099,333 | |||||||
Telecommunication Services — 5.8% | ||||||||
AT&T, Inc. | 24,544 | 1,060,547 | ||||||
CenturyLink, Inc. | 14,007 | 406,343 | ||||||
Frontier Communications Corp. | 52,015 | 256,954 | ||||||
Telephone & Data Systems, Inc. | 12,632 | 374,665 | ||||||
Verizon Communications, Inc. | 4,252 | 237,432 | ||||||
(Cost $2,097,443) | 2,335,941 | |||||||
Utilities — 2.9% | ||||||||
Exelon Corp. | 12,477 | 453,665 | ||||||
PG&E Corp. | 6,923 | 442,518 | ||||||
Pinnacle West Capital Corp. | 3,338 | 270,579 | ||||||
(Cost $1,059,101) | 1,166,762 | |||||||
Total Common Stocks (Cost $34,713,660) | 35,956,481 | |||||||
Registered Investment Companies — 1.6% | ||||||||
iShares MSCI Emerging Markets ETF (6) | 18,733 | 643,666 | ||||||
Total Registered Investment Companies (Cost $646,825) | 643,666 | |||||||
Money Market Registered Investment Companies — 7.2% | ||||||||
Meeder Money Market Fund - Institutional Class, 0.39% (3) | 2,887,770 | 2,887,770 | ||||||
Total Money Market Registered Investment Companies (Cost $2,887,770) | 2,887,770 | |||||||
Bank Obligations — 0.6% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (4) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $249,000) | 249,000 | |||||||
Total Investments — 99.4% (Cost $38,497,255) (1) | 39,736,917 | |||||||
Other Assets less Liabilities — 0.6% | 242,903 | |||||||
Total Net Assets — 100.0% | 39,979,820 | |||||||
Trustee Deferred Compensation (5) | ||||||||
Meeder Aggressive Growth Fund | 50 | 475 | ||||||
Meeder Balanced Fund | 29 | 303 | ||||||
Meeder Dynamic Growth Fund | 18 | 167 | ||||||
Meeder Muirfield Fund | 48 | 310 | ||||||
Meeder Quantex Fund | 14 | 422 | ||||||
Meeder Miller/Howard Infrastructure Fund | 9 | 190 | ||||||
Total Trustee Deferred Compensation (Cost $1,871) | 1,867 |
The accompanying notes are an integral part of these financial statements.
Page 56 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Dividend Opportunities Fund | ||||||||
Long Contracts | Unrealized Appreciation (Depreciation)($) | |||||||
Futures Contracts | ||||||||
Standard & Poors 500 Mini Futures expiring September 2016, notional value $4,180,400 | 40 | 4,652 | ||||||
Total Futures Contracts | 40 | 4,652 |
(1) | Cost for federal income tax purposes of $38,645,157 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 2,775,697 | ||
Unrealized depreciation | (1,531,383 | ) | ||
Net unrealized appreciation (depreciation) | $ | 1,244,314 |
(2) | Real estate investment trust. |
(3) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(4) | 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, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(5) | Assets of affiliates to the Dividend Opportunities Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(6) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 57 |
Schedule of Investments
June 30, 2016 (unaudited)
Total Return Bond Fund | ||||||||
Security Description | Shares or | Fair | ||||||
Registered Investment Companies — 96.4% | ||||||||
Baird Core Plus Bond Fund - Class I | 805,470 | 8,900,439 | ||||||
DoubleLine Total Return Bond Fund - Class I | 1,342,094 | 14,291,400 | ||||||
Frost Total Return Bond Fund - Class I | 596,933 | 6,077,113 | ||||||
iShares 1-3 Year Treasury Bond ETF (5) | 127,380 | 10,868,062 | ||||||
iShares 3-7 Year Treasury Bond ETF (5) | 264,230 | 33,649,690 | ||||||
iShares 7-10 Year Treasury Bond ETF (5) | 244,365 | 27,601,589 | ||||||
iShares iBoxx $ High Yield Corporate Bond ETF (5) | 127,885 | 10,831,860 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (5) | 224,305 | 25,828,720 | ||||||
JPMorgan Core Plus Bond Fund - Class I | 1,116,347 | 9,104,605 | ||||||
Lord Abbett High Yield Fund - Class I | 1,585,234 | 11,445,387 | ||||||
Metropolitan West Total Return Bond Fund - Class I | 1,342,763 | 14,337,304 | ||||||
PIMCO Investment Grade Corporate Bond Fund - Class I | 282,125 | 2,862,431 | ||||||
Pioneer Bond Fund - Class Y | 947,189 | 8,902,279 | ||||||
Prudential Total Return Bond Fund - Class Z | 1,010,870 | 14,408,893 | ||||||
TCW Emerging Markets Income Fund - Class I | 1,152,086 | 9,401,025 | ||||||
Total Registered Investment Companies (Cost $203,830,701) | 208,510,797 | |||||||
Money Market Registered Investment Companies — 3.8% | ||||||||
Meeder Money Market Fund - Institutional Class, 0.39% (2) | 8,224,716 | 8,224,716 | ||||||
Total Money Market Registered Investment Companies (Cost $8,224,716) | 8,224,716 | |||||||
Bank Obligations — 0.3% | ||||||||
Capital Bank Deposit Account, 0.70%, 7/1/2016 (3) | 249,000 | 249,000 | ||||||
EverBank Money Market Account, 0.61%, 7/1/2016 (3) | 249,000 | 249,000 | ||||||
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (3) | 249,000 | 249,000 | ||||||
Total Bank Obligations (Cost $747,000) | 747,000 | |||||||
U.S. Government Obligations — 0.0% | ||||||||
Government National Mortgage Association, 6.50%, due 7/20/2038 | 40,716 | 53,522 | ||||||
Total U.S. Government Obligations (Cost $47,694) | 53,522 | |||||||
Total Investments — 100.5% (Cost $212,850,111) (1) | 217,536,035 | |||||||
Liabilities less Other Assets — (0.5%) | (1,029,385 | ) | ||||||
Total Net Assets — 100.0% | 216,506,650 | |||||||
Trustee Deferred Compensation (4) | ||||||||
Meeder Aggressive Growth Fund | 1,337 | 12,702 | ||||||
Meeder Balanced Fund | 733 | 7,660 | ||||||
Meeder Dynamic Growth Fund | 503 | 4,668 | ||||||
Meeder Muirfield Fund | 1,302 | 8,398 | ||||||
Meeder Quantex Fund | 445 | 13,412 | ||||||
Meeder Miller/Howard Infrastructure Fund | 217 | 4,574 | ||||||
Total Trustee Deferred Compensation (Cost $51,600) | 51,414 |
(1) | Cost for federal income tax purposes of $213,342,748 differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 4,716,859 | ||
Unrealized depreciation | (30,935 | ) | ||
Net unrealized appreciation (depreciation) | $ | 4,685,924 |
(2) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016. |
(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, 2016. 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. |
(5) | Exchange-traded fund. |
The accompanying notes are an integral part of these financial statements.
Page 58 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Money Market Fund | |||||||||||||||
Security Description | Coupon/Yield | Maturity/ Demand Date | Principal Amount ($) or Shares | Fair | |||||||||||
Bank Obligations — 5.6% | |||||||||||||||
Bank Midwest Deposit Account | 0.65 | %(2) | 07/01/16 | 249,537 | 249,537 | ||||||||||
Capital Bank Deposit Account | 0.70 | %(2) | 07/01/16 | 249,553 | 249,553 | ||||||||||
Columbus First Bank Deposit Account | 0.45 | %(2) | 07/01/16 | 249,317 | 249,317 | ||||||||||
EverBank Money Market Account | 0.61 | %(2) | 07/01/16 | 249,512 | 249,512 | ||||||||||
FICA Program (3) | 0.45 | %(2) | — | 10,009,426 | 10,009,426 | ||||||||||
Metro City Bank Deposit Account | 0.45 | %(2) | 07/01/16 | 249,371 | 249,371 | ||||||||||
Mid America Bank Demand Deposit Account | 0.50 | %(2) | 07/01/16 | 249,462 | 249,462 | ||||||||||
Nationwide Bank Deposit Account | 0.50 | %(2) | 07/01/16 | 249,412 | 249,412 | ||||||||||
Pacific Mercantile Bank Deposit Account | 0.60 | %(2) | 07/01/16 | 249,504 | 249,504 | ||||||||||
Paragon Commercial Bank Deposit Account | 0.70 | %(2) | 07/01/16 | 249,439 | 249,439 | ||||||||||
Plaza Bank Deposit Account | 0.45 | %(2) | 07/01/16 | 249,372 | 249,372 | ||||||||||
State Bank of India Deposit Account | 0.60 | %(2) | 07/01/16 | 249,377 | 249,377 | ||||||||||
Trans Pacific National Bank Deposit Account | 0.40 | %(2) | 07/01/16 | 249,336 | 249,336 | ||||||||||
Total Bank Obligations (Cost $13,002,618) | 13,002,618 | ||||||||||||||
Certificates of Deposit — 5.5% | |||||||||||||||
1st Source Bank/South Bend IN | 0.50 | % | 11/10/16 | 248,000 | 248,000 | ||||||||||
Academy Bank NA | 0.55 | % | 09/30/16 | 248,000 | 248,000 | ||||||||||
Ally Bank | 0.45 | % | 07/08/16 | 249,000 | 249,000 | ||||||||||
Apple Bank for Savings | 0.55 | % | 08/12/16 | 248,000 | 248,000 | ||||||||||
Atlantic Capital Bank NA | 0.55 | % | 09/30/16 | 249,000 | 249,000 | ||||||||||
Atlantic Coast Bank | 0.50 | % | 10/28/16 | 249,000 | 249,000 | ||||||||||
Banco Popular North America | 0.65 | % | 08/12/16 | 248,000 | 248,000 | ||||||||||
Bank Hapoalim BM/New York NY | 0.70 | % | 09/30/16 | 248,000 | 248,000 | ||||||||||
Bank of Baroda/New York NY | 0.60 | % | 07/13/16 | 248,000 | 248,000 | ||||||||||
Bank of Montreal Chicago | 0.58 | % | 09/19/16 | 1,000,000 | 1,000,000 | ||||||||||
Bank of Montreal Chicago | 0.88 | % | 08/01/16 | 1,000,000 | 1,000,042 | ||||||||||
Bank SNB | 0.45 | % | 10/07/16 | 248,000 | 248,000 | ||||||||||
BankChampaign NA | 0.50 | % | 10/28/16 | 249,000 | 249,000 | ||||||||||
Beal Bank SSB | 0.60 | % | 09/28/16 | 248,000 | 248,000 | ||||||||||
Beal Bank USA | 0.55 | % | 10/12/16 | 248,000 | 247,965 | ||||||||||
Carroll Community Bank | 0.55 | % | 10/14/16 | 248,000 | 248,000 | ||||||||||
Comenity Capital Bank | 0.60 | % | 07/13/16 | 249,000 | 249,000 | ||||||||||
Farmers & Merchants Bank of Colby | 0.45 | % | 10/14/16 | 249,000 | 249,000 | ||||||||||
Fidelity Bank/Atlanta GA | 0.55 | % | 07/21/16 | 248,000 | 248,000 | ||||||||||
First Foundation Bank | 0.55 | % | 11/10/16 | 248,000 | 248,000 | ||||||||||
FirstMerit Bank NA/Akron OH | 0.55 | % | 11/10/16 | 248,000 | 248,000 | ||||||||||
Goldman Sachs Bank USA/New York NY | 0.55 | % | 08/12/16 | 248,000 | 248,000 | ||||||||||
Haddon Savings Bank | 0.50 | % | 11/18/16 | 249,000 | 249,000 | ||||||||||
Marlin Business Bank | 0.55 | % | 08/05/16 | 248,000 | 248,000 | ||||||||||
Midland States Bank | 0.60 | % | 08/15/16 | 249,000 | 249,000 | ||||||||||
MY SAFRA Bank FSB | 0.55 | % | 11/09/16 | 249,000 | 249,000 | ||||||||||
New Republic Savings Bank | 0.50 | % | 10/14/16 | 249,000 | 249,000 | ||||||||||
Oklahoma Heritage Bank | 0.45 | % | 10/14/16 | 249,000 | 249,000 | ||||||||||
Old National Bank/Evansville IN | 0.50 | % | 10/21/16 | 248,000 | 248,000 | ||||||||||
Oriental Bank | 0.60 | % | 07/08/16 | 248,000 | 248,000 | ||||||||||
Rancho Santa Fe Thrift & Loan Association | 0.55 | % | 11/10/16 | 249,000 | 249,000 | ||||||||||
Ridgestone Bank | 0.45 | % | 10/21/16 | 249,000 | 249,000 | ||||||||||
S&T Bank | 0.55 | % | 08/12/16 | 248,000 | 248,000 | ||||||||||
Safra National Bank of New York | 0.60 | % | 08/16/16 | 248,000 | 248,000 | ||||||||||
Santander Bank NA | 0.65 | % | 08/12/16 | 248,000 | 248,000 | ||||||||||
Security Federal Bank/Aiken SC | 0.60 | % | 08/15/16 | 249,000 | 249,000 | ||||||||||
SouthEast Bank | 0.55 | % | 10/21/16 | 248,000 | 248,000 | ||||||||||
Standard Bank & Trust Co./Hickory Hills IL | 0.55 | % | 10/21/16 | 248,000 | 248,000 | ||||||||||
TCF National Bank | 0.55 | % | 10/07/16 | 248,000 | 248,000 | ||||||||||
Union Bank & Trust Co./Oxford NC | 0.50 | % | 11/10/16 | 249,000 | 249,000 | ||||||||||
United Bank | 0.70 | % | 11/16/16 | 249,000 | 249,000 | ||||||||||
United Prairie Bank/Mountain Lake MN | 0.40 | % | 08/22/16 | 249,000 | 249,000 | ||||||||||
Westpac Bank | 0.93 | % | 10/24/16 | 265,000 | 265,025 | ||||||||||
Whitney Bank/Gulfport MS | 0.65 | % | 08/12/16 | 248,000 | 248,000 | ||||||||||
Xenith Bank | 0.55 | % | 10/20/16 | 249,000 | 249,000 | ||||||||||
Yadkin Bank | 0.50 | % | 10/07/16 | 249,000 | 249,000 | ||||||||||
Total Certificates of Deposit (Cost $12,948,032) | 12,948,032 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 59 |
Schedule of Investments
June 30, 2016 (unaudited)
Money Market Fund | |||||||||||||||
Security Description | Coupon/Yield | Maturity/ Demand Date | Principal Amount ($) or Shares | Fair | |||||||||||
Commercial Paper — 15.4% | |||||||||||||||
Abbey National | 0.81 | % | 09/20/16 | 1,000,000 | 998,178 | ||||||||||
Abbey National | 0.92 | % | 11/10/16 | 1,000,000 | 996,627 | ||||||||||
Abbey National | 0.93 | % | 01/03/17 | 1,000,000 | 995,195 | ||||||||||
Abbey National | 0.92 | % | 01/06/17 | 1,000,000 | 995,170 | ||||||||||
Bank of Montreal | 1.02 | % | 03/03/17 | 1,000,000 | 993,045 | ||||||||||
Bank of Tokyo MUFG | 0.63 | % | 07/08/16 | 1,000,000 | 999,878 | ||||||||||
Bank of Tokyo MUFG | 0.78 | % | 08/23/16 | 1,000,000 | 998,852 | ||||||||||
Bank of Tokyo MUFG | 0.86 | % | 09/23/16 | 1,000,000 | 997,993 | ||||||||||
Bank of Tokyo MUFG | 0.86 | % | 09/28/16 | 1,000,000 | 997,874 | ||||||||||
Bank of Tokyo MUFG | 1.02 | % | 03/10/17 | 1,000,000 | 992,860 | ||||||||||
Canadian Imperial Holding | 0.97 | % | 12/16/16 | 2,000,000 | 1,991,040 | ||||||||||
Canadian Imperial Holding | 1.04 | % | 02/17/17 | 500,000 | 496,663 | ||||||||||
Credit Agricole | 0.81 | % | 11/29/16 | 1,000,000 | 996,602 | ||||||||||
Credit Agricole | 0.91 | % | 12/27/16 | 2,500,000 | 2,488,687 | ||||||||||
ING US Funding LLC | 0.60 | % | 07/11/16 | 1,000,000 | 999,833 | ||||||||||
ING US Funding LLC | 0.69 | % | 08/01/16 | 1,000,000 | 999,406 | ||||||||||
ING US Funding LLC | 0.70 | % | 08/05/16 | 1,000,000 | 999,319 | ||||||||||
ING US Funding LLC | 0.87 | % | 10/07/16 | 1,000,000 | 998,173 | ||||||||||
JP Morgan Securities | 0.62 | % | 07/08/16 | 1,000,000 | 999,879 | ||||||||||
JP Morgan Securities | 0.65 | % | 07/29/16 | 1,000,000 | 999,494 | ||||||||||
JP Morgan Securities | 0.81 | % | 08/16/16 | 1,000,000 | 998,978 | ||||||||||
JP Morgan Securities | 0.92 | % | 09/06/16 | 1,000,000 | 998,288 | ||||||||||
JP Morgan Securities | 0.99 | % | 09/13/16 | 1,000,000 | 997,965 | ||||||||||
JP Morgan Securities | 1.01 | % | 10/25/16 | 1,000,000 | 996,746 | ||||||||||
JP Morgan Securities | 0.99 | % | 03/23/17 | 1,000,000 | 992,713 | ||||||||||
Rabobank | 0.84 | % | 10/24/16 | 1,000,000 | 997,317 | ||||||||||
Toyota Motor Credit | 0.82 | % | 07/05/16 | 1,000,000 | 999,909 | ||||||||||
Toyota Motor Credit | 0.41 | % | 07/01/16 | 1,000,000 | 1,000,000 | ||||||||||
Toyota Motor Credit | 0.65 | % | 07/29/16 | 1,000,000 | 999,494 | ||||||||||
Toyota Motor Credit | 0.89 | % | 09/06/16 | 1,000,000 | 998,344 | ||||||||||
Toyota Motor Credit | 0.81 | % | 11/18/16 | 1,000,000 | 1,000,000 | ||||||||||
Toyota Motor Credit | 0.96 | % | 12/12/16 | 1,000,000 | 995,627 | ||||||||||
Toyota Motor Credit | 0.99 | % | 12/16/16 | 1,000,000 | 995,380 | ||||||||||
UBS Finance | 0.86 | % | 07/05/16 | 1,000,000 | 999,904 | ||||||||||
Total Commercial Paper (Cost $35,905,433) | 35,905,433 | ||||||||||||||
Corporate Obligations — 9.0% | |||||||||||||||
Bath Technology Associates, Ltd. | 0.66 | %(5) | 07/07/16 | 355,000 | 355,000 | ||||||||||
Caterpillar Demand Note | 0.45 | %(4) | 07/01/16 | 15,007,829 | 15,007,829 | ||||||||||
Johnson & Johnson | 0.74 | %(4) | 08/31/16 | 500,000 | 500,204 | ||||||||||
Merck & Co., Inc. | 0.75 | %(4) | 08/10/16 | 300,000 | 300,176 | ||||||||||
Royal Bank of Canada | 1.12 | %(4) | 09/09/16 | 1,000,000 | 1,000,570 | ||||||||||
Royal Bank of Canada/New York NY | 0.88 | %(4) | 07/14/16 | 1,500,000 | 1,500,453 | ||||||||||
Springside Corp Exchange Partners I LLC | 0.66 | %(5) | 07/07/16 | 1,750,000 | 1,750,000 | ||||||||||
US Bank NA/Cincinnati OH | 1.10 | %(4) | 01/30/17 | 553,000 | 553,888 | ||||||||||
Total Corporate Obligations (Cost $20,968,120) | 20,968,120 | ||||||||||||||
Repurchase Agreements — 34.2% | |||||||||||||||
Int’l FCStone (Collateralized by $51,372,222 various FNMAs, 2.00% - 4.50%, due 8/1/20 - 8/1/40, fair value $10,202,740)(proceeds $10,000,000), purchase date 6/28/16 | 0.48 | % | 07/05/16 | 10,000,000 | 10,000,000 | ||||||||||
Int’l FCStone (Collateralized by $16,095,000 various FNMAs, 3.50% - 4.50%, due 3/1/32 - 3/1/46, fair value $10,202,352)(proceeds $10,000,000), purchase date 6/29/16 | 0.46 | % | 07/06/16 | 10,000,000 | 10,000,000 | ||||||||||
Int’l FCStone (Collateralized by $30,708,740 various GNMAs, FNMAs, and FHLMCs, 0.789% - 6.375%, due 12/16/24 - 2/20/42, fair value $10,200,790)(proceeds $10,000,000), purchase date 6/30/16 | 0.45 | % | 07/07/16 | 10,000,000 | 10,000,000 |
The accompanying notes are an integral part of these financial statements.
Page 60 | 2016 Semiannual Report | June 30, 2016 |
Schedule of Investments
June 30, 2016 (unaudited)
Money Market Fund | |||||||||||||||
Security Description | Coupon/Yield | Maturity/ Demand Date | Principal Amount ($) or Shares | Fair | |||||||||||
Repurchase Agreements — continued | |||||||||||||||
South Street (Collateralized by $170,022,606 various USTRs, FNMAs, and FMACs, 0.625% - 5.607%, due 1/1/17 - 6/1/43, fair value $51,000,028) (proceeds $50,000,000), purchase date 6/30/16 | 0.55 | % | 07/01/16 | 50,000,000 | 50,000,000 | ||||||||||
Total Repurchase Agreements (Cost $80,000,000) | 80,000,000 | ||||||||||||||
U.S. Government Agency Obligations — 5.9% | |||||||||||||||
Federal Farm Credit Bank | 0.53 | %(4) | 09/19/16 | 1,000,000 | 1,000,023 | ||||||||||
Federal Farm Credit Bank | 0.55 | %(4) | 08/07/16 | 500,000 | 499,910 | ||||||||||
Federal Farm Credit Bank | 0.57 | %(4) | 09/14/16 | 1,000,000 | 1,000,000 | ||||||||||
Federal Farm Credit Bank | 0.51 | %(4) | 07/27/16 | 1,270,000 | 1,269,554 | ||||||||||
Federal Farm Credit Bank | 0.49 | %(4) | 09/22/16 | 1,500,000 | 1,498,215 | ||||||||||
Federal Home Loan Bank | 0.51 | %(4) | 07/13/16 | 1,000,000 | 1,000,000 | ||||||||||
Federal Home Loan Bank | 0.53 | %(4) | 07/19/16 | 1,000,000 | 999,985 | ||||||||||
Federal Home Loan Bank | 0.88 | % | 03/10/17 | 1,000,000 | 1,000,655 | ||||||||||
Federal Home Loan Bank | 0.83 | % | 04/12/17 | 1,000,000 | 1,000,000 | ||||||||||
Federal Home Loan Bank | 0.85 | % | 04/17/17 | 1,000,000 | 1,000,000 | ||||||||||
Federal Home Loan Bank | 0.75 | % | 07/20/17 | 1,000,000 | 1,000,000 | ||||||||||
U.S. Treasury Bill | 0.71 | % | 12/08/16 | 1,000,000 | 996,867 | ||||||||||
U.S. Treasury Note | 0.50 | % | 03/31/17 | 250,000 | 249,793 | ||||||||||
U.S. Treasury Note | 0.50 | % | 04/30/17 | 250,000 | 249,791 | ||||||||||
U.S. Treasury Note | 0.88 | % | 05/15/17 | 250,000 | 250,641 | ||||||||||
U.S. Treasury Note | 0.63 | % | 05/31/17 | 500,000 | 499,962 | ||||||||||
U.S. Treasury Note | 0.88 | % | 06/15/17 | 250,000 | 250,425 | ||||||||||
Total U.S. Government Agency Obligations (Cost $13,765,821) | 13,765,821 |
Security Description | Shares or | Fair | ||||||
Money Market Registered Investment Companies — 24.4% | ||||||||
Fidelity Prime Institutional Money Market Portfolio, 0.48% (6) | 56,932,329 | 56,932,329 | ||||||
Total Money Market Registered Investment Companies (Cost $56,932,329) | 56,932,329 | |||||||
Total Investments — 100.0% (Cost $233,522,353) (1) | 233,522,353 | |||||||
Other Assets less Liabilities — 0.0% | 62,080 | |||||||
Total Net Assets — 100.0% | 233,584,433 | |||||||
Trustee Deferred Compensation (7) | ||||||||
Meeder Aggressive Growth Fund | 1,069 | 10,156 | ||||||
Meeder Balanced Fund | 557 | 5,821 | ||||||
Meeder Dynamic Growth Fund | 376 | 3,489 | ||||||
Meeder Muirfield Fund | 1,968 | 12,694 | ||||||
Meeder Quantex Fund | 1,364 | 41,111 | ||||||
Meeder Miller/Howard Infrastructure Fund | 159 | 3,352 | ||||||
Total Trustee Deferred Compensation (Cost $61,542) | 76,623 |
(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, 2016. 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, 2016. 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 $355,000. Springside Corp. Exchange Partners, LLC was acquired on 2/5/2004 at a cost of $1,750,000. As of June 30, 2016, securities restricted as to resale to institutional investors represented 0.9% of Total Investments. The fair value noted approximates amortized cost. |
(6) | 7-day yield as of June 30, 2016. |
(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.
2016 Semiannual Report | June 30, 2016 | Page 61 |
Statements of Assets & Liabilities |
Muirfield | Dynamic Growth Fund | Aggressive Growth Fund | ||||||||||
Assets | ||||||||||||
Investments, at fair value (1)(2) | $ | 299,789,019 | $ | 89,905,372 | $ | 61,080,417 | ||||||
Repurchase agreements, at fair value (1) | — | — | — | |||||||||
Investments in affiliates, at fair value and cost (1) | 76,913,043 | 14,719,952 | 9,068,520 | |||||||||
Trustee deferred compensation investments, at fair value | 274,022 | 150,360 | 89,079 | |||||||||
Cash held at broker for collateral on futures | 7,600,000 | 1,000,000 | 500,000 | |||||||||
Cash held at broker for collateral on securities sold short | — | — | — | |||||||||
Receivable for securities sold | 12,182,413 | 3,541,031 | 2,247,253 | |||||||||
Receivable for net variation margin on futures contracts | — | 543,063 | 842,146 | |||||||||
Receivable for capital stock issued | 344,017 | 41,130 | 39,685 | |||||||||
Receivable from investment advisor | — | — | — | |||||||||
Interest and dividend receivable | 327,712 | 91,609 | 58,658 | |||||||||
Receivable from securities lending agent (See Note #4) | 1,483 | 92 | 269 | |||||||||
Receivable for commissions recaptured | 228,307 | 67,020 | 48,193 | |||||||||
Prepaid expenses/other assets | 43,508 | 15,641 | 15,478 | |||||||||
Total Assets | 397,703,524 | 110,075,270 | 73,989,698 | |||||||||
Liabilities | ||||||||||||
Securities sold short at fair value (proceeds $34,840,115) | — | — | — | |||||||||
Payable for securities purchased | 12,634,017 | 3,713,470 | 2,406,232 | |||||||||
Payable for collateral on securities loaned | 945,851 | 144,234 | 1,222,579 | |||||||||
Payable for Trustee Deferred Compensation Plan | 274,022 | 150,360 | 89,079 | |||||||||
Payable for net variation margin on futures contracts | 575,110 | — | — | |||||||||
Payable for capital stock redeemed | 823,902 | 430,415 | 99,651 | |||||||||
Dividends payable | 20,519 | 531 | 47 | |||||||||
Dividends payable - Money Market Fund - Retail Class | ||||||||||||
Dividends payable - Money Market Fund - Institutional Class | ||||||||||||
Dividend expense payable on short positions | — | — | — | |||||||||
Payable to investment advisor | 47,397 | 14,615 | 9,049 | |||||||||
Accrued distribution plan (12b-1) and administrative service plan fees | 365,410 | 112,326 | 74,637 | |||||||||
Accrued transfer agent, fund accounting, CCO, and administrative fees | 15,115 | 6,382 | 6,205 | |||||||||
Accrued trustee fees | 6,287 | 2,359 | 1,619 | |||||||||
Other accrued liabilities | 23,914 | 16,963 | 16,092 | |||||||||
Total Liabilities | 15,731,544 | 4,591,655 | 3,925,190 | |||||||||
Net Assets | $ | 381,971,980 | $ | 105,483,615 | $ | 70,064,508 | ||||||
Net Assets | ||||||||||||
Capital | $ | 390,522,891 | $ | 106,697,990 | $ | 72,408,960 | ||||||
Accumulated undistributed (distributions in excess of) net investment income | 1,029,993 | 371,397 | 136,002 | |||||||||
Accumulated undistributed net realized gain (loss) from investments and futures contracts | (17,715,996 | ) | (3,922,171 | ) | (3,580,981 | ) | ||||||
Net unrealized appreciation (depreciation) of investments and futures contracts | 8,135,092 | 2,336,399 | 1,100,527 | |||||||||
Total Net Assets | $ | 381,971,980 | $ | 105,483,615 | $ | 70,064,508 | ||||||
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) | 59,217,225 | 11,362,031 | 7,372,176 | |||||||||
Money Market Fund - Retail Class | ||||||||||||
Money Market Fund - Institutional Class | ||||||||||||
Total Capital Stock Outstanding | ||||||||||||
Net Asset Value, Offering and Redemption Price Per Share | $ | 6.45 | $ | 9.28 | $ | 9.50 | ||||||
Money Market Fund - Retail Class | ||||||||||||
Money Market Fund - Institutional Class | ||||||||||||
(1) Investments and affiliated investments at cost | $ | 368,521,239 | $ | 102,226,280 | $ | 68,984,465 | ||||||
(2) Fair value of securities loaned included in investments at fair value (See Note #1 and Note #4) | $ | 954,438 | $ | 145,144 | $ | 1,247,489 |
The accompanying notes are an integral part of these financial statements.
Page 62 | 2016 Semiannual Report | June 30, 2016 |
Balanced | Global Opportunities Fund | Spectrum | Quantex | Miller/Howard Infrastructure Fund | Dividend Opportunities Fund | Total Return Bond Fund | Money | |||||||||||||||||||||||
$ | 226,623,581 | $ | 80,298,898 | $ | 101,538,000 | $ | 70,006,664 | $ | 20,020,116 | $ | 36,849,147 | $ | 209,311,319 | $ | 153,522,353 | |||||||||||||||
— | — | — | — | — | — | — | 80,000,000 | |||||||||||||||||||||||
47,368,102 | 5,693,065 | 9,778,058 | 2,238,655 | 274,290 | 2,887,770 | 8,224,716 | — | |||||||||||||||||||||||
128,371 | 103,977 | 6,092 | 93,131 | 88,237 | 1,867 | 51,414 | 76,623 | |||||||||||||||||||||||
3,750,000 | 800,000 | 2,150,000 | 150,000 | — | 450,000 | — | — | |||||||||||||||||||||||
— | — | 46,183,700 | — | — | — | — | — | |||||||||||||||||||||||
5,699,539 | 1,758,175 | — | — | 198,240 | 1,380,208 | 11,297,160 | — | |||||||||||||||||||||||
1,012,262 | 516,287 | 2,899,258 | 626,626 | 0 | 88,318 | — | — | |||||||||||||||||||||||
505,624 | 14,558 | 277,908 | 55,285 | 4,486 | 24,095 | 627,732 | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | 31,266 | |||||||||||||||||||||||
223,375 | 48,291 | 78,858 | 47,383 | 83,592 | 84,120 | 155,244 | 86,794 | |||||||||||||||||||||||
1,074 | 1,589 | 747 | 1,889 | 4 | 2,240 | — | — | |||||||||||||||||||||||
145,192 | 39,169 | 188,886 | 16,641 | — | 30,143 | 51,037 | — | |||||||||||||||||||||||
32,495 | 15,663 | 26,709 | 17,960 | 18,748 | 22,532 | 26,510 | 19,878 | |||||||||||||||||||||||
285,489,615 | 89,289,672 | 163,128,216 | 73,254,234 | 20,687,713 | 41,820,440 | 229,745,132 | 233,736,914 | |||||||||||||||||||||||
— | — | 35,068,762 | — | — | — | — | — | |||||||||||||||||||||||
5,958,540 | 1,395,273 | — | — | — | 988,938 | 12,511,600 | — | |||||||||||||||||||||||
481,678 | — | 428,256 | 6,936,623 | — | — | — | — | |||||||||||||||||||||||
128,371 | 103,977 | 6,092 | 93,131 | 88,237 | 1,867 | 51,414 | 76,623 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
708,608 | 1,392,445 | 141,867 | 1,114,827 | 446,428 | 780,462 | 416,856 | — | |||||||||||||||||||||||
664 | 323 | 65 | 686 | 348 | 57 | 865 | ||||||||||||||||||||||||
348 | ||||||||||||||||||||||||||||||
50,187 | ||||||||||||||||||||||||||||||
— | — | 33,273 | — | — | — | — | — | |||||||||||||||||||||||
32,797 | 7,053 | 17,657 | 9,492 | 6,369 | 6,022 | 15,043 | — | |||||||||||||||||||||||
286,888 | 69,991 | 127,316 | 39,058 | 11,094 | 44,101 | 210,083 | — | |||||||||||||||||||||||
13,059 | 6,037 | 7,016 | 5,324 | 4,145 | 2,377 | 7,745 | 14,276 | |||||||||||||||||||||||
4,718 | 2,271 | 1,973 | 1,228 | 1,350 | 954 | 3,531 | 415 | |||||||||||||||||||||||
20,309 | 15,306 | 27,334 | 15,335 | 2,054 | 15,842 | 21,345 | 10,632 | |||||||||||||||||||||||
7,635,632 | 2,992,676 | 35,859,611 | 8,215,704 | 560,025 | 1,840,620 | 13,238,482 | 152,481 | |||||||||||||||||||||||
$ | 277,853,983 | $ | 86,296,996 | $ | 127,268,605 | $ | 65,038,530 | $ | 20,127,688 | $ | 39,979,820 | $ | 216,506,650 | $ | 233,584,433 | |||||||||||||||
$ | 282,239,336 | $ | 95,977,130 | $ | 129,146,675 | $ | 62,925,299 | $ | 19,838,045 | $ | 42,215,765 | $ | 224,790,980 | $ | 233,584,433 | |||||||||||||||
561,334 | 294,946 | 300,626 | 72,255 | (512,742 | ) | 27,961 | (324,877 | ) | — | |||||||||||||||||||||
(10,109,853 | ) | (8,808,164 | ) | (2,910,352 | ) | 808,549 | 267,080 | (3,508,220 | ) | (12,645,377 | ) | — | ||||||||||||||||||
5,163,166 | (1,166,916 | ) | 731,656 | 1,232,427 | 535,305 | 1,244,314 | 4,685,924 | — | ||||||||||||||||||||||
$ | 277,853,983 | $ | 86,296,996 | $ | 127,268,605 | $ | 65,038,530 | $ | 20,127,688 | $ | 39,979,820 | $ | 216,506,650 | $ | 233,584,433 | |||||||||||||||
51,835,326 | ||||||||||||||||||||||||||||||
181,749,107 | ||||||||||||||||||||||||||||||
$ | 233,584,433 | |||||||||||||||||||||||||||||
26,587,069 | 9,383,728 | 13,088,415 | 2,158,123 | 954,837 | 4,110,996 | 22,914,091 | ||||||||||||||||||||||||
51,835,326 | ||||||||||||||||||||||||||||||
181,749,107 | ||||||||||||||||||||||||||||||
233,584,433 | ||||||||||||||||||||||||||||||
$ | 10.45 | $ | 9.20 | $ | 9.72 | $ | 30.14 | $ | 21.08 | $ | 9.73 | $ | 9.45 | |||||||||||||||||
$ | 1.00 | |||||||||||||||||||||||||||||
$ | 1.00 | |||||||||||||||||||||||||||||
$ | 268,819,574 | $ | 87,099,647 | $ | 110,070,856 | $ | 71,021,901 | $ | 19,759,101 | $ | 38,497,255 | $ | 212,850,111 | $ | 233,522,353 | |||||||||||||||
$ | 486,131 | $ | — | $ | 437,187 | $ | 7,054,476 | $ | — | $ | — | $ | — | $ | — |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 63 |
Statements of Operations |
Muirfield | Dynamic Growth Fund | Aggressive Growth Fund | ||||||||||
Investment Income | ||||||||||||
Interest | $ | 3,568 | $ | 2,389 | $ | 2,526 | ||||||
Interest from affiliates | 117,348 | 10,143 | 8,332 | |||||||||
Dividends | 3,342,686 | 1,213,486 | 756,854 | |||||||||
Total Investment Income | 3,463,602 | 1,226,018 | 767,712 | |||||||||
Fund Expenses | ||||||||||||
Investment advisor | 1,268,182 | 397,409 | 262,430 | |||||||||
Transfer agent | 226,287 | 63,586 | 41,989 | |||||||||
Transfer agent - Money Market Fund - Retail Class | ||||||||||||
Transfer agent - Money Market Fund - Institutional Class | ||||||||||||
Fund accounting | 37,256 | 23,698 | 21,419 | |||||||||
Administrative | 155,830 | 47,363 | 32,965 | |||||||||
Trustee | 10,526 | 3,266 | 2,312 | |||||||||
Audit | 6,700 | 6,700 | 6,700 | |||||||||
Legal | 2,879 | 2,879 | 2,879 | |||||||||
Custody | 19,710 | 8,296 | 6,392 | |||||||||
Printing | 7,884 | 2,219 | 1,541 | |||||||||
Distribution plan (12b-1) | 377,144 | 132,470 | 87,476 | |||||||||
Distribution plan (12b-1) - Money Market Fund - Retail Class | ||||||||||||
Distribution plan (12b-1) - Money Market Fund - Institutional Class | ||||||||||||
Administrative service plan | 377,144 | 105,976 | 69,981 | |||||||||
Postage | 8,954 | 4,475 | 2,279 | |||||||||
Registration and filing | 22,488 | 15,337 | 12,697 | |||||||||
Insurance | 16,529 | 7,267 | 4,517 | |||||||||
Chief Compliance Officer | 2,260 | 2,260 | 2,260 | |||||||||
Short sale expense | — | — | — | |||||||||
Dividend expense on securities sold short | — | — | — | |||||||||
Other | 12,283 | 10,601 | 9,067 | |||||||||
Total Expenses Before Reductions | 2,552,056 | 833,802 | 566,904 | |||||||||
Expenses voluntarily reimbursed/waived by investment advisor (See Note #4) | — | (98,170 | ) | (11,491 | ) | |||||||
Expenses contractually reimbursed/waived by investment advisor (See Note #4) | — | — | — | |||||||||
Commissions recaptured and fees received from custodian (See Note #4) | (677,198 | ) | (215,632 | ) | (132,351 | ) | ||||||
Securities lending credit (See Note #4) | (23,770 | ) | (3,906 | ) | (6,667 | ) | ||||||
Transfer agent expenses voluntarily waived (See Note #4) | — | — | — | |||||||||
Transfer agent expenses contractually waived (See Note #4) | — | — | — | |||||||||
Net Expenses | 1,851,088 | 516,094 | 416,395 | |||||||||
Net Investment Income (Loss) | 1,612,514 | 709,924 | 351,317 | |||||||||
Net Realized and Unrealized Gain (Loss) from Investments | ||||||||||||
Net realized gains (losses) from investments | (11,128,066 | ) | (3,711,113 | ) | (3,499,607 | ) | ||||||
Net realized gains (losses) from futures contracts | 3,372,981 | 593,340 | 902,764 | |||||||||
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies | (7,755,085 | ) | (3,117,773 | ) | (2,596,843 | ) | ||||||
Net change in unrealized appreciation (depreciation) of investments and futures contracts | 5,427,578 | 1,395,008 | 1,004,425 | |||||||||
Net Realized and Unrealized Gain (Loss) from Investments | (2,327,507 | ) | (1,722,765 | ) | (1,592,418 | ) | ||||||
Net Change in Net Assets Resulting from Operations | $ | (714,993 | ) | $ | (1,012,841 | ) | $ | (1,241,101 | ) |
The accompanying notes are an integral part of these financial statements.
Page 64 | 2016 Semiannual Report | June 30, 2016 |
Balanced | Global Opportunities Fund | Spectrum | Quantex | Miller/Howard Infrastructure Fund | Dividend Opportunities Fund | Total Return Bond Fund | Money | |||||||||||||||||||||||
$ | 3,146 | $ | 1,026 | $ | 932 | $ | 3,024 | $ | — | $ | 1,057 | $ | 3,420 | $ | 527,007 | |||||||||||||||
63,809 | 6,215 | 29,583 | 3,436 | 484 | 2,276 | 9,816 | — | |||||||||||||||||||||||
2,880,538 | 1,062,148 | 863,637 | 541,492 | 381,199 | 728,808 | 3,324,685 | — | |||||||||||||||||||||||
2,947,493 | 1,069,389 | 894,152 | 547,952 | 381,683 | 732,141 | 3,337,921 | 527,007 | |||||||||||||||||||||||
980,624 | 341,839 | 460,903 | 300,489 | 96,461 | 149,594 | 310,941 | 327,956 | |||||||||||||||||||||||
166,289 | 54,694 | 73,745 | 41,073 | 42,363 | 42,601 | 84,597 | ||||||||||||||||||||||||
21,264 | ||||||||||||||||||||||||||||||
59,943 | ||||||||||||||||||||||||||||||
32,256 | 22,957 | 24,544 | 20,430 | 12,132 | 18,410 | 28,973 | 28,534 | |||||||||||||||||||||||
115,832 | 41,435 | 54,136 | 29,011 | 9,646 | 19,946 | 89,568 | 86,050 | |||||||||||||||||||||||
7,799 | 2,932 | 3,680 | 1,889 | 708 | 1,420 | 5,926 | 697 | |||||||||||||||||||||||
6,700 | 6,700 | 7,190 | 6,700 | 6,700 | 6,700 | 6,700 | 6,700 | |||||||||||||||||||||||
2,879 | 2,879 | 2,879 | 2,879 | 2,879 | 2,933 | 2,879 | 2,879 | |||||||||||||||||||||||
17,205 | 8,044 | 8,248 | 3,891 | 1,725 | 4,010 | 12,810 | 7,601 | |||||||||||||||||||||||
5,778 | 2,013 | 2,628 | 1,240 | 968 | 849 | 4,349 | 5,131 | |||||||||||||||||||||||
346,435 | 95,715 | 153,634 | 60,094 | 23,151 | 49,865 | 264,359 | ||||||||||||||||||||||||
2,002 | ||||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||||
277,148 | 91,157 | 122,908 | 39,975 | 12,540 | 42,882 | 211,487 | — | |||||||||||||||||||||||
5,541 | 2,976 | 5,038 | 4,397 | 4,975 | 4,129 | 4,430 | 2,093 | |||||||||||||||||||||||
27,321 | 12,006 | 24,768 | 10,471 | 11,371 | 23,154 | 16,190 | 12,451 | |||||||||||||||||||||||
9,530 | 5,103 | 1,995 | 3,271 | 1,110 | 2,133 | 8,070 | 11,184 | |||||||||||||||||||||||
2,260 | 2,260 | 2,260 | 2,260 | 2,260 | 2,260 | 2,260 | 2,260 | |||||||||||||||||||||||
— | — | 41,264 | — | — | — | — | — | |||||||||||||||||||||||
— | — | 194,994 | — | — | — | — | — | |||||||||||||||||||||||
10,344 | 9,429 | 8,695 | 8,994 | 9,714 | 7,702 | 9,973 | 13,549 | |||||||||||||||||||||||
2,013,941 | 702,139 | 1,193,509 | 537,064 | 238,703 | 378,588 | 1,063,512 | 590,296 | |||||||||||||||||||||||
— | (69,795 | ) | — | — | — | (56,429 | ) | (51 | ) | (332,713 | ) | |||||||||||||||||||
— | — | — | (75,135 | ) | — | — | — | — | ||||||||||||||||||||||
(410,481 | ) | (118,469 | ) | (346,699 | ) | (137,047 | ) | — | (57,903 | ) | (176,059 | ) | — | |||||||||||||||||
(15,190 | ) | (24,508 | ) | (17,368 | ) | (41,480 | ) | (48 | ) | (17,053 | ) | — | — | |||||||||||||||||
— | — | — | — | (30,788 | ) | (3,321 | ) | — | — | |||||||||||||||||||||
— | — | — | — | — | — | (21,151 | ) | (58,845 | ) | |||||||||||||||||||||
1,588,270 | 489,367 | 829,442 | 283,402 | 207,867 | 243,882 | 866,251 | 198,738 | |||||||||||||||||||||||
1,359,223 | 580,022 | 64,710 | 264,550 | 173,816 | 488,259 | 2,471,670 | 328,269 | |||||||||||||||||||||||
(8,877,150 | ) | (4,855,139 | ) | (4,486,842 | ) | 156,850 | 283,122 | (1,590,511 | ) | (2,206,611 | ) | |||||||||||||||||||
3,382,448 | 446,232 | 2,989,132 | 455,115 | — | 83,668 | (10 | ) | |||||||||||||||||||||||
(5,494,702 | ) | (4,408,907 | ) | (1,497,710 | ) | 611,965 | 283,122 | (1,506,843 | ) | (2,206,621 | ) | |||||||||||||||||||
7,427,751 | 1,819,178 | 1,325,752 | 4,560,496 | 2,504,379 | 2,380,506 | 9,636,061 | ||||||||||||||||||||||||
1,933,049 | (2,589,729 | ) | (171,958 | ) | 5,172,461 | 2,787,501 | 873,663 | 7,429,440 | ||||||||||||||||||||||
$ | 3,292,272 | $ | (2,009,707 | ) | $ | (107,248 | ) | $ | 5,437,011 | $ | 2,961,317 | $ | 1,361,922 | $ | 9,901,110 | $ | 328,269 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 65 |
Statements of Changes in Net Assets |
Muirfield Fund | Dynamic Growth Fund | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,612,514 | $ | 1,197,404 | $ | 709,924 | $ | 708,081 | ||||||||
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies | (7,755,085 | ) | (8,885,936 | ) | (3,117,773 | ) | 1,182,605 | |||||||||
Net change in unrealized appreciation (depreciation) of investments and futures contracts | 5,427,578 | (15,533,850 | ) | 1,395,008 | (9,045,186 | ) | ||||||||||
Net change in net assets resulting from operations | (714,993 | ) | (23,222,382 | ) | (1,012,841 | ) | (7,154,500 | ) | ||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income | (592,030 | ) | (1,206,913 | ) | (344,418 | ) | (713,972 | ) | ||||||||
From net realized gain from investment transactions | — | (9,177,856 | ) | — | (3,263,183 | ) | ||||||||||
From tax return of capital | — | — | — | — | ||||||||||||
Net change in net assets resulting from distributions | (592,030 | ) | (10,384,769 | ) | (344,418 | ) | (3,977,155 | ) | ||||||||
Capital Transactions | ||||||||||||||||
Issued | 64,584,573 | 261,740,230 | 15,537,796 | 98,814,975 | ||||||||||||
Reinvested | 571,328 | 10,071,809 | 343,580 | 3,975,540 | ||||||||||||
Redeemed | (72,822,032 | ) | (145,121,166 | ) | (25,599,903 | ) | (116,736,993 | ) | ||||||||
Net change in net assets resulting from capital transactions | (7,666,131 | ) | 126,690,873 | (9,718,527 | ) | (13,946,478 | ) | |||||||||
Total Change in Net Assets | (8,973,154 | ) | 93,083,722 | (11,075,786 | ) | (25,078,133 | ) | |||||||||
Net Assets - Beginning of Year | 390,945,134 | 297,861,412 | 116,559,401 | 141,637,534 | ||||||||||||
Net Assets - End of Year | $ | 381,971,980 | $ | 390,945,134 | $ | 105,483,615 | $ | 116,559,401 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 1,029,993 | $ | — | $ | 371,397 | $ | — | ||||||||
Share Transactions | ||||||||||||||||
Issued | 10,271,005 | 37,521,714 | 1,727,980 | 9,864,209 | ||||||||||||
Reinvested | 88,579 | 1,527,478 | 37,092 | 416,792 | ||||||||||||
Redeemed | (11,543,469 | ) | (21,020,472 | ) | (2,860,775 | ) | (11,960,788 | ) | ||||||||
Net change in shares | (1,183,885 | ) | 18,028,720 | (1,095,703 | ) | (1,679,787 | ) |
The accompanying notes are an integral part of these financial statements.
Page 66 | 2016 Semiannual Report | June 30, 2016 |
Aggressive Growth Fund | Balanced Fund | Global Opportunities Fund | Spectrum Fund | |||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
$ | 351,317 | $ | 220,622 | $ | 1,359,223 | $ | 1,908,119 | $ | 580,022 | $ | 490,056 | $ | 64,710 | $ | (235,916 | ) | ||||||||||||||
(2,596,843 | ) | 1,021,382 | (5,494,702 | ) | (4,166,746 | ) | (4,408,907 | ) | (3,441,622 | ) | (1,497,710 | ) | 358,758 | |||||||||||||||||
1,004,425 | (6,184,825 | ) | 7,427,751 | (9,092,588 | ) | 1,819,178 | (5,964,881 | ) | 1,325,752 | (594,096 | ) | |||||||||||||||||||
(1,241,101 | ) | (4,942,821 | ) | 3,292,272 | (11,351,215 | ) | (2,009,707 | ) | (8,916,447 | ) | (107,248 | ) | (471,254 | ) | ||||||||||||||||
(221,690 | ) | (226,997 | ) | (806,520 | ) | (1,916,750 | ) | (285,076 | ) | (502,535 | ) | — | — | |||||||||||||||||
— | (2,792,248 | ) | — | (1,472,510 | ) | — | (2,772,417 | ) | — | (1,529,056 | ) | |||||||||||||||||||
— | — | — | — | — | — | — | (229,488 | ) | ||||||||||||||||||||||
(221,690 | ) | (3,019,245 | ) | (806,520 | ) | (3,389,260 | ) | (285,076 | ) | (3,274,952 | ) | — | (1,758,544 | ) | ||||||||||||||||
9,677,210 | 51,752,300 | 47,067,567 | 201,278,315 | 11,139,445 | 42,880,298 | 28,172,150 | 143,258,792 | |||||||||||||||||||||||
221,619 | 3,018,277 | 805,538 | 3,388,893 | 284,754 | 3,274,831 | — | 1,758,324 | |||||||||||||||||||||||
(16,582,273 | ) | (53,444,927 | ) | (61,307,989 | ) | (76,657,319 | ) | (29,254,034 | ) | (37,386,702 | ) | (26,393,328 | ) | (17,190,287 | ) | |||||||||||||||
(6,683,444 | ) | 1,325,650 | (13,434,884 | ) | 128,009,889 | (17,829,835 | ) | 8,768,427 | 1,778,822 | 127,826,829 | ||||||||||||||||||||
(8,146,235 | ) | (6,636,416 | ) | (10,949,132 | ) | 113,269,414 | (20,124,618 | ) | (3,422,972 | ) | 1,671,574 | 125,597,031 | ||||||||||||||||||
78,210,743 | 84,847,159 | 288,803,115 | 175,533,701 | 106,421,614 | 109,844,586 | 125,597,031 | — | |||||||||||||||||||||||
$ | 70,064,508 | $ | 78,210,743 | $ | 277,853,983 | $ | 288,803,115 | $ | 86,296,996 | $ | 106,421,614 | $ | 127,268,605 | $ | 125,597,031 | |||||||||||||||
$ | 136,002 | $ | — | $ | 561,334 | $ | — | $ | 294,946 | $ | — | $ | 300,626 | $ | — | |||||||||||||||
1,044,195 | 4,931,650 | 4,619,724 | 18,685,615 | 1,253,610 | 4,134,883 | 2,955,814 | 14,444,572 | |||||||||||||||||||||||
23,344 | 308,082 | 77,391 | 322,277 | 30,951 | 345,625 | — | 179,238 | |||||||||||||||||||||||
(1,809,368 | ) | (5,228,440 | ) | (5,997,054 | ) | (7,104,140 | ) | (3,292,597 | ) | (3,671,048 | ) | (2,775,771 | ) | (1,715,438 | ) | |||||||||||||||
(741,829 | ) | 11,292 | (1,299,939 | ) | 11,903,752 | (2,008,036 | ) | 809,460 | 180,043 | 12,908,372 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 67 |
Statements of Changes in Net Assets |
Quantex Fund | ||||||||
2016 | 2015 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 264,550 | $ | 325,015 | ||||
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies | 611,965 | 8,553,680 | ||||||
Net change in unrealized appreciation (depreciation) of investments and futures contracts | 4,560,496 | (14,697,077 | ) | |||||
Net change in net assets resulting from operations | 5,437,011 | (5,818,382 | ) | |||||
Distributions to Shareholders | ||||||||
From net investment income | (217,317 | ) | (350,037 | ) | ||||
From net realized gain from investment transactions | — | (8,782,141 | ) | |||||
Net change in net assets resulting from distributions | (217,317 | ) | (9,132,178 | ) | ||||
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 | 13,151,036 | 36,625,210 | ||||||
Reinvested | 216,329 | 9,118,613 | ||||||
Redeemed | (12,431,057 | ) | (33,744,475 | ) | ||||
Net change in net assets resulting from capital transactions | 936,308 | 11,999,348 | ||||||
Total Change in Net Assets | 6,156,002 | (2,951,212 | ) | |||||
Net Assets - Beginning of Year | 58,882,528 | 61,833,740 | ||||||
Net Assets - End of Year | $ | 65,038,530 | $ | 58,882,528 | ||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 72,255 | $ | — | ||||
Share Transactions | ||||||||
Issued | 477,865 | 1,061,088 | ||||||
Reinvested | 7,231 | 319,498 | ||||||
Redeemed | (442,178 | ) | (1,022,131 | ) | ||||
Net change in shares | 42,918 | 358,455 |
The accompanying notes are an integral part of these financial statements.
Page 68 | 2016 Semiannual Report | June 30, 2016 |
Miller/Howard | Dividend | Total Return Bond Fund | Money Market Fund | |||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||
$ | 173,816 | $ | 227,628 | $ | 488,259 | $ | 396,239 | $ | 2,471,670 | $ | 5,089,219 | $ | 328,269 | $ | 216,228 | |||||||||||||||
283,122 | 4,841,093 | (1,506,843 | ) | (2,001,377 | ) | (2,206,621 | ) | (8,566,033 | ) | — | — | |||||||||||||||||||
2,504,379 | (11,269,228 | ) | 2,380,506 | (1,136,192 | ) | 9,636,061 | (2,115,247 | ) | — | — | ||||||||||||||||||||
2,961,317 | (6,200,507 | ) | 1,361,922 | (2,741,330 | ) | 9,901,110 | (5,592,061 | ) | 328,269 | 216,228 | ||||||||||||||||||||
(86,480 | ) | (336,482 | ) | (465,300 | ) | (401,241 | ) | (2,796,557 | ) | (5,089,210 | ) | |||||||||||||||||||
— | (5,682,559 | ) | — | — | — | — | ||||||||||||||||||||||||
(86,480 | ) | (6,019,041 | ) | (465,300 | ) | (401,241 | ) | (2,796,557 | ) | (5,089,210 | ) | |||||||||||||||||||
(71,577 | ) | (36,789 | ) | |||||||||||||||||||||||||||
(256,692 | ) | (179,439 | ) | |||||||||||||||||||||||||||
(328,269 | ) | (216,228 | ) | |||||||||||||||||||||||||||
1,976,511 | 22,621,256 | 6,265,226 | 63,564,516 | 48,659,938 | 136,328,662 | 434,912,576 | 1,209,592,157 | |||||||||||||||||||||||
83,848 | 5,825,232 | 465,112 | 401,229 | 2,793,220 | 5,086,663 | 68,983 | 37,827 | |||||||||||||||||||||||
(4,841,659 | ) | (42,938,290 | ) | (9,745,747 | ) | (18,724,567 | ) | (56,668,833 | ) | (59,161,802 | ) | (426,099,556 | ) | (1,187,593,496 | ) | |||||||||||||||
(2,781,300 | ) | (14,491,802 | ) | (3,015,409 | ) | 45,241,178 | (5,215,675 | ) | 82,253,523 | 8,882,003 | 22,036,488 | |||||||||||||||||||
93,537 | (26,711,350 | ) | (2,118,787 | ) | 42,098,607 | 1,888,878 | 71,572,252 | 8,882,003 | 22,036,488 | |||||||||||||||||||||
20,034,151 | 46,745,501 | 42,098,607 | — | 214,617,772 | 143,045,520 | 224,702,430 | 202,665,942 | |||||||||||||||||||||||
$ | 20,127,688 | $ | 20,034,151 | $ | 39,979,820 | $ | 42,098,607 | $ | 216,506,650 | $ | 214,617,772 | $ | 233,584,433 | $ | 224,702,430 | |||||||||||||||
$ | (512,742 | ) | $ | (631,001 | ) | $ | 27,961 | $ | — | $ | (324,877 | ) | $ | 10 | $ | — | $ | 1 | ||||||||||||
103,113 | 762,821 | 672,534 | 6,344,838 | 5,241,806 | 14,346,144 | 434,912,576 | 1,209,592,157 | |||||||||||||||||||||||
4,361 | 318,749 | 48,951 | 41,958 | 299,639 | 537,772 | 68,983 | 37,827 | |||||||||||||||||||||||
(255,169 | ) | (1,514,313 | ) | (1,042,197 | ) | (1,955,088 | ) | (6,111,337 | ) | (6,261,274 | ) | (426,099,556 | ) | (1,187,593,496 | ) | |||||||||||||||
(147,695 | ) | (432,743 | ) | (320,712 | ) | 4,431,708 | (569,892 | ) | 8,622,642 | 8,882,003 | 22,036,488 |
The accompanying notes are an integral part of these financial statements.
2016 Semiannual Report | June 30, 2016 | Page 69 |
Financial Highlights |
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 | |||||||||||||||||||||||||
Muirfield Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 6.47 | 0.03 | (0.04 | ) | (0.01 | ) | (0.01 | ) | 0.00 | 0.00 | (0.01 | ) | |||||||||||||||||||
2015 | $ | 7.03 | 0.02 | (0.41 | ) | (0.39 | ) | (0.02 | ) | (0.15 | ) | 0.00 | (0.17 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Dynamic Growth Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2015 | $ | 9.36 | 0.06 | (0.11 | ) | (0.05 | ) | (0.03 | ) | 0.00 | 0.00 | (0.03 | ) | |||||||||||||||||||
2015 | $ | 10.02 | 0.05 | (0.40 | ) | (0.35 | ) | (0.05 | ) | (0.26 | ) | 0.00 | (0.31 | ) | ||||||||||||||||||
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 | ||||||||||||||||||||
Aggressive Growth Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 9.64 | 0.05 | (0.16 | ) | (0.11 | ) | (0.03 | ) | 0.00 | 0.00 | (0.03 | ) | |||||||||||||||||||
2015 | $ | 10.47 | 0.03 | (0.48 | ) | (0.45 | ) | (0.03 | ) | (0.35 | ) | 0.00 | (0.38 | ) | ||||||||||||||||||
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 | ||||||||||||||||||||
Balanced Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 10.36 | 0.05 | 0.07 | 0.12 | (0.03 | ) | 0.00 | 0.00 | (0.03 | ) | |||||||||||||||||||||
2015 | $ | 10.98 | 0.09 | (0.58 | ) | (0.49 | ) | (0.08 | ) | (0.05 | ) | 0.00 | (0.13 | ) | ||||||||||||||||||
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 | ) | |||||||||||||||||||
Global Opportunities Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 9.34 | 0.06 | (0.17 | ) | (0.11 | ) | (0.03 | ) | 0.00 | 0.00 | (0.03 | ) | |||||||||||||||||||
2015 | $ | 10.38 | 0.04 | (0.79 | ) | (0.75 | ) | (0.04 | ) | (0.25 | ) | 0.00 | (0.29 | ) | ||||||||||||||||||
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 | ||||||||||||||||||||
Spectrum Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 9.73 | 0.00 | (0.01 | ) | (0.01 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2015 (6) | $ | 10.00 | (0.04 | ) | (0.08 | ) | (0.12 | ) | 0.00 | (0.13 | ) | (0.02 | ) | (0.15 | ) |
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 70 | 2016 Semiannual Report | June 30, 2016 |
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 and Recoupment of Fees, Excluding Commissions Recaptured and Fees Received from Custodian | Ratio of Expenses to Average Net Assets Before Reductions or Recoupment of Fees | Portfolio Turnover Rate | ||||||||||||||||||||||||
$ | 6.45 | (0.15 | %) | $ | 381,972 | 0.98 | % | 0.85 | % | 1.34 | % | 1.35 | % | 209 | % | ||||||||||||||||
$ | 6.47 | (5.50 | %) | $ | 390,945 | 1.03 | % | 0.33 | % | 1.35 | % | 1.37 | % | 277 | % | ||||||||||||||||
$ | 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 | % | ||||||||||||||||
$ | 9.28 | (0.53 | %) | $ | 105,484 | 0.97 | % | 1.34 | % | 1.37 | % | 1.57 | % | 176 | % | ||||||||||||||||
$ | 9.36 | (3.46 | %) | $ | 116,559 | 1.19 | % | 0.47 | % | 1.48 | % | 1.54 | % | 245 | % | ||||||||||||||||
$ | 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 | % | ||||||||||||||||
$ | 9.50 | (1.14 | %) | $ | 70,065 | 1.19 | % | 1.00 | % | 1.57 | % | 1.62 | % | 144 | % | ||||||||||||||||
$ | 9.64 | (4.35 | %) | $ | 78,211 | 1.18 | % | 0.24 | % | 1.56 | % | 1.58 | % | 283 | % | ||||||||||||||||
$ | 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 | % | ||||||||||||||||
$ | 10.45 | 1.16 | % | $ | 277,854 | 1.15 | % | 0.98 | % | 1.45 | % | 1.45 | % | 175 | % | ||||||||||||||||
$ | 10.36 | (4.47 | %) | $ | 288,803 | 1.22 | % | 0.81 | % | 1.47 | % | 1.48 | % | 246 | % | ||||||||||||||||
$ | 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 | % | ||||||||||||||||
$ | 9.20 | (1.18 | %) | $ | 86,297 | 1.07 | % | 1.27 | % | 1.34 | % | 1.54 | % | 71 | % | ||||||||||||||||
$ | 9.34 | (7.21 | %) | $ | 106,422 | 1.19 | % | 0.42 | % | 1.42 | % | 1.50 | % | 170 | % | ||||||||||||||||
$ | 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 | % | ||||||||||||||||
$ | 9.72 | (0.10 | %) | $ | 127,269 | 1.35 | % | 0.11 | % | 1.91 | % | 1.94 | % | 92 | % | ||||||||||||||||
$ | 9.73 | (1.21 | %) | $ | 125,597 | 1.49 | % | (0.36 | %) | 2.12 | % | 2.19 | % | 161 | % |
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.
2016 Semiannual Report | June 30, 2016 | Page 71 |
Financial Highlights |
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 | |||||||||||||||||||||||||
Quantex Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 27.84 | 0.12 | 2.28 | 2.40 | (0.10 | ) | 0.00 | 0.00 | (0.10 | ) | |||||||||||||||||||||
2015 | $ | 35.20 | 0.17 | (2.78 | ) | (2.61 | ) | (0.17 | ) | (4.58 | ) | 0.00 | (4.75 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Miller/Howard Infrastructure Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 18.17 | 0.17 | 2.83 | 3.00 | (0.09 | ) | 0.00 | 0.00 | (0.09 | ) | |||||||||||||||||||||
2015 | $ | 30.45 | 0.17 | (5.40 | ) | (5.23 | ) | (0.25 | ) | (6.80 | ) | 0.00 | (7.05 | ) | ||||||||||||||||||
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 | ) | |||||||||||||||||||||
Dividend Opportunities Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 9.50 | 0.11 | 0.23 | 0.34 | (0.11 | ) | 0.00 | 0.00 | (0.11 | ) | |||||||||||||||||||||
2015 (7) | $ | 10.00 | 0.18 | (0.59 | ) | (0.41 | ) | (0.09 | ) | 0.00 | 0.00 | (0.09 | ) | |||||||||||||||||||
Total Return Bond Fund (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 9.14 | 0.11 | 0.32 | 0.43 | (0.12 | ) | 0.00 | 0.00 | (0.12 | ) | |||||||||||||||||||||
2015 | $ | 9.63 | 0.27 | (0.51 | ) | (0.24 | ) | (0.25 | ) | 0.00 | 0.00 | (0.25 | ) | |||||||||||||||||||
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 (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 1.00 | 0.001 | N/ | A | 0.001 | (0.001 | ) | 0.000 | 0.000 | (0.001 | ) | ||||||||||||||||||||
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 | 0.001 | 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 | ) | ||||||||||||||||||||
Money Market Fund - Institutional Class (1)(2)(3)(4) | ||||||||||||||||||||||||||||||||
2016 | $ | 1.00 | 0.002 | N/ | A | 0.002 | (0.002 | ) | 0.000 | 0.000 | (0.002 | ) | ||||||||||||||||||||
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 | ) |
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 72 | 2016 Semiannual Report | June 30, 2016 |
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 and Recoupment of Fees, Excluding Commissions Recaptured and Fees Received from Custodian | Ratio of Expenses to Average Net Assets Before Reductions or Recoupment of Fees | Portfolio Turnover Rate | ||||||||||||||||||||||||
$ | 30.14 | 8.62 | % | $ | 65,039 | 0.94 | % | 0.88 | % | 1.40 | % | 1.79 | % | 72 | % | ||||||||||||||||
$ | 27.84 | (7.68 | %) | $ | 58,883 | 1.09 | % | 0.46 | % | 1.26 | % | 1.75 | % | 87 | % | ||||||||||||||||
$ | 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 | % | ||||||||||||||||
$ | 21.08 | 16.53 | % | $ | 20,128 | 2.15 | % | 1.80 | % | 2.15 | % | 2.47 | % | 31 | % | ||||||||||||||||
$ | 18.17 | (16.92 | %) | $ | 20,034 | 1.98 | % | 0.56 | % | 1.98 | % | 2.01 | % | 54 | % | ||||||||||||||||
$ | 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 | % | ||||||||||||||||
$ | 9.73 | 3.60 | % | $ | 39,980 | 1.22 | % | 2.45 | % | 1.52 | % | 1.90 | % | 70 | % | ||||||||||||||||
$ | 9.50 | (4.15 | %) | $ | 42,099 | 1.26 | % | 1.80 | % | 1.66 | % | 1.85 | % | 70 | % | ||||||||||||||||
$ | 9.45 | 4.75 | % | $ | 216,507 | 0.82 | % | 2.34 | % | 0.99 | % | 1.01 | % | 164 | % | ||||||||||||||||
$ | 9.14 | (2.51 | %) | $ | 214,618 | 0.88 | % | 2.71 | % | 1.01 | % | 1.03 | % | 295 | % | ||||||||||||||||
$ | 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 | 0.13 | % | $ | 51,835 | 0.25 | % | 0.27 | % | 0.25 | % | 0.58 | % | N/ | A | ||||||||||||||||
$ | 1.00 | 0.07 | % | $ | 56,530 | 0.18 | % | 0.07 | % | 0.18 | % | 0.58 | % | 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 | 0.17 | % | $ | 181,749 | 0.18 | % | 0.34 | % | 0.18 | % | 0.58 | % | N/ | A | ||||||||||||||||
$ | 1.00 | 0.11 | % | $ | 168,172 | 0.14 | % | 0.11 | % | 0.14 | % | 0.58 | % | 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 |
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 | 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.
2016 Semiannual Report | June 30, 2016 | Page 73 |
Notes to Financial Statements
June 30, 2016 (unaudited)
1. Organization and Significant Accounting Policies
Meeder Funds® (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”), Global Opportunities Fund (“Global”)(f.k.a. Strategic Growth Fund)(please see second paragraph of Note #1 for more information), Spectrum Fund (“Spectrum”), Dividend Opportunities Fund (“Dividend”), Quantex Fund® (“Quantex”), Miller/Howard Infrastructure Fund (“Infrastructure”)(f.k.a. Utilities and Infrastructure Fund)(please see third paragraph of Note #1 for more information), 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, Global, 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 Infrastructure 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.
Effective December 31, 2015, Strategic Growth Fund changed its name to Global Opportunities Fund and also changed its investment strategy. The Fund will be fully invested in the equity market at all times and will hold a fixed allocation across six distinct investment categories. The mix of investments selected to represent each investment category is variable and actively managed by utilizing the Adviser’s quantitative models and by employing a strategic investment selection process. Under normal circumstances, the Fund will invest at least 40% of its net assets in holdings outside the United States, representing at least three different countries. The current target allocation is as follows: 40-55% international holdings, 20-25% domestic large cap holdings, 10-15% domestic mid cap holdings, 5-10% domestic small cap holdings, 5-10% real estate holdings, and 5-10% commodities holdings. Because these are target investment allocations, the actual allocations of the Fund’s assets may deviate from the target percentages. The Fund may be subject to increased volatility.
Effective December 31, 2015, Utilities and Infrastructure Fund changed its name to Miller/Howard Infrastructure Fund and also changed its investment strategy. This name change better reflects the use of proprietary investment strategies developed by the Fund’s sub-adviser Miller/Howard Investments, Inc. The Fund will generally invest at least 80% of its net assets in infrastructure companies, and may invest up to 25% of its total assets in securities of master limited partnerships (“MLPs”) in the energy sector. The Fund will continue to invest at least 25% of its total assets in securities of public utility companies. The Fund also registered for two classes of shares: a retail class and an institutional class. The institutional class is not currently offered for sale.
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.
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
Page 74 | 2016 Semiannual Report | June 30, 2016 |
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 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 $46,183,700 as of June 30, 2016.
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 a loss. 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 Infrastructure, it is normal practice for each Fund to invest in futures 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 Infrastructure 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, 2016, 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, 2016.
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, 2016 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 | $ | 575,110 | $ | (45,731 | ) | |||
Dynamic Growth Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | 543,063 | (62,645 | ) | |||||
Aggressive Growth Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | 842,146 | (63,945 | ) | |||||
Balanced Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | 1,012,262 | (8,943 | ) | |||||
Global Opportunities Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | 516,287 | (59,232 | ) |
2016 Semiannual Report | June 30, 2016 | Page 75 |
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) | ||||||
Spectrum Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | $ | 2,899,258 | $ | (284,899 | ) | |||
Quantex Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | 626,626 | 9,009 | ||||||
Dividend Opportunities Fund | Equity contracts | Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | 88,318 | 4,652 |
* | 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, 2016 was as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||||||||||||||||||||||
| Type of Derivative/ Risk | Contracts as of December 31, 2015 | Contracts Opened During the Period | Contracts Closed/ Expired During the Period | Contracts as of June 30, 2016 | Statement of Operations Location | For the Six Months Ended June 30, | |||||||||||||||
Muirfield Fund | Equity contracts | 600 | 4,710 | 4,498 | 812 | Net realized gains (losses) from futures contracts | $ | 3,372,981 | ||||||||||||||
Dynamic Growth Fund | Equity contracts | 44 | 762 | 645 | 161 | Net realized gains (losses) from futures contracts | 593,340 | |||||||||||||||
Aggressive Growth Fund | Equity contracts | 29 | 575 | 503 | 101 | Net realized gains (losses) from futures contracts | 902,764 | |||||||||||||||
Balanced Fund | Equity contracts | 353 | 2,662 | 2,485 | 530 | Net realized gains (losses) from futures contracts | 3,382,448 | |||||||||||||||
Global Opportunities Fund | Equity contracts | 38 | 433 | 398 | 73 | Net realized gains (losses) from futures contracts | 446,232 | |||||||||||||||
Spectrum Fund | Equity contracts | 102 | 2,009 | 1,524 | 587 | Net realized gains (losses) from futures contracts | 2,989,132 | |||||||||||||||
Quantex Fund | Equity contracts | 15 | 133 | 123 | 25 | Net realized gains (losses) from futures contracts | 455,115 | |||||||||||||||
Dividend Opportunities Fund | Equity contracts | 23 | 148 | 131 | 40 | Net realized gains (losses) from futures contracts | 83,668 |
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income | ||||||
| Type of Derivative/Risk | Statement of Operations Location | For the June 30, 2016 | |||
Muirfield Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | $ | 917,966 | ||
Dynamic Growth Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | (128,021 | ) | ||
Aggressive Growth Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | (104,900 | ) |
Page 76 | 2016 Semiannual Report | June 30, 2016 |
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income | ||||||
| Type of Derivative/Risk | Statement of Operations Location | For the June 30, 2016 | |||
Balanced Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | $ | 516,964 | ||
Global Opportunities Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | (114,722 | ) | ||
Spectrum Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | (413,109 | ) | ||
Quantex Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | (8,364 | ) | ||
Dividend Opportunities Fund | Equity contracts | Net change in unrealized appreciation (depreciation) of investments and futures contracts | 8,523 |
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. The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2012 through December 31, 2015) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Each Fund identifies its major tax jurisdictions as U.S. Federal and certain State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 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, 2016, the Funds did not incur any material interest or penalties.
Distributions to shareholders. Distributions to shareholders are recorded on the ex-dividend date. Muirfield, Quantex, Dynamic, Aggressive, Balanced, Global, and Spectrum declare and pay dividends from net investment income, if any, on a quarterly basis. Infrastructure, 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.
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 net operating losses and partnership basis adjustments. 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 period ended December 31, 2015, 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 | $ | (9,533 | ) | $ | 9,509 | $ | 24 | |||||
Dynamic Growth Fund | 2 | 5,891 | (5,893 | ) | ||||||||
Aggressive Growth Fund | 3 | 6,375 | (6,378 | ) | ||||||||
Balanced Fund | (8,635 | ) | 8,631 | 4 | ||||||||
Global Opportunities Fund | (12,483 | ) | 12,479 | 4 | ||||||||
Spectrum Fund | (229,488 | ) | 235,916 | (6,428 | ) | |||||||
Quantex Fund | — | 25,022 | (25,022 | ) | ||||||||
Miller/Howard Infrastructure Fund | 150,592 | 30,923 | (181,515 | ) | ||||||||
Dividend Opportunities Fund | (5,002 | ) | 5,002 | — | ||||||||
Total Return Bond Fund | 2 | — | (2 | ) |
2016 Semiannual Report | June 30, 2016 | Page 77 |
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, 2016 and the year ended December 31, 2015 were as follows:
2016 | 2015 | |||||||||||||||
Amount | Shares | Amount | Shares | |||||||||||||
Retail Class | ||||||||||||||||
Issued | $ | 58,249,142 | 58,249,142 | $ | 121,657,074 | 121,657,074 | ||||||||||
Reinvested | 65,870 | 65,870 | 34,305 | 34,305 | ||||||||||||
Redeemed | (63,010,172 | ) | (63,010,172 | ) | (120,087,456 | ) | (120,087,456 | ) | ||||||||
Net increase (decrease) | $ | (4,695,160 | ) | (4,695,160 | ) | $ | 1,603,923 | 1,603,923 | ||||||||
Institutional Class | ||||||||||||||||
Issued | $ | 376,663,435 | 376,663,435 | $ | 1,087,935,083 | 1,087,935,083 | ||||||||||
Reinvested | 3,113 | 3,113 | 3,522 | 3,522 | ||||||||||||
Redeemed | (363,089,384 | ) | (363,089,384 | ) | (1,067,506,040 | ) | (1,067,506,040 | ) | ||||||||
Net increase (decrease) | $ | 13,577,164 | 13,577,164 | $ | 20,432,565 | 20,432,565 |
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, 2016, 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, 2016.
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 | $ | 954,438 | $ | — | $ | 954,438 | $ | — | $ | (954,438 | ) | $ | — | |||||||||||
Dynamic Growth Fund | 145,144 | — | 145,144 | — | (145,144 | ) | — | |||||||||||||||||
Aggressive Growth Fund | 1,247,489 | — | 1,247,489 | — | (1,247,489 | ) | — | |||||||||||||||||
Balanced Fund | 486,131 | — | 486,131 | — | (486,131 | ) | — | |||||||||||||||||
Spectrum Fund | 437,187 | — | 437,187 | — | (437,187 | ) | — | |||||||||||||||||
Quantex Fund | 7,054,476 | — | 7,054,476 | — | (7,054,476 | ) | — | |||||||||||||||||
Futures Contracts | ||||||||||||||||||||||||
Dynamic Growth Fund | $ | 543,063 | $ | — | $ | 543,063 | $ | 543,063 | $ | — | $ | — | ||||||||||||
Aggressive Growth Fund | 842,146 | — | 842,146 | 842,146 | — | — | ||||||||||||||||||
Balanced Fund | 1,012,262 | — | 1,012,262 | 1,012,262 | — | — | ||||||||||||||||||
Global Opportunities Fund | 516,287 | — | 516,287 | 516,287 | — | — | ||||||||||||||||||
Spectrum Fund | 2,899,258 | — | 2,899,258 | 2,899,258 | — | — | ||||||||||||||||||
Quantex Fund | 626,626 | — | 626,626 | 626,626 | — | — | ||||||||||||||||||
Dividend Opportunities Fund | 88,318 | — | 88,318 | 88,318 | — | — | ||||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||||||
Money Market Fund | $ | 80,000,000 | $ | — | $ | 80,000,000 | $ | — | $ | — | $ | 80,000,000 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Futures Contracts | ||||||||||||||||||||||||
Muirfield Fund | $ | 575,110 | $ | — | $ | 575,110 | $ | 575,110 | $ | — | $ | — |
* | The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged. |
Page 78 | 2016 Semiannual Report | June 30, 2016 |
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.
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.
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.
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.
2016 Semiannual Report | June 30, 2016 | Page 79 |
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, 2016, 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, 2016.
Muirfield – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 290,145,333 | $ | — | $ | — | $ | 290,145,333 | ||||||||
Registered investment companies | 7,950,835 | — | — | 7,950,835 | ||||||||||||
Money market registered investment companies | 77,858,894 | — | — | 77,858,894 | ||||||||||||
Bank Obligations | — | 747,000 | — | 747,000 | ||||||||||||
Total | $ | 375,955,062 | $ | 747,000 | $ | — | $ | 376,702,062 | ||||||||
Trustee deferred compensation | $ | 274,022 | $ | — | $ | — | $ | 274,022 | ||||||||
Futures contracts** | $ | (45,731 | ) | $ | — | $ | — | $ | (45,731 | ) |
Dynamic – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 84,676,934 | $ | — | $ | — | $ | 84,676,934 | ||||||||
Registered investment companies | 4,337,204 | — | — | 4,337,204 | ||||||||||||
Money market registered investment companies | 14,864,186 | — | — | 14,864,186 | ||||||||||||
Bank Obligations | — | 747,000 | — | 747,000 | ||||||||||||
Total | $ | 103,878,324 | $ | 747,000 | $ | — | $ | 104,625,324 | ||||||||
Trustee deferred compensation | $ | 150,360 | $ | — | $ | — | $ | 150,360 | ||||||||
Futures contracts** | $ | (62,645 | ) | $ | — | $ | — | $ | (62,645 | ) |
Aggressive – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 54,050,399 | $ | — | $ | — | $ | 54,050,399 | ||||||||
Registered investment companies | 5,060,439 | — | — | 5,060,439 | ||||||||||||
Money market registered investment companies | 10,291,099 | — | — | 10,291,099 | ||||||||||||
Bank Obligations | — | 747,000 | — | 747,000 | ||||||||||||
Total | $ | 69,401,937 | $ | 747,000 | $ | — | $ | 70,148,937 | ||||||||
Trustee deferred compensation | $ | 89,079 | $ | — | $ | — | $ | 89,079 | ||||||||
Futures contracts** | $ | (63,945 | ) | $ | — | $ | — | $ | (63,945 | ) |
Balanced – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 136,088,930 | $ | — | $ | — | $ | 136,088,930 | ||||||||
Registered investment companies | 89,305,973 | — | — | 89,305,973 | ||||||||||||
Money market registered investment companies | 47,849,780 | — | — | 47,849,780 | ||||||||||||
Bank Obligations | — | 747,000 | — | 747,000 | ||||||||||||
Total | $ | 273,244,683 | $ | 747,000 | $ | — | $ | 273,991,683 | ||||||||
Trustee deferred compensation | $ | 128,371 | $ | — | $ | — | $ | 128,371 | ||||||||
Futures contracts** | $ | (8,943 | ) | $ | — | $ | — | $ | (8,943 | ) |
Global – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 39,646,898 | $ | — | $ | — | $ | 39,646,898 | ||||||||
Registered investment companies | 39,905,000 | — | — | 39,905,000 | ||||||||||||
Money market registered investment companies | 5,693,065 | — | — | 5,693,065 | ||||||||||||
Bank Obligations | — | 747,000 | — | 747,000 | ||||||||||||
Total | $ | 85,244,963 | $ | 747,000 | $ | — | $ | 85,991,963 | ||||||||
Trustee deferred compensation | $ | 103,977 | $ | — | $ | — | $ | 103,977 | ||||||||
Futures contracts** | $ | (59,232 | ) | $ | — | $ | — | $ | (59,232 | ) |
Page 80 | 2016 Semiannual Report | June 30, 2016 |
Spectrum – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks – Long* | $ | 98,402,904 | $ | — | $ | — | $ | 98,402,904 | ||||||||
Registered investment companies | 2,457,840 | — | — | 2,457,840 | ||||||||||||
Money market registered investment companies | 10,206,314 | — | — | 10,206,314 | ||||||||||||
Bank Obligations | — | 249,000 | — | 249,000 | ||||||||||||
Total – Long investments | $ | 111,067,058 | $ | 249,000 | $ | — | $ | 111,316,058 | ||||||||
Common stocks – Short* | $ | (35,068,762 | ) | $ | — | $ | — | $ | (35,068,762 | ) | ||||||
Trustee deferred compensation | $ | 6,092 | $ | — | $ | — | $ | 6,092 | ||||||||
Futures contracts** | $ | (284,899 | ) | $ | — | $ | — | $ | (284,899 | ) |
Quantex – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 62,323,041 | $ | — | $ | — | $ | 62,323,041 | ||||||||
Money market registered investment companies | 9,175,278 | — | — | 9,175,278 | ||||||||||||
Bank Obligations | — | 747,000 | — | 747,000 | ||||||||||||
Total | $ | 71,498,319 | $ | 747,000 | $ | — | $ | 72,245,319 | ||||||||
Trustee deferred compensation | $ | 93,131 | $ | — | $ | — | $ | 93,131 | ||||||||
Futures contracts** | $ | 9,009 | $ | — | $ | — | $ | 9,009 |
Infrastructure – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 20,020,116 | $ | — | $ | — | $ | 20,020,116 | ||||||||
Money market registered investment companies | 274,290 | — | — | 274,290 | ||||||||||||
Total | $ | 20,294,406 | $ | — | $ | — | $ | 20,294,406 | ||||||||
Trustee deferred compensation | $ | 88,237 | $ | — | $ | — | $ | 88,237 |
Dividend – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common stocks* | $ | 35,956,481 | $ | — | $ | — | $ | 35,956,481 | ||||||||
Registered investment companies | 643,666 | — | — | 643,666 | ||||||||||||
Money market registered investment companies | 2,887,770 | — | — | 2,887,770 | ||||||||||||
Bank Obligations | — | 249,000 | — | 249,000 | ||||||||||||
Total | $ | 39,487,917 | $ | 249,000 | $ | — | $ | 39,736,917 | ||||||||
Trustee deferred compensation | $ | 1,867 | $ | — | $ | — | $ | 1,867 | ||||||||
Futures contracts** | $ | 4,652 | $ | — | $ | — | $ | 4,652 |
Bond – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Registered investment companies | $ | 208,510,797 | $ | — | $ | — | $ | 208,510,797 | ||||||||
Money market registered investment companies | 8,224,716 | — | — | 8,224,716 | ||||||||||||
Bank Obligations | — | 747,000 | — | 747,000 | ||||||||||||
U.S. government obligations | — | 53,522 | — | 53,522 | ||||||||||||
Total | $ | 216,735,513 | $ | 800,522 | $ | — | $ | 217,536,035 | ||||||||
Trustee deferred compensation | $ | 51,414 | $ | — | $ | — | $ | 51,414 |
2016 Semiannual Report | June 30, 2016 | Page 81 |
Money Market – Assets/(Liabilities) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bank obligations | $ | — | $ | 13,002,618 | $ | — | $ | 13,002,618 | ||||||||
Certificates of deposit | — | 12,948,032 | — | 12,948,032 | ||||||||||||
Commercial paper | — | 35,905,433 | — | 35,905,433 | ||||||||||||
Corporate obligations | — | 20,968,120 | — | 20,968,120 | ||||||||||||
Repurchase agreements | — | 80,000,000 | — | 80,000,000 | ||||||||||||
U.S. government agency obligations | — | 13,765,821 | — | 13,765,821 | ||||||||||||
Money Market registered investment companies | 56,932,329 | — | — | 56,932,329 | ||||||||||||
Total | $ | 56,932,329 | $ | 176,590,024 | $ | — | $ | 233,522,353 | ||||||||
Trustee deferred compensation | $ | 76,623 | $ | — | $ | — | $ | 76,623 |
* | See schedule of investments for industry classifications. |
** | Futures contracts include unrealized gain/loss on contracts open at June 30, 2016. |
3. Investment Transactions
For the six months ended June 30, 2016, the cost of purchases and proceeds from sales or maturities of long-term investments for the Funds, excluding U.S. Government investments and short positions, were as follows:
Purchases | Sales | |||||||
Muirfield Fund | $ | 627,995,571 | $ | 620,433,244 | ||||
Dynamic Growth Fund | 173,457,016 | 194,595,782 | ||||||
Aggressive Growth Fund | 92,530,511 | 106,249,609 | ||||||
Balanced Fund | 412,738,917 | 431,445,811 | ||||||
Global Opportunities Fund | 63,116,010 | 82,746,145 | ||||||
Spectrum Fund | 98,305,631 | 85,729,888 | ||||||
Quantex Fund | 41,406,106 | 40,676,109 | ||||||
Miller/Howard Infrastructure Fund | 6,209,137 | 8,992,204 | ||||||
Dividend Opportunities Fund | 26,451,770 | 30,390,387 | ||||||
Total Return Bond Fund | 336,354,569 | 340,426,171 |
For the six months ended June 30, 2016, 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 | $ | 1,299 | $ | — |
Page 82 | 2016 Semiannual Report | June 30, 2016 |
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 |
Infrastructure** | 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% |
Global | 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, 2016, $75,135 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 Infrastructure. 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 Infrastructure, Miller/Howard receives a fee paid by MAM. |
*** | During the six months ended June 30, 2016, MAM voluntarily agreed to reduce $13,782 of investment advisory fees in Money Market. |
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 | % | ||||||||
Infrastructure | 4,000 | 15 | 0.12 | % | ||||||||
Dynamic | 4,000 | 15 | 0.12 | % | ||||||||
Aggressive | 4,000 | 15 | 0.12 | % | ||||||||
Balanced | 4,000 | 15 | 0.12 | % | ||||||||
Global | 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, 2016, MFSCo contractually waived $21,151 and $58,845 of transfer agent fees for Bond and the Institutional Class, respectively. MFSCo also voluntarily waived $30,788 and $3,321 for Infrastructure and Dividend, respectively, during the six months ended June 30, 2016.
2016 Semiannual Report | June 30, 2016 | Page 83 |
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 | % | ||||
Infrastructure | 0.10 | % | 0.08 | % | ||||
Dynamic | 0.10 | % | 0.08 | % | ||||
Aggressive | 0.10 | % | 0.08 | % | ||||
Balanced | 0.10 | % | 0.08 | % | ||||
Global | 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 | % |
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 | % | |||||||||||
Infrastructure | 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 | % | |||||||||||
Global | 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, 2016, 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 | $ | — | 0.98 | % | ||||
Quantex* | — | 0.94 | % | |||||
Infrastructure | — | 2.15 | % | |||||
Dynamic | 98,170 | 0.97 | % | |||||
Aggressive | 11,491 | 1.19 | % | |||||
Balanced | — | 1.15 | % | |||||
Global | 69,795 | 1.07 | % | |||||
Spectrum | — | 1.35 | % | |||||
Dividend | 56,429 | 1.22 | % | |||||
Bond | 51 | 0.82 | % | |||||
Retail Class | 83,512 | 0.25 | % | |||||
Institutional Class | 235,419 | 0.18 | % |
* | $75,135 of investment advisory fees was contractually waived and is not subject to recoupment as noted on page 83. |
Page 84 | 2016 Semiannual Report | June 30, 2016 |
Expenses were contractually reimbursed in 2013 for Muirfield, Dynamic, Aggressive, Balanced, Global, 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.
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. There were no fees received during the six months ended June 30, 2016. Therefore gross expenses were not reduced.
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, 2016, the Funds (excluding Global, Infrastructure, 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, 2016, income earned through securities lending arrangements was as follows:
Amount Received to Reduce Gross Expenses | ||||
Muirfield | $ | 23,770 | ||
Dynamic | 3,906 | |||
Aggressive | 6,667 | |||
Balanced | 15,190 | |||
Global | 24,508 | |||
Spectrum | 17,368 | |||
Quantex | 41,480 | |||
Infrastructure | 48 | |||
Dividend | 17,053 |
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, 2016, commissions recaptured through directed brokerage arrangements were as follows:
Amount Received to Reduce Gross Expenses | ||||
Muirfield | $ | 677,198 | ||
Dynamic | 215,632 | |||
Aggressive | 132,351 | |||
Balanced | 410,481 | |||
Global | 118,469 | |||
Spectrum | 346,699 | |||
Quantex | 137,047 | |||
Dividend | 57,903 | |||
Bond | 176,059 |
2016 Semiannual Report | June 30, 2016 | Page 85 |
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, 2016, 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 | % | $ | 59,993 | ||||||
Quantex | 0.20 | % | 0.20 | % | 21,601 | |||||||
Infrastructure | 0.25 | % | 0.20 | % | 7,714 | |||||||
Dynamic | 0.25 | % | 0.20 | % | 32,895 | |||||||
Aggressive | 0.25 | % | 0.20 | % | 21,442 | |||||||
Balanced | 0.25 | % | 0.20 | % | 58,962 | |||||||
Global | 0.25 | % | 0.20 | % | 28,295 | |||||||
Spectrum | 0.25 | % | 0.20 | % | 24,143 | |||||||
Dividend | 0.25 | % | 0.20 | % | 7,697 | |||||||
Bond | 0.25 | % | 0.20 | % | 49,988 | |||||||
Retail Class | 0.20 | % | N/A |
| N/A |
| ||||||
Institutional Class | 0.03 | % | N/A |
| N/A |
|
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, 2016, 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, 2016, the 7-day yield of the Institutional Class was 0.37%. 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 period is noted below:
12/31/15 | Purchases | Sales | 6/30/16 | Income | 6/30/16 | |||||||||||||||||||
Muirfield Fund | $ | 78,421,816 | $ | 136,854,617 | $ | (138,363,390 | ) | $ | 76,913,043 | $ | 117,348 | $ | 76,913,043 | |||||||||||
Dynamic Growth Fund | 2,831,104 | 49,270,836 | (37,381,988 | ) | 14,719,952 | 10,143 | 14,719,952 | |||||||||||||||||
Aggressive Growth Fund | 1,426,139 | 35,222,466 | (27,580,085 | ) | 9,068,520 | 8,332 | 9,068,520 | |||||||||||||||||
Balanced Fund | 34,709,544 | 96,401,781 | (83,743,223 | ) | 47,368,102 | 63,809 | 47,368,102 | |||||||||||||||||
Global Opportunities Fund | 15,476,825 | 28,578,685 | (38,362,445 | ) | 5,693,065 | 6,215 | 5,693,065 | |||||||||||||||||
Spectrum Fund | 20,818,164 | 33,651,362 | (44,691,468 | ) | 9,778,058 | 29,583 | 9,778,058 | |||||||||||||||||
Quantex Fund | 593,012 | 12,327,904 | (10,682,261 | ) | 2,238,655 | 3,436 | 2,238,655 | |||||||||||||||||
Miller/Howard Infrastructure Fund | 4,589 | 5,389,113 | (5,119,412 | ) | 274,290 | 484 | 274,290 | |||||||||||||||||
Dividend Opportunities Fund | 1,138,794 | 9,852,985 | (8,104,009 | ) | 2,887,770 | 2,276 | 2,887,770 | |||||||||||||||||
Total Return Bond Fund | 10,140,525 | 83,260,455 | (85,176,264 | ) | 8,224,716 | 9,816 | 8,224,716 |
Page 86 | 2016 Semiannual Report | June 30, 2016 |
5. Federal Tax Information
The tax characteristics of dividends paid by the Funds during the period ended December 31, 2015 were as follows:
Ordinary Income | Net Short-Term Capital Gains | Net Long-Term Capital Gains | Tax Return of Capital | Total | ||||||||||||||||
Muirfield Fund | $ | 1,202,283 | $ | 3,939,196 | $ | 5,238,660 | $ | — | $ | 10,380,139 | ||||||||||
Dynamic Growth Fund | 713,959 | 941,174 | 2,322,009 | — | 3,977,142 | |||||||||||||||
Aggressive Growth Fund | 226,931 | 1,170,375 | 1,621,873 | — | 3,019,179 | |||||||||||||||
Balanced Fund | 1,916,823 | 751,208 | 721,302 | — | 3,389,333 | |||||||||||||||
Global Opportunities Fund | 502,535 | — | 2,772,417 | — | 3,274,952 | |||||||||||||||
Spectrum Fund | — | 1,136,709 | 392,347 | 229,488 | 1,758,544 | |||||||||||||||
Quantex Fund | 350,309 | 2,941,019 | 5,841,122 | — | 9,132,450 | |||||||||||||||
Miller/Howard Infrastructure Fund | 354,632 | — | 5,682,559 | — | 6,037,191 | |||||||||||||||
Dividend Opportunities Fund | 401,235 | — | — | — | 401,235 | |||||||||||||||
Total Return Bond Fund | 5,089,086 | — | — | — | 5,089,086 | |||||||||||||||
Money Market Fund | 204,416 | — | — | — | 204,416 |
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 | ||||||||||||||||
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 | |||||||||||||||
Global Opportunities Fund | 541,908 | 7,088,245 | 6,833,948 | — | 14,464,101 | |||||||||||||||
Quantex Fund | 188,716 | 964,549 | 3,779,934 | — | 4,933,199 | |||||||||||||||
Miller/Howard 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 |
As of December 31, 2015, 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 | $ | — | $ | (9,598,759 | ) | $ | 2,345,338 | $ | (7,253,421 | ) | ||||||
Dynamic Growth Fund | — | (110,867 | ) | 253,751 | 142,884 | |||||||||||
Aggressive Growth Fund | — | (631,460 | ) | (250,198 | ) | (881,658 | ) | |||||||||
Balanced Fund | — | (3,908,681 | ) | (2,971,059 | ) | (6,879,740 | ) | |||||||||
Global Opportunities Fund | — | (3,978,953 | ) | (3,406,398 | ) | (7,385,351 | ) | |||||||||
Spectrum Fund | — | (1,198,916 | ) | (801,394 | ) | (2,000,310 | ) | |||||||||
Quantex Fund | — | 257,088 | (3,363,551 | ) | (3,106,463 | ) | ||||||||||
Miller/Howard Infrastructure Fund | — | 47,053 | (2,481,655 | ) | (2,434,602 | ) | ||||||||||
Dividend Opportunities Fund | — | (1,853,475 | ) | (1,284,094 | ) | (3,137,569 | ) | |||||||||
Total Return Bond Fund | 10 | (9,946,117 | ) | (5,442,774 | ) | (15,388,881 | ) | |||||||||
Money Market Fund | — | — | — | — |
* | 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: wash sales and the realization for tax purposes of unrealized gains/(losses) on certain derivative instruments. |
2016 Semiannual Report | June 30, 2016 | Page 87 |
The following Funds elected to defer the following amounts of post-October losses:
Post-October | ||||
Muirfield Fund | $ | 5,691,829 | ||
Dynamic Growth Fund | 680,941 | |||
Aggressive Growth Fund | 639,757 | |||
Balanced Fund | 3,503,804 | |||
Global Opportunities Fund | 2,714,212 | |||
Spectrum Fund | 1,198,916 | |||
Quantex Fund | 443,506 | |||
Miller/Howard Infrastructure Fund | 208,787 | |||
Dividend Opportunities Fund | 770,090 | |||
Total Return Bond Fund | 5,308,736 |
For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2015, 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:
Amount | Tax Character | ||||
Muirfield Fund | $ | 3,906,930 | Short-term | ||
Balanced Fund | 404,877 | Short-term | |||
Global Opportunities Fund | 1,264,741 | Short-term | |||
Dividend Opportunities Fund | 1,028,577 | Short-term | |||
Dividend Opportunities Fund | 54,808 | Long-term | |||
Total Return Bond Fund | 4,172,114 | Short-term | |||
Total Return Bond Fund | 465,267 | Long-term |
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, 2016, 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 | |
Dynamic Growth Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 26% |
Aggressive Growth Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 33% |
Balanced Fund | National Financial Services Corp. and certain affiliates held for the benefit of others | 34% |
Global Opportunities Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 66% |
Spectrum Fund | National Financial Services Corp. and certain affiliates held for the benefit of others | 30% |
Dividend Opportunities Fund | Nationwide Trust Company, FSB and certain affiliates held for the benefit of others | 27% |
Total Return Bond Fund | National Financial Services Corp. and certain affiliates held for the benefit of others | 35% |
Money Market Fund – Institutional Class | Carey & Co. held for the benefit of others * | 99% |
* | The Funds, with the exception of Money Market, own shares of the Institutional Class. Carey & Co. holds these shares on behalf of the Funds. These accounts are considered to be affiliated to Money Market. |
7. Subsequent Events
Miller/Howard Investments, Inc. has resigned as the sub-adviser to the Meeder Miller/Howard Infrastructure Fund effective September 15, 2016. MAM will assume day to day investment decisions on September 16, 2016. Additionally, the name will change to the Meeder Infrastructure Fund on September 16, 2016.
Page 88 | 2016 Semiannual Report | June 30, 2016 |
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 (*). On June 7, 2016, Jack W. Nicklaus resigned as independent trustee to the Trust.
Name, Address1, | Year First Elected a Trustee or Officer of the Trust | Position and Number | Principal Occupation During |
Robert S. Meeder, Jr.* Year of Birth: 1961 | 1992 | Trustee and President | President of Meeder Asset Management, Inc. |
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). |
Susan E. Meeder Year of Birth: 1963 | 2014 | Vice President | Chief Operating Officer of Meeder Asset Management, Inc. (2009 – present). |
Timothy N. McCabe Year of Birth: 1976 | 2015 | Chief Legal Officer | Chief Legal Officer, Meeder Asset Management, Inc. (2015 – present); Senior Counsel & Regulatory Officer, Ohio Treasurer of State (2013 – 2015); Vice President, Managing Counsel of Pershing LLC, a BNY Mellon Company (2011 – 2013). |
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). |
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). |
Ruth A. Kirkpatrick Year of Birth: 1951 | 2009 | Secretary | 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.
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, 2016, 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.
2016 Semiannual Report | June 30, 2016 | Page 89 |
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Manager and Investment Advisor
Meeder Asset Management, Inc.
6125 Memorial Drive
P.O. Box 7177
Dublin, Ohio 43017
Subadvisor/Miller/Howard 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
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
6125 Memorial Drive Dublin, Ohio 43017
Meeder Funds Semiannual Report
June 30, 2016
Mutual funds can be a quick, efficient, cost-effective way to achieve investment diversification. The investment options available through Meeder Funds are suitable for a wide range of investors, from the conservative-minded to the growth-oriented, to help investors achieve their individual financial goals.
We provide professional management, ongoing supervision of clients’ holdings, automatic diversification and e-Delivery of statements and fund mailings: all important elements of a well-rounded investment plan.
No matter what your objectives may be, Meeder Funds can help you make the most of your personal investment plan and help you achieve your individual financial goals.
Managed by Meeder Asset Management, Inc.
6125 Memorial Drive, Dublin, Ohio 43017
Toll Free: 800-325-3539
Local: 614-760-2159
Fax: 614-766-6669
www.meederfunds.com
meederfunds@meederinvestment.com
2016 | 2015 | |||||||
Audit Fees | $ | 105,750 | $ | 85,000 | ||||
Audit-Related Fees | 300 | 300 | ||||||
Tax Fees | 38,500 | 31,500 | ||||||
All Other Fees | 1,650 | 1,975 |
Meeder Funds | ||
By: | /s/ Bruce E. McKibben | |
Bruce E. McKibben, Treasurer | ||
Date: | September 6, 2016 |
By: | /s/ Bruce E. McKibben | |
Bruce E. McKibben, Treasurer | ||
Date: | September 6, 2016 | |
By: | /s/ Robert S. Meeder, Jr. | |
Robert S. Meeder, Jr., President | ||
Date: | September 6, 2016 |