UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03462
Meeder Funds Trust
6125 Memorial Drive
Dublin, OH 43017
Bruce McKibben
c/o Meeder Funds Trust
6125 Memorial Drive
Dublin, OH 43017
Registrant’s telephone number, including area code: 800-325-3539
Date of fiscal year end: December 31, 2018
Date of reporting period: June 30, 2018
Item 1. Report to Stockholders.
TABLE OF CONTENTS
Letter to Shareholders | 1 |
Sector Concentrations & Top 10 Holdings | 3 |
Shareholder Expense Analysis | 9 |
Financial Statements | |
Schedules of Investments | 12 |
Statements of Assets and Liabilities | 98 |
Statements of Operations | 100 |
Statements of Changes in Net Assets | 102 |
Financial Highlights | 106 |
Notes to Financial Statements | 114 |
Management of the Trust | 133 |
Other Items | 133 |
This Semiannual Report is prepared and distributed for the general information of the shareholders of the Funds. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. Investors are advised to consider carefully the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus contains this and other information about the Funds.
Meeder Funds are distributed by Adviser Dealer Services, Inc. (Member FINRA), an affiliate of Meeder Investment Management. An affiliated registered investment adviser, Meeder Asset Management, Inc., serves as the investment adviser to Meeder Funds and is paid a fee for its services.
LETTER TO SHAREHOLDERS June 30, 2018
Could This Be A Hot Summer?
Things are certainly heating up. Not just because it’s summertime and heat waves have been impacting the country from coast to coast. The heat is also coming from strong corporate earnings, low unemployment, and improving growth of the U.S. economy. Despite the uncertainty caused by domestic and global actions over the past quarter, which have caused volatility in global markets, the U.S. economy and financial markets have continued to perform well over the past quarter. In this report, we’ll take a look at the second quarter, and highlight key events and actions that we believe could lead to a hot summer for the markets.
Market Review
U.S. equity markets have continued to move higher for the year as the S&P 500 was up 2.65% as of June 30. The disparity in performance among investment styles and sectors continues to widen. For example, the Russell 3000 Growth Index is positive 7.25% year-to-date, while the Russell 3000 Value Index remains in negative territory. One major difference from last year is that small- and mid-cap stocks are outperforming large-caps. The implementation of tariffs around the globe could have a much greater negative impact on large-cap companies. This is because large-cap stocks receive a greater percentage of their sales revenue from outside the United States. The performance among sectors has also varied greatly as the Consumer Discretionary sector has risen 11.5%, while the Consumer Staples sector, which is more closely tied to interest rates, is down over 8.2% this year. Emerging market equities, as measured by the MSCI EM Index, have fallen 6.6% in 2018 after rising more than 37% last year. One contributor for the displacement could be from emerging market currencies tumbling 10% since their peak in February. Another concern for emerging markets is that a tightening U.S. Federal Reserve could negatively impact emerging economies that are dependent on issuing debt in U.S. dollars, as the debt would be more expensive to service if the Dollar rallies.
U.S. Economic Update
June 2018 marked the 109th consecutive month of the current economic expansion that began in 2009. This is now officially the second-longest economic expansion in U.S. history since World War II. It is likely that this expansion is closer to its conclusion than its beginning, however, its strength continues to be validated by an array of economic data.
The U.S. economy continued to expand at a pace of 2.2%, year-over-year, for the first quarter of 2018, but the economic future looks to be even brighter. According to the Economic Forecasting Survey by the Wall Street Journal, the average growth rate for the second quarter of 2018 is a consensus estimate projection of 3.6%. The most recent jobs report supported this growth by exceeding expectations of adding 190,000 new jobs, and creating 223,000 jobs instead. This brought the national unemployment level to 3.8%, its lowest level in 18 years. The jobs report also showed a long-awaited rise in wages of 2.7%, year-over-year. This strength, along with a rise in the price of oil from $60 a barrel to as high as $72 this year, has stoked fears of inflation. This has caused fixed income markets to struggle as bonds have experienced a backup in yields. The Bloomberg Barclay’s U.S. Aggregate Bond Index is down -1.62%, year-to-date.
The Federal Reserve
The Federal Reserve met in June and increased the overnight lending rate 0.25%, to a range of 1.75%-2.00%, as was widely anticipated by the marketplace. This was the seventh time that the Fed has raised rates since the monetary tightening began in December of 2015. The Fed reiterated that they are going to follow a symmetric 2% inflation objective, meaning they are committed to a gradual pace of monetary tightening even if inflation were to rise above this 2% threshold for some time. In the days following the rate hike, the Treasury yield curve has continued to flatten. The difference between the 2-year and the 10-year Treasury yield reached 0.33%, which is the least it has been since the third quarter of 2007. The Fed Board of Governors also released their meeting minutes stating that their expectation has now risen from three rate increases to a total of four for 2018.
Geopolitical events
On May 8, President Trump announced that the U.S. would withdraw from the Iranian nuclear deal that was established by the Obama administration in 2015, and restore economic sanctions on the country until they officially stop the pursuit of nuclear weapons. A similar story line unfolded in North Korea, as President Trump became the first sitting president of the United States to ever meet with the country’s leader. The historic meeting took place in Singapore with the goal of having North Korea agree to eliminate the country’s nuclear capabilities in exchange for easing the crippling economic sanctions that have been imposed on the country. This meeting with North Korea concluded with both leaders signing a pledge to continue “the building of a lasting and robust peace regime on the Korean Peninsula.”
The Trump administration also announced that they would implement a tariff on imports into the U.S. of 25% and 10% on steel and aluminum products, respectively. The original and primary target for this was China. Now, China and the U.S. have each retaliated tit-for-tat with their own tariffs on specific goods from each other’s country that now total $50 billion. The tariffs on steel and aluminum became applicable to the European Union, Canada and Mexico effective June 1. Previously, Canada and Mexico were exempt from the original tariff implications as NAFTA renegotiation talks continued. As the talks have extended beyond the original deadline, the U.S. is proceeding with tariff measures. In response, Canada, Mexico and the European Union announced measures to tax specific goods from the United States that are near equal value to that of the tariff applied by the U.S. on steel and aluminum imports.
In other news, the United Kingdom is not scheduled to exit the European Union until March 2019, yet this topic reemerged in the financial world when Italy’s two largest political parties attempted to appoint a finance minister with an anti-European Union stance. Although the appointment was unsuccessful, this created many concerns about potential economic implications to the E.U. and for investors, as Italy remains the Union’s third-largest economy. In
2018 Semiannual Report | June 30, 2018 | Page 1 |
addition, unlike the U.K., Italy converted their currency to Euros and currently maintains the third-largest amount of public debt in the world. This has the potential for more serious implications than those of Brexit.
Looking Ahead
Could this be a hot summer? The data indicates that it could be a hot summer for the markets and economy. While we can’t be sure what headlines will impact the markets and how the markets will respond, we’re encouraged by positive drivers such as solid corporate earnings growth and low unemployment, and the prospect of this current secular bull market continuing on.
On behalf of all of us at Meeder Investment Management, we thank you for your continued trust and confidence in our investment management services.
Robert S. Meeder
President and CEO
Meeder Asset Management, Inc.
Page 2 | 2018 Semiannual Report | June 30, 2018 |
Sector Concentrations, Top 10 Holdings,
Fund Expense Analysis
June 30, 2018
Muirfield Fund(1) | |
Sector Concentration(2) | % of total net assets |
Information Technology | 19.9% |
Healthcare | 12.0% |
Financials | 10.5% |
Consumer Discretionary | 7.8% |
Energy | 5.8% |
Industrials | 4.1% |
Real Estate Investment Trust | 2.7% |
Utilities | 2.7% |
Materials | 2.2% |
Consumer Staples | 1.8% |
Telecommunication Services | 1.3% |
Money Market Registered Investment Companies | 27.7% |
Bank Obligations | 0.2% |
Other Assets/Liabilities (Net) | 1.3% |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
Standard & Poors 500 Mini Futures September 21 | 8.6% |
Mini MSCI EAFE Index Futures September 21 | 7.4% |
E-mini Standard & Poors MidCap 400 Futures September 21 | 2.9% |
Apple, Inc. | 2.3% |
Microsoft Corp. | 2.0% |
Amazon.com, Inc. | 1.8% |
Mini MSCI Emerging Markets Index Futures September 21 | 1.7% |
Berkshire Hathaway, Inc. | 1.4% |
Russell 2000 Mini Index Futures September 21 | 1.2% |
Bank of America Corp. | 1.2% |
Spectrum Fund(1) | |
Sector Concentration(2) | % of total net assets |
Long Positions | |
Information Technology | 17.8% |
Financials | 17.6% |
Healthcare | 11.9% |
Consumer Discretionary | 10.1% |
Industrials | 9.1% |
Utilities | 5.5% |
Consumer Staples | 4.4% |
Energy | 4.3% |
Materials | 3.3% |
Real Estate Investment Trust | 3.1% |
Telecommunication Services | 1.7% |
Money Market Registered Investment Companies | 9.0% |
Bank Obligations | 0.4% |
Other Assets/Liabilities (Net) | 35.1% |
Total Long | 133.3% |
Short Positions | |
Financials | (11.2%) |
Industrials | (5.3%) |
Utilities | (4.3%) |
Information Technology | (3.5%) |
Materials | (2.5%) |
Consumer Discretionary | (2.3%) |
Consumer Staples | (2.2%) |
Real Estate Investment Trust | (1.0%) |
Healthcare | (0.5%) |
Telecommunication Services | (0.3%) |
Energy | (0.2%) |
Total Short | (33.3%) |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
Standard & Poors 500 Mini Futures September 21 | 21.1% |
Mini MSCI EAFE Index Futures September 21 | 7.4% |
E-mini Standard & Poors MidCap 400 Futures September 21 | 5.0% |
Russell 2000 Mini Index Futures September 21 | 2.1% |
Apple, Inc. | 1.8% |
Mini MSCI Emerging Markets Index Futures September 21 | 1.6% |
Microsoft Corp. | 1.5% |
Amazon.com, Inc. | 1.4% |
Berkshire Hathaway, Inc. | 1.1% |
Alphabet, Inc. | 1.0% |
(1) | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
(2) | Concentrations are subject to change. |
Page 4 | 2018 Semiannual Report | June 30, 2018 |
Global Allocation Fund(1) | |
Sector Concentration(2) | % of total net assets |
Information Technology | 10.6% |
Healthcare | 6.5% |
Financials | 5.9% |
Consumer Discretionary | 4.0% |
Energy | 3.5% |
Industrials | 2.2% |
Real Estate Investment Trust | 1.4% |
Utilities | 1.3% |
Materials | 1.0% |
Consumer Staples | 0.6% |
Telecommunication Services | 0.5% |
Registered Investment Companies | 35.8% |
Money Market Registered Investment Companies | 20.4% |
Bank Obligations | 1.7% |
U.S. Government Obligations | 2.7% |
Other Assets/Liabilities (Net) | 1.9% |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
iShares Core MSCI EAFE ETF | 21.2% |
Mini MSCI EAFE Index Futures September 21 | 14.2% |
Standard & Poors 500 Mini Futures September 21 | 5.0% |
iShares Core MSCI Emerging Markets ETF | 4.4% |
Goldman Sachs Emerging Markets Equity Insights Fund - Class I | 2.4% |
Mini MSCI Emerging Markets Index Futures September 21 | 1.8% |
E-mini Standard & Poors MidCap 400 Futures September 21 | 1.3% |
Apple, Inc. | 1.2% |
U.S. Treasury Note, 2.25%, due 11/15/2025 | 1.2% |
U.S. Treasury Note, 2.13%, due 12/31/2022 | 1.2% |
Balanced Fund(1) | |
Sector Concentration(2) | % of total net assets |
Information Technology | 13.3% |
Healthcare | 8.8% |
Financials | 7.0% |
Consumer Discretionary | 5.6% |
Energy | 3.5% |
Industrials | 2.9% |
Utilities | 2.1% |
Real Estate Investment Trust | 1.8% |
Consumer Staples | 1.4% |
Materials | 1.4% |
Telecommunication Services | 1.0% |
Registered Investment Companies | 22.8% |
Money Market Registered Investment Companies | 20.3% |
Bank Obligations | 0.4% |
U.S. Government Obligations | 7.9% |
Other Assets/Liabilities (Net) | (0.2%) |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
Standard & Poors 500 Mini Futures September 21 | 6.4% |
Mini MSCI EAFE Index Futures September 21 | 5.2% |
U.S. Treasury Note, 2.25%, due 11/15/2025 | 3.6% |
U.S. Treasury Note, 2.13%, due 12/31/2022 | 3.5% |
TCW Emerging Markets Income Fund - Class I | 2.4% |
E-mini Standard & Poors MidCap 400 Futures September 21 | 2.2% |
iShares Core U.S. Aggregate Bond ETF | 1.9% |
Guggenheim Total Return Bond Fund - Class I | 1.9% |
Pioneer Bond Fund - Class Y | 1.9% |
Baird Core Plus Bond Fund - Class I | 1.8% |
(1) | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
(2) | Concentrations are subject to change. |
2018 Semiannual Report | June 30, 2018 | Page 5 |
Moderate Allocation Fund(1) | |
Sector Concentration(2) | % of total net assets |
Information Technology | 8.7% |
Healthcare | 5.9% |
Financials | 5.0% |
Consumer Discretionary | 3.4% |
Energy | 2.9% |
Industrials | 1.8% |
Real Estate Investment Trust | 1.2% |
Utilities | 1.2% |
Materials | 0.8% |
Consumer Staples | 0.6% |
Telecommunication Services | 0.5% |
Registered Investment Companies | 37.4% |
Money Market Registered Investment Companies | 18.2% |
Bank Obligations | 0.5% |
U.S. Government Obligations | 12.8% |
Other Assets/Liabilities (Net) | (0.9%) |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
Standard & Poors 500 Mini Futures September 21 | 6.7% |
U.S. Treasury Note, 2.25%, due 11/15/2025 | 5.8% |
U.S. Treasury Note, 2.13%, due 12/31/2022 | 5.8% |
TCW Emerging Markets Income Fund - Class I | 4.0% |
Mini MSCI EAFE Index Futures September 21 | 3.6% |
iShares Core U.S. Aggregate Bond ETF | 3.1% |
Pioneer Bond Fund - Class Y | 3.0% |
Baird Core Plus Bond Fund - Class I | 3.0% |
Frost Total Return Bond Fund - Class I | 3.0% |
Guggenheim Total Return Bond Fund - Class I | 3.0% |
Conservative Allocation Fund(1) | |
Sector Concentration(2) | % of total net assets |
Information Technology | 5.7% |
Healthcare | 3.7% |
Financials | 3.2% |
Consumer Discretionary | 2.2% |
Energy | 1.9% |
Industrials | 1.2% |
Real Estate Investment Trust | 0.8% |
Utilities | 0.7% |
Materials | 0.5% |
Consumer Staples | 0.3% |
Telecommunication Services | 0.3% |
Registered Investment Companies | 52.4% |
Money Market Registered Investment Companies | 11.0% |
Bank Obligations | 0.2% |
U.S. Government Obligations | 18.2% |
Other Assets/Liabilities (Net) | (2.3%) |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
U.S. Treasury Note, 2.25%, due 11/15/2025 | 8.2% |
U.S. Treasury Note, 2.13%, due 12/31/2022 | 8.2% |
TCW Emerging Markets Income Fund - Class I | 5.5% |
Frost Total Return Bond Fund - Class I | 4.3% |
iShares Core U.S. Aggregate Bond ETF | 4.3% |
Pioneer Bond Fund - Class Y | 4.3% |
Guggenheim Total Return Bond Fund - Class I | 4.3% |
Baird Core Plus Bond Fund - Class I | 4.3% |
DoubleLine Total Return Bond Fund - Class I | 4.3% |
Lord Abbett High Yield Fund - Class I | 3.5% |
(1) | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
(2) | Concentrations are subject to change. |
Page 6 | 2018 Semiannual Report | June 30, 2018 |
Aggressive Allocation Fund(1) | |
Sector Concentration(2) | % of total net assets |
Healthcare | 11.4% |
Financials | 10.6% |
Information Technology | 10.3% |
Consumer Discretionary | 7.7% |
Industrials | 7.2% |
Real Estate Investment Trust | 6.5% |
Materials | 4.4% |
Energy | 3.7% |
Consumer Staples | 3.3% |
Utilities | 2.0% |
Telecommunication Services | 0.3% |
Registered Investment Companies | 15.3% |
Money Market Registered Investment Companies | 11.8% |
Bank Obligations | 2.9% |
Other Assets/Liabilities (Net) | 2.6% |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
Mini MSCI EAFE Index Futures September 21 | 8.9% |
iShares Core MSCI EAFE ETF | 8.9% |
iShares Core U.S. Aggregate Bond ETF | 5.3% |
Mini MSCI Emerging Markets Index Futures September 21 | 3.2% |
E-mini Standard & Poors MidCap 400 Futures September 21 | 2.2% |
iShares Core MSCI Emerging Markets ETF | 1.0% |
UGI Corp. | 0.8% |
CubeSmart | 0.8% |
Cullen/Frost Bankers, Inc. | 0.7% |
WellCare Health Plans, Inc. | 0.7% |
Dynamic Allocation Fund(1) | |
Sector Concentration(2) | % of total net assets |
Information Technology | 17.7% |
Healthcare | 9.5% |
Financials | 9.1% |
Consumer Discretionary | 8.7% |
Energy | 6.5% |
Industrials | 4.0% |
Real Estate Investment Trust | 2.3% |
Utilities | 2.2% |
Materials | 2.1% |
Telecommunication Services | 1.3% |
Consumer Staples | 1.2% |
Registered Investment Companies | 12.4% |
Money Market Registered Investment Companies | 20.4% |
Bank Obligations | 0.9% |
Other Assets/Liabilities (Net) | 1.7% |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
Mini MSCI EAFE Index Futures September 21 | 12.6% |
iShares Core MSCI EAFE ETF | 6.1% |
Standard & Poors 500 Mini Futures September 21 | 5.7% |
iShares Core U.S. Aggregate Bond ETF | 5.4% |
Mini MSCI Emerging Markets Index Futures September 21 | 3.6% |
Apple, Inc. | 2.3% |
Microsoft Corp. | 2.0% |
Amazon.com, Inc. | 1.8% |
Berkshire Hathaway, Inc. | 1.4% |
Alphabet, Inc. | 1.3% |
Quantex Fund(1) | |
Sector Concentration(2) | % of total net assets |
Consumer Discretionary | 26.4% |
Consumer Staples | 3.3% |
Energy | 7.0% |
Financials | 9.7% |
Healthcare | 9.9% |
Industrials | 12.9% |
Information Technology | 10.0% |
Materials | 4.7% |
Real Estate Investment Trust | 6.9% |
Utilities | 4.1% |
Money Market Registered Investment Companies | 5.5% |
Bank Obligations | 1.5% |
Other Assets/Liabilities (Net) | (1.9%) |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
E-mini Standard & Poors MidCap 400 Futures September 21 | 3.9% |
Macy's, Inc. | 1.5% |
Boston Beer Co., Inc./The | 1.5% |
Genworth Financial, Inc. | 1.4% |
Dillard's, Inc. | 1.4% |
Kohl's Corp. | 1.3% |
TripAdvisor, Inc. | 1.3% |
F5 Networks, Inc. | 1.2% |
AES Corp./VA | 1.2% |
Plantronics, Inc. | 1.2% |
(1) | The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund. |
(2) | Concentrations are subject to change. |
2018 Semiannual Report | June 30, 2018 | Page 7 |
Total Return Bond Fund | |
Sector Concentration(2) | % of total net assets |
Registered Investment Companies | 74.3% |
Money Market Registered Investment Companies | 6.4% |
U.S. Government Obligations | 19.6% |
Other Assets/Liabilities (Net) | (0.3%) |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
iShares Core U.S. Aggregate Bond ETF | 15.9% |
Vanguard Total Bond Market ETF | 10.8% |
U.S. Treasury Note, 2.25%, due 11/15/2025 | 8.8% |
U.S. Treasury Note, 2.13%, due 12/31/2022 | 8.7% |
Vanguard Intermediate-Term Corporate Bond ETF | 7.2% |
Baird Core Plus Bond Fund - Class I | 5.2% |
Frost Total Return Bond Fund - Class I | 5.0% |
Guggenheim Total Return Bond Fund - Class I | 5.0% |
DoubleLine Total Return Bond Fund - Class I | 4.9% |
Pioneer Bond Fund - Class Y | 4.9% |
Prime Money Market Fund | |
Sector Concentration(2) | % of total net assets |
Commercial Paper | 44.3% |
Repurchase Agreements | 20.8% |
Certificates of Deposit | 15.0% |
Money Market Registered Investment Companies | 12.4% |
Bank Obligations | 3.0% |
U.S. Government and Agency Obligations | 3.0% |
Corporate Obligations | 1.5% |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
INTL FCStone Repo, 2.18%, due 7/2/2018 | 20.8% |
Morgan Stanley Government Institutional Fund, 1.81% | 6.4% |
Fidelity Prime Institutional Money Market Portfolio, 2.06% | 5.9% |
Prudential Financial, Inc., 2.00%, due 7/2/2018 | 4.5% |
BNP Paribas SA/New York, NY, 2.00%, due 7/9/2018 | 1.9% |
Royal Bank of Canada Yankee CD, 2.49%, due 8/3/2018 | 1.6% |
Bank of Montreal Yankee CD, 2.42%, due 7/12/2018 | 1.5% |
Canadian Imperial Bank of NY Yankee CD, 2.54%, due 7/3/2018 | 1.5% |
U.S. Bank N.A. Cincinnati, 2.48%, due 8/14/2018 | 1.5% |
Bank of Nova Scotia Yankee CD, 2.54%, due 7/10/2018 | 1.5% |
Institutional Prime Money Market Fund | |
Sector Concentration(2) | % of total net assets |
Commercial Paper | 46.5% |
Repurchase Agreements | 25.5% |
Certificates of Deposit | 15.3% |
Money Market Registered Investment Companies | 9.1% |
U.S. Government and Agency Obligations | 2.5% |
Corporate Obligations | 0.9% |
Bank Obligations | 0.3% |
Other Assets/Liabilities (Net) | (0.1%) |
Total | 100.0% |
Top 10 Holdings | % of total net assets |
South Street Repo, 2.18%, due 7/2/2018 | 16.5% |
INTL FCStone Repo, 2.18%, due 7/2/2018 | 6.3% |
Morgan Stanley Government Institutional Fund, 1.81% | 5.0% |
Prudential Financial, Inc., 2.00%, due 7/2/2018 | 4.9% |
Fidelity Prime Institutional Money Market Portfolio, 2.06% | 4.1% |
South Street Repo, 2.24%, due 7/2/2018 | 2.7% |
United States Treasury Bill, 1.94%, due 9/20/2018 | 1.9% |
Bank of Nova Scotia Yankee CD, 2.54%, due 7/10/2018 | 1.4% |
Royal Bank of Canada Yankee CD, 2.26%, due 7/6/2018 | 1.4% |
Bank of Montreal Yankee CD, 2.24%, due 7/13/2018 | 1.4% |
(2) | Concentrations are subject to change. |
Page 8 | 2018 Semiannual Report | June 30, 2018 |
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 examples below are based on an investment of $1,000 invested at the beginning of the period and held for the six-month period from January 1, 2018 to June 30, 2018.
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 returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
| | | Beginning
Account Value
(12/31/17) | Ending
Account Value
(6/30/18) | Expenses Paid
During Period1
(12/31/17 -
6/30/18) | Expense Ratio2
(Annualized) |
Muirfield Fund - Retail Class | Actual | $ 1,000.00 | $ 1,008.00 | $ 6.66 | 1.33% |
| | Hypothetical | 1,000.00 | 1,018.30 | 6.69 | 1.33% |
Spectrum Fund - Retail Class | Actual | 1,000.00 | 1,008.70 | 9.31 | 1.86% |
| | Hypothetical | 1,000.00 | 1,015.66 | 9.35 | 1.86% |
Global Allocation Fund - Retail Class | Actual | 1,000.00 | 992.60 | 8.10 | 1.63% |
| | Hypothetical | 1,000.00 | 1,016.80 | 8.20 | 1.63% |
Balanced Fund - Retail Class | Actual | 1,000.00 | 999.20 | 7.18 | 1.44% |
| | Hypothetical | 1,000.00 | 1,017.75 | 7.24 | 1.44% |
Moderate Allocation Fund - Retail Class | Actual | 1,000.00 | 1,000.00 | 6.98 | 1.40% |
| | Hypothetical | 1,000.00 | 1,017.95 | 7.04 | 1.40% |
Conservative Allocation Fund - Retail Class | Actual | 1,000.00 | 989.80 | 6.30 | 1.27% |
| | Hypothetical | 1,000.00 | 1,018.60 | 6.39 | 1.27% |
Aggressive Allocation Fund - Retail Class | Actual | 1,000.00 | 1,018.20 | 9.81 | 1.95% |
| | Hypothetical | 1,000.00 | 1,015.21 | 9.80 | 1.95% |
Dynamic Allocation Fund - Retail Class | Actual | 1,000.00 | 1,008.30 | 7.26 | 1.45% |
| | Hypothetical | 1,000.00 | 1,017.70 | 7.29 | 1.45% |
Quantex Fund - Retail Class | Actual | 1,000.00 | 1,030.20 | 7.95 | 1.57% |
| | Hypothetical | 1,000.00 | 1,017.10 | 7.90 | 1.57% |
Total Return Bond Fund - Retail Class | Actual | 1,000.00 | 979.30 | 5.63 | 1.14% |
| | Hypothetical | 1,000.00 | 1,019.25 | 5.74 | 1.14% |
Prime Money Market Fund | Actual | 1,000.00 | 1,006.70 | 2.20 | 0.44% |
| | Hypothetical | 1,000.00 | 1,022.74 | 2.22 | 0.44% |
Institutional Prime Money Market Fund | Actual | 1,000.00 | 1,008.30 | 0.75 | 0.15% |
| | Hypothetical | 1,000.00 | 1,024.18 | 0.76 | 0.15% |
Muirfield Fund - Adviser Class | Actual | 1,000.00 | 1,009.20 | 5.91 | 1.18% |
| | Hypothetical | 1,000.00 | 1,019.05 | 5.94 | 1.18% |
Spectrum Fund - Adviser Class | Actual | 1,000.00 | 1,009.50 | 8.37 | 1.67% |
| | Hypothetical | 1,000.00 | 1,016.60 | 8.40 | 1.67% |
Global Allocation Fund - Adviser Class | Actual | 1,000.00 | 993.90 | 7.11 | 1.43% |
| | Hypothetical | 1,000.00 | 1,017.80 | 7.19 | 1.43% |
2018 Semiannual Report | June 30, 2018 | Page 9 |
| | | Beginning
Account Value
(12/31/17) | Ending
Account Value
(6/30/18) | Expenses Paid
During Period1
(12/31/17 -
6/30/18) | Expense Ratio2
(Annualized) |
Balanced Fund - Adviser Class | Actual | $ 1,000.00 | $ 1,000.90 | $ 6.19 | 1.24% |
| | Hypothetical | 1,000.00 | 1,018.75 | 6.24 | 1.24% |
Moderate Allocation Fund - Adviser Class | Actual | 1,000.00 | 1,000.90 | 5.99 | 1.20% |
| | Hypothetical | 1,000.00 | 1,018.95 | 6.04 | 1.20% |
Conservative Allocation Fund - Adviser Class | Actual | 1,000.00 | 990.40 | 5.51 | 1.11% |
| | Hypothetical | 1,000.00 | 1,019.40 | 5.59 | 1.11% |
Aggressive Allocation Fund - Adviser Class | Actual | 1,000.00 | 1,020.10 | 8.91 | 1.77% |
| | Hypothetical | 1,000.00 | 1,016.11 | 8.90 | 1.77% |
Dynamic Allocation Fund - Adviser Class | Actual | 1,000.00 | 1,009.20 | 6.26 | 1.25% |
| | Hypothetical | 1,000.00 | 1,018.70 | 6.29 | 1.25% |
Quantex Fund - Adviser Class | Actual | 1,000.00 | 1,031.00 | 7.19 | 1.42% |
| | Hypothetical | 1,000.00 | 1,017.85 | 7.14 | 1.42% |
Total Return Bond Fund - Adviser Class | Actual | 1,000.00 | 980.30 | 4.69 | 0.95% |
| | Hypothetical | 1,000.00 | 1,020.19 | 4.78 | 0.95% |
Muirfield Fund - Institutional Class | Actual | 1,000.00 | 1,009.20 | 4.96 | 0.99% |
| | Hypothetical | 1,000.00 | 1,020.00 | 4.99 | 0.99% |
Spectrum Fund - Institutional Class | Actual | 1,000.00 | 1,011.30 | 7.47 | 1.49% |
| | Hypothetical | 1,000.00 | 1,017.50 | 7.49 | 1.49% |
Global Allocation Fund - Institutional Class | Actual | 1,000.00 | 994.80 | 5.92 | 1.19% |
| | Hypothetical | 1,000.00 | 1,019.00 | 5.99 | 1.19% |
Balanced Fund - Institutional Class | Actual | 1,000.00 | 1,000.90 | 5.29 | 1.06% |
| | Hypothetical | 1,000.00 | 1,019.65 | 5.34 | 1.06% |
Moderate Allocation Fund - Institutional Class | Actual | 1,000.00 | 1,001.70 | 4.99 | 1.00% |
| | Hypothetical | 1,000.00 | 1,019.95 | 5.04 | 1.00% |
Conservative Allocation Fund - Institutional Class | Actual | 1,000.00 | 991.70 | 4.57 | 0.92% |
| | Hypothetical | 1,000.00 | 1,020.34 | 4.63 | 0.92% |
Aggressive Allocation Fund - Institutional Class | Actual | 1,000.00 | 1,021.00 | 7.71 | 1.53% |
| | Hypothetical | 1,000.00 | 1,017.30 | 7.70 | 1.53% |
Dynamic Allocation Fund - Institutional Class | Actual | 1,000.00 | 1,011.10 | 5.11 | 1.02% |
| | Hypothetical | 1,000.00 | 1,019.85 | 5.14 | 1.02% |
Quantex Fund - Institutional Class | Actual | 1,000.00 | 1,032.10 | 6.08 | 1.20% |
| | Hypothetical | 1,000.00 | 1,018.95 | 6.04 | 1.20% |
Total Return Bond Fund - Institutional Class | Actual | 1,000.00 | 981.20 | 3.80 | 0.77% |
| | Hypothetical | 1,000.00 | 1,021.09 | 3.88 | 0.77% |
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any transactional costs were included, your costs would have been higher.
1 | Expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period by 181/365 (to reflect the total number of days in the six-month period). |
2 | Does not include the effects of acquired fund fees and expenses. May be influenced by the timing of reimbursements made to the Fund. |
Page 10 | 2018 Semiannual Report | June 30, 2018 |
2018 Semiannual Report
Fund Holdings & Financial Statements
Schedule of Investments
June 30, 2018 (unaudited)
Muirfield Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 70.8% |
Consumer Discretionary — 7.8% | | | | | | | | |
1-800-Flowers.com, Inc. (2) | | | 2,184 | | | | 27,409 | |
Abercrombie & Fitch Co. | | | 1,172 | | | | 28,691 | |
Amazon.com, Inc. (2) | | | 5,807 | | | | 9,870,739 | |
AMC Networks, Inc. (2) | | | 2,243 | | | | 139,515 | |
American Eagle Outfitters, Inc. | | | 53 | | | | 1,232 | |
American Public Education, Inc. (2) | | | 216 | | | | 9,094 | |
Bed Bath & Beyond, Inc. | | | 7,727 | | | | 153,960 | |
Best Buy Co., Inc. | | | 16,603 | | | | 1,238,252 | |
Big Lots, Inc. | | | 175 | | | | 7,312 | |
Bloomin' Brands, Inc. | | | 21,156 | | | | 425,236 | |
Booking Holdings, Inc. (2) | | | 1,802 | | | | 3,652,816 | |
Brinker International, Inc. | | | 308 | | | | 14,661 | |
Build-A-Bear Workshop, Inc. (2) | | | 892 | | | | 6,779 | |
Burlington Stores, Inc. (2) | | | 2,934 | | | | 441,655 | |
Cambium Learning Group, Inc. (2) | | | 2,284 | | | | 25,467 | |
Chico's FAS, Inc. | | | 2,038 | | | | 16,589 | |
Comcast Corp. | | | 44,018 | | | | 1,444,231 | |
Deckers Outdoor Corp. (2) | | | 301 | | | | 33,980 | |
Dollar General Corp. | | | 12,130 | | | | 1,196,018 | |
Foot Locker, Inc. | | | 1,292 | | | | 68,024 | |
Ford Motor Co. | | | 308,230 | | | | 3,412,106 | |
Gannett Co., Inc. | | | 13,427 | | | | 143,669 | |
Gentex Corp. | | | 17,355 | | | | 399,512 | |
Grand Canyon Education, Inc. (2) | | | 2,142 | | | | 239,069 | |
Hibbett Sports, Inc. (2) | | | 203 | | | | 4,649 | |
Home Depot, Inc./The | | | 2,685 | | | | 523,844 | |
J Alexander's Holdings, Inc. (2) | | | 500 | | | | 5,575 | |
John Wiley & Sons, Inc. | | | 8,311 | | | | 518,606 | |
Kohl's Corp. | | | 6,080 | | | | 443,232 | |
Las Vegas Sands Corp. | | | 4,258 | | | | 325,141 | |
La-Z-Boy, Inc. | | | 1,303 | | | | 39,872 | |
Lear Corp. | | | 13,785 | | | | 2,561,391 | |
Liberty Expedia Holdings, Inc. (2) | | | 15,644 | | | | 687,397 | |
Lululemon Athletica, Inc. (2) | | | 9,073 | | | | 1,132,764 | |
Macy's, Inc. | | | 9,994 | | | | 374,075 | |
MDC Partners, Inc. (2) | | | 680 | | | | 3,128 | |
Michael Kors Holdings, Ltd. (2) | | | 16,328 | | | | 1,087,445 | |
National CineMedia, Inc. | | | 4,503 | | | | 37,825 | |
Netflix, Inc. (2) | | | 5,302 | | | | 2,075,362 | |
New Media Investment Group, Inc. | | | 13,368 | | | | 247,041 | |
NVR, Inc. (2) | | | 351 | | | | 1,042,593 | |
Penn National Gaming, Inc. (2) | | | 4,213 | | | | 141,515 | |
Pinnacle Entertainment, Inc. (2) | | | 20,950 | | | | 706,644 | |
PulteGroup, Inc. | | | 19,690 | | | | 566,088 | |
Qurate Retail, Inc. (2) | | | 5,854 | | | | 124,222 | |
Ross Stores, Inc. | | | 18,185 | | | | 1,541,179 | |
Shutterfly, Inc. (2) | | | 1,429 | | | | 128,653 | |
Stoneridge, Inc. (2) | | | 2,449 | | | | 86,058 | |
Tailored Brands, Inc. | | | 2,378 | | | | 60,687 | |
Target Corp. | | | 32,649 | | | | 2,485,242 | |
Taylor Morrison Home Corp. (2) | | | 8,104 | | | | 168,401 | |
Tenneco, Inc. | | | 4,792 | | | | 210,656 | |
TJX Cos., Inc./The | | | 2,833 | | | | 269,645 | |
TopBuild Corp. (2) | | | 1,605 | | | | 125,736 | |
Tower International, Inc. | | | 773 | | | | 24,581 | |
tronc, Inc. (2) | | | 2,753 | | | | 47,572 | |
Twenty-First Century Fox, Inc. - Class B | | | 3,841 | | | | 189,246 | |
Twenty-First Century Fox, Inc. - Class A | | | 11,559 | | | | 574,367 | |
Urban Outfitters, Inc. (2) | | | 2,730 | | | | 121,622 | |
World Wrestling Entertainment, Inc. | | | 608 | | | | 44,275 | |
Wyndham Destinations, Inc. | | | 13,568 | | | | 600,655 | |
| | | | | | | | 42,323,000 | |
| | | | | | | | | |
Consumer Staples — 1.8% | | | | | | | | |
Conagra Brands, Inc. | | | 8,805 | | | | 314,603 | |
Flowers Foods, Inc. | | | 13,191 | | | | 274,769 | |
Herbalife Nutrition, Ltd. (2) | | | 6,878 | | | | 369,486 | |
Kroger Co./The | | | 19,445 | | | | 553,210 | |
Lamb Weston Holdings, Inc. | | | 8,105 | | | | 555,274 | |
Molson Coors Brewing Co. | | | 4,195 | | | | 285,428 | |
Performance Food Group Co. (2) | | | 3,279 | | | | 120,339 | |
Tyson Foods, Inc. | | | 45,477 | | | | 3,131,091 | |
US Foods Holding Corp. (2) | | | 8,615 | | | | 325,819 | |
USANA Health Sciences, Inc. (2) | | | 2,263 | | | | 260,924 | |
Village Super Market, Inc. | | | 1,436 | | | | 42,305 | |
Walgreens Boots Alliance, Inc. | | | 11,070 | | | | 664,366 | |
Walmart, Inc. | | | 33,451 | | | | 2,865,078 | |
Weis Markets, Inc. | | | 936 | | | | 49,926 | |
| | | | | | | | 9,812,618 | |
| | | | | | | | | |
Energy — 5.8% | | | | | | | | |
Adams Resources & Energy, Inc. | | | 252 | | | | 10,836 | |
Anadarko Petroleum Corp. | | | 23,385 | | | | 1,712,951 | |
Andeavor | | | 10,702 | | | | 1,403,888 | |
Arch Coal, Inc. | | | 1,897 | | | | 148,782 | |
Cactus, Inc. (2) | | | 5,424 | | | | 183,277 | |
California Resources Corp. (2) | | | 404 | | | | 18,358 | |
Chevron Corp. | | | 24,993 | | | | 3,159,865 | |
ConocoPhillips | | | 40,418 | | | | 2,813,901 | |
CONSOL Energy, Inc. (2) | | | 1,134 | | | | 43,489 | |
Continental Resources, Inc./OK (2) | | | 8,905 | | | | 576,688 | |
The accompanying notes are an integral part of these financial statements.
Page 12 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Muirfield Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
CVR Energy, Inc. | | | 2,631 | | | | 97,321 | |
Delek US Holdings, Inc. | | | 4,024 | | | | 201,884 | |
Denbury Resources, Inc. (2) | | | 4,582 | | | | 22,039 | |
Energen Corp. (2) | | | 7,080 | | | | 515,566 | |
EOG Resources, Inc. | | | 1,604 | | | | 199,586 | |
Evolution Petroleum Corp. | | | 6,756 | | | | 66,547 | |
Exxon Mobil Corp. | | | 58,196 | | | | 4,814,555 | |
FTS International, Inc. (2) | | | 15,642 | | | | 222,742 | |
Hallador Energy Co. | | | 6,366 | | | | 45,453 | |
HollyFrontier Corp. | | | 12,826 | | | | 877,683 | |
Keane Group, Inc. (2) | | | 3,375 | | | | 46,136 | |
Liberty Oilfield Services, Inc. (2) | | | 4,981 | | | | 93,244 | |
Mammoth Energy Services, Inc. (2) | | | 2,548 | | | | 86,530 | |
Marathon Oil Corp. | | | 18,444 | | | | 384,742 | |
Marathon Petroleum Corp. | | | 42,595 | | | | 2,988,465 | |
Matrix Service Co. (2) | | | 3,798 | | | | 69,693 | |
Midstates Petroleum Co., Inc. (2) | | | 1,785 | | | | 24,294 | |
Occidental Petroleum Corp. | | | 25,411 | | | | 2,126,392 | |
Overseas Shipholding Group, Inc. (2) | | | 7,832 | | | | 30,388 | |
Par Pacific Holdings, Inc. (2) | | | 460 | | | | 7,995 | |
PBF Energy, Inc. | | | 16,030 | | | | 672,138 | |
Peabody Energy Corp. | | | 5,567 | | | | 253,187 | |
PHI, Inc. (2) | | | 424 | | | | 4,312 | |
Phillips 66 | | | 31,477 | | | | 3,535,182 | |
Pioneer Energy Services Corp. (2) | | | 1,006 | | | | 5,885 | |
ProPetro Holding Corp. (2) | | | 2,141 | | | | 33,571 | |
Quintana Energy Services, Inc. (2) | | | 1,000 | | | | 8,470 | |
Renewable Energy Group, Inc. (2) | | | 3,697 | | | | 65,991 | |
SilverBow Resources, Inc. (2) | | | 1,013 | | | | 29,255 | |
Valero Energy Corp. | | | 32,235 | | | | 3,572,605 | |
W&T Offshore, Inc. (2) | | | 12,439 | | | | 88,939 | |
Whiting Petroleum Corp. (2) | | | 10 | | | | 527 | |
WildHorse Resource Development Corp. (2) | | | 2,932 | | | | 74,356 | |
World Fuel Services Corp. | | | 1,909 | | | | 38,963 | |
| | | | | | | | 31,376,671 | |
| | | | | | | | | |
Financials — 10.5% | | | | | | | | |
Aflac, Inc. | | | 2,775 | | | | 119,381 | |
BancFirst Corp. | | | 1,000 | | | | 59,200 | |
Bancorp, Inc./The (2) | | | 13,453 | | | | 140,718 | |
Bank of America Corp. | | | 221,992 | | | | 6,257,954 | |
Bank of NT Butterfield & Son, Ltd./The | | | 8,325 | | | | 380,619 | |
BankUnited, Inc. | | | 28,501 | | | | 1,164,266 | |
BB&T Corp. | | | 67,407 | | | | 3,400,009 | |
Berkshire Hathaway, Inc. (2) | | | 41,892 | | | | 7,819,142 | |
Cannae Holdings, Inc. (2) | | | 6,314 | | | | 117,125 | |
Charter Financial Corp./MD | | | 3,747 | | | | 90,490 | |
Cherry Hill Mortgage Investment Corp. | | | 1,619 | | | | 28,915 | |
CIT Group, Inc. | | | 247 | | | | 12,451 | |
Citizens Financial Group, Inc. | | | 41,658 | | | | 1,620,496 | |
Comerica, Inc. | | | 2,799 | | | | 254,485 | |
Cullen/Frost Bankers, Inc. | | | 6,400 | | | | 692,736 | |
Enova International, Inc. (2) | | | 2,015 | | | | 73,648 | |
Evercore, Inc. | | | 6,352 | | | | 669,818 | |
Fifth Third Bancorp | | | 98,796 | | | | 2,835,445 | |
First American Financial Corp. | | | 23,486 | | | | 1,214,696 | |
First BanCorp/Puerto Rico (2) | | | 19,519 | | | | 149,320 | |
FirstCash, Inc. | | | 4,505 | | | | 404,774 | |
Genworth Financial, Inc. (2) | | | 5,202 | | | | 23,409 | |
Hamilton Lane, Inc. | | | 966 | | | | 46,339 | |
Huntington Bancshares, Inc./OH | | | 1,095 | | | | 16,162 | |
Independence Holding Co. | | | 847 | | | | 28,163 | |
Infinity Property & Casualty Corp. | | | 1,216 | | | | 173,098 | |
JPMorgan Chase & Co. | | | 53,125 | | | | 5,535,625 | |
Ladder Capital Corp. | | | 6,670 | | | | 104,185 | |
Lazard, Ltd. | | | 2,160 | | | | 105,646 | |
LPL Financial Holdings, Inc. | | | 1,241 | | | | 81,335 | |
MB Financial, Inc. | | | 11,952 | | | | 558,158 | |
Medley Management, Inc. (2) | | | 2,062 | | | | 7,320 | |
Meta Financial Group, Inc. | | | 443 | | | | 43,148 | |
New Residential Investment Corp. | | | 135,397 | | | | 2,368,094 | |
Northeast Bancorp | | | 657 | | | | 14,323 | |
Northrim BanCorp, Inc. | | | 1,848 | | | | 73,088 | |
OFG Bancorp | | | 5,326 | | | | 74,830 | |
Oppenheimer Holdings, Inc. | | | 1,858 | | | | 52,024 | |
PacWest Bancorp | | | 19,384 | | | | 957,957 | |
PennyMac Financial Services, Inc. (2) | | | 1,476 | | | | 29,003 | |
PNC Financial Services Group, Inc./The | | | 25,729 | | | | 3,475,988 | |
Popular, Inc. | | | 8,545 | | | | 386,319 | |
Progressive Corp./The | | | 47,418 | | | | 2,804,775 | |
Prudential Financial, Inc. | | | 17,581 | | | | 1,643,999 | |
Pzena Investment Management, Inc. | | | 3,833 | | | | 35,302 | |
Regional Management Corp. (2) | | | 970 | | | | 33,969 | |
Regions Financial Corp. | | | 155,589 | | | | 2,766,372 | |
State Bank Financial Corp. | | | 1,968 | | | | 65,731 | |
Stewart Information Services Corp. | | | 2,916 | | | | 125,592 | |
SunTrust Banks, Inc. | | | 33,985 | | | | 2,243,690 | |
Sutherland Asset Management Corp. | | | 1,450 | | | | 23,563 | |
TCF Financial Corp. | | | 30,449 | | | | 749,654 | |
Triumph Bancorp, Inc. (2) | | | 6,349 | | | | 258,722 | |
Umpqua Holdings Corp. | | | 32,809 | | | | 741,155 | |
Universal Insurance Holdings, Inc. | | | 7,089 | | | | 248,824 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 13 |
Schedule of Investments
June 30, 2018 (unaudited)
Muirfield Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Walker & Dunlop, Inc. | | | 6,931 | | | | 385,710 | |
Wells Fargo & Co. | | | 56,700 | | | | 3,143,448 | |
| | | | | | | | 56,930,408 | |
| | | | | | | | | |
Healthcare — 12.0% | | | | | | | | |
Abaxis, Inc. | | | 291 | | | | 24,156 | |
AbbVie, Inc. | | | 34,050 | | | | 3,154,733 | |
ABIOMED, Inc. (2) | | | 922 | | | | 377,144 | |
Addus HomeCare Corp. (2) | | | 416 | | | | 23,816 | |
Alexion Pharmaceuticals, Inc. (2) | | | 6,487 | | | | 805,361 | |
Align Technology, Inc. (2) | | | 2,803 | | | | 959,018 | |
AMAG Pharmaceuticals, Inc. (2) | | | 4,492 | | | | 87,594 | |
Amgen, Inc. | | | 18,960 | | | | 3,499,826 | |
Amphastar Pharmaceuticals, Inc. (2) | | | 4,260 | | | | 65,008 | |
AnaptysBio, Inc. (2) | | | 642 | | | | 45,608 | |
Anthem, Inc. | | | 13,006 | | | | 3,095,818 | |
Arena Pharmaceuticals, Inc. (2) | | | 1,442 | | | | 62,871 | |
Atara Biotherapeutics, Inc. (2) | | | 858 | | | | 31,532 | |
AxoGen, Inc. (2) | | | 1,600 | | | | 80,400 | |
Baxter International, Inc. | | | 12,661 | | | | 934,888 | |
Biogen, Inc. (2) | | | 11,214 | | | | 3,254,751 | |
Bio-Rad Laboratories, Inc. (2) | | | 715 | | | | 206,306 | |
BioSpecifics Technologies Corp. (2) | | | 300 | | | | 13,458 | |
Bristol-Myers Squibb Co. | | | 8,140 | | | | 450,468 | |
Cantel Medical Corp. | | | 463 | | | | 45,541 | |
Cardinal Health, Inc. | | | 26,375 | | | | 1,287,891 | |
Catalent, Inc. (2) | | | 4,796 | | | | 200,904 | |
Catalyst Pharmaceuticals, Inc. (2) | | | 9,188 | | | | 28,667 | |
Celcuity, Inc. (2) | | | 720 | | | | 17,870 | |
Centene Corp. (2) | | | 10,894 | | | | 1,342,250 | |
Cerner Corp. (2) | | | 52,432 | | | | 3,134,909 | |
Chemed Corp. | | | 1,623 | | | | 522,298 | |
ChemoCentryx, Inc. (2) | | | 3,809 | | | | 50,165 | |
Collegium Pharmaceutical, Inc. (2) | | | 1,569 | | | | 37,421 | |
Concert Pharmaceuticals, Inc. (2) | | | 3,441 | | | | 57,912 | |
CONMED Corp. | | | 989 | | | | 72,395 | |
Cutera, Inc. (2) | | | 911 | | | | 36,713 | |
CytomX Therapeutics, Inc. (2) | | | 509 | | | | 11,636 | |
Eagle Pharmaceuticals, Inc./DE (2) | | | 910 | | | | 68,851 | |
Emergent BioSolutions, Inc. (2) | | | 10,109 | | | | 510,403 | |
Enanta Pharmaceuticals, Inc. (2) | | | 1,510 | | | | 175,009 | |
Exelixis, Inc. (2) | | | 7,734 | | | | 166,436 | |
Express Scripts Holding Co. (2) | | | 44,715 | | | | 3,452,445 | |
Fate Therapeutics, Inc. (2) | | | 1,267 | | | | 14,368 | |
FONAR Corp. (2) | | | 864 | | | | 22,939 | |
Foundation Medicine, Inc. (2) | | | 194 | | | | 26,520 | |
G1 Therapeutics, Inc. (2) | | | 993 | | | | 43,156 | |
Genomic Health, Inc. (2) | | | 4,150 | | | | 209,160 | |
Geron Corp. (2) | | | 1,165 | | | | 3,996 | |
Gilead Sciences, Inc. | | | 43,009 | | | | 3,046,758 | |
Globus Medical, Inc. (2) | | | 13,253 | | | | 668,746 | |
Haemonetics Corp. (2) | | | 7,180 | | | | 643,902 | |
Halozyme Therapeutics, Inc. (2) | | | 1,802 | | | | 30,400 | |
HCA Healthcare, Inc. | | | 31,672 | | | | 3,249,547 | |
Hill-Rom Holdings, Inc. | | | 5,042 | | | | 440,368 | |
ICU Medical, Inc. (2) | | | 77 | | | | 22,611 | |
ImmunoGen, Inc. (2) | | | 117 | | | | 1,138 | |
Immunomedics, Inc. (2) | | | 269 | | | | 6,367 | |
Innovate Biopharmaceuticals, Inc. (2) | | | 192 | | | | 4,525 | |
Inogen, Inc. (2) | | | 662 | | | | 123,350 | |
Integer Holdings Corp. (2) | | | 3,362 | | | | 217,353 | |
Intersect ENT, Inc. (2) | | | 1,464 | | | | 54,827 | |
Intuitive Surgical, Inc. (2) | | | 7,257 | | | | 3,472,329 | |
Iovance Biotherapeutics, Inc. (2) | | | 867 | | | | 11,098 | |
Ironwood Pharmaceuticals, Inc. (2) | | | 4,348 | | | | 83,134 | |
Johnson & Johnson | | | 22,876 | | | | 2,775,774 | |
Kindred Biosciences, Inc. (2) | | | 1,925 | | | | 20,501 | |
Lantheus Holdings, Inc. (2) | | | 1,816 | | | | 26,423 | |
Loxo Oncology, Inc. (2) | | | 588 | | | | 102,006 | |
Luminex Corp. | | | 3,633 | | | | 107,282 | |
Madrigal Pharmaceuticals, Inc. (2) | | | 249 | | | | 69,643 | |
Masimo Corp. (2) | | | 828 | | | | 80,854 | |
McKesson Corp. | | | 2,313 | | | | 308,554 | |
Medtronic PLC | | | 29,771 | | | | 2,548,695 | |
Merck & Co., Inc. | | | 24,037 | | | | 1,459,046 | |
Minerva Neurosciences, Inc. (2) | | | 972 | | | | 8,019 | |
Momenta Pharmaceuticals, Inc. (2) | | | 3,887 | | | | 79,489 | |
Mylan NV (2) | | | 28,191 | | | | 1,018,823 | |
Myriad Genetics, Inc. (2) | | | 2,915 | | | | 108,934 | |
Nektar Therapeutics (2) | | | 2,841 | | | | 138,726 | |
Orthofix International NV (2) | | | 7,104 | | | | 403,649 | |
PDL BioPharma, Inc. (2) | | | 12,916 | | | | 30,223 | |
Pfizer, Inc. | | | 135,183 | | | | 4,904,439 | |
Phibro Animal Health Corp. | | | 1,755 | | | | 80,818 | |
Pieris Pharmaceuticals, Inc. (2) | | | 5,470 | | | | 27,733 | |
Premier, Inc. (2) | | | 22,681 | | | | 825,135 | |
Providence Service Corp./The (2) | | | 431 | | | | 33,855 | |
PTC Therapeutics, Inc. (2) | | | 2,173 | | | | 73,295 | |
Quality Systems, Inc. (2) | | | 2,259 | | | | 44,051 | |
RadNet, Inc. (2) | | | 2,351 | | | | 35,265 | |
Recro Pharma, Inc. (2) | | | 1,893 | | | | 9,503 | |
Regeneron Pharmaceuticals, Inc. (2) | | | 426 | | | | 146,966 | |
The accompanying notes are an integral part of these financial statements.
Page 14 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Muirfield Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
REGENXBIO, Inc. (2) | | | 1,356 | | | | 97,293 | |
Sage Therapeutics, Inc. (2) | | | 855 | | | | 133,833 | |
Simulations Plus, Inc. | | | 291 | | | | 6,475 | |
Spectrum Pharmaceuticals, Inc. (2) | | | 2,314 | | | | 48,501 | |
STAAR Surgical Co. (2) | | | 688 | | | | 21,328 | |
Tabula Rasa HealthCare, Inc. (2) | | | 621 | | | | 39,638 | |
Triple-S Management Corp. (2) | | | 1,321 | | | | 51,598 | |
United Therapeutics Corp. (2) | | | 6,950 | | | | 786,393 | |
UnitedHealth Group, Inc. | | | 15,357 | | | | 3,767,686 | |
Universal Health Services, Inc. | | | 118 | | | | 13,150 | |
Vanda Pharmaceuticals, Inc. (2) | | | 849 | | | | 16,173 | |
Veracyte, Inc. (2) | | | 4,025 | | | | 37,594 | |
Vertex Pharmaceuticals, Inc. (2) | | | 14,060 | | | | 2,389,638 | |
WellCare Health Plans, Inc. (2) | | | 1,269 | | | | 312,479 | |
Xencor, Inc. (2) | | | 980 | | | | 36,270 | |
Zoetis, Inc. | | | 8,864 | | | | 755,124 | |
| | | | | | | | 64,769,938 | |
| | | | | | | | | |
Industrials — 4.1% | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 39,281 | | | | 1,590,488 | |
ArcBest Corp. | | | 1,836 | | | | 83,905 | |
Atkore International Group, Inc. (2) | | | 7,000 | | | | 145,390 | |
BG Staffing, Inc. | | | 1,040 | | | | 24,180 | |
Boeing Co./The | | | 14,347 | | | | 4,813,562 | |
Casella Waste Systems, Inc. (2) | | | 2,860 | | | | 73,245 | |
Comfort Systems USA, Inc. | | | 3,317 | | | | 151,919 | |
Continental Building Products, Inc. (2) | | | 3,018 | | | | 95,218 | |
Copart, Inc. (2) | | | 21,983 | | | | 1,243,358 | |
Costamare, Inc. | | | 2 | | | | 16 | |
Covenant Transportation Group, Inc. (2) | | | 3,308 | | | | 104,202 | |
Ducommun, Inc. (2) | | | 156 | | | | 5,162 | |
EMCOR Group, Inc. | | | 1,972 | | | | 150,227 | |
FTI Consulting, Inc. (2) | | | 3,246 | | | | 196,318 | |
Genco Shipping & Trading, Ltd. (2) | | | 4,185 | | | | 64,868 | |
Global Brass & Copper Holdings, Inc. | | | 2,653 | | | | 83,172 | |
Hillenbrand, Inc. | | | 1,802 | | | | 84,964 | |
Huntington Ingalls Industries, Inc. | | | 7,531 | | | | 1,632,645 | |
Hurco Cos., Inc. | | | 1,119 | | | | 50,075 | |
ICF International, Inc. | | | 612 | | | | 43,483 | |
JetBlue Airways Corp. (2) | | | 4,570 | | | | 86,739 | |
Kaman Corp. | | | 487 | | | | 33,939 | |
KBR, Inc. | | | 7,505 | | | | 134,490 | |
Kelly Services, Inc. | | | 1,815 | | | | 40,747 | |
Kforce, Inc. | | | 2,401 | | | | 82,354 | |
Kimball International, Inc. | | | 3,171 | | | | 51,243 | |
LB Foster Co. (2) | | | 1,197 | | | | 27,471 | |
ManpowerGroup, Inc. | | | 836 | | | | 71,946 | |
Matson, Inc. | | | 1,405 | | | | 53,924 | |
McGrath RentCorp | | | 6,136 | | | | 388,225 | |
Miller Industries, Inc./TN | | | 1,335 | | | | 34,109 | |
MYR Group, Inc. (2) | | | 3,837 | | | | 136,060 | |
Navigant Consulting, Inc. (2) | | | 5,397 | | | | 119,490 | |
Nexeo Solutions, Inc. (2) | | | 3,439 | | | | 31,398 | |
Norfolk Southern Corp. | | | 3,742 | | | | 564,556 | |
Old Dominion Freight Line, Inc. | | | 3,384 | | | | 504,081 | |
Park-Ohio Holdings Corp. | | | 1,247 | | | | 46,513 | |
Pitney Bowes, Inc. | | | 13,170 | | | | 112,867 | |
Proto Labs, Inc. (2) | | | 397 | | | | 47,223 | |
Quad/Graphics, Inc. | | | 5,314 | | | | 110,691 | |
Quanta Services, Inc. (2) | | | 2,938 | | | | 98,129 | |
RR Donnelley & Sons Co. | | | 3,299 | | | | 19,002 | |
Safe Bulkers, Inc. (2) | | | 6,792 | | | | 23,093 | |
Saia, Inc. (2) | | | 2,118 | | | | 171,240 | |
SkyWest, Inc. | | | 1,293 | | | | 67,107 | |
Spartan Motors, Inc. | | | 1,633 | | | | 24,658 | |
Systemax, Inc. | | | 586 | | | | 20,117 | |
Teledyne Technologies, Inc. (2) | | | 1,866 | | | | 371,446 | |
Textron, Inc. | | | 7,314 | | | | 482,066 | |
Union Pacific Corp. | | | 25,063 | | | | 3,550,926 | |
United Rentals, Inc. (2) | | | 6,169 | | | | 910,668 | |
Universal Logistics Holdings, Inc. | | | 5,111 | | | | 134,164 | |
Vectrus, Inc. (2) | | | 3,548 | | | | 109,349 | |
Vicor Corp. (2) | | | 564 | | | | 24,562 | |
Waste Management, Inc. | | | 7,365 | | | | 599,069 | |
WW Grainger, Inc. | | | 6,805 | | | | 2,098,662 | |
| | | | | | | | 22,018,721 | |
| | | | | | | | | |
Information Technology — 19.9% | | | | | | | | |
Accenture PLC | | | 22,836 | | | | 3,735,741 | |
Adobe Systems, Inc. (2) | | | 13,778 | | | | 3,359,214 | |
Alphabet, Inc. - Class C (2) | | | 5,054 | | | | 5,638,495 | |
Alphabet, Inc. - Class A (2) | | | 950 | | | | 1,072,731 | |
Amkor Technology, Inc. (2) | | | 20,685 | | | | 177,684 | |
Apple, Inc. | | | 68,662 | | | | 12,710,023 | |
Applied Materials, Inc. | | | 69,621 | | | | 3,215,794 | |
ARRIS International PLC (2) | | | 40,638 | | | | 993,396 | |
Aspen Technology, Inc. (2) | | | 11,450 | | | | 1,061,873 | |
Avnet, Inc. | | | 8,050 | | | | 345,265 | |
Blucora, Inc. (2) | | | 1,099 | | | | 40,663 | |
Booz Allen Hamilton Holding Corp. | | | 16,622 | | | | 726,880 | |
Broadridge Financial Solutions, Inc. | | | 5,965 | | | | 686,572 | |
CA, Inc. | | | 49,962 | | | | 1,781,145 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 15 |
Schedule of Investments
June 30, 2018 (unaudited)
Muirfield Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
CACI International, Inc. (2) | | | 1,761 | | | | 296,817 | |
CDW Corp./DE | | | 2,319 | | | | 187,352 | |
Ciena Corp. (2) | | | 23,451 | | | | 621,686 | |
Cisco Systems, Inc. | | | 133,901 | | | | 5,761,760 | |
Citrix Systems, Inc. (2) | | | 24,986 | | | | 2,619,532 | |
Comtech Telecommunications Corp. | | | 2,345 | | | | 74,759 | |
Daktronics, Inc. | | | 355 | | | | 3,021 | |
DXC Technology Co. | | | 22,621 | | | | 1,823,479 | |
Electro Scientific Industries, Inc. (2) | | | 2,829 | | | | 44,613 | |
Electronic Arts, Inc. (2) | | | 6,790 | | | | 957,526 | |
Etsy, Inc. (2) | | | 4,301 | | | | 181,459 | |
F5 Networks, Inc. (2) | | | 9,650 | | | | 1,664,143 | |
Facebook, Inc. (2) | | | 31,972 | | | | 6,212,799 | |
Fortinet, Inc. (2) | | | 14,181 | | | | 885,320 | |
Hewlett Packard Enterprise Co. | | | 29,071 | | | | 424,727 | |
HP, Inc. | | | 149,271 | | | | 3,386,959 | |
Immersion Corp. (2) | | | 2,386 | | | | 36,840 | |
Insight Enterprises, Inc. (2) | | | 1,407 | | | | 68,845 | |
Intel Corp. | | | 85,119 | | | | 4,231,265 | |
InterDigital, Inc./PA | | | 2,559 | | | | 207,023 | |
International Business Machines Corp. | | | 23,567 | | | | 3,292,310 | |
Intuit, Inc. | | | 16,792 | | | | 3,430,690 | |
IPG Photonics Corp. (2) | | | 1,676 | | | | 369,776 | |
Jabil, Inc. | | | 22,466 | | | | 621,410 | |
Juniper Networks, Inc. | | | 38,644 | | | | 1,059,618 | |
Lam Research Corp. | | | 17,168 | | | | 2,967,489 | |
Mastercard, Inc. | | | 22,358 | | | | 4,393,794 | |
Micron Technology, Inc. (2) | | | 44,356 | | | | 2,326,029 | |
Microsoft Corp. | | | 107,694 | | | | 10,619,706 | |
MKS Instruments, Inc. | | | 3,392 | | | | 324,614 | |
Nanometrics, Inc. (2) | | | 3,695 | | | | 130,840 | |
NETGEAR, Inc. (2) | | | 227 | | | | 14,188 | |
Novanta, Inc. (2) | | | 60 | | | | 3,738 | |
NVIDIA Corp. | | | 15,254 | | | | 3,613,673 | |
ON Semiconductor Corp. (2) | | | 42,162 | | | | 937,472 | |
Oracle Corp. | | | 50,297 | | | | 2,216,086 | |
PC Connection, Inc. | | | 1,266 | | | | 42,031 | |
QuinStreet, Inc. (2) | | | 1,203 | | | | 15,278 | |
Red Hat, Inc. (2) | | | 4,605 | | | | 618,774 | |
RingCentral, Inc. (2) | | | 1,079 | | | | 75,908 | |
Rosetta Stone, Inc. (2) | | | 6,708 | | | | 107,529 | |
Rudolph Technologies, Inc. (2) | | | 3,836 | | | | 113,546 | |
Syntel, Inc. (2) | | | 8,513 | | | | 273,182 | |
Tech Data Corp. (2) | | | 2,453 | | | | 201,440 | |
TechTarget, Inc. (2) | | | 346 | | | | 9,826 | |
Texas Instruments, Inc. | | | 38,588 | | | | 4,254,327 | |
Unisys Corp. (2) | | | 5,382 | | | | 69,428 | |
Vishay Precision Group, Inc. (2) | | | 406 | | | | 15,489 | |
Western Digital Corp. | | | 1,119 | | | | 86,622 | |
Xcerra Corp. (2) | | | 15,662 | | | | 218,798 | |
Xerox Corp. (2) | | | 8,674 | | | | 208,176 | |
XO Group, Inc. (2) | | | 1,333 | | | | 42,656 | |
Zebra Technologies Corp. (2) | | | 2,056 | | | | 294,522 | |
| | | | | | | | 108,204,366 | |
| | | | | | | | | |
Materials — 2.2% | | | | | | | | |
AdvanSix, Inc. (2) | | | 1,214 | | | | 44,469 | |
Chemours Co./The | | | 14,741 | | | | 653,911 | |
Eagle Materials, Inc. | | | 343 | | | | 36,005 | |
Eastman Chemical Co. | | | 20,780 | | | | 2,077,169 | |
Freeport-McMoRan, Inc. | | | 35,128 | | | | 606,309 | |
Gold Resource Corp. | | | 2,833 | | | | 18,669 | |
Huntsman Corp. | | | 16,150 | | | | 471,580 | |
Kraton Corp. (2) | | | 3,602 | | | | 166,196 | |
Kronos Worldwide, Inc. | | | 7,323 | | | | 164,987 | |
Louisiana-Pacific Corp. | | | 10,599 | | | | 288,505 | |
LyondellBasell Industries NV | | | 30,679 | | | | 3,370,088 | |
Reliance Steel & Aluminum Co. | | | 13,176 | | | | 1,153,427 | |
Steel Dynamics, Inc. | | | 9,478 | | | | 435,514 | |
Tredegar Corp. | | | 2,083 | | | | 48,951 | |
Trinseo SA | | | 10,490 | | | | 744,266 | |
United States Steel Corp. | | | 5,535 | | | | 192,341 | |
Verso Corp. (2) | | | 857 | | | | 18,648 | |
Westlake Chemical Corp. | | | 11,142 | | | | 1,199,213 | |
| | | | | | | | 11,690,248 | |
| | | | | | | | | |
Real Estate Investment Trust — 2.7% | | | | | | | | |
American Tower Corp. | | | 3,765 | | | | 542,800 | |
CareTrust REIT, Inc. | | | 4,696 | | | | 78,376 | |
Chesapeake Lodging Trust | | | 2,222 | | | | 70,304 | |
CoreCivic, Inc. | | | 7,946 | | | | 189,830 | |
CubeSmart | | | 26,432 | | | | 851,639 | |
Essex Property Trust, Inc. | | | 11,708 | | | | 2,799,032 | |
GEO Group, Inc./The | | | 5,427 | | | | 149,460 | |
Hersha Hospitality Trust | | | 7,882 | | | | 169,069 | |
Hospitality Properties Trust | | | 1,013 | | | | 28,982 | |
Host Hotels & Resorts, Inc. | | | 84,988 | | | | 1,790,697 | |
Lamar Advertising Co. | | | 10,572 | | | | 722,173 | |
LaSalle Hotel Properties | | | 1,498 | | | | 51,277 | |
Maui Land & Pineapple Co., Inc. (2) | | | 122 | | | | 1,366 | |
Omega Healthcare Investors, Inc. | | | 788 | | | | 24,428 | |
Pebblebrook Hotel Trust | | | 5,590 | | | | 216,892 | |
The accompanying notes are an integral part of these financial statements.
Page 16 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Muirfield Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
PotlatchDeltic Corp. | | | 654 | | | | 33,256 | |
PS Business Parks, Inc. | | | 2,311 | | | | 296,964 | |
Public Storage | | | 5,273 | | | | 1,196,233 | |
Rayonier, Inc. | | | 9,581 | | | | 370,689 | |
Retail Properties of America, Inc. | | | 16,680 | | | | 213,170 | |
Simon Property Group, Inc. | | | 20,960 | | | | 3,567,182 | |
Tanger Factory Outlet Centers, Inc. | | | 4,351 | | | | 102,205 | |
Tier REIT, Inc. | | | 6,820 | | | | 162,180 | |
Urstadt Biddle Properties, Inc. | | | 2,586 | | | | 58,521 | |
Ventas, Inc. | | | 15,153 | | | | 862,963 | |
| | | | | | | | 14,549,688 | |
| | | | | | | | | |
Telecommunication Services — 1.3% | | | | | | | | |
AT&T, Inc. | | | 62,305 | | | | 2,000,614 | |
Intelsat SA (2) | | | 1,398 | | | | 23,291 | |
Telephone & Data Systems, Inc. | | | 1,368 | | | | 37,511 | |
T-Mobile US, Inc. (2) | | | 386 | | | | 23,064 | |
Verizon Communications, Inc. | | | 98,347 | | | | 4,947,838 | |
| | | | | | | | 7,032,318 | |
| | | | | | | | | |
Utilities — 2.7% | | | | | | | | |
AES Corp./VA | | | 61,381 | | | | 823,119 | |
CenterPoint Energy, Inc. | | | 100,350 | | | | 2,780,699 | |
Consolidated Water Co., Ltd. | | | 1,058 | | | | 13,648 | |
Exelon Corp. | | | 81,186 | | | | 3,458,524 | |
MDU Resources Group, Inc. | | | 58,321 | | | | 1,672,646 | |
New Jersey Resources Corp. | | | 900 | | | | 40,275 | |
NextEra Energy, Inc. | | | 23,679 | | | | 3,955,103 | |
UGI Corp. | | | 29,276 | | | | 1,524,401 | |
Vistra Energy Corp. (2) | | | 18,061 | | | | 427,316 | |
| | | | | | | | 14,695,731 | |
| | | | | | | | | |
Total Common Stocks (Cost $348,413,242) | | | | | | | 383,403,707 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 27.7% |
Meeder Institutional Prime Money Market Fund, 1.96% (3) | | | 150,112,582 | | | | 150,112,582 | |
Total Money Market Registered Investment Companies (Cost $150,099,532) | | | | | | | 150,112,582 | |
| | | | | | | | | |
Bank Obligations — 0.2% |
First Merchants Bank Deposit Account, 1.85%, 7/2/2018 (4) | | | 249,219 | | | | 249,219 | |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (4) | | | 249,223 | | | | 249,223 | |
Pacific Mercantile Bank Deposit Account, 1.83%, 7/2/2018 (4) | | | 249,317 | | | | 249,317 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (4) | | | 249,182 | | | | 249,182 | |
Seacoast Community Bank Deposit Account, 1.85%, 7/2/2018 (4) | | | 249,267 | | | | 249,267 | |
Total Bank Obligations (Cost $1,246,208) | | | | | | | 1,246,208 | |
Total Investments — 98.7% (Cost $499,758,982) | | | | | | | 534,762,497 | |
Other Assets less Liabilities — 1.3% | | | | | | | 7,113,305 | |
Total Net Assets — 100.0% | | | | | | | 541,875,802 | |
| | | | | | | | | |
Trustee Deferred Compensation (5) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 6,533 | | | | 69,511 | |
Meeder Balanced Fund | | | 3,356 | | | | 38,795 | |
Meeder Dynamic Allocation Fund | | | 2,311 | | | | 25,236 | |
Meeder Muirfield Fund | | | 3,794 | | | | 28,834 | |
Meeder Conservative Allocation Fund | | | 954 | | | | 21,131 | |
Total Trustee Deferred Compensation (Cost $162,421) | | | | | | | 183,507 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 17 |
Schedule of Investments
June 30, 2018 (unaudited)
Muirfield Fund |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 409 | | | 9/21/2018 | | | | 39,987,930 | | | | (1,227,485 | ) |
Mini MSCI Emerging Markets Index Futures | | | 174 | | | 9/21/2018 | | | | 9,250,710 | | | | (516,693 | ) |
Russell 2000 Mini Index Futures | | | 82 | | | 9/21/2018 | | | | 6,754,750 | | | | (146,430 | ) |
Standard & Poors 500 Mini Futures | | | 344 | | | 9/21/2018 | | | | 46,811,520 | | | | (391,046 | ) |
E-mini Standard & Poors MidCap 400 Futures | | | 81 | | | 9/21/2018 | | | | 15,844,410 | | | | (298,670 | ) |
Total Futures Contracts | | | 1,090 | | | | | | | 118,649,320 | | | | (2,580,324 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | | |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | | |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| | | |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
| | |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (6) | |
Level 1 - Quoted Prices | | $ | 533,516,289 | | | $ | (2,580,324 | ) |
Level 2 - Other Significant Observable Inputs | | | 1,246,208 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 534,762,497 | | | $ | (2,580,324 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(5) | Assets of affiliates to the Muirfield Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(6) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
Page 18 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — 88.8% |
Consumer Discretionary — 10.1% | | | | | | | | |
1-800-Flowers.com, Inc. (2) | | | 772 | | | | 9,689 | |
Aaron's, Inc. | | | 284 | | | | 12,340 | |
Abercrombie & Fitch Co. | | | 199 | | | | 4,872 | |
Amazon.com, Inc. (2)(5) | | | 1,379 | | | | 2,344,024 | |
AMC Networks, Inc. (2) | | | 1,144 | | | | 71,157 | |
American Axle & Manufacturing Holdings, Inc. (2) | | | 1,604 | | | | 24,958 | |
American Eagle Outfitters, Inc. | | | 1,527 | | | | 35,503 | |
American Public Education, Inc. (2) | | | 170 | | | | 7,157 | |
Ascent Capital Group, Inc. (2) | | | 1,509 | | | | 4,240 | |
AutoZone, Inc. (2) | | | 144 | | | | 96,614 | |
Bassett Furniture Industries, Inc. | | | 373 | | | | 10,276 | |
Bed Bath & Beyond, Inc. | | | 3,135 | | | | 62,465 | |
Best Buy Co., Inc. (5) | | | 3,717 | | | | 277,214 | |
Big Lots, Inc. | | | 552 | | | | 23,063 | |
BJ's Restaurants, Inc. | | | 318 | | | | 19,080 | |
Bloomin' Brands, Inc. | | | 2,843 | | | | 57,144 | |
Booking Holdings, Inc. (2) | | | 401 | | | | 812,863 | |
Bridgepoint Education, Inc. (2) | | | 2,412 | | | | 15,750 | |
Bright Horizons Family Solutions, Inc. (2) | | | 331 | | | | 33,934 | |
Brinker International, Inc. | | | 1,113 | | | | 52,979 | |
Brunswick Corp./DE | | | 906 | | | | 58,419 | |
Build-A-Bear Workshop, Inc. (2) | | | 690 | | | | 5,244 | |
Burlington Stores, Inc. (2) | | | 711 | | | | 107,027 | |
Cambium Learning Group, Inc. (2) | | | 323 | | | | 3,601 | |
Capella Education Co. | | | 249 | | | | 24,576 | |
Career Education Corp. (2) | | | 437 | | | | 7,066 | |
Carrols Restaurant Group, Inc. (2) | | | 1,185 | | | | 17,597 | |
Carter's, Inc. | | | 223 | | | | 24,171 | |
Cavco Industries, Inc. (2) | | | 31 | | | | 6,437 | |
Central European Media Enterprises, Ltd. (2) | | | 600 | | | | 2,490 | |
Chico's FAS, Inc. | | | 2,139 | | | | 17,411 | |
Children's Place, Inc./The | | | 138 | | | | 16,670 | |
Churchill Downs, Inc. | | | 71 | | | | 21,052 | |
Cinemark Holdings, Inc. | | | 398 | | | | 13,962 | |
Citi Trends, Inc. | | | 55 | | | | 1,509 | |
Collectors Universe, Inc. | | | 490 | | | | 7,223 | |
Comcast Corp. (5) | | | 16,431 | | | | 539,101 | |
Container Store Group, Inc./The (2) | | | 443 | | | | 3,726 | |
Cooper-Standard Holdings, Inc. (2) | | | 497 | | | | 64,943 | |
Cracker Barrel Old Country Store, Inc. | | | 83 | | | | 12,965 | |
Dana, Inc. | | | 340 | | | | 6,865 | |
Deckers Outdoor Corp. (2) | | | 264 | | | | 29,803 | |
Del Frisco's Restaurant Group, Inc. (2) | | | 818 | | | | 10,307 | |
Denny's Corp. (2) | | | 3,492 | | | | 55,628 | |
Destination XL Group, Inc. (2) | | | 1,017 | | | | 2,288 | |
Dick's Sporting Goods, Inc. | | | 282 | | | | 9,941 | |
Discovery, Inc. (2) | | | 4,618 | | | | 117,759 | |
Dollar General Corp. | | | 4,610 | | | | 454,546 | |
Dollar Tree, Inc. (2) | | | 2,718 | | | | 231,030 | |
Domino's Pizza, Inc. | | | 332 | | | | 93,680 | |
DR Horton, Inc. | | | 823 | | | | 33,743 | |
DSW, Inc. | | | 469 | | | | 12,110 | |
El Pollo Loco Holdings, Inc. (2) | | | 167 | | | | 1,904 | |
Entravision Communications Corp. | | | 2,648 | | | | 13,240 | |
Express, Inc. (2) | | | 458 | | | | 4,191 | |
Extended Stay America, Inc. | | | 3,406 | | | | 73,604 | |
Five Below, Inc. (2) | | | 111 | | | | 10,846 | |
Flexsteel Industries, Inc. | | | 202 | | | | 8,060 | |
Foot Locker, Inc. | | | 923 | | | | 48,596 | |
Ford Motor Co. | | | 74,859 | | | | 828,689 | |
Francesca's Holdings Corp. (2) | | | 694 | | | | 5,240 | |
FTD Cos., Inc. (2) | | | 696 | | | | 3,229 | |
Funko, Inc. (2) | | | 510 | | | | 6,401 | |
GameStop Corp. (3) | | | 1,985 | | | | 28,921 | |
Gannett Co., Inc. | | | 2,843 | | | | 30,420 | |
Gap, Inc./The | | | 1,778 | | | | 57,589 | |
GCI Liberty, Inc. (2) | | | 47 | | | | 2,119 | |
General Motors Co. | | | 10,315 | | | | 406,411 | |
Genesco, Inc. (2) | | | 198 | | | | 7,861 | |
Gentex Corp. | | | 6,772 | | | | 155,891 | |
Global Eagle Entertainment, Inc. (2) | | | 356 | | | | 897 | |
GNC Holdings, Inc. (2) | | | 452 | | | | 1,591 | |
Graham Holdings Co. | | | 2 | | | | 1,172 | |
Grand Canyon Education, Inc. (2) | | | 909 | | | | 101,453 | |
Gray Television, Inc. (2) | | | 599 | | | | 9,464 | |
Group 1 Automotive, Inc. | | | 76 | | | | 4,788 | |
Groupon, Inc. (2) | | | 1,698 | | | | 7,301 | |
H&R Block, Inc. | | | 1,580 | | | | 35,992 | |
Hamilton Beach Brands Holding Co. | | | 136 | | | | 3,951 | |
Hibbett Sports, Inc. (2) | | | 547 | | | | 12,526 | |
Hilton Grand Vacations, Inc. (2) | | | 151 | | | | 5,240 | |
Home Depot, Inc./The (5) | | | 4,459 | | | | 869,951 | |
Hooker Furniture Corp. | | | 176 | | | | 8,254 | |
Hovnanian Enterprises, Inc. (2) | | | 3,399 | | | | 5,540 | |
Hudson, Ltd. (2) | | | 332 | | | | 5,807 | |
Iconix Brand Group, Inc. (2) | | | 1,627 | | | | 949 | |
Inspired Entertainment, Inc. (2) | | | 241 | | | | 1,506 | |
International Speedway Corp. | | | 349 | | | | 15,600 | |
Interpublic Group of Cos., Inc./The | | | 5,361 | | | | 125,662 | |
J Alexander's Holdings, Inc. (2) | | | 926 | | | | 10,325 | |
J. Jill, Inc. (2) | | | 432 | | | | 4,035 | |
JAKKS Pacific, Inc. (2) | | | 2,401 | | | | 7,863 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 19 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
John Wiley & Sons, Inc. | | | 2,211 | | | | 137,966 | |
Johnson Outdoors, Inc. | | | 16 | | | | 1,352 | |
K12, Inc. (2) | | | 156 | | | | 2,554 | |
Kirkland's, Inc. (2) | | | 301 | | | | 3,504 | |
Kohl's Corp. | | | 721 | | | | 52,561 | |
Kona Grill, Inc. (2) | | | 2,591 | | | | 6,089 | |
L Brands, Inc. | | | 732 | | | | 26,996 | |
Lands' End, Inc. (2) | | | 97 | | | | 2,706 | |
Las Vegas Sands Corp. | | | 6,484 | | | | 495,118 | |
La-Z-Boy, Inc. | | | 1,306 | | | | 39,964 | |
LCI Industries | | | 139 | | | | 12,531 | |
Lear Corp. | | | 2,627 | | | | 488,123 | |
Liberty Expedia Holdings, Inc. (2) | | | 2,587 | | | | 113,673 | |
Liberty Latin America, Ltd. Class C (2) | | | 162 | | | | 3,140 | |
Liberty Media Corp-Liberty SiriusXM (2) | | | 5,811 | | | | 263,587 | |
Liberty Tax, Inc. | | | 305 | | | | 2,463 | |
Liberty TripAdvisor Holdings, Inc. (2) | | | 789 | | | | 12,703 | |
Lions Gate Entertainment Corp. | | | 807 | | | | 18,932 | |
Live Nation Entertainment, Inc. (2) | | | 735 | | | | 35,699 | |
LiveXLive Media, Inc. (2) | | | 366 | | | | 2,112 | |
Luby's, Inc. (2) | | | 2,470 | | | | 6,397 | |
Lululemon Athletica, Inc. (2) | | | 598 | | | | 74,660 | |
M/I Homes, Inc. (2) | | | 918 | | | | 24,309 | |
Macy's, Inc. | | | 1,460 | | | | 54,648 | |
Marcus Corp./The | | | 1,051 | | | | 34,158 | |
MCBC Holdings, Inc. (2) | | | 372 | | | | 10,769 | |
MDC Partners, Inc. (2) | | | 2,120 | | | | 9,752 | |
Meritage Homes Corp. (2) | | | 112 | | | | 4,922 | |
Michael Kors Holdings, Ltd. (2)(5) | | | 2,037 | | | | 135,664 | |
Michaels Cos., Inc./The (2) | | | 2,730 | | | | 52,334 | |
Modine Manufacturing Co. (2) | | | 185 | | | | 3,376 | |
MSG Networks, Inc. (2) | | | 1,557 | | | | 37,290 | |
Murphy USA, Inc. (2) | | | 505 | | | | 37,516 | |
Nathan's Famous, Inc. | | | 11 | | | | 1,035 | |
National CineMedia, Inc. | | | 3,039 | | | | 25,528 | |
Nautilus, Inc. (2) | | | 1,366 | | | | 21,446 | |
Netflix, Inc. (2) | | | 1,292 | | | | 505,728 | |
New Media Investment Group, Inc. | | | 3,179 | | | | 58,748 | |
New York Times Co./The | | | 395 | | | | 10,231 | |
News Corp. | | | 2,596 | | | | 40,238 | |
Nexstar Media Group, Inc. | | | 870 | | | | 63,858 | |
Nutrisystem, Inc. | | | 387 | | | | 14,900 | |
NVR, Inc. (2) | | | 70 | | | | 207,925 | |
Office Depot, Inc. | | | 8,529 | | | | 21,749 | |
Penn National Gaming, Inc. (2) | | | 1,834 | | | | 61,604 | |
Perry Ellis International, Inc. (2) | | | 42 | | | | 1,141 | |
PetMed Express, Inc. | | | 331 | | | | 14,581 | |
Pier 1 Imports, Inc. | | | 761 | | | | 1,811 | |
Pinnacle Entertainment, Inc. (2) | | | 2,820 | | | | 95,119 | |
Potbelly Corp. (2) | | | 547 | | | | 7,084 | |
PulteGroup, Inc. | | | 8,208 | | | | 235,980 | |
Qurate Retail, Inc. (2) | | | 7,484 | | | | 158,810 | |
RCI Hospitality Holdings, Inc. | | | 234 | | | | 7,406 | |
Red Robin Gourmet Burgers, Inc. (2) | | | 242 | | | | 11,277 | |
RH (2) | | | 83 | | | | 11,595 | |
Ross Stores, Inc. (5) | | | 6,988 | | | | 592,233 | |
Ruth's Hospitality Group, Inc. | | | 217 | | | | 6,087 | |
Salem Media Group, Inc. | | | 525 | | | | 2,704 | |
Sally Beauty Holdings, Inc. (2) | | | 1,121 | | | | 17,970 | |
Scholastic Corp. | | | 719 | | | | 31,859 | |
Shiloh Industries, Inc. (2) | | | 416 | | | | 3,619 | |
Shutterfly, Inc. (2) | | | 288 | | | | 25,929 | |
Signet Jewelers, Ltd. | | | 274 | | | | 15,276 | |
Sleep Number Corp. (2) | | | 607 | | | | 17,615 | |
Sonic Corp. | | | 80 | | | | 2,754 | |
Speedway Motorsports, Inc. | | | 637 | | | | 11,058 | |
Stein Mart, Inc. (2) | | | 350 | | | | 858 | |
Steven Madden, Ltd. | | | 19 | | | | 1,009 | |
Stoneridge, Inc. (2) | | | 212 | | | | 7,450 | |
Sturm Ruger & Co., Inc. | | | 592 | | | | 33,152 | |
Target Corp. | | | 5,489 | | | | 417,823 | |
Taylor Morrison Home Corp. (2) | | | 6,453 | | | | 134,093 | |
Tenneco, Inc. (5) | | | 1,719 | | | | 75,567 | |
Thor Industries, Inc. | | | 591 | | | | 57,557 | |
TJX Cos., Inc./The | | | 5,527 | | | | 526,060 | |
Toll Brothers, Inc. | | | 1,227 | | | | 45,387 | |
TopBuild Corp. (2) | | | 644 | | | | 50,451 | |
Tower International, Inc. | | | 988 | | | | 31,418 | |
Townsquare Media, Inc. | | | 2,128 | | | | 13,768 | |
Tribune Media Co. | | | 624 | | | | 23,880 | |
tronc, Inc. (2) | | | 1,052 | | | | 18,179 | |
Twenty-First Century Fox, Inc. - Class B | | | 10,467 | | | | 520,105 | |
Twenty-First Century Fox, Inc. - Class A | | | 198 | | | | 9,755 | |
Ulta Beauty, Inc. (2) | | | 244 | | | | 56,964 | |
Urban One, Inc. (2) | | | 1,660 | | | | 3,486 | |
Urban Outfitters, Inc. (2) | | | 546 | | | | 24,324 | |
Vera Bradley, Inc. (2) | | | 99 | | | | 1,390 | |
Viacom, Inc. | | | 6,337 | | | | 191,124 | |
Visteon Corp. (2) | | | 131 | | | | 16,930 | |
Vuzix Corp. (2) | | | 525 | | | | 3,911 | |
Walt Disney Co./The | | | 6,277 | | | | 657,892 | |
Weight Watchers International, Inc. (2) | | | 50 | | | | 5,055 | |
Weyco Group, Inc. | | | 361 | | | | 13,140 | |
Whirlpool Corp. | | | 124 | | | | 18,133 | |
The accompanying notes are an integral part of these financial statements.
Page 20 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
WideOpenWest, Inc. (2) | | | 285 | | | | 2,753 | |
William Lyon Homes (2) | | | 886 | | | | 20,555 | |
Winmark Corp. | | | 7 | | | | 1,039 | |
Workhorse Group, Inc. (2) | | | 2,554 | | | | 4,648 | |
World Wrestling Entertainment, Inc. | | | 273 | | | | 19,880 | |
Wyndham Destinations, Inc. | | | 5,322 | | | | 235,605 | |
Wyndham Hotels & Resorts, Inc. | | | 339 | | | | 19,943 | |
Yum! Brands, Inc. | | | 5,671 | | | | 443,586 | |
ZAGG, Inc. (2) | | | 297 | | | | 5,138 | |
| | | | | | | | 17,145,765 | |
| | | | | | | | | |
Consumer Staples — 4.4% | | | | | | | | |
Archer-Daniels-Midland Co. (5) | | | 6,606 | | | | 302,753 | |
Avon Products, Inc. (2) | | | 6,347 | | | | 10,282 | |
Colgate-Palmolive Co. | | | 1,110 | | | | 71,939 | |
Conagra Brands, Inc. | | | 19,950 | | | | 712,814 | |
Darling Ingredients, Inc. (2) | | | 1,032 | | | | 20,516 | |
Dean Foods Co. | | | 1,616 | | | | 16,984 | |
Dr Pepper Snapple Group, Inc. | | | 1,855 | | | | 226,310 | |
Estee Lauder Cos., Inc./The | | | 5,198 | | | | 741,703 | |
Flowers Foods, Inc. | | | 4,575 | | | | 95,297 | |
General Mills, Inc. | | | 5,198 | | | | 230,063 | |
Herbalife Nutrition, Ltd. (2) | | | 1,559 | | | | 83,749 | |
Ingles Markets, Inc. | | | 180 | | | | 5,724 | |
Ingredion, Inc. | | | 1,691 | | | | 187,194 | |
JM Smucker Co./The | | | 2,370 | | | | 254,728 | |
John B Sanfilippo & Son, Inc. | | | 226 | | | | 16,826 | |
Kroger Co./The (5) | | | 8,947 | | | | 254,542 | |
Lamb Weston Holdings, Inc. | | | 4,244 | | | | 290,756 | |
Lifevantage Corp. (2) | | | 599 | | | | 3,816 | |
Molson Coors Brewing Co. | | | 6,474 | | | | 440,491 | |
Natural Grocers by Vitamin Cottage, Inc. (2) | | | 87 | | | | 1,108 | |
Oil-Dri Corp. of America | | | 32 | | | | 1,348 | |
PepsiCo, Inc. (5) | | | 7,541 | | | | 820,989 | |
Performance Food Group Co. (2) | | | 1,444 | | | | 52,995 | |
Pilgrim's Pride Corp. (2) | | | 2,284 | | | | 45,977 | |
Sanderson Farms, Inc. | | | 302 | | | | 31,755 | |
SpartanNash Co. | | | 196 | | | | 5,002 | |
Sprouts Farmers Market, Inc. (2) | | | 3,101 | | | | 68,439 | |
Sysco Corp. | | | 6,280 | | | | 428,861 | |
Tyson Foods, Inc. (5) | | | 11,140 | | | | 766,989 | |
US Foods Holding Corp. (2) | | | 2,876 | | | | 108,770 | |
USANA Health Sciences, Inc. (2) | | | 322 | | | | 37,127 | |
Village Super Market, Inc. | | | 304 | | | | 8,956 | |
Walgreens Boots Alliance, Inc. | | | 7,622 | | | | 457,434 | |
Walmart, Inc. (5) | | | 6,722 | | | | 575,739 | |
Weis Markets, Inc. | | | 373 | | | | 19,896 | |
| | | | | | | | 7,397,872 | |
| | | | | | | | | |
Energy — 4.3% | | | | | | | | |
Abraxas Petroleum Corp. (2) | | | 3,358 | | | | 9,705 | |
Adams Resources & Energy, Inc. | | | 148 | | | | 6,364 | |
Anadarko Petroleum Corp. | | | 3,835 | | | | 280,914 | |
Andeavor | | | 1,503 | | | | 197,164 | |
Arch Coal, Inc. | | | 357 | | | | 28,000 | |
Archrock, Inc. | | | 937 | | | | 11,244 | |
Ardmore Shipping Corp. | | | 560 | | | | 4,592 | |
Basic Energy Services, Inc. (2) | | | 1,059 | | | | 11,765 | |
C&J Energy Services, Inc. (2) | | | 927 | | | | 21,877 | |
Cabot Oil & Gas Corp. | | | 1,369 | | | | 32,582 | |
Cactus, Inc. (2) | | | 826 | | | | 27,911 | |
California Resources Corp. (2) | | | 215 | | | | 9,770 | |
Chesapeake Energy Corp. (2) | | | 729 | | | | 3,820 | |
Chevron Corp. (5) | | | 6,600 | | | | 834,438 | |
Cimarex Energy Co. | | | 1,058 | | | | 107,641 | |
Clean Energy Fuels Corp. (2) | | | 651 | | | | 2,402 | |
Cloud Peak Energy, Inc. (2) | | | 756 | | | | 2,638 | |
Concho Resources, Inc. (2) | | | 321 | | | | 44,410 | |
ConocoPhillips | | | 6,212 | | | | 432,479 | |
CONSOL Energy, Inc. (2) | | | 248 | | | | 9,511 | |
Contango Oil & Gas Co. (2) | | | 279 | | | | 1,585 | |
Continental Resources, Inc./OK (2) | | | 834 | | | | 54,010 | |
Delek US Holdings, Inc. | | | 588 | | | | 29,500 | |
Denbury Resources, Inc. (2) | | | 1,541 | | | | 7,412 | |
DHT Holdings, Inc. | | | 420 | | | | 1,970 | |
Diamondback Energy, Inc. | | | 804 | | | | 105,782 | |
Earthstone Energy, Inc. (2) | | | 598 | | | | 5,292 | |
Eclipse Resources Corp. (2) | | | 648 | | | | 1,037 | |
Energen Corp. (2) | | | 1,353 | | | | 98,525 | |
Energy Fuels, Inc./Canada (2) | | | 992 | | | | 2,252 | |
Energy XXI Gulf Coast, Inc. (2) | | | 111 | | | | 981 | |
Era Group, Inc. (2) | | | 259 | | | | 3,354 | |
Erin Energy Corp. (2) | | | 5,406 | | | | 811 | |
Evolution Petroleum Corp. | | | 1,533 | | | | 15,100 | |
EXCO Resources, Inc. (2) | | | 7,568 | | | | 492 | |
Exterran Corp. (2) | | | 1,160 | | | | 29,046 | |
Exxon Mobil Corp. (5) | | | 13,482 | | | | 1,115,366 | |
FTS International, Inc. (2) | | | 4,026 | | | | 57,330 | |
Gastar Exploration, Inc. (2) | | | 1,816 | | | | 1,017 | |
Goodrich Petroleum Corp. (2) | | | 159 | | | | 1,967 | |
Gulfport Energy Corp. (2) | | | 898 | | | | 11,288 | |
Hallador Energy Co. | | | 1,920 | | | | 13,709 | |
HollyFrontier Corp. | | | 153 | | | | 10,470 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 21 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Independence Contract Drilling, Inc. (2) | | | 638 | | | | 2,629 | |
Keane Group, Inc. (2) | | | 3,692 | | | | 50,470 | |
Laredo Petroleum, Inc. (2) | | | 507 | | | | 4,877 | |
Liberty Oilfield Services, Inc. (2) | | | 1,364 | | | | 25,534 | |
Mammoth Energy Services, Inc. (2) | | | 98 | | | | 3,328 | |
Marathon Oil Corp. | | | 3,595 | | | | 74,992 | |
Marathon Petroleum Corp. (5) | | | 7,403 | | | | 519,394 | |
Matador Resources Co. (2) | | | 311 | | | | 9,346 | |
Matrix Service Co. (2) | | | 756 | | | | 13,873 | |
McDermott International, Inc. (2) | | | 745 | | | | 14,639 | |
Midstates Petroleum Co., Inc. (2) | | | 1,530 | | | | 20,823 | |
Newfield Exploration Co. (2) | | | 801 | | | | 24,230 | |
Newpark Resources, Inc. (2) | | | 379 | | | | 4,112 | |
Nine Energy Service, Inc. (2) | | | 179 | | | | 5,928 | |
Northern Oil and Gas, Inc. (2) | | | 1,330 | | | | 4,190 | |
Occidental Petroleum Corp. | | | 6,413 | | | | 536,640 | |
Overseas Shipholding Group, Inc. (2) | | | 1,588 | | | | 6,161 | |
Pacific Ethanol, Inc. (2) | | | 1,641 | | | | 4,267 | |
Panhandle Oil and Gas, Inc. | | | 108 | | | | 2,063 | |
Par Pacific Holdings, Inc. (2) | | | 1,483 | | | | 25,775 | |
PBF Energy, Inc. | | | 915 | | | | 38,366 | |
PDC Energy, Inc. (2) | | | 171 | | | | 10,337 | |
Peabody Energy Corp. | | | 755 | | | | 34,337 | |
Penn Virginia Corp. (2) | | | 103 | | | | 8,744 | |
PHI, Inc. (2) | | | 90 | | | | 915 | |
Phillips 66 (5) | | | 7,951 | | | | 892,977 | |
Pioneer Energy Services Corp. (2) | | | 1,146 | | | | 6,704 | |
ProPetro Holding Corp. (2) | | | 1,859 | | | | 29,149 | |
Quintana Energy Services, Inc. (2) | | | 959 | | | | 8,123 | |
Renewable Energy Group, Inc. (2) | | | 826 | | | | 14,744 | |
RigNet, Inc. (2) | | | 682 | | | | 7,025 | |
RPC, Inc. | | | 848 | | | | 12,355 | |
RSP Permian, Inc. (2) | | | 803 | | | | 35,348 | |
Sanchez Energy Corp. (2) | | | 254 | | | | 1,148 | |
SandRidge Energy, Inc. (2) | | | 1,014 | | | | 17,988 | |
Seadrill, Ltd. (2)(3) | | | 4,052 | | | | 871 | |
Ship Finance International, Ltd. | | | 72 | | | | 1,076 | |
SilverBow Resources, Inc. (2) | | | 502 | | | | 14,498 | |
Southwestern Energy Co. (2) | | | 3,220 | | | | 17,066 | |
Superior Energy Services, Inc. (2) | | | 205 | | | | 1,997 | |
Teekay Tankers, Ltd. | | | 890 | | | | 1,041 | |
TETRA Technologies, Inc. (2) | | | 2,999 | | | | 13,346 | |
Ultra Petroleum Corp. (2) | | | 2,734 | | | | 6,316 | |
Valero Energy Corp. (5) | | | 9,872 | | | | 1,094,114 | |
W&T Offshore, Inc. (2) | | | 1,109 | | | | 7,929 | |
Westmoreland Coal Co. (2) | | | 7,157 | | | | 1,002 | |
Whiting Petroleum Corp. (2) | | | 171 | | | | 9,015 | |
WildHorse Resource Development Corp. (2) | | | 877 | | | | 22,241 | |
World Fuel Services Corp. | | | 1,459 | | | | 29,778 | |
Zion Oil & Gas, Inc. (2) | | | 899 | | | | 3,645 | |
| | | | | | | | 7,342,989 | |
| | | | | | | | | |
Financials — 17.6% | | | | | | | | |
1st Source Corp. | | | 1,878 | | | | 100,342 | |
ACNB Corp. | | | 1,044 | | | | 35,548 | |
Aflac, Inc. (5) | | | 17,072 | | | | 734,437 | |
AG Mortgage Investment Trust, Inc. | | | 2,426 | | | | 45,585 | |
Allstate Corp./The (5) | | | 7,405 | | | | 675,854 | |
Ally Financial, Inc. | | | 4,613 | | | | 121,184 | |
American Equity Investment Life Holding Co. | | | 736 | | | | 26,496 | |
American National Bankshares, Inc. | | | 592 | | | | 23,680 | |
Annaly Capital Management, Inc. (5) | | | 25,497 | | | | 262,364 | |
Apollo Commercial Real Estate Finance, Inc. | | | 5,636 | | | | 103,026 | |
Arthur J Gallagher & Co. | | | 3,286 | | | | 214,510 | |
Artisan Partners Asset Management, Inc. | | | 1,434 | | | | 43,235 | |
Baldwin & Lyons, Inc. | | | 605 | | | | 14,762 | |
BancFirst Corp. | | | 3,324 | | | | 196,781 | |
Banco Latinoamericano de Comercio Exterior SA | | | 1,033 | | | | 25,422 | |
Bancorp, Inc./The (2) | | | 4,997 | | | | 52,269 | |
Bank of America Corp. (5) | | | 32,499 | | | | 916,147 | |
Bank of Marin Bancorp | | | 140 | | | | 11,319 | |
Bank of NT Butterfield & Son, Ltd./The | | | 2,158 | | | | 98,664 | |
BankFinancial Corp. | | | 499 | | | | 8,807 | |
BankUnited, Inc. | | | 13,235 | | | | 540,650 | |
BB&T Corp. (5) | | | 16,494 | | | | 831,957 | |
Berkshire Hathaway, Inc. (2)(5) | | | 10,112 | | | | 1,887,405 | |
BOK Financial Corp. | | | 4,733 | | | | 444,949 | |
Brown & Brown, Inc. | | | 9,418 | | | | 261,161 | |
Bryn Mawr Bank Corp. | | | 554 | | | | 25,650 | |
C&F Financial Corp. | | | 538 | | | | 33,652 | |
Cadence BanCorp | | | 628 | | | | 18,130 | |
Cannae Holdings, Inc. (2) | | | 3,596 | | | | 66,706 | |
Capital City Bank Group, Inc. | | | 576 | | | | 13,611 | |
Carolina Financial Corp. | | | 280 | | | | 12,018 | |
Central Valley Community Bancorp | | | 826 | | | | 17,478 | |
Century Bancorp, Inc./MA | | | 172 | | | | 13,141 | |
Charter Financial Corp./MD | | | 1,835 | | | | 44,315 | |
Chemung Financial Corp. | | | 190 | | | | 9,521 | |
Cherry Hill Mortgage Investment Corp. | | | 2,360 | | | | 42,150 | |
Chimera Investment Corp. (5) | | | 16,188 | | | | 295,917 | |
CIT Group, Inc. | | | 9,417 | | | | 474,711 | |
The accompanying notes are an integral part of these financial statements.
Page 22 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Citizens Financial Group, Inc. (5) | | | 17,899 | | | | 696,271 | |
CNA Financial Corp. | | | 1,747 | | | | 79,803 | |
CNB Financial Corp./PA | | | 903 | | | | 27,144 | |
CNO Financial Group, Inc. | | | 417 | | | | 7,940 | |
CoBiz Financial, Inc. | | | 1,082 | | | | 23,241 | |
Codorus Valley Bancorp, Inc. | | | 523 | | | | 16,046 | |
Comerica, Inc. (5) | | | 7,858 | | | | 714,449 | |
Community Bankers Trust Corp. (2) | | | 1,161 | | | | 10,391 | |
Community Financial Corp./The | | | 154 | | | | 5,445 | |
Community Trust Bancorp, Inc. | | | 869 | | | | 43,407 | |
Crawford & Co. | | | 495 | | | | 4,282 | |
Cullen/Frost Bankers, Inc. | | | 4,781 | | | | 517,495 | |
Curo Group Holdings Corp. (2) | | | 1,180 | | | | 29,441 | |
Diamond Hill Investment Group, Inc. | | | 5 | | | | 972 | |
Discover Financial Services | | | 3,822 | | | | 269,107 | |
Ditech Holding Corp. (2) | | | 1,118 | | | | 5,836 | |
Ditech Holding Corp. - Warrant A (2)(9) | | | 228 | | | | — | |
Ditech Holding Corp. - Warrant B (2)(9) | | | 181 | | | | — | |
DNB Financial Corp. | | | 160 | | | | 5,608 | |
Dynex Capital, Inc. | | | 7,432 | | | | 48,531 | |
East West Bancorp, Inc. (2) | | | 1,114 | | | | 72,633 | |
Elevate Credit, Inc. (2) | | | 1,034 | | | | 8,748 | |
Enova International, Inc. (2) | | | 698 | | | | 25,512 | |
Entegra Financial Corp. (2) | | | 37 | | | | 1,084 | |
Enterprise Financial Services Corp. | | | 2,523 | | | | 136,116 | |
Equity Bancshares, Inc. (2) | | | 1,075 | | | | 44,591 | |
Erie Indemnity Co. | | | 127 | | | | 14,892 | |
ESSA Bancorp, Inc. | | | 179 | | | | 2,834 | |
Essent Group, Ltd. (2)(5) | | | 940 | | | | 33,671 | |
Evercore, Inc. | | | 1,146 | | | | 120,846 | |
EZCORP, Inc. (2) | | | 1,107 | | | | 13,339 | |
Farmers Capital Bank Corp. | | | 364 | | | | 18,964 | |
Farmers National Banc Corp. | | | 954 | | | | 15,216 | |
FCB Financial Holdings, Inc. (2) | | | 211 | | | | 12,407 | |
Federal Agricultural Mortgage Corp. | | | 59 | | | | 5,279 | |
FedNat Holding Co. | | | 623 | | | | 14,373 | |
Fidelity Southern Corp. | | | 4,944 | | | | 125,627 | |
Fifth Street Asset Management, Inc. | | | 5,767 | | | | 7,555 | |
Fifth Third Bancorp (5) | | | 26,612 | | | | 763,764 | |
Financial Institutions, Inc. | | | 331 | | | | 10,890 | |
First American Financial Corp. | | | 3,792 | | | | 196,122 | |
First BanCorp/Puerto Rico (2) | | | 9,578 | | | | 73,272 | |
First Bancorp/Southern Pines NC | | | 3,151 | | | | 128,907 | |
First Busey Corp. | | | 3,491 | | | | 110,735 | |
First Business Financial Services, Inc. | | | 1,121 | | | | 29,146 | |
First Citizens BancShares, Inc./NC | | | 539 | | | | 217,379 | |
First Community Bancshares, Inc./VA | | | 905 | | | | 28,833 | |
First Defiance Financial Corp. | | | 383 | | | | 25,684 | |
First Financial Northwest, Inc. | | | 802 | | | | 15,655 | |
First Interstate BancSystem, Inc. | | | 1,105 | | | | 46,631 | |
FirstCash, Inc. | | | 1,719 | | | | 154,452 | |
FNB Bancorp/CA | | | 676 | | | | 24,789 | |
GAMCO Investors, Inc. | | | 1,591 | | | | 42,575 | |
Genworth Financial, Inc. (2) | | | 1,686 | | | | 7,587 | |
Goosehead Insurance, Inc. (2) | | | 161 | | | | 4,019 | |
Great Southern Bancorp, Inc. | | | 1,473 | | | | 84,256 | |
Green Bancorp, Inc. | | | 804 | | | | 17,366 | |
Green Dot Corp. (2) | | | 536 | | | | 39,337 | |
Guaranty Bancorp | | | 863 | | | | 25,717 | |
Hamilton Lane, Inc. | | | 81 | | | | 3,886 | |
Hanover Insurance Group, Inc./The | | | 481 | | | | 57,508 | |
Health Insurance Innovations, Inc. (2) | | | 396 | | | | 12,811 | |
Heartland Financial USA, Inc. | | | 1,595 | | | | 87,486 | |
Heritage Commerce Corp. | | | 3,539 | | | | 60,128 | |
Home Bancorp, Inc. | | | 349 | | | | 16,246 | |
Horizon Bancorp, Inc./IN | | | 1,732 | | | | 35,835 | |
Houlihan Lokey, Inc. | | | 995 | | | | 50,964 | |
Huntington Bancshares, Inc./OH | | | 48,200 | | | | 711,432 | |
Independence Holding Co. | | | 283 | | | | 9,410 | |
Independent Bank Corp./MI | | | 2,753 | | | | 70,202 | |
Infinity Property & Casualty Corp. | | | 434 | | | | 61,780 | |
Interactive Brokers Group, Inc. | | | 840 | | | | 54,104 | |
International Bancshares Corp. | | | 1,499 | | | | 64,157 | |
INTL. FCStone, Inc. (2) | | | 340 | | | | 17,581 | |
Invesco Mortgage Capital, Inc. | | | 1,161 | | | | 18,460 | |
James River Group Holdings, Ltd. | | | 69 | | | | 2,711 | |
JPMorgan Chase & Co. (5) | | | 10,486 | | | | 1,092,641 | |
KeyCorp (5) | | | 35,400 | | | | 691,716 | |
Kingstone Cos., Inc. | | | 475 | | | | 8,028 | |
Kinsale Capital Group, Inc. | | | 324 | | | | 17,775 | |
Ladder Capital Corp. | | | 6,612 | | | | 103,279 | |
Ladenburg Thalmann Financial Services, Inc. | | | 3,459 | | | | 11,761 | |
Lazard, Ltd. (5) | | | 2,801 | | | | 136,997 | |
Legg Mason, Inc. | | | 1,114 | | | | 38,689 | |
LendingTree, Inc. (2) | | | 45 | | | | 9,621 | |
Live Oak Bancshares, Inc. | | | 977 | | | | 29,945 | |
LPL Financial Holdings, Inc. | | | 1,267 | | | | 83,039 | |
M&T Bank Corp. | | | 3,929 | | | | 668,519 | |
Macatawa Bank Corp. | | | 797 | | | | 9,676 | |
Maiden Holdings, Ltd. | | | 118 | | | | 915 | |
Manning & Napier, Inc. | | | 552 | | | | 1,711 | |
Marlin Business Services Corp. | | | 310 | | | | 9,254 | |
MB Financial, Inc. | | | 5,407 | | | | 252,507 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 23 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
MBT Financial Corp. | | | 154 | | | | 1,640 | |
Medley Management, Inc. (2) | | | 2,985 | | | | 10,597 | |
Mercantile Bank Corp. | | | 887 | | | | 32,784 | |
Meta Financial Group, Inc. | | | 338 | | | | 32,921 | |
MGIC Investment Corp. (2) | | | 4,299 | | | | 46,085 | |
Moelis & Co. | | | 829 | | | | 48,621 | |
Morningstar, Inc. | | | 603 | | | | 77,335 | |
MTGE Investment Corp. | | | 2,701 | | | | 52,940 | |
MutualFirst Financial, Inc. | | | 279 | | | | 10,532 | |
National Commerce Corp. (2) | | | 487 | | | | 22,548 | |
National General Holdings Corp. | | | 2,716 | | | | 71,512 | |
Nationstar Mortgage Holdings, Inc. (2) | | | 1,083 | | | | 18,985 | |
Navient Corp. | | | 2,977 | | | | 38,790 | |
New Residential Investment Corp. | | | 22,985 | | | | 402,008 | |
NewStar Financial Contingent Value Rights (2)(9) | | | 95 | | | | — | |
Nicolet Bankshares, Inc. (2) | | | 1,105 | | | | 60,897 | |
NMI Holdings, Inc. (2) | | | 163 | | | | 2,657 | |
Northeast Bancorp | | | 1,395 | | | | 30,411 | |
Northrim BanCorp, Inc. | | | 1,714 | | | | 67,789 | |
Norwood Financial Corp. | | | 213 | | | | 7,672 | |
OceanFirst Financial Corp. | | | 31 | | | | 929 | |
Ocwen Financial Corp. (2) | | | 229 | | | | 907 | |
OFG Bancorp | | | 1,441 | | | | 20,246 | |
Ohio Valley Banc Corp. | | | 61 | | | | 3,199 | |
Old Line Bancshares, Inc. | | | 731 | | | | 25,519 | |
Old Republic International Corp. | | | 2,975 | | | | 59,232 | |
Old Second Bancorp, Inc. | | | 790 | | | | 11,376 | |
OneMain Holdings, Inc. (2) | | | 192 | | | | 6,392 | |
Oppenheimer Holdings, Inc. | | | 545 | | | | 15,260 | |
Opus Bank | | | 2,779 | | | | 79,757 | |
Pacific Mercantile Bancorp (2) | | | 748 | | | | 7,293 | |
PacWest Bancorp | | | 12,588 | | | | 622,099 | |
Parke Bancorp, Inc. | | | 549 | | | | 12,984 | |
Penns Woods Bancorp, Inc. | | | 102 | | | | 4,568 | |
PennyMac Financial Services, Inc. (2) | | | 1,871 | | | | 36,765 | |
PennyMac Mortgage Investment Trust | | | 1,456 | | | | 27,649 | |
Peoples Bancorp, Inc./OH | | | 426 | | | | 16,094 | |
Peoples Bancorp of North Carolina, Inc. | | | 143 | | | | 4,580 | |
Peoples Financial Services Corp. | | | 99 | | | | 4,655 | |
PHH Corp. (2) | | | 106 | | | | 1,151 | |
Piper Jaffray Cos. | | | 294 | | | | 22,594 | |
PJT Partners, Inc. | | | 95 | | | | 5,072 | |
PNC Financial Services Group, Inc./The (5) | | | 6,778 | | | | 915,708 | |
Popular, Inc. | | | 3,971 | | | | 179,529 | |
Premier Financial Bancorp, Inc. | | | 1,421 | | | | 26,530 | |
Progressive Corp./The (5) | | | 13,457 | | | | 795,982 | |
Provident Financial Holdings, Inc. | | | 1,351 | | | | 25,777 | |
Prudential Financial, Inc. | | | 8,313 | | | | 777,349 | |
Pzena Investment Management, Inc. | | | 2,518 | | | | 23,191 | |
RBB Bancorp | | | 708 | | | | 22,741 | |
Regional Management Corp. (2) | | | 723 | | | | 25,319 | |
Regions Financial Corp. (5) | | | 43,148 | | | | 767,171 | |
Reinsurance Group of America, Inc. (5) | | | 1,782 | | | | 237,861 | |
Renasant Corp. | | | 456 | | | | 20,757 | |
Republic Bancorp, Inc./KY | | | 1,357 | | | | 61,472 | |
Riverview Bancorp, Inc. | | | 2,099 | | | | 17,716 | |
S&P Global, Inc. (5) | | | 3,115 | | | | 635,117 | |
Safety Insurance Group, Inc. | | | 542 | | | | 46,287 | |
Santander Consumer USA Holdings, Inc. | | | 3,327 | | | | 63,512 | |
Selective Insurance Group, Inc. | | | 169 | | | | 9,295 | |
Shore Bancshares, Inc. | | | 1,310 | | | | 24,916 | |
Sierra Bancorp | | | 2,340 | | | | 66,082 | |
Silvercrest Asset Management Group, Inc. | | | 677 | | | | 11,035 | |
South State Corp. | | | 171 | | | | 14,749 | |
Southern First Bancshares, Inc. (2) | | | 970 | | | | 42,874 | |
Southern Missouri Bancorp, Inc. | | | 27 | | | | 1,054 | |
State Bank Financial Corp. | | | 5,420 | | | | 181,028 | |
Stewart Information Services Corp. | | | 2,193 | | | | 94,453 | |
Summit Financial Group, Inc. | | | 401 | | | | 10,763 | |
SunTrust Banks, Inc. (5) | | | 12,304 | | | | 812,310 | |
Sutherland Asset Management Corp. | | | 2,462 | | | | 40,008 | |
Synovus Financial Corp. | | | 10,564 | | | | 558,096 | |
T Rowe Price Group, Inc. | | | 3,800 | | | | 441,142 | |
TCF Financial Corp. | | | 9,565 | | | | 235,490 | |
Territorial Bancorp, Inc. | | | 465 | | | | 14,415 | |
Timberland Bancorp, Inc./WA | | | 644 | | | | 24,047 | |
Tiptree, Inc. | | | 148 | | | | 1,006 | |
Travelers Cos., Inc./The | | | 1,221 | | | | 149,377 | |
Triumph Bancorp, Inc. (2) | | | 1,690 | | | | 68,868 | |
TrustCo Bank Corp. NY | | | 8,252 | | | | 73,443 | |
Umpqua Holdings Corp. | | | 13,724 | | | | 310,025 | |
Union Bankshares Corp. | | | 739 | | | | 28,732 | |
United Community Financial Corp./OH | | | 1,220 | | | | 13,408 | |
United Financial Bancorp, Inc. | | | 56 | | | | 981 | |
United Security Bancshares/Fresno CA | | | 2,113 | | | | 23,666 | |
Unity Bancorp, Inc. | | | 851 | | | | 19,360 | |
Universal Insurance Holdings, Inc. | | | 1,352 | | | | 47,455 | |
Walker & Dunlop, Inc. | | | 1,356 | | | | 75,461 | |
Washington Trust Bancorp, Inc. | | | 145 | | | | 8,425 | |
Waterstone Financial, Inc. | | | 187 | | | | 3,188 | |
Wells Fargo & Co. (5) | | | 12,062 | | | | 668,717 | |
West Bancorporation, Inc. | | | 1,369 | | | | 34,430 | |
Western Alliance Bancorp (2) | | | 5,816 | | | | 329,244 | |
The accompanying notes are an integral part of these financial statements.
Page 24 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Western Asset Mortgage Capital Corp. | | | 2,641 | | | | 27,519 | |
Western New England Bancorp, Inc. | | | 659 | | | | 7,249 | |
Westwood Holdings Group, Inc. | | | 197 | | | | 11,729 | |
Wintrust Financial Corp. | | | 2,204 | | | | 191,858 | |
WMIH Corp. (2) | | | 1,032 | | | | 1,383 | |
World Acceptance Corp. (2) | | | 141 | | | | 15,652 | |
Zions Bancorporation | | | 150 | | | | 7,904 | |
| | | | | | | | 29,838,441 | |
| | | | | | | | | |
Healthcare — 11.9% | | | | | | | | |
Abaxis, Inc. | | | 73 | | | | 6,060 | |
Abbott Laboratories | | | 13,870 | | | | 845,931 | |
AbbVie, Inc. | | | 6,000 | | | | 555,900 | |
ABIOMED, Inc. (2) | | | 215 | | | | 87,946 | |
Acceleron Pharma, Inc. (2) | | | 127 | | | | 6,162 | |
Accuray, Inc. (2) | | | 756 | | | | 3,100 | |
AcelRx Pharmaceuticals, Inc. (2) | | | 1,300 | | | | 4,388 | |
Aceto Corp. | | | 632 | | | | 2,117 | |
Achillion Pharmaceuticals, Inc. (2) | | | 1,263 | | | | 3,574 | |
Acorda Therapeutics, Inc. (2) | | | 587 | | | | 16,847 | |
Addus HomeCare Corp. (2) | | | 89 | | | | 5,095 | |
ADMA Biologics, Inc. (2) | | | 207 | | | | 934 | |
Advaxis, Inc. (2) | | | 1,005 | | | | 1,457 | |
Aetna, Inc. (5) | | | 1,393 | | | | 255,616 | |
Aevi Genomic Medicine, Inc. (2) | | | 2,338 | | | | 2,595 | |
Agile Therapeutics, Inc. (2) | | | 5,562 | | | | 2,748 | |
Agilent Technologies, Inc. (5) | | | 1,774 | | | | 109,704 | |
Aimmune Therapeutics, Inc. (2) | | | 71 | | | | 1,909 | |
Akebia Therapeutics, Inc. (2) | | | 819 | | | | 8,174 | |
Akorn, Inc. (2) | | | 322 | | | | 5,342 | |
Alexion Pharmaceuticals, Inc. (2) | | | 2,602 | | | | 323,038 | |
Align Technology, Inc. (2)(5) | | | 342 | | | | 117,012 | |
Alkermes PLC (2) | | | 631 | | | | 25,972 | |
AMAG Pharmaceuticals, Inc. (2) | | | 807 | | | | 15,737 | |
AmerisourceBergen Corp. | | | 1,648 | | | | 140,525 | |
Amgen, Inc. (5) | | | 3,752 | | | | 692,582 | |
Amneal Pharmaceuticals, Inc. (2) | | | 510 | | | | 8,369 | |
Amphastar Pharmaceuticals, Inc. (2) | | | 1,942 | | | | 29,635 | |
Anavex Life Sciences Corp. (2) | | | 851 | | | | 2,230 | |
AngioDynamics, Inc. (2) | | | 787 | | | | 17,503 | |
ANI Pharmaceuticals, Inc. (2) | | | 162 | | | | 10,822 | |
Anthem, Inc. | | | 2,876 | | | | 684,574 | |
Anthera Pharmaceuticals, Inc. (2) | | | 9,035 | | | | 714 | |
Applied Genetic Technologies Corp./DE (2) | | | 795 | | | | 2,942 | |
Ardelyx, Inc. (2) | | | 637 | | | | 2,357 | |
Arena Pharmaceuticals, Inc. (2) | | | 85 | | | | 3,706 | |
Argos Therapeutics, Inc. (2) | | | 5,671 | | | | 936 | |
Array BioPharma, Inc. (2) | | | 433 | | | | 7,266 | |
Assembly Biosciences, Inc. (2) | | | 24 | | | | 941 | |
Asterias Biotherapeutics, Inc. (2) | | | 648 | | | | 875 | |
Atara Biotherapeutics, Inc. (2) | | | 57 | | | | 2,095 | |
athenahealth, Inc. (2) | | | 227 | | | | 36,125 | |
Atrion Corp. | | | 2 | | | | 1,199 | |
Audentes Therapeutics, Inc. (2) | | | 26 | | | | 993 | |
Avanos Medical, Inc. (2) | | | 50 | | | | 2,863 | |
AVEO Pharmaceuticals, Inc. (2) | | | 3,118 | | | | 7,047 | |
Avid Bioservices, Inc. (2) | | | 841 | | | | 3,297 | |
Avinger, Inc. (2) | | | 1,179 | | | | 1,969 | |
AxoGen, Inc. (2) | | | 59 | | | | 2,965 | |
Axovant Sciences, Ltd. (2) | | | 690 | | | | 1,559 | |
Axsome Therapeutics, Inc. (2) | | | 1,238 | | | | 3,962 | |
Baxter International, Inc. (5) | | | 10,576 | | | | 780,932 | |
Becton Dickinson and Co. (5) | | | 748 | | | | 179,191 | |
Biogen, Inc. (2) | | | 1,828 | | | | 530,559 | |
BioMarin Pharmaceutical, Inc. (2) | | | 490 | | | | 46,158 | |
Bio-Path Holdings, Inc. (2)(3) | | | 2,731 | | | | 4,069 | |
Bio-Rad Laboratories, Inc. (2) | | | 138 | | | | 39,819 | |
BioSpecifics Technologies Corp. (2) | | | 286 | | | | 12,830 | |
Bluebird Bio, Inc. (2) | | | 30 | | | | 4,709 | |
Blueprint Medicines Corp. (2) | | | 122 | | | | 7,745 | |
Bristol-Myers Squibb Co. | | | 9,299 | | | | 514,607 | |
Bruker Corp. | | | 471 | | | | 13,678 | |
Calithera Biosciences, Inc. (2) | | | 198 | | | | 990 | |
Cambrex Corp. (2) | | | 32 | | | | 1,674 | |
Cantel Medical Corp. | | | 221 | | | | 21,738 | |
Cardinal Health, Inc. | | | 4,549 | | | | 222,128 | |
Catalent, Inc. (2) | | | 2,374 | | | | 99,447 | |
Catalyst Pharmaceuticals, Inc. (2) | | | 1,774 | | | | 5,535 | |
Celcuity, Inc. (2) | | | 284 | | | | 7,049 | |
Celgene Corp. (2) | | | 4,421 | | | | 351,116 | |
Celldex Therapeutics, Inc. (2) | | | 1,894 | | | | 954 | |
Centene Corp. (2) | | | 1,938 | | | | 238,781 | |
Cerner Corp. (2) | | | 12,457 | | | | 744,804 | |
Charles River Laboratories International, Inc. (2) | | | 548 | | | | 61,518 | |
Chemed Corp. | | | 257 | | | | 82,705 | |
ChemoCentryx, Inc. (2) | | | 229 | | | | 3,016 | |
ChromaDex Corp. (2) | | | 1,152 | | | | 4,274 | |
Cidara Therapeutics, Inc. (2) | | | 1,087 | | | | 5,652 | |
Cigna Corp. | | | 1,065 | | | | 180,997 | |
Collegium Pharmaceutical, Inc. (2) | | | 262 | | | | 6,249 | |
Computer Programs & Systems, Inc. | | | 565 | | | | 18,589 | |
Conatus Pharmaceuticals, Inc. (2) | | | 1,130 | | | | 4,836 | |
Concert Pharmaceuticals, Inc. (2) | | | 139 | | | | 2,339 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 25 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Conformis, Inc. (2) | | | 769 | | | | 961 | |
CONMED Corp. | | | 399 | | | | 29,207 | |
CorVel Corp. (2) | | | 266 | | | | 14,364 | |
Cotiviti Holdings, Inc. (2) | | | 121 | | | | 5,340 | |
Cross Country Healthcare, Inc. (2) | | | 446 | | | | 5,018 | |
Curis, Inc. (2) | | | 499 | | | | 863 | |
Cutera, Inc. (2) | | | 147 | | | | 5,924 | |
CytomX Therapeutics, Inc. (2) | | | 488 | | | | 11,156 | |
CytRx Corp. (2) | | | 4,455 | | | | 5,034 | |
Danaher Corp. | | | 2,355 | | | | 232,391 | |
Deciphera Pharmaceuticals, Inc. (2) | | | 35 | | | | 1,377 | |
Depomed, Inc. (2) | | | 1,653 | | | | 11,026 | |
Durect Corp. (2) | | | 1,319 | | | | 2,058 | |
Dyax Corp. Contingent Value Rights (2)(9) | | | 6,220 | | | | — | |
Eagle Pharmaceuticals, Inc./DE (2) | | | 325 | | | | 24,590 | |
Edge Therapeutics, Inc. (2) | | | 1,876 | | | | 1,932 | |
Edwards Lifesciences Corp. (2) | | | 2,027 | | | | 295,070 | |
Egalet Corp. (2) | | | 8,383 | | | | 3,534 | |
Eiger BioPharmaceuticals, Inc. (2) | | | 204 | | | | 2,489 | |
Eli Lilly & Co. | | | 3,351 | | | | 285,941 | |
Emergent BioSolutions, Inc. (2) | | | 764 | | | | 38,574 | |
Encompass Health Corp. | | | 469 | | | | 31,761 | |
Endo International PLC (2) | | | 283 | | | | 2,669 | |
Evolus, Inc. (2) | | | 46 | | | | 1,288 | |
Exact Sciences Corp. (2) | | | 204 | | | | 12,197 | |
Exelixis, Inc. (2) | | | 1,876 | | | | 40,372 | |
Express Scripts Holding Co. (2) | | | 6,372 | | | | 491,982 | |
Fate Therapeutics, Inc. (2) | | | 286 | | | | 3,243 | |
FibroGen, Inc. (2) | | | 85 | | | | 5,321 | |
Flex Pharma, Inc. (2) | | | 1,305 | | | | 1,227 | |
FONAR Corp. (2) | | | 386 | | | | 10,248 | |
Fortress Biotech, Inc. (2) | | | 678 | | | | 2,020 | |
Foundation Medicine, Inc. (2) | | | 48 | | | | 6,562 | |
G1 Therapeutics, Inc. (2) | | | 24 | | | | 1,043 | |
Genesis Healthcare, Inc. (2) | | | 1,487 | | | | 3,405 | |
Genocea Biosciences, Inc. (2) | | | 2,639 | | | | 2,258 | |
Genomic Health, Inc. (2) | | | 729 | | | | 36,742 | |
Geron Corp. (2) | | | 633 | | | | 2,171 | |
Gilead Sciences, Inc. (5) | | | 7,643 | | | | 541,430 | |
Global Blood Therapeutics, Inc. (2) | | | 100 | | | | 4,520 | |
Globus Medical, Inc. (2) | | | 939 | | | | 47,382 | |
Haemonetics Corp. (2) | | | 524 | | | | 46,992 | |
Halozyme Therapeutics, Inc. (2) | | | 1,071 | | | | 18,068 | |
HCA Healthcare, Inc. | | | 7,682 | | | | 788,173 | |
HealthStream, Inc. | | | 1,108 | | | | 30,259 | |
Heron Therapeutics, Inc. (2) | | | 66 | | | | 2,564 | |
Hill-Rom Holdings, Inc. (5) | | | 1,326 | | | | 115,813 | |
HMS Holdings Corp. (2) | | | 1,707 | | | | 36,905 | |
Horizon Pharma Plc (2) | | | 445 | | | | 7,369 | |
ICU Medical, Inc. (2) | | | 150 | | | | 44,048 | |
Idera Pharmaceuticals, Inc. (2) | | | 757 | | | | 999 | |
IDEXX Laboratories, Inc. (2)(5) | | | 651 | | | | 141,879 | |
Illumina, Inc. (2) | | | 202 | | | | 56,417 | |
ImmunoGen, Inc. (2) | | | 939 | | | | 9,136 | |
Incyte Corp. (2) | | | 387 | | | | 25,929 | |
Infinity Pharmaceuticals, Inc. (2) | | | 1,518 | | | | 2,899 | |
Innoviva, Inc. (2) | | | 898 | | | | 12,392 | |
Inogen, Inc. (2) | | | 76 | | | | 14,161 | |
Inovio Pharmaceuticals, Inc. (2) | | | 469 | | | | 1,838 | |
Insys Therapeutics, Inc. (2) | | | 278 | | | | 2,013 | |
Integer Holdings Corp. (2) | | | 594 | | | | 38,402 | |
Intersect ENT, Inc. (2) | | | 364 | | | | 13,632 | |
Intuitive Surgical, Inc. (2) | | | 1,919 | | | | 918,203 | |
Invitae Corp. (2) | | | 242 | | | | 1,779 | |
InVivo Therapeutics Holdings Corp. (2) | | | 568 | | | | 966 | |
Ionis Pharmaceuticals, Inc. (2) | | | 112 | | | | 4,667 | |
Iovance Biotherapeutics, Inc. (2) | | | 78 | | | | 998 | |
IQVIA Holdings, Inc. (2) | | | 1,578 | | | | 157,516 | |
Ironwood Pharmaceuticals, Inc. (2) | | | 2,229 | | | | 42,618 | |
Johnson & Johnson | | | 8,605 | | | | 1,044,131 | |
Jounce Therapeutics, Inc. (2) | | | 201 | | | | 1,540 | |
Kadmon Holdings, Inc. (2) | | | 721 | | | | 2,877 | |
Karyopharm Therapeutics, Inc. (2) | | | 55 | | | | 934 | |
Keryx Biopharmaceuticals, Inc. (2) | | | 958 | | | | 3,602 | |
Kindred Biosciences, Inc. (2) | | | 1,222 | | | | 13,014 | |
Kura Oncology, Inc. (2) | | | 213 | | | | 3,877 | |
Lannett Co., Inc. (2) | | | 143 | | | | 1,945 | |
Lantheus Holdings, Inc. (2) | | | 771 | | | | 11,218 | |
Ligand Pharmaceuticals, Inc. (2) | | | 93 | | | | 19,267 | |
Lipocine, Inc. (2) | | | 2,382 | | | | 3,097 | |
LivaNova PLC (2) | | | 160 | | | | 15,971 | |
Loxo Oncology, Inc. (2) | | | 54 | | | | 9,368 | |
Luminex Corp. | | | 695 | | | | 20,523 | |
MacroGenics, Inc. (2) | | | 238 | | | | 4,915 | |
Madrigal Pharmaceuticals, Inc. (2) | | | 35 | | | | 9,789 | |
Magellan Health, Inc. (2) | | | 153 | | | | 14,680 | |
Mallinckrodt PLC (2) | | | 681 | | | | 12,707 | |
Masimo Corp. (2) | | | 929 | | | | 90,717 | |
Matinas BioPharma Holdings, Inc. (2) | | | 2,233 | | | | 969 | |
McKesson Corp. | | | 953 | | | | 127,130 | |
MediciNova, Inc. (2) | | | 119 | | | | 947 | |
Medtronic PLC | | | 7,867 | | | | 673,494 | |
Merck & Co., Inc. (5) | | | 10,174 | | | | 617,562 | |
Meridian Bioscience, Inc. | | | 799 | | | | 12,704 | |
The accompanying notes are an integral part of these financial statements.
Page 26 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Merit Medical Systems, Inc. (2) | | | 62 | | | | 3,174 | |
Mettler-Toledo International, Inc. (2) | | | 322 | | | | 186,319 | |
Minerva Neurosciences, Inc. (2) | | | 475 | | | | 3,919 | |
Miragen Therapeutics, Inc. (2) | | | 298 | | | | 1,910 | |
Molina Healthcare, Inc. (2) | | | 259 | | | | 25,366 | |
Momenta Pharmaceuticals, Inc. (2) | | | 784 | | | | 16,033 | |
Mustang Bio, Inc. (2) | | | 747 | | | | 5,147 | |
Mylan NV (2) | | | 5,896 | | | | 213,081 | |
Myriad Genetics, Inc. (2) | | | 399 | | | | 14,911 | |
Natera, Inc. (2) | | | 625 | | | | 11,763 | |
Nektar Therapeutics (2) | | | 523 | | | | 25,538 | |
Neurocrine Biosciences, Inc. (2) | | | 58 | | | | 5,698 | |
Novan, Inc. (2) | | | 2,153 | | | | 6,330 | |
Novelion Therapeutics, Inc. (2) | | | 664 | | | | 2,444 | |
Novus Therapeutics, Inc. (2) | | | 534 | | | | 3,738 | |
Omeros Corp. (2) | | | 81 | | | | 1,469 | |
OncoMed Pharmaceuticals, Inc. (2) | | | 1,521 | | | | 3,514 | |
Ophthotech Corp. (2) | | | 1,204 | | | | 3,287 | |
OPKO Health, Inc. (2) | | | 2,274 | | | | 10,688 | |
Organovo Holdings, Inc. (2) | | | 2,166 | | | | 3,032 | |
Orthofix International NV (2) | | | 821 | | | | 46,649 | |
Otonomy, Inc. (2) | | | 391 | | | | 1,505 | |
OvaScience, Inc. (2) | | | 6,116 | | | | 5,550 | |
Ovid therapeutics, Inc. (2) | | | 362 | | | | 2,824 | |
Pacira Pharmaceuticals, Inc./DE (2) | | | 98 | | | | 3,141 | |
PDL BioPharma, Inc. (2) | | | 2,871 | | | | 6,718 | |
Perrigo Co. PLC | | | 711 | | | | 51,839 | |
Pfenex, Inc. (2) | | | 548 | | | | 2,965 | |
Pfizer, Inc. (5) | | | 29,422 | | | | 1,067,430 | |
Phibro Animal Health Corp. | | | 536 | | | | 24,683 | |
Pieris Pharmaceuticals, Inc. (2) | | | 1,238 | | | | 6,277 | |
PolarityTE, Inc. (2) | | | 95 | | | | 2,236 | |
PRA Health Sciences, Inc. (2) | | | 290 | | | | 27,074 | |
Premier, Inc. (2) | | | 5,080 | | | | 184,810 | |
Prestige Brands Holdings, Inc. (2) | | | 55 | | | | 2,111 | |
Progenics Pharmaceuticals, Inc. (2) | | | 597 | | | | 4,800 | |
Protagonist Therapeutics, Inc. (2) | | | 265 | | | | 1,781 | |
Proteostasis Therapeutics, Inc. (2) | | | 425 | | | | 1,186 | |
Providence Service Corp./The (2) | | | 299 | | | | 23,486 | |
PTC Therapeutics, Inc. (2) | | | 391 | | | | 13,188 | |
Puma Biotechnology, Inc. (2) | | | 77 | | | | 4,555 | |
Quality Systems, Inc. (2) | | | 1,866 | | | | 36,387 | |
RadNet, Inc. (2) | | | 423 | | | | 6,345 | |
Recro Pharma, Inc. (2) | | | 1,103 | | | | 5,537 | |
Regeneron Pharmaceuticals, Inc. (2) | | | 749 | | | | 258,398 | |
REGENXBIO, Inc. (2) | | | 129 | | | | 9,256 | |
Regulus Therapeutics, Inc. (2) | | | 7,434 | | | | 4,900 | |
Repligen Corp. (2) | | | 135 | | | | 6,350 | |
ResMed, Inc. | | | 204 | | | | 21,130 | |
Retrophin, Inc. (2) | | | 460 | | | | 12,540 | |
Rhythm Pharmaceuticals, Inc. (2) | | | 130 | | | | 4,064 | |
Rigel Pharmaceuticals, Inc. (2) | | | 548 | | | | 1,551 | |
Sage Therapeutics, Inc. (2) | | | 81 | | | | 12,679 | |
Sangamo Therapeutics, Inc. (2) | | | 474 | | | | 6,731 | |
SeaSpine Holdings Corp. (2) | | | 134 | | | | 1,691 | |
Second Sight Medical Products, Inc. (2) | | | 1,027 | | | | 1,705 | |
SELLAS Life Sciences Group, Inc. (2) | | | 1,355 | | | | 4,634 | |
Simulations Plus, Inc. | | | 384 | | | | 8,544 | |
Solid Biosciences, Inc. (2) | | | 59 | | | | 2,102 | |
Spectrum Pharmaceuticals, Inc. (2) | | | 227 | | | | 4,758 | |
Spring Bank Pharmaceuticals, Inc. (2) | | | 138 | | | | 1,635 | |
STAAR Surgical Co. (2) | | | 106 | | | | 3,286 | |
STERIS PLC | | | 397 | | | | 41,689 | |
Stryker Corp. | | | 375 | | | | 63,323 | |
Supernus Pharmaceuticals, Inc. (2) | | | 155 | | | | 9,277 | |
Surmodics, Inc. (2) | | | 34 | | | | 1,877 | |
Synlogic, Inc. (2) | | | 419 | | | | 4,119 | |
Synthetic Biologics, Inc. (2)(3) | | | 5,681 | | | | 1,358 | |
Syros Pharmaceuticals, Inc. (2) | | | 118 | | | | 1,205 | |
Tandem Diabetes Care, Inc. (2) | | | 125 | | | | 2,753 | |
Teligent, Inc./NJ (2) | | | 329 | | | | 1,138 | |
Tenet Healthcare Corp. (2) | | | 92 | | | | 3,088 | |
Titan Pharmaceuticals, Inc. (2) | | | 3,865 | | | | 4,213 | |
Trevena, Inc. (2) | | | 630 | | | | 907 | |
Triple-S Management Corp. (2) | | | 102 | | | | 3,984 | |
Trovagene, Inc. (2) | | | 2,253 | | | | 1,735 | |
Tyme Technologies, Inc. (2) | | | 395 | | | | 1,248 | |
United Therapeutics Corp. (2) | | | 592 | | | | 66,985 | |
UnitedHealth Group, Inc. (5) | | | 3,589 | | | | 880,525 | |
Universal Health Services, Inc. | | | 659 | | | | 73,439 | |
Utah Medical Products, Inc. | | | 14 | | | | 1,542 | |
Vanda Pharmaceuticals, Inc. (2) | | | 1,071 | | | | 20,403 | |
VBI Vaccines, Inc. (2) | | | 566 | | | | 1,557 | |
Veeva Systems, Inc. (2) | | | 526 | | | | 40,428 | |
Veracyte, Inc. (2) | | | 2,051 | | | | 19,156 | |
Verastem, Inc. (2) | | | 167 | | | | 1,149 | |
Versartis, Inc. (2) | | | 1,510 | | | | 3,058 | |
Vertex Pharmaceuticals, Inc. (2) | | | 2,032 | | | | 345,359 | |
Vital Therapies, Inc. (2) | | | 391 | | | | 2,678 | |
vTv Therapeutics, Inc. (2)(3) | | | 613 | | | | 944 | |
WellCare Health Plans, Inc. (2) | | | 441 | | | | 108,592 | |
Xencor, Inc. (2) | | | 229 | | | | 8,475 | |
Zafgen, Inc. (2) | | | 146 | | | | 1,494 | |
Zimmer Biomet Holdings, Inc. | | | 1,223 | | | | 136,291 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 27 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Zoetis, Inc. | | | 2,270 | | | | 193,381 | |
| | | | | | | | 20,248,162 | |
| | | | | | | | | |
Industrials — 9.1% | | | | | | | | |
ACCO Brands Corp. | | | 1,363 | | | | 18,878 | |
Aegion Corp. (2) | | | 346 | | | | 8,910 | |
Alamo Group, Inc. | | | 262 | | | | 23,674 | |
Allied Motion Technologies, Inc. | | | 60 | | | | 2,873 | |
Allison Transmission Holdings, Inc. | | | 5,397 | | | | 218,525 | |
American Airlines Group, Inc. (2) | | | 425 | | | | 2,894 | |
Applied Industrial Technologies, Inc. | | | 504 | | | | 35,356 | |
Aqua Metals, Inc. (2) | | | 395 | | | | 1,138 | |
ARC Document Solutions, Inc. (2) | | | 4,629 | | | | 8,193 | |
ArcBest Corp. | | | 298 | | | | 13,619 | |
Armstrong Flooring, Inc. (2) | | | 332 | | | | 4,661 | |
ASGN, Inc. (2) | | | 259 | | | | 20,251 | |
Atkore International Group, Inc. (2) | | | 1,823 | | | | 37,864 | |
Barrett Business Services, Inc. | | | 272 | | | | 26,267 | |
BG Staffing, Inc. | | | 695 | | | | 16,159 | |
Blue Bird Corp. (2) | | | 1,085 | | | | 24,250 | |
Boeing Co./The (5) | | | 3,018 | | | | 1,012,569 | |
Brady Corp. | | | 185 | | | | 7,132 | |
Builders FirstSource, Inc. (2) | | | 3,228 | | | | 59,040 | |
BWX Technologies, Inc. | | | 48 | | | | 2,991 | |
Casella Waste Systems, Inc. (2) | | | 1,298 | | | | 33,242 | |
CBIZ, Inc. (2) | | | 621 | | | | 14,283 | |
Comfort Systems USA, Inc. | | | 596 | | | | 27,297 | |
Commercial Vehicle Group, Inc. (2) | | | 553 | | | | 4,059 | |
Continental Building Products, Inc. (2) | | | 2,240 | | | | 70,672 | |
Copart, Inc. (2) | | | 4,045 | | | | 228,785 | |
Costamare, Inc. | | | 1,627 | | | | 12,983 | |
Covenant Transportation Group, Inc. (2) | | | 580 | | | | 18,270 | |
CRA International, Inc. | | | 118 | | | | 6,005 | |
Crane Co. | | | 215 | | | | 17,228 | |
CSW Industrials, Inc. (2) | | | 136 | | | | 7,188 | |
Cummins, Inc. (5) | | | 2,959 | | | | 393,547 | |
Curtiss-Wright Corp. | | | 683 | | | | 81,291 | |
Delta Air Lines, Inc. | | | 1,742 | | | | 86,299 | |
Douglas Dynamics, Inc. | | | 486 | | | | 23,328 | |
Ducommun, Inc. (2) | | | 672 | | | | 22,236 | |
DXP Enterprises, Inc./TX (2) | | | 140 | | | | 5,348 | |
Eaton Corp. PLC (5) | | | 9,859 | | | | 736,862 | |
EMCOR Group, Inc. | | | 1,731 | | | | 131,868 | |
Emerson Electric Co. (5) | | | 11,701 | | | | 809,007 | |
Encore Wire Corp. | | | 279 | | | | 13,239 | |
EnerSys | | | 112 | | | | 8,360 | |
Engility Holdings, Inc. (2) | | | 86 | | | | 2,635 | |
Ennis, Inc. | | | 695 | | | | 14,143 | |
EnPro Industries, Inc. | | | 228 | | | | 15,949 | |
Essendant, Inc. | | | 623 | | | | 8,236 | |
Expeditors International of Washington, Inc. | | | 1,584 | | | | 115,790 | |
Federal Signal Corp. | | | 586 | | | | 13,648 | |
Forrester Research, Inc. | | | 278 | | | | 11,662 | |
Forward Air Corp. | | | 1,313 | | | | 77,572 | |
Foundation Building Materials, Inc. (2) | | | 345 | | | | 5,306 | |
FTI Consulting, Inc. (2) | | | 521 | | | | 31,510 | |
Genco Shipping & Trading, Ltd. (2) | | | 775 | | | | 12,013 | |
General Dynamics Corp. (5) | | | 2,100 | | | | 391,461 | |
Global Brass & Copper Holdings, Inc. | | | 1,719 | | | | 53,891 | |
Graco, Inc. | | | 4,086 | | | | 184,769 | |
Greenbrier Cos., Inc./The | | | 296 | | | | 15,614 | |
H&E Equipment Services, Inc. | | | 135 | | | | 5,077 | |
Harris Corp. | | | 2,117 | | | | 305,991 | |
Harsco Corp. (2) | | | 1,009 | | | | 22,299 | |
Hawaiian Holdings, Inc. | | | 936 | | | | 33,649 | |
HD Supply Holdings, Inc. (2) | | | 81 | | | | 3,474 | |
HEICO Corp. (5) | | | 13,277 | | | | 809,233 | |
Heidrick & Struggles International, Inc. | | | 174 | | | | 6,090 | |
Heritage-Crystal Clean, Inc. (2) | | | 150 | | | | 3,015 | |
Herman Miller, Inc. (2) | | | 1,507 | | | | 51,087 | |
Hexcel Corp. | | | 733 | | | | 48,657 | |
Hillenbrand, Inc. | | | 2,756 | | | | 129,945 | |
HNI Corp. | | | 545 | | | | 20,274 | |
Hub Group, Inc. (2) | | | 279 | | | | 13,894 | |
Huntington Ingalls Industries, Inc. | | | 1,168 | | | | 253,211 | |
Hurco Cos., Inc. | | | 313 | | | | 14,007 | |
Hyster-Yale Materials Handling, Inc. | | | 798 | | | | 51,272 | |
ICF International, Inc. | | | 414 | | | | 29,415 | |
Infrastructure and Energy Alternatives, Inc. (2) | | | 103 | | | | 959 | |
Ingersoll-Rand PLC | | | 2,646 | | | | 237,426 | |
Interface, Inc. | | | 2,112 | | | | 48,470 | |
JetBlue Airways Corp. (2) | | | 14,376 | | | | 272,856 | |
Kadant, Inc. | | | 119 | | | | 11,442 | |
Kaman Corp. | | | 740 | | | | 51,571 | |
Kansas City Southern | | | 932 | | | | 98,755 | |
KBR, Inc. | | | 1,550 | | | | 27,776 | |
Kelly Services, Inc. | | | 1,082 | | | | 24,291 | |
Kforce, Inc. | | | 861 | | | | 29,532 | |
Kimball International, Inc. | | | 2,437 | | | | 39,382 | |
KLX, Inc. (2) | | | 160 | | | | 11,504 | |
Knoll, Inc. | | | 1,749 | | | | 36,397 | |
Landstar System, Inc. | | | 513 | | | | 56,020 | |
Lawson Products, Inc./DE (2) | | | 177 | | | | 4,310 | |
The accompanying notes are an integral part of these financial statements.
Page 28 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
LB Foster Co. (2) | | | 620 | | | | 14,229 | |
LSC Communications, Inc. | | | 836 | | | | 13,092 | |
LSI Industries, Inc. | | | 832 | | | | 4,443 | |
Lydall, Inc. (2) | | | 257 | | | | 11,218 | |
ManpowerGroup, Inc. | | | 1,833 | | | | 157,748 | |
Marten Transport, Ltd. | | | 692 | | | | 16,227 | |
Masco Corp. | | | 5,471 | | | | 204,725 | |
Masonite International Corp. (2) | | | 779 | | | | 55,971 | |
Matson, Inc. | | | 524 | | | | 20,111 | |
McGrath RentCorp | | | 283 | | | | 17,905 | |
Meritor, Inc. (2) | | | 1,258 | | | | 25,877 | |
Milacron Holdings Corp. (2) | | | 833 | | | | 15,769 | |
Miller Industries, Inc./TN | | | 1,268 | | | | 32,397 | |
Moog, Inc. | | | 562 | | | | 43,814 | |
MSC Industrial Direct Co., Inc. | | | 1,356 | | | | 115,057 | |
MYR Group, Inc. (2) | | | 409 | | | | 14,503 | |
Navigant Consulting, Inc. (2) | | | 2,174 | | | | 48,132 | |
Navios Maritime Holdings, Inc. (2) | | | 4,878 | | | | 4,156 | |
NCI Building Systems, Inc. (2) | | | 1,034 | | | | 21,714 | |
Nexeo Solutions, Inc. (2) | | | 3,022 | | | | 27,591 | |
Norfolk Southern Corp. | | | 5,440 | | | | 820,733 | |
Northrop Grumman Corp. | | | 374 | | | | 115,080 | |
Old Dominion Freight Line, Inc. | | | 1,089 | | | | 162,217 | |
Omega Flex, Inc. | | | 24 | | | | 1,899 | |
Oshkosh Corp. | | | 1,722 | | | | 121,091 | |
Owens Corning | | | 508 | | | | 32,192 | |
PACCAR, Inc. | | | 6,130 | | | | 379,815 | |
Park-Ohio Holdings Corp. | | | 648 | | | | 24,170 | |
Patrick Industries, Inc. (2) | | | 156 | | | | 8,869 | |
PGT Innovations, Inc. (2) | | | 839 | | | | 17,493 | |
Pitney Bowes, Inc. | | | 4,534 | | | | 38,856 | |
Powell Industries, Inc. | | | 55 | | | | 1,916 | |
Preformed Line Products Co. | | | 14 | | | | 1,243 | |
Primoris Services Corp. | | | 218 | | | | 5,936 | |
Proto Labs, Inc. (2) | | | 281 | | | | 33,425 | |
Quad/Graphics, Inc. | | | 1,097 | | | | 22,851 | |
Quanta Services, Inc. (2) | | | 2,407 | | | | 80,394 | |
Radiant Logistics, Inc. (2) | | | 234 | | | | 915 | |
Resources Connection, Inc. | | | 510 | | | | 8,619 | |
Roadrunner Transportation Systems, Inc. (2) | | | 1,930 | | | | 4,034 | |
Robert Half International, Inc. | | | 2,451 | | | | 159,560 | |
Rockwell Automation, Inc. (5) | | | 3,396 | | | | 564,517 | |
RR Donnelley & Sons Co. | | | 2,662 | | | | 15,333 | |
Rush Enterprises, Inc. (2) | | | 389 | | | | 16,875 | |
Rush Enterprises, Inc. (2) | | | 124 | | | | 5,444 | |
Ryder System, Inc. | | | 1,766 | | | | 126,905 | |
Safe Bulkers, Inc. (2) | | | 2,964 | | | | 10,078 | |
Saia, Inc. (2) | | | 590 | | | | 47,702 | |
SkyWest, Inc. | | | 238 | | | | 12,352 | |
SP Plus Corp. (2) | | | 1,002 | | | | 37,274 | |
Spartan Motors, Inc. | | | 341 | | | | 5,149 | |
Spirit AeroSystems Holdings, Inc. (5) | | | 875 | | | | 75,171 | |
SPX FLOW, Inc. (2) | | | 1,034 | | | | 45,258 | |
Steelcase, Inc. | | | 3,067 | | | | 41,405 | |
Teledyne Technologies, Inc. (2) | | | 435 | | | | 86,591 | |
Terex Corp. | | | 542 | | | | 22,867 | |
Textron, Inc. | | | 6,197 | | | | 408,444 | |
Timken Co./The | | | 94 | | | | 4,094 | |
Titan Machinery, Inc. (2) | | | 67 | | | | 1,042 | |
Toro Co./The | | | 2,450 | | | | 147,613 | |
TPI Composites, Inc. (2) | | | 169 | | | | 4,942 | |
TriMas Corp. (2) | | | 730 | | | | 21,462 | |
Triton International, Ltd./Bermuda | | | 482 | | | | 14,778 | |
TrueBlue, Inc. (2) | | | 1,761 | | | | 47,459 | |
Union Pacific Corp. | | | 6,890 | | | | 976,175 | |
United Continental Holdings, Inc. (2) | | | 4,713 | | | | 328,637 | |
United Rentals, Inc. (2) | | | 1,045 | | | | 154,263 | |
Universal Forest Products, Inc. | | | 2,794 | | | | 102,316 | |
Universal Logistics Holdings, Inc. | | | 921 | | | | 24,176 | |
Vectrus, Inc. (2) | | | 652 | | | | 20,095 | |
Veritiv Corp. (2) | | | 51 | | | | 2,032 | |
Vicor Corp. (2) | | | 126 | | | | 5,487 | |
VSE Corp. | | | 20 | | | | 956 | |
Wabash National Corp. | | | 308 | | | | 5,747 | |
Waste Management, Inc. | | | 8,489 | | | | 690,495 | |
Watsco, Inc. | | | 690 | | | | 123,013 | |
WESCO International, Inc. (2) | | | 1,679 | | | | 95,871 | |
Willis Lease Finance Corp. (2) | | | 290 | | | | 9,161 | |
WW Grainger, Inc. | | | 755 | | | | 232,842 | |
YRC Worldwide, Inc. (2) | | | 1,549 | | | | 15,567 | |
| | | | | | | | 15,457,696 | |
| | | | | | | | | |
Information Technology — 17.8% | | | | | | | | |
Accenture PLC (5) | | | 6,221 | | | | 1,017,693 | |
Adobe Systems, Inc. (2)(5) | | | 4,031 | | | | 982,798 | |
Advanced Energy Industries, Inc. (2) | | | 450 | | | | 26,141 | |
Akamai Technologies, Inc. (2) | | | 571 | | | | 41,814 | |
ALJ Regional Holdings, Inc. (2) | | | 892 | | | | 1,695 | |
Alphabet, Inc. - Class C (2)(5) | | | 1,451 | | | | 1,618,808 | |
Alphabet, Inc. - Class A (2)(5) | | | 236 | | | | 266,489 | |
Amber Road, Inc. (2) | | | 101 | | | | 950 | |
Amdocs, Ltd. | | | 1,615 | | | | 106,897 | |
American Software, Inc./GA | | | 911 | | | | 13,273 | |
Amkor Technology, Inc. (2) | | | 6,858 | | | | 58,910 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 29 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
ANSYS, Inc. (2) | | | 1,052 | | | | 183,237 | |
Apple, Inc. (5) | | | 16,928 | | | | 3,133,542 | |
Applied Materials, Inc. (5) | | | 12,317 | | | | 568,922 | |
Arista Networks, Inc. (2) | | | 149 | | | | 38,366 | |
ARRIS International PLC (2)(5) | | | 9,192 | | | | 224,698 | |
Arrow Electronics, Inc. (2) | | | 516 | | | | 38,844 | |
Aspen Technology, Inc. (2) | | | 2,755 | | | | 255,499 | |
AutoWeb, Inc. (2) | | | 2,195 | | | | 9,921 | |
Avid Technology, Inc. (2) | | | 341 | | | | 1,773 | |
Avnet, Inc. | | | 3,198 | | | | 137,162 | |
Axcelis Technologies, Inc. (2) | | | 151 | | | | 2,990 | |
Bel Fuse, Inc. | | | 48 | | | | 1,003 | |
Benchmark Electronics, Inc. | | | 1,617 | | | | 47,136 | |
Black Box Corp. (2) | | | 1,363 | | | | 2,760 | |
Black Knight, Inc. (2)(5) | | | 4,057 | | | | 217,252 | |
Blucora, Inc. (2) | | | 254 | | | | 9,398 | |
Booz Allen Hamilton Holding Corp. (5) | | | 3,572 | | | | 156,204 | |
Broadcom, Inc. | | | 60 | | | | 14,558 | |
Broadridge Financial Solutions, Inc. | | | 1,762 | | | | 202,806 | |
CA, Inc. (5) | | | 16,059 | | | | 572,503 | |
Cabot Microelectronics Corp. | | | 112 | | | | 12,047 | |
CACI International, Inc. (2) | | | 525 | | | | 88,489 | |
Cadence Design Systems, Inc. (2) | | | 1,128 | | | | 48,854 | |
CalAmp Corp. (2) | | | 722 | | | | 16,916 | |
Care.com, Inc. (2) | | | 460 | | | | 9,605 | |
CDK Global, Inc. | | | 1,180 | | | | 76,759 | |
CDW Corp./DE | | | 2,052 | | | | 165,781 | |
ChannelAdvisor Corp. (2) | | | 128 | | | | 1,798 | |
Ciena Corp. (2) | | | 2,702 | | | | 71,630 | |
Cirrus Logic, Inc. (2) | | | 872 | | | | 33,424 | |
Cisco Systems, Inc. (5) | | | 25,596 | | | | 1,101,396 | |
Citrix Systems, Inc. (2) | | | 6,385 | | | | 669,403 | |
Cohu, Inc. | | | 392 | | | | 9,608 | |
CommScope Holding Co., Inc. (2) | | | 2,304 | | | | 67,288 | |
Comtech Telecommunications Corp. | | | 496 | | | | 15,812 | |
Convergys Corp. | | | 1,774 | | | | 43,357 | |
CPI Card Group, Inc. | | | 423 | | | | 846 | |
Daktronics, Inc. | | | 1,210 | | | | 10,297 | |
Dell Technologies, Inc. Class V (2) | | | 1,657 | | | | 140,149 | |
DHI Group, Inc. (2) | | | 1,629 | | | | 3,828 | |
Digi International, Inc. (2) | | | 407 | | | | 5,372 | |
Dolby Laboratories, Inc. | | | 41 | | | | 2,529 | |
DSP Group, Inc. (2) | | | 235 | | | | 2,926 | |
DXC Technology Co. | | | 5,384 | | | | 434,004 | |
Eastman Kodak Co. (2) | | | 229 | | | | 870 | |
EchoStar Corp. (2) | | | 1,562 | | | | 69,353 | |
Electronic Arts, Inc. (2) | | | 2,804 | | | | 395,420 | |
Endurance International Group Holdings, Inc. (2) | | | 1,531 | | | | 15,233 | |
Entegris, Inc. | | | 991 | | | | 33,595 | |
ePlus, Inc. (2) | | | 185 | | | | 17,409 | |
Etsy, Inc. (2) | | | 524 | | | | 22,108 | |
EVERTEC, Inc. | | | 551 | | | | 12,039 | |
Extreme Networks, Inc. (2) | | | 1,499 | | | | 11,932 | |
F5 Networks, Inc. (2) | | | 1,594 | | | | 274,885 | |
Facebook, Inc. (2)(5) | | | 7,870 | | | | 1,529,298 | |
Fair Isaac Corp. (2) | | | 449 | | | | 86,801 | |
First Solar, Inc. (2) | | | 114 | | | | 6,003 | |
Five9, Inc. (2) | | | 897 | | | | 31,009 | |
FleetCor Technologies, Inc. (2) | | | 712 | | | | 149,983 | |
FLIR Systems, Inc. | | | 540 | | | | 28,064 | |
Fortinet, Inc. (2) | | | 2,417 | | | | 150,893 | |
Hackett Group, Inc./The | | | 1,261 | | | | 20,264 | |
Hewlett Packard Enterprise Co. | | | 12,036 | | | | 175,846 | |
HP, Inc. (5) | | | 38,826 | | | | 880,962 | |
IAC/InterActiveCorp (2) | | | 311 | | | | 47,424 | |
Ichor Holdings, Ltd. (2) | | | 138 | | | | 2,928 | |
Immersion Corp. (2) | | | 544 | | | | 8,399 | |
Information Services Group, Inc. (2) | | | 2,406 | | | | 9,865 | |
Insight Enterprises, Inc. (2) | | | 560 | | | | 27,401 | |
Intel Corp. | | | 17,550 | | | | 872,411 | |
InterDigital, Inc./PA | | | 1,226 | | | | 99,183 | |
International Business Machines Corp. (5) | | | 5,061 | | | | 707,022 | |
Intevac, Inc. (2) | | | 204 | | | | 989 | |
Intuit, Inc. (5) | | | 5,085 | | | | 1,038,891 | |
IPG Photonics Corp. (2) | | | 214 | | | | 47,215 | |
Jabil, Inc. (5) | | | 5,440 | | | | 150,470 | |
Juniper Networks, Inc. | | | 13,106 | | | | 359,367 | |
KEMET Corp. (2) | | | 232 | | | | 5,603 | |
Kimball Electronics, Inc. (2) | | | 841 | | | | 15,390 | |
Lam Research Corp. | | | 1,641 | | | | 283,647 | |
Leidos Holdings, Inc. | | | 821 | | | | 48,439 | |
Limelight Networks, Inc. (2) | | | 1,227 | | | | 5,485 | |
LivePerson, Inc. (2) | | | 439 | | | | 9,263 | |
Lumentum Holdings, Inc. (2) | | | 57 | | | | 3,300 | |
Majesco (2) | | | 182 | | | | 1,119 | |
ManTech International Corp./VA | | | 362 | | | | 19,418 | |
Marvell Technology Group, Ltd. | | | 2,289 | | | | 49,076 | |
Mastercard, Inc. | | | 6,021 | | | | 1,183,247 | |
Maxim Integrated Products, Inc. (5) | | | 1,556 | | | | 91,275 | |
MAXIMUS, Inc. | | | 1,384 | | | | 85,960 | |
Micron Technology, Inc. (2) | | | 4,202 | | | | 220,353 | |
Microsoft Corp. (5) | | | 25,201 | | | | 2,485,071 | |
MKS Instruments, Inc. | | | 466 | | | | 44,596 | |
The accompanying notes are an integral part of these financial statements.
Page 30 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
MoneyGram International, Inc. (2) | | | 383 | | | | 2,562 | |
Monotype Imaging Holdings, Inc. | | | 881 | | | | 17,884 | |
Motorola Solutions, Inc. | | | 2,259 | | | | 262,880 | |
Nanometrics, Inc. (2) | | | 570 | | | | 20,184 | |
Napco Security Technologies, Inc. (2) | | | 91 | | | | 1,333 | |
NCR Corp. (2) | | | 1,542 | | | | 46,229 | |
NetApp, Inc. | | | 169 | | | | 13,272 | |
NETGEAR, Inc. (2) | | | 452 | | | | 28,250 | |
Novanta, Inc. (2) | | | 24 | | | | 1,495 | |
Nuance Communications, Inc. (2) | | | 644 | | | | 8,942 | |
NVE Corp. | | | 58 | | | | 7,063 | |
NVIDIA Corp. (5) | | | 2,100 | | | | 497,490 | |
Oclaro, Inc. (2) | | | 1,363 | | | | 12,172 | |
Ominto, Inc. (2) | | | 3,199 | | | | 1,184 | |
ON Semiconductor Corp. (2) | | | 4,722 | | | | 104,994 | |
OneSpan, Inc. (2) | | | 249 | | | | 4,893 | |
Oracle Corp. (5) | | | 11,065 | | | | 487,524 | |
PC Connection, Inc. | | | 493 | | | | 16,368 | |
PCM, Inc. (2) | | | 154 | | | | 2,333 | |
Perficient, Inc. (2) | | | 991 | | | | 26,133 | |
Perspecta, Inc. | | | 2,018 | | | | 41,470 | |
PFSweb, Inc. (2) | | | 563 | | | | 5,472 | |
Photronics, Inc. (2) | | | 696 | | | | 5,551 | |
Plantronics, Inc. | | | 244 | | | | 18,605 | |
Progress Software Corp. | | | 1,156 | | | | 44,876 | |
Pure Storage, Inc. (2) | | | 70 | | | | 1,672 | |
QAD, Inc. | | | 47 | | | | 2,357 | |
Qualys, Inc. (2) | | | 102 | | | | 8,599 | |
Quantum Corp. (2) | | | 1,589 | | | | 3,496 | |
Radisys Corp. (2) | | | 1,505 | | | | 1,052 | |
RealPage, Inc. (2) | | | 48 | | | | 2,645 | |
Red Hat, Inc. (2) | | | 4,273 | | | | 574,163 | |
Remark Holdings, Inc. (2) | | | 225 | | | | 880 | |
RingCentral, Inc. (2) | | | 548 | | | | 38,552 | |
Rosetta Stone, Inc. (2) | | | 2,230 | | | | 35,747 | |
Rubicon Project, Inc./The (2) | | | 322 | | | | 918 | |
Rudolph Technologies, Inc. (2) | | | 735 | | | | 21,756 | |
Sanmina Corp. (2) | | | 586 | | | | 17,170 | |
ScanSource, Inc. (2) | | | 25 | | | | 1,008 | |
Science Applications International Corp. | | | 444 | | | | 35,933 | |
Skyworks Solutions, Inc. | | | 336 | | | | 32,474 | |
SPS Commerce, Inc. (2) | | | 31 | | | | 2,278 | |
SS&C Technologies Holdings, Inc. | | | 876 | | | | 45,464 | |
Stamps.com, Inc. (2) | | | 4 | | | | 1,012 | |
Sykes Enterprises, Inc. (2) | | | 762 | | | | 21,930 | |
Symantec Corp. | | | 194 | | | | 4,006 | |
SYNNEX Corp. | | | 409 | | | | 39,473 | |
Synopsys, Inc. (2) | | | 3,509 | | | | 300,265 | |
Syntel, Inc. (2) | | | 1,970 | | | | 63,217 | |
Tech Data Corp. (2) | | | 1,746 | | | | 143,382 | |
Texas Instruments, Inc. (5) | | | 9,468 | | | | 1,043,847 | |
TiVo Corp. | | | 593 | | | | 7,976 | |
Total System Services, Inc. | | | 1,524 | | | | 128,808 | |
Travelport Worldwide, Ltd. | | | 3,270 | | | | 60,626 | |
TTM Technologies, Inc. (2) | | | 157 | | | | 2,768 | |
Twilio, Inc. (2) | | | 360 | | | | 20,167 | |
Twitter, Inc. (2) | | | 536 | | | | 23,407 | |
Ultra Clean Holdings, Inc. (2) | | | 378 | | | | 6,275 | |
Unisys Corp. (2) | | | 3,475 | | | | 44,828 | |
Varonis Systems, Inc. (2) | | | 188 | | | | 14,006 | |
VeriFone Systems, Inc. (2) | | | 363 | | | | 8,284 | |
Verint Systems, Inc. (2) | | | 681 | | | | 30,202 | |
Vishay Precision Group, Inc. (2) | | | 75 | | | | 2,861 | |
Web.com Group, Inc. (2) | | | 135 | | | | 3,490 | |
Western Digital Corp. | | | 2,993 | | | | 231,688 | |
Worldpay, Inc. (2) | | | 3,851 | | | | 314,935 | |
Xcerra Corp. (2) | | | 2,906 | | | | 40,597 | |
Xerox Corp. (2) | | | 3,448 | | | | 82,752 | |
Xilinx, Inc. | | | 930 | | | | 60,692 | |
XO Group, Inc. (2) | | | 554 | | | | 17,728 | |
Xperi Corp. | | | 184 | | | | 2,962 | |
Zebra Technologies Corp. (2) | | | 514 | | | | 73,631 | |
Zix Corp. (2) | | | 2,030 | | | | 10,942 | |
Zynga, Inc. (2) | | | 5,624 | | | | 22,890 | |
| | | | | | | | 30,155,904 | |
| | | | | | | | | |
Materials — 3.3% | | | | | | | | |
AdvanSix, Inc. (2) | | | 707 | | | | 25,897 | |
Air Products & Chemicals, Inc. | | | 3,001 | | | | 467,346 | |
Alcoa Corp. (2) | | | 870 | | | | 40,786 | |
Avery Dennison Corp. | | | 437 | | | | 44,618 | |
Celanese Corp. | | | 1,139 | | | | 126,497 | |
Chemours Co./The | | | 4,925 | | | | 218,473 | |
Eagle Materials, Inc. | | | 1,383 | | | | 145,174 | |
Eastman Chemical Co. | | | 7,001 | | | | 699,820 | |
Freeport-McMoRan, Inc. | | | 12,464 | | | | 215,129 | |
FutureFuel Corp. | | | 73 | | | | 1,023 | |
Gold Resource Corp. | | | 1,046 | | | | 6,893 | |
Greif, Inc. - Class A | | | 519 | | | | 29,894 | |
Greif, Inc. - Class B | | | 281 | | | | 14,862 | |
Hawkins, Inc. | | | 171 | | | | 6,045 | |
Huntsman Corp. | | | 5,358 | | | | 156,454 | |
Ingevity Corp. (2) | | | 717 | | | | 57,977 | |
Innophos Holdings, Inc. | | | 784 | | | | 37,318 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 31 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Innospec, Inc. | | | 436 | | | | 33,376 | |
Koppers Holdings, Inc. (2) | | | 608 | | | | 23,317 | |
Kraton Corp. (2) | | | 995 | | | | 45,909 | |
Kronos Worldwide, Inc. | | | 2,262 | | | | 50,963 | |
Louisiana-Pacific Corp. | | | 2,685 | | | | 73,086 | |
LyondellBasell Industries NV (5) | | | 7,675 | | | | 843,099 | |
Marrone Bio Innovations, Inc. (2) | | | 524 | | | | 964 | |
Myers Industries, Inc. | | | 92 | | | | 1,766 | |
Nucor Corp. (5) | | | 4,963 | | | | 310,188 | |
Olin Corp. | | | 2,378 | | | | 68,296 | |
Olympic Steel, Inc. | | | 45 | | | | 918 | |
OMNOVA Solutions, Inc. (2) | | | 1,177 | | | | 12,241 | |
Owens-Illinois, Inc. (2) | | | 376 | | | | 6,321 | |
Packaging Corp. of America | | | 3,816 | | | | 426,591 | |
PolyOne Corp. | | | 812 | | | | 35,095 | |
Rayonier Advanced Materials, Inc. | | | 981 | | | | 16,765 | |
Reliance Steel & Aluminum Co. (5) | | | 1,198 | | | | 104,873 | |
Ryerson Holding Corp. (2) | | | 838 | | | | 9,344 | |
Schnitzer Steel Industries, Inc. | | | 34 | | | | 1,146 | |
Schweitzer-Mauduit International, Inc. | | | 773 | | | | 33,796 | |
Steel Dynamics, Inc. (5) | | | 3,533 | | | | 162,341 | |
Stepan Co. | | | 853 | | | | 66,543 | |
SunCoke Energy, Inc. (2) | | | 543 | | | | 7,276 | |
Tredegar Corp. | | | 1,567 | | | | 36,825 | |
Trinseo SA | | | 2,006 | | | | 142,326 | |
UFP Technologies, Inc. (2) | | | 375 | | | | 11,569 | |
United States Lime & Minerals, Inc. | | | 243 | | | | 20,388 | |
United States Steel Corp. | | | 743 | | | | 25,819 | |
Valhi, Inc. | | | 904 | | | | 4,303 | |
Westlake Chemical Corp. | | | 1,880 | | | | 202,344 | |
WestRock Co. | | | 9,155 | | | | 522,018 | |
| | | | | | | | 5,594,012 | |
| | | | | | | | | |
Real Estate Investment Trust — 3.1% | | | | | | | | |
Agree Realty Corp. | | | 127 | | | | 6,702 | |
American Assets Trust, Inc. | | | 2,487 | | | | 95,227 | |
American Tower Corp. | | | 293 | | | | 42,242 | |
Ashford Hospitality Trust, Inc. | | | 538 | | | | 4,358 | |
Bluerock Residential Growth REIT, Inc. | | | 1,133 | | | | 10,106 | |
Braemar Hotels & Resorts, Inc. | | | 493 | | | | 5,630 | |
Brixmor Property Group, Inc. | | | 4,665 | | | | 81,311 | |
CareTrust REIT, Inc. | | | 4,192 | | | | 69,964 | |
CBL & Associates Properties, Inc. | | | 3,408 | | | | 18,983 | |
Cedar Realty Trust, Inc. | | | 1,413 | | | | 6,669 | |
Chesapeake Lodging Trust | | | 1,444 | | | | 45,688 | |
Clipper Realty, Inc. | | | 1,050 | | | | 8,967 | |
Colony Capital, Inc. | | | 1,740 | | | | 10,858 | |
Community Healthcare Trust, Inc. | | | 502 | | | | 14,995 | |
CoreCivic, Inc. | | | 3,084 | | | | 73,677 | |
CoreSite Realty Corp. | | | 113 | | | | 12,523 | |
Corporate Office Properties Trust | | | 3,060 | | | | 88,709 | |
CubeSmart | | | 5,814 | | | | 187,327 | |
DDR Corp. | | | 2,484 | | | | 44,464 | |
DiamondRock Hospitality Co. | | | 2,116 | | | | 25,984 | |
Essex Property Trust, Inc. | | | 2,350 | | | | 561,815 | |
Farmland Partners, Inc. | | | 928 | | | | 8,166 | |
Forest City Realty Trust, Inc. | | | 246 | | | | 5,611 | |
Front Yard Residential Corp. | | | 4,902 | | | | 51,079 | |
GEO Group, Inc./The | | | 2,049 | | | | 56,429 | |
Gladstone Commercial Corp. | | | 1,609 | | | | 30,925 | |
Global Medical REIT, Inc. | | | 794 | | | | 7,035 | |
Global Net Lease, Inc. | | | 1,495 | | | | 30,543 | |
Hersha Hospitality Trust | | | 1,278 | | | | 27,413 | |
Highwoods Properties, Inc. | | | 979 | | | | 49,665 | |
Hospitality Properties Trust | | | 5,585 | | | | 159,787 | |
Host Hotels & Resorts, Inc. | | | 14,338 | | | | 302,102 | |
Kennedy-Wilson Holdings, Inc. | | | 495 | | | | 10,469 | |
Kite Realty Group Trust | | | 2,356 | | | | 40,240 | |
Lamar Advertising Co. | | | 1,845 | | | | 126,032 | |
LaSalle Hotel Properties | | | 376 | �� | | | 12,870 | |
Lexington Realty Trust (5) | | | 7,704 | | | | 67,256 | |
Maui Land & Pineapple Co., Inc. (2) | | | 470 | | | | 5,264 | |
National Health Investors, Inc. | | | 216 | | | | 15,915 | |
National Storage Affiliates Trust | | | 714 | | | | 22,005 | |
Omega Healthcare Investors, Inc. | | | 538 | | | | 16,678 | |
Pebblebrook Hotel Trust | | | 1,200 | | | | 46,560 | |
Pennsylvania Real Estate Investment Trust | | | 1,375 | | | | 15,111 | |
Piedmont Office Realty Trust, Inc. | | | 7,942 | | | | 158,284 | |
PotlatchDeltic Corp. | | | 939 | | | | 47,748 | |
PS Business Parks, Inc. | | | 1,001 | | | | 128,629 | |
Public Storage | | | 923 | | | | 209,392 | |
Quality Care Properties, Inc. (2) | | | 278 | | | | 5,980 | |
Rafael Holdings, Inc. (2) | | | 193 | | | | 1,774 | |
Rayonier, Inc. | | | 492 | | | | 19,035 | |
RE/MAX Holdings, Inc. | | | 104 | | | | 5,455 | |
Redfin Corp. (2) | | | 171 | | | | 3,948 | |
Retail Properties of America, Inc. | | | 8,081 | | | | 103,275 | |
Ryman Hospitality Properties, Inc. | | | 304 | | | | 25,278 | |
SBA Communications Corp. (2) | | | 36 | | | | 5,944 | |
Senior Housing Properties Trust | | | 1,113 | | | | 20,134 | |
Simon Property Group, Inc. (5) | | | 4,942 | | | | 841,079 | |
SL Green Realty Corp. | | | 2,921 | | | | 293,648 | |
Spirit Realty Capital, Inc. | | | 118 | | | | 948 | |
Summit Hotel Properties, Inc. | | | 1,888 | | | | 27,017 | |
The accompanying notes are an integral part of these financial statements.
Page 32 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Long — continued |
Tanger Factory Outlet Centers, Inc. | | | 2,732 | | | | 64,175 | |
Tejon Ranch Co. (2) | | | 242 | | | | 5,881 | |
Tier REIT, Inc. | | | 2,134 | | | | 50,747 | |
Trinity Place Holdings, Inc. (2) | | | 2,001 | | | | 13,107 | |
UMH Properties, Inc. | | | 1,491 | | | | 22,887 | |
Uniti Group, Inc. | | | 2,162 | | | | 43,305 | |
Urstadt Biddle Properties, Inc. | | | 1,340 | | | | 30,324 | |
Ventas, Inc. | | | 7,967 | | | | 453,721 | |
VEREIT, Inc. | | | 14,868 | | | | 110,618 | |
VICI Properties, Inc. | | | 1,421 | | | | 29,329 | |
Washington Prime Group, Inc. | | | 437 | | | | 3,544 | |
Xenia Hotels & Resorts, Inc. | | | 1,239 | | | | 30,182 | |
| | | | | | | | 5,278,742 | |
| | | | | | | | | |
Telecommunication Services — 1.7% | | | | | | | | |
AT&T, Inc. (5) | | | 19,726 | | | | 633,402 | |
ATN International, Inc. | | | 387 | | | | 20,422 | |
Cincinnati Bell, Inc. (2) | | | 927 | | | | 14,554 | |
Cogent Communications Holdings, Inc. | | | 612 | | | | 32,681 | |
Frontier Communications Corp. | | | 1,150 | | | | 6,164 | |
Hawaiian Telcom Holdco, Inc. (2) | | | 1,027 | | | | 29,701 | |
IDT Corp. | | | 546 | | | | 3,069 | |
Intelsat SA (2) | | | 392 | | | | 6,531 | |
Ooma, Inc. (2) | | | 846 | | | | 11,971 | |
Spok Holdings, Inc. | | | 64 | | | | 963 | |
Telephone & Data Systems, Inc. (5) | | | 1,613 | | | | 44,228 | |
T-Mobile US, Inc. (2)(5) | | | 11,257 | | | | 672,606 | |
United States Cellular Corp. (2) | | | 996 | | | | 36,892 | |
Verizon Communications, Inc. (5) | | | 25,882 | | | | 1,302,123 | |
Vonage Holdings Corp. (2) | | | 5,188 | | | | 66,873 | |
Windstream Holdings, Inc. | | | 2,097 | | | | 11,051 | |
Zayo Group Holdings, Inc. (2) | | | 2,070 | | | | 75,514 | |
| | | | | | | | 2,968,745 | |
Utilities — 5.5% | | | | | | | | |
AES Corp./VA (5) | | | 32,079 | | | | 430,179 | |
ALLETE, Inc. | | | 1,473 | | | | 114,025 | |
Ameren Corp. | | | 6,327 | | | | 384,998 | |
American States Water Co. | | | 1,911 | | | | 109,233 | |
American Water Works Co., Inc. | | | 115 | | | | 9,819 | |
Artesian Resources Corp. | | | 295 | | | | 11,437 | |
Atlantic Power Corp. (2) | | | 6,062 | | | | 13,336 | |
Atmos Energy Corp. | | | 8,016 | | | | 722,562 | |
Avangrid, Inc. | | | 6,780 | | | | 358,865 | |
California Water Service Group | | | 76 | | | | 2,960 | |
CenterPoint Energy, Inc. (5) | | | 28,692 | | | | 795,055 | |
Connecticut Water Service, Inc. | | | 15 | | | | 980 | |
Consolidated Water Co., Ltd. | | | 1,659 | | | | 21,401 | |
Evergy, Inc. | | | 7,589 | | | | 426,122 | |
Exelon Corp. (5) | | | 20,209 | | | | 860,903 | |
MDU Resources Group, Inc. | | | 23,170 | | | | 664,516 | |
Middlesex Water Co. | | | 108 | | | | 4,554 | |
National Fuel Gas Co. | | | 269 | | | | 14,246 | |
New Jersey Resources Corp. | | | 8,476 | | | | 379,301 | |
NextEra Energy, Inc. | | | 6,050 | | | | 1,010,532 | |
NorthWestern Corp. | | | 3,208 | | | | 183,658 | |
NRG Energy, Inc. | | | 4,678 | | | | 143,615 | |
NRG Yield, Inc. | | | 5,067 | | | | 86,392 | |
OGE Energy Corp. | | | 9,750 | | | | 343,298 | |
ONE Gas, Inc. | | | 222 | | | | 16,592 | |
Otter Tail Corp. | | | 513 | | | | 24,419 | |
Portland General Electric Co. | | | 5,056 | | | | 216,195 | |
Public Service Enterprise Group, Inc. | | | 14,705 | | | | 796,129 | |
SJW Group | | | 52 | | | | 3,443 | |
UGI Corp. (5) | | | 14,608 | | | | 760,639 | |
Vectren Corp. (5) | | | 280 | | | | 20,006 | |
Vistra Energy Corp. (2) | | | 15,458 | | | | 365,714 | |
| | | | | | | | 9,295,124 | |
| | | | | | | | | |
Total Common Stocks - Long (Cost $132,605,239) | | | | | | | 150,723,452 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 9.0% |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 32,718 | | | | 32,718 | |
Meeder Institutional Prime Money Market Fund, 1.96% (6) | | | 15,246,723 | | | | 15,246,723 | |
Total Money Market Registered Investment Companies (Cost $15,276,323) | | | | | | | 15,279,441 | |
| | | | | | | | | |
Bank Obligations — 0.4% |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (7) | | | 249,223 | | | | 249,223 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (7) | | | 249,182 | | | | 249,182 | |
Seacoast Community Bank Deposit Account, 1.85%, 7/2/2018 (7) | | | 249,267 | | | | 249,267 | |
Total Bank Obligations (Cost $747,672) | | | | | | | 747,672 | |
Total Investments - Long — 98.2% (Cost $148,629,234) | | | | | | | 166,750,565 | |
Total Securities Sold Short — (33.3%) (Proceeds Received $55,275,796) | | | | | | | (56,503,282 | ) |
Other Assets less Liabilities — 35.1% | | | | | | | 59,648,816 | |
Total Net Assets — 100.0% | | | | | | | 169,896,099 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 33 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Short — (33.3%) |
Consumer Discretionary — (2.3%) | | | | | | | | |
Adient PLC | | | (276 | ) | | | (13,576 | ) |
AMC Entertainment Holdings, Inc. | | | (645 | ) | | | (10,256 | ) |
American Outdoor Brands Corp. (2) | | | (388 | ) | | | (4,668 | ) |
Aptiv PLC | | | (4,858 | ) | | | (445,139 | ) |
AV Homes, Inc. (2) | | | (45 | ) | | | (963 | ) |
Belmond, Ltd. (2) | | | (3,442 | ) | | | (38,378 | ) |
Biglari Holdings, Inc. (2) | | | | (2) | | | (1,900 | ) |
Bluegreen Vacations Corp. | | | (2,582 | ) | | | (61,452 | ) |
Caesars Entertainment Corp. (2) | | | (20,960 | ) | | | (224,272 | ) |
Camping World Holdings, Inc. | | | (373 | ) | | | (9,318 | ) |
CarMax, Inc. (2) | | | (4,884 | ) | | | (355,897 | ) |
Carriage Services, Inc. | | | (84 | ) | | | (2,062 | ) |
Carvana Co. (2) | | | (280 | ) | | | (11,648 | ) |
Century Communities, Inc. (2) | | | (243 | ) | | | (7,667 | ) |
Chegg, Inc. (2) | | | (1,203 | ) | | | (33,431 | ) |
Clarus Corp. (2) | | | (1,587 | ) | | | (13,093 | ) |
Conn's, Inc. (2) | | | (253 | ) | | | (8,349 | ) |
Cooper Tire & Rubber Co. | | | (806 | ) | | | (21,198 | ) |
Daily Journal Corp. (2) | | | (73 | ) | | | (16,805 | ) |
Discovery, Inc. (2) | | | (5,386 | ) | | | (148,115 | ) |
DISH Network Corp. (2) | | | (1,356 | ) | | | (45,575 | ) |
Drive Shack, Inc. (2) | | | (404 | ) | | | (3,119 | ) |
Empire Resorts, Inc. (2) | | | (299 | ) | | | (5,920 | ) |
Eros International PLC (2) | | | (317 | ) | | | (4,121 | ) |
EW Scripps Co./The | | | (1,387 | ) | | | (18,572 | ) |
Fiesta Restaurant Group, Inc. (2) | | | (255 | ) | | | (7,319 | ) |
GCI Liberty, Inc. (2) | | | (47 | ) | | | (2,119 | ) |
Gentherm, Inc. (2) | | | (359 | ) | | | (14,109 | ) |
Genuine Parts Co. | | | (2,305 | ) | | | (211,576 | ) |
GoPro, Inc. (2) | | | (237 | ) | | | (1,526 | ) |
Habit Restaurants, Inc./The (2) | | | (298 | ) | | | (2,980 | ) |
Hanesbrands, Inc. | | | (7,598 | ) | | | (167,308 | ) |
Horizon Global Corp. (2) | | | (479 | ) | | | (2,855 | ) |
iRobot Corp. (2) | | | (400 | ) | | | (30,308 | ) |
Lennar Corp. | | | (917 | ) | | | (48,143 | ) |
Liberty Broadband Corp. (2) | | | (344 | ) | | | (26,048 | ) |
Liberty Media Corp-Liberty Braves (2) | | | (202 | ) | | | (5,193 | ) |
Liberty Media Corp-Liberty Formula One (2) | | | (4,666 | ) | | | (173,249 | ) |
Lithia Motors, Inc. | | | (99 | ) | | | (9,362 | ) |
Marriott Vacations Worldwide Corp. | | | (738 | ) | | | (83,364 | ) |
Mattel, Inc. | | | (5,048 | ) | | | (82,888 | ) |
Meredith Corp. | | | (2,290 | ) | | | (116,790 | ) |
Monro, Inc. | | | (417 | ) | | | (24,228 | ) |
Motorcar Parts of America, Inc. (2) | | | (710 | ) | | | (13,284 | ) |
National Vision Holdings, Inc. (2) | | | (1,976 | ) | | | (72,262 | ) |
New Home Co., Inc./The (2) | | | (1,253 | ) | | | (12,492 | ) |
Newell Brands, Inc. | | | (2,451 | ) | | | (63,211 | ) |
Overstock.com, Inc. (2) | | | (71 | ) | | | (2,389 | ) |
PICO Holdings, Inc. | | | (4,186 | ) | | | (48,767 | ) |
PlayAGS, Inc. (2) | | | (2,270 | ) | | | (61,449 | ) |
Red Lion Hotels Corp. (2) | | | (411 | ) | | | (4,788 | ) |
Scientific Games Corp. (2) | | | (393 | ) | | | (19,316 | ) |
SeaWorld Entertainment, Inc. (2) | | | (946 | ) | | | (20,642 | ) |
Sequential Brands Group, Inc. (2) | | | (530 | ) | | | (1,044 | ) |
Service Corp. International/US | | | (3,431 | ) | | | (122,795 | ) |
Shake Shack, Inc. (2) | | | (447 | ) | | | (29,582 | ) |
Sotheby's (2) | | | (66 | ) | | | (3,586 | ) |
Superior Industries International, Inc. | | | (1,031 | ) | | | (18,455 | ) |
Tempur Sealy International, Inc. (2) | | | (947 | ) | | | (45,503 | ) |
Tesla, Inc. (2) | | | (2,187 | ) | | | (750,032 | ) |
Under Armour, Inc. (2) | | | (4,128 | ) | | | (92,797 | ) |
Unifi, Inc. (2) | | | (30 | ) | | | (951 | ) |
Universal Electronics, Inc. (2) | | | (76 | ) | | | (2,512 | ) |
Viacom, Inc. | | | (258 | ) | | | (9,146 | ) |
VOXX International Corp. (2) | | | (1,666 | ) | | | (8,996 | ) |
Wendy's Co./The | | | (885 | ) | | | (15,204 | ) |
Wingstop, Inc. | | | (114 | ) | | | (5,942 | ) |
Wolverine World Wide, Inc. | | | (955 | ) | | | (33,205 | ) |
| | | | | | | | (3,973,209 | ) |
| | | | | | | | | |
Consumer Staples — (2.2%) | | | | | | | | |
Alico, Inc. | | | (684 | ) | | | (21,683 | ) |
Andersons, Inc./The | | | (2,110 | ) | | | (72,162 | ) |
B&G Foods, Inc. | | | (686 | ) | | | (20,511 | ) |
Bunge, Ltd. | | | (680 | ) | | | (47,403 | ) |
Campbell Soup Co. | | | (3,467 | ) | | | (140,552 | ) |
Castle Brands, Inc. (2) | | | (4,512 | ) | | | (5,369 | ) |
Chefs' Warehouse, Inc./The (2) | | | (521 | ) | | | (14,849 | ) |
Church & Dwight Co., Inc. | | | (4,055 | ) | | | (215,564 | ) |
Coca-Cola Co./The | | | (15,216 | ) | | | (667,374 | ) |
Coty, Inc. | | | (2,215 | ) | | | (31,232 | ) |
Craft Brew Alliance, Inc. (2) | | | (772 | ) | | | (15,942 | ) |
elf Beauty, Inc. (2) | | | (490 | ) | | | (7,468 | ) |
Farmer Brothers Co. (2) | | | (724 | ) | | | (22,118 | ) |
Freshpet, Inc. (2) | | | (461 | ) | | | (12,654 | ) |
Hain Celestial Group, Inc./The (2) | | | (3,107 | ) | | | (92,589 | ) |
HRG Group, Inc. (2) | | | (109 | ) | | | (1,427 | ) |
Kraft Heinz Co./The | | | (8,466 | ) | | | (531,834 | ) |
Landec Corp. (2) | | | (696 | ) | | | (10,370 | ) |
Lifeway Foods, Inc. (2) | | | (221 | ) | | | (1,112 | ) |
McCormick & Co., Inc./MD | | | (6,202 | ) | | | (719,990 | ) |
MGP Ingredients, Inc. | | | (87 | ) | | | (7,726 | ) |
Philip Morris International, Inc. | | | (6,791 | ) | | | (548,305 | ) |
The accompanying notes are an integral part of these financial statements.
Page 34 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Short — continued |
PriceSmart, Inc. | | | (574 | ) | | | (51,947 | ) |
Rite Aid Corp. (2) | | | (2,473 | ) | | | (4,278 | ) |
Spectrum Brands Holdings, Inc. | | | (345 | ) | | | (28,159 | ) |
SUPERVALU, Inc. (2) | | | (463 | ) | | | (9,501 | ) |
Tootsie Roll Industries, Inc. | | | (4,608 | ) | | | (142,157 | ) |
TreeHouse Foods, Inc. (2) | | | (772 | ) | | | (40,538 | ) |
Vector Group, Ltd. | | | (8,508 | ) | | | (162,333 | ) |
WD-40 Co. | | | (765 | ) | | | (111,881 | ) |
| | | | | | | | (3,759,028 | ) |
| | | | | | | | | |
Energy — (0.2%) | | | | | | | | |
Apergy Corp. (2) | | | (198 | ) | | | (8,267 | ) |
Baker Hughes a GE Co. | | | (472 | ) | | | (15,590 | ) |
CARBO Ceramics, Inc. (2) | | | (447 | ) | | | (4,099 | ) |
Dril-Quip, Inc. (2) | | | (348 | ) | | | (17,887 | ) |
Ensco PLC | | | (3,502 | ) | | | (25,425 | ) |
Forum Energy Technologies, Inc. (2) | | | (399 | ) | | | (4,928 | ) |
Frank's International NV | | | (2,305 | ) | | | (17,979 | ) |
Frontline, Ltd./Bermuda | | | (630 | ) | | | (3,679 | ) |
GasLog, Ltd. | | | (562 | ) | | | (10,734 | ) |
Geospace Technologies Corp. (2) | | | (141 | ) | | | (1,982 | ) |
Gulf Island Fabrication, Inc. | | | (444 | ) | | | (3,996 | ) |
Halcon Resources Corp. (2) | | | (2,933 | ) | | | (12,876 | ) |
International Seaways, Inc. (2) | | | (134 | ) | | | (3,101 | ) |
McDermott International, Inc. (2) | | | (284 | ) | | | (5,581 | ) |
Nabors Industries, Ltd. | | | (1,320 | ) | | | (8,461 | ) |
NACCO Industries, Inc. | | | (491 | ) | | | (16,571 | ) |
NCS Multistage Holdings, Inc. (2) | | | (468 | ) | | | (6,800 | ) |
Oasis Petroleum, Inc. (2) | | | (411 | ) | | | (5,331 | ) |
Range Resources Corp. | | | (1,891 | ) | | | (31,636 | ) |
Scorpio Tankers, Inc. | | | (3,327 | ) | | | (9,349 | ) |
SEACOR Marine Holdings, Inc. (2) | | | (122 | ) | | | (2,817 | ) |
SemGroup Corp. | | | (1,129 | ) | | | (28,677 | ) |
Solaris Oilfield Infrastructure, Inc. (2) | | | (579 | ) | | | (8,274 | ) |
Teekay Corp. | | | (218 | ) | | | (1,690 | ) |
Tellurian, Inc. (2) | | | (554 | ) | | | (4,609 | ) |
Transocean, Ltd. (2) | | | (951 | ) | | | (12,781 | ) |
Weatherford International PLC (2) | | | (5,324 | ) | | | (17,516 | ) |
| | | | | | | | (290,636 | ) |
| | | | | | | | | |
Financials — (11.2%) | | | | | | | | |
Access National Corp. | | | (1,429 | ) | | | (40,869 | ) |
Alleghany Corp. | | | (128 | ) | | | (73,596 | ) |
Allegiance Bancshares, Inc. (2) | | | (358 | ) | | | (15,519 | ) |
American International Group, Inc. | | | (13,297 | ) | | | (705,007 | ) |
Ameris Bancorp | | | (2,342 | ) | | | (124,946 | ) |
AMERISAFE, Inc. | | | (141 | ) | | | (8,143 | ) |
Anworth Mortgage Asset Corp. | | | (22,276 | ) | | | (110,712 | ) |
Arch Capital Group, Ltd. (2) | | | (12,811 | ) | | | (338,979 | ) |
Arlington Asset Investment Corp. | | | (2,567 | ) | | | (26,466 | ) |
Aspen Insurance Holdings, Ltd. | | | (1,695 | ) | | | (68,987 | ) |
Associated Capital Group, Inc. | | | (1,030 | ) | | | (39,089 | ) |
B. Riley Financial, Inc. | | | (1,601 | ) | | | (36,103 | ) |
Banc of California, Inc. | | | (3,109 | ) | | | (60,781 | ) |
Bank of Hawaii Corp. | | | (2,889 | ) | | | (241,000 | ) |
Bank of the Ozarks | | | (8,913 | ) | | | (401,442 | ) |
Beneficial Bancorp, Inc. | | | (648 | ) | | | (10,498 | ) |
Berkshire Hills Bancorp, Inc. | | | (2,961 | ) | | | (120,217 | ) |
BlackRock, Inc. | | | (345 | ) | | | (172,169 | ) |
Blue Capital Reinsurance Holdings, Ltd. | | | (391 | ) | | | (4,321 | ) |
Bridge Bancorp, Inc. | | | (1,695 | ) | | | (60,935 | ) |
Byline Bancorp, Inc. (2) | | | (661 | ) | | | (14,767 | ) |
Capitol Federal Financial, Inc. | | | (1,399 | ) | | | (18,411 | ) |
Capstar Financial Holdings, Inc. | | | (1,360 | ) | | | (25,201 | ) |
Capstead Mortgage Corp. | | | (7,150 | ) | | | (63,993 | ) |
Cboe Global Markets, Inc. | | | (129 | ) | | | (13,425 | ) |
Charles Schwab Corp./The | | | (12,157 | ) | | | (621,223 | ) |
Chubb, Ltd. | | | (901 | ) | | | (114,445 | ) |
Cincinnati Financial Corp. | | | (551 | ) | | | (36,840 | ) |
Citigroup, Inc. | | | (10,741 | ) | | | (718,788 | ) |
Citizens, Inc./TX (2) | | | (2,281 | ) | | | (17,769 | ) |
City Holding Co. | | | (631 | ) | | | (47,470 | ) |
Cohen & Steers, Inc. | | | (1,027 | ) | | | (42,836 | ) |
Community Bank System, Inc. | | | (6,446 | ) | | | (380,765 | ) |
Cowen, Inc. (2) | | | (1,510 | ) | | | (20,914 | ) |
CVB Financial Corp. | | | (30,058 | ) | | | (673,900 | ) |
CYS Investments, Inc. | | | (19,027 | ) | | | (142,703 | ) |
eHealth, Inc. (2) | | | (271 | ) | | | (5,989 | ) |
Ellington Residential Mortgage REIT | | | (5,631 | ) | | | (61,378 | ) |
FactSet Research Systems, Inc. | | | (159 | ) | | | (31,498 | ) |
FB Financial Corp. | | | (1,660 | ) | | | (67,595 | ) |
First Connecticut Bancorp, Inc./Farmington CT | | | (37 | ) | | | (1,132 | ) |
First Financial Bankshares, Inc. | | | (12,639 | ) | | | (643,325 | ) |
First Foundation, Inc. (2) | | | (2,057 | ) | | | (38,137 | ) |
First Horizon National Corp. | | | (10,704 | ) | | | (190,959 | ) |
First of Long Island Corp./The | | | (1,646 | ) | | | (40,903 | ) |
First Republic Bank/CA | | | (7,290 | ) | | | (705,599 | ) |
Flagstar Bancorp, Inc. (2) | | | (2,670 | ) | | | (91,474 | ) |
Flushing Financial Corp. | | | (1,228 | ) | | | (32,051 | ) |
FNB Corp./PA | | | (8,483 | ) | | | (113,842 | ) |
Franklin Financial Network, Inc. (2) | | | (786 | ) | | | (29,554 | ) |
Franklin Resources, Inc. | | | (20,580 | ) | | | (659,589 | ) |
GAIN Capital Holdings, Inc. | | | (370 | ) | | | (2,794 | ) |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 35 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Short — continued |
GAMCO Investors, Inc. | | | (244 | ) | | | (6,529 | ) |
German American Bancorp, Inc. | | | (1,718 | ) | | | (61,590 | ) |
Glacier Bancorp, Inc. | | | (13,184 | ) | | | (509,957 | ) |
Goldman Sachs Group, Inc./The | | | (3,194 | ) | | | (704,501 | ) |
Granite Point Mortgage Trust, Inc. | | | (1,724 | ) | | | (31,635 | ) |
Guaranty Bancshares, Inc./TX | | | (538 | ) | | | (17,722 | ) |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | (6,111 | ) | | | (120,692 | ) |
HarborOne Bancorp, Inc. (2) | | | (2,261 | ) | | | (42,823 | ) |
Hartford Financial Services Group, Inc./The | | | (1,775 | ) | | | (90,756 | ) |
HCI Group, Inc. | | | (376 | ) | | | (15,630 | ) |
Hilltop Holdings, Inc. | | | (3,215 | ) | | | (70,955 | ) |
Home BancShares, Inc./AR | | | (20,926 | ) | | | (472,091 | ) |
Howard Bancorp, Inc. (2) | | | (1,013 | ) | | | (18,234 | ) |
IBERIABANK Corp. | | | (2,044 | ) | | | (154,935 | ) |
Impac Mortgage Holdings, Inc. (2) | | | (683 | ) | | | (6,509 | ) |
Invesco, Ltd. | | | (2,963 | ) | | | (78,697 | ) |
Investar Holding Corp. | | | (54 | ) | | | (1,493 | ) |
Investors Bancorp, Inc. | | | (50,796 | ) | | | (649,681 | ) |
Jefferies Financial Group, Inc. | | | (13,500 | ) | | | (306,990 | ) |
Kearny Financial Corp./MD | | | (3,180 | ) | | | (42,771 | ) |
KKR Real Estate Finance Trust, Inc. | | | (2,735 | ) | | | (54,098 | ) |
Lakeland Financial Corp. | | | (5,350 | ) | | | (257,817 | ) |
LendingClub Corp. (2) | | | (1,334 | ) | | | (5,056 | ) |
Markel Corp. (2) | | | (230 | ) | | | (249,401 | ) |
MarketAxess Holdings, Inc. | | | (491 | ) | | | (97,149 | ) |
MBIA, Inc. (2) | | | (630 | ) | | | (5,695 | ) |
Mercury General Corp. | | | (400 | ) | | | (18,224 | ) |
MetLife, Inc. | | | (13,443 | ) | | | (586,115 | ) |
Midland States Bancorp, Inc. | | | (1,737 | ) | | | (59,510 | ) |
MidSouth Bancorp, Inc. | | | (2,602 | ) | | | (34,477 | ) |
National Bank Holdings Corp. | | | (3,372 | ) | | | (130,125 | ) |
NBT Bancorp, Inc. | | | (2,494 | ) | | | (95,146 | ) |
New York Community Bancorp, Inc. | | | (10,335 | ) | | | (114,098 | ) |
New York Mortgage Trust, Inc. | | | (19,712 | ) | | | (118,469 | ) |
NI Holdings, Inc. (2) | | | (2,823 | ) | | | (47,850 | ) |
Northfield Bancorp, Inc. | | | (1,956 | ) | | | (32,509 | ) |
Northwest Bancshares, Inc. | | | (186 | ) | | | (3,235 | ) |
OceanFirst Financial Corp. | | | (31 | ) | | | (929 | ) |
Old Point Financial Corp. | | | (220 | ) | | | (6,349 | ) |
On Deck Capital, Inc. (2) | | | (972 | ) | | | (6,804 | ) |
Orchid Island Capital, Inc. | | | (8,382 | ) | | | (63,033 | ) |
Pacific Premier Bancorp, Inc. (2) | | | (564 | ) | | | (21,517 | ) |
Pinnacle Financial Partners, Inc. | | | (5,247 | ) | | | (321,903 | ) |
PRA Group, Inc. (2) | | | (156 | ) | | | (6,014 | ) |
Prosperity Bancshares, Inc. | | | (555 | ) | | | (37,940 | ) |
Redwood Trust, Inc. | | | (3,183 | ) | | | (52,424 | ) |
Reliant Bancorp, Inc. | | | (931 | ) | | | (26,115 | ) |
RenaissanceRe Holdings, Ltd. | | | (1,088 | ) | | | (130,908 | ) |
Republic First Bancorp, Inc. (2) | | | (8,398 | ) | | | (65,924 | ) |
RLI Corp. | | | (2,461 | ) | | | (162,894 | ) |
Safeguard Scientifics, Inc. (2) | | | (1,468 | ) | | | (18,790 | ) |
ServisFirst Bancshares, Inc. | | | (5,213 | ) | | | (217,538 | ) |
Signature Bank/New York NY (2) | | | (5,573 | ) | | | (712,675 | ) |
SLM Corp. (2) | | | (10,369 | ) | | | (118,725 | ) |
South State Corp. | | | (171 | ) | | | (14,749 | ) |
Southern National Bancorp of Virginia, Inc. | | | (2,239 | ) | | | (39,944 | ) |
Southside Bancshares, Inc. | | | (2,843 | ) | | | (95,752 | ) |
Starwood Property Trust, Inc. | | | (20,883 | ) | | | (453,370 | ) |
State Auto Financial Corp. | | | (1,239 | ) | | | (37,058 | ) |
Sterling Bancorp/DE | | | (24,963 | ) | | | (586,631 | ) |
Stifel Financial Corp. | | | (746 | ) | | | (38,979 | ) |
Stock Yards Bancorp, Inc. | | | (1,303 | ) | | | (49,709 | ) |
Texas Capital Bancshares, Inc. (2) | | | (281 | ) | | | (25,712 | ) |
TFS Financial Corp. | | | (31,945 | ) | | | (503,773 | ) |
Tompkins Financial Corp. | | | (1,225 | ) | | | (105,203 | ) |
TriState Capital Holdings, Inc. (2) | | | (367 | ) | | | (9,579 | ) |
Trupanion, Inc. (2) | | | (239 | ) | | | (9,225 | ) |
Two Harbors Investment Corp. | | | (14,300 | ) | | | (225,940 | ) |
Union Bankshares Corp. | | | (739 | ) | | | (28,732 | ) |
United Bankshares, Inc./WV | | | (11,188 | ) | | | (407,243 | ) |
Value Line, Inc. | | | (120 | ) | | | (2,844 | ) |
Virtus Investment Partners, Inc. | | | (764 | ) | | | (97,754 | ) |
Voya Financial, Inc. | | | (1,428 | ) | | | (67,116 | ) |
Webster Financial Corp. | | | (3,408 | ) | | | (217,090 | ) |
Westamerica Bancorporation | | | (6,284 | ) | | | (355,109 | ) |
WisdomTree Investments, Inc. | | | (3,818 | ) | | | (34,667 | ) |
| | | | | | | | (19,018,874 | ) |
| | | | | | | | | |
Healthcare — (0.5%) | | | | | | | | |
AAC Holdings, Inc. (2) | | | (233 | ) | | | (2,183 | ) |
Acadia Healthcare Co., Inc. (2) | | | (1,320 | ) | | | (54,001 | ) |
Accelerate Diagnostics, Inc. (2) | | | (505 | ) | | | (11,262 | ) |
Aclaris Therapeutics, Inc. (2) | | | (132 | ) | | | (2,636 | ) |
Adamas Pharmaceuticals, Inc. (2) | | | (213 | ) | | | (5,502 | ) |
Akcea Therapeutics, Inc. (2) | | | (239 | ) | | | (5,667 | ) |
Alder Biopharmaceuticals, Inc. (2) | | | (102 | ) | | | (1,612 | ) |
Becton Dickinson and Co. | | | (748 | ) | | | (179,191 | ) |
BioScrip, Inc. (2) | | | (2,607 | ) | | | (7,639 | ) |
BioTelemetry, Inc. (2) | | | (44 | ) | | | (1,980 | ) |
Brookdale Senior Living, Inc. (2) | | | (1,722 | ) | | | (15,653 | ) |
Capital Senior Living Corp. (2) | | | (289 | ) | | | (3,084 | ) |
Castlight Health, Inc. (2) | | | (3,413 | ) | | | (14,505 | ) |
Cerus Corp. (2) | | | (1,428 | ) | | | (9,525 | ) |
The accompanying notes are an integral part of these financial statements.
Page 36 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Short — continued |
Dynavax Technologies Corp. (2) | | | (97 | ) | | | (1,479 | ) |
Endologix, Inc. (2) | | | (1,193 | ) | | | (6,752 | ) |
Envision Healthcare Corp. (2) | | | (739 | ) | | | (32,523 | ) |
Evolent Health, Inc. (2) | | | (1,848 | ) | | | (38,900 | ) |
Flexion Therapeutics, Inc. (2) | | | (78 | ) | | | (2,016 | ) |
Fluidigm Corp. (2) | | | (1,755 | ) | | | (10,460 | ) |
Glaukos Corp. (2) | | | (91 | ) | | | (3,698 | ) |
Henry Schein, Inc. (2) | | | (2,110 | ) | | | (153,270 | ) |
Intra-Cellular Therapies, Inc. (2) | | | (456 | ) | | | (8,058 | ) |
Invacare Corp. | | | (359 | ) | | | (6,677 | ) |
Medicines Co./The (2) | | | (825 | ) | | | (30,278 | ) |
Medidata Solutions, Inc. (2) | | | (265 | ) | | | (21,348 | ) |
Merrimack Pharmaceuticals, Inc. (2) | | | (688 | ) | | | (3,378 | ) |
NanoString Technologies, Inc. (2) | | | (534 | ) | | | (7,305 | ) |
Neos Therapeutics, Inc. (2) | | | (470 | ) | | | (2,938 | ) |
Nevro Corp. (2) | | | (110 | ) | | | (8,784 | ) |
Novavax, Inc. (2) | | | (778 | ) | | | (1,043 | ) |
Pacific Biosciences of California, Inc. (2) | | | (532 | ) | | | (1,889 | ) |
PetIQ, Inc. (2) | | | (667 | ) | | | (17,916 | ) |
Quanterix Corp. (2) | | | (705 | ) | | | (10,124 | ) |
Radius Health, Inc. (2) | | | (34 | ) | | | (1,002 | ) |
Rockwell Medical, Inc. (2) | | | (322 | ) | | | (1,587 | ) |
Sienna Biopharmaceuticals, Inc. (2) | | | (85 | ) | | | (1,291 | ) |
Sientra, Inc. (2) | | | (206 | ) | | | (4,019 | ) |
Spero Therapeutics, Inc. (2) | | | (127 | ) | | | (1,863 | ) |
Surgery Partners, Inc. (2) | | | (198 | ) | | | (2,950 | ) |
Teladoc, Inc. (2) | | | (1,095 | ) | | | (63,565 | ) |
TherapeuticsMD, Inc. (2) | | | (684 | ) | | | (4,268 | ) |
Theravance Biopharma, Inc. (2) | | | (407 | ) | | | (9,231 | ) |
Ultragenyx Pharmaceutical, Inc. (2) | | | (120 | ) | | | (9,224 | ) |
ViewRay, Inc. (2) | | | (1,048 | ) | | | (7,252 | ) |
Wright Medical Group NV (2) | | | (1,442 | ) | | | (37,434 | ) |
Zogenix, Inc. (2) | | | (357 | ) | | | (15,779 | ) |
| | | | | | | | (842,741 | ) |
| | | | | | | | | |
Industrials — (5.3%) | | | | | | | | |
AAON, Inc. | | | (2,034 | ) | | | (67,631 | ) |
ABM Industries, Inc. | | | (263 | ) | | | (7,674 | ) |
Actuant Corp. | | | (3,110 | ) | | | (91,279 | ) |
Advanced Drainage Systems, Inc. | | | (119 | ) | | | (3,397 | ) |
Aerojet Rocketdyne Holdings, Inc. (2) | | | (1,839 | ) | | | (54,232 | ) |
Air Lease Corp. | | | (186 | ) | | | (7,806 | ) |
Alaska Air Group, Inc. | | | (2,189 | ) | | | (132,194 | ) |
Allegiant Travel Co. | | | (93 | ) | | | (12,922 | ) |
Allegion PLC | | | (1,543 | ) | | | (119,366 | ) |
AMERCO | | | (68 | ) | | | (24,218 | ) |
American Airlines Group, Inc. | | | (4,650 | ) | | | (176,514 | ) |
American Woodmark Corp. (2) | | | (183 | ) | | | (16,754 | ) |
Arconic, Inc. | | | (6,301 | ) | | | (107,180 | ) |
Astec Industries, Inc. | | | (359 | ) | | | (21,468 | ) |
Beacon Roofing Supply, Inc. (2) | | | (1,828 | ) | | | (77,909 | ) |
CAI International, Inc. (2) | | | (534 | ) | | | (12,410 | ) |
CIRCOR International, Inc. | | | (904 | ) | | | (33,412 | ) |
Colfax Corp. (2) | | | (4,565 | ) | | | (139,917 | ) |
CompX International, Inc. | | | (103 | ) | | | (1,360 | ) |
CoStar Group, Inc. (2) | | | (147 | ) | | | (60,657 | ) |
Covanta Holding Corp. | | | (1,841 | ) | | | (30,377 | ) |
Cubic Corp. | | | (371 | ) | | | (23,818 | ) |
Daseke, Inc. (2) | | | (3,064 | ) | | | (30,426 | ) |
Deere & Co. | | | (4,259 | ) | | | (595,408 | ) |
Dycom Industries, Inc. (2) | | | (721 | ) | | | (68,142 | ) |
Energy Recovery, Inc. (2) | | | (1,613 | ) | | | (13,033 | ) |
Equifax, Inc. | | | (2,651 | ) | | | (331,667 | ) |
ESCO Technologies, Inc. | | | (182 | ) | | | (10,501 | ) |
Evoqua Water Technologies Corp. (2) | | | (1,785 | ) | | | (36,593 | ) |
Flowserve Corp. | | | (5,261 | ) | | | (212,544 | ) |
Franklin Covey Co. (2) | | | (174 | ) | | | (4,272 | ) |
FreightCar America, Inc. | | | (1,005 | ) | | | (16,874 | ) |
Gardner Denver Holdings, Inc. (2) | | | (2,806 | ) | | | (82,468 | ) |
Gates Industrial Corp. PLC (2) | | | (6,949 | ) | | | (113,060 | ) |
General Electric Co. | | | (55,640 | ) | | | (757,260 | ) |
Gibraltar Industries, Inc. (2) | | | (983 | ) | | | (36,863 | ) |
Graham Corp. | | | (525 | ) | | | (13,550 | ) |
Granite Construction, Inc. | | | (20 | ) | | | (1,113 | ) |
Great Lakes Dredge & Dock Corp. (2) | | | (1,120 | ) | | | (5,880 | ) |
HC2 Holdings, Inc. (2) | | | (1,254 | ) | | | (7,336 | ) |
Healthcare Services Group, Inc. | | | (1,291 | ) | | | (55,758 | ) |
Heartland Express, Inc. | | | (4,418 | ) | | | (81,954 | ) |
HEICO Corp. | | | (11,097 | ) | | | (809,304 | ) |
Herc Holdings, Inc. (2) | | | (22 | ) | | | (1,239 | ) |
Hertz Global Holdings, Inc. (2) | | | (883 | ) | | | (13,545 | ) |
Huron Consulting Group, Inc. (2) | | | (289 | ) | | | (11,820 | ) |
Huttig Building Products, Inc. (2) | | | (1,052 | ) | | | (4,997 | ) |
IES Holdings, Inc. (2) | | | (70 | ) | | | (1,173 | ) |
IHS Markit, Ltd. (2) | | | (12,345 | ) | | | (636,879 | ) |
JELD-WEN Holding, Inc. (2) | | | (1,964 | ) | | | (56,151 | ) |
John Bean Technologies Corp. | | | (1,353 | ) | | | (120,282 | ) |
KeyW Holding Corp./The (2) | | | (2,038 | ) | | | (17,812 | ) |
Knight-Swift Transportation Holdings, Inc. | | | (4,108 | ) | | | (156,967 | ) |
Kratos Defense & Security Solutions, Inc. (2) | | | (3,205 | ) | | | (36,890 | ) |
Lennox International, Inc. | | | (340 | ) | | | (68,051 | ) |
Lindsay Corp. | | | (773 | ) | | | (74,973 | ) |
Manitowoc Co., Inc./The (2) | | | (1,332 | ) | | | (34,446 | ) |
Matthews International Corp. | | | (1,345 | ) | | | (79,086 | ) |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 37 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Short — continued |
Mercury Systems, Inc. (2) | | | (625 | ) | | | (23,788 | ) |
Middleby Corp./The (2) | | | (485 | ) | | | (50,644 | ) |
Multi-Color Corp. | | | (576 | ) | | | (37,238 | ) |
Nielsen Holdings PLC | | | (3,321 | ) | | | (102,719 | ) |
NN, Inc. | | | (1,613 | ) | | | (30,486 | ) |
Northwest Pipe Co. (2) | | | (705 | ) | | | (13,656 | ) |
NOW, Inc. (2) | | | (2,363 | ) | | | (31,499 | ) |
Plug Power, Inc. (2) | | | (1,072 | ) | | | (2,165 | ) |
RBC Bearings, Inc. (2) | | | (51 | ) | | | (6,569 | ) |
REV Group, Inc. | | | (648 | ) | | | (11,022 | ) |
Rockwell Collins, Inc. | | | (1,226 | ) | | | (165,118 | ) |
Roper Technologies, Inc. | | | (2,553 | ) | | | (704,398 | ) |
Scorpio Bulkers, Inc. | | | (290 | ) | | | (2,059 | ) |
Sensata Technologies Holding PLC (2) | | | (1,481 | ) | | | (70,466 | ) |
Spirit Airlines, Inc. (2) | | | (4,548 | ) | | | (165,320 | ) |
Stericycle, Inc. (2) | | | (383 | ) | | | (25,006 | ) |
Sun Hydraulics Corp. | | | (1,183 | ) | | | (57,009 | ) |
Sunrun, Inc. (2) | | | (227 | ) | | | (2,985 | ) |
Team, Inc. (2) | | | (112 | ) | | | (2,587 | ) |
Tennant Co. | | | (370 | ) | | | (29,230 | ) |
Titan International, Inc. | | | (1,585 | ) | | | (17,007 | ) |
TransDigm Group, Inc. | | | (1,351 | ) | | | (466,284 | ) |
TriNet Group, Inc. (2) | | | (1,774 | ) | | | (99,238 | ) |
Triumph Group, Inc. | | | (767 | ) | | | (15,033 | ) |
Tutor Perini Corp. (2) | | | (62 | ) | | | (1,144 | ) |
Verisk Analytics, Inc. (2) | | | (2,158 | ) | | | (232,287 | ) |
Vivint Solar, Inc. (2) | | | (2,119 | ) | | | (10,489 | ) |
Wabtec Corp./DE | | | (4,007 | ) | | | (395,010 | ) |
WageWorks, Inc. (2) | | | (743 | ) | | | (37,150 | ) |
Welbilt, Inc. (2) | | | (2,414 | ) | | | (53,856 | ) |
Wesco Aircraft Holdings, Inc. (2) | | | (1,618 | ) | | | (18,203 | ) |
Willdan Group, Inc. (2) | | | (299 | ) | | | (9,260 | ) |
Woodward, Inc. | | | (496 | ) | | | (38,123 | ) |
XPO Logistics, Inc. (2) | | | (721 | ) | | | (72,230 | ) |
| | | | | | | | (8,820,090 | ) |
| | | | | | | | | |
Information Technology — (3.5%) | | | | | | | | |
3D Systems Corp. (2) | | | (173 | ) | | | (2,389 | ) |
Acacia Communications, Inc. (2) | | | (142 | ) | | | (4,943 | ) |
Acxiom Corp. (2) | | | (98 | ) | | | (2,935 | ) |
Advanced Micro Devices, Inc. (2) | | | (10,900 | ) | | | (163,391 | ) |
Altaba, Inc. (2) | | | (6,944 | ) | | | (508,370 | ) |
Apptio, Inc. (2) | | | (747 | ) | | | (27,041 | ) |
Aquantia Corp. (2) | | | (80 | ) | | | (926 | ) |
Autodesk, Inc. (2) | | | (5,510 | ) | | | (722,306 | ) |
AXT, Inc. (2) | | | (425 | ) | | | (2,996 | ) |
Belden, Inc. | | | (862 | ) | | | (52,685 | ) |
Black Knight, Inc. (2) | | | (4,057 | ) | | | (217,252 | ) |
Blackbaud, Inc. | | | (918 | ) | | | (94,049 | ) |
Blackline, Inc. (2) | | | (66 | ) | | | (2,866 | ) |
Calix, Inc. (2) | | | (541 | ) | | | (4,220 | ) |
Cardlytics, Inc. (2) | | | (159 | ) | | | (3,460 | ) |
Casa Systems, Inc. (2) | | | (466 | ) | | | (7,610 | ) |
Cass Information Systems, Inc. | | | (81 | ) | | | (5,574 | ) |
CEVA, Inc. (2) | | | (229 | ) | | | (6,916 | ) |
Cloudera, Inc. (2) | | | (2,323 | ) | | | (31,686 | ) |
Cognex Corp. | | | (453 | ) | | | (20,208 | ) |
Cray, Inc. (2) | | | (420 | ) | | | (10,332 | ) |
Cree, Inc. (2) | | | (815 | ) | | | (33,880 | ) |
Digimarc Corp. (2) | | | (275 | ) | | | (7,370 | ) |
Ebix, Inc. | | | (647 | ) | | | (49,334 | ) |
Ellie Mae, Inc. (2) | | | (44 | ) | | | (4,569 | ) |
Euronet Worldwide, Inc. (2) | | | (228 | ) | | | (19,100 | ) |
Everi Holdings, Inc. (2) | | | (463 | ) | | | (3,334 | ) |
Finisar Corp. (2) | | | (1,566 | ) | | | (28,188 | ) |
FireEye, Inc. (2) | | | (3,214 | ) | | | (49,463 | ) |
First Data Corp. (2) | | | (11,475 | ) | | | (240,172 | ) |
Fitbit, Inc. (2) | | | (3,060 | ) | | | (19,982 | ) |
ForeScout Technologies, Inc. (2) | | | (501 | ) | | | (17,164 | ) |
Gartner, Inc. (2) | | | (5,304 | ) | | | (704,902 | ) |
Global Payments, Inc. | | | (2,122 | ) | | | (236,582 | ) |
Gogo, Inc. (2) | | | (535 | ) | | | (2,600 | ) |
GSI Technology, Inc. (2) | | | (482 | ) | | | (3,625 | ) |
Guidewire Software, Inc. (2) | | | (634 | ) | | | (56,287 | ) |
Harmonic, Inc. (2) | | | (269 | ) | | | (1,143 | ) |
Hortonworks, Inc. (2) | | | (828 | ) | | | (15,086 | ) |
HubSpot, Inc. (2) | | | (1,238 | ) | | | (155,245 | ) |
II-VI, Inc. (2) | | | (386 | ) | | | (16,772 | ) |
Infinera Corp. (2) | | | (2,064 | ) | | | (20,496 | ) |
Inphi Corp. (2) | | | (1,137 | ) | | | (37,078 | ) |
Iteris, Inc. (2) | | | (197 | ) | | | (953 | ) |
Jack Henry & Associates, Inc. | | | (492 | ) | | | (64,137 | ) |
Knowles Corp. (2) | | | (2,168 | ) | | | (33,170 | ) |
Kopin Corp. (2) | | | (3,277 | ) | | | (9,372 | ) |
MACOM Technology Solutions Holdings, Inc. (2) | | | (417 | ) | | | (9,608 | ) |
Manhattan Associates, Inc. (2) | | | (1,564 | ) | | | (73,524 | ) |
Match Group, Inc. (2) | | | (24 | ) | | | (930 | ) |
Maxwell Technologies, Inc. (2) | | | (3,114 | ) | | | (16,193 | ) |
Mesa Laboratories, Inc. | | | (65 | ) | | | (13,720 | ) |
Microchip Technology, Inc. | | | (6,939 | ) | | | (631,102 | ) |
MobileIron, Inc. (2) | | | (712 | ) | | | (3,168 | ) |
OSI Systems, Inc. (2) | | | (374 | ) | | | (28,921 | ) |
Pandora Media, Inc. (2) | | | (1,860 | ) | | | (14,657 | ) |
The accompanying notes are an integral part of these financial statements.
Page 38 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Short — continued |
Park City Group, Inc. (2) | | | (323 | ) | | | (2,552 | ) |
Paylocity Holding Corp. (2) | | | (257 | ) | | | (15,127 | ) |
PayPal Holdings, Inc. (2) | | | (662 | ) | | | (55,125 | ) |
PDF Solutions, Inc. (2) | | | (687 | ) | | | (8,230 | ) |
PROS Holdings, Inc. (2) | | | (1,243 | ) | | | (45,457 | ) |
Quotient Technology, Inc. (2) | | | (324 | ) | | | (4,244 | ) |
RealNetworks, Inc. (2) | | | (1,124 | ) | | | (4,159 | ) |
SailPoint Technologies Holding, Inc. (2) | | | (768 | ) | | | (18,847 | ) |
ServiceSource International, Inc. (2) | | | (2,980 | ) | | | (11,741 | ) |
Sigma Designs, Inc. (2) | | | (2,706 | ) | | | (16,507 | ) |
Square, Inc. (2) | | | (2,565 | ) | | | (158,107 | ) |
StarTek, Inc. (2) | | | (296 | ) | | | (1,862 | ) |
SunPower Corp. (2) | | | (244 | ) | | | (1,871 | ) |
Switch, Inc. | | | (4,122 | ) | | | (50,165 | ) |
Telenav, Inc. (2) | | | (1,039 | ) | | | (5,818 | ) |
Teradata Corp. (2) | | | (2,011 | ) | | | (80,742 | ) |
Trade Desk, Inc./The (2) | | | (60 | ) | | | (5,628 | ) |
TrueCar, Inc. (2) | | | (466 | ) | | | (4,702 | ) |
Tucows, Inc. (2) | | | (118 | ) | | | (7,157 | ) |
Universal Display Corp. | | | (625 | ) | | | (53,750 | ) |
Veeco Instruments, Inc. (2) | | | (311 | ) | | | (4,432 | ) |
ViaSat, Inc. (2) | | | (3,373 | ) | | | (221,674 | ) |
Western Union Co./The | | | (5,164 | ) | | | (104,984 | ) |
Workday, Inc. (2) | | | (4,904 | ) | | | (593,972 | ) |
Workiva, Inc. (2) | | | (394 | ) | | | (9,614 | ) |
Zillow Group, Inc. (2) | | | (41 | ) | | | (2,421 | ) |
| | | | | | | | (6,002,870 | ) |
| | | | | | | | | |
Materials — (2.5%) | | | | | | | | |
Albemarle Corp. | | | (4,019 | ) | | | (379,112 | ) |
Allegheny Technologies, Inc. (2) | | | (3,642 | ) | | | (91,487 | ) |
Ampco-Pittsburgh Corp. (2) | | | (444 | ) | | | (4,551 | ) |
Ashland Global Holdings, Inc. | | | (778 | ) | | | (60,824 | ) |
Axalta Coating Systems, Ltd. (2) | | | (432 | ) | | | (13,094 | ) |
Balchem Corp. | | | (719 | ) | | | (70,563 | ) |
Ball Corp. | | | (13,932 | ) | | | (495,283 | ) |
Bemis Co., Inc. | | | (718 | ) | | | (30,307 | ) |
Cleveland-Cliffs, Inc. (2) | | | (3,409 | ) | | | (28,738 | ) |
Compass Minerals International, Inc. | | | (500 | ) | | | (32,875 | ) |
Crown Holdings, Inc. (2) | | | (7,003 | ) | | | (313,454 | ) |
DowDuPont, Inc. | | | (1,066 | ) | | | (70,271 | ) |
Ferroglobe PLC Contingent Value Rights (2)(9) | | | (2,326 | ) | | | — | |
FMC Corp. | | | (4,397 | ) | | | (392,256 | ) |
Forterra, Inc. (2) | | | (114 | ) | | | (1,109 | ) |
GCP Applied Technologies, Inc. (2) | | | (716 | ) | | | (20,728 | ) |
Haynes International, Inc. | | | (677 | ) | | | (24,873 | ) |
HB Fuller Co. | | | (2,009 | ) | | | (107,843 | ) |
Hecla Mining Co. | | | (8,174 | ) | | | (28,446 | ) |
KapStone Paper and Packaging Corp. | | | (3,897 | ) | | | (134,447 | ) |
Klondex Mines, Ltd. (2) | | | (474 | ) | | | (1,095 | ) |
KMG Chemicals, Inc. | | | (104 | ) | | | (7,673 | ) |
LSB Industries, Inc. (2) | | | (902 | ) | | | (4,781 | ) |
Martin Marietta Materials, Inc. | | | (654 | ) | | | (146,058 | ) |
Mosaic Co./The | | | (1,500 | ) | | | (42,075 | ) |
Platform Specialty Products Corp. (2) | | | (8,981 | ) | | | (104,180 | ) |
PQ Group Holdings, Inc. (2) | | | (1,222 | ) | | | (21,996 | ) |
Ramaco Resources, Inc. (2) | | | (613 | ) | | | (4,266 | ) |
Royal Gold, Inc. | | | (195 | ) | | | (18,104 | ) |
Sealed Air Corp. | | | (12,657 | ) | | | (537,290 | ) |
Sensient Technologies Corp. | | | (115 | ) | | | (8,228 | ) |
Sherwin-Williams Co./The | | | (1,686 | ) | | | (687,163 | ) |
Tahoe Resources, Inc. | | | (4,463 | ) | | | (21,958 | ) |
TimkenSteel Corp. (2) | | | (2,644 | ) | | | (43,229 | ) |
Trecora Resources (2) | | | (409 | ) | | | (6,074 | ) |
Tronox, Ltd. | | | (3,862 | ) | | | (76,004 | ) |
Valvoline, Inc. | | | (367 | ) | | | (7,916 | ) |
Vulcan Materials Co. | | | (1,422 | ) | | | (183,523 | ) |
Warrior Met Coal, Inc. | | | (38 | ) | | | (1,048 | ) |
WR Grace & Co. | | | (941 | ) | | | (68,985 | ) |
| | | | | | | | (4,291,907 | ) |
| | | | | | | | | |
Real Estate Investment Trust — (1.0%) | | | | | | | | |
Acadia Realty Trust | | | (785 | ) | | | (21,485 | ) |
Alexander & Baldwin, Inc. | | | (510 | ) | | | (11,985 | ) |
CBRE Group, Inc. (2) | | | (5,008 | ) | | | (239,082 | ) |
Crown Castle International Corp. | | | (3,737 | ) | | | (402,923 | ) |
Equity Commonwealth (2) | | | (3,027 | ) | | | (95,351 | ) |
First Industrial Realty Trust, Inc. | | | (2,393 | ) | | | (79,783 | ) |
Forestar Group, Inc. (2) | | | (166 | ) | | | (3,445 | ) |
GGP, Inc. | | | (7,580 | ) | | | (154,859 | ) |
Healthcare Trust of America, Inc. | | | (415 | ) | | | (11,188 | ) |
iStar, Inc. (2) | | | (303 | ) | | | (3,269 | ) |
Jones Lang LaSalle, Inc. | | | (176 | ) | | | (29,214 | ) |
Medical Properties Trust, Inc. | | | (3,218 | ) | | | (45,181 | ) |
Mid-America Apartment Communities, Inc. | | | (4,252 | ) | | | (428,049 | ) |
PotlatchDeltic Corp. | | | (266 | ) | | | (13,526 | ) |
Rexford Industrial Realty, Inc. | | | (1,134 | ) | | | (35,596 | ) |
RMR Group, Inc./The | | | (174 | ) | | | (13,650 | ) |
Spirit MTA REIT (2) | | | (1,506 | ) | | | (15,512 | ) |
STAG Industrial, Inc. | | | (700 | ) | | | (19,061 | ) |
| | | | | | | | (1,623,159 | ) |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 39 |
Schedule of Investments
June 30, 2018 (unaudited)
Spectrum Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks - Short — continued |
Telecommunication Services — (0.3%) | | | | | | | | |
Consolidated Communications Holdings, Inc. | | | (77 | ) | | | (952 | ) |
Shenandoah Telecommunications Co. | | | (297 | ) | | | (9,712 | ) |
Sprint Corp. (2) | | | (105,647 | ) | | | (574,720 | ) |
Verizon Communications, Inc. | | | (159 | ) | | | (7,999 | ) |
| | | | | | | | (593,383 | ) |
| | | | | | | | | |
Utilities — (4.3%) | | | | | | | | |
Alliant Energy Corp. | | | (9,853 | ) | | | (416,979 | ) |
AquaVenture Holdings, Ltd. (2) | | | (1,385 | ) | | | (21,578 | ) |
Black Hills Corp. | | | (7,202 | ) | | | (440,834 | ) |
Cadiz, Inc. (2) | | | (1,953 | ) | | | (25,584 | ) |
Dominion Energy, Inc. | | | (10,947 | ) | | | (746,366 | ) |
Edison International | | | (9,724 | ) | | | (615,237 | ) |
FirstEnergy Corp. | | | (21,037 | ) | | | (755,439 | ) |
Global Water Resources, Inc. | | | (149 | ) | | | (1,401 | ) |
Hawaiian Electric Industries, Inc. | | | (13,809 | ) | | | (473,649 | ) |
MGE Energy, Inc. | | | (205 | ) | | | (12,925 | ) |
NiSource, Inc. | | | (29,746 | ) | | | (781,725 | ) |
Northwest Natural Gas Co. | | | (4,111 | ) | | | (262,282 | ) |
Pattern Energy Group, Inc. | | | (6,000 | ) | | | (112,500 | ) |
PPL Corp. | | | (16,471 | ) | | | (470,247 | ) |
Pure Cycle Corp. (2) | | | (267 | ) | | | (2,550 | ) |
SCANA Corp. | | | (331 | ) | | | (12,750 | ) |
Sempra Energy | | | (6,655 | ) | | | (772,712 | ) |
South Jersey Industries, Inc. | | | (15,838 | ) | | | (530,098 | ) |
Southern Co./The | | | (15,567 | ) | | | (720,908 | ) |
Southwest Gas Holdings, Inc. | | | (1,435 | ) | | | (109,447 | ) |
TerraForm Power, Inc. | | | (108 | ) | | | (1,264 | ) |
York Water Co./The | | | (29 | ) | | | (910 | ) |
| | | | | | | | (7,287,385 | ) |
| | | | | | | | | |
Total Securities Sold Short (Proceeds Received $55,275,796) | | | | | | | (56,503,282 | ) |
| | | | | | | | | |
Trustee Deferred Compensation (8) |
Meeder Aggressive Allocation Fund | | | 521 | | | | 5,543 | |
Meeder Balanced Fund | | | 296 | | | | 3,422 | |
Meeder Dynamic Allocation Fund | | | 190 | | | | 2,075 | |
Meeder Muirfield Fund | | | 494 | | | | 3,754 | |
Meeder Conservative Allocation Fund | | | 87 | | | | 1,927 | |
Total Trustee Deferred Compensation (Cost $16,090) | | | | | | | 16,721 | |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 129 | | | 9/21/2018 | | | | 12,612,330 | | | | (386,990 | ) |
Mini MSCI Emerging Markets Index Futures | | | 51 | | | 9/21/2018 | | | | 2,711,415 | | | | (149,051 | ) |
Russell 2000 Mini Index Futures | | | 44 | | | 9/21/2018 | | | | 3,624,500 | | | | (74,635 | ) |
Standard & Poors 500 Mini Futures | | | 263 | | | 9/21/2018 | | | | 35,789,040 | | | | (636,730 | ) |
E-mini Standard & Poors MidCap 400 Futures | | | 43 | | | 9/21/2018 | | | | 8,411,230 | | | | (189,918 | ) |
Total Futures Contracts | | | 530 | | | | | | | 63,148,515 | | | | (1,437,324 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (10) | |
Level 1 - Quoted Prices | | $ | 166,002,893 | | | $ | (1,437,324 | ) |
Level 2 - Other Significant Observable Inputs | | | 747,672 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 166,750,565 | | | $ | (1,437,324 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | All or a portion of the security is on loan. |
The accompanying notes are an integral part of these financial statements.
Page 40 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
(4) | Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(5) | All or a portion of the security is held as collateral for securities sold short. The total fair value of this collateral on June 30, 2018 was $45,464,423. |
(6) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(7) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(8) | Assets of affiliates to the Spectrum Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(9) | Fair valued security deemed as Level 3 security. |
(10) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 41 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 37.5% |
Consumer Discretionary — 4.0% | | | | | | | | |
1-800-Flowers.com, Inc. (2) | | | 273 | | | | 3,426 | |
Abercrombie & Fitch Co. | | | 75 | | | | 1,836 | |
Amazon.com, Inc. (2) | | | 412 | | | | 700,318 | |
AMC Networks, Inc. (2) | | | 151 | | | | 9,392 | |
American Axle & Manufacturing Holdings, Inc. (2) | | | 124 | | | | 1,929 | |
American Eagle Outfitters, Inc. | | | 225 | | | | 5,231 | |
American Public Education, Inc. (2) | | | 88 | | | | 3,705 | |
Ascent Capital Group, Inc. (2) | | | 156 | | | | 438 | |
Bassett Furniture Industries, Inc. | | | 137 | | | | 3,774 | |
Best Buy Co., Inc. | | | 877 | | | | 65,407 | |
Big Lots, Inc. | | | 31 | | | | 1,295 | |
Bloomin' Brands, Inc. | | | 551 | | | | 11,075 | |
Booking Holdings, Inc. (2) | | | 151 | | | | 306,091 | |
Bridgepoint Education, Inc. (2) | | | 97 | | | | 633 | |
Brinker International, Inc. | | | 3 | | | | 143 | |
Burlington Stores, Inc. (2) | | | 99 | | | | 14,902 | |
Cambium Learning Group, Inc. (2) | | | 182 | | | | 2,029 | |
Capella Education Co. | | | 19 | | | | 1,875 | |
Cavco Industries, Inc. (2) | | | 6 | | | | 1,246 | |
Chico's FAS, Inc. | | | 368 | | | | 2,996 | |
Churchill Downs, Inc. | | | 3 | | | | 890 | |
Citi Trends, Inc. | | | 43 | | | | 1,180 | |
Comcast Corp. | | | 589 | | | | 19,325 | |
Crocs, Inc. (2) | | | 77 | | | | 1,356 | |
Deckers Outdoor Corp. (2) | | | 78 | | | | 8,805 | |
Dollar General Corp. | | | 1,303 | | | | 128,476 | |
Entravision Communications Corp. | | | 177 | | | | 885 | |
Foot Locker, Inc. | | | 110 | | | | 5,792 | |
Ford Motor Co. | | | 21,933 | | | | 242,798 | |
GameStop Corp. | | | 143 | | | | 2,084 | |
Gannett Co., Inc. | | | 475 | | | | 5,083 | |
Gentex Corp. | | | 990 | | | | 22,790 | |
Grand Canyon Education, Inc. (2) | | | 228 | | | | 25,447 | |
Groupon, Inc. (2) | | | 108 | | | | 464 | |
Guess?, Inc. | | | 9 | | | | 193 | |
Hibbett Sports, Inc. (2) | | | 86 | | | | 1,969 | |
Home Depot, Inc./The | | | 99 | | | | 19,315 | |
J Alexander's Holdings, Inc. (2) | | | 197 | | | | 2,197 | |
John Wiley & Sons, Inc. | | | 303 | | | | 18,907 | |
Johnson Outdoors, Inc. | | | 8 | | | | 676 | |
Kohl's Corp. | | | 161 | | | | 11,737 | |
La-Z-Boy, Inc. | | | 256 | | | | 7,834 | |
Lear Corp. | | | 810 | | | | 150,506 | |
Liberty Expedia Holdings, Inc. (2) | | | 589 | | | | 25,881 | |
Liberty Media Corp-Liberty SiriusXM (2) | | | 103 | | | | 4,672 | |
Liberty TripAdvisor Holdings, Inc. (2) | | | 125 | | | | 2,013 | |
Lululemon Athletica, Inc. (2) | | | 268 | | | | 33,460 | |
Macy's, Inc. | | | 377 | | | | 14,111 | |
MCBC Holdings, Inc. (2) | | | 106 | | | | 3,069 | |
MDC Partners, Inc. (2) | | | 153 | | | | 704 | |
Michael Kors Holdings, Ltd. (2) | | | 447 | | | | 29,770 | |
National CineMedia, Inc. | | | 328 | | | | 2,755 | |
Netflix, Inc. (2) | | | 497 | | | | 194,541 | |
New Media Investment Group, Inc. | | | 514 | | | | 9,499 | |
Nexstar Media Group, Inc. | | | 11 | | | | 807 | |
Nutrisystem, Inc. | | | 21 | | | | 809 | |
NVR, Inc. (2) | | | 18 | | | | 53,466 | |
Office Depot, Inc. | | | 1,244 | | | | 3,172 | |
Penn National Gaming, Inc. (2) | | | 358 | | | | 12,025 | |
Pinnacle Entertainment, Inc. (2) | | | 731 | | | | 24,657 | |
PulteGroup, Inc. | | | 932 | | | | 26,795 | |
Qurate Retail, Inc. (2) | | | 212 | | | | 4,499 | |
RCI Hospitality Holdings, Inc. | | | 50 | | | | 1,583 | |
RH (2) | | | 7 | | | | 978 | |
Ross Stores, Inc. | | | 2,307 | | | | 195,518 | |
Shutterfly, Inc. (2) | | | 118 | | | | 10,624 | |
Speedway Motorsports, Inc. | | | 181 | | | | 3,142 | |
Tailored Brands, Inc. | | | 8 | | | | 204 | |
Target Corp. | | | 3,235 | | | | 246,248 | |
Taylor Morrison Home Corp. (2) | | | 1,188 | | | | 24,687 | |
Tenneco, Inc. | | | 226 | | | | 9,935 | |
TJX Cos., Inc./The | | | 1,193 | | | | 113,550 | |
TopBuild Corp. (2) | | | 194 | | | | 15,198 | |
Tower International, Inc. | | | 111 | | | | 3,530 | |
Townsquare Media, Inc. | | | 126 | | | | 815 | |
tronc, Inc. (2) | | | 180 | | | | 3,110 | |
Vuzix Corp. (2) | | | 49 | | | | 365 | |
Weight Watchers International, Inc. (2) | | | 37 | | | | 3,741 | |
Weyco Group, Inc. | | | 42 | | | | 1,529 | |
William Lyon Homes (2) | | | 34 | | | | 789 | |
World Wrestling Entertainment, Inc. | | | 64 | | | | 4,660 | |
Wyndham Destinations, Inc. | | | 993 | | | | 43,960 | |
ZAGG, Inc. (2) | | | 86 | | | | 1,488 | |
| | | | | | | | 2,948,809 | |
| | | | | | | | | |
Consumer Staples — 0.6% | | | | | | | | |
Conagra Brands, Inc. | | | 274 | | | | 9,790 | |
Flowers Foods, Inc. | | | 252 | | | | 5,249 | |
Kroger Co./The | | | 502 | | | | 14,282 | |
Lamb Weston Holdings, Inc. | | | 93 | | | | 6,371 | |
Natural Grocers by Vitamin Cottage, Inc. (2) | | | 21 | | | | 268 | |
Performance Food Group Co. (2) | | | 607 | | | | 22,277 | |
The accompanying notes are an integral part of these financial statements.
Page 42 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Tyson Foods, Inc. | | | 3,109 | | | | 214,055 | |
US Foods Holding Corp. (2) | | | 71 | | | | 2,685 | |
USANA Health Sciences, Inc. (2) | | | 68 | | | | 7,840 | |
Village Super Market, Inc. | | | 130 | | | | 3,830 | |
Walmart, Inc. | | | 1,668 | | | | 142,864 | |
Weis Markets, Inc. | | | 66 | | | | 3,520 | |
| | | | | | | | 433,031 | |
| | | | | | | | | |
Energy — 3.5% | | | | | | | | |
Abraxas Petroleum Corp. (2) | | | 728 | | | | 2,104 | |
Adams Resources & Energy, Inc. | | | 25 | | | | 1,075 | |
Anadarko Petroleum Corp. | | | 3,401 | | | | 249,123 | |
Andeavor | | | 746 | | | | 97,860 | |
Arch Coal, Inc. | | | 108 | | | | 8,470 | |
Cactus, Inc. (2) | | | 247 | | | | 8,346 | |
California Resources Corp. (2) | | | 64 | | | | 2,908 | |
Chevron Corp. | | | 2,019 | | | | 255,262 | |
ConocoPhillips | | | 4,157 | | | | 289,410 | |
CONSOL Energy, Inc. (2) | | | 99 | | | | 3,797 | |
Continental Resources, Inc./OK (2) | | | 636 | | | | 41,187 | |
CVR Energy, Inc. | | | 147 | | | | 5,438 | |
Delek US Holdings, Inc. | | | 289 | | | | 14,499 | |
Denbury Resources, Inc. (2) | | | 525 | | | | 2,525 | |
Energen Corp. (2) | | | 251 | | | | 18,278 | |
Era Group, Inc. (2) | | | 113 | | | | 1,463 | |
Evolution Petroleum Corp. | | | 404 | | | | 3,979 | |
Exxon Mobil Corp. | | | 3,775 | | | | 312,306 | |
FTS International, Inc. (2) | | | 957 | | | | 13,628 | |
Hallador Energy Co. | | | 418 | | | | 2,985 | |
HollyFrontier Corp. | | | 648 | | | | 44,343 | |
Keane Group, Inc. (2) | | | 167 | | | | 2,283 | |
Liberty Oilfield Services, Inc. (2) | | | 324 | | | | 6,065 | |
Mammoth Energy Services, Inc. (2) | | | 88 | | | | 2,988 | |
Marathon Oil Corp. | | | 3,297 | | | | 68,775 | |
Marathon Petroleum Corp. | | | 3,432 | | | | 240,789 | |
Matrix Service Co. (2) | | | 318 | | | | 5,835 | |
Midstates Petroleum Co., Inc. (2) | | | 183 | | | | 2,491 | |
Occidental Petroleum Corp. | | | 3,285 | | | | 274,889 | |
Overseas Shipholding Group, Inc. (2) | | | 522 | | | | 2,025 | |
Pacific Ethanol, Inc. (2) | | | 187 | | | | 486 | |
Par Pacific Holdings, Inc. (2) | | | 293 | | | | 5,092 | |
PBF Energy, Inc. | | | 512 | | | | 21,468 | |
Peabody Energy Corp. | | | 354 | | | | 16,100 | |
Penn Virginia Corp. (2) | | | 10 | | | | 849 | |
PHI, Inc. (2) | | | 86 | | | | 875 | |
Phillips 66 | | | 2,278 | | | | 255,842 | |
Pioneer Energy Services Corp. (2) | | | 194 | | | | 1,135 | |
ProPetro Holding Corp. (2) | | | 199 | | | | 3,120 | |
Quintana Energy Services, Inc. (2) | | | 31 | | | | 263 | |
Renewable Energy Group, Inc. (2) | | | 263 | | | | 4,695 | |
SilverBow Resources, Inc. (2) | | | 174 | | | | 5,025 | |
Valero Energy Corp. | | | 2,328 | | | | 258,012 | |
W&T Offshore, Inc. (2) | | | 457 | | | | 3,268 | |
Westmoreland Coal Co. (2) | | | 539 | | | | 75 | |
WildHorse Resource Development Corp. (2) | | | 298 | | | | 7,557 | |
World Fuel Services Corp. | | | 101 | | | | 2,061 | |
Zion Oil & Gas, Inc. (2) | | | 112 | | | | 454 | |
| | | | | | | | 2,571,503 | |
| | | | | | | | | |
Financials — 5.9% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 64 | | | | 2,304 | |
BancFirst Corp. | | | 87 | | | | 5,150 | |
Bancorp, Inc./The (2) | | | 508 | | | | 5,314 | |
Bank of America Corp. | | | 16,644 | | | | 469,194 | |
Bank of NT Butterfield & Son, Ltd./The | | | 424 | | | | 19,385 | |
BankUnited, Inc. | | | 1,398 | | | | 57,108 | |
BB&T Corp. | | | 4,838 | | | | 244,029 | |
Berkshire Hathaway, Inc. (2) | | | 3,030 | | | | 565,550 | |
BOK Financial Corp. | | | 68 | | | | 6,393 | |
Cannae Holdings, Inc. (2) | | | 609 | | | | 11,297 | |
Charter Financial Corp./MD | | | 199 | | | | 4,806 | |
Cherry Hill Mortgage Investment Corp. | | | 378 | | | | 6,751 | |
Chimera Investment Corp. | | | 1,187 | | | | 21,698 | |
CIT Group, Inc. | | | 15 | | | | 756 | |
Citizens Financial Group, Inc. | | | 1,092 | | | | 42,479 | |
Comerica, Inc. | | | 2,201 | | | | 200,115 | |
Cullen/Frost Bankers, Inc. | | | 435 | | | | 47,084 | |
Curo Group Holdings Corp. (2) | | | 162 | | | | 4,042 | |
Enova International, Inc. (2) | | | 132 | | | | 4,825 | |
Evercore, Inc. | | | 250 | | | | 26,363 | |
FedNat Holding Co. | | | 106 | | | | 2,445 | |
Fifth Third Bancorp | | | 7,805 | | | | 224,004 | |
First American Financial Corp. | | | 762 | | | | 39,411 | |
First BanCorp/Puerto Rico (2) | | | 1,149 | | | | 8,790 | |
FirstCash, Inc. | | | 283 | | | | 25,428 | |
Genworth Financial, Inc. (2) | | | 495 | | | | 2,228 | |
Hamilton Lane, Inc. | | | 75 | | | | 3,598 | |
Health Insurance Innovations, Inc. (2) | | | 41 | | | | 1,326 | |
Huntington Bancshares, Inc./OH | | | 11,997 | | | | 177,076 | |
Independence Holding Co. | | | 155 | | | | 5,154 | |
Infinity Property & Casualty Corp. | | | 84 | | | | 11,957 | |
Interactive Brokers Group, Inc. | | | 262 | | | | 16,875 | |
JPMorgan Chase & Co. | | | 4,398 | | | | 458,272 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 43 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Ladder Capital Corp. | | | 905 | | | | 14,136 | |
LPL Financial Holdings, Inc. | | | 249 | | | | 16,319 | |
Marlin Business Services Corp. | | | 51 | | | | 1,522 | |
MB Financial, Inc. | | | 642 | | | | 29,981 | |
Medley Management, Inc. (2) | | | 452 | | | | 1,605 | |
Meta Financial Group, Inc. | | | 13 | | | | 1,266 | |
Morningstar, Inc. | | | 61 | | | | 7,823 | |
MTGE Investment Corp. | | | 117 | | | | 2,293 | |
National General Holdings Corp. | | | 276 | | | | 7,267 | |
New Residential Investment Corp. | | | 3,575 | | | | 62,527 | |
NewStar Financial Contingent Value Rights (2)(8) | | | 34 | | | | — | |
Nicolet Bankshares, Inc. (2) | | | 7 | | | | 386 | |
Northeast Bancorp | | | 189 | | | | 4,120 | |
Northrim BanCorp, Inc. | | | 182 | | | | 7,198 | |
OFG Bancorp | | | 256 | | | | 3,597 | |
Oppenheimer Holdings, Inc. | | | 161 | | | | 4,508 | |
PacWest Bancorp | | | 1,544 | | | | 76,304 | |
PennyMac Financial Services, Inc. (2) | | | 303 | | | | 5,954 | |
PNC Financial Services Group, Inc./The | | | 1,988 | | | | 268,579 | |
Popular, Inc. | | | 505 | | | | 22,831 | |
Progressive Corp./The | | | 4,027 | | | | 238,197 | |
Pzena Investment Management, Inc. | | | 388 | | | | 3,573 | |
Regional Management Corp. (2) | | | 84 | | | | 2,942 | |
Regions Financial Corp. | | | 12,655 | | | | 225,006 | |
Silvercrest Asset Management Group, Inc. | | | 80 | | | | 1,304 | |
State Bank Financial Corp. | | | 112 | | | | 3,741 | |
Stewart Information Services Corp. | | | 380 | | | | 16,367 | |
SunTrust Banks, Inc. | | | 3,608 | | | | 238,200 | |
Sutherland Asset Management Corp. | | | 340 | | | | 5,525 | |
TCF Financial Corp. | | | 1,502 | | | | 36,979 | |
Timberland Bancorp, Inc./WA | | | 22 | | | | 821 | |
Triumph Bancorp, Inc. (2) | | | 196 | | | | 7,987 | |
Umpqua Holdings Corp. | | | 1,685 | | | | 38,064 | |
United Security Bancshares/Fresno CA | | | 296 | | | | 3,315 | |
Universal Insurance Holdings, Inc. | | | 353 | | | | 12,390 | |
Walker & Dunlop, Inc. | | | 242 | | | | 13,467 | |
Wells Fargo & Co. | | | 4,768 | | | | 264,338 | |
Wins Finance Holdings, Inc. (2) | | | 48 | | | | 3,984 | |
| | | | | | | | 4,375,623 | |
| | | | | | | | | |
Healthcare — 6.5% | | | | | | | | |
Abaxis, Inc. | | | 21 | | | | 1,743 | |
AbbVie, Inc. | | | 2,190 | | | | 202,904 | |
ABIOMED, Inc. (2) | | | 112 | | | | 45,814 | |
Acorda Therapeutics, Inc. (2) | | | 75 | | | | 2,153 | |
Addus HomeCare Corp. (2) | | | 28 | | | | 1,603 | |
ADMA Biologics, Inc. (2) | | | 86 | | | | 388 | |
Alexion Pharmaceuticals, Inc. (2) | | | 958 | | | | 118,936 | |
Align Technology, Inc. (2) | | | 438 | | | | 149,857 | |
AMAG Pharmaceuticals, Inc. (2) | | | 246 | | | | 4,797 | |
Amgen, Inc. | | | 1,128 | | | | 208,218 | |
Amphastar Pharmaceuticals, Inc. (2) | | | 220 | | | | 3,357 | |
AnaptysBio, Inc. (2) | | | 73 | | | | 5,186 | |
Anthem, Inc. | | | 1,107 | | | | 263,499 | |
Apellis Pharmaceuticals, Inc. (2) | | | 6 | | | | 132 | |
Arena Pharmaceuticals, Inc. (2) | | | 79 | | | | 3,444 | |
ArQule, Inc. (2) | | | 44 | | | | 243 | |
Array BioPharma, Inc. (2) | | | 98 | | | | 1,644 | |
Atara Biotherapeutics, Inc. (2) | | | 77 | | | | 2,830 | |
athenahealth, Inc. (2) | | | 8 | | | | 1,273 | |
Audentes Therapeutics, Inc. (2) | | | 28 | | | | 1,070 | |
AVEO Pharmaceuticals, Inc. (2) | | | 415 | | | | 938 | |
Avid Bioservices, Inc. (2) | | | 149 | | | | 584 | |
AxoGen, Inc. (2) | | | 91 | | | | 4,573 | |
Baxter International, Inc. | | | 3,319 | | | | 245,075 | |
Biogen, Inc. (2) | | | 924 | | | | 268,182 | |
Bio-Rad Laboratories, Inc. (2) | | | 64 | | | | 18,467 | |
BioSpecifics Technologies Corp. (2) | | | 165 | | | | 7,402 | |
Blueprint Medicines Corp. (2) | | | 45 | | | | 2,857 | |
Cantel Medical Corp. | | | 86 | | | | 8,459 | |
Cardinal Health, Inc. | | | 771 | | | | 37,648 | |
Catalent, Inc. (2) | | | 575 | | | | 24,087 | |
Catalyst Pharmaceuticals, Inc. (2) | | | 584 | | | | 1,822 | |
Celcuity, Inc. (2) | | | 86 | | | | 2,135 | |
Centene Corp. (2) | | | 1,060 | | | | 130,603 | |
Cerner Corp. (2) | | | 3,577 | | | | 213,869 | |
Chemed Corp. | | | 79 | | | | 25,423 | |
ChemoCentryx, Inc. (2) | | | 204 | | | | 2,687 | |
ChromaDex Corp. (2) | | | 116 | | | | 430 | |
Collegium Pharmaceutical, Inc. (2) | | | 97 | | | | 2,313 | |
Concert Pharmaceuticals, Inc. (2) | | | 178 | | | | 2,996 | |
CONMED Corp. | | | 105 | | | | 7,686 | |
CorVel Corp. (2) | | | 7 | | | | 378 | |
Cutera, Inc. (2) | | | 40 | | | | 1,612 | |
CytomX Therapeutics, Inc. (2) | | | 144 | | | | 3,292 | |
Depomed, Inc. (2) | | | 86 | | | | 574 | |
Durect Corp. (2) | | | 85 | | | | 133 | |
Eagle Pharmaceuticals, Inc./DE (2) | | | 62 | | | | 4,691 | |
Emergent BioSolutions, Inc. (2) | | | 375 | | | | 18,934 | |
Enanta Pharmaceuticals, Inc. (2) | | | 50 | | | | 5,795 | |
Encompass Health Corp. | | | 31 | | | | 2,099 | |
Evolus, Inc. (2) | | | 3 | | | | 84 | |
Exelixis, Inc. (2) | | | 490 | | | | 10,545 | |
The accompanying notes are an integral part of these financial statements.
Page 44 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Express Scripts Holding Co. (2) | | | 3,174 | | | | 245,065 | |
Fate Therapeutics, Inc. (2) | | | 168 | | | | 1,905 | |
FONAR Corp. (2) | | | 74 | | | | 1,965 | |
Foundation Medicine, Inc. (2) | | | 14 | | | | 1,914 | |
G1 Therapeutics, Inc. (2) | | | 49 | | | | 2,130 | |
Genesis Healthcare, Inc. (2) | | | 124 | | | | 284 | |
Genomic Health, Inc. (2) | | | 235 | | | | 11,844 | |
Geron Corp. (2) | | | 237 | | | | 813 | |
Gilead Sciences, Inc. | | | 4,202 | | | | 297,670 | |
Global Blood Therapeutics, Inc. (2) | | | 8 | | | | 362 | |
Globus Medical, Inc. (2) | | | 360 | | | | 18,166 | |
Haemonetics Corp. (2) | | | 168 | | | | 15,066 | |
Halozyme Therapeutics, Inc. (2) | | | 302 | | | | 5,095 | |
HCA Healthcare, Inc. | | | 2,253 | | | | 231,158 | |
HealthStream, Inc. | | | 116 | | | | 3,168 | |
Heron Therapeutics, Inc. (2) | | | 7 | | | | 272 | |
Hill-Rom Holdings, Inc. | | | 147 | | | | 12,839 | |
HMS Holdings Corp. (2) | | | 210 | | | | 4,540 | |
ICU Medical, Inc. (2) | | | 46 | | | | 13,508 | |
ImmunoGen, Inc. (2) | | | 249 | | | | 2,423 | |
Immunomedics, Inc. (2) | | | 187 | | | | 4,426 | |
Inogen, Inc. (2) | | | 51 | | | | 9,503 | |
Integer Holdings Corp. (2) | | | 160 | | | | 10,344 | |
Intersect ENT, Inc. (2) | | | 109 | | | | 4,082 | |
Intuitive Surgical, Inc. (2) | | | 544 | | | | 260,293 | |
Iovance Biotherapeutics, Inc. (2) | | | 103 | | | | 1,318 | |
Ironwood Pharmaceuticals, Inc. (2) | | | 370 | | | | 7,074 | |
Johnson & Johnson | | | 1,805 | | | | 219,019 | |
Kadmon Holdings, Inc. (2) | | | 62 | | | | 247 | |
Kindred Biosciences, Inc. (2) | | | 268 | | | | 2,854 | |
Lantheus Holdings, Inc. (2) | | | 113 | | | | 1,644 | |
Ligand Pharmaceuticals, Inc. (2) | | | 10 | | | | 2,072 | |
Loxo Oncology, Inc. (2) | | | 43 | | | | 7,460 | |
Luminex Corp. | | | 260 | | | | 7,678 | |
Madrigal Pharmaceuticals, Inc. (2) | | | 18 | | | | 5,034 | |
Masimo Corp. (2) | | | 136 | | | | 13,280 | |
Medtronic PLC | | | 1,196 | | | | 102,390 | |
Merck & Co., Inc. | | | 1,888 | | | | 114,602 | |
Minerva Neurosciences, Inc. (2) | | | 132 | | | | 1,089 | |
Momenta Pharmaceuticals, Inc. (2) | | | 265 | | | | 5,419 | |
Mustang Bio, Inc. (2) | | | 85 | | | | 586 | |
Mylan NV (2) | | | 2,142 | | | | 77,412 | |
Myriad Genetics, Inc. (2) | | | 203 | | | | 7,586 | |
Natera, Inc. (2) | | | 64 | | | | 1,204 | |
Nektar Therapeutics (2) | | | 242 | | | | 11,817 | |
Orthofix International NV (2) | | | 239 | | | | 13,580 | |
PDL BioPharma, Inc. (2) | | | 1,482 | | | | 3,468 | |
Pfenex, Inc. (2) | | | 105 | | | | 568 | |
Pfizer, Inc. | | | 9,154 | | | | 332,107 | |
Phibro Animal Health Corp. | | | 147 | | | | 6,769 | |
Pieris Pharmaceuticals, Inc. (2) | | | 465 | | | | 2,358 | |
PolarityTE, Inc. (2) | | | 14 | | | | 330 | |
Premier, Inc. (2) | | | 1,094 | | | | 39,800 | |
Proteostasis Therapeutics, Inc. (2) | | | 87 | | | | 243 | |
Providence Service Corp./The (2) | | | 127 | | | | 9,976 | |
PTC Therapeutics, Inc. (2) | | | 153 | | | | 5,161 | |
Quality Systems, Inc. (2) | | | 122 | | | | 2,379 | |
Quidel Corp. (2) | | | 61 | | | | 4,057 | |
RadNet, Inc. (2) | | | 190 | | | | 2,850 | |
Recro Pharma, Inc. (2) | | | 137 | | | | 688 | |
REGENXBIO, Inc. (2) | | | 55 | | | | 3,946 | |
Retrophin, Inc. (2) | | | 100 | | | | 2,726 | |
Rhythm Pharmaceuticals, Inc. (2) | | | 20 | | | | 625 | |
Sage Therapeutics, Inc. (2) | | | 63 | | | | 9,861 | |
Sangamo Therapeutics, Inc. (2) | | | 5 | | | | 71 | |
Sarepta Therapeutics, Inc. (2) | | | 30 | | | | 3,965 | |
Simulations Plus, Inc. | | | 102 | | | | 2,270 | |
Solid Biosciences, Inc. (2) | | | 4 | | | | 143 | |
Spectrum Pharmaceuticals, Inc. (2) | | | 172 | | | | 3,605 | |
STAAR Surgical Co. (2) | | | 39 | | | | 1,209 | |
STERIS PLC | | | 30 | | | | 3,150 | |
Supernus Pharmaceuticals, Inc. (2) | | | 4 | | | | 239 | |
Surmodics, Inc. (2) | | | 25 | | | | 1,380 | |
Synlogic, Inc. (2) | | | 76 | | | | 747 | |
T2 Biosystems, Inc. (2) | | | 15 | | | | 116 | |
Tabula Rasa HealthCare, Inc. (2) | | | 38 | | | | 2,426 | |
Triple-S Management Corp. (2) | | | 90 | | | | 3,515 | |
Tyme Technologies, Inc. (2) | | | 99 | | | | 313 | |
United Therapeutics Corp. (2) | | | 220 | | | | 24,893 | |
UnitedHealth Group, Inc. | | | 951 | | | | 233,318 | |
Vanda Pharmaceuticals, Inc. (2) | | | 257 | | | | 4,896 | |
Veracyte, Inc. (2) | | | 395 | | | | 3,689 | |
Verastem, Inc. (2) | | | 67 | | | | 461 | |
Vertex Pharmaceuticals, Inc. (2) | | | 1,613 | | | | 274,145 | |
Viking Therapeutics, Inc. (2) | | | 42 | | | | 399 | |
Xencor, Inc. (2) | | | 90 | | | | 3,331 | |
Zafgen, Inc. (2) | | | 42 | | | | 430 | |
| | | | | | | | 4,834,287 | |
| | | | | | | | | |
Industrials — 2.2% | | | | | | | | |
Allied Motion Technologies, Inc. | | | 30 | | | | 1,436 | |
Allison Transmission Holdings, Inc. | | | 1,265 | | | | 51,220 | |
ArcBest Corp. | | | 149 | | | | 6,809 | |
Atkore International Group, Inc. (2) | | | 446 | | | | 9,263 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 45 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Barrett Business Services, Inc. | | | 30 | | | | 2,897 | |
BG Staffing, Inc. | | | 109 | | | | 2,534 | |
Blue Bird Corp. (2) | | | 40 | | | | 894 | |
Boeing Co./The | | | 956 | | | | 320,748 | |
Builders FirstSource, Inc. (2) | | | 294 | | | | 5,377 | |
Casella Waste Systems, Inc. (2) | | | 280 | | | | 7,171 | |
Comfort Systems USA, Inc. | | | 166 | | | | 7,603 | |
Continental Building Products, Inc. (2) | | | 427 | | | | 13,472 | |
Copart, Inc. (2) | | | 1,567 | | | | 88,630 | |
Covenant Transportation Group, Inc. (2) | | | 255 | | | | 8,033 | |
Curtiss-Wright Corp. | | | 146 | | | | 17,377 | |
Douglas Dynamics, Inc. | | | 61 | | | | 2,928 | |
Ducommun, Inc. (2) | | | 130 | | | | 4,302 | |
EMCOR Group, Inc. | | | 297 | | | | 22,625 | |
Essendant, Inc. | | | 89 | | | | 1,177 | |
FTI Consulting, Inc. (2) | | | 133 | | | | 8,044 | |
Genco Shipping & Trading, Ltd. (2) | | | 301 | | | | 4,666 | |
Global Brass & Copper Holdings, Inc. | | | 390 | | | | 12,227 | |
H&E Equipment Services, Inc. | | | 118 | | | | 4,438 | |
Harsco Corp. (2) | | | 182 | | | | 4,022 | |
Hawaiian Holdings, Inc. | | | 22 | | | | 791 | |
Herman Miller, Inc. (2) | | | 22 | | | | 746 | |
Hillenbrand, Inc. | | | 34 | | | | 1,603 | |
Huntington Ingalls Industries, Inc. | | | 251 | | | | 54,414 | |
Hurco Cos., Inc. | | | 79 | | | | 3,535 | |
ICF International, Inc. | | | 34 | | | | 2,416 | |
JetBlue Airways Corp. (2) | | | 78 | | | | 1,480 | |
Kaman Corp. | | | 183 | | | | 12,753 | |
KBR, Inc. | | | 440 | | | | 7,885 | |
Kelly Services, Inc. | | | 132 | | | | 2,963 | |
Kforce, Inc. | | | 197 | | | | 6,757 | |
Kimball International, Inc. | | | 329 | | | | 5,317 | |
LB Foster Co. (2) | | | 136 | | | | 3,121 | |
LSC Communications, Inc. | | | 23 | | | | 360 | |
LSI Industries, Inc. | | | 122 | | | | 651 | |
ManpowerGroup, Inc. | | | 171 | | | | 14,716 | |
Matson, Inc. | | | 113 | | | | 4,337 | |
McGrath RentCorp | | | 72 | | | | 4,555 | |
Meritor, Inc. (2) | | | 121 | | | | 2,489 | |
Miller Industries, Inc./TN | | | 353 | | | | 9,019 | |
MSC Industrial Direct Co., Inc. | | | 205 | | | | 17,394 | |
MYR Group, Inc. (2) | | | 177 | | | | 6,276 | |
Navigant Consulting, Inc. (2) | | | 331 | | | | 7,328 | |
Nexeo Solutions, Inc. (2) | | | 452 | | | | 4,127 | |
Norfolk Southern Corp. | | | 1,396 | | | | 210,615 | |
Old Dominion Freight Line, Inc. | | | 181 | | | | 26,962 | |
Oshkosh Corp. | | | 173 | | | | 12,165 | |
Park-Ohio Holdings Corp. | | | 137 | | | | 5,110 | |
Pitney Bowes, Inc. | | | 429 | | | | 3,677 | |
Proto Labs, Inc. (2) | | | 52 | | | | 6,185 | |
Quad/Graphics, Inc. | | | 155 | | | | 3,229 | |
Quanta Services, Inc. (2) | | | 559 | | | | 18,671 | |
RR Donnelley & Sons Co. | | | 383 | | | | 2,206 | |
Safe Bulkers, Inc. (2) | | | 665 | | | | 2,261 | |
Saia, Inc. (2) | | | 208 | | | | 16,817 | |
SkyWest, Inc. | | | 241 | | | | 12,508 | |
Spartan Motors, Inc. | | | 203 | | | | 3,065 | |
Teledyne Technologies, Inc. (2) | | | 73 | | | | 14,531 | |
Textron, Inc. | | | 740 | | | | 48,773 | |
TPI Composites, Inc. (2) | | | 87 | | | | 2,544 | |
TriMas Corp. (2) | | | 83 | | | | 2,440 | |
Triton International, Ltd./Bermuda | | | 77 | | | | 2,361 | |
Union Pacific Corp. | | | 2,171 | | | | 307,587 | |
United Rentals, Inc. (2) | | | 80 | | | | 11,810 | |
Universal Forest Products, Inc. | | | 425 | | | | 15,564 | |
Universal Logistics Holdings, Inc. | | | 364 | | | | 9,555 | |
Vectrus, Inc. (2) | | | 202 | | | | 6,226 | |
Vicor Corp. (2) | | | 61 | | | | 2,657 | |
WESCO International, Inc. (2) | | | 27 | | | | 1,542 | |
Willis Lease Finance Corp. (2) | | | 20 | | | | 632 | |
WW Grainger, Inc. | | | 326 | | | | 100,538 | |
YRC Worldwide, Inc. (2) | | | 33 | | | | 332 | |
| | | | | | | | 1,633,489 | |
| | | | | | | | | |
Information Technology — 10.6% | | | | | | | | |
Accenture PLC | | | 309 | | | | 50,549 | |
Adobe Systems, Inc. (2) | | | 1,353 | | | | 329,875 | |
Akamai Technologies, Inc. (2) | | | 96 | | | | 7,030 | |
Alphabet, Inc. - Class C (2) | | | 487 | | | | 543,322 | |
Alphabet, Inc. - Class A (2) | | | 17 | | | | 19,196 | |
American Software, Inc./GA | | | 160 | | | | 2,331 | |
Amkor Technology, Inc. (2) | | | 1,841 | | | | 15,814 | |
Apple, Inc. | | | 4,988 | | | | 923,330 | |
Applied Materials, Inc. | | | 5,595 | | | | 258,433 | |
ARRIS International PLC (2) | | | 2,020 | | | | 49,379 | |
Aspen Technology, Inc. (2) | | | 647 | | | | 60,003 | |
Avnet, Inc. | | | 452 | | | | 19,386 | |
Blucora, Inc. (2) | | | 110 | | | | 4,070 | |
Booz Allen Hamilton Holding Corp. | | | 306 | | | | 13,381 | |
Broadridge Financial Solutions, Inc. | | | 403 | | | | 46,385 | |
CA, Inc. | | | 3,820 | | | | 136,183 | |
Cabot Microelectronics Corp. | | | 91 | | | | 9,788 | |
CACI International, Inc. (2) | | | 82 | | | | 13,821 | |
Care.com, Inc. (2) | | | 8 | | | | 167 | |
The accompanying notes are an integral part of these financial statements.
Page 46 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
CDW Corp./DE | | | 753 | | | | 60,835 | |
Ciena Corp. (2) | | | 938 | | | | 24,866 | |
Cisco Systems, Inc. | | | 9,638 | | | | 414,723 | |
Citrix Systems, Inc. (2) | | | 1,578 | | | | 165,438 | |
Comtech Telecommunications Corp. | | | 221 | | | | 7,045 | |
Daktronics, Inc. | | | 222 | | | | 1,889 | |
DHI Group, Inc. (2) | | | 406 | | | | 954 | |
DXC Technology Co. | | | 1,683 | | | | 135,667 | |
Electro Scientific Industries, Inc. (2) | | | 51 | | | | 804 | |
ePlus, Inc. (2) | | | 35 | | | | 3,294 | |
Etsy, Inc. (2) | | | 225 | | | | 9,493 | |
F5 Networks, Inc. (2) | | | 487 | | | | 83,983 | |
Facebook, Inc. (2) | | | 2,314 | | | | 449,656 | |
Fair Isaac Corp. (2) | | | 67 | | | | 12,952 | |
First Solar, Inc. (2) | | | 134 | | | | 7,056 | |
Five9, Inc. (2) | | | 120 | | | | 4,148 | |
FLIR Systems, Inc. | | | 173 | | | | 8,991 | |
Fortinet, Inc. (2) | | | 744 | | | | 46,448 | |
Hackett Group, Inc./The | | | 61 | | | | 980 | |
Hewlett Packard Enterprise Co. | | | 3,772 | | | | 55,109 | |
HP, Inc. | | | 10,664 | | | | 241,966 | |
Immersion Corp. (2) | | | 157 | | | | 2,424 | |
Insight Enterprises, Inc. (2) | | | 148 | | | | 7,242 | |
Intel Corp. | | | 6,241 | | | | 310,240 | |
InterDigital, Inc./PA | | | 283 | | | | 22,895 | |
Intuit, Inc. | | | 1,281 | | | | 261,715 | |
IPG Photonics Corp. (2) | | | 124 | | | | 27,358 | |
Jabil, Inc. | | | 1,104 | | | | 30,537 | |
Juniper Networks, Inc. | | | 3,400 | | | | 93,228 | |
KLA-Tencor Corp. | | | 83 | | | | 8,510 | |
Lam Research Corp. | | | 1,251 | | | | 216,235 | |
Limelight Networks, Inc. (2) | | | 187 | | | | 836 | |
LivePerson, Inc. (2) | | | 109 | | | | 2,300 | |
Mastercard, Inc. | | | 1,634 | | | | 321,114 | |
Micron Technology, Inc. (2) | | | 5,090 | | | | 266,920 | |
Microsoft Corp. | | | 7,851 | | | | 774,187 | |
MKS Instruments, Inc. | | | 195 | | | | 18,662 | |
Nanometrics, Inc. (2) | | | 200 | | | | 7,082 | |
NETGEAR, Inc. (2) | | | 35 | | | | 2,188 | |
New Relic, Inc. (2) | | | 30 | | | | 3,018 | |
Novanta, Inc. (2) | | | 61 | | | | 3,800 | |
Nutanix, Inc. (2) | | | 148 | | | | 7,632 | |
NVIDIA Corp. | | | 940 | | | | 222,686 | |
Oclaro, Inc. (2) | | | 59 | | | | 527 | |
ON Semiconductor Corp. (2) | | | 2,178 | | | | 48,428 | |
OneSpan, Inc. (2) | | | 5 | | | | 98 | |
Oracle Corp. | | | 3,464 | | | | 152,624 | |
PC Connection, Inc. | | | 129 | | | | 4,283 | |
Perficient, Inc. (2) | | | 64 | | | | 1,688 | |
Plantronics, Inc. | | | 31 | | | | 2,364 | |
Progress Software Corp. | | | 253 | | | | 9,821 | |
QuinStreet, Inc. (2) | | | 105 | | | | 1,334 | |
Red Hat, Inc. (2) | | | 1,517 | | | | 203,839 | |
RingCentral, Inc. (2) | | | 250 | | | | 17,588 | |
Rosetta Stone, Inc. (2) | | | 568 | | | | 9,105 | |
Rudolph Technologies, Inc. (2) | | | 205 | | | | 6,068 | |
SMART Global Holdings, Inc. (2) | | | 41 | | | | 1,307 | |
Stamps.com, Inc. (2) | | | 14 | | | | 3,543 | |
Syntel, Inc. (2) | | | 385 | | | | 12,355 | |
Tech Data Corp. (2) | | | 202 | | | | 16,588 | |
TechTarget, Inc. (2) | | | 119 | | | | 3,380 | |
Texas Instruments, Inc. | | | 2,864 | | | | 315,756 | |
Twilio, Inc. (2) | | | 107 | | | | 5,994 | |
Unisys Corp. (2) | | | 395 | | | | 5,096 | |
Varonis Systems, Inc. (2) | | | 106 | | | | 7,897 | |
Vishay Precision Group, Inc. (2) | | | 59 | | | | 2,251 | |
Western Digital Corp. | | | 507 | | | | 39,247 | |
Xcerra Corp. (2) | | | 1,057 | | | | 14,766 | |
Xerox Corp. (2) | | | 527 | | | | 12,648 | |
Xilinx, Inc. | | | 157 | | | | 10,246 | |
XO Group, Inc. (2) | | | 134 | | | | 4,288 | |
Zebra Technologies Corp. (2) | | | 161 | | | | 23,063 | |
| | | | | | | | 7,785,741 | |
| | | | | | | | | |
Materials — 1.0% | | | | | | | | |
AdvanSix, Inc. (2) | | | 124 | | | | 4,542 | |
Alcoa Corp. (2) | | | 203 | | | | 9,517 | |
Chemours Co./The | | | 563 | | | | 24,975 | |
Eagle Materials, Inc. | | | 218 | | | | 22,883 | |
Eastman Chemical Co. | | | 1,131 | | | | 113,055 | |
Freeport-McMoRan, Inc. | | | 2,875 | | | | 49,623 | |
Gold Resource Corp. | | | 230 | | | | 1,516 | |
Huntsman Corp. | | | 318 | | | | 9,286 | |
Kraton Corp. (2) | | | 212 | | | | 9,782 | |
Kronos Worldwide, Inc. | | | 447 | | | | 10,071 | |
Louisiana-Pacific Corp. | | | 696 | | | | 18,945 | |
LyondellBasell Industries NV | | | 2,208 | | | | 242,549 | |
Olin Corp. | | | 24 | | | | 689 | |
Rayonier Advanced Materials, Inc. | | | 29 | | | | 496 | |
Reliance Steel & Aluminum Co. | | | 485 | | | | 42,457 | |
Ryerson Holding Corp. (2) | | | 101 | | | | 1,126 | |
Schweitzer-Mauduit International, Inc. | | | 9 | | | | 393 | |
Steel Dynamics, Inc. | | | 1,240 | | | | 56,978 | |
SunCoke Energy, Inc. (2) | | | 123 | | | | 1,648 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 47 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Tredegar Corp. | | | 209 | | | | 4,912 | |
Trinseo SA | | | 366 | | | | 25,968 | |
United States Steel Corp. | | | 290 | | | | 10,078 | |
Valhi, Inc. | | | 125 | | | | 595 | |
Westlake Chemical Corp. | | | 569 | | | | 61,241 | |
| | | | | | | | 723,325 | |
| | | | | | | | | |
Real Estate Investment Trust — 1.4% | | | | | | | | |
CareTrust REIT, Inc. | | | 338 | | | | 5,641 | |
Cedar Realty Trust, Inc. | | | 76 | | | | 359 | |
Chesapeake Lodging Trust | | | 267 | | | | 8,448 | |
CoreCivic, Inc. | | | 701 | | | | 16,747 | |
CubeSmart | | | 2,875 | | | | 92,633 | |
Essex Property Trust, Inc. | | | 922 | | | | 220,423 | |
Front Yard Residential Corp. | | | 326 | | | | 3,397 | |
GEO Group, Inc./The | | | 402 | | | | 11,071 | |
Gladstone Commercial Corp. | | | 195 | | | | 3,748 | |
Hersha Hospitality Trust | | | 578 | | | | 12,398 | |
Host Hotels & Resorts, Inc. | | | 5,073 | | | | 106,888 | |
Lamar Advertising Co. | | | 194 | | | | 13,252 | |
LaSalle Hotel Properties | | | 113 | | | | 3,868 | |
Pebblebrook Hotel Trust | | | 401 | | | | 15,559 | |
Pennsylvania Real Estate Investment Trust | | | 202 | | | | 2,220 | |
PotlatchDeltic Corp. | | | 323 | | | | 16,425 | |
PS Business Parks, Inc. | | | 175 | | | | 22,488 | |
Public Storage | | | 423 | | | | 95,962 | |
Rafael Holdings, Inc. (2) | | | 28 | | | | 257 | |
RAIT Financial Trust | | | 514 | | | | 50 | |
Rayonier, Inc. | | | 318 | | | | 12,303 | |
Retail Properties of America, Inc. | | | 2,273 | | | | 29,049 | |
Simon Property Group, Inc. | | | 1,511 | | | | 257,157 | |
Spirit Realty Capital, Inc. | | | 1,634 | | | | 13,121 | |
Tanger Factory Outlet Centers, Inc. | | | 76 | | | | 1,785 | |
Tier REIT, Inc. | | | 536 | | | | 12,746 | |
UMH Properties, Inc. | | | 2 | | | | 31 | |
Urstadt Biddle Properties, Inc. | | | 470 | | | | 10,636 | |
Ventas, Inc. | | | 903 | | | | 51,426 | |
| | | | | | | | 1,040,088 | |
| | | | | | | | | |
Telecommunication Services — 0.5% | | | | | | | | |
AT&T, Inc. | | | 1,326 | | | | 42,578 | |
Frontier Communications Corp. | | | 56 | | | | 300 | |
Intelsat SA (2) | | | 95 | | | | 1,583 | |
Telephone & Data Systems, Inc. | | | 132 | | | | 3,619 | |
Verizon Communications, Inc. | | | 7,020 | | | | 353,176 | |
Vonage Holdings Corp. (2) | | | 52 | | | | 670 | |
| | | | | | | | 401,926 | |
| | | | | | | | | |
Utilities — 1.3% | | | | | | | | |
AES Corp./VA | | | 3,672 | | | | 49,242 | |
CenterPoint Energy, Inc. | | | 4,142 | | | | 114,775 | |
Consolidated Water Co., Ltd. | | | 180 | | | | 2,322 | |
Exelon Corp. | | | 5,920 | | | | 252,192 | |
MDU Resources Group, Inc. | | | 1,807 | | | | 51,825 | |
NextEra Energy, Inc. | | | 1,692 | | | | 282,615 | |
UGI Corp. | | | 3,235 | | | | 168,446 | |
Vistra Energy Corp. (2) | | | 1,577 | | | | 37,299 | |
| | | | | | | | 958,716 | |
| | | | | | | | | |
Total Common Stocks (Cost $25,191,881) | | | | | | | 27,706,538 | |
Registered Investment Companies — 35.8% |
Baird Core Plus Bond Fund - Class I | | | 43,522 | | | | 473,085 | |
DoubleLine Total Return Bond Fund - Class I | | | 45,323 | | | | 472,268 | |
Frost Total Return Bond Fund - Class I | | | 45,892 | | | | 472,231 | |
Goldman Sachs Emerging Markets Equity Insights Fund - Class I | | | 177,977 | | | | 1,779,767 | |
Guggenheim Total Return Bond Fund - Class I | | | 17,542 | | | | 471,878 | |
iShares Core MSCI EAFE ETF (9) | | | 247,280 | | | | 15,670,134 | |
iShares Core MSCI Emerging Markets ETF (9) | | | 61,482 | | | | 3,228,420 | |
iShares Core U.S. Aggregate Bond ETF (9) | | | 4,523 | | | | 480,885 | |
iShares iBoxx $ High Yield Corporate Bond ETF (3)(9) | | | 3,708 | | | | 315,477 | |
JPMorgan Core Plus Bond Fund - Class L | | | 34,322 | | | | 275,951 | |
Lord Abbett High Yield Fund - Class I | | | 48,926 | | | | 363,521 | |
PGIM Total Return Bond Fund - Class R6 | | | 22,090 | | | | 311,253 | |
PIMCO Investment Grade Corporate Bond Fund - Class I | | | 12,848 | | | | 129,254 | |
Pioneer Bond Fund - Class Y | | | 50,675 | | | | 474,826 | |
SPDR Bloomberg Barclays High Yield Bond ETF (9) | | | 8,848 | | | | 313,927 | |
TCW Emerging Markets Income Fund - Class I | | | 77,944 | | | | 612,642 | |
Vanguard Intermediate-Term Corporate Bond ETF (9) | | | 4,280 | | | | 357,466 | |
Vanguard Total Bond Market ETF (9) | | | 3,401 | | | | 269,324 | |
Total Registered Investment Companies (Cost $24,062,425) | | | | | | | 26,472,309 | |
The accompanying notes are an integral part of these financial statements.
Page 48 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Global Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Money Market Registered Investment Companies — 20.4% |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 314,029 | | | | 314,029 | |
Meeder Institutional Prime Money Market Fund, 1.96% (5) | | | 14,792,202 | | | | 14,792,202 | |
Total Money Market Registered Investment Companies (Cost $15,104,086) | | | | | | | 15,106,231 | |
| | | | | | | | | |
Bank Obligations — 1.7% | | | | | | | | |
First Merchants Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,219 | | | | 249,219 | |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,223 | | | | 249,223 | |
Pacific Mercantile Bank Deposit Account, 1.83%, 7/2/2018 (6) | | | 249,317 | | | | 249,317 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (6) | | | 249,182 | | | | 249,182 | |
Seacoast Community Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,267 | | | | 249,267 | |
Total Bank Obligations (Cost $1,246,208) | | | | | | | 1,246,208 | |
| | | | | | | | | |
U.S. Government Obligations — 2.7% | | | | | | | | |
U.S. Treasury Note, 2.25%, due 11/15/2025 | | | 937,000 | | | | 901,167 | |
U.S. Treasury Note, 1.88%, due 12/31/2019 | | | 193,000 | | | | 191,274 | |
U.S. Treasury Note, 2.13%, due 12/31/2022 | | | 915,000 | | | | 892,017 | |
Total U.S. Government Obligations (Cost $2,010,870) | | | | | | | 1,984,458 | |
Total Investments — 98.1% (Cost $67,615,470) | | | | | | | 72,515,744 | |
Other Assets less Liabilities — 1.9% | | | | | | | 1,389,920 | |
Total Net Assets — 100.0% | | | | | | | 73,905,664 | |
| | | | | | | | | |
Trustee Deferred Compensation (7) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 3,202 | | | | 34,069 | |
Meeder Balanced Fund | | | 1,639 | | | | 18,947 | |
Meeder Dynamic Allocation Fund | | | 1,124 | | | | 12,274 | |
Meeder Muirfield Fund | | | 1,637 | | | | 12,441 | |
Meeder Conservative Allocation Fund | | | 455 | | | | 10,078 | |
Total Trustee Deferred Compensation (Cost $77,101) | | | | | | | 87,809 | |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 107 | | | 9/21/2018 | | | | 10,461,390 | | | | (345,922 | ) |
Mini MSCI Emerging Markets Index Futures | | | 25 | | | 9/21/2018 | | | | 1,329,125 | | | | (83,139 | ) |
Russell 2000 Mini Index Futures | | | 6 | | | 9/21/2018 | | | | 494,250 | | | | (8,669 | ) |
Standard & Poors 500 Mini Futures | | | 27 | | | 9/21/2018 | | | | 3,674,160 | | | | (75,874 | ) |
E-mini Standard & Poors MidCap 400 Futures | | | 5 | | | 9/21/2018 | | | | 978,050 | | | | (18,617 | ) |
Total Futures Contracts | | | 170 | | | | | | | 16,936,975 | | | | (532,221 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (10) | |
Level 1 - Quoted Prices | | $ | 69,285,078 | | | $ | (532,221 | ) |
Level 2 - Other Significant Observable Inputs | | | 3,230,666 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 72,515,744 | | | $ | (532,221 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | All or a portion of this security is on loan. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 49 |
Schedule of Investments
June 30, 2018 (unaudited)
(4) | Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(6) | 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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(7) | Assets of affiliates to the Global Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(8) | Fair valued security deemed as Level 3 security. |
(10) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
Page 50 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Balanced Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 48.8% |
Consumer Discretionary — 5.6% | | | | | | | | |
Amazon.com, Inc. (2) | | | 2,488 | | | | 4,229,102 | |
AMC Networks, Inc. (2) | | | 1,737 | | | | 108,041 | |
American Axle & Manufacturing Holdings, Inc. (2) | | | 1,400 | | | | 21,784 | |
Bed Bath & Beyond, Inc. | | | 5,258 | | | | 104,766 | |
Best Buy Co., Inc. | | | 2,689 | | | | 200,546 | |
Big Lots, Inc. | | | 1,249 | | | | 52,183 | |
Bloomin' Brands, Inc. | | | 5,367 | | | | 107,877 | |
Booking Holdings, Inc. (2) | | | 465 | | | | 942,597 | |
Build-A-Bear Workshop, Inc. (2) | | | 922 | | | | 7,007 | |
Burlington Stores, Inc. (2) | | | 991 | | | | 149,175 | |
Cambium Learning Group, Inc. (2) | | | 376 | | | | 4,192 | |
Carter's, Inc. | | | 287 | | | | 31,108 | |
Chico's FAS, Inc. | | | 714 | | | | 5,812 | |
Comcast Corp. | | | 28,435 | | | | 932,952 | |
Cooper-Standard Holdings, Inc. (2) | | | 101 | | | | 13,198 | |
Crocs, Inc. (2) | | | 1,465 | | | | 25,799 | |
Deckers Outdoor Corp. (2) | | | 474 | | | | 53,510 | |
Dollar General Corp. | | | 4,267 | | | | 420,726 | |
Dollar Tree, Inc. (2) | | | 1,875 | | | | 159,375 | |
Entravision Communications Corp. | | | 1,251 | | | | 6,255 | |
Foot Locker, Inc. | | | 1,191 | | | | 62,706 | |
Ford Motor Co. | | | 90,316 | | | | 999,798 | |
Gannett Co., Inc. | | | 3,237 | | | | 34,636 | |
General Motors Co. | | | 6,189 | | | | 243,847 | |
Gentex Corp. | | | 11,883 | | | | 273,547 | |
Grand Canyon Education, Inc. (2) | | | 1,191 | | | | 132,928 | |
Home Depot, Inc./The | | | 3,154 | | | | 615,345 | |
John Wiley & Sons, Inc. | | | 5,178 | | | | 323,107 | |
Kohl's Corp. | | | 2,152 | | | | 156,881 | |
Las Vegas Sands Corp. | | | 4,215 | | | | 321,857 | |
La-Z-Boy, Inc. | | | 521 | | | | 15,943 | |
Lear Corp. | | | 4,206 | | | | 781,517 | |
Liberty Expedia Holdings, Inc. (2) | | | 7,231 | | | | 317,730 | |
Liberty Media Corp-Liberty SiriusXM (2) | | | 4,699 | | | | 213,147 | |
Lululemon Athletica, Inc. (2) | | | 1,651 | | | | 206,127 | |
Macy's, Inc. | | | 4,201 | | | | 157,243 | |
Michael Kors Holdings, Ltd. (2) | | | 4,922 | | | | 327,805 | |
National CineMedia, Inc. | | | 2,012 | | | | 16,901 | |
Netflix, Inc. (2) | | | 2,560 | | | | 1,002,061 | |
New Media Investment Group, Inc. | | | 10,963 | | | | 202,596 | |
Nexstar Media Group, Inc. | | | 160 | | | | 11,744 | |
NVR, Inc. (2) | | | 101 | | | | 300,005 | |
Penn National Gaming, Inc. (2) | | | 2,328 | | | | 78,198 | |
Pinnacle Entertainment, Inc. (2) | | | 10,775 | | | | 363,441 | |
PulteGroup, Inc. | | | 8,701 | | | | 250,154 | |
Qurate Retail, Inc. (2) | | | 1,715 | | | | 36,392 | |
Ralph Lauren Corp. | | | 310 | | | | 38,973 | |
RH (2) | | | 142 | | | | 19,837 | |
Ross Stores, Inc. | | | 4,906 | | | | 415,784 | |
Shutterfly, Inc. (2) | | | 889 | | | | 80,037 | |
Stoneridge, Inc. (2) | | | 1,086 | | | | 38,162 | |
Target Corp. | | | 6,514 | | | | 495,846 | |
Taylor Morrison Home Corp. (2) | | | 5,922 | | | | 123,059 | |
Tenneco, Inc. | | | 2,515 | | | | 110,559 | |
TJX Cos., Inc./The | | | 3,435 | | | | 326,943 | |
TopBuild Corp. (2) | | | 1,277 | | | | 100,040 | |
Tower International, Inc. | | | 294 | | | | 9,349 | |
tronc, Inc. (2) | | | 1,229 | | | | 21,237 | |
Twenty-First Century Fox, Inc. - Class B | | | 1,146 | | | | 56,463 | |
Twenty-First Century Fox, Inc. - Class A | | | 6,771 | | | | 336,451 | |
Viacom, Inc. | | | 2,548 | | | | 76,848 | |
Walt Disney Co./The | | | 8,659 | | | | 907,550 | |
World Wrestling Entertainment, Inc. | | | 466 | | | | 33,934 | |
Wyndham Destinations, Inc. | | | 7,936 | | | | 351,327 | |
| | | | | | | | 18,564,060 | |
| | | | | | | | | |
Consumer Staples — 1.4% | | | | | | | | |
Conagra Brands, Inc. | | | 12,619 | | | | 450,877 | |
Dr Pepper Snapple Group, Inc. | | | 259 | | | | 31,598 | |
Flowers Foods, Inc. | | | 3,433 | | | | 71,509 | |
Herbalife Nutrition, Ltd. (2) | | | 3,501 | | | | 188,074 | |
Kroger Co./The | | | 5,604 | | | | 159,434 | |
Lamb Weston Holdings, Inc. | | | 3,798 | | | | 260,201 | |
Medifast, Inc. | | | 96 | | | | 15,375 | |
Molson Coors Brewing Co. | | | 4,235 | | | | 288,149 | |
Performance Food Group Co. (2) | | | 1,790 | | | | 65,693 | |
Tyson Foods, Inc. | | | 14,745 | | | | 1,015,193 | |
US Foods Holding Corp. (2) | | | 3,936 | | | | 148,860 | |
USANA Health Sciences, Inc. (2) | | | 1,395 | | | | 160,844 | |
Village Super Market, Inc. | | | 101 | | | | 2,975 | |
Walgreens Boots Alliance, Inc. | | | 8,516 | | | | 511,088 | |
Walmart, Inc. | | | 14,400 | | | | 1,233,360 | |
| | | | | | | | 4,603,230 | |
| | | | | | | | | |
Energy — 3.5% | | | | | | | | |
Adams Resources & Energy, Inc. | | | 116 | | | | 4,988 | |
Anadarko Petroleum Corp. | | | 9,114 | | | | 667,601 | |
Andeavor | | | 3,092 | | | | 405,609 | |
Arch Coal, Inc. | | | 1,054 | | | | 82,665 | |
Bonanza Creek Energy, Inc. (2) | | | 130 | | | | 4,923 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 51 |
Schedule of Investments
June 30, 2018 (unaudited)
Balanced Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Cactus, Inc. (2) | | | 4,263 | | | | 144,047 | |
California Resources Corp. (2) | | | 414 | | | | 18,812 | |
Chevron Corp. | | | 11,029 | | | | 1,394,396 | |
ConocoPhillips | | | 15,920 | | | | 1,108,350 | |
CONSOL Energy, Inc. (2) | | | 762 | | | | 29,223 | |
Continental Resources, Inc./OK (2) | | | 2,323 | | | | 150,437 | |
CVR Energy, Inc. | | | 1,450 | | | | 53,636 | |
Delek US Holdings, Inc. | | | 2,340 | | | | 117,398 | |
Denbury Resources, Inc. (2) | | | 2,403 | | | | 11,558 | |
Energen Corp. (2) | | | 3,662 | | | | 266,667 | |
EOG Resources, Inc. | | | 2,481 | | | | 308,711 | |
Evolution Petroleum Corp. | | | 2,943 | | | | 28,989 | |
Exxon Mobil Corp. | | | 26,565 | | | | 2,197,722 | |
FTS International, Inc. (2) | | | 8,786 | | | | 125,113 | |
Hallador Energy Co. | | | 3,155 | | | | 22,527 | |
HollyFrontier Corp. | | | 2,989 | | | | 204,537 | |
Keane Group, Inc. (2) | | | 410 | | | | 5,605 | |
Liberty Oilfield Services, Inc. (2) | | | 3,481 | | | | 65,164 | |
Mammoth Energy Services, Inc. (2) | | | 809 | | | | 27,474 | |
Marathon Oil Corp. | | | 10,072 | | | | 210,102 | |
Marathon Petroleum Corp. | | | 6,907 | | | | 484,595 | |
Matrix Service Co. (2) | | | 2,025 | | | | 37,159 | |
Midstates Petroleum Co., Inc. (2) | | | 143 | | | | 1,946 | |
Occidental Petroleum Corp. | | | 9,684 | | | | 810,357 | |
Overseas Shipholding Group, Inc. (2) | | | 4,166 | | | | 16,164 | |
Par Pacific Holdings, Inc. (2) | | | 236 | | | | 4,102 | |
PBF Energy, Inc. | | | 4,729 | | | | 198,287 | |
Peabody Energy Corp. | | | 2,690 | | | | 122,341 | |
PHI, Inc. (2) | | | 276 | | | | 2,807 | |
Phillips 66 | | | 11,060 | | | | 1,242,149 | |
Renewable Energy Group, Inc. (2) | | | 2,131 | | | | 38,038 | |
SilverBow Resources, Inc. (2) | | | 589 | | | | 17,010 | |
Valero Energy Corp. | | | 9,369 | | | | 1,038,366 | |
W&T Offshore, Inc. (2) | | | 6,328 | | | | 45,245 | |
Whiting Petroleum Corp. (2) | | | 493 | | | | 25,991 | |
WildHorse Resource Development Corp. (2) | | | 1,243 | | | | 31,522 | |
World Fuel Services Corp. | | | 988 | | | | 20,165 | |
| | | | | | | | 11,792,498 | |
| | | | | | | | | |
Financials — 7.0% | | | | | | | | |
Aflac, Inc. | | | 6,886 | | | | 296,236 | |
American Equity Investment Life Holding Co. | | | 669 | | | | 24,084 | |
Bancorp, Inc./The (2) | | | 4,534 | | | | 47,426 | |
Bank of America Corp. | | | 82,999 | | | | 2,339,742 | |
Bank of NT Butterfield & Son, Ltd./The | | | 4,970 | | | | 227,228 | |
BankUnited, Inc. | | | 12,726 | | | | 519,857 | |
BB&T Corp. | | | 28,650 | | | | 1,445,106 | |
Berkshire Hathaway, Inc. (2) | | | 17,806 | | | | 3,323,490 | |
Cannae Holdings, Inc. (2) | | | 5,682 | | | | 105,401 | |
Charter Financial Corp./MD | | | 700 | | | | 16,905 | |
Cherry Hill Mortgage Investment Corp. | | | 841 | | | | 15,020 | |
CIT Group, Inc. | | | 60 | | | | 3,025 | |
Citizens Financial Group, Inc. | | | 6,847 | | | | 266,348 | |
Comerica, Inc. | | | 2,204 | | | | 200,388 | |
Cullen/Frost Bankers, Inc. | | | 1,682 | | | | 182,060 | |
Curo Group Holdings Corp. (2) | | | 109 | | | | 2,720 | |
Enova International, Inc. (2) | | | 642 | | | | 23,465 | |
Evercore, Inc. | | | 2,145 | | | | 226,190 | |
Fifth Third Bancorp | | | 31,353 | | | | 899,831 | |
First American Financial Corp. | | | 11,264 | | | | 582,574 | |
First BanCorp/Puerto Rico (2) | | | 7,305 | | | | 55,883 | |
FirstCash, Inc. | | | 2,966 | | | | 266,495 | |
Genworth Financial, Inc. (2) | | | 2,894 | | | | 13,023 | |
Hamilton Lane, Inc. | | | 1,051 | | | | 50,416 | |
Hanover Insurance Group, Inc./The | | | 366 | | | | 43,759 | |
Huntington Bancshares, Inc./OH | | | 15,435 | | | | 227,821 | |
Independence Holding Co. | | | 139 | | | | 4,622 | |
Infinity Property & Casualty Corp. | | | 557 | | | | 79,289 | |
Interactive Brokers Group, Inc. | | | 1,665 | | | | 107,243 | |
JPMorgan Chase & Co. | | | 19,161 | | | | 1,996,576 | |
Ladder Capital Corp. | | | 5,094 | | | | 79,568 | |
Lazard, Ltd. | | | 206 | | | | 10,075 | |
LPL Financial Holdings, Inc. | | | 2,206 | | | | 144,581 | |
MB Financial, Inc. | | | 5,501 | | | | 256,897 | |
Medley Management, Inc. (2) | | | 338 | | | | 1,200 | |
Morningstar, Inc. | | | 371 | | | | 47,581 | |
New Residential Investment Corp. | | | 60,511 | | | | 1,058,337 | |
Northeast Bancorp | | | 43 | | | | 937 | |
Northrim BanCorp, Inc. | | | 450 | | | | 17,798 | |
OFG Bancorp | | | 1,558 | | | | 21,890 | |
Oppenheimer Holdings, Inc. | | | 1,553 | | | | 43,484 | |
PacWest Bancorp | | | 8,525 | | | | 421,306 | |
PNC Financial Services Group, Inc./The | | | 8,647 | | | | 1,168,210 | |
Popular, Inc. | | | 4,330 | | | | 195,759 | |
Progressive Corp./The | | | 17,944 | | | | 1,061,388 | |
Prudential Financial, Inc. | | | 7,016 | | | | 656,066 | |
Pzena Investment Management, Inc. | | | 2,550 | | | | 23,486 | |
Regions Financial Corp. | | | 41,318 | | | | 734,634 | |
Stewart Information Services Corp. | | | 1,547 | | | | 66,629 | |
SunTrust Banks, Inc. | | | 15,968 | | | | 1,054,207 | |
Sutherland Asset Management Corp. | | | 750 | | | | 12,188 | |
The accompanying notes are an integral part of these financial statements.
Page 52 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Balanced Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
TCF Financial Corp. | | | 6,723 | | | | 165,520 | |
Triumph Bancorp, Inc. (2) | | | 2,532 | | | | 103,179 | |
Umpqua Holdings Corp. | | | 12,171 | | | | 274,943 | |
Universal Insurance Holdings, Inc. | | | 5,841 | | | | 205,019 | |
Walker & Dunlop, Inc. | | | 4,610 | | | | 256,547 | |
Wells Fargo & Co. | | | 29,253 | | | | 1,621,786 | |
| | | | | | | | 23,295,438 | |
| | | | | | | | | |
Healthcare — 8.8% | | | | | | | | |
Abaxis, Inc. | | | 106 | | | | 8,799 | |
Abbott Laboratories | | | 12,126 | | | | 739,565 | |
AbbVie, Inc. | | | 11,873 | | | | 1,100,033 | |
ABIOMED, Inc. (2) | | | 594 | | | | 242,976 | |
Alexion Pharmaceuticals, Inc. (2) | | | 2,607 | | | | 323,659 | |
Align Technology, Inc. (2) | | | 1,203 | | | | 411,594 | |
AMAG Pharmaceuticals, Inc. (2) | | | 1,851 | | | | 36,095 | |
Amgen, Inc. | | | 6,751 | | | | 1,246,167 | |
Amphastar Pharmaceuticals, Inc. (2) | | | 1,808 | | | | 27,590 | |
AnaptysBio, Inc. (2) | | | 52 | | | | 3,694 | |
Anthem, Inc. | | | 4,535 | | | | 1,079,466 | |
Arena Pharmaceuticals, Inc. (2) | | | 477 | | | | 20,797 | |
Atara Biotherapeutics, Inc. (2) | | | 184 | | | | 6,762 | |
AxoGen, Inc. (2) | | | 436 | | | | 21,909 | |
Baxter International, Inc. | | | 8,180 | | | | 604,011 | |
Biogen, Inc. (2) | | | 2,800 | | | | 812,672 | |
Bio-Rad Laboratories, Inc. (2) | | | 634 | | | | 182,934 | |
Boston Scientific Corp. (2) | | | 1,517 | | | | 49,606 | |
Bristol-Myers Squibb Co. | | | 8,861 | | | | 490,368 | |
Bruker Corp. | | | 1,011 | | | | 29,359 | |
Cantel Medical Corp. | | | 488 | | | | 48,000 | |
Cardinal Health, Inc. | | | 9,725 | | | | 474,872 | |
Catalent, Inc. (2) | | | 6,368 | | | | 266,756 | |
Catalyst Pharmaceuticals, Inc. (2) | | | 3,256 | | | | 10,159 | |
Celcuity, Inc. (2) | | | 180 | | | | 4,468 | |
Celgene Corp. (2) | | | 1,316 | | | | 104,517 | |
Centene Corp. (2) | | | 4,072 | | | | 501,711 | |
Cerner Corp. (2) | | | 16,191 | | | | 968,060 | |
Chemed Corp. | | | 883 | | | | 284,158 | |
ChemoCentryx, Inc. (2) | | | 1,619 | | | | 21,322 | |
Cigna Corp. | | | 1,247 | | | | 211,928 | |
Collegium Pharmaceutical, Inc. (2) | | | 568 | | | | 13,547 | |
Concert Pharmaceuticals, Inc. (2) | | | 1,586 | | | | 26,692 | |
CONMED Corp. | | | 577 | | | | 42,236 | |
Cutera, Inc. (2) | | | 88 | | | | 3,546 | |
CytomX Therapeutics, Inc. (2) | | | 440 | | | | 10,058 | |
Danaher Corp. | | | 6,328 | | | | 624,447 | |
Eagle Pharmaceuticals, Inc./DE (2) | | | 341 | | | | 25,800 | |
Eli Lilly & Co. | | | 4,931 | | | | 420,762 | |
Emergent BioSolutions, Inc. (2) | | | 3,817 | | | | 192,720 | |
Enanta Pharmaceuticals, Inc. (2) | | | 242 | | | | 28,048 | |
Encompass Health Corp. | | | 907 | | | | 61,422 | |
Exelixis, Inc. (2) | | | 2,990 | | | | 64,345 | |
Express Scripts Holding Co. (2) | | | 10,300 | | | | 795,263 | |
Fate Therapeutics, Inc. (2) | | | 272 | | | | 3,084 | |
Foundation Medicine, Inc. (2) | | | 15 | | | | 2,051 | |
G1 Therapeutics, Inc. (2) | | | 485 | | | | 21,078 | |
Genomic Health, Inc. (2) | | | 1,657 | | | | 83,513 | |
Gilead Sciences, Inc. | | | 15,718 | | | | 1,113,463 | |
Globus Medical, Inc. (2) | | | 5,855 | | | | 295,443 | |
Haemonetics Corp. (2) | | | 2,529 | | | | 226,801 | |
Halozyme Therapeutics, Inc. (2) | | | 219 | | | | 3,695 | |
HCA Healthcare, Inc. | | | 10,835 | | | | 1,111,671 | |
Hill-Rom Holdings, Inc. | | | 2,670 | | | | 233,198 | |
ICU Medical, Inc. (2) | | | 267 | | | | 78,405 | |
IDEXX Laboratories, Inc. (2) | | | 435 | | | | 94,804 | |
Illumina, Inc. (2) | | | 610 | | | | 170,367 | |
Immunomedics, Inc. (2) | | | 732 | | | | 17,326 | |
Innovate Biopharmaceuticals, Inc. (2) | | | 35 | | | | 825 | |
Inogen, Inc. (2) | | | 674 | | | | 125,586 | |
Integer Holdings Corp. (2) | | | 1,623 | | | | 104,927 | |
Intersect ENT, Inc. (2) | | | 820 | | | | 30,709 | |
Intuitive Surgical, Inc. (2) | | | 1,803 | | | | 862,699 | |
IQVIA Holdings, Inc. (2) | | | 982 | | | | 98,023 | |
Ironwood Pharmaceuticals, Inc. (2) | | | 907 | | | | 17,342 | |
Johnson & Johnson | | | 14,664 | | | | 1,779,330 | |
Kindred Biosciences, Inc. (2) | | | 473 | | | | 5,037 | |
Loxo Oncology, Inc. (2) | | | 264 | | | | 45,799 | |
Luminex Corp. | | | 2,336 | | | | 68,982 | |
Madrigal Pharmaceuticals, Inc. (2) | | | 64 | | | | 17,900 | |
Masimo Corp. (2) | | | 1,426 | | | | 139,249 | |
McKesson Corp. | | | 2,419 | | | | 322,695 | |
Medtronic PLC | | | 16,484 | | | | 1,411,195 | |
Merck & Co., Inc. | | | 19,662 | | | | 1,193,483 | |
Momenta Pharmaceuticals, Inc. (2) | | | 1,724 | | | | 35,256 | |
Mylan NV (2) | | | 11,009 | | | | 397,865 | |
Myriad Genetics, Inc. (2) | | | 1,383 | | | | 51,683 | |
Nektar Therapeutics (2) | | | 1,391 | | | | 67,923 | |
Orthofix International NV (2) | | | 3,427 | | | | 194,722 | |
PDL BioPharma, Inc. (2) | | | 11,015 | | | | 25,775 | |
Perrigo Co. PLC | | | 357 | | | | 26,029 | |
Pfizer, Inc. | | | 48,924 | | | | 1,774,963 | |
Phibro Animal Health Corp. | | | 675 | | | | 31,084 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 53 |
Schedule of Investments
June 30, 2018 (unaudited)
Balanced Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Pieris Pharmaceuticals, Inc. (2) | | | 921 | | | | 4,669 | |
Premier, Inc. (2) | | | 10,407 | | | | 378,607 | |
Providence Service Corp./The (2) | | | 132 | | | | 10,369 | |
PTC Therapeutics, Inc. (2) | | | 616 | | | | 20,778 | |
Quality Systems, Inc. (2) | | | 898 | | | | 17,511 | |
RadNet, Inc. (2) | | | 112 | | | | 1,680 | |
Recro Pharma, Inc. (2) | | | 736 | | | | 3,695 | |
Regeneron Pharmaceuticals, Inc. (2) | | | 516 | | | | 178,015 | |
REGENXBIO, Inc. (2) | | | 268 | | | | 19,229 | |
Sage Therapeutics, Inc. (2) | | | 460 | | | | 72,004 | |
Spectrum Pharmaceuticals, Inc. (2) | | | 1,013 | | | | 21,232 | |
STAAR Surgical Co. (2) | | | 353 | | | | 10,943 | |
STERIS PLC | | | 1,539 | | | | 161,610 | |
Tabula Rasa HealthCare, Inc. (2) | | | 564 | | | | 36,000 | |
Triple-S Management Corp. (2) | | | 1,746 | | | | 68,199 | |
United Therapeutics Corp. (2) | | | 1,765 | | | | 199,710 | |
UnitedHealth Group, Inc. | | | 6,589 | | | | 1,616,545 | |
Universal Health Services, Inc. | | | 322 | | | | 35,884 | |
Vanda Pharmaceuticals, Inc. (2) | | | 798 | | | | 15,202 | |
Veracyte, Inc. (2) | | | 1,530 | | | | 14,290 | |
Vertex Pharmaceuticals, Inc. (2) | | | 3,974 | | | | 675,421 | |
WellCare Health Plans, Inc. (2) | | | 550 | | | | 135,432 | |
Xencor, Inc. (2) | | | 706 | | | | 26,129 | |
Zoetis, Inc. | | | 6,538 | | | | 556,972 | |
| | | | | | | | 29,206,999 | |
| | | | | | | | | |
Industrials — 2.9% | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 13,317 | | | | 539,205 | |
ArcBest Corp. | | | 883 | | | | 40,353 | |
Atkore International Group, Inc. (2) | | | 3,740 | | | | 77,680 | |
Boeing Co./The | | | 5,533 | | | | 1,856,377 | |
Casella Waste Systems, Inc. (2) | | | 1,698 | | | | 43,486 | |
Comfort Systems USA, Inc. | | | 987 | | | | 45,205 | |
Copart, Inc. (2) | | | 9,058 | | | | 512,320 | |
Covenant Transportation Group, Inc. (2) | | | 1,553 | | | | 48,920 | |
CSX Corp. | | | 4,350 | | | | 277,443 | |
Cummins, Inc. | | | 218 | | | | 28,994 | |
Curtiss-Wright Corp. | | | 1,225 | | | | 145,800 | |
EMCOR Group, Inc. | | | 3,675 | | | | 279,962 | |
FTI Consulting, Inc. (2) | | | 1,793 | | | | 108,441 | |
Genco Shipping & Trading, Ltd. (2) | | | 1,432 | | | | 22,196 | |
Global Brass & Copper Holdings, Inc. | | | 643 | | | | 20,158 | |
Huntington Ingalls Industries, Inc. | | | 1,709 | | | | 370,494 | |
Hurco Cos., Inc. | | | 123 | | | | 5,504 | |
ICF International, Inc. | | | 248 | | | | 17,620 | |
Kaman Corp. | | | 1,020 | | | | 71,084 | |
KBR, Inc. | | | 2,857 | | | | 51,197 | |
Kelly Services, Inc. | | | 1,069 | | | | 23,999 | |
Kforce, Inc. | | | 931 | | | | 31,933 | |
ManpowerGroup, Inc. | | | 1,761 | | | | 151,552 | |
Matson, Inc. | | | 873 | | | | 33,506 | |
McGrath RentCorp | | | 2,490 | | | | 157,542 | |
Miller Industries, Inc./TN | | | 579 | | | | 14,793 | |
MSC Industrial Direct Co., Inc. | | | 1,017 | | | | 86,292 | |
MYR Group, Inc. (2) | | | 1,191 | | | | 42,233 | |
Navigant Consulting, Inc. (2) | | | 2,630 | | | | 58,228 | |
Nexeo Solutions, Inc. (2) | | | 187 | | | | 1,707 | |
Norfolk Southern Corp. | | | 3,626 | | | | 547,055 | |
Old Dominion Freight Line, Inc. | | | 1,013 | | | | 150,896 | |
Oshkosh Corp. | | | 316 | | | | 22,221 | |
PACCAR, Inc. | | | 355 | | | | 21,996 | |
Park-Ohio Holdings Corp. | | | 89 | | | | 3,320 | |
Pitney Bowes, Inc. | | | 5,121 | | | | 43,887 | |
Proto Labs, Inc. (2) | | | 548 | | | | 65,185 | |
Quad/Graphics, Inc. | | | 2,061 | | | | 42,931 | |
Quanta Services, Inc. (2) | | | 7,062 | | | | 235,871 | |
RR Donnelley & Sons Co. | | | 600 | | | | 3,456 | |
Saia, Inc. (2) | | | 1,178 | | | | 95,241 | |
SkyWest, Inc. | | | 1,205 | | | | 62,540 | |
Systemax, Inc. | | | 509 | | | | 17,474 | |
Teledyne Technologies, Inc. (2) | | | 803 | | | | 159,845 | |
Textron, Inc. | | | 4,101 | | | | 270,297 | |
Union Pacific Corp. | | | 9,751 | | | | 1,381,522 | |
United Continental Holdings, Inc. (2) | | | 319 | | | | 22,244 | |
United Rentals, Inc. (2) | | | 2,087 | | | | 308,083 | |
Universal Logistics Holdings, Inc. | | | 1,130 | | | | 29,663 | |
Vectrus, Inc. (2) | | | 1,502 | | | | 46,292 | |
Vicor Corp. (2) | | | 139 | | | | 6,053 | |
Waste Management, Inc. | | | 4,677 | | | | 380,427 | |
WESCO International, Inc. (2) | | | 167 | | | | 9,536 | |
WW Grainger, Inc. | | | 1,830 | | | | 564,372 | |
| | | | | | | | 9,654,631 | |
| | | | | | | | | |
Information Technology — 13.3% | | | | | | | | |
Accenture PLC | | | 8,320 | | | | 1,361,069 | |
Adobe Systems, Inc. (2) | | | 5,013 | | | | 1,222,220 | |
Alphabet, Inc. - Class C (2) | | | 2,399 | | | | 2,676,444 | |
Alphabet, Inc. - Class A (2) | | | 565 | | | | 637,992 | |
Apple, Inc. | | | 29,640 | | | | 5,486,660 | |
Applied Materials, Inc. | | | 11,987 | | | | 553,680 | |
ARRIS International PLC (2) | | | 21,183 | | | | 517,818 | |
Aspen Technology, Inc. (2) | | | 5,768 | | | | 534,924 | |
The accompanying notes are an integral part of these financial statements.
Page 54 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Balanced Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Avnet, Inc. | | | 7,377 | | | | 316,400 | |
Blucora, Inc. (2) | | | 581 | | | | 21,497 | |
Booz Allen Hamilton Holding Corp. | | | 8,271 | | | | 361,691 | |
Broadcom, Inc. | | | 29 | | | | 7,037 | |
Broadridge Financial Solutions, Inc. | | | 2,941 | | | | 338,509 | |
CA, Inc. | | | 24,355 | | | | 868,256 | |
CACI International, Inc. (2) | | | 1,420 | | | | 239,341 | |
CDW Corp./DE | | | 3,198 | | | | 258,366 | |
Ciena Corp. (2) | | | 7,521 | | | | 199,382 | |
Cisco Systems, Inc. | | | 50,267 | | | | 2,162,989 | |
Citrix Systems, Inc. (2) | | | 11,742 | | | | 1,231,031 | |
Comtech Telecommunications Corp. | | | 2,398 | | | | 76,448 | |
DXC Technology Co. | | | 7,192 | | | | 579,747 | |
Electro Scientific Industries, Inc. (2) | | | 827 | | | | 13,042 | |
Electronic Arts, Inc. (2) | | | 3,414 | | | | 481,442 | |
Etsy, Inc. (2) | | | 1,684 | | | | 71,048 | |
F5 Networks, Inc. (2) | | | 2,881 | | | | 496,828 | |
Facebook, Inc. (2) | | | 13,998 | | | | 2,720,091 | |
FLIR Systems, Inc. | | | 1,489 | | | | 77,383 | |
Fortinet, Inc. (2) | | | 5,738 | | | | 358,223 | |
GrubHub, Inc. (2) | | | 189 | | | | 19,828 | |
Hewlett Packard Enterprise Co. | | | 18,433 | | | | 269,306 | |
HP, Inc. | | | 52,067 | | | | 1,181,400 | |
Immersion Corp. (2) | | | 1,373 | | | | 21,199 | |
Insight Enterprises, Inc. (2) | | | 731 | | | | 35,768 | |
Intel Corp. | | | 36,012 | | | | 1,790,157 | |
InterDigital, Inc./PA | | | 1,578 | | | | 127,660 | |
International Business Machines Corp. | | | 10,662 | | | | 1,489,481 | |
Intuit, Inc. | | | 5,409 | | | | 1,105,086 | |
IPG Photonics Corp. (2) | | | 684 | | | | 150,911 | |
Jabil, Inc. | | | 11,301 | | | | 312,586 | |
Juniper Networks, Inc. | | | 13,946 | | | | 382,399 | |
Lam Research Corp. | | | 3,201 | | | | 553,293 | |
Mastercard, Inc. | | | 9,424 | | | | 1,852,004 | |
Micron Technology, Inc. (2) | | | 9,431 | | | | 494,562 | |
Microsoft Corp. | | | 47,344 | | | | 4,668,490 | |
MKS Instruments, Inc. | | | 209 | | | | 20,001 | |
Nanometrics, Inc. (2) | | | 361 | | | | 12,783 | |
NETGEAR, Inc. (2) | | | 42 | | | | 2,625 | |
NVIDIA Corp. | | | 4,393 | | | | 1,040,702 | |
ON Semiconductor Corp. (2) | | | 16,761 | | | | 372,681 | |
Oracle Corp. | | | 27,054 | | | | 1,191,999 | |
QuinStreet, Inc. (2) | | | 817 | | | | 10,376 | |
Red Hat, Inc. (2) | | | 3,480 | | | | 467,608 | |
RingCentral, Inc. (2) | | | 1,792 | | | | 126,067 | |
Rosetta Stone, Inc. (2) | | | 7,268 | | | | 116,506 | |
Syntel, Inc. (2) | | | 6,170 | | | | 197,995 | |
Tech Data Corp. (2) | | | 2,195 | | | | 180,253 | |
TechTarget, Inc. (2) | | | 703 | | | | 19,965 | |
Texas Instruments, Inc. | | | 13,475 | | | | 1,485,619 | |
Unisys Corp. (2) | | | 614 | | | | 7,921 | |
Western Digital Corp. | | | 3,176 | | | | 245,854 | |
Xcerra Corp. (2) | | | 10,194 | | | | 142,410 | |
Xerox Corp. (2) | | | 6,993 | | | | 167,832 | |
Zebra Technologies Corp. (2) | | | 1,085 | | | | 155,426 | |
| | | | | | | | 44,288,311 | |
| | | | | | | | | |
Materials — 1.4% | | | | | | | | |
AdvanSix, Inc. (2) | | | 1,040 | | | | 38,095 | |
Chemours Co./The | | | 6,741 | | | | 299,031 | |
Eagle Materials, Inc. | | | 487 | | | | 51,120 | |
Eastman Chemical Co. | | | 8,270 | | | | 826,669 | |
Freeport-McMoRan, Inc. | | | 14,693 | | | | 253,601 | |
Gold Resource Corp. | | | 5,204 | | | | 34,294 | |
Huntsman Corp. | | | 9,788 | | | | 285,810 | |
Kraton Corp. (2) | | | 1,808 | | | | 83,421 | |
Kronos Worldwide, Inc. | | | 3,894 | | | | 87,732 | |
Louisiana-Pacific Corp. | | | 8,144 | | | | 221,680 | |
LyondellBasell Industries NV | | | 10,025 | | | | 1,101,246 | |
Olin Corp. | | | 162 | | | | 4,653 | |
Packaging Corp. of America | | | 229 | | | | 25,600 | |
Reliance Steel & Aluminum Co. | | | 3,531 | | | | 309,104 | |
Ryerson Holding Corp. (2) | | | 140 | | | | 1,561 | |
Schweitzer-Mauduit International, Inc. | | | 393 | | | | 17,182 | |
Steel Dynamics, Inc. | | | 5,791 | | | | 266,096 | |
SunCoke Energy, Inc. (2) | | | 414 | | | | 5,548 | |
Tredegar Corp. | | | 661 | | | | 15,534 | |
Trinseo SA | | | 5,123 | | | | 363,477 | |
United States Steel Corp. | | | 689 | | | | 23,943 | |
Verso Corp. (2) | | | 354 | | | | 7,703 | |
Warrior Met Coal, Inc. | | | 543 | | | | 14,971 | |
Westlake Chemical Corp. | | | 3,523 | | | | 379,180 | |
Worthington Industries, Inc. | | | 768 | | | | 32,233 | |
| | | | | | | | 4,749,484 | |
| | | | | | | | | |
Real Estate Investment Trust — 1.8% | | | | | | | | |
American Tower Corp. | | | 3,089 | | | | 445,341 | |
CoreCivic, Inc. | | | 2,764 | | | | 66,032 | |
CubeSmart | | | 13,438 | | | | 432,972 | |
Essex Property Trust, Inc. | | | 4,645 | | | | 1,110,480 | |
GEO Group, Inc./The | | | 3,158 | | | | 86,971 | |
Hersha Hospitality Trust | | | 4,723 | | | | 101,308 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 55 |
Schedule of Investments
June 30, 2018 (unaudited)
Balanced Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Host Hotels & Resorts, Inc. | | | 18,342 | | | | 386,466 | |
Lamar Advertising Co. | | | 2,414 | | | | 164,900 | |
LaSalle Hotel Properties | | | 640 | | | | 21,907 | |
PotlatchDeltic Corp. | | | 227 | | | | 11,543 | |
PS Business Parks, Inc. | | | 543 | | | | 69,776 | |
Public Storage | | | 3,352 | | | | 760,435 | |
Rayonier, Inc. | | | 6,357 | | | | 245,952 | |
Retail Properties of America, Inc. | | | 10,260 | | | | 131,123 | |
Simon Property Group, Inc. | | | 8,810 | | | | 1,499,374 | |
Tier REIT, Inc. | | | 4,020 | | | | 95,596 | |
Ventas, Inc. | | | 9,689 | | | | 551,789 | |
| | | | | | | | 6,181,965 | |
| | | | | | | | | |
Telecommunication Services — 1.0% | | | | | | | | |
AT&T, Inc. | | | 34,384 | | | | 1,104,070 | |
Intelsat SA (2) | | | 712 | | | | 11,862 | |
Telephone & Data Systems, Inc. | | | 2,627 | | | | 72,032 | |
T-Mobile US, Inc. (2) | | | 1,153 | | | | 68,892 | |
United States Cellular Corp. (2) | | | 88 | | | | 3,260 | |
Verizon Communications, Inc. | | | 43,838 | | | | 2,205,490 | |
Vonage Holdings Corp. (2) | | | 2,958 | | | | 38,129 | |
| | | | | | | | 3,503,735 | |
| | | | | | | | | |
Utilities — 2.1% | | | | | | | | |
AES Corp./VA | | | 30,067 | | | | 403,198 | |
CenterPoint Energy, Inc. | | | 42,984 | | | | 1,191,087 | |
Exelon Corp. | | | 34,507 | | | | 1,469,998 | |
MDU Resources Group, Inc. | | | 28,166 | | | | 807,801 | |
NextEra Energy, Inc. | | | 10,064 | | | | 1,680,990 | |
Public Service Enterprise Group, Inc. | | | 2,610 | | | | 141,305 | |
UGI Corp. | | | 24,465 | | | | 1,273,893 | |
Vistra Energy Corp. (2) | | | 7,241 | | | | 171,320 | |
| | | | | | | | 7,139,592 | |
| | | | | | | | | |
Total Common Stocks (Cost $148,654,742) | | | | | | | 162,979,943 | |
| | | | | | | | | |
Registered Investment Companies — 22.8% |
Baird Core Plus Bond Fund - Class I | | | 568,992 | | | | 6,184,942 | |
DoubleLine Total Return Bond Fund - Class I | | | 593,401 | | | | 6,183,233 | |
Frost Total Return Bond Fund - Class I | | | 600,416 | | | | 6,178,280 | |
Guggenheim Total Return Bond Fund - Class I | | | 230,394 | | | | 6,197,589 | |
iShares Core U.S. Aggregate Bond ETF (8) | | | 59,159 | | | | 6,289,785 | |
iShares iBoxx $ High Yield Corporate Bond ETF (3)(8) | | | 48,035 | | | | 4,086,818 | |
JPMorgan Core Plus Bond Fund - Class L | | | 449,161 | | | | 3,611,251 | |
Lord Abbett High Yield Fund - Class I | | | 692,466 | | | | 5,145,024 | |
PGIM Total Return Bond Fund - Class R6 | | | 295,264 | | | | 4,160,269 | |
PIMCO Investment Grade Corporate Bond Fund - Class I | | | 173,211 | | | | 1,742,505 | |
Pioneer Bond Fund - Class Y | | | 660,590 | | | | 6,189,730 | |
SPDR Bloomberg Barclays High Yield Bond ETF (8) | | | 114,737 | | | | 4,070,869 | |
TCW Emerging Markets Income Fund - Class I | | | 1,034,125 | | | | 8,128,219 | |
Vanguard Intermediate-Term Corporate Bond ETF (8) | | | 55,401 | | | | 4,627,092 | |
Vanguard Total Bond Market ETF (8) | | | 44,469 | | | | 3,521,500 | |
Total Registered Investment Companies (Cost $77,383,942) | | | | | | | 76,317,106 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 20.3% |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 4,178,336 | | | | 4,178,336 | |
Meeder Institutional Prime Money Market Fund, 1.96% (5) | | | 63,847,242 | | | | 63,847,242 | |
Total Money Market Registered Investment Companies (Cost $68,017,444) | | | | | | | 68,025,578 | |
| | | | | | | | | |
Bank Obligations — 0.4% | | | | | | | | |
First Merchants Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,219 | | | | 249,219 | |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,223 | | | | 249,223 | |
Pacific Mercantile Bank Deposit Account, 1.83%, 7/2/2018 (6) | | | 249,317 | | | | 249,317 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (6) | | | 249,182 | | | | 249,182 | |
Seacoast Community Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,267 | | | | 249,267 | |
Total Bank Obligations (Cost $1,246,208) | | | | | | | 1,246,208 | |
The accompanying notes are an integral part of these financial statements.
Page 56 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Balanced Fund |
Security Description | | Shares,
Contracts or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
U.S. Government Obligations — 7.9% | | | | | | | | |
U.S. Treasury Note, 2.25%, due 11/15/2025 | | | 12,377,000 | | | | 11,903,676 | |
U.S. Treasury Note, 1.88%, due 12/31/2019 | | | 2,651,000 | | | | 2,627,286 | |
U.S. Treasury Note, 2.13%, due 12/31/2022 | | | 12,168,000 | | | | 11,862,374 | |
Total U.S. Government Obligations (Cost $26,685,175) | | | | | | | 26,393,336 | |
Total Investments — 100.2% (Cost $321,987,511) | | | | | | | 334,962,171 | |
Liabilities less Other Assets — (0.2%) | | | | | | | (584,301 | ) |
Total Net Assets — 100.0% | | | | | | | 334,377,870 | |
| | | | | | | | | |
Trustee Deferred Compensation (7) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 4,319 | | | | 45,954 | |
Meeder Balanced Fund | | | 2,240 | | | | 25,894 | |
Meeder Dynamic Allocation Fund | | | 1,522 | | | | 16,620 | |
Meeder Muirfield Fund | | | 2,469 | | | | 18,764 | |
Meeder Conservative Allocation Fund | | | 629 | | | | 13,932 | |
Total Trustee Deferred Compensation (Cost $107,904) | | | | | | | 121,164 | |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 179 | | | 9/21/2018 | | | | 17,500,830 | | | | (529,459 | ) |
Mini MSCI Emerging Markets Index Futures | | | 73 | | | 9/21/2018 | | | | 3,881,045 | | | | (209,393 | ) |
Russell 2000 Mini Index Futures | | | 40 | | | 9/21/2018 | | | | 3,295,000 | | | | (72,007 | ) |
Standard & Poors 500 Mini Futures | | | 158 | | | 9/21/2018 | | | | 21,500,640 | | | | (152,055 | ) |
E-mini Standard & Poors MidCap 400 Futures | | | 37 | | | 9/21/2018 | | | | 7,237,570 | | | | (156,805 | ) |
Total Futures Contracts | | | 487 | | | | | | | 53,415,085 | | | | (1,119,719 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (9) | |
Level 1 - Quoted Prices | | $ | 307,322,627 | | | $ | (1,119,719 | ) |
Level 2 - Other Significant Observable Inputs | | | 27,639,544 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 334,962,171 | | | $ | (1,119,719 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | All or a portion of this security is on loan. |
(4) | Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(6) | 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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(7) | 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) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 57 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 32.0% |
Consumer Discretionary — 3.4% | | | | | | | | |
1-800-Flowers.com, Inc. (2) | | | 418 | | | | 5,246 | |
Abercrombie & Fitch Co. | | | 119 | | | | 2,913 | |
Amazon.com, Inc. (2) | | | 705 | | | | 1,198,359 | |
AMC Networks, Inc. (2) | | | 301 | | | | 18,722 | |
American Axle & Manufacturing Holdings, Inc. (2) | | | 159 | | | | 2,474 | |
American Eagle Outfitters, Inc. | | | 485 | | | | 11,276 | |
American Public Education, Inc. (2) | | | 131 | | | | 5,515 | |
Ascent Capital Group, Inc. (2) | | | 257 | | | | 722 | |
Bassett Furniture Industries, Inc. | | | 182 | | | | 5,014 | |
Bed Bath & Beyond, Inc. | | | 116 | | | | 2,311 | |
Best Buy Co., Inc. | | | 1,354 | | | | 100,981 | |
Big Lots, Inc. | | | 93 | | | | 3,886 | |
Bloomin' Brands, Inc. | | | 989 | | | | 19,879 | |
Booking Holdings, Inc. (2) | | | 200 | | | | 405,418 | |
Bridgepoint Education, Inc. (2) | | | 97 | | | | 633 | |
Burlington Stores, Inc. (2) | | | 171 | | | | 25,741 | |
Cambium Learning Group, Inc. (2) | | | 389 | | | | 4,337 | |
Capella Education Co. | | | 7 | | | | 691 | |
Cavco Industries, Inc. (2) | | | 3 | | | | 623 | |
Chico's FAS, Inc. | | | 651 | | | | 5,299 | |
Churchill Downs, Inc. | | | 2 | | | | 593 | |
Citi Trends, Inc. | | | 69 | | | | 1,893 | |
Comcast Corp. | | | 2,468 | | | | 80,975 | |
Cooper-Standard Holdings, Inc. (2) | | | 9 | | | | 1,176 | |
Crocs, Inc. (2) | | | 185 | | | | 3,258 | |
Deckers Outdoor Corp. (2) | | | 139 | | | | 15,692 | |
Dollar General Corp. | | | 2,178 | | | | 214,751 | |
Entravision Communications Corp. | | | 244 | | | | 1,220 | |
Foot Locker, Inc. | | | 191 | | | | 10,056 | |
Ford Motor Co. | | | 37,462 | | | | 414,704 | |
GameStop Corp. | | | 263 | | | | 3,832 | |
Gannett Co., Inc. | | | 862 | | | | 9,223 | |
Gentex Corp. | | | 1,576 | | | | 36,280 | |
Grand Canyon Education, Inc. (2) | | | 375 | | | | 41,854 | |
Groupon, Inc. (2) | | | 118 | | | | 507 | |
Hibbett Sports, Inc. (2) | | | 166 | | | | 3,801 | |
Home Depot, Inc./The | | | 151 | | | | 29,460 | |
J Alexander's Holdings, Inc. (2) | | | 328 | | | | 3,657 | |
John Wiley & Sons, Inc. | | | 553 | | | | 34,507 | |
Kohl's Corp. | | | 346 | | | | 25,223 | |
Las Vegas Sands Corp. | | | 512 | | | | 39,096 | |
La-Z-Boy, Inc. | | | 430 | | | | 13,158 | |
Lear Corp. | | | 1,344 | | | | 249,729 | |
Liberty Expedia Holdings, Inc. (2) | | | 1,049 | | | | 46,093 | |
Liberty Media Corp-Liberty SiriusXM (2) | | | 450 | | | | 20,412 | |
Liberty TripAdvisor Holdings, Inc. (2) | | | 176 | | | | 2,834 | |
Lululemon Athletica, Inc. (2) | | | 437 | | | | 54,559 | |
Macy's, Inc. | | | 634 | | | | 23,731 | |
MCBC Holdings, Inc. (2) | | | 128 | | | | 3,706 | |
MDC Partners, Inc. (2) | | | 210 | | | | 966 | |
Michael Kors Holdings, Ltd. (2) | | | 865 | | | | 57,609 | |
National CineMedia, Inc. | | | 569 | | | | 4,780 | |
Netflix, Inc. (2) | | | 800 | | | | 313,144 | |
New Media Investment Group, Inc. | | | 892 | | | | 16,484 | |
Nexstar Media Group, Inc. | | | 18 | | | | 1,321 | |
Nutrisystem, Inc. | | | 20 | | | | 770 | |
NVR, Inc. (2) | | | 32 | | | | 95,051 | |
Office Depot, Inc. | | | 2,372 | | | | 6,049 | |
Penn National Gaming, Inc. (2) | | | 622 | | | | 20,893 | |
Pinnacle Entertainment, Inc. (2) | | | 1,154 | | | | 38,924 | |
PulteGroup, Inc. | | | 1,763 | | | | 50,686 | |
Qurate Retail, Inc. (2) | | | 368 | | | | 7,809 | |
RCI Hospitality Holdings, Inc. | | | 63 | | | | 1,994 | |
RH (2) | | | 11 | | | | 1,537 | |
Ross Stores, Inc. | | | 3,378 | | | | 286,286 | |
Shutterfly, Inc. (2) | | | 204 | | | | 18,366 | |
Speedway Motorsports, Inc. | | | 318 | | | | 5,520 | |
Stoneridge, Inc. (2) | | | 37 | | | | 1,300 | |
Tailored Brands, Inc. | | | 22 | | | | 561 | |
Target Corp. | | | 5,349 | | | | 407,166 | |
Taylor Morrison Home Corp. (2) | | | 2,066 | | | | 42,931 | |
Tenneco, Inc. | | | 509 | | | | 22,376 | |
TJX Cos., Inc./The | | | 2,340 | | | | 222,721 | |
TopBuild Corp. (2) | | | 365 | | | | 28,594 | |
Tower International, Inc. | | | 199 | | | | 6,328 | |
Townsquare Media, Inc. | | | 246 | | | | 1,592 | |
tronc, Inc. (2) | | | 345 | | | | 5,962 | |
Vuzix Corp. (2) | | | 57 | | | | 425 | |
Walt Disney Co./The | | | 128 | | | | 13,416 | |
Weight Watchers International, Inc. (2) | | | 58 | | | | 5,864 | |
World Wrestling Entertainment, Inc. | | | 119 | | | | 8,666 | |
Wyndham Destinations, Inc. | | | 1,814 | | | | 80,306 | |
ZAGG, Inc. (2) | | | 93 | | | | 1,609 | |
| | | | | | | | 4,984,026 | |
| | | | | | | | | |
Consumer Staples — 0.6% | | | | | | | | |
Conagra Brands, Inc. | | | 636 | | | | 22,724 | |
Flowers Foods, Inc. | | | 489 | | | | 10,186 | |
Kroger Co./The | | | 970 | | | | 27,597 | |
Lamb Weston Holdings, Inc. | | | 277 | | | | 18,977 | |
Medifast, Inc. | | | 20 | | | | 3,203 | |
Molson Coors Brewing Co. | | | 114 | | | | 7,757 | |
The accompanying notes are an integral part of these financial statements.
Page 58 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Natural Grocers by Vitamin Cottage, Inc. (2) | | | 22 | | | | 280 | |
Performance Food Group Co. (2) | | | 911 | | | | 33,434 | |
Tyson Foods, Inc. | | | 5,251 | | | | 361,531 | |
US Foods Holding Corp. (2) | | | 44 | | | | 1,664 | |
USANA Health Sciences, Inc. (2) | | | 134 | | | | 15,450 | |
Village Super Market, Inc. | | | 261 | | | | 7,689 | |
Walgreens Boots Alliance, Inc. | | | 1,350 | | | | 81,020 | |
Walmart, Inc. | | | 3,078 | | | | 263,631 | |
Weis Markets, Inc. | | | 132 | | | | 7,041 | |
| | | | | | | | 862,184 | |
| | | | | | | | | |
Energy — 2.9% | | | | | | | | |
Abraxas Petroleum Corp. (2) | | | 1,408 | | | | 4,069 | |
Adams Resources & Energy, Inc. | | | 54 | | | | 2,322 | |
Anadarko Petroleum Corp. | | | 5,608 | | | | 410,786 | |
Andeavor | | | 1,176 | | | | 154,268 | |
Arch Coal, Inc. | | | 200 | | | | 15,686 | |
Cactus, Inc. (2) | | | 505 | | | | 17,064 | |
California Resources Corp. (2) | | | 109 | | | | 4,953 | |
Chevron Corp. | | | 3,427 | | | | 433,276 | |
ConocoPhillips | | | 7,101 | | | | 494,372 | |
CONSOL Energy, Inc. (2) | | | 174 | | | | 6,673 | |
Continental Resources, Inc./OK (2) | | | 675 | | | | 43,713 | |
CVR Energy, Inc. | | | 263 | | | | 9,728 | |
Delek US Holdings, Inc. | | | 585 | | | | 29,349 | |
Denbury Resources, Inc. (2) | | | 614 | | | | 2,953 | |
Energen Corp. (2) | | | 458 | | | | 33,352 | |
Era Group, Inc. (2) | | | 162 | | | | 2,098 | |
Evolution Petroleum Corp. | | | 722 | | | | 7,112 | |
Exxon Mobil Corp. | | | 6,387 | | | | 528,397 | |
FTS International, Inc. (2) | | | 1,747 | | | | 24,877 | |
Hallador Energy Co. | | | 768 | | | | 5,484 | |
HollyFrontier Corp. | | | 1,116 | | | | 76,368 | |
Keane Group, Inc. (2) | | | 230 | | | | 3,144 | |
Liberty Oilfield Services, Inc. (2) | | | 621 | | | | 11,625 | |
Mammoth Energy Services, Inc. (2) | | | 162 | | | | 5,502 | |
Marathon Oil Corp. | | | 4,467 | | | | 93,182 | |
Marathon Petroleum Corp. | | | 5,642 | | | | 395,843 | |
Matrix Service Co. (2) | | | 639 | | | | 11,726 | |
Midstates Petroleum Co., Inc. (2) | | | 311 | | | | 4,233 | |
Occidental Petroleum Corp. | | | 5,498 | | | | 460,073 | |
Overseas Shipholding Group, Inc. (2) | | | 1,007 | | | | 3,907 | |
Pacific Ethanol, Inc. (2) | | | 450 | | | | 1,170 | |
Par Pacific Holdings, Inc. (2) | | | 511 | | | | 8,881 | |
PBF Energy, Inc. | | | 974 | | | | 40,840 | |
Peabody Energy Corp. | | | 721 | | | | 32,791 | |
Penn Virginia Corp. (2) | | | 14 | | | | 1,188 | |
PHI, Inc. (2) | | | 84 | | | | 854 | |
Phillips 66 | | | 3,891 | | | | 436,998 | |
Pioneer Energy Services Corp. (2) | | | 314 | | | | 1,837 | |
ProPetro Holding Corp. (2) | | | 327 | | | | 5,127 | |
Renewable Energy Group, Inc. (2) | | | 421 | | | | 7,515 | |
SilverBow Resources, Inc. (2) | | | 332 | | | | 9,588 | |
Valero Energy Corp. | | | 3,976 | | | | 440,660 | |
W&T Offshore, Inc. (2) | | | 851 | | | | 6,085 | |
Westmoreland Coal Co. (2) | | | 773 | | | | 108 | |
WildHorse Resource Development Corp. (2) | | | 502 | | | | 12,731 | |
World Fuel Services Corp. | | | 167 | | | | 3,408 | |
Zion Oil & Gas, Inc. (2) | | | 203 | | | | 823 | |
| | | | | | | | 4,306,739 | |
| | | | | | | | | |
Financials — 5.0% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 99 | | | | 3,564 | |
BancFirst Corp. | | | 117 | | | | 6,926 | |
Bancorp, Inc./The (2) | | | 983 | | | | 10,282 | |
Bank of America Corp. | | | 28,430 | | | | 801,442 | |
Bank of NT Butterfield & Son, Ltd./The | | | 696 | | | | 31,821 | |
BankUnited, Inc. | | | 2,606 | | | | 106,455 | |
BB&T Corp. | | | 8,263 | | | | 416,786 | |
Berkshire Hathaway, Inc. (2) | | | 5,176 | | | | 966,100 | |
BOK Financial Corp. | | | 151 | | | | 14,196 | |
C&F Financial Corp. | | | 65 | | | | 4,066 | |
Cannae Holdings, Inc. (2) | | | 1,193 | | | | 22,130 | |
Charter Financial Corp./MD | | | 347 | | | | 8,380 | |
Cherry Hill Mortgage Investment Corp. | | | 682 | | | | 12,181 | |
Chimera Investment Corp. | | | 3,008 | | | | 54,986 | |
CIT Group, Inc. | | | 99 | | | | 4,991 | |
Citizens Financial Group, Inc. | | | 262 | | | | 10,192 | |
Comerica, Inc. | | | 3,159 | | | | 287,216 | |
Cullen/Frost Bankers, Inc. | | | 801 | | | | 86,700 | |
Curo Group Holdings Corp. (2) | | | 301 | | | | 7,510 | |
Enova International, Inc. (2) | | | 225 | | | | 8,224 | |
Evercore, Inc. | | | 441 | | | | 46,503 | |
FedNat Holding Co. | | | 143 | | | | 3,299 | |
Fifth Third Bancorp | | | 13,332 | | | | 382,628 | |
First American Financial Corp. | | | 1,564 | | | | 80,890 | |
First BanCorp/Puerto Rico (2) | | | 2,155 | | | | 16,486 | |
FirstCash, Inc. | | | 529 | | | | 47,531 | |
Genworth Financial, Inc. (2) | | | 845 | | | | 3,803 | |
Hamilton Lane, Inc. | | | 151 | | | | 7,243 | |
Health Insurance Innovations, Inc. (2) | | | 56 | | | | 1,812 | |
Huntington Bancshares, Inc./OH | | | 20,071 | | | | 296,248 | |
Independence Holding Co. | | | 219 | | | | 7,282 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 59 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Infinity Property & Casualty Corp. | | | 150 | | | | 21,353 | |
Interactive Brokers Group, Inc. | | | 470 | | | | 30,273 | |
JPMorgan Chase & Co. | | | 7,161 | | | | 746,176 | |
Ladder Capital Corp. | | | 1,728 | | | | 26,991 | |
LPL Financial Holdings, Inc. | | | 428 | | | | 28,051 | |
Marlin Business Services Corp. | | | 75 | | | | 2,239 | |
MB Financial, Inc. | | | 1,065 | | | | 49,736 | |
Medley Management, Inc. (2) | | | 766 | | | | 2,719 | |
Meta Financial Group, Inc. | | | 19 | | | | 1,851 | |
Morningstar, Inc. | | | 137 | | | | 17,570 | |
MTGE Investment Corp. | | | 178 | | | | 3,489 | |
National General Holdings Corp. | | | 392 | | | | 10,321 | |
New Residential Investment Corp. | | | 6,835 | | | | 119,544 | |
NewStar Financial Contingent Value Rights (2)(8) | | | 31 | | | | — | |
Northeast Bancorp | | | 300 | | | | 6,540 | |
Northrim BanCorp, Inc. | | | 271 | | | | 10,718 | |
OFG Bancorp | | | 455 | | | | 6,393 | |
Oppenheimer Holdings, Inc. | | | 290 | | | | 8,120 | |
PacWest Bancorp | | | 2,328 | | | | 115,050 | |
PennyMac Financial Services, Inc. (2) | | | 442 | | | | 8,685 | |
Peoples Bancorp of North Carolina, Inc. | | | 37 | | | | 1,185 | |
PNC Financial Services Group, Inc./The | | | 3,395 | | | | 458,665 | |
Popular, Inc. | | | 946 | | | | 42,769 | |
Progressive Corp./The | | | 6,877 | | | | 406,775 | |
Pzena Investment Management, Inc. | | | 734 | | | | 6,760 | |
Regional Management Corp. (2) | | | 122 | | | | 4,272 | |
Regions Financial Corp. | | | 21,617 | | | | 384,350 | |
Silvercrest Asset Management Group, Inc. | | | 106 | | | | 1,728 | |
State Bank Financial Corp. | | | 188 | | | | 6,279 | |
Stewart Information Services Corp. | | | 664 | | | | 28,598 | |
SunTrust Banks, Inc. | | | 6,164 | | | | 406,947 | |
Sutherland Asset Management Corp. | | | 576 | | | | 9,360 | |
TCF Financial Corp. | | | 2,471 | | | | 60,836 | |
Timberland Bancorp, Inc./WA | | | 126 | | | | 4,705 | |
Triumph Bancorp, Inc. (2) | | | 363 | | | | 14,792 | |
Umpqua Holdings Corp. | | | 2,848 | | | | 64,336 | |
United Security Bancshares/Fresno CA | | | 690 | | | | 7,728 | |
Universal Insurance Holdings, Inc. | | | 611 | | | | 21,446 | |
Walker & Dunlop, Inc. | | | 498 | | | | 27,714 | |
Wells Fargo & Co. | | | 7,901 | | | | 438,031 | |
| | | | | | | | 7,370,968 | |
| | | | | | | | | |
Healthcare — 5.9% | | | | | | | | |
Abaxis, Inc. | | | 37 | | | | 3,071 | |
AbbVie, Inc. | | | 3,709 | | | | 343,639 | |
ABIOMED, Inc. (2) | | | 179 | | | | 73,220 | |
Acorda Therapeutics, Inc. (2) | | | 119 | | | | 3,415 | |
Addus HomeCare Corp. (2) | | | 55 | | | | 3,149 | |
ADMA Biologics, Inc. (2) | | | 103 | | | | 465 | |
Alexion Pharmaceuticals, Inc. (2) | | | 1,488 | | | | 184,735 | |
Align Technology, Inc. (2) | | | 597 | | | | 204,258 | |
AMAG Pharmaceuticals, Inc. (2) | | | 447 | | | | 8,717 | |
Amgen, Inc. | | | 1,974 | | | | 364,381 | |
Amphastar Pharmaceuticals, Inc. (2) | | | 395 | | | | 6,028 | |
AnaptysBio, Inc. (2) | | | 110 | | | | 7,814 | |
Anthem, Inc. | | | 1,890 | | | | 449,877 | |
Apellis Pharmaceuticals, Inc. (2) | | | 19 | | | | 418 | |
Arena Pharmaceuticals, Inc. (2) | | | 133 | | | | 5,799 | |
ArQule, Inc. (2) | | | 71 | | | | 393 | |
Array BioPharma, Inc. (2) | | | 31 | | | | 520 | |
Atara Biotherapeutics, Inc. (2) | | | 123 | | | | 4,520 | |
athenahealth, Inc. (2) | | | 12 | | | | 1,910 | |
Audentes Therapeutics, Inc. (2) | | | 43 | | | | 1,643 | |
AVEO Pharmaceuticals, Inc. (2) | | | 608 | | | | 1,374 | |
Avid Bioservices, Inc. (2) | | | 243 | | | | 953 | |
AxoGen, Inc. (2) | | | 163 | | | | 8,191 | |
Baxter International, Inc. | | | 5,669 | | | | 418,599 | |
Biogen, Inc. (2) | | | 1,579 | | | | 458,289 | |
Bio-Rad Laboratories, Inc. (2) | | | 129 | | | | 37,222 | |
BioSpecifics Technologies Corp. (2) | | | 314 | | | | 14,086 | |
Blueprint Medicines Corp. (2) | | | 56 | | | | 3,555 | |
Bruker Corp. | | | 71 | | | | 2,062 | |
Cantel Medical Corp. | | | 170 | | | | 16,721 | |
Cardinal Health, Inc. | | | 1,700 | | | | 83,011 | |
Catalent, Inc. (2) | | | 1,187 | | | | 49,723 | |
Catalyst Pharmaceuticals, Inc. (2) | | | 1,098 | | | | 3,426 | |
Celcuity, Inc. (2) | | | 87 | | | | 2,159 | |
Centene Corp. (2) | | | 1,579 | | | | 194,549 | |
Cerner Corp. (2) | | | 6,270 | | | | 374,883 | |
Chemed Corp. | | | 151 | | | | 48,593 | |
ChemoCentryx, Inc. (2) | | | 361 | | | | 4,754 | |
ChromaDex Corp. (2) | | | 193 | | | | 716 | |
Collegium Pharmaceutical, Inc. (2) | | | 178 | | | | 4,245 | |
Concert Pharmaceuticals, Inc. (2) | | | 320 | | | | 5,386 | |
CONMED Corp. | | | 192 | | | | 14,054 | |
CorVel Corp. (2) | | | 39 | | | | 2,106 | |
Cutera, Inc. (2) | | | 68 | | | | 2,740 | |
CytomX Therapeutics, Inc. (2) | | | 246 | | | | 5,624 | |
Danaher Corp. | | | 1,363 | | | | 134,501 | |
Depomed, Inc. (2) | | | 166 | | | | 1,107 | |
Eagle Pharmaceuticals, Inc./DE (2) | | | 111 | | | | 8,398 | |
Emergent BioSolutions, Inc. (2) | | | 684 | | | | 34,535 | |
Enanta Pharmaceuticals, Inc. (2) | | | 91 | | | | 10,547 | |
The accompanying notes are an integral part of these financial statements.
Page 60 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Encompass Health Corp. | | | 86 | | | | 5,824 | |
Exelixis, Inc. (2) | | | 823 | | | | 17,711 | |
Express Scripts Holding Co. (2) | | | 5,421 | | | | 418,555 | |
Fate Therapeutics, Inc. (2) | | | 283 | | | | 3,209 | |
FONAR Corp. (2) | | | 119 | | | | 3,159 | |
Foundation Medicine, Inc. (2) | | | 24 | | | | 3,281 | |
G1 Therapeutics, Inc. (2) | | | 93 | | | | 4,042 | |
Genesis Healthcare, Inc. (2) | | | 199 | | | | 456 | |
Genomic Health, Inc. (2) | | | 422 | | | | 21,269 | |
Geron Corp. (2) | | | 409 | | | | 1,403 | |
Gilead Sciences, Inc. | | | 6,485 | | | | 459,397 | |
Globus Medical, Inc. (2) | | | 723 | | | | 36,483 | |
Haemonetics Corp. (2) | | | 308 | | | | 27,621 | |
Halozyme Therapeutics, Inc. (2) | | | 509 | | | | 8,587 | |
HCA Healthcare, Inc. | | | 3,849 | | | | 394,907 | |
HealthStream, Inc. | | | 213 | | | | 5,817 | |
Hill-Rom Holdings, Inc. | | | 411 | | | | 35,897 | |
HMS Holdings Corp. (2) | | | 365 | | | | 7,891 | |
ICU Medical, Inc. (2) | | | 85 | | | | 24,960 | |
ImmunoGen, Inc. (2) | | | 385 | | | | 3,746 | |
Immunomedics, Inc. (2) | | | 272 | | | | 6,438 | |
Inogen, Inc. (2) | | | 101 | | | | 18,819 | |
Integer Holdings Corp. (2) | | | 278 | | | | 17,973 | |
Intersect ENT, Inc. (2) | | | 205 | | | | 7,677 | |
Intuitive Surgical, Inc. (2) | | | 929 | | | | 444,508 | |
Iovance Biotherapeutics, Inc. (2) | | | 158 | | | | 2,022 | |
Ironwood Pharmaceuticals, Inc. (2) | | | 654 | | | | 12,504 | |
Johnson & Johnson | | | 3,143 | | | | 381,372 | |
Kadmon Holdings, Inc. (2) | | | 77 | | | | 307 | |
Kindred Biosciences, Inc. (2) | | | 458 | | | | 4,878 | |
Lantheus Holdings, Inc. (2) | | | 165 | | | | 2,401 | |
Ligand Pharmaceuticals, Inc. (2) | | | 9 | | | | 1,865 | |
Loxo Oncology, Inc. (2) | | | 69 | | | | 11,970 | |
Luminex Corp. | | | 504 | | | | 14,883 | |
Madrigal Pharmaceuticals, Inc. (2) | | | 33 | | | | 9,230 | |
Masimo Corp. (2) | | | 311 | | | | 30,369 | |
Medtronic PLC | | | 3,496 | | | | 299,293 | |
Merck & Co., Inc. | | | 4,243 | | | | 257,550 | |
Minerva Neurosciences, Inc. (2) | | | 234 | | | | 1,931 | |
Momenta Pharmaceuticals, Inc. (2) | | | 472 | | | | 9,652 | |
Mustang Bio, Inc. (2) | | | 181 | | | | 1,247 | |
Mylan NV (2) | | | 3,830 | | | | 138,416 | |
Myriad Genetics, Inc. (2) | | | 357 | | | | 13,341 | |
Natera, Inc. (2) | | | 94 | | | | 1,769 | |
National Research Corp. | | | 55 | | | | 2,057 | |
Nektar Therapeutics (2) | | | 381 | | | | 18,604 | |
Orthofix International NV (2) | | | 359 | | | | 20,398 | |
PDL BioPharma, Inc. (2) | | | 2,606 | | | | 6,098 | |
Pfenex, Inc. (2) | | | 179 | | | | 968 | |
Pfizer, Inc. | | | 15,687 | | | | 569,124 | |
Phibro Animal Health Corp. | | | 253 | | | | 11,651 | |
Pieris Pharmaceuticals, Inc. (2) | | | 752 | | | | 3,813 | |
PolarityTE, Inc. (2) | | | 21 | | | | 494 | |
Premier, Inc. (2) | | | 2,133 | | | | 77,599 | |
Proteostasis Therapeutics, Inc. (2) | | | 162 | | | | 452 | |
Providence Service Corp./The (2) | | | 131 | | | | 10,290 | |
PTC Therapeutics, Inc. (2) | | | 247 | | | | 8,331 | |
Quality Systems, Inc. (2) | | | 207 | | | | 4,037 | |
Quidel Corp. (2) | | | 101 | | | | 6,717 | |
RadNet, Inc. (2) | | | 328 | | | | 4,920 | |
Recro Pharma, Inc. (2) | | | 238 | | | | 1,195 | |
REGENXBIO, Inc. (2) | | | 89 | | | | 6,386 | |
Retrophin, Inc. (2) | | | 152 | | | | 4,144 | |
Rhythm Pharmaceuticals, Inc. (2) | | | 33 | | | | 1,032 | |
Sage Therapeutics, Inc. (2) | | | 111 | | | | 17,375 | |
Sarepta Therapeutics, Inc. (2) | | | 38 | | | | 5,023 | |
Simulations Plus, Inc. | | | 101 | | | | 2,247 | |
Solid Biosciences, Inc. (2) | | | 6 | | | | 214 | |
Spectrum Pharmaceuticals, Inc. (2) | | | 305 | | | | 6,393 | |
STAAR Surgical Co. (2) | | | 84 | | | | 2,604 | |
STERIS PLC | | | 201 | | | | 21,107 | |
Supernus Pharmaceuticals, Inc. (2) | | | 2 | | | | 120 | |
Surmodics, Inc. (2) | | | 37 | | | | 2,042 | |
Synlogic, Inc. (2) | | | 121 | | | | 1,189 | |
T2 Biosystems, Inc. (2) | | | 27 | | | | 209 | |
Tabula Rasa HealthCare, Inc. (2) | | | 45 | | | | 2,872 | |
Triple-S Management Corp. (2) | | | 193 | | | | 7,539 | |
Tyme Technologies, Inc. (2) | | | 202 | | | | 638 | |
United Therapeutics Corp. (2) | | | 392 | | | | 44,355 | |
UnitedHealth Group, Inc. | | | 1,748 | | | | 428,854 | |
Vanda Pharmaceuticals, Inc. (2) | | | 500 | | | | 9,525 | |
Veracyte, Inc. (2) | | | 677 | | | | 6,323 | |
Verastem, Inc. (2) | | | 109 | | | | 750 | |
Vertex Pharmaceuticals, Inc. (2) | | | 2,645 | | | | 449,544 | |
Viking Therapeutics, Inc. (2) | | | 75 | | | | 712 | |
Xencor, Inc. (2) | | | 152 | | | | 5,626 | |
Zafgen, Inc. (2) | | | 57 | | | | 583 | |
Zoetis, Inc. | | | 1,234 | | | | 105,124 | |
| | | | | | | | 8,667,989 | |
| | | | | | | | | |
Industrials — 1.8% | | | | | | | | |
Allied Motion Technologies, Inc. | | | 41 | | | | 1,963 | |
Allison Transmission Holdings, Inc. | | | 2,292 | | | | 92,803 | |
ArcBest Corp. | | | 250 | | | | 11,425 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 61 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Atkore International Group, Inc. (2) | | | 781 | | | | 16,221 | |
Barrett Business Services, Inc. | | | 31 | | | | 2,994 | |
BG Staffing, Inc. | | | 177 | | | | 4,115 | |
Blue Bird Corp. (2) | | | 49 | | | | 1,095 | |
Boeing Co./The | | | 1,643 | | | | 551,243 | |
Builders FirstSource, Inc. (2) | | | 397 | | | | 7,261 | |
Casella Waste Systems, Inc. (2) | | | 491 | | | | 12,575 | |
Comfort Systems USA, Inc. | | | 298 | | | | 13,648 | |
Continental Building Products, Inc. (2) | | | 719 | | | | 22,684 | |
Copart, Inc. (2) | | | 2,932 | | | | 165,834 | |
Covenant Transportation Group, Inc. (2) | | | 426 | | | | 13,419 | |
Curtiss-Wright Corp. | | | 340 | | | | 40,467 | |
Douglas Dynamics, Inc. | | | 75 | | | | 3,600 | |
Ducommun, Inc. (2) | | | 178 | | | | 5,890 | |
EMCOR Group, Inc. | | | 564 | | | | 42,966 | |
Essendant, Inc. | | | 156 | | | | 2,062 | |
FTI Consulting, Inc. (2) | | | 240 | | | | 14,515 | |
Genco Shipping & Trading, Ltd. (2) | | | 534 | | | | 8,277 | |
Global Brass & Copper Holdings, Inc. | | | 664 | | | | 20,816 | |
H&E Equipment Services, Inc. | | | 238 | | | | 8,951 | |
Harsco Corp. (2) | | | 260 | | | | 5,746 | |
Hawaiian Holdings, Inc. | | | 2 | | | | 72 | |
Herman Miller, Inc. (2) | | | 20 | | | | 678 | |
Hillenbrand, Inc. | | | 9 | | | | 424 | |
Huntington Ingalls Industries, Inc. | | | 457 | | | | 99,073 | |
Hurco Cos., Inc. | | | 129 | | | | 5,773 | |
ICF International, Inc. | | | 55 | | | | 3,908 | |
JetBlue Airways Corp. (2) | | | 101 | | | | 1,917 | |
Kaman Corp. | | | 316 | | | | 22,022 | |
KBR, Inc. | | | 837 | | | | 14,999 | |
Kelly Services, Inc. | | | 234 | | | | 5,253 | |
Kforce, Inc. | | | 415 | | | | 14,235 | |
Kimball International, Inc. | | | 498 | | | | 8,048 | |
LB Foster Co. (2) | | | 188 | | | | 4,315 | |
LSI Industries, Inc. | | | 215 | | | | 1,148 | |
ManpowerGroup, Inc. | | | 289 | | | | 24,871 | |
Matson, Inc. | | | 177 | | | | 6,793 | |
McGrath RentCorp | | | 121 | | | | 7,656 | |
Meritor, Inc. (2) | | | 131 | | | | 2,695 | |
Miller Industries, Inc./TN | | | 589 | | | | 15,049 | |
MSC Industrial Direct Co., Inc. | | | 401 | | | | 34,025 | |
MYR Group, Inc. (2) | | | 301 | | | | 10,673 | |
Navigant Consulting, Inc. (2) | | | 576 | | | | 12,753 | |
Nexeo Solutions, Inc. (2) | | | 836 | | | | 7,633 | |
Norfolk Southern Corp. | | | 1,764 | | | | 266,135 | |
Old Dominion Freight Line, Inc. | | | 263 | | | | 39,176 | |
Oshkosh Corp. | | | 292 | | | | 20,533 | |
Park-Ohio Holdings Corp. | | | 234 | | | | 8,728 | |
Pitney Bowes, Inc. | | | 729 | | | | 6,248 | |
Proto Labs, Inc. (2) | | | 82 | | | | 9,754 | |
Quad/Graphics, Inc. | | | 278 | | | | 5,791 | |
Quanta Services, Inc. (2) | | | 1,047 | | | | 34,970 | |
RR Donnelley & Sons Co. | | | 625 | | | | 3,600 | |
Safe Bulkers, Inc. (2) | | | 1,086 | | | | 3,692 | |
Saia, Inc. (2) | | | 343 | | | | 27,732 | |
SkyWest, Inc. | | | 411 | | | | 21,331 | |
Spartan Motors, Inc. | | | 324 | | | | 4,892 | |
Teledyne Technologies, Inc. (2) | | | 99 | | | | 19,707 | |
Textron, Inc. | | | 1,407 | | | | 92,735 | |
TPI Composites, Inc. (2) | | | 137 | | | | 4,006 | |
TriMas Corp. (2) | | | 172 | | | | 5,057 | |
Triton International, Ltd./Bermuda | | | 68 | | | | 2,085 | |
Union Pacific Corp. | | | 3,312 | | | | 469,244 | |
United Rentals, Inc. (2) | | | 253 | | | | 37,348 | |
Universal Forest Products, Inc. | | | 722 | | | | 26,440 | |
Universal Logistics Holdings, Inc. | | | 559 | | | | 14,674 | |
Vectrus, Inc. (2) | | | 336 | | | | 10,356 | |
Vicor Corp. (2) | | | 106 | | | | 4,616 | |
WESCO International, Inc. (2) | | | 41 | | | | 2,341 | |
Willis Lease Finance Corp. (2) | | | 4 | | | | 126 | |
WW Grainger, Inc. | | | 587 | | | | 181,031 | |
| | | | | | | | 2,696,931 | |
| | | | | | | | | |
Information Technology — 8.7% | | | | | | | | |
Accenture PLC | | | 751 | | | | 122,856 | |
Adobe Systems, Inc. (2) | | | 2,312 | | | | 563,689 | |
Akamai Technologies, Inc. (2) | | | 84 | | | | 6,151 | |
Alphabet, Inc. - Class C (2) | | | 480 | | | | 535,512 | |
Alphabet, Inc. - Class A (2) | | | 380 | | | | 429,092 | |
American Software, Inc./GA | | | 201 | | | | 2,929 | |
Amkor Technology, Inc. (2) | | | 3,173 | | | | 27,256 | |
Apple, Inc. | | | 8,513 | | | | 1,575,841 | |
Applied Materials, Inc. | | | 9,380 | | | | 433,262 | |
ARRIS International PLC (2) | | | 3,791 | | | | 92,671 | |
Aspen Technology, Inc. (2) | | | 1,123 | | | | 104,147 | |
Avnet, Inc. | | | 892 | | | | 38,258 | |
Blucora, Inc. (2) | | | 205 | | | | 7,585 | |
Booz Allen Hamilton Holding Corp. | | | 675 | | | | 29,518 | |
Broadridge Financial Solutions, Inc. | | | 896 | | | | 103,130 | |
CA, Inc. | | | 7,263 | | | | 258,926 | |
Cabot Microelectronics Corp. | | | 133 | | | | 14,305 | |
CACI International, Inc. (2) | | | 164 | | | | 27,642 | |
CDW Corp./DE | | | 1,357 | | | | 109,632 | |
Ciena Corp. (2) | | | 1,658 | | | | 43,954 | |
The accompanying notes are an integral part of these financial statements.
Page 62 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Cisco Systems, Inc. | | | 16,464 | | | | 708,446 | |
Citrix Systems, Inc. (2) | | | 2,943 | | | | 308,544 | |
Comtech Telecommunications Corp. | | | 381 | | | | 12,146 | |
Daktronics, Inc. | | | 387 | | | | 3,293 | |
DHI Group, Inc. (2) | | | 650 | | | | 1,528 | |
DXC Technology Co. | | | 2,553 | | | | 205,797 | |
Electro Scientific Industries, Inc. (2) | | | 101 | | | | 1,593 | |
ePlus, Inc. (2) | | | 45 | | | | 4,235 | |
Etsy, Inc. (2) | | | 360 | | | | 15,188 | |
F5 Networks, Inc. (2) | | | 793 | | | | 136,753 | |
Facebook, Inc. (2) | | | 3,945 | | | | 766,592 | |
Fair Isaac Corp. (2) | | | 99 | | | | 19,139 | |
First Solar, Inc. (2) | | | 237 | | | | 12,480 | |
Five9, Inc. (2) | | | 171 | | | | 5,911 | |
FLIR Systems, Inc. | | | 307 | | | | 15,955 | |
Fortinet, Inc. (2) | | | 1,216 | | | | 75,915 | |
Hackett Group, Inc./The | | | 41 | | | | 659 | |
Hewlett Packard Enterprise Co. | | | 5,535 | | | | 80,866 | |
HP, Inc. | | | 18,215 | | | | 413,298 | |
Immersion Corp. (2) | | | 259 | | | | 3,999 | |
Insight Enterprises, Inc. (2) | | | 264 | | | | 12,918 | |
Intel Corp. | | | 10,388 | | | | 516,387 | |
InterDigital, Inc./PA | | | 491 | | | | 39,722 | |
Intuit, Inc. | | | 2,189 | | | | 447,224 | |
IPG Photonics Corp. (2) | | | 173 | | | | 38,169 | |
Jabil, Inc. | | | 2,038 | | | | 56,371 | |
Juniper Networks, Inc. | | | 5,861 | | | | 160,709 | |
Lam Research Corp. | | | 1,516 | | | | 262,041 | |
Limelight Networks, Inc. (2) | | | 236 | | | | 1,055 | |
LivePerson, Inc. (2) | | | 179 | | | | 3,777 | |
Mastercard, Inc. | | | 2,672 | | | | 525,101 | |
Micron Technology, Inc. (2) | | | 6,260 | | | | 328,274 | |
Microsoft Corp. | | | 13,368 | | | | 1,318,218 | |
MKS Instruments, Inc. | | | 284 | | | | 27,179 | |
Nanometrics, Inc. (2) | | | 328 | | | | 11,614 | |
NETGEAR, Inc. (2) | | | 46 | | | | 2,875 | |
New Relic, Inc. (2) | | | 13 | | | | 1,308 | |
Novanta, Inc. (2) | | | 57 | | | | 3,551 | |
Nutanix, Inc. (2) | | | 211 | | | | 10,881 | |
NVIDIA Corp. | | | 1,334 | | | | 316,025 | |
ON Semiconductor Corp. (2) | | | 3,149 | | | | 70,018 | |
Oracle Corp. | | | 6,223 | | | | 274,185 | |
PC Connection, Inc. | | | 221 | | | | 7,337 | |
Perficient, Inc. (2) | | | 64 | | | | 1,688 | |
Plantronics, Inc. | | | 26 | | | | 1,983 | |
Progress Software Corp. | | | 412 | | | | 15,994 | |
QuinStreet, Inc. (2) | | | 175 | | | | 2,223 | |
Red Hat, Inc. (2) | | | 2,332 | | | | 313,351 | |
RingCentral, Inc. (2) | | | 421 | | | | 29,617 | |
Rosetta Stone, Inc. (2) | | | 1,023 | | | | 16,399 | |
Rudolph Technologies, Inc. (2) | | | 352 | | | | 10,419 | |
SMART Global Holdings, Inc. (2) | | | 59 | | | | 1,880 | |
Stamps.com, Inc. (2) | | | 25 | | | | 6,326 | |
Syntel, Inc. (2) | | | 721 | | | | 23,137 | |
Tech Data Corp. (2) | | | 350 | | | | 28,742 | |
TechTarget, Inc. (2) | | | 205 | | | | 5,822 | |
Texas Instruments, Inc. | | | 4,892 | | | | 539,343 | |
Twilio, Inc. (2) | | | 142 | | | | 7,955 | |
Unisys Corp. (2) | | | 631 | | | | 8,140 | |
Varonis Systems, Inc. (2) | | | 169 | | | | 12,591 | |
Vishay Precision Group, Inc. (2) | | | 92 | | | | 3,510 | |
Western Digital Corp. | | | 746 | | | | 57,748 | |
Xcerra Corp. (2) | | | 2,028 | | | | 28,331 | |
Xerox Corp. (2) | | | 1,174 | | | | 28,176 | |
Xilinx, Inc. | | | 181 | | | | 11,812 | |
XO Group, Inc. (2) | | | 226 | | | | 7,232 | |
Zebra Technologies Corp. (2) | | | 296 | | | | 42,402 | |
| | | | | | | | 12,958,453 | |
| | | | | | | | | |
Materials — 0.8% | | | | | | | | |
AdvanSix, Inc. (2) | | | 222 | | | | 8,132 | |
Alcoa Corp. (2) | | | 353 | | | | 16,549 | |
Chemours Co./The | | | 1,110 | | | | 49,240 | |
Eagle Materials, Inc. | | | 350 | | | | 36,740 | |
Eastman Chemical Co. | | | 1,965 | | | | 196,421 | |
Freeport-McMoRan, Inc. | | | 4,160 | | | | 71,802 | |
Gold Resource Corp. | | | 441 | | | | 2,906 | |
Huntsman Corp. | | | 626 | | | | 18,279 | |
Kraton Corp. (2) | | | 351 | | | | 16,195 | |
Kronos Worldwide, Inc. | | | 750 | | | | 16,898 | |
Louisiana-Pacific Corp. | | | 1,371 | | | | 37,319 | |
LyondellBasell Industries NV | | | 3,772 | | | | 414,354 | |
Olin Corp. | | | 30 | | | | 862 | |
Rayonier Advanced Materials, Inc. | | | 63 | | | | 1,077 | |
Reliance Steel & Aluminum Co. | | | 852 | | | | 74,584 | |
Ryerson Holding Corp. (2) | | | 162 | | | | 1,806 | |
Schnitzer Steel Industries, Inc. | | | 3 | | | | 101 | |
Schweitzer-Mauduit International, Inc. | | | 23 | | | | 1,006 | |
Steel Dynamics, Inc. | | | 2,022 | | | | 92,911 | |
SunCoke Energy, Inc. (2) | | | 220 | | | | 2,948 | |
Tredegar Corp. | | | 354 | | | | 8,319 | |
Trinseo SA | | | 646 | | | | 45,834 | |
United States Steel Corp. | | | 447 | | | | 15,533 | |
Valhi, Inc. | | | 247 | | | | 1,176 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 63 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Verso Corp. (2) | | | 23 | | | | 500 | |
Westlake Chemical Corp. | | | 953 | | | | 102,571 | |
| | | | | | | | 1,234,063 | |
| | | | | | | | | |
Real Estate Investment Trust — 1.2% | | | | | | | | |
CareTrust REIT, Inc. | | | 471 | | | | 7,861 | |
Chesapeake Lodging Trust | | | 343 | | | | 10,853 | |
CoreCivic, Inc. | | | 1,264 | | | | 30,197 | |
CubeSmart | | | 4,589 | | | | 147,858 | |
Essex Property Trust, Inc. | | | 1,619 | | | | 387,054 | |
Front Yard Residential Corp. | | | 41 | | | | 427 | |
GEO Group, Inc./The | | | 645 | | | | 17,763 | |
Gladstone Commercial Corp. | | | 76 | | | | 1,461 | |
Hersha Hospitality Trust | | | 972 | | | | 20,849 | |
Host Hotels & Resorts, Inc. | | | 7,774 | | | | 163,798 | |
Lamar Advertising Co. | | | 243 | | | | 16,599 | |
LaSalle Hotel Properties | | | 192 | | | | 6,572 | |
Pebblebrook Hotel Trust | | | 631 | | | | 24,483 | |
Pennsylvania Real Estate Investment Trust | | | 252 | | | | 2,769 | |
PotlatchDeltic Corp. | | | 503 | | | | 25,578 | |
PS Business Parks, Inc. | | | 214 | | | | 27,499 | |
Public Storage | | | 1,017 | | | | 230,717 | |
RAIT Financial Trust | | | 1,932 | | | | 187 | |
Rayonier, Inc. | | | 580 | | | | 22,440 | |
Retail Properties of America, Inc. | | | 3,960 | | | | 50,609 | |
Simon Property Group, Inc. | | | 2,581 | | | | 439,260 | |
Spirit Realty Capital, Inc. | | | 2,410 | | | | 19,352 | |
Tanger Factory Outlet Centers, Inc. | | | 47 | | | | 1,104 | |
Tier REIT, Inc. | | | 904 | | | | 21,497 | |
Urstadt Biddle Properties, Inc. | | | 663 | | | | 15,004 | |
Ventas, Inc. | | | 1,542 | | | | 87,817 | |
| | | | | | | | 1,779,608 | |
| | | | | | | | | |
Telecommunication Services — 0.5% | | | | | | | | |
AT&T, Inc. | | | 3,191 | | | | 102,463 | |
Frontier Communications Corp. | | | 100 | | | | 536 | |
Intelsat SA (2) | | | 177 | | | | 2,949 | |
Telephone & Data Systems, Inc. | | | 353 | | | | 9,679 | |
United States Cellular Corp. (2) | | | 23 | | | | 852 | |
Verizon Communications, Inc. | | | 12,499 | | | | 628,825 | |
Vonage Holdings Corp. (2) | | | 291 | | | | 3,751 | |
| | | | | | | | 749,055 | |
| | | | | | | | | |
Utilities — 1.2% | | | | | | | | |
AES Corp./VA | | | 6,920 | | | | 92,797 | |
CenterPoint Energy, Inc. | | | 8,147 | | | | 225,753 | |
Consolidated Water Co., Ltd. | | | 254 | | | | 3,277 | |
Exelon Corp. | | | 10,112 | | | | 430,771 | |
MDU Resources Group, Inc. | | | 3,066 | | | | 87,933 | |
NextEra Energy, Inc. | | | 2,891 | | | | 482,884 | |
UGI Corp. | | | 6,032 | | | | 314,086 | |
Vistra Energy Corp. (2) | | | 2,555 | | | | 60,448 | |
| | | | | | | | 1,697,949 | |
| | | | | | | | | |
Total Common Stocks (Cost $44,194,761) | | | | | | | 47,307,965 | |
Registered Investment Companies — 37.4% |
Baird Core Plus Bond Fund - Class I | | | 412,808 | | | | 4,487,223 | |
DoubleLine Total Return Bond Fund - Class I | | | 425,911 | | | | 4,437,988 | |
Frost Total Return Bond Fund - Class I | | | 436,048 | | | | 4,486,930 | |
Guggenheim Total Return Bond Fund - Class I | | | 165,360 | | | | 4,448,186 | |
iShares Core U.S. Aggregate Bond ETF (9) | | | 42,558 | | | | 4,524,767 | |
iShares iBoxx $ High Yield Corporate Bond ETF (3)(9) | | | 34,410 | | | | 2,927,603 | |
JPMorgan Core Plus Bond Fund - Class L | | | 323,642 | | | | 2,602,084 | |
Lord Abbett High Yield Fund - Class I | | | 505,215 | | | | 3,753,745 | |
PGIM Total Return Bond Fund - Class R6 | | | 211,446 | | | | 2,979,276 | |
PIMCO Investment Grade Corporate Bond Fund - Class I | | | 136,796 | | | | 1,376,167 | |
Pioneer Bond Fund - Class Y | | | 479,336 | | | | 4,491,377 | |
SPDR Bloomberg Barclays High Yield Bond ETF (9) | | | 81,951 | | | | 2,907,621 | |
TCW Emerging Markets Income Fund - Class I | | | 756,575 | | | | 5,946,680 | |
Vanguard Intermediate-Term Corporate Bond ETF (9) | | | 39,446 | | | | 3,294,530 | |
Vanguard Total Bond Market ETF (9) | | | 31,888 | | | | 2,525,211 | |
Total Registered Investment Companies (Cost $56,328,949) | | | | | | | 55,189,388 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 18.2% |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 2,992,003 | | | | 2,992,003 | |
Meeder Institutional Prime Money Market Fund, 1.96% (5) | | | 23,808,084 | | | | 23,808,084 | |
Total Money Market Registered Investment Companies (Cost $26,796,625) | | | | | | | 26,800,087 | |
The accompanying notes are an integral part of these financial statements.
Page 64 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Moderate Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Bank Obligations — 0.5% | | | | | | | | |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,223 | | | | 249,223 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (6) | | | 249,182 | | | | 249,182 | |
Seacoast Community Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,267 | | | | 249,267 | |
Total Bank Obligations (Cost $747,672) | | | | | | | 747,672 | |
| | | | | | | | | |
U.S. Government Obligations — 12.8% |
U.S. Treasury Note, 2.25%, due 11/15/2025 | | | 8,860,000 | | | | 8,521,174 | |
U.S. Treasury Note, 1.88%, due 12/31/2019 | | | 1,926,000 | | | | 1,908,771 | |
U.S. Treasury Note, 2.13%, due 12/31/2022 | | | 8,711,000 | | | | 8,492,205 | |
Total U.S. Government Obligations (Cost $19,124,583) | | | | | | | 18,922,150 | |
Total Investments — 100.9% (Cost $147,192,590) | | | | | | | 148,967,262 | |
Liabilities less Other Assets — (0.9%) | | | | | | | (1,339,519 | ) |
Total Net Assets — 100.0% | | | | | | | 147,627,743 | |
| | | | | | | | | |
Trustee Deferred Compensation (7) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 245 | | | | 2,607 | |
Meeder Balanced Fund | | | 139 | | | | 1,607 | |
Meeder Dynamic Allocation Fund | | | 89 | | | | 972 | |
Meeder Muirfield Fund | | | 291 | | | | 2,212 | |
Meeder Conservative Allocation Fund | | | 42 | | | | 930 | |
Total Trustee Deferred Compensation (Cost $8,111) | | | | | | | 8,328 | |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 54 | | | 9/21/2018 | | | | 5,279,580 | | | | (160,387 | ) |
Mini MSCI Emerging Markets Index Futures | | | 26 | | | 9/21/2018 | | | | 1,382,290 | | | | (80,245 | ) |
Russell 2000 Mini Index Futures | | | 17 | | | 9/21/2018 | | | | 1,400,375 | | | | (29,083 | ) |
Standard & Poors 500 Mini Futures | | | 73 | | | 9/21/2018 | | | | 9,933,840 | | | | (120,375 | ) |
E-mini Standard & Poors MidCap 400 Futures | | | 15 | | | 9/21/2018 | | | | 2,934,150 | | | | (46,884 | ) |
Total Futures Contracts | | | 185 | | | | | | | 20,930,235 | | | | (436,974 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (10) | |
Level 1 - Quoted Prices | | $ | 129,297,440 | | | $ | (436,974 | ) |
Level 2 - Other Significant Observable Inputs | | | 19,669,822 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 148,967,262 | | | $ | (436,974 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | All or a portion of this security is on loan. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 65 |
Schedule of Investments
June 30, 2018 (unaudited)
(4) | Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(6) | 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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(7) | Assets of affiliates to the Moderate Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(8) | Fair valued security deemed as Level 3 security. |
(10) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
Page 66 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 20.5% |
Consumer Discretionary — 2.2% | | | | | | | | |
1-800-Flowers.com, Inc. (2) | | | 271 | | | | 3,401 | |
Abercrombie & Fitch Co. | | | 72 | | | | 1,763 | |
Amazon.com, Inc. (2) | | | 384 | | | | 652,723 | |
AMC Networks, Inc. (2) | | | 171 | | | | 10,636 | |
American Axle & Manufacturing Holdings, Inc. (2) | | | 31 | | | | 482 | |
American Eagle Outfitters, Inc. | | | 228 | | | | 5,301 | |
American Public Education, Inc. (2) | | | 73 | | | | 3,073 | |
Ascena Retail Group, Inc. (2) | | | 242 | | | | 964 | |
Ascent Capital Group, Inc. (2) | | | 89 | | | | 250 | |
Bassett Furniture Industries, Inc. | | | 64 | | | | 1,763 | |
Bed Bath & Beyond, Inc. | | | 340 | | | | 6,775 | |
Best Buy Co., Inc. | | | 558 | | | | 41,616 | |
Big Lots, Inc. | | | 25 | | | | 1,045 | |
Bloomin' Brands, Inc. | | | 551 | | | | 11,075 | |
Booking Holdings, Inc. (2) | | | 105 | | | | 212,844 | |
Brinker International, Inc. | | | 42 | | | | 1,999 | |
Burlington Stores, Inc. (2) | | | 112 | | | | 16,859 | |
Cambium Learning Group, Inc. (2) | | | 244 | | | | 2,721 | |
Chico's FAS, Inc. | | | 261 | | | | 2,125 | |
Citi Trends, Inc. | | | 25 | | | | 686 | |
Comcast Corp. | | | 1,736 | | | | 56,958 | |
Cooper-Standard Holdings, Inc. (2) | | | 38 | | | | 4,965 | |
Crocs, Inc. (2) | | | 90 | | | | 1,585 | |
Deckers Outdoor Corp. (2) | | | 62 | | | | 6,999 | |
Dollar General Corp. | | | 1,432 | | | | 141,195 | |
Entravision Communications Corp. | | | 162 | | | | 810 | |
Foot Locker, Inc. | | | 197 | | | | 10,372 | |
Ford Motor Co. | | | 20,696 | | | | 229,105 | |
Gannett Co., Inc. | | | 596 | | | | 6,377 | |
Genesco, Inc. (2) | | | 36 | | | | 1,429 | |
Gentex Corp. | | | 868 | | | | 19,981 | |
Grand Canyon Education, Inc. (2) | | | 221 | | | | 24,666 | |
Groupon, Inc. (2) | | | 150 | | | | 645 | |
Hibbett Sports, Inc. (2) | | | 25 | | | | 573 | |
Home Depot, Inc./The | | | 76 | | | | 14,828 | |
J Alexander's Holdings, Inc. (2) | | | 187 | | | | 2,085 | |
John Wiley & Sons, Inc. | | | 261 | | | | 16,286 | |
Kohl's Corp. | | | 200 | | | | 14,580 | |
La-Z-Boy, Inc. | | | 205 | | | | 6,273 | |
Lear Corp. | | | 726 | | | | 134,898 | |
Liberty Expedia Holdings, Inc. (2) | | | 547 | | | | 24,035 | |
Liberty Media Corp-Liberty SiriusXM (2) | | | 402 | | | | 18,235 | |
Liberty TripAdvisor Holdings, Inc. (2) | | | 68 | | | | 1,095 | |
Lululemon Athletica, Inc. (2) | | | 248 | | | | 30,963 | |
Macy's, Inc. | | | 279 | | | | 10,443 | |
MCBC Holdings, Inc. (2) | | | 49 | | | | 1,419 | |
MDC Partners, Inc. (2) | | | 155 | | | | 713 | |
Michael Kors Holdings, Ltd. (2) | | | 464 | | | | 30,902 | |
National CineMedia, Inc. | | | 333 | | | | 2,797 | |
Netflix, Inc. (2) | | | 437 | | | | 171,055 | |
New Media Investment Group, Inc. | | | 473 | | | | 8,741 | |
Nexstar Media Group, Inc. | | | 7 | | | | 514 | |
Nutrisystem, Inc. | | | 4 | | | | 154 | |
NVR, Inc. (2) | | | 19 | | | | 56,437 | |
Office Depot, Inc. | | | 1,438 | | | | 3,667 | |
Penn National Gaming, Inc. (2) | | | 312 | | | | 10,480 | |
Pinnacle Entertainment, Inc. (2) | | | 783 | | | | 26,411 | |
PulteGroup, Inc. | | | 991 | | | | 28,491 | |
Qurate Retail, Inc. (2) | | | 75 | | | | 1,592 | |
RCI Hospitality Holdings, Inc. | | | 7 | | | | 222 | |
RH (2) | | | 15 | | | | 2,096 | |
Ross Stores, Inc. | | | 1,456 | | | | 123,396 | |
Shutterfly, Inc. (2) | | | 107 | | | | 9,633 | |
Speedway Motorsports, Inc. | | | 141 | | | | 2,448 | |
Stoneridge, Inc. (2) | | | 37 | | | | 1,300 | |
Tailored Brands, Inc. | | | 27 | | | | 689 | |
Target Corp. | | | 3,046 | | | | 231,862 | |
Taylor Morrison Home Corp. (2) | | | 1,152 | | | | 23,939 | |
Tenneco, Inc. | | | 318 | | | | 13,979 | |
TJX Cos., Inc./The | | | 922 | | | | 87,756 | |
TopBuild Corp. (2) | | | 160 | | | | 12,534 | |
Tower International, Inc. | | | 133 | | | | 4,229 | |
Townsquare Media, Inc. | | | 153 | | | | 990 | |
tronc, Inc. (2) | | | 216 | | | | 3,732 | |
Walt Disney Co./The | | | 274 | | | | 28,718 | |
William Lyon Homes (2) | | | 72 | | | | 1,670 | |
World Wrestling Entertainment, Inc. | | | 64 | | | | 4,660 | |
Wyndham Destinations, Inc. | | | 960 | | | | 42,499 | |
ZAGG, Inc. (2) | | | 27 | | | | 467 | |
| | | | | | | | 2,697,674 | |
| | | | | | | | | |
Consumer Staples — 0.3% | | | | | | | | |
Conagra Brands, Inc. | | | 570 | | | | 20,366 | |
Flowers Foods, Inc. | | | 223 | | | | 4,645 | |
Herbalife Nutrition, Ltd. (2) | | | 198 | | | | 10,637 | |
Lamb Weston Holdings, Inc. | | | 89 | | | | 6,097 | |
Medifast, Inc. | | | 15 | | | | 2,402 | |
Molson Coors Brewing Co. | | | 403 | | | | 27,420 | |
Performance Food Group Co. (2) | | | 440 | | | | 16,148 | |
Tyson Foods, Inc. | | | 3,048 | | | | 209,855 | |
US Foods Holding Corp. (2) | | | 51 | | | | 1,929 | |
USANA Health Sciences, Inc. (2) | | | 49 | | | | 5,650 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 67 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Village Super Market, Inc. | | | 130 | | | | 3,830 | |
Walgreens Boots Alliance, Inc. | | | 1,254 | | | | 75,259 | |
Walmart, Inc. | | | 1,720 | | | | 147,318 | |
Weis Markets, Inc. | | | 116 | | | | 6,187 | |
| | | | | | | | 537,743 | |
| | | | | | | | | |
Energy — 1.9% | | | | | | | | |
Abraxas Petroleum Corp. (2) | | | 868 | | | | 2,509 | |
Adams Resources & Energy, Inc. | | | 26 | | | | 1,118 | |
Anadarko Petroleum Corp. | | | 3,125 | | | | 228,906 | |
Andeavor | | | 585 | | | | 76,740 | |
Arch Coal, Inc. | | | 101 | | | | 7,921 | |
Bonanza Creek Energy, Inc. (2) | | | 43 | | | | 1,628 | |
Cactus, Inc. (2) | | | 243 | | | | 8,211 | |
California Resources Corp. (2) | | | 64 | | | | 2,908 | |
Chevron Corp. | | | 1,650 | | | | 208,610 | |
ConocoPhillips | | | 3,898 | | | | 271,379 | |
CONSOL Energy, Inc. (2) | | | 67 | | | | 2,569 | |
Continental Resources, Inc./OK (2) | | | 1,130 | | | | 73,179 | |
CVR Energy, Inc. | | | 115 | | | | 4,254 | |
Delek US Holdings, Inc. | | | 309 | | | | 15,503 | |
Denbury Resources, Inc. (2) | | | 437 | | | | 2,102 | |
Energen Corp. (2) | | | 276 | | | | 20,098 | |
Evolution Petroleum Corp. | | | 332 | | | | 3,270 | |
Exxon Mobil Corp. | | | 3,641 | | | | 301,220 | |
FTS International, Inc. (2) | | | 895 | | | | 12,745 | |
Hallador Energy Co. | | | 404 | | | | 2,885 | |
HollyFrontier Corp. | | | 676 | | | | 46,259 | |
Keane Group, Inc. (2) | | | 122 | | | | 1,668 | |
Liberty Oilfield Services, Inc. (2) | | | 385 | | | | 7,207 | |
Mammoth Energy Services, Inc. (2) | | | 86 | | | | 2,921 | |
Marathon Oil Corp. | | | 1,766 | | | | 36,839 | |
Marathon Petroleum Corp. | | | 2,858 | | | | 200,517 | |
Matrix Service Co. (2) | | | 374 | | | | 6,863 | |
Midstates Petroleum Co., Inc. (2) | | | 87 | | | | 1,184 | |
Occidental Petroleum Corp. | | | 3,048 | | | | 255,057 | |
Overseas Shipholding Group, Inc. (2) | | | 502 | | | | 1,948 | |
Pacific Ethanol, Inc. (2) | | | 244 | | | | 634 | |
Par Pacific Holdings, Inc. (2) | | | 186 | | | | 3,233 | |
PBF Energy, Inc. | | | 581 | | | | 24,361 | |
Peabody Energy Corp. | | | 429 | | | | 19,511 | |
PHI, Inc. (2) | | | 62 | | | | 631 | |
Phillips 66 | | | 2,114 | | | | 237,423 | |
Pioneer Energy Services Corp. (2) | | | 177 | | | | 1,035 | |
ProPetro Holding Corp. (2) | | | 113 | | | | 1,772 | |
Renewable Energy Group, Inc. (2) | | | 308 | | | | 5,498 | |
SilverBow Resources, Inc. (2) | | | 165 | | | | 4,765 | |
Ultra Petroleum Corp. (2) | | | 25 | | | | 58 | |
Valero Energy Corp. | | | 2,164 | | | | 239,836 | |
W&T Offshore, Inc. (2) | | | 399 | | | | 2,853 | |
Westmoreland Coal Co. (2) | | | 410 | | | | 57 | |
Whiting Petroleum Corp. (2) | | | 76 | | | | 4,007 | |
WildHorse Resource Development Corp. (2) | | | 166 | | | | 4,210 | |
World Fuel Services Corp. | | | 103 | | | | 2,102 | |
Zion Oil & Gas, Inc. (2) | | | 61 | | | | 247 | |
| | | | | | | | 2,360,451 | |
| | | | | | | | | |
Financials — 3.2% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 93 | | | | 3,348 | |
BancFirst Corp. | | | 87 | | | | 5,150 | |
Bancorp, Inc./The (2) | | | 348 | | | | 3,640 | |
Bank of America Corp. | | | 15,421 | | | | 434,718 | |
Bank of NT Butterfield & Son, Ltd./The | | | 353 | | | | 16,139 | |
BankUnited, Inc. | | | 1,480 | | | | 60,458 | |
BB&T Corp. | | | 4,526 | | | | 228,291 | |
Berkshire Hathaway, Inc. (2) | | | 2,813 | | | | 525,046 | |
Cannae Holdings, Inc. (2) | | | 721 | | | | 13,375 | |
Charter Financial Corp./MD | | | 141 | | | | 3,405 | |
Cherry Hill Mortgage Investment Corp. | | | 161 | | | | 2,875 | |
CIT Group, Inc. | | | 1 | | | | 50 | |
Citizens Financial Group, Inc. | | | 2,373 | | | | 92,310 | |
Comerica, Inc. | | | 1,365 | | | | 124,106 | |
Curo Group Holdings Corp. (2) | | | 57 | | | | 1,422 | |
Enova International, Inc. (2) | | | 122 | | | | 4,459 | |
Evercore, Inc. | | | 225 | | | | 23,726 | |
FedNat Holding Co. | | | 60 | | | | 1,384 | |
Fifth Third Bancorp | | | 7,344 | | | | 210,773 | |
First American Financial Corp. | | | 749 | | | | 38,738 | |
First BanCorp/Puerto Rico (2) | | | 900 | | | | 6,885 | |
FirstCash, Inc. | | | 323 | | | | 29,022 | |
Genworth Financial, Inc. (2) | | | 460 | | | | 2,070 | |
Hamilton Lane, Inc. | | | 89 | | | | 4,269 | |
Health Insurance Innovations, Inc. (2) | | | 42 | | | | 1,359 | |
Huntington Bancshares, Inc./OH | | | 13,149 | | | | 194,079 | |
Independence Holding Co. | | | 51 | | | | 1,696 | |
Infinity Property & Casualty Corp. | | | 85 | | | | 12,100 | |
Interactive Brokers Group, Inc. | | | 219 | | | | 14,106 | |
JPMorgan Chase & Co. | | | 3,559 | | | | 370,848 | |
Ladder Capital Corp. | | | 742 | | | | 11,590 | |
LPL Financial Holdings, Inc. | | | 276 | | | | 18,089 | |
Marlin Business Services Corp. | | | 40 | | | | 1,194 | |
MB Financial, Inc. | | | 608 | | | | 28,394 | |
Medley Management, Inc. (2) | | | 479 | | | | 1,700 | |
The accompanying notes are an integral part of these financial statements.
Page 68 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Meta Financial Group, Inc. | | | 24 | | | | 2,338 | |
Morningstar, Inc. | | | 61 | | | | 7,823 | |
National General Holdings Corp. | | | 218 | | | | 5,740 | |
New Residential Investment Corp. | | | 3,438 | | | | 60,131 | |
NewStar Financial Contingent Value Rights (2)(8) | | | 8 | | | | — | |
Northeast Bancorp | | | 67 | | | | 1,461 | |
Northrim BanCorp, Inc. | | | 196 | | | | 7,752 | |
OFG Bancorp | | | 232 | | | | 3,260 | |
Oppenheimer Holdings, Inc. | | | 184 | | | | 5,152 | |
PacWest Bancorp | | | 1,355 | | | | 66,964 | |
PennyMac Financial Services, Inc. (2) | | | 245 | | | | 4,814 | |
PennyMac Mortgage Investment Trust | | | 128 | | | | 2,431 | |
PNC Financial Services Group, Inc./The | | | 1,855 | | | | 250,611 | |
Popular, Inc. | | | 528 | | | | 23,871 | |
Progressive Corp./The | | | 3,732 | | | | 220,748 | |
Pzena Investment Management, Inc. | | | 422 | | | | 3,887 | |
Regional Management Corp. (2) | | | 85 | | | | 2,977 | |
Regions Financial Corp. | | | 11,759 | | | | 209,075 | |
Silvercrest Asset Management Group, Inc. | | | 64 | | | | 1,043 | |
State Bank Financial Corp. | | | 130 | | | | 4,342 | |
Stewart Information Services Corp. | | | 322 | | | | 13,869 | |
SunTrust Banks, Inc. | | | 3,364 | | | | 222,091 | |
Sutherland Asset Management Corp. | | | 341 | | | | 5,541 | |
TCF Financial Corp. | | | 1,353 | | | | 33,311 | |
Timberland Bancorp, Inc./WA | | | 45 | | | | 1,680 | |
Triumph Bancorp, Inc. (2) | | | 142 | | | | 5,787 | |
Umpqua Holdings Corp. | | | 1,688 | | | | 38,132 | |
United Security Bancshares/Fresno CA | | | 377 | | | | 4,222 | |
Universal Insurance Holdings, Inc. | | | 311 | | | | 10,916 | |
Walker & Dunlop, Inc. | | | 243 | | | | 13,523 | |
Wells Fargo & Co. | | | 4,453 | | | | 246,874 | |
| | | | | | | | 3,971,180 | |
| | | | | | | | | |
Healthcare — 3.7% | | | | | | | | |
Abaxis, Inc. | | | 20 | | | | 1,660 | |
Abbott Laboratories | | | 746 | | | | 45,499 | |
AbbVie, Inc. | | | 1,934 | | | | 179,185 | |
Abeona Therapeutics, Inc. (2) | | | 15 | | | | 240 | |
ABIOMED, Inc. (2) | | | 95 | | | | 38,860 | |
Acorda Therapeutics, Inc. (2) | | | 89 | | | | 2,554 | |
Addus HomeCare Corp. (2) | | | 29 | | | | 1,660 | |
Alexion Pharmaceuticals, Inc. (2) | | | 798 | | | | 99,072 | |
Align Technology, Inc. (2) | | | 331 | | | | 113,248 | |
AMAG Pharmaceuticals, Inc. (2) | | | 237 | | | | 4,622 | |
Amgen, Inc. | | | 1,004 | | | | 185,328 | |
Amphastar Pharmaceuticals, Inc. (2) | | | 262 | | | | 3,998 | |
AnaptysBio, Inc. (2) | | | 43 | | | | 3,055 | |
Anthem, Inc. | | | 1,038 | | | | 247,075 | |
Arena Pharmaceuticals, Inc. (2) | | | 73 | | | | 3,183 | |
ArQule, Inc. (2) | | | 12 | | | | 66 | |
Array BioPharma, Inc. (2) | | | 60 | | | | 1,007 | |
Atara Biotherapeutics, Inc. (2) | | | 72 | | | | 2,646 | |
Audentes Therapeutics, Inc. (2) | | | 31 | | | | 1,185 | |
AVEO Pharmaceuticals, Inc. (2) | | | 244 | | | | 551 | |
Avid Bioservices, Inc. (2) | | | 111 | | | | 435 | |
AxoGen, Inc. (2) | | | 78 | | | | 3,920 | |
Baxter International, Inc. | | | 1,476 | | | | 108,988 | |
Biogen, Inc. (2) | | | 862 | | | | 250,187 | |
Bio-Rad Laboratories, Inc. (2) | | | 76 | | | | 21,929 | |
BioSpecifics Technologies Corp. (2) | | | 223 | | | | 10,004 | |
Bio-Techne Corp. | | | 85 | | | | 12,576 | |
Bluebird Bio, Inc. (2) | | | 14 | | | | 2,197 | |
Blueprint Medicines Corp. (2) | | | 17 | | | | 1,079 | |
Bruker Corp. | | | 42 | | | | 1,220 | |
Cantel Medical Corp. | | | 84 | | | | 8,262 | |
Cardinal Health, Inc. | | | 1,473 | | | | 71,927 | |
Catalent, Inc. (2) | | | 604 | | | | 25,302 | |
Catalyst Pharmaceuticals, Inc. (2) | | | 331 | | | | 1,033 | |
Celcuity, Inc. (2) | | | 57 | | | | 1,415 | |
Centene Corp. (2) | | | 818 | | | | 100,786 | |
Cerner Corp. (2) | | | 3,289 | | | | 196,649 | |
Chemed Corp. | | | 71 | | | | 22,849 | |
ChemoCentryx, Inc. (2) | | | 204 | | | | 2,687 | |
ChromaDex Corp. (2) | | | 34 | | | | 126 | |
Collegium Pharmaceutical, Inc. (2) | | | 117 | | | | 2,790 | |
Concert Pharmaceuticals, Inc. (2) | | | 179 | | | | 3,013 | |
CONMED Corp. | | | 98 | | | | 7,174 | |
Corcept Therapeutics, Inc. (2) | | | 2 | | | | 31 | |
CorVel Corp. (2) | | | 53 | | | | 2,862 | |
Cutera, Inc. (2) | | | 38 | | | | 1,531 | |
CytomX Therapeutics, Inc. (2) | | | 137 | | | | 3,132 | |
Danaher Corp. | | | 640 | | | | 63,155 | |
Depomed, Inc. (2) | | | 28 | | | | 187 | |
Durect Corp. (2) | | | 51 | | | | 80 | |
Eagle Pharmaceuticals, Inc./DE (2) | | | 54 | | | | 4,086 | |
Editas Medicine, Inc. (2) | | | 9 | | | | 322 | |
Emergent BioSolutions, Inc. (2) | | | 365 | | | | 18,429 | |
Enanta Pharmaceuticals, Inc. (2) | | | 50 | | | | 5,795 | |
Encompass Health Corp. | | | 12 | | | | 813 | |
Exelixis, Inc. (2) | | | 454 | | | | 9,770 | |
Express Scripts Holding Co. (2) | | | 3,002 | | | | 231,784 | |
Fate Therapeutics, Inc. (2) | | | 134 | | | | 1,520 | |
FONAR Corp. (2) | | | 79 | | | | 2,097 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 69 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Foundation Medicine, Inc. (2) | | | 13 | | | | 1,777 | |
G1 Therapeutics, Inc. (2) | | | 47 | | | | 2,043 | |
Genomic Health, Inc. (2) | | | 219 | | | | 11,038 | |
Geron Corp. (2) | | | 142 | | | | 487 | |
Gilead Sciences, Inc. | | | 3,488 | | | | 247,090 | |
Global Blood Therapeutics, Inc. (2) | | | 6 | | | | 271 | |
Globus Medical, Inc. (2) | | | 367 | | | | 18,519 | |
Haemonetics Corp. (2) | | | 135 | | | | 12,107 | |
Halozyme Therapeutics, Inc. (2) | | | 350 | | | | 5,905 | |
HCA Healthcare, Inc. | | | 2,127 | | | | 218,230 | |
HealthStream, Inc. | | | 51 | | | | 1,393 | |
Heron Therapeutics, Inc. (2) | | | 9 | | | | 350 | |
Hill-Rom Holdings, Inc. | | | 211 | | | | 18,429 | |
HMS Holdings Corp. (2) | | | 142 | | | | 3,070 | |
ICU Medical, Inc. (2) | | | 45 | | | | 13,214 | |
ImmunoGen, Inc. (2) | | | 201 | | | | 1,956 | |
Immunomedics, Inc. (2) | | | 258 | | | | 6,107 | |
Innovate Biopharmaceuticals, Inc. (2) | | | 17 | | | | 401 | |
Inogen, Inc. (2) | | | 58 | | | | 10,807 | |
Integer Holdings Corp. (2) | | | 153 | | | | 9,891 | |
Intersect ENT, Inc. (2) | | | 119 | | | | 4,457 | |
Intuitive Surgical, Inc. (2) | | | 502 | | | | 240,197 | |
Iovance Biotherapeutics, Inc. (2) | | | 87 | | | | 1,114 | |
Ironwood Pharmaceuticals, Inc. (2) | | | 265 | | | | 5,067 | |
Johnson & Johnson | | | 1,732 | | | | 210,161 | |
Kadmon Holdings, Inc. (2) | | | 40 | | | | 160 | |
Kindred Biosciences, Inc. (2) | | | 230 | | | | 2,450 | |
Kura Oncology, Inc. (2) | | | 7 | | | | 127 | |
Lantheus Holdings, Inc. (2) | | | 121 | | | | 1,761 | |
Loxo Oncology, Inc. (2) | | | 57 | | | | 9,888 | |
Luminex Corp. | | | 249 | | | | 7,353 | |
Madrigal Pharmaceuticals, Inc. (2) | | | 16 | | | | 4,475 | |
Masimo Corp. (2) | | | 127 | | | | 12,402 | |
Medtronic PLC | | | 1,656 | | | | 141,770 | |
Merck & Co., Inc. | | | 2,329 | | | | 141,370 | |
Merit Medical Systems, Inc. (2) | | | 4 | | | | 205 | |
Minerva Neurosciences, Inc. (2) | | | 71 | | | | 586 | |
Momenta Pharmaceuticals, Inc. (2) | | | 206 | | | | 4,213 | |
Mustang Bio, Inc. (2) | | | 63 | | | | 434 | |
Mylan NV (2) | | | 2,041 | | | | 73,762 | |
Myriad Genetics, Inc. (2) | | | 200 | | | | 7,474 | |
Natera, Inc. (2) | | | 40 | | | | 753 | |
National Research Corp. | | | 28 | | | | 1,047 | |
Nektar Therapeutics (2) | | | 237 | | | | 11,573 | |
Orthofix International NV (2) | | | 232 | | | | 13,182 | |
PDL BioPharma, Inc. (2) | | | 1,535 | | | | 3,592 | |
Pfenex, Inc. (2) | | | 74 | | | | 400 | |
Pfizer, Inc. | | | 8,759 | | | | 317,777 | |
Phibro Animal Health Corp. | | | 153 | | | | 7,046 | |
Pieris Pharmaceuticals, Inc. (2) | | | 402 | | | | 2,038 | |
PolarityTE, Inc. (2) | | | 7 | | | | 165 | |
Premier, Inc. (2) | | | 942 | | | | 34,270 | |
Proteostasis Therapeutics, Inc. (2) | | | 69 | | | | 193 | |
Providence Service Corp./The (2) | | | 127 | | | | 9,976 | |
PTC Therapeutics, Inc. (2) | | | 147 | | | | 4,958 | |
Quality Systems, Inc. (2) | | | 268 | | | | 5,226 | |
Quidel Corp. (2) | | | 30 | | | | 1,995 | |
Quorum Health Corp. (2) | | | 41 | | | | 205 | |
RadNet, Inc. (2) | | | 67 | | | | 1,005 | |
Recro Pharma, Inc. (2) | | | 125 | | | | 628 | |
REGENXBIO, Inc. (2) | | | 47 | | | | 3,372 | |
Retrophin, Inc. (2) | | | 82 | | | | 2,235 | |
Rhythm Pharmaceuticals, Inc. (2) | | | 23 | | | | 719 | |
Sage Therapeutics, Inc. (2) | | | 51 | | | | 7,983 | |
Sarepta Therapeutics, Inc. (2) | | | 32 | | | | 4,230 | |
Savara, Inc. (2) | | | 5 | | | | 57 | |
Simulations Plus, Inc. | | | 81 | | | | 1,802 | |
Spectrum Pharmaceuticals, Inc. (2) | | | 182 | | | | 3,815 | |
STAAR Surgical Co. (2) | | | 58 | | | | 1,798 | |
STERIS PLC | | | 143 | | | | 15,016 | |
Surmodics, Inc. (2) | | | 37 | | | | 2,042 | |
Synlogic, Inc. (2) | | | 52 | | | | 511 | |
T2 Biosystems, Inc. (2) | | | 1 | | | | 8 | |
Tabula Rasa HealthCare, Inc. (2) | | | 41 | | | | 2,617 | |
Tandem Diabetes Care, Inc. (2) | | | 9 | | | | 198 | |
Triple-S Management Corp. (2) | | | 96 | | | | 3,750 | |
Tyme Technologies, Inc. (2) | | | 80 | | | | 253 | |
United Therapeutics Corp. (2) | | | 211 | | | | 23,875 | |
UnitedHealth Group, Inc. | | | 966 | | | | 236,998 | |
Vanda Pharmaceuticals, Inc. (2) | | | 245 | | | | 4,667 | |
Veracyte, Inc. (2) | | | 318 | | | | 2,970 | |
Verastem, Inc. (2) | | | 27 | | | | 186 | |
Vertex Pharmaceuticals, Inc. (2) | | | 1,434 | | | | 243,723 | |
Viking Therapeutics, Inc. (2) | | | 19 | | | | 180 | |
Xencor, Inc. (2) | | | 144 | | | | 5,329 | |
Zafgen, Inc. (2) | | | 10 | | | | 102 | |
Zoetis, Inc. | | | 849 | | | | 72,326 | |
| | | | | | | | 4,646,138 | |
| | | | | | | | | |
Industrials — 1.2% | | | | | | | | |
Allied Motion Technologies, Inc. | | | 34 | | | | 1,628 | |
Allison Transmission Holdings, Inc. | | | 1,188 | | | | 48,102 | |
ArcBest Corp. | | | 134 | | | | 6,124 | |
ASGN, Inc. (2) | | | 14 | | | | 1,095 | |
The accompanying notes are an integral part of these financial statements.
Page 70 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Atkore International Group, Inc. (2) | | | 437 | | | | 9,076 | |
Axon Enterprise, Inc. (2) | | | 10 | | | | 632 | |
Barrett Business Services, Inc. | | | 23 | | | | 2,221 | |
BG Staffing, Inc. | | | 87 | | | | 2,023 | |
Boeing Co./The | | | 951 | | | | 319,070 | |
Builders FirstSource, Inc. (2) | | | 228 | | | | 4,170 | |
Casella Waste Systems, Inc. (2) | | | 248 | | | | 6,351 | |
Comfort Systems USA, Inc. | | | 166 | | | | 7,603 | |
Continental Building Products, Inc. (2) | | | 425 | | | | 13,409 | |
Copart, Inc. (2) | | | 1,278 | | | | 72,284 | |
Covenant Transportation Group, Inc. (2) | | | 217 | | | | 6,836 | |
Curtiss-Wright Corp. | | | 195 | | | | 23,209 | |
Douglas Dynamics, Inc. | | | 97 | | | | 4,656 | |
Ducommun, Inc. (2) | | | 113 | | | | 3,739 | |
EMCOR Group, Inc. | | | 330 | | | | 25,139 | |
Enphase Energy, Inc. (2) | | | 7 | | | | 47 | |
Essendant, Inc. | | | 65 | | | | 859 | |
FTI Consulting, Inc. (2) | | | 162 | | | | 9,798 | |
Genco Shipping & Trading, Ltd. (2) | | | 280 | | | | 4,340 | |
Global Brass & Copper Holdings, Inc. | | | 309 | | | | 9,687 | |
H&E Equipment Services, Inc. | | | 116 | | | | 4,363 | |
Harsco Corp. (2) | | | 170 | | | | 3,757 | |
Hawaiian Holdings, Inc. | | | 154 | | | | 5,536 | |
Herman Miller, Inc. (2) | | | 49 | | | | 1,661 | |
Hillenbrand, Inc. | | | 18 | | | | 849 | |
Huntington Ingalls Industries, Inc. | | | 246 | | | | 53,330 | |
Hurco Cos., Inc. | | | 89 | | | | 3,983 | |
ICF International, Inc. | | | 57 | | | | 4,050 | |
Insperity, Inc. | | | 11 | | | | 1,048 | |
Interface, Inc. | | | 9 | | | | 207 | |
JetBlue Airways Corp. (2) | | | 107 | | | | 2,031 | |
Kaman Corp. | | | 184 | | | | 12,823 | |
KBR, Inc. | | | 569 | | | | 10,196 | |
Kelly Services, Inc. | | | 112 | | | | 2,514 | |
Kforce, Inc. | | | 232 | | | | 7,958 | |
Kimball International, Inc. | | | 326 | | | | 5,268 | |
LB Foster Co. (2) | | | 137 | | | | 3,144 | |
LSC Communications, Inc. | | | 13 | | | | 204 | |
LSI Industries, Inc. | | | 126 | | | | 673 | |
ManpowerGroup, Inc. | | | 195 | | | | 16,782 | |
Matson, Inc. | | | 168 | | | | 6,448 | |
McGrath RentCorp | | | 58 | | | | 3,670 | |
Meritor, Inc. (2) | | | 165 | | | | 3,394 | |
Miller Industries, Inc./TN | | | 276 | | | | 7,052 | |
MSC Industrial Direct Co., Inc. | | | 31 | | | | 2,630 | |
MYR Group, Inc. (2) | | | 149 | | | | 5,284 | |
Navigant Consulting, Inc. (2) | | | 373 | | | | 8,258 | |
Nexeo Solutions, Inc. (2) | | | 488 | | | | 4,455 | |
Norfolk Southern Corp. | | | 935 | | | | 141,063 | |
Old Dominion Freight Line, Inc. | | | 177 | | | | 26,366 | |
Oshkosh Corp. | | | 119 | | | | 8,368 | |
Park-Ohio Holdings Corp. | | | 104 | | | | 3,879 | |
Pitney Bowes, Inc. | | | 404 | | | | 3,462 | |
Proto Labs, Inc. (2) | | | 125 | | | | 14,869 | |
Quad/Graphics, Inc. | | | 182 | | | | 3,791 | |
Quanta Services, Inc. (2) | | | 561 | | | | 18,737 | |
RR Donnelley & Sons Co. | | | 385 | | | | 2,218 | |
Safe Bulkers, Inc. (2) | | | 486 | | | | 1,652 | |
Saia, Inc. (2) | | | 178 | | | | 14,391 | |
SkyWest, Inc. | | | 210 | | | | 10,899 | |
Spartan Motors, Inc. | | | 207 | | | | 3,126 | |
Systemax, Inc. | | | 40 | | | | 1,373 | |
Teledyne Technologies, Inc. (2) | | | 70 | | | | 13,934 | |
Textron, Inc. | | | 915 | | | | 60,308 | |
TPI Composites, Inc. (2) | | | 76 | | | | 2,222 | |
TriMas Corp. (2) | | | 93 | | | | 2,734 | |
Triton International, Ltd./Bermuda | | | 70 | | | | 2,146 | |
Union Pacific Corp. | | | 1,909 | | | | 270,467 | |
United Rentals, Inc. (2) | | | 72 | | | | 10,629 | |
Universal Forest Products, Inc. | | | 99 | | | | 3,625 | |
Universal Logistics Holdings, Inc. | | | 262 | | | | 6,878 | |
Vectrus, Inc. (2) | | | 208 | | | | 6,411 | |
Vicor Corp. (2) | | | 52 | | | | 2,265 | |
WESCO International, Inc. (2) | | | 75 | | | | 4,283 | |
WW Grainger, Inc. | | | 301 | | | | 92,828 | |
YRC Worldwide, Inc. (2) | | | 19 | | | | 191 | |
| | | | | | | | 1,496,781 | |
| | | | | | | | | |
Information Technology — 5.7% | | | | | | | | |
Adobe Systems, Inc. (2) | | | 1,257 | | | | 306,469 | |
Akamai Technologies, Inc. (2) | | | 106 | | | | 7,762 | |
Alphabet, Inc. - Class C (2) | | | 441 | | | | 492,002 | |
Alphabet, Inc. - Class A (2) | | | 23 | | | | 25,971 | |
Amkor Technology, Inc. (2) | | | 1,605 | | | | 13,787 | |
Appfolio, Inc. (2) | | | 3 | | | | 183 | |
Apple, Inc. | | | 4,639 | | | | 858,725 | |
Applied Materials, Inc. | | | 5,226 | | | | 241,389 | |
ARRIS International PLC (2) | | | 2,039 | | | | 49,843 | |
Aspen Technology, Inc. (2) | | | 603 | | | | 55,922 | |
Avnet, Inc. | | | 482 | | | | 20,673 | |
Blucora, Inc. (2) | | | 108 | | | | 3,996 | |
Booz Allen Hamilton Holding Corp. | | | 414 | | | | 18,104 | |
Broadridge Financial Solutions, Inc. | | | 176 | | | | 20,258 | |
CA, Inc. | | | 4,083 | | | | 145,559 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 71 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Cabot Microelectronics Corp. | | | 61 | | | | 6,561 | |
CACI International, Inc. (2) | | | 104 | | | | 17,529 | |
Care.com, Inc. (2) | | | 17 | | | | 355 | |
CDW Corp./DE | | | 568 | | | | 45,889 | |
Ciena Corp. (2) | | | 882 | | | | 23,382 | |
Cisco Systems, Inc. | | | 8,989 | | | | 386,797 | |
Citrix Systems, Inc. (2) | | | 1,515 | | | | 158,833 | |
Comtech Telecommunications Corp. | | | 181 | | | | 5,770 | |
DHI Group, Inc. (2) | | | 227 | | | | 533 | |
DXC Technology Co. | | | 1,173 | | | | 94,556 | |
Electro Scientific Industries, Inc. (2) | | | 57 | | | | 899 | |
Electronic Arts, Inc. (2) | | | 92 | | | | 12,974 | |
ePlus, Inc. (2) | | | 40 | | | | 3,764 | |
Etsy, Inc. (2) | | | 205 | | | | 8,649 | |
F5 Networks, Inc. (2) | | | 515 | | | | 88,812 | |
Facebook, Inc. (2) | | | 2,189 | | | | 425,363 | |
Fair Isaac Corp. (2) | | | 63 | | | | 12,179 | |
First Solar, Inc. (2) | | | 4 | | | | 211 | |
Five9, Inc. (2) | | | 65 | | | | 2,247 | |
FLIR Systems, Inc. | | | 201 | | | | 10,446 | |
Fortinet, Inc. (2) | | | 678 | | | | 42,328 | |
GrubHub, Inc. (2) | | | 20 | | | | 2,098 | |
Hewlett Packard Enterprise Co. | | | 3,837 | | | | 56,059 | |
HP, Inc. | | | 10,023 | | | | 227,422 | |
Immersion Corp. (2) | | | 135 | | | | 2,084 | |
Insight Enterprises, Inc. (2) | | | 143 | | | | 6,997 | |
Intel Corp. | | | 5,668 | | | | 281,756 | |
InterDigital, Inc./PA | | | 267 | | | | 21,600 | |
Intuit, Inc. | | | 1,183 | | | | 241,693 | |
IPG Photonics Corp. (2) | | | 102 | | | | 22,504 | |
Jabil, Inc. | | | 1,125 | | | | 31,118 | |
Juniper Networks, Inc. | | | 3,162 | | | | 86,702 | |
Lam Research Corp. | | | 958 | | | | 165,590 | |
Limelight Networks, Inc. (2) | | | 64 | | | | 286 | |
LivePerson, Inc. (2) | | | 74 | | | | 1,561 | |
Mastercard, Inc. | | | 1,539 | | | | 302,444 | |
Micron Technology, Inc. (2) | | | 3,431 | | | | 179,922 | |
Microsoft Corp. | | | 7,303 | | | | 720,149 | |
MKS Instruments, Inc. | | | 172 | | | | 16,460 | |
Nanometrics, Inc. (2) | | | 190 | | | | 6,728 | |
NETGEAR, Inc. (2) | | | 59 | | | | 3,688 | |
New Relic, Inc. (2) | | | 32 | | | | 3,219 | |
Novanta, Inc. (2) | | | 94 | | | | 5,856 | |
Nutanix, Inc. (2) | | | 118 | | | | 6,085 | |
NVIDIA Corp. | | | 813 | | | | 192,600 | |
Oclaro, Inc. (2) | | | 18 | | | | 161 | |
ON Semiconductor Corp. (2) | | | 1,779 | | | | 39,556 | |
OneSpan, Inc. (2) | | | 41 | | | | 806 | |
Oracle Corp. | | | 3,387 | | | | 149,231 | |
PC Connection, Inc. | | | 103 | | | | 3,420 | |
Plantronics, Inc. | | | 89 | | | | 6,786 | |
Progress Software Corp. | | | 36 | | | | 1,398 | |
QuinStreet, Inc. (2) | | | 76 | | | | 965 | |
Red Hat, Inc. (2) | | | 1,416 | | | | 190,268 | |
RingCentral, Inc. (2) | | | 254 | | | | 17,869 | |
Rosetta Stone, Inc. (2) | | | 488 | | | | 7,823 | |
Rudolph Technologies, Inc. (2) | | | 176 | | | | 5,210 | |
SMART Global Holdings, Inc. (2) | | | 34 | | | | 1,084 | |
Syntel, Inc. (2) | | | 461 | | | | 14,793 | |
Tech Data Corp. (2) | | | 215 | | | | 17,656 | |
TechTarget, Inc. (2) | | | 59 | | | | 1,676 | |
Texas Instruments, Inc. | | | 2,638 | | | | 290,840 | |
Twilio, Inc. (2) | | | 86 | | | | 4,818 | |
Unisys Corp. (2) | | | 466 | | | | 6,011 | |
Varonis Systems, Inc. (2) | | | 81 | | | | 6,035 | |
Vishay Precision Group, Inc. (2) | | | 67 | | | | 2,556 | |
Western Digital Corp. | | | 473 | | | | 36,615 | |
Xcerra Corp. (2) | | | 1,158 | | | | 16,177 | |
Xerox Corp. (2) | | | 563 | | | | 13,512 | |
XO Group, Inc. (2) | | | 110 | | | | 3,520 | |
Zebra Technologies Corp. (2) | | | 162 | | | | 23,207 | |
| | | | | | | | 7,055,334 | |
| | | | | | | | | |
Materials — 0.5% | | | | | | | | |
AdvanSix, Inc. (2) | | | 138 | | | | 5,055 | |
Chemours Co./The | | | 557 | | | | 24,709 | |
Eagle Materials, Inc. | | | 193 | | | | 20,259 | |
Eastman Chemical Co. | | | 1,067 | | | | 106,657 | |
Freeport-McMoRan, Inc. | | | 2,947 | | | | 50,865 | |
Gold Resource Corp. | | | 313 | | | | 2,063 | |
Huntsman Corp. | | | 855 | | | | 24,966 | |
Kraton Corp. (2) | | | 193 | | | | 8,905 | |
Kronos Worldwide, Inc. | | | 374 | | | | 8,426 | |
Louisiana-Pacific Corp. | | | 746 | | | | 20,306 | |
LyondellBasell Industries NV | | | 2,060 | | | | 226,291 | |
Olin Corp. | | | 32 | | | | 919 | |
Reliance Steel & Aluminum Co. | | | 407 | | | | 35,629 | |
Ryerson Holding Corp. (2) | | | 58 | | | | 647 | |
Schnitzer Steel Industries, Inc. | | | 24 | | | | 809 | |
Schweitzer-Mauduit International, Inc. | | | 61 | | | | 2,667 | |
Steel Dynamics, Inc. | | | 1,085 | | | | 49,856 | |
SunCoke Energy, Inc. (2) | | | 153 | | | | 2,050 | |
Tredegar Corp. | | | 243 | | | | 5,711 | |
Trinseo SA | | | 320 | | | | 22,704 | |
The accompanying notes are an integral part of these financial statements.
Page 72 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
United States Steel Corp. | | | 226 | | | | 7,854 | |
Valhi, Inc. | | | 132 | | | | 628 | |
Verso Corp. (2) | | | 26 | | | | 566 | |
Westlake Chemical Corp. | | | 473 | | | | 50,909 | |
Worthington Industries, Inc. | | | 21 | | | | 881 | |
| | | | | | | | 680,332 | |
| | | | | | | | | |
Real Estate Investment Trust — 0.8% | | | | | | | | |
American Assets Trust, Inc. | | | 23 | | | | 881 | |
CareTrust REIT, Inc. | | | 233 | | | | 3,889 | |
Chesapeake Lodging Trust | | | 154 | | | | 4,873 | |
CoreCivic, Inc. | | | 620 | | | | 14,812 | |
CubeSmart | | | 3,007 | | | | 96,886 | |
Essex Property Trust, Inc. | | | 886 | | | | 211,816 | |
Front Yard Residential Corp. | | | 150 | | | | 1,563 | |
GEO Group, Inc./The | | | 331 | | | | 9,116 | |
Gladstone Commercial Corp. | | | 153 | | | | 2,941 | |
Hersha Hospitality Trust | | | 533 | | | | 11,433 | |
Host Hotels & Resorts, Inc. | | | 4,269 | | | | 89,948 | |
Lamar Advertising Co. | | | 198 | | | | 13,525 | |
LaSalle Hotel Properties | | | 101 | | | | 3,457 | |
Pebblebrook Hotel Trust | | | 358 | | | | 13,890 | |
Pennsylvania Real Estate Investment Trust | | | 93 | | | | 1,022 | |
PotlatchDeltic Corp. | | | 153 | | | | 7,780 | |
PS Business Parks, Inc. | | | 201 | | | | 25,829 | |
Public Storage | | | 328 | | | | 74,410 | |
RAIT Financial Trust | | | 1,368 | | | | 133 | |
Rayonier, Inc. | | | 255 | | | | 9,866 | |
Retail Properties of America, Inc. | | | 2,548 | | | | 32,563 | |
Simon Property Group, Inc. | | | 1,407 | | | | 239,457 | |
Spirit Realty Capital, Inc. | | | 2,431 | | | | 19,521 | |
Tanger Factory Outlet Centers, Inc. | | | 141 | | | | 3,312 | |
Tier REIT, Inc. | | | 529 | | | | 12,580 | |
Urstadt Biddle Properties, Inc. | | | 416 | | | | 9,414 | |
Ventas, Inc. | | | 1,049 | | | | 59,741 | |
| | | | | | | | 974,658 | |
| | | | | | | | | |
Telecommunication Services — 0.3% | | | | | | | | |
AT&T, Inc. | | | 2,486 | | | | 79,825 | |
Frontier Communications Corp. | | | 57 | | | | 306 | |
Intelsat SA (2) | | | 90 | | | | 1,499 | |
Telephone & Data Systems, Inc. | | | 157 | | | | 4,305 | |
Verizon Communications, Inc. | | | 6,399 | | | | 321,934 | |
Vonage Holdings Corp. (2) | | | 528 | | | | 6,806 | |
| | | | | | | | 414,675 | |
| | | | | | | | | |
Utilities — 0.7% | | | | | | | | |
AES Corp./VA | | | 3,718 | | | | 49,858 | |
CenterPoint Energy, Inc. | | | 4,329 | | | | 119,957 | |
Consolidated Water Co., Ltd. | | | 154 | | | | 1,987 | |
Exelon Corp. | | | 5,451 | | | | 232,213 | |
MDU Resources Group, Inc. | | | 1,809 | | | | 51,882 | |
NextEra Energy, Inc. | | | 1,590 | | | | 265,578 | |
UGI Corp. | | | 3,461 | | | | 180,214 | |
Vistra Energy Corp. (2) | | | 1,370 | | | | 32,397 | |
| | | | | | | | 934,086 | |
| | | | | | | | | |
Total Common Stocks (Cost $24,968,859) | | | | | | | 25,769,052 | |
Registered Investment Companies — 52.4% |
Baird Core Plus Bond Fund - Class I | | | 491,042 | | | | 5,337,624 | |
DoubleLine Total Return Bond Fund - Class I | | | 512,072 | | | | 5,335,794 | |
Frost Total Return Bond Fund - Class I | | | 520,882 | | | | 5,359,880 | |
Guggenheim Total Return Bond Fund - Class I | | | 198,727 | | | | 5,345,763 | |
iShares Core U.S. Aggregate Bond ETF (9) | | | 50,311 | | | | 5,349,066 | |
iShares iBoxx $ High Yield Corporate Bond ETF (3)(9) | | | 41,590 | | | | 3,538,477 | |
JPMorgan Core Plus Bond Fund - Class L | | | 389,299 | | | | 3,129,966 | |
Lord Abbett High Yield Fund - Class I | | | 587,881 | | | | 4,367,954 | |
PGIM Total Return Bond Fund - Class R6 | | | 256,473 | | | | 3,613,704 | |
PIMCO Investment Grade Corporate Bond Fund - Class I | | | 152,330 | | | | 1,532,440 | |
Pioneer Bond Fund - Class Y | | | 570,630 | | | | 5,346,800 | |
SPDR Bloomberg Barclays High Yield Bond ETF (9) | | | 101,604 | | | | 3,604,910 | |
TCW Emerging Markets Income Fund - Class I | | | 878,006 | | | | 6,901,131 | |
Vanguard Intermediate-Term Corporate Bond ETF (9) | | | 46,700 | | | | 3,900,384 | |
Vanguard Total Bond Market ETF (9) | | | 37,529 | | | | 2,971,920 | |
Total Registered Investment Companies (Cost $67,010,781) | | | | | | | 65,635,813 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 11.0% |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 3,611,339 | | | | 3,611,339 | |
Meeder Institutional Prime Money Market Fund, 1.96% (5) | | | 10,226,198 | | | | 10,226,198 | |
Total Money Market Registered Investment Companies (Cost $13,836,560) | | | | | | | 13,837,537 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 73 |
Schedule of Investments
June 30, 2018 (unaudited)
Conservative Allocation |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Bank Obligations — 0.2% | | | | | | | | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (6) | | | 249,182 | | | | 249,182 | |
Total Bank Obligations (Cost $249,182) | | | | | | | 249,182 | |
| | | | | | | | | |
U.S. Government Obligations — 18.2% |
U.S. Treasury Note, 2.25%, due 11/15/2025 | | | 10,668,000 | | | | 10,260,032 | |
U.S. Treasury Note, 1.88%, due 12/31/2019 | | | 2,312,000 | | | | 2,291,318 | |
U.S. Treasury Note, 2.13%, due 12/31/2022 | | | 10,518,000 | | | | 10,253,818 | |
Total U.S. Government Obligations (Cost $23,020,999) | | | | | | | 22,805,168 | |
Total Investments — 102.3% (Cost $129,086,381) | | | | | | | 128,296,752 | |
Liabilities less Other Assets — (2.3%) | | | | | | | (2,834,852 | ) |
Total Net Assets — 100.0% | | | | | | | 125,461,900 | |
| | | | | | | | | |
Trustee Deferred Compensation (7) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 1,823 | | | | 19,397 | |
Meeder Balanced Fund | | | 924 | | | | 10,681 | |
Meeder Dynamic Allocation Fund | | | 634 | | | | 6,923 | |
Meeder Muirfield Fund | | | 979 | | | | 7,440 | |
Meeder Conservative Allocation Fund | | | 258 | | | | 5,715 | |
Total Trustee Deferred Compensation (Cost $43,615) | | | | | | | 50,156 | |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 30 | | | 9/21/2018 | | | | 2,933,100 | | | | (86,912 | ) |
Mini MSCI Emerging Markets Index Futures | | | 10 | | | 9/21/2018 | | | | 531,650 | | | | (34,901 | ) |
Russell 2000 Mini Index Futures | | | 10 | | | 9/21/2018 | | | | 823,750 | | | | (18,794 | ) |
Standard & Poors 500 Mini Futures | | | 27 | | | 9/21/2018 | | | | 3,674,160 | | | | (28,618 | ) |
E-mini Standard & Poors MidCap 400 Futures | | | 6 | | | 9/21/2018 | | | | 1,173,660 | | | | (14,401 | ) |
Total Futures Contracts | | | 83 | | | | | | | 9,136,320 | | | | (183,626 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (10) | |
Level 1 - Quoted Prices | | $ | 105,242,402 | | | $ | (183,626 | ) |
Level 2 - Other Significant Observable Inputs | | | 23,054,350 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 128,296,752 | | | $ | (183,626 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | All or a portion of this security is on loan. |
The accompanying notes are an integral part of these financial statements.
Page 74 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
(4) | Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(6) | 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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(7) | Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustees Deferred Compensation Plan. |
(8) | Fair valued security deemed as Level 3 security. |
(10) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 75 |
Schedule of Investments
June 30, 2018 (unaudited)
Aggressive Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 67.4% |
Consumer Discretionary — 7.7% | | | | | | | | |
AMC Networks, Inc. (2) | | | 600 | | | | 37,320 | |
American Axle & Manufacturing Holdings, Inc. (2) | | | 1,065 | | | | 16,571 | |
American Eagle Outfitters, Inc. | | | 1,508 | | | | 35,061 | |
Bed Bath & Beyond, Inc. | | | 1,348 | | | | 26,859 | |
Big Lots, Inc. (3) | | | 1,373 | | | | 57,364 | |
Bloomin' Brands, Inc. | | | 3,369 | | | | 67,717 | |
Brinker International, Inc. | | | 340 | | | | 16,184 | |
Burlington Stores, Inc. (2) | | | 297 | | | | 44,707 | |
Cooper-Standard Holdings, Inc. (2) | | | 80 | | | | 10,454 | |
Crocs, Inc. (2) | | | 947 | | | | 16,677 | |
Foot Locker, Inc. | | | 231 | | | | 12,162 | |
Gannett Co., Inc. | | | 5,547 | | | | 59,353 | |
Gentex Corp. | | | 1,905 | | | | 43,853 | |
Grand Canyon Education, Inc. (2) | | | 624 | | | | 69,645 | |
John Wiley & Sons, Inc. | | | 815 | | | | 50,856 | |
Kohl's Corp. | | | 1,567 | | | | 114,234 | |
Lear Corp. | | | 906 | | | | 168,344 | |
Liberty Expedia Holdings, Inc. (2) | | | 2,142 | | | | 94,119 | |
Lululemon Athletica, Inc. (2) | | | 267 | | | | 33,335 | |
M/I Homes, Inc. (2) | | | 377 | | | | 9,983 | |
MCBC Holdings, Inc. (2) | | | 2,156 | | | | 62,416 | |
Michael Kors Holdings, Ltd. (2) | | | 1,558 | | | | 103,763 | |
MSG Networks, Inc. (2) | | | 81 | | | | 1,940 | |
National CineMedia, Inc. | | | 1,097 | | | | 9,215 | |
New Media Investment Group, Inc. | | | 5,307 | | | | 98,073 | |
Nexstar Media Group, Inc. | | | 145 | | | | 10,643 | |
Nordstrom, Inc. | | | 458 | | | | 23,715 | |
NVR, Inc. (2) | | | 53 | | | | 157,429 | |
Office Depot, Inc. | | | 3,966 | | | | 10,113 | |
Penn National Gaming, Inc. (2) | | | 1,090 | | | | 36,613 | |
Pinnacle Entertainment, Inc. (2) | | | 5,435 | | | | 183,323 | |
PulteGroup, Inc. | | | 366 | | | | 10,523 | |
Sally Beauty Holdings, Inc. (2) | | | 66 | | | | 1,058 | |
Shutterfly, Inc. (2) | | | 289 | | | | 26,019 | |
Sleep Number Corp. (2) | | | 991 | | | | 28,759 | |
Stoneridge, Inc. (2) | | | 1,177 | | | | 41,360 | |
Taylor Morrison Home Corp. (2) | | | 1,397 | | | | 29,030 | |
Tenneco, Inc. | | | 1,203 | | | | 52,884 | |
Thor Industries, Inc. | | | 138 | | | | 13,440 | |
TopBuild Corp. (2) | | | 529 | | | | 41,442 | |
Tower International, Inc. | | | 973 | | | | 30,941 | |
tronc, Inc. (2) | | | 2,575 | | | | 44,496 | |
Weight Watchers International, Inc. (2) | | | 6 | | | | 607 | |
World Wrestling Entertainment, Inc. | | | 221 | | | | 16,093 | |
ZAGG, Inc. (2) | | | 242 | | | | 4,187 | |
| | | | | | | | 2,022,880 | |
| | | | | | | | | |
Consumer Staples — 3.3% | | | | | | | | |
Boston Beer Co., Inc./The (2) | | | 101 | | | | 30,270 | |
Flowers Foods, Inc. | | | 4,101 | | | | 85,424 | |
Herbalife Nutrition, Ltd. (2) | | | 2,415 | | | | 129,734 | |
Ingredion, Inc. | | | 133 | | | | 14,723 | |
Lamb Weston Holdings, Inc. | | | 1,207 | | | | 82,692 | |
Medifast, Inc. | | | 308 | | | | 49,329 | |
Performance Food Group Co. (2) | | | 4,847 | | | | 177,885 | |
Sprouts Farmers Market, Inc. (2) | | | 4,045 | | | | 89,273 | |
US Foods Holding Corp. (2) | | | 2,591 | | | | 97,992 | |
USANA Health Sciences, Inc. (2) | | | 683 | | | | 78,750 | |
Village Super Market, Inc. | | | 1,290 | | | | 38,003 | |
| | | | | | | | 874,075 | |
| | | | | | | | | |
Energy — 3.7% | | | | | | | | |
Abraxas Petroleum Corp. (2) | | | 91 | | | | 263 | |
Arch Coal, Inc. | | | 651 | | | | 51,058 | |
Cactus, Inc. (2) | | | 770 | | | | 26,018 | |
California Resources Corp. (2) | | | 288 | | | | 13,087 | |
Chesapeake Energy Corp. (2) | | | 684 | | | | 3,584 | |
CVR Energy, Inc. | | | 825 | | | | 30,517 | |
Delek US Holdings, Inc. | | | 1,060 | | | | 53,180 | |
Denbury Resources, Inc. (2) | | | 5,393 | | | | 25,940 | |
Diamondback Energy, Inc. | | | 294 | | | | 38,682 | |
Energen Corp. (2) | | | 830 | | | | 60,441 | |
FTS International, Inc. (2) | | | 1,604 | | | | 22,841 | |
Hallador Energy Co. | | | 303 | | | | 2,163 | |
HollyFrontier Corp. | | | 1,801 | | | | 123,242 | |
Liberty Oilfield Services, Inc. (2) | | | 468 | | | | 8,761 | |
Mammoth Energy Services, Inc. (2) | | | 396 | | | | 13,448 | |
Matador Resources Co. (2) | | | 267 | | | | 8,023 | |
Matrix Service Co. (2) | | | 526 | | | | 9,652 | |
Newfield Exploration Co. (2) | | | 738 | | | | 22,325 | |
Overseas Shipholding Group, Inc. (2) | | | 782 | | | | 3,034 | |
Par Pacific Holdings, Inc. (2) | | | 4,992 | | | | 86,761 | |
Parsley Energy, Inc. (2) | | | 688 | | | | 20,833 | |
PBF Energy, Inc. | | | 2,422 | | | | 101,554 | |
PDC Energy, Inc. (2) | | | 46 | | | | 2,781 | |
Peabody Energy Corp. | | | 2,331 | | | | 106,014 | |
ProPetro Holding Corp. (2) | | | 229 | | | | 3,591 | |
RSP Permian, Inc. (2) | | | 1,026 | | | | 45,165 | |
W&T Offshore, Inc. (2) | | | 3,721 | | | | 26,605 | |
Whiting Petroleum Corp. (2) | | | 559 | | | | 29,470 | |
The accompanying notes are an integral part of these financial statements.
Page 76 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Aggressive Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
WildHorse Resource Development Corp. (2) | | | 1,316 | | | | 33,374 | |
| | | | | | | | 972,407 | |
| | | | | | | | | |
Financials — 10.6% | | | | | | | | |
AG Mortgage Investment Trust, Inc. | | | 285 | | | | 5,355 | |
American Equity Investment Life Holding Co. | | | 539 | | | | 19,404 | |
BancFirst Corp. | | | 186 | | | | 11,011 | |
Bancorp, Inc./The (2) | | | 2,332 | | | | 24,393 | |
Bank of NT Butterfield & Son, Ltd./The | | | 3,841 | | | | 175,611 | |
BankUnited, Inc. | | | 4,506 | | | | 184,070 | |
BOK Financial Corp. | | | 198 | | | | 18,614 | |
Cannae Holdings, Inc. (2) | | | 3,742 | | | | 69,414 | |
Charter Financial Corp./MD | | | 53 | | | | 1,280 | |
Cullen/Frost Bankers, Inc. | | | 1,800 | | | | 194,832 | |
Enova International, Inc. (2) | | | 382 | | | | 13,962 | |
Evercore, Inc. | | | 438 | | | | 46,187 | |
First American Financial Corp. | | | 3,580 | | | | 185,158 | |
First BanCorp/Puerto Rico (2) | | | 5,371 | | | | 41,088 | |
First Citizens BancShares, Inc./NC | | | 80 | | | | 32,264 | |
FirstCash, Inc. | | | 1,696 | | | | 152,386 | |
Genworth Financial, Inc. (2) | | | 1,308 | | | | 5,886 | |
Hamilton Lane, Inc. | | | 243 | | | | 11,657 | |
Infinity Property & Casualty Corp. | | | 221 | | | | 31,459 | |
Ladder Capital Corp. | | | 11,222 | | | | 175,288 | |
MB Financial, Inc. | | | 1,194 | | | | 55,760 | |
Moelis & Co. | | | 1,535 | | | | 90,028 | |
National General Holdings Corp. | | | 256 | | | | 6,740 | |
New Residential Investment Corp. | | | 10,972 | | | | 191,900 | |
NewStar Financial Contingent Value Rights (2)(8) | | | 179 | | | | — | |
Northrim BanCorp, Inc. | | | 585 | | | | 23,137 | |
OFG Bancorp | | | 1,644 | | | | 23,098 | |
Oppenheimer Holdings, Inc. | | | 886 | | | | 24,808 | |
PacWest Bancorp | | | 3,478 | | | | 171,883 | |
PennyMac Financial Services, Inc. (2) | | | 602 | | | | 11,829 | |
Popular, Inc. | | | 1,716 | | | | 77,580 | |
Pzena Investment Management, Inc. | | | 925 | | | | 8,519 | |
Santander Consumer USA Holdings, Inc. | | | 363 | | | | 6,930 | |
State Bank Financial Corp. | | | 33 | | | | 1,102 | |
Stewart Information Services Corp. | | | 673 | | | | 28,986 | |
TCF Financial Corp. | | | 7,261 | | | | 178,766 | |
Triumph Bancorp, Inc. (2) | | | 2,263 | | | | 92,217 | |
Umpqua Holdings Corp. | | | 8,137 | | | | 183,815 | |
Universal Insurance Holdings, Inc. | | | 2,364 | | | | 82,976 | |
Walker & Dunlop, Inc. | | | 2,309 | | | | 128,496 | |
| | | | | | | | 2,787,889 | |
| | | | | | | | | |
Healthcare — 11.4% | | | | | | | | |
Abaxis, Inc. | | | 80 | | | | 6,641 | |
ABIOMED, Inc. (2) | | | 179 | | | | 73,220 | |
Acorda Therapeutics, Inc. (2) | | | 21 | | | | 603 | |
Alkermes PLC (2) | | | 465 | | | | 19,139 | |
Alnylam Pharmaceuticals, Inc. (2) | | | 249 | | | | 24,524 | |
AMAG Pharmaceuticals, Inc. (2) | | | 867 | | | | 16,907 | |
Amneal Pharmaceuticals, Inc. (2) | | | 641 | | | | 10,519 | |
Amphastar Pharmaceuticals, Inc. (2) | | | 1,599 | | | | 24,401 | |
AnaptysBio, Inc. (2) | | | 32 | | | | 2,273 | |
Apellis Pharmaceuticals, Inc. (2) | | | 108 | | | | 2,376 | |
Arena Pharmaceuticals, Inc. (2) | | | 395 | | | | 17,222 | |
Array BioPharma, Inc. (2) | | | 442 | | | | 7,417 | |
Atara Biotherapeutics, Inc. (2) | | | 113 | | | | 4,153 | |
athenahealth, Inc. (2) | | | 123 | | | | 19,574 | |
Bio-Rad Laboratories, Inc. (2) | | | 141 | | | | 40,684 | |
Bio-Techne Corp. | | | 137 | | | | 20,269 | |
Bluebird Bio, Inc. (2) | | | 165 | | | | 25,897 | |
Blueprint Medicines Corp. (2) | | | 61 | | | | 3,872 | |
Bruker Corp. | | | 77 | | | | 2,236 | |
Cambrex Corp. (2) | | | 266 | | | | 13,912 | |
Cantel Medical Corp. | | | 146 | | | | 14,361 | |
Catalent, Inc. (2) | | | 4,262 | | | | 178,535 | |
Catalyst Pharmaceuticals, Inc. (2) | | | 281 | | | | 877 | |
Charles River Laboratories International, Inc. (2) | | | 134 | | | | 15,043 | |
Chemed Corp. | | | 357 | | | | 114,886 | |
ChemoCentryx, Inc. (2) | | | 227 | | | | 2,990 | |
Collegium Pharmaceutical, Inc. (2) | | | 590 | | | | 14,072 | |
Concert Pharmaceuticals, Inc. (2) | | | 462 | | | | 7,775 | |
CONMED Corp. | | | 752 | | | | 55,046 | |
Corcept Therapeutics, Inc. (2) | | | 1,461 | | | | 22,967 | |
Cutera, Inc. (2) | | | 70 | | | | 2,821 | |
CytomX Therapeutics, Inc. (2) | | | 469 | | | | 10,721 | |
Dyax Corp. Contingent Value Rights (2)(8) | | | 7,373 | | | | 0 | |
Eagle Pharmaceuticals, Inc./DE (2) | | | 63 | | | | 4,767 | |
Editas Medicine, Inc. (2) | | | 188 | | | | 6,736 | |
Emergent BioSolutions, Inc. (2) | | | 1,662 | | | | 83,914 | |
Enanta Pharmaceuticals, Inc. (2) | | | 374 | | | | 43,347 | |
Encompass Health Corp. | | | 587 | | | | 39,752 | |
Exact Sciences Corp. (2) | | | 164 | | | | 9,806 | |
Exelixis, Inc. (2) | | | 3,157 | | | | 67,939 | |
Fate Therapeutics, Inc. (2) | | | 176 | | | | 1,996 | |
FibroGen, Inc. (2) | | | 62 | | | | 3,881 | |
Foundation Medicine, Inc. (2) | | | 51 | | | | 6,972 | |
G1 Therapeutics, Inc. (2) | | | 96 | | | | 4,172 | |
Genomic Health, Inc. (2) | | | 1,153 | | | | 58,111 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 77 |
Schedule of Investments
June 30, 2018 (unaudited)
Aggressive Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Global Blood Therapeutics, Inc. (2) | | | 23 | | | | 1,040 | |
Globus Medical, Inc. (2) | | | 2,863 | | | | 144,467 | |
Haemonetics Corp. (2) | | | 1,253 | | | | 112,369 | |
Halozyme Therapeutics, Inc. (2) | | | 768 | | | | 12,956 | |
Heron Therapeutics, Inc. (2) | | | 59 | | | | 2,292 | |
Hill-Rom Holdings, Inc. | | | 1,048 | | | | 91,532 | |
HMS Holdings Corp. (2) | | | 838 | | | | 18,118 | |
ICU Medical, Inc. (2) | | | 376 | | | | 110,412 | |
ImmunoGen, Inc. (2) | | | 1,681 | | | | 16,356 | |
Immunomedics, Inc. (2) | | | 632 | | | | 14,959 | |
Innoviva, Inc. (2) | | | 1,575 | | | | 21,735 | |
Inogen, Inc. (2) | | | 156 | | | | 29,067 | |
Integer Holdings Corp. (2) | | | 1,216 | | | | 78,614 | |
Intersect ENT, Inc. (2) | | | 906 | | | | 33,930 | |
Iovance Biotherapeutics, Inc. (2) | | | 119 | | | | 1,523 | |
Ironwood Pharmaceuticals, Inc. (2) | | | 930 | | | | 17,782 | |
LivaNova PLC (2) | | | 60 | | | | 5,989 | |
Loxo Oncology, Inc. (2) | | | 141 | | | | 24,461 | |
Luminex Corp. | | | 399 | | | | 11,782 | |
Madrigal Pharmaceuticals, Inc. (2) | | | 21 | | | | 5,873 | |
Mallinckrodt PLC (2) | | | 820 | | | | 15,301 | |
Masimo Corp. (2) | | | 364 | | | | 35,545 | |
Molina Healthcare, Inc. (2) | | | 207 | | | | 20,274 | |
Momenta Pharmaceuticals, Inc. (2) | | | 267 | | | | 5,460 | |
MyoKardia, Inc. (2) | | | 180 | | | | 8,937 | |
Myriad Genetics, Inc. (2) | | | 1,436 | | | | 53,663 | |
Nektar Therapeutics (2) | | | 805 | | | | 39,308 | |
Neurocrine Biosciences, Inc. (2) | | | 393 | | | | 38,608 | |
Orthofix International NV (2) | | | 1,238 | | | | 70,343 | |
Phibro Animal Health Corp. | | | 951 | | | | 43,794 | |
Premier, Inc. (2) | | | 3,352 | | | | 121,946 | |
Prestige Brands Holdings, Inc. (2) | | | 52 | | | | 1,996 | |
PTC Therapeutics, Inc. (2) | | | 325 | | | | 10,962 | |
Quality Systems, Inc. (2) | | | 706 | | | | 13,767 | |
Quidel Corp. (2) | | | 358 | | | | 23,807 | |
REGENXBIO, Inc. (2) | | | 234 | | | | 16,790 | |
ResMed, Inc. | | | 1,058 | | | | 109,588 | |
Retrophin, Inc. (2) | | | 328 | | | | 8,941 | |
Sage Therapeutics, Inc. (2) | | | 275 | | | | 43,046 | |
Sangamo Therapeutics, Inc. (2) | | | 181 | | | | 2,570 | |
Sarepta Therapeutics, Inc. (2) | | | 275 | | | | 36,350 | |
Seattle Genetics, Inc. (2) | | | 11 | | | | 730 | |
Spectrum Pharmaceuticals, Inc. (2) | | | 1,235 | | | | 25,886 | |
STAAR Surgical Co. (2) | | | 340 | | | | 10,540 | |
STERIS PLC | | | 33 | | | | 3,465 | |
Supernus Pharmaceuticals, Inc. (2) | | | 79 | | | | 4,728 | |
Tabula Rasa HealthCare, Inc. (2) | | | 187 | | | | 11,936 | |
Tenet Healthcare Corp. (2) | | | 61 | | | | 2,048 | |
Titan Pharmaceuticals, Inc. (2) | | | 1,153 | | | | 1,257 | |
Triple-S Management Corp. (2) | | | 1,248 | | | | 48,747 | |
United Therapeutics Corp. (2) | | | 748 | | | | 84,636 | |
Vanda Pharmaceuticals, Inc. (2) | | | 595 | | | | 11,335 | |
WellCare Health Plans, Inc. (2) | | | 786 | | | | 193,545 | |
Xencor, Inc. (2) | | | 231 | | | | 8,549 | |
| | | | | | | | 2,990,981 | |
| | | | | | | | | |
Industrials — 7.2% | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 4,693 | | | | 190,020 | |
ArcBest Corp. | | | 447 | | | | 20,428 | |
Atkore International Group, Inc. (2) | | | 1,671 | | | | 34,707 | |
Axon Enterprise, Inc. (2) | | | 109 | | | | 6,887 | |
Barrett Business Services, Inc. | | | 82 | | | | 7,919 | |
Blue Bird Corp. (2) | | | 541 | | | | 12,091 | |
Casella Waste Systems, Inc. (2) | | | 2,046 | | | | 52,398 | |
Copart, Inc. (2) | | | 2,727 | | | | 154,239 | |
Curtiss-Wright Corp. | | | 723 | | | | 86,051 | |
EMCOR Group, Inc. | | | 688 | | | | 52,412 | |
Encore Wire Corp. | | | 60 | | | | 2,847 | |
Forward Air Corp. | | | 2,929 | | | | 173,045 | |
FTI Consulting, Inc. (2) | | | 431 | | | | 26,067 | |
Genco Shipping & Trading, Ltd. (2) | | | 316 | | | | 4,898 | |
Global Brass & Copper Holdings, Inc. | | | 800 | | | | 25,080 | |
H&E Equipment Services, Inc. | | | 746 | | | | 28,057 | |
Herman Miller, Inc. (2) | | | 632 | | | | 21,425 | |
Hexcel Corp. | | | 164 | | | | 10,886 | |
Hillenbrand, Inc. | | | 1,084 | | | | 51,111 | |
Huntington Ingalls Industries, Inc. | | | 565 | | | | 122,486 | |
Insperity, Inc. | | | 210 | | | | 20,003 | |
JetBlue Airways Corp. (2) | | | 6,030 | | | | 114,449 | |
KBR, Inc. | | | 671 | | | | 12,024 | |
Kelly Services, Inc. | | | 668 | | | | 14,997 | |
Kforce, Inc. | | | 530 | | | | 18,179 | |
KLX, Inc. (2) | | | 178 | | | | 12,798 | |
LB Foster Co. (2) | | | 484 | | | | 11,108 | |
McGrath RentCorp | | | 1,104 | | | | 69,850 | |
Miller Industries, Inc./TN | | | 15 | | | | 383 | |
MSC Industrial Direct Co., Inc. | | | 79 | | | | 6,703 | |
Navigant Consulting, Inc. (2) | | | 734 | | | | 16,251 | |
Old Dominion Freight Line, Inc. | | | 948 | | | | 141,214 | |
Park-Ohio Holdings Corp. | | | 22 | | | | 821 | |
Pitney Bowes, Inc. | | | 1,185 | | | | 10,155 | |
Proto Labs, Inc. (2) | | | 250 | | | | 29,738 | |
Quad/Graphics, Inc. | | | 1,487 | | | | 30,974 | |
Quanta Services, Inc. (2) | | | 67 | | | | 2,238 | |
The accompanying notes are an integral part of these financial statements.
Page 78 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Aggressive Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
RR Donnelley & Sons Co. | | | 166 | | | | 956 | |
Ryder System, Inc. | | | 631 | | | | 45,344 | |
Saia, Inc. (2) | | | 190 | | | | 15,362 | |
Spirit AeroSystems Holdings, Inc. | | | 724 | | | | 62,199 | |
Systemax, Inc. | | | 485 | | | | 16,650 | |
Teledyne Technologies, Inc. (2) | | | 79 | | | | 15,726 | |
TPI Composites, Inc. (2) | | | 575 | | | | 16,813 | |
Triton International, Ltd./Bermuda | | | 63 | | | | 1,932 | |
United Rentals, Inc. (2) | | | 476 | | | | 70,267 | |
Vectrus, Inc. (2) | | | 1,244 | | | | 38,340 | |
Vicor Corp. (2) | | | 211 | | | | 9,189 | |
| | | | | | | | 1,887,717 | |
| | | | | | | | | |
Information Technology — 10.3% | | | | | | | | |
Amkor Technology, Inc. (2) | | | 6,778 | | | | 58,223 | |
ANSYS, Inc. (2) | | | 402 | | | | 70,020 | |
ARRIS International PLC (2) | | | 6,461 | | | | 157,939 | |
Aspen Technology, Inc. (2) | | | 1,955 | | | | 181,307 | |
Avnet, Inc. | | | 2,533 | | | | 108,640 | |
Blucora, Inc. (2) | | | 228 | | | | 8,436 | |
Booz Allen Hamilton Holding Corp. | | | 800 | | | | 34,984 | |
CACI International, Inc. (2) | | | 239 | | | | 40,283 | |
CDW Corp./DE | | | 784 | | | | 63,339 | |
Ciena Corp. (2) | | | 3,573 | | | | 94,720 | |
Comtech Telecommunications Corp. | | | 2,218 | | | | 70,710 | |
Electro Scientific Industries, Inc. (2) | | | 904 | | | | 14,256 | |
Etsy, Inc. (2) | | | 1,339 | | | | 56,492 | |
Fair Isaac Corp. (2) | | | 475 | | | | 91,827 | |
First Solar, Inc. (2) | | | 493 | | | | 25,961 | |
Five9, Inc. (2) | | | 31 | | | | 1,072 | |
Fortinet, Inc. (2) | | | 2,393 | | | | 149,395 | |
GrubHub, Inc. (2) | | | 201 | | | | 21,087 | |
Immersion Corp. (2) | | | 832 | | | | 12,846 | |
InterDigital, Inc./PA | | | 605 | | | | 48,945 | |
IPG Photonics Corp. (2) | | | 315 | | | | 69,498 | |
Jabil, Inc. | | | 4,635 | | | | 128,204 | |
Marvell Technology Group, Ltd. | | | 4,021 | | | | 86,210 | |
MKS Instruments, Inc. | | | 643 | | | | 61,535 | |
Nanometrics, Inc. (2) | | | 425 | | | | 15,049 | |
NCR Corp. (2) | | | 583 | | | | 17,478 | |
NETGEAR, Inc. (2) | | | 81 | | | | 5,063 | |
Nutanix, Inc. (2) | | | 607 | | | | 31,303 | |
ON Semiconductor Corp. (2) | | | 8,031 | | | | 178,569 | |
Plantronics, Inc. | | | 25 | | | | 1,906 | |
Progress Software Corp. | | | 3,031 | | | | 117,663 | |
Pure Storage, Inc. (2) | | | 468 | | | | 11,176 | |
Qualys, Inc. (2) | | | 9 | | | | 759 | |
QuinStreet, Inc. (2) | | | 332 | | | | 4,216 | |
RingCentral, Inc. (2) | | | 1,270 | | | | 89,345 | |
Rosetta Stone, Inc. (2) | | | 766 | | | | 12,279 | |
Science Applications International Corp. | | | 377 | | | | 30,511 | |
SMART Global Holdings, Inc. (2) | | | 13 | | | | 414 | |
Stamps.com, Inc. (2) | | | 78 | | | | 19,738 | |
Syntel, Inc. (2) | | | 3,506 | | | | 112,508 | |
Take-Two Interactive Software, Inc. (2) | | | 114 | | | | 13,493 | |
Tech Data Corp. (2) | | | 1,216 | | | | 99,858 | |
TechTarget, Inc. (2) | | | 1,150 | | | | 32,660 | |
Travelport Worldwide, Ltd. | | | 407 | | | | 7,546 | |
Twilio, Inc. (2) | | | 502 | | | | 28,122 | |
Unisys Corp. (2) | | | 93 | | | | 1,200 | |
Web.com Group, Inc. (2) | | | 96 | | | | 2,482 | |
Xcerra Corp. (2) | | | 9,700 | | | | 135,509 | |
XO Group, Inc. (2) | | | 449 | | | | 14,368 | |
Zebra Technologies Corp. (2) | | | 366 | | | | 52,430 | |
| | | | | | | | 2,691,574 | |
| | | | | | | | | |
Materials — 4.4% | | | | | | | | |
AdvanSix, Inc. (2) | | | 697 | | | | 25,531 | |
Alcoa Corp. (2) | | | 1,053 | | | | 49,365 | |
Chemours Co./The | | | 1,173 | | | | 52,034 | |
Gold Resource Corp. | | | 1,434 | | | | 9,450 | |
Huntsman Corp. | | | 590 | | | | 17,228 | |
Kraton Corp. (2) | | | 1,345 | | | | 62,058 | |
Kronos Worldwide, Inc. | | | 2,506 | | | | 56,460 | |
Louisiana-Pacific Corp. | | | 3,527 | | | | 96,005 | |
Olin Corp. | | | 60 | | | | 1,723 | |
Rayonier Advanced Materials, Inc. | | | 2,021 | | | | 34,539 | |
Reliance Steel & Aluminum Co. | | | 1,999 | | | | 174,992 | |
Schnitzer Steel Industries, Inc. | | | 124 | | | | 4,179 | |
Steel Dynamics, Inc. | | | 3,806 | | | | 174,886 | |
SunCoke Energy, Inc. (2) | | | 378 | | | | 5,065 | |
Tredegar Corp. | | | 322 | | | | 7,567 | |
Trinseo SA | | | 2,194 | | | | 155,664 | |
United States Steel Corp. | | | 859 | | | | 29,850 | |
Verso Corp. (2) | | | 796 | | | | 17,321 | |
Warrior Met Coal, Inc. | | | 1,377 | | | | 37,964 | |
Westlake Chemical Corp. | | | 1,358 | | | | 146,162 | |
Worthington Industries, Inc. | | | 103 | | | | 4,323 | |
| | | | | | | | 1,162,366 | |
| | | | | | | | | |
Real Estate Investment Trust — 6.5% | | | | | | | | |
Brixmor Property Group, Inc. | | | 410 | | | | 7,146 | |
CareTrust REIT, Inc. | | | 662 | | | | 11,049 | |
Chesapeake Lodging Trust | | | 2,647 | | | | 83,751 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 79 |
Schedule of Investments
June 30, 2018 (unaudited)
Aggressive Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
CoreCivic, Inc. | | | 2,991 | | | | 71,455 | |
CubeSmart | | | 6,316 | | | | 203,502 | |
GEO Group, Inc./The | | | 2,097 | | | | 57,751 | |
Gladstone Commercial Corp. | | | 1,566 | | | | 30,099 | |
Hersha Hospitality Trust | | | 4,807 | | | | 103,110 | |
Hospitality Properties Trust | | | 2,184 | | | | 62,484 | |
Lamar Advertising Co. | | | 2,357 | | | | 161,007 | |
LaSalle Hotel Properties | | | 405 | | | | 13,863 | |
Omega Healthcare Investors, Inc. | | | 1,146 | | | | 35,526 | |
Park Hotels & Resorts, Inc. | | | 1,561 | | | | 47,813 | |
Pebblebrook Hotel Trust | | | 1,698 | | | | 65,882 | |
Pennsylvania Real Estate Investment Trust | | | 1,114 | | | | 12,243 | |
Piedmont Office Realty Trust, Inc. | | | 9,082 | | | | 181,004 | |
PotlatchDeltic Corp. | | | 921 | | | | 46,833 | |
PS Business Parks, Inc. | | | 251 | | | | 32,254 | |
Rayonier, Inc. | | | 1,338 | | | | 51,767 | |
Retail Properties of America, Inc. | | | 11,824 | | | | 151,111 | |
Ryman Hospitality Properties, Inc. | | | 217 | | | | 18,044 | |
Spirit Realty Capital, Inc. | | | 305 | | | | 2,449 | |
Tanger Factory Outlet Centers, Inc. | | | 2,689 | | | | 63,165 | |
Tier REIT, Inc. | | | 3,737 | | | | 88,866 | |
Urstadt Biddle Properties, Inc. | | | 3,420 | | | | 77,395 | |
Washington Prime Group, Inc. | | | 767 | | | | 6,220 | |
Xenia Hotels & Resorts, Inc. | | | 559 | | | | 13,617 | |
| | | | | | | | 1,699,406 | |
| | | | | | | | | |
Telecommunication Services — 0.3% | | | | | | | | |
Frontier Communications Corp. | | | 524 | | | | 2,809 | |
Intelsat SA (2) | | | 458 | | | | 7,630 | |
Telephone & Data Systems, Inc. | | | 1,197 | | | | 32,822 | |
Vonage Holdings Corp. (2) | | | 2,721 | | | | 35,074 | |
| | | | | | | | 78,335 | |
| | | | | | | | | |
Utilities — 2.0% | | | | | | | | |
Consolidated Water Co., Ltd. | | | 12 | | | | 155 | |
MDU Resources Group, Inc. | | | 6,666 | | | | 191,181 | |
New Jersey Resources Corp. | | | 1,725 | | | | 77,194 | |
NRG Energy, Inc. | | | 902 | | | | 27,691 | |
UGI Corp. | | | 4,036 | | | | 210,148 | |
Vistra Energy Corp. (2) | | | 1,099 | | | | 26,002 | |
| | | | | | | | 532,371 | |
| | | | | | | | | |
Total Common Stocks (Cost $16,298,600) | | | | | | | 17,700,001 | |
| | | | | | | | | |
Registered Investment Companies — 15.3% |
iShares Core MSCI EAFE ETF (9) | | | 36,743 | | | | 2,328,404 | |
iShares Core MSCI Emerging Markets ETF (9) | | | 5,206 | | | | 273,367 | |
iShares Core U.S. Aggregate Bond ETF (9) | | | 13,139 | | | | 1,396,938 | |
Total Registered Investment Companies (Cost $3,916,398) | | | | | | | 3,998,709 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 11.8% |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 55,944 | | | | 55,944 | |
Meeder Institutional Prime Money Market Fund, 1.96% (5) | | | 3,048,076 | | | | 3,048,076 | |
Total Money Market Registered Investment Companies (Cost $3,103,606) | | | | | | | 3,104,020 | |
| | | | | | | | | |
Bank Obligations — 2.9% | | | | | | | | |
First Merchants Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,219 | | | | 249,219 | |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,223 | | | | 249,223 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (6) | | | 249,181 | | | | 249,181 | |
Total Bank Obligations (Cost $747,623) | | | | | | | 747,623 | |
Total Investments — 97.4% (Cost $24,066,227) | | | | | | | 25,550,353 | |
Other Assets less Liabilities — 2.6% | | | | | | | 670,042 | |
Total Net Assets — 100.0% | | | | | | | 26,220,395 | |
| | | | | | | | | |
Trustee Deferred Compensation (7) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 2,211 | | | | 23,525 | |
Meeder Balanced Fund | | | 1,126 | | | | 13,017 | |
Meeder Dynamic Allocation Fund | | | 774 | | | | 8,452 | |
Meeder Muirfield Fund | | | 1,098 | | | | 8,345 | |
Meeder Conservative Allocation Fund | | | 314 | | | | 6,955 | |
Total Trustee Deferred Compensation (Cost $52,677) | | | | | | | 60,294 | |
The accompanying notes are an integral part of these financial statements.
Page 80 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Aggressive Allocation Fund |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 24 | | | 9/21/2018 | | | | 2,346,480 | | | | (83,768 | ) |
Mini MSCI Emerging Markets Index Futures | | | 16 | | | 9/21/2018 | | | | 850,640 | | | | (56,124 | ) |
Russell 2000 Mini Index Futures | | | 2 | | | 9/21/2018 | | | | 164,750 | | | | (2,783 | ) |
E-mini Standard & Poors MidCap 400 Futures | | | 3 | | | 9/21/2018 | | | | 586,830 | | | | (14,031 | ) |
Total Futures Contracts | | | 45 | | | | | | | 3,948,700 | | | | (156,706 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (10) | |
Level 1 - Quoted Prices | | $ | 24,802,730 | | | $ | (156,706 | ) |
Level 2 - Other Significant Observable Inputs | | | 747,623 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 25,550,353 | | | $ | (156,706 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | All or a portion of this security is on loan. |
(4) | Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(6) | 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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(7) | Assets of affiliates to the Aggressive Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(8) | Fair valued security deemed as Level 3 security. |
(10) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 81 |
Schedule of Investments
June 30, 2018 (unaudited)
Dynamic Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 64.6% |
Consumer Discretionary — 8.7% | | | | | | | | |
Amazon.com, Inc. (2) | | | 1,489 | | | | 2,531,002 | |
AMC Networks, Inc. (2) | | | 867 | | | | 53,927 | |
Best Buy Co., Inc. | | | 2,353 | | | | 175,487 | |
Booking Holdings, Inc. (2) | | | 505 | | | | 1,023,680 | |
Brunswick Corp./DE | | | 1,666 | | | | 107,424 | |
Burlington Stores, Inc. (2) | | | 901 | | | | 135,628 | |
Carter's, Inc. | | | 656 | | | | 71,104 | |
Comcast Corp. | | | 27,200 | | | | 892,432 | |
Foot Locker, Inc. | | | 297 | | | | 15,637 | |
Ford Motor Co. | | | 73,765 | | | | 816,579 | |
General Motors Co. | | | 17,314 | | | | 682,172 | |
Gentex Corp. | | | 1,455 | | | | 33,494 | |
Graham Holdings Co. | | | 51 | | | | 29,891 | |
H&R Block, Inc. | | | 2,159 | | | | 49,182 | |
Home Depot, Inc./The | | | 2,071 | | | | 404,052 | |
Interpublic Group of Cos., Inc./The | | | 1,967 | | | | 46,106 | |
John Wiley & Sons, Inc. | | | 1,879 | | | | 117,250 | |
Kohl's Corp. | | | 484 | | | | 35,284 | |
Las Vegas Sands Corp. | | | 10,265 | | | | 783,835 | |
Lear Corp. | | | 2,775 | | | | 515,623 | |
Liberty Expedia Holdings, Inc. (2) | | | 2,021 | | | | 88,803 | |
Liberty Media Corp-Liberty SiriusXM (2) | | | 6,000 | | | | 272,160 | |
Lululemon Athletica, Inc. (2) | | | 968 | | | | 120,855 | |
Macy's, Inc. | | | 2,365 | | | | 88,522 | |
Michael Kors Holdings, Ltd. (2) | | | 2,211 | | | | 147,253 | |
Netflix, Inc. (2) | | | 1,183 | | | | 463,062 | |
NVR, Inc. (2) | | | 38 | | | | 112,873 | |
PulteGroup, Inc. | | | 7,708 | | | | 221,605 | |
PVH Corp. | | | 391 | | | | 58,541 | |
Qurate Retail, Inc. (2) | | | 693 | | | | 14,705 | |
Ross Stores, Inc. | | | 8,091 | | | | 685,712 | |
Thor Industries, Inc. | | | 87 | | | | 8,473 | |
TJX Cos., Inc./The | | | 1,336 | | | | 127,160 | |
Toll Brothers, Inc. | | | 99 | | | | 3,662 | |
Twenty-First Century Fox, Inc. - Class B | | | 3,358 | | | | 165,449 | |
Urban Outfitters, Inc. (2) | | | 930 | | | | 41,432 | |
Viacom, Inc. | | | 5,020 | | | | 151,403 | |
Walt Disney Co./The | | | 8,590 | | | | 900,318 | |
Wyndham Destinations, Inc. | | | 3,269 | | | | 144,719 | |
| | | | | | | | 12,336,496 | |
| | | | | | | | | |
Consumer Staples — 1.2% | | | | | | | | |
Flowers Foods, Inc. | | | 670 | | | | 13,956 | |
Herbalife Nutrition, Ltd. (2) | | | 144 | | | | 7,736 | |
Kroger Co./The | | | 2,813 | | | | 80,030 | |
Lamb Weston Holdings, Inc. | | | 2,214 | | | | 151,681 | |
Tyson Foods, Inc. | | | 10,893 | | | | 749,983 | |
US Foods Holding Corp. (2) | | | 3,664 | | | | 138,572 | |
Walmart, Inc. | | | 6,928 | | | | 593,383 | |
| | | | | | | | 1,735,341 | |
| | | | | | | | | |
Energy — 6.5% | | | | | | | | |
Anadarko Petroleum Corp. | | | 6,038 | | | | 442,284 | |
Andeavor | | | 3,723 | | | | 488,383 | |
Apergy Corp. (2) | | | 41 | | | | 1,712 | |
Chevron Corp. | | | 8,393 | | | | 1,061,127 | |
ConocoPhillips | | | 14,098 | | | | 981,503 | |
CONSOL Energy, Inc. (2) | | | 405 | | | | 15,532 | |
Continental Resources, Inc./OK (2) | | | 5,894 | | | | 381,695 | |
Energen Corp. (2) | | | 1,433 | | | | 104,351 | |
Exxon Mobil Corp. | | | 14,665 | | | | 1,213,235 | |
Halliburton Co. | | | 8,143 | | | | 366,924 | |
HollyFrontier Corp. | | | 4,157 | | | | 284,464 | |
Marathon Oil Corp. | | | 12,097 | | | | 252,343 | |
Marathon Petroleum Corp. | | | 11,498 | | | | 806,700 | |
Occidental Petroleum Corp. | | | 10,937 | | | | 915,208 | |
PBF Energy, Inc. | | | 4,107 | | | | 172,207 | |
Phillips 66 | | | 7,664 | | | | 860,744 | |
Valero Energy Corp. | | | 7,835 | | | | 868,353 | |
| | | | | | | | 9,216,765 | |
| | | | | | | | | |
Financials — 9.1% | | | | | | | | |
Aflac, Inc. | | | 18,341 | | | | 789,030 | |
Allstate Corp./The | | | 6,252 | | | | 570,620 | |
Arthur J Gallagher & Co. | | | 397 | | | | 25,916 | |
Bank of America Corp. | | | 57,768 | | | | 1,628,480 | |
BankUnited, Inc. | | | 806 | | | | 32,925 | |
BB&T Corp. | | | 16,243 | | | | 819,297 | |
Berkshire Hathaway, Inc. (2) | | | 10,577 | | | | 1,974,197 | |
Brown & Brown, Inc. | | | 1,824 | | | | 50,580 | |
Discover Financial Services | | | 10,294 | | | | 724,801 | |
Fifth Third Bancorp | | | 23,896 | | | | 685,815 | |
First American Financial Corp. | | | 4,297 | | | | 222,241 | |
Hanover Insurance Group, Inc./The | | | 1,201 | | | | 143,592 | |
JPMorgan Chase & Co. | | | 9,686 | | | | 1,009,281 | |
Lazard, Ltd. | | | 2,821 | | | | 137,975 | |
LPL Financial Holdings, Inc. | | | 1,266 | | | | 82,974 | |
Morningstar, Inc. | | | 887 | | | | 113,758 | |
New Residential Investment Corp. | | | 15,563 | | | | 272,197 | |
PNC Financial Services Group, Inc./The | | | 5,021 | | | | 678,337 | |
Progressive Corp./The | | | 13,505 | | | | 798,821 | |
Prudential Financial, Inc. | | | 8,668 | | | | 810,545 | |
Regions Financial Corp. | | | 39,313 | | | | 698,985 | |
The accompanying notes are an integral part of these financial statements.
Page 82 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Dynamic Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Reinsurance Group of America, Inc. | | | 1,015 | | | | 135,482 | |
Santander Consumer USA Holdings, Inc. | | | 5,258 | | | | 100,375 | |
TCF Financial Corp. | | | 5,306 | | | | 130,634 | |
Wells Fargo & Co. | | | 6,069 | | | | 336,465 | |
| | | | | | | | 12,973,323 | |
| | | | | | | | | |
Healthcare — 9.5% | | | | | | | | |
AbbVie, Inc. | | | 7,867 | | | | 728,878 | |
ABIOMED, Inc. (2) | | | 578 | | | | 236,431 | |
Alexion Pharmaceuticals, Inc. (2) | | | 944 | | | | 117,198 | |
Align Technology, Inc. (2) | | | 134 | | | | 45,847 | |
Amgen, Inc. | | | 5,196 | | | | 959,130 | |
Anthem, Inc. | | | 3,747 | | | | 891,898 | |
AquaBounty Technologies, Inc. (2) | | | 852 | | | | 2,837 | |
Baxter International, Inc. | | | 11,193 | | | | 826,491 | |
Biogen, Inc. (2) | | | 3,121 | | | | 905,839 | |
Cardinal Health, Inc. | | | 2,498 | | | | 121,977 | |
Centene Corp. (2) | | | 4,733 | | | | 583,153 | |
Cerner Corp. (2) | | | 7,675 | | | | 458,888 | |
Exelixis, Inc. (2) | | | 1,863 | | | | 40,092 | |
Express Scripts Holding Co. (2) | | | 10,670 | | | | 823,831 | |
Gilead Sciences, Inc. | | | 13,684 | | | | 969,375 | |
HCA Healthcare, Inc. | | | 7,541 | | | | 773,707 | |
Hill-Rom Holdings, Inc. | | | 33 | | | | 2,882 | |
Johnson & Johnson | | | 3,956 | | | | 480,021 | |
Medtronic PLC | | | 10,691 | | | | 915,257 | |
Merck & Co., Inc. | | | 173 | | | | 10,501 | |
Neurocrine Biosciences, Inc. (2) | | | 672 | | | | 66,017 | |
Pfizer, Inc. | | | 30,924 | | | | 1,121,923 | |
Premier, Inc. (2) | | | 6,152 | | | | 223,810 | |
Sarepta Therapeutics, Inc. (2) | | | 46 | | | | 6,080 | |
United Therapeutics Corp. (2) | | | 955 | | | | 108,058 | |
UnitedHealth Group, Inc. | | | 5,504 | | | | 1,350,351 | |
Universal Health Services, Inc. | | | 496 | | | | 55,274 | |
Vertex Pharmaceuticals, Inc. (2) | | | 3,703 | | | | 629,362 | |
WellCare Health Plans, Inc. (2) | | | 434 | | | | 106,868 | |
Zoetis, Inc. | | | 78 | | | | 6,645 | |
| | | | | | | | 13,568,621 | |
| | | | | | | | | |
Industrials — 4.0% | | | | | | | | |
Allison Transmission Holdings, Inc. | | | 4,159 | | | | 168,398 | |
Boeing Co./The | | | 3,791 | | | | 1,271,918 | |
Copart, Inc. (2) | | | 5,522 | | | | 312,324 | |
CSX Corp. | | | 1,540 | | | | 98,221 | |
Delta Air Lines, Inc. | | | 15,887 | | | | 787,042 | |
Huntington Ingalls Industries, Inc. | | | 212 | | | | 45,959 | |
JetBlue Airways Corp. (2) | | | 3,750 | | | | 71,175 | |
Norfolk Southern Corp. | | | 4,585 | | | | 691,739 | |
Old Dominion Freight Line, Inc. | | | 44 | | | | 6,554 | |
Oshkosh Corp. | | | 848 | | | | 59,631 | |
Quanta Services, Inc. (2) | | | 6,422 | | | | 214,495 | |
Robert Half International, Inc. | | | 1,298 | | | | 84,500 | |
Teledyne Technologies, Inc. (2) | | | 645 | | | | 128,394 | |
Union Pacific Corp. | | | 7,617 | | | | 1,079,177 | |
United Continental Holdings, Inc. (2) | | | 3,995 | | | | 278,571 | |
WESCO International, Inc. (2) | | | 205 | | | | 11,706 | |
WW Grainger, Inc. | | | 1,030 | | | | 317,652 | |
| | | | | | | | 5,627,456 | |
| | | | | | | | | |
Information Technology — 17.7% | | | | | | | | |
Accenture PLC | | | 6,682 | | | | 1,093,108 | |
Adobe Systems, Inc. (2) | | | 4,621 | | | | 1,126,646 | |
Akamai Technologies, Inc. (2) | | | 3,980 | | | | 291,455 | |
Alphabet, Inc. - Class C (2) | | | 1,658 | | | | 1,849,748 | |
Alphabet, Inc. - Class A (2) | | | 100 | | | | 112,919 | |
Apple, Inc. | | | 17,576 | | | | 3,253,493 | |
Applied Materials, Inc. | | | 18,827 | | | | 869,619 | |
Booz Allen Hamilton Holding Corp. | | | 3,768 | | | | 164,775 | |
Broadridge Financial Solutions, Inc. | | | 3,257 | | | | 374,881 | |
CA, Inc. | | | 10,512 | | | | 374,753 | |
CDW Corp./DE | | | 3,299 | | | | 266,526 | |
Cisco Systems, Inc. | | | 17,651 | | | | 759,523 | |
Citrix Systems, Inc. (2) | | | 5,274 | | | | 552,926 | |
Conduent, Inc. (2) | | | 1,325 | | | | 24,075 | |
DXC Technology Co. | | | 8,133 | | | | 655,601 | |
F5 Networks, Inc. (2) | | | 453 | | | | 78,120 | |
Facebook, Inc. (2) | | | 8,318 | | | | 1,616,354 | |
First Solar, Inc. (2) | | | 247 | | | | 13,007 | |
Fortinet, Inc. (2) | | | 3,464 | | | | 216,258 | |
HP, Inc. | | | 33,961 | | | | 770,575 | |
Intel Corp. | | | 22,778 | | | | 1,132,294 | |
International Business Machines Corp. | | | 5,233 | | | | 731,050 | |
Intuit, Inc. | | | 4,313 | | | | 881,167 | |
IPG Photonics Corp. (2) | | | 92 | | | | 20,298 | |
Jabil, Inc. | | | 2,787 | | | | 77,088 | |
Lam Research Corp. | | | 3,773 | | | | 652,163 | |
Mastercard, Inc. | | | 6,800 | | | | 1,336,336 | |
Micron Technology, Inc. (2) | | | 15,178 | | | | 795,934 | |
Microsoft Corp. | | | 28,422 | | | | 2,802,693 | |
NVIDIA Corp. | | | 1,418 | | | | 335,924 | |
ON Semiconductor Corp. (2) | | | 13,797 | | | | 306,776 | |
Oracle Corp. | | | 11,158 | | | | 491,621 | |
Red Hat, Inc. (2) | | | 5,592 | | | | 751,397 | |
Texas Instruments, Inc. | | | 3,051 | | | | 336,373 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 83 |
Schedule of Investments
June 30, 2018 (unaudited)
Dynamic Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Zebra Technologies Corp. (2) | | | 706 | | | | 101,135 | |
| | | | | | | | 25,216,611 | |
| | | | | | | | | |
Materials — 2.1% | | | | | | | | |
Avery Dennison Corp. | | | 839 | | | | 85,662 | |
Celanese Corp. | | | 995 | | | | 110,505 | |
Chemours Co./The | | | 2,673 | | | | 118,574 | |
Eagle Materials, Inc. | | | 1,896 | | | | 199,023 | |
Eastman Chemical Co. | | | 5,441 | | | | 543,882 | |
Freeport-McMoRan, Inc. | | | 3,554 | | | | 61,342 | |
Huntsman Corp. | | | 4,517 | | | | 131,896 | |
LyondellBasell Industries NV | | | 7,405 | | | | 813,439 | |
Olin Corp. | | | 1,381 | | | | 39,662 | |
Packaging Corp. of America | | | 1,641 | | | | 183,447 | |
Reliance Steel & Aluminum Co. | | | 2,721 | | | | 238,196 | |
Steel Dynamics, Inc. | | | 4,063 | | | | 186,695 | |
United States Steel Corp. | | | 469 | | | | 16,298 | |
Westlake Chemical Corp. | | | 1,795 | | | | 193,196 | |
WestRock Co. | | | 1,662 | | | | 94,767 | |
| | | | | | | | 3,016,584 | |
| | | | | | | | | |
Real Estate Investment Trust — 2.3% | | | | | | | | |
American Tower Corp. | | | 305 | | | | 43,972 | |
CoreCivic, Inc. | | | 1,348 | | | | 32,204 | |
CubeSmart | | | 8,379 | | | | 269,971 | |
Essex Property Trust, Inc. | | | 3,010 | | | | 719,601 | |
Host Hotels & Resorts, Inc. | | | 23,809 | | | | 501,656 | |
Lamar Advertising Co. | | | 582 | | | | 39,756 | |
Piedmont Office Realty Trust, Inc. | | | 182 | | | | 3,627 | |
Public Storage | | | 2,050 | | | | 465,063 | |
Rayonier, Inc. | | | 1,477 | | | | 57,145 | |
Retail Properties of America, Inc. | | | 3,408 | | | | 43,554 | |
Simon Property Group, Inc. | | | 5,091 | | | | 866,437 | |
Tanger Factory Outlet Centers, Inc. | | | 999 | | | | 23,467 | |
Ventas, Inc. | | | 2,374 | | | | 135,199 | |
| | | | | | | | 3,201,652 | |
| | | | | | | | | |
Telecommunication Services — 1.3% | | | | | | | | |
AT&T, Inc. | | | 12,566 | | | | 403,494 | |
Telephone & Data Systems, Inc. | | | 1,144 | | | | 31,368 | |
Verizon Communications, Inc. | | | 28,551 | | | | 1,436,401 | |
| | | | | | | | 1,871,263 | |
| | | | | | | | | |
Utilities — 2.2% | | | | | | | | |
Avangrid, Inc. | | | 806 | | | | 42,662 | |
CenterPoint Energy, Inc. | | | 13,053 | | | | 361,699 | |
Evergy, Inc. | | | 2,707 | | | | 151,998 | |
Exelon Corp. | | | 19,886 | | | | 847,144 | |
MDU Resources Group, Inc. | | | 13,127 | | | | 376,482 | |
NextEra Energy, Inc. | | | 5,737 | | | | 958,251 | |
OGE Energy Corp. | | | 560 | | | | 19,718 | |
Public Service Enterprise Group, Inc. | | | 4,614 | | | | 249,802 | |
UGI Corp. | | | 1,273 | | | | 66,285 | |
Vectren Corp. | | | 295 | | | | 21,078 | |
Vistra Energy Corp. (2) | | | 4 | | | | 93 | |
| | | | | | | | 3,095,212 | |
| | | | | | | | | |
Total Common Stocks (Cost $80,408,549) | | | | | | | 91,859,324 | |
Registered Investment Companies — 12.4% |
iShares Core MSCI EAFE ETF (6) | | | 136,531 | | | | 8,651,969 | |
iShares Core MSCI Emerging Markets ETF (6) | | | 24,090 | | | | 1,264,966 | |
iShares Core U.S. Aggregate Bond ETF (6) | | | 72,302 | | | | 7,687,149 | |
Total Registered Investment Companies (Cost $17,245,890) | | | | | | | 17,604,084 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 20.4% |
Meeder Institutional Prime Money Market Fund, 1.96% (3) | | | 28,956,306 | | | | 28,956,306 | |
Total Money Market Registered Investment Companies (Cost $28,953,415) | | | | | | | 28,956,306 | |
| | | | | | | | | |
Bank Obligations — 0.9% | | | | | | | | |
First Merchants Bank Deposit Account, 1.85%, 7/2/2018 (4) | | | 249,219 | | | | 249,219 | |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (4) | | | 249,223 | | | | 249,223 | |
Pacific Mercantile Bank Deposit Account, 1.83%, 7/2/2018 (4) | | | 249,317 | | | | 249,317 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (4) | | | 249,182 | | | | 249,182 | |
Seacoast Community Bank Deposit Account, 1.85%, 7/2/2018 (4) | | | 249,267 | | | | 249,267 | |
Total Bank Obligations (Cost $1,246,208) | | | | | | | 1,246,208 | |
Total Investments — 98.3% (Cost $127,854,062) | | | | | | | 139,665,922 | |
Other Assets less Liabilities — 1.7% | | | | | | | 2,470,912 | |
Total Net Assets — 100.0% | | | | | | | 142,136,834 | |
The accompanying notes are an integral part of these financial statements.
Page 84 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Dynamic Allocation Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Trustee Deferred Compensation (5) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 4,033 | | | | 42,911 | |
Meeder Balanced Fund | | | 2,020 | | | | 23,351 | |
Meeder Dynamic Allocation Fund | | | 1,421 | | | | 15,517 | |
Meeder Muirfield Fund | | | 2,092 | | | | 15,899 | |
Meeder Conservative Allocation Fund | | | 574 | | | | 12,714 | |
Total Trustee Deferred Compensation (Cost $94,886) | | | | | | | 110,392 | |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
Mini MSCI EAFE Index Futures | | | 183 | | | 9/21/2018 | | | | 17,891,910 | | | | (623,412 | ) |
Mini MSCI Emerging Markets Index Futures | | | 95 | | | 9/21/2018 | | | | 5,050,675 | | | | (331,277 | ) |
Standard & Poors 500 Mini Futures | | | 60 | | | 9/21/2018 | | | | 8,164,800 | | | | (176,624 | ) |
Total Futures Contracts | | | 338 | | | | | | | 31,107,385 | | | | (1,131,313 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (7) | |
Level 1 - Quoted Prices | | $ | 138,419,714 | | | $ | (1,131,313 | ) |
Level 2 - Other Significant Observable Inputs | | | 1,246,208 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 139,665,922 | | | $ | (1,131,313 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(5) | Assets of affiliates to the Dynamic Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(7) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 85 |
Schedule of Investments
June 30, 2018 (unaudited)
Quantex Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — 94.9% |
Consumer Discretionary — 26.4% | | | | | | | | |
Big Lots, Inc. (3) | | | 13,016 | | | | 543,808 | |
BorgWarner, Inc. | | | 14,500 | | | | 625,820 | |
Brinker International, Inc. | | | 19,666 | | | | 936,102 | |
Cheesecake Factory, Inc./The | | | 14,399 | | | | 792,809 | |
Dillard's, Inc. (3) | | | 11,686 | | | | 1,104,327 | |
Foot Locker, Inc. | | | 17,433 | | | | 917,847 | |
GameStop Corp. (3) | | | 43,779 | | | | 637,860 | |
Goodyear Tire & Rubber Co./The | | | 24,529 | | | | 571,280 | |
H&R Block, Inc. | | | 28,426 | | | | 647,544 | |
Hanesbrands, Inc. | | | 37,199 | | | | 819,122 | |
International Speedway Corp. | | | 19,634 | | | | 877,640 | |
Interpublic Group of Cos., Inc./The | | | 30,684 | | | | 719,233 | |
Kohl's Corp. | | | 14,455 | | | | 1,053,770 | |
Leggett & Platt, Inc. | | | 16,460 | | | | 734,774 | |
Macy's, Inc. | | | 32,645 | | | | 1,221,902 | |
Michael Kors Holdings, Ltd. (2) | | | 12,632 | | | | 841,291 | |
News Corp. | | | 46,393 | | | | 735,329 | |
Nordstrom, Inc. | | | 16,293 | | | | 843,652 | |
Office Depot, Inc. | | | 244,251 | | | | 622,840 | |
Papa John's International, Inc. | | | 12,331 | | | | 625,428 | |
PulteGroup, Inc. | | | 23,461 | | | | 674,504 | |
PVH Corp. | | | 4,767 | | | | 713,715 | |
Ralph Lauren Corp. | | | 7,236 | | | | 909,710 | |
Sally Beauty Holdings, Inc. (2) | | | 42,696 | | | | 684,417 | |
Signet Jewelers, Ltd. | | | 14,399 | | | | 802,744 | |
Tractor Supply Co. | | | 10,391 | | | | 794,808 | |
TripAdvisor, Inc. (2) | | | 18,549 | | | | 1,033,365 | |
| | | | | | | | 21,485,641 | |
| | | | | | | | | |
Consumer Staples — 3.3% | | | | | | | | |
Boston Beer Co., Inc./The (2) | | | 4,013 | | | | 1,202,696 | |
Dean Foods Co. | | | 70,630 | | | | 742,321 | |
United Natural Foods, Inc. (2) | | | 16,409 | | | | 700,008 | |
| | | | | | | | 2,645,025 | |
| | | | | | | | | |
Energy — 7.0% | | | | | | | | |
Callon Petroleum Co. (2) | | | 51,050 | | | | 548,277 | |
Gulfport Energy Corp. (2) | | | 59,409 | | | | 746,771 | |
Helmerich & Payne, Inc. | | | 12,004 | | | | 765,375 | |
Newfield Exploration Co. (2) | | | 23,544 | | | | 712,206 | |
Oceaneering International, Inc. | | | 34,346 | | | | 874,449 | |
QEP Resources, Inc. (2) | | | 58,278 | | | | 714,488 | |
Rowan Cos. Plc (2) | | | 46,178 | | | | 749,007 | |
World Fuel Services Corp. | | | 27,768 | | | | 566,745 | |
| | | | | | | | 5,677,318 | |
| | | | | | | | | |
Financials — 9.7% | | | | | | | | |
Assurant, Inc. | | | 8,052 | | | | 833,301 | |
Brighthouse Financial, Inc. (2) | | | 14,330 | | | | 574,203 | |
Everest Re Group, Ltd. | | | 3,090 | | | | 712,183 | |
Genworth Financial, Inc. (2) | | | 256,959 | | | | 1,156,316 | |
Navient Corp. | | | 57,101 | | | | 744,026 | |
People's United Financial, Inc. | | | 41,260 | | | | 746,393 | |
Torchmark Corp. | | | 8,860 | | | | 721,293 | |
Trustmark Corp. | | | 24,604 | | | | 802,829 | |
Wells Fargo & Co. Preferred (2)(8) | | | 1 | | | | — | |
XL Group, Ltd. | | | 15,005 | | | | 839,530 | |
Zions Bancorporation | | | 14,565 | | | | 767,430 | |
| | | | | | | | 7,897,504 | |
| | | | | | | | | |
Healthcare — 9.9% | | | | | | | | |
Avanos Medical, Inc. (2) | | | 16,343 | | | | 935,637 | |
Cooper Cos., Inc./The | | | 3,325 | | | | 782,871 | |
LifePoint Health, Inc. (2) | | | 15,685 | | | | 765,428 | |
Mallinckrodt PLC (2) | | | 34,814 | | | | 649,629 | |
Owens & Minor, Inc. | | | 40,972 | | | | 684,642 | |
Patterson Cos., Inc. | | | 20,964 | | | | 475,254 | |
PerkinElmer, Inc. | | | 10,353 | | | | 758,150 | |
Prestige Brands Holdings, Inc. (2) | | | 18,192 | | | | 698,209 | |
Tenet Healthcare Corp. (2) | | | 19,362 | | | | 649,982 | |
Universal Health Services, Inc. | | | 7,022 | | | | 782,532 | |
Varian Medical Systems, Inc. (2) | | | 7,280 | | | | 827,882 | |
| | | | | | | | 8,010,216 | |
| | | | | | | | | |
Industrials — 12.9% | | | | | | | | |
Acuity Brands, Inc. | | | 4,500 | | | | 521,415 | |
Allegion PLC | | | 8,622 | | | | 666,998 | |
AO Smith Corp. | | | 11,484 | | | | 679,279 | |
Esterline Technologies Corp. (2) | | | 9,879 | | | | 729,070 | |
Fluor Corp. | | | 14,812 | | | | 722,529 | |
Fortune Brands Home & Security, Inc. | | | 11,334 | | | | 608,522 | |
GATX Corp. | | | 11,116 | | | | 825,141 | |
Herman Miller, Inc. (2) | | | 19,108 | | | | 647,761 | |
HNI Corp. | | | 20,336 | | | | 756,499 | |
Jacobs Engineering Group, Inc. | | | 11,465 | | | | 727,913 | |
Pitney Bowes, Inc. | | | 70,426 | | | | 603,551 | |
Quanta Services, Inc. (2) | | | 18,752 | | | | 626,317 | |
Robert Half International, Inc. | | | 13,397 | | | | 872,145 | |
Snap-on, Inc. | | | 4,517 | | | | 725,972 | |
Stericycle, Inc. (2) | | | 11,418 | | | | 745,481 | |
| | | | | | | | 10,458,593 | |
The accompanying notes are an integral part of these financial statements.
Page 86 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Quantex Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Common Stocks — continued |
Information Technology — 10.0% | | | | | | | | |
CommVault Systems, Inc. (2) | | | 10,947 | | | | 720,860 | |
Convergys Corp. | | | 33,758 | | | | 825,046 | |
F5 Networks, Inc. (2) | | | 5,763 | | | | 993,829 | |
FLIR Systems, Inc. | | | 14,966 | | | | 777,783 | |
Juniper Networks, Inc. | | | 27,293 | | | | 748,374 | |
Plantronics, Inc. | | | 12,524 | | | | 954,955 | |
Qorvo, Inc. (2) | | | 10,779 | | | | 864,152 | |
Synaptics, Inc. (2) | | | 16,387 | | | | 825,413 | |
Western Union Co./The | | | 38,986 | | | | 792,585 | |
Xerox Corp. (2) | | | 26,140 | | | | 627,360 | |
| | | | | | | | 8,130,357 | |
| | | | | | | | | |
Materials — 4.7% | | | | | | | | |
Avery Dennison Corp. | | | 6,712 | | | | 685,295 | |
Carpenter Technology Corp. | | | 14,905 | | | | 783,556 | |
CF Industries Holdings, Inc. | | | 19,111 | | | | 848,528 | |
Compass Minerals International, Inc. | | | 10,597 | | | | 696,753 | |
Minerals Technologies, Inc. | | | 10,184 | | | | 767,364 | |
| | | | | | | | 3,781,496 | |
| | | | | | | | | |
Real Estate Investment Trust — 6.9% | | | | | | | | |
Apartment Investment & Management Co. | | | 18,555 | | | | 784,877 | |
Duke Realty Corp. | | | 28,589 | | | | 829,939 | |
Iron Mountain, Inc. | | | 21,304 | | | | 745,853 | |
PotlatchDeltic Corp. | | | 15,691 | | | | 797,887 | |
SL Green Realty Corp. | | | 7,648 | | | | 768,853 | |
UDR, Inc. | | | 20,848 | | | | 782,634 | |
Washington Prime Group, Inc. | | | 111,799 | | | | 906,690 | |
| | | | | | | | 5,616,733 | |
| | | | | | | | | |
Utilities — 4.1% | | | | | | | �� | |
AES Corp./VA | | | 72,315 | | | | 969,744 | |
Alliant Energy Corp. | | | 17,997 | | | | 761,633 | |
NRG Energy, Inc. | | | 26,360 | | | | 809,252 | |
Pinnacle West Capital Corp. | | | 9,415 | | | | 758,475 | |
| | | | | | | | 3,299,104 | |
| | | | | | | | | |
Total Common Stocks (Cost $69,571,221) | | | | | | | 77,001,987 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 5.5% |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 2,169,734 | | | | 2,169,734 | |
Meeder Institutional Prime Money Market Fund, 1.96% (5) | | | 2,250,892 | | | | 2,250,892 | |
Total Money Market Registered Investment Companies (Cost $4,420,542) | | | | | | | 4,420,626 | |
| | | | | | | | | |
Bank Obligations — 1.5% | | | | | | | | |
First Merchants Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,219 | | | | 249,219 | |
Metro City Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 221,558 | | | | 221,558 | |
Pacific Mercantile Bank Deposit Account, 1.83%, 7/2/2018 (6) | | | 249,317 | | | | 249,317 | |
Pacific Premier Bank Deposit Account, 1.80%, 7/2/2018 (6) | | | 249,182 | | | | 249,182 | |
Seacoast Community Bank Deposit Account, 1.85%, 7/2/2018 (6) | | | 249,267 | | | | 249,267 | |
Total Bank Obligations (Cost $1,218,543) | | | | | | | 1,218,543 | |
Total Investments — 101.9% (Cost $75,210,306) | | | | | | | 82,641,156 | |
Liabilities less Other Assets - (1.9%) | | | | | | | (1,555,989 | ) |
Total Net Assets — 100.0% | | | | | | | 81,085,167 | |
| | | | | | | | | |
Trustee Deferred Compensation (7) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 1,789 | | | | 19,035 | |
Meeder Balanced Fund | | | 920 | | | | 10,635 | |
Meeder Dynamic Allocation Fund | | | 627 | | | | 6,847 | |
Meeder Muirfield Fund | | | 979 | | | | 7,440 | |
Meeder Conservative Allocation Fund | | | 258 | | | | 5,715 | |
Total Trustee Deferred Compensation (Cost $43,984) | | | | | | | 49,672 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 87 |
Schedule of Investments
June 30, 2018 (unaudited)
Quantex Fund |
| | | Contracts | | | Expiration
Date | | | Notional
Value of
Contracts
($) | | | Value and
Unrealized
Appreciation
(Depreciation)
($) | |
Futures Contracts |
Index Futures | | | | | | | | | | | | | | | |
E-mini Standard & Poors MidCap 400 Futures | | | 16 | | | 9/21/2018 | | | | 3,129,760 | | | | (75,060 | ) |
Total Futures Contracts | | | 16 | | | | | | | 3,129,760 | | | | (75,060 | ) |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (9) | |
Level 1 - Quoted Prices | | $ | 81,422,613 | | | $ | (75,060 | ) |
Level 2 - Other Significant Observable Inputs | | | 1,218,543 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 82,641,156 | | | $ | (75,060 | ) |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Represents non-income producing securities. |
(3) | All or a portion of this security is on loan. |
(4) | Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(6) | 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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(7) | Assets of affiliates to the Quantex Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(8) | Fair valued security deemed as Level 3 security. |
(9) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
Page 88 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Total Return Bond Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($)(1) | |
Registered Investment Companies — 74.3% |
Baird Core Plus Bond Fund - Class I | | | 323,393 | | | | 3,515,280 | |
DoubleLine Total Return Bond Fund - Class I | | | 323,471 | | | | 3,370,566 | |
Frost Total Return Bond Fund - Class I | | | 328,542 | | | | 3,380,697 | |
Guggenheim Total Return Bond Fund - Class I | | | 125,452 | | | | 3,374,665 | |
iShares Core U.S. Aggregate Bond ETF (4) | | | 101,889 | | | | 10,832,838 | |
iShares iBoxx $ High Yield Corporate Bond ETF (4) | | | 7,931 | | | | 674,769 | |
JPMorgan Core Plus Bond Fund - Class L | | | 370,943 | | | | 2,982,381 | |
Lord Abbett High Yield Fund - Class I | | | 78,427 | | | | 582,709 | |
PGIM Total Return Bond Fund - Class R6 | | | 211,978 | | | | 2,986,763 | |
PIMCO Investment Grade Corporate Bond Fund - Class I | | | 113,963 | | | | 1,146,465 | |
Pioneer Bond Fund - Class Y | | | 357,713 | | | | 3,351,773 | |
SPDR Bloomberg Barclays High Yield Bond ETF (4) | | | 18,475 | | | | 655,493 | |
TCW Emerging Markets Income
Fund - Class I | | | 202,593 | | | | 1,592,379 | |
Vanguard Intermediate-Term Corporate Bond ETF (4) | | | 58,400 | | | | 4,877,568 | |
Vanguard Total Bond Market ETF (4) | | | 92,700 | | | | 7,340,914 | |
Total Registered Investment Companies (Cost $51,489,689) | | | | | | | 50,665,260 | |
| | | | | | | | | |
Money Market Registered Investment Companies — 6.4% |
Meeder Institutional Prime Money Market Fund, 1.96% (2) | | | 4,364,173 | | | | 4,364,173 | |
Total Money Market Registered Investment Companies (Cost $4,363,568) | | | | | | | 4,364,173 | |
| | | | | | | | | |
U.S. Government Obligations — 19.6% |
Government National Mortgage Association, 6.50%, due 7/20/2038 | | | 46,353 | | | | 57,218 | |
U.S. Treasury Note, 2.25%, due 11/15/2025 | | | 6,241,000 | | | | 6,002,330 | |
U.S. Treasury Note, 1.88%, due 12/31/2019 | | | 1,351,000 | | | | 1,338,915 | |
U.S. Treasury Note, 2.13%, due 12/31/2022 | | | 6,090,000 | | | | 5,937,036 | |
Total U.S. Government Obligations (Cost $13,533,118) | | | | | | | 13,335,499 | |
Total Investments — 100.3% (Cost $69,386,375) | | | | | | | 68,364,932 | |
Liabilities less Other Assets — (0.3%) | | | | | | | (214,803 | ) |
Total Net Assets — 100.0% | | | | | | | 68,150,129 | |
| | | | | | | | | |
Trustee Deferred Compensation (3) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 1,936 | | | | 20,599 | |
Meeder Balanced Fund | | | 1,036 | | | | 11,976 | |
Meeder Dynamic Allocation Fund | | | 711 | | | | 7,764 | |
Meeder Muirfield Fund | | | 1,152 | | | | 8,755 | |
Meeder Conservative Allocation Fund | | | 297 | | | | 6,579 | |
Total Trustee Deferred Compensation (Cost $52,258) | | | | | | | 55,673 | |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (5) | |
Level 1 - Quoted Prices | | $ | 55,029,433 | | | $ | — | |
Level 2 - Other Significant Observable Inputs | | | 13,335,499 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 68,364,932 | | | $ | — | |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(2) | Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2018. |
(3) | 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) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 89 |
Schedule of Investments
June 30, 2018 (unaudited)
Prime Money Market Fund |
Security Description | | Coupon/
Yield | | | Maturity/
Demand
Date | | | Principal
Amount ($)
or Shares | | | Fair
Value ($)(1) | |
Bank Obligations — 3.0% |
First Merchants Bank Deposit Account | | | 1.85 | %(2) | | 07/02/18 | | | | 248,000 | | | | 248,000 | |
Mid America Bank Deposit Account | | | 2.00 | %(2) | | 07/02/18 | | | | 248,974 | | | | 248,974 | |
Pacific Mercantile Bank Deposit Account | | | 1.83 | %(2) | | 07/02/18 | | | | 248,000 | | | | 248,000 | |
Pacific Premier Bank Deposit Account | | | 1.80 | %(2) | | 07/02/18 | | | | 248,000 | | | | 248,000 | |
Total Bank Obligations (Cost $992,974) | | | 992,974 | |
| | | | | | | | | | | | | | | | |
Certificates of Deposit — 15.0% |
Banco Estado Chile Yankee CD | | | 2.25 | % | | 07/11/18 | | | | 250,000 | | | | 250,000 | |
Banco Estado Chile Yankee CD | | | 2.10 | % | | 09/04/18 | | | | 250,000 | | | | 250,000 | |
Banco Estado Chile Yankee CD | | | 2.37 | % | | 11/01/18 | | | | 250,000 | | | | 250,000 | |
Bank of Montreal Yankee CD (Monthly U.S. LIBOR + 0.19%) | | | 2.24 | %(3) | | 07/13/18 | | | | 500,000 | | | | 499,907 | |
Bank of Montreal Yankee CD (Monthly U.S. LIBOR + 0.37%) | | | 2.42 | %(3) | | 07/12/18 | | | | 500,000 | | | | 500,243 | |
Bank of Nova Scotia Yankee CD (Quarterly U.S. LIBOR + 0.20%) | | | 2.54 | %(3) | | 07/10/18 | | | | 500,000 | | | | 500,038 | |
Canadian Imperial Bank of NY Yankee CD (Quarterly U.S. LIBOR + 0.235%) | | | 2.54 | %(3) | | 07/03/18 | | | | 500,000 | | | | 500,203 | |
Canadian Imperial Bank of NY Yankee CD (Quarterly U.S. LIBOR + 0.18%) | | | 2.54 | %(3) | | 07/18/18 | | | | 250,000 | | | | 250,112 | |
Canadian Imperial Bank of NY Yankee CD (Quarterly U.S. LIBOR + 0.13%) | | | 2.49 | %(3) | | 07/26/18 | | | | 500,000 | | | | 499,901 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.25%) | | | 2.30 | %(3) | | 07/11/18 | | | | 250,000 | | | | 250,000 | |
Royal Bank of Canada Yankee CD (Quarterly U.S. LIBOR + 0.14%) | | | 2.49 | %(3) | | 08/03/18 | | | | 548,000 | | | | 548,126 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.40%) | | | 2.49 | %(3) | | 07/17/18 | | | | 500,000 | | | | 500,000 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.25%) | | | 2.26 | %(3) | | 07/06/18 | | | | 250,000 | | | | 249,860 | |
Total Certificates of Deposit (Cost $5,048,390) | | | 5,048,390 | |
Commercial Paper — 44.3% |
American Honda Finance Corp. | | | 2.16 | % | | 07/24/18 | | | | 500,000 | | | | 499,343 | |
American Honda Finance Corp. | | | 2.16 | % | | 07/25/18 | | | | 400,000 | | | | 399,451 | |
American Honda Finance Corp. | | | 2.05 | % | | 08/06/18 | | | | 250,000 | | | | 249,504 | |
American Honda Finance Corp. | | | 2.16 | % | | 09/05/18 | | | | 250,000 | | | | 249,030 | |
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY | | | 2.08 | % | | 07/06/18 | | | | 250,000 | | | | 249,943 | |
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY | | | 2.02 | % | | 08/01/18 | | | | 100,000 | | | | 99,833 | |
Banque et Caisse d'Epargne de l'Etat | | | 1.92 | % | | 07/02/18 | | | | 250,000 | | | | 250,000 | |
Banque et Caisse d'Epargne de l'Etat | | | 2.06 | % | | 08/01/18 | | | | 250,000 | | | | 249,573 | |
BNP Paribas SA/New York, NY | | | 2.00 | % | | 07/09/18 | | | | 625,000 | | | | 624,755 | |
BNP Paribas SA/New York, NY | | | 2.37 | % | | 08/15/18 | | | | 375,000 | | | | 373,923 | |
Canadian Imperial Holdings, Inc. | | | 2.09 | % | | 08/21/18 | | | | 250,000 | | | | 249,281 | |
Canadian Imperial Holdings, Inc. | | | 2.31 | % | | 11/15/18 | | | | 250,000 | | | | 247,856 | |
Caterpillar, Inc. | | | 2.16 | % | | 07/05/18 | | | | 250,000 | | | | 249,955 | |
Caterpillar, Inc. | | | 2.11 | % | | 07/26/18 | | | | 250,000 | | | | 249,650 | |
Caterpillar, Inc. | | | 2.16 | % | | 08/14/18 | | | | 250,000 | | | | 249,358 | |
Caterpillar, Inc. | | | 2.20 | % | | 08/15/18 | | | | 250,000 | | | | 249,331 | |
Caterpillar, Inc. | | | 2.29 | % | | 09/21/18 | | | | 250,000 | | | | 248,718 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.24 | % | | 07/11/18 | | | | 250,000 | | | | 249,860 | |
The accompanying notes are an integral part of these financial statements.
Page 90 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Prime Money Market Fund |
Security Description | | Coupon/
Yield | | | Maturity/
Demand
Date | | | Principal
Amount ($)
or Shares | | | Fair
Value ($)(1) | |
Commercial Paper — continued |
Credit Agricole Corporate and Investment Bank/New York | | | 2.33 | % | | 10/04/18 | | | | 250,000 | | | | 248,492 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.32 | % | | 10/15/18 | | | | 250,000 | | | | 248,323 | |
Credit Suisse AG/New York, NY | | | 1.70 | % | | 07/17/18 | | | | 250,000 | | | | 249,825 | |
Credit Suisse AG/New York, NY | | | 1.95 | % | | 08/01/18 | | | | 250,000 | | | | 249,598 | |
Credit Suisse AG/New York, NY | | | 1.88 | % | | 08/30/18 | | | | 250,000 | | | | 249,242 | |
Credit Suisse AG/New York, NY | | | 1.94 | % | | 09/05/18 | | | | 250,000 | | | | 249,138 | |
Credit Suisse AG/New York, NY | | | 1.98 | % | | 09/25/18 | | | | 262,000 | | | | 260,794 | |
Dexia Credit Local SA/New York, NY | | | 2.13 | % | | 08/27/18 | | | | 250,000 | | | | 249,179 | |
ING US Funding, LLC | | | 1.72 | % | | 07/02/18 | | | | 250,000 | | | | 250,000 | |
ING US Funding, LLC | | | 2.09 | % | | 07/17/18 | | | | 250,000 | | | | 249,782 | |
JP Morgan Securities, LLC | | | 2.54 | % | | 01/17/19 | | | | 250,000 | | | | 246,545 | |
JP Morgan Securities, LLC | | | 1.77 | % | | 07/06/18 | | | | 125,000 | | | | 124,973 | |
JP Morgan Securities, LLC | | | 1.82 | % | | 07/13/18 | | | | 100,000 | | | | 99,945 | |
JP Morgan Securities, LLC | | | 1.97 | % | | 07/20/18 | | | | 215,000 | | | | 214,790 | |
JP Morgan Securities, LLC | | | 1.83 | % | | 08/27/18 | | | | 250,000 | | | | 249,296 | |
JP Morgan Securities, LLC | | | 2.37 | % | | 10/17/18 | | | | 250,000 | | | | 248,254 | |
Mitsubishi International Corp. | | | 2.00 | % | | 07/12/18 | | | | 250,000 | | | | 249,861 | |
MUFG Bank LTD/New York, NY | | | 2.30 | % | | 07/12/18 | | | | 250,000 | | | | 249,841 | |
MUFG Bank LTD/New York, NY | | | 2.27 | % | | 08/10/18 | | | | 250,000 | | | | 249,388 | |
MUFG Bank LTD/New York, NY | | | 2.25 | % | | 09/27/18 | | | | 500,000 | | | | 497,305 | |
MUFG Bank LTD/New York, NY | | | 2.28 | % | | 10/01/18 | | | | 250,000 | | | | 248,572 | |
National Rural Utilities | | | 2.00 | % | | 07/10/18 | | | | 250,000 | | | | 249,889 | |
Natixis SA/New York, NY | | | 2.28 | % | | 09/19/18 | | | | 250,000 | | | | 248,755 | |
Natixis SA/New York, NY | | | 2.28 | % | | 10/03/18 | | | | 250,000 | | | | 248,534 | |
Prudential Financial, Inc. | | | 2.00 | % | | 07/02/18 | | | | 1,500,000 | | | | 1,500,000 | |
Santander UK PLC | | | 1.95 | % | | 07/02/18 | | | | 500,000 | | | | 500,000 | |
Santander UK PLC | | | 2.28 | % | | 07/06/18 | | | | 250,000 | | | | 249,937 | |
Santander UK PLC | | | 2.29 | % | | 09/25/18 | | | | 250,000 | | | | 248,654 | |
Swedbank AB | | | 2.19 | % | | 07/27/18 | | | | 250,000 | | | | 249,622 | |
Swedbank AB | | | 2.21 | % | | 09/17/18 | | | | 250,000 | | | | 248,824 | |
Toyota Motor Credit Corp. | | | 2.36 | % | | 09/04/18 | | | | 250,000 | | | | 248,960 | |
Toyota Motor Credit Corp. | | | 2.23 | % | | 09/18/18 | | | | 250,000 | | | | 248,798 | |
Toyota Motor Credit Corp. | | | 2.30 | % | | 10/02/18 | | | | 250,000 | | | | 248,541 | |
Total Commercial Paper (Cost $14,913,021) | | | 14,913,021 | |
| | | | | |
Corporate Obligations — 1.5% |
U.S. Bank N.A. Cincinnati (Quarterly U.S. LIBOR + 0.12%) | | | 2.48 | %(3) | | 08/14/18 | | | | 500,000 | | | | 500,203 | |
Total Corporate Obligations (Cost $500,203) | | | 500,203 | |
| | | | | | | | | | | | | | | | |
Repurchase Agreements — 20.8% |
INTL FCStone (Collateralized by $16,481,163 various GNMAs and FMACs, 1.50% - 5.50%, due 1/25/25 - 12/16/56, fair value $7,140,000)(proceeds $7,001,272), purchase date 6/29/18 | | | 2.18 | % | | 07/02/18 | | | | 7,000,000 | | | | 7,000,000 | |
Total Repurchase Agreements (Cost $7,000,000) | | | 7,000,000 | |
| | | | | | | | | | | | | | | | |
U.S. Government and Agency Obligations — 3.0% |
United States Treasury Bill | | | 1.91 | % | | 09/13/18 | | | | 500,000 | | | | 498,099 | |
United States Treasury Bill | | | 1.94 | % | | 09/20/18 | | | | 500,000 | | | | 497,906 | |
Total U.S. Government and Agency Obligations (Cost $996,005) | | | 996,005 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 91 |
Schedule of Investments
June 30, 2018 (unaudited)
Prime Money Market Fund |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Money Market Registered Investment Companies — 12.4% |
Fidelity Prime Institutional Money Market Portfolio, 2.06% (4) | | | 1,998,650 | | | | 1,999,450 | |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 2,154,225 | | | | 2,154,225 | |
Total Money Market Registered Investment Companies (Cost $4,153,675) | | | | | | | 4,153,675 | |
Total Investments — 100.0% (Cost $33,604,268) | | | | | | | 33,604,268 | |
Other Assets less Liabilities — 0.0% | | | | | | | 15,307 | |
Total Net Assets — 100.0% | | | | | | | 33,619,575 | |
| | | | | | | | | |
Trustee Deferred Compensation (5) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 1,264 | | | | 13,449 | |
Meeder Balanced Fund | | | 633 | | | | 7,317 | |
Meeder Dynamic Allocation Fund | | | 436 | | | | 4,761 | |
Meeder Muirfield Fund | | | 616 | | | | 4,682 | |
Meeder Conservative Allocation Fund | | | 177 | | | | 3,921 | |
Total Trustee Deferred Compensation (Cost $29,102) | | | | | | | 34,130 | |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (6) | |
Level 1 - Quoted Prices | | $ | 4,153,675 | | | $ | — | |
Level 2 - Other Significant Observable Inputs | | | 29,450,593 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 33,604,268 | | | $ | — | |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(3) | Floating rate security. Interest rates reset periodically. The reference rate and spread are indicated in the description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown reflects the earlier of the next demand date or stated maturity date. |
(4) | 7-day yield as of June 30, 2018. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. |
(5) | Assets of affiliates to the Prime Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(6) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
Page 92 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Institutional Prime Money Market Fund |
Security Description | | Coupon/
Yield | | | Maturity/
Demand
Date | | | Principal
Amount ($)
or Shares | | | Fair
Value ($)(1) | |
Bank Obligations — 0.3% |
First Merchants Bank Deposit Account | | | 1.85 | %(2) | | 07/02/18 | | | | 248,000 | | | | 248,000 | |
Mid America Bank Deposit Account | | | 2.00 | %(2) | | 07/02/18 | | | | 248,974 | | | | 248,974 | |
Pacific Mercantile Bank Deposit Account | | | 1.83 | %(2) | | 07/02/18 | | | | 248,000 | | | | 248,000 | |
Pacific Premier Bank Deposit Account | | | 1.80 | %(2) | | 07/02/18 | | | | 248,000 | | | | 248,000 | |
Total Bank Obligations (Cost $992,974) | | | 992,974 | |
| | | | | | | | | | | | | | | | |
Certificates of Deposit — 15.3% |
Banco Estado Chile Yankee CD | | | 2.25 | % | | 07/11/18 | | | | 2,000,000 | | | | 2,000,194 | |
Banco Estado Chile Yankee CD | | | 2.23 | % | | 08/01/18 | | | | 2,000,000 | | | | 2,000,436 | |
Banco Estado Chile Yankee CD | | | 1.60 | % | | 08/03/18 | | | | 1,000,000 | | | | 999,595 | |
Banco Estado Chile Yankee CD | | | 2.10 | % | | 09/04/18 | | | | 3,000,000 | | | | 3,000,099 | |
Banco Estado Chile Yankee CD | | | 2.34 | % | | 10/01/18 | | | | 2,000,000 | | | | 2,000,360 | |
Banco Estado Chile Yankee CD | | | 2.37 | % | | 11/01/18 | | | | 3,000,000 | | | | 3,000,312 | |
Bank of Montreal Yankee CD (Monthly U.S. LIBOR + 0.19%) | | | 2.24 | %(3) | | 07/13/18 | | | | 5,000,000 | | | | 4,998,865 | |
Bank of Montreal Yankee CD (Monthly U.S. LIBOR + 0.37%) | | | 2.42 | %(3) | | 07/12/18 | | | | 1,250,000 | | | | 1,250,811 | |
Bank of Nova Scotia Yankee CD (Quarterly U.S. LIBOR + 0.20%) | | | 2.54 | %(3) | | 07/10/18 | | | | 5,000,000 | | | | 5,003,035 | |
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.235%) | | | 2.54 | %(3) | | 07/03/18 | | | | 2,200,000 | | | | 2,201,487 | |
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.18%) | | | 2.54 | %(3) | | 07/18/18 | | | | 3,500,000 | | | | 3,499,990 | |
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.39%) | | | 2.73 | %(3) | | 07/13/18 | | | | 2,000,000 | | | | 2,000,356 | |
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.36%) | | | 2.72 | %(3) | | 08/08/18 | | | | 1,000,000 | | | | 1,000,319 | |
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.13%) | | | 2.49 | %(3) | | 07/26/18 | | | | 2,000,000 | | | | 2,001,330 | |
Cooperatieve Rabobank UA/NY (Monthly U.S. LIBOR + 0.18%) | | | 2.18 | %(3) | | 07/02/18 | | | | 1,000,000 | | | | 999,991 | |
Credit Agricole Corporate and Investment Bank/New York (Monthly U.S. LIBOR + 0.23%) | | | 2.32 | %(3) | | 07/17/18 | | | | 1,000,000 | | | | 1,000,313 | |
Credit Suisse AG/New York, NY (Quarterly U.S. LIBOR + 0.34%) | | | 2.68 | %(3) | | 07/09/18 | | | | 1,000,000 | | | | 1,000,907 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.25%) | | | 2.30 | %(3) | | 07/11/18 | | | | 2,750,000 | | | | 2,750,451 | |
Royal Bank of Canada Yankee CD (Quarterly U.S. LIBOR + 0.16%) | | | 2.53 | %(3) | | 08/09/18 | | | | 1,000,000 | | | | 1,000,632 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.18%) | | | 2.27 | %(3) | | 07/18/18 | | | | 2,000,000 | | | | 2,000,266 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.18%) | | | 2.19 | %(3) | | 07/06/18 | | | | 3,000,000 | | | | 3,000,621 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.19%) | | | 2.24 | %(3) | | 07/12/18 | | | | 1,000,000 | | | | 1,000,245 | |
Royal Bank of Canada Yankee CD(Monthly U.S. LIBOR + 0.40%) | | | 2.49 | %(3) | | 07/17/18 | | | | 2,000,000 | | | | 2,001,426 | |
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.25%) | | | 2.26 | %(3) | | 07/06/18 | | | | 5,000,000 | | | | 5,001,095 | |
Westpac Banking Corp Yankee CD(Quarterly U.S. LIBOR + 0.15%) | | | 2.48 | %(3) | | 08/20/18 | | | | 1,000,000 | | | | 1,001,340 | |
Total Certificates of Deposit (Cost $55,703,018) | | | 55,714,476 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 93 |
Schedule of Investments
June 30, 2018 (unaudited)
Institutional Prime Money Market Fund |
Security Description | | Coupon/
Yield | | | Maturity/
Demand
Date | | | Principal
Amount ($)
or Shares | | | Fair
Value ($)(1) | |
Commercial Paper — 46.5% |
American Honda Finance Corp. | | | 2.16 | % | | 07/18/18 | | | | 2,000,000 | | | | 1,997,930 | |
American Honda Finance Corp. | | | 2.16 | % | | 07/24/18 | | | | 2,000,000 | | | | 1,997,236 | |
American Honda Finance Corp. | | | 2.16 | % | | 07/25/18 | | | | 2,500,000 | | | | 2,496,395 | |
American Honda Finance Corp. | | | 2.05 | % | | 08/06/18 | | | | 3,000,000 | | | | 2,993,553 | |
American Honda Finance Corp. | | | 2.16 | % | | 09/05/18 | | | | 3,000,000 | | | | 2,988,015 | |
Bank of Tokyo-Mitsubishi UFJ Ltd/New York, NY | | | 2.08 | % | | 07/06/18 | | | | 2,000,000 | | | | 1,999,262 | |
Banque et Caisse d'Epargne de l'Etat | | | 1.92 | % | | 07/02/18 | | | | 2,000,000 | | | | 1,999,684 | |
Banque et Caisse d'Epargne de l'Etat | | | 2.06 | % | | 08/01/18 | | | | 3,000,000 | | | | 2,994,504 | |
BNP Paribas SA/New York, NY | | | 2.37 | % | | 08/15/18 | | | | 1,500,000 | | | | 1,495,971 | |
Canadian Imperial Holdings, Inc. | | | 2.09 | % | | 08/21/18 | | | | 2,000,000 | | | | 1,993,878 | |
Canadian Imperial Holdings, Inc. | | | 2.31 | % | | 11/15/18 | | | | 2,000,000 | | | | 1,981,436 | |
Caterpillar, Inc. | | | 2.16 | % | | 07/05/18 | | | | 2,000,000 | | | | 1,999,290 | |
Caterpillar, Inc. | | | 1.96 | % | | 07/06/18 | | | | 2,000,000 | | | | 1,999,172 | |
Caterpillar, Inc. | | | 2.11 | % | | 07/26/18 | | | | 3,000,000 | | | | 2,995,128 | |
Caterpillar, Inc. | | | 2.16 | % | | 08/14/18 | | | | 3,000,000 | | | | 2,991,348 | |
Caterpillar, Inc. | | | 2.20 | % | | 08/15/18 | | | | 3,000,000 | | | | 2,991,138 | |
Caterpillar, Inc. | | | 2.21 | % | | 08/24/18 | | | | 2,000,000 | | | | 1,992,772 | |
Caterpillar, Inc. | | | 2.29 | % | | 09/21/18 | | | | 3,000,000 | | | | 2,983,101 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.24 | % | | 07/11/18 | | | | 2,000,000 | | | | 1,998,786 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.29 | % | | 07/17/18 | | | | 2,000,000 | | | | 1,998,142 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.27 | % | | 08/01/18 | | | | 2,000,000 | | | | 1,996,428 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.37 | % | | 10/01/18 | | | | 2,000,000 | | | | 1,987,968 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.33 | % | | 10/04/18 | | | | 3,000,000 | | | | 2,981,352 | |
Credit Agricole Corporate and Investment Bank/New York | | | 2.32 | % | | 10/15/18 | | | | 3,000,000 | | | | 2,979,138 | |
Credit Suisse AG/New York, NY | | | 2.59 | % | | 01/25/19 | | | | 2,350,000 | | | | 2,315,276 | |
Credit Suisse AG/New York, NY | | | 1.67 | % | | 07/05/18 | | | | 1,000,000 | | | | 999,680 | |
Credit Suisse AG/New York, NY | | | 1.70 | % | | 07/17/18 | | | | 1,000,000 | | | | 999,023 | |
Credit Suisse AG/New York, NY | | | 1.73 | % | | 07/19/18 | | | | 1,000,000 | | | | 998,911 | |
Credit Suisse AG/New York, NY | | | 2.12 | % | | 07/27/18 | | | | 3,300,000 | | | | 3,294,908 | |
Credit Suisse AG/New York, NY | | | 1.95 | % | | 08/01/18 | | | | 1,000,000 | | | | 998,168 | |
Credit Suisse AG/New York, NY | | | 2.37 | % | | 08/13/18 | | | | 2,000,000 | | | | 1,994,912 | |
Credit Suisse AG/New York, NY | | | 1.88 | % | | 08/30/18 | | | | 1,000,000 | | | | 996,390 | |
Credit Suisse AG/New York, NY | | | 1.94 | % | | 09/05/18 | | | | 1,000,000 | | | | 995,950 | |
Dexia Credit Local SA/New York, NY | | | 2.13 | % | | 08/27/18 | | | | 2,000,000 | | | | 1,993,224 | |
ING US Funding, LLC | | | 1.72 | % | | 07/02/18 | | | | 1,850,000 | | | | 1,849,700 | |
ING US Funding, LLC | | | 1.82 | % | | 07/03/18 | | | | 1,000,000 | | | | 999,783 | |
ING US Funding, LLC | | | 2.26 | % | | 07/20/18 | | | | 1,852,000 | | | | 1,849,835 | |
ING US Funding, LLC | | | 1.92 | % | | 08/07/18 | | | | 1,000,000 | | | | 997,761 | |
ING US Funding, LLC | | | 1.92 | % | | 08/31/18 | | | | 1,500,000 | | | | 1,494,320 | |
JP Morgan Securities, LLC | | | 2.54 | % | | 01/17/19 | | | | 3,000,000 | | | | 2,957,850 | |
JP Morgan Securities, LLC | | | 2.32 | % | | 07/02/18 | | | | 2,075,000 | | | | 2,074,664 | |
JP Morgan Securities, LLC | | | 1.77 | % | | 07/06/18 | | | | 1,050,000 | | | | 1,049,602 | |
JP Morgan Securities, LLC | | | 2.12 | % | | 07/10/18 | | | | 1,000,000 | | | | 999,401 | |
JP Morgan Securities, LLC | | | 1.97 | % | | 07/20/18 | | | | 1,000,000 | | | | 998,837 | |
JP Morgan Securities, LLC | | | 2.34 | % | | 08/01/18 | | | | 1,000,000 | | | | 998,122 | |
JP Morgan Securities, LLC | | | 1.92 | % | | 08/02/18 | | | | 1,000,000 | | | | 998,062 | |
JP Morgan Securities, LLC | | | 1.92 | % | | 08/09/18 | | | | 1,000,000 | | | | 997,639 | |
JP Morgan Securities, LLC | | | 1.83 | % | | 08/27/18 | | | | 1,000,000 | | | | 996,514 | |
JP Morgan Securities, LLC | | | 2.37 | % | | 09/04/18 | | | | 2,000,000 | | | | 1,991,908 | |
JP Morgan Securities, LLC | | | 2.38 | % | | 10/17/18 | | | | 3,000,000 | | | | 2,978,487 | |
The accompanying notes are an integral part of these financial statements.
Page 94 | 2018 Semiannual Report | June 30, 2018 |
Schedule of Investments
June 30, 2018 (unaudited)
Institutional Prime Money Market Fund |
Security Description | | Coupon/
Yield | | | Maturity/
Demand
Date | | | Principal
Amount ($)
or Shares | | | Fair
Value ($)(1) | |
Commercial Paper — continued |
Mitsubishi International Corp. | | | 2.00 | % | | 07/12/18 | | | | 3,000,000 | | | | 2,997,864 | |
MUFG Bank LTD/New York, NY | | | 2.30 | % | | 07/12/18 | | | | 2,000,000 | | | | 1,998,590 | |
MUFG Bank LTD/New York, NY | | | 2.31 | % | | 08/01/18 | | | | 2,000,000 | | | | 1,996,146 | |
MUFG Bank LTD/New York, NY | | | 2.27 | % | | 08/10/18 | | | | 3,000,000 | | | | 2,988,798 | |
MUFG Bank LTD/New York, NY | | | 2.25 | % | | 09/27/18 | | | | 3,000,000 | | | | 2,983,050 | |
MUFG Bank LTD/New York, NY | | | 2.28 | % | | 10/01/18 | | | | 3,000,000 | | | | 2,982,243 | |
National Rural Utilities | | | 2.00 | % | | 07/10/18 | | | | 3,000,000 | | | | 2,998,221 | |
Natixis SA/New York, NY | | | 1.72 | % | | 07/10/18 | | | | 1,000,000 | | | | 999,415 | |
Natixis SA/New York, NY | | | 2.23 | % | | 07/12/18 | | | | 2,000,000 | | | | 1,998,612 | |
Natixis SA/New York, NY | | | 2.27 | % | | 07/18/18 | | | | 2,000,000 | | | | 1,997,946 | |
Natixis SA/New York, NY | | | 2.27 | % | | 07/19/18 | | | | 2,000,000 | | | | 1,997,834 | |
Natixis SA/New York, NY | | | 2.37 | % | | 10/02/18 | | | | 3,000,000 | | | | 2,981,847 | |
Natixis SA/New York, NY | | | 2.28 | % | | 10/03/18 | | | | 3,000,000 | | | | 2,981,649 | |
Prudential Financial, Inc. | | | 2.00 | % | | 07/02/18 | | | | 18,000,000 | | | | 18,000,000 | |
Santander UK PLC | | | 1.95 | % | | 07/02/18 | | | | 3,000,000 | | | | 2,999,529 | |
Santander UK PLC | | | 2.28 | % | | 07/06/18 | | | | 2,000,000 | | | | 1,999,262 | |
Santander UK PLC | | | 2.29 | % | | 09/25/18 | | | | 3,000,000 | | | | 2,983,794 | |
Swedbank AB | | | 1.93 | % | | 07/25/18 | | | | 2,000,000 | | | | 1,997,242 | |
Swedbank AB | | | 2.19 | % | | 07/27/18 | | | | 2,000,000 | | | | 1,997,028 | |
Swedbank AB | | | 2.21 | % | | 09/17/18 | | | | 3,000,000 | | | | 2,985,867 | |
Toyota Motor Credit Corp. | | | 2.36 | % | | 09/04/18 | | | | 2,000,000 | | | | 1,992,086 | |
Toyota Motor Credit Corp. | | | 2.23 | % | | 09/18/18 | | | | 3,000,000 | | | | 2,985,306 | |
Toyota Motor Credit Corp. | | | 2.30 | % | | 10/02/18 | | | | 3,000,000 | | | | 2,982,363 | |
Total Commercial Paper (Cost $169,502,045) | | | 169,475,246 | |
| | | | | | | | | | | | | | | | |
Corporate Obligations — 0.9% |
Royal Bank of Canada | | | 2.20 | % | | 07/27/18 | | | | 408,000 | | | | 407,938 | |
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.13%) | | | 2.50 | %(3) | | 07/27/18 | | | | 500,000 | | | | 500,031 | |
U.S. Bank N.A. Cincinnati (Quarterly U.S. LIBOR + 0.12%) | | | 2.48 | %(3) | | 08/14/18 | | | | 2,355,000 | | | | 2,356,358 | |
Total Corporate Obligations (Cost $3,264,131) | | | 3,264,327 | |
| | | | | | | | | | | | | | | | |
Repurchase Agreements — 25.5% |
INTL FCStone (Collateralized by $42,770,945 various GNMAs, FMACs, and U.S. Treasury Notes, 1.25% - 4.00%, due 8/15/24 - 12/16/56, fair value $23,460,000)(proceeds $23,004,178), purchase date 6/29/18 | | | 2.18 | % | | 07/02/18 | | | | 23,000,000 | | | | 23,000,000 | |
South Street (Collateralized by $24,905,704 various FNMAs, FMACs, and FHLBs, 2.549% - 6.625%, due 6/11/21 - 7/1/47, fair value $10,200,000)(proceeds $10,001,867), purchase date 6/29/18 | | | 2.24 | % | | 07/02/18 | | | | 10,000,000 | | | | 10,000,000 | |
South Street (Collateralized by $363,190,337 various FNMAs, FMACs, FHLBs, and FCSBs, 2.027% - 6.00%, due 10/1/18 - 5/1/48, fair value $61,200,000)(proceeds $60,010,900), purchase date 6/29/18 | | | 2.18 | % | | 07/02/18 | | | | 60,000,000 | | | | 60,000,000 | |
Total Repurchase Agreements (Cost $93,000,000) | | | 93,000,000 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 95 |
Schedule of Investments
June 30, 2018 (unaudited)
Institutional Prime Money Market Fund |
Security Description | | Coupon/
Yield | | | Maturity/
Demand
Date | | | Principal
Amount ($)
or Shares | | | Fair
Value ($)(1) | |
U.S. Government and Agency Obligations — 2.5% |
United States Treasury Bill | | | 1.91 | % | | 09/13/18 | | | | 2,000,000 | | | | 1,992,426 | |
United States Treasury Bill | | | 1.94 | % | | 09/20/18 | | | | 7,000,000 | | | | 6,970,852 | |
Total U.S. Government and Agency Obligations (Cost $8,962,907) | | | 8,963,278 | |
Security Description | | Shares or
Principal
Amount ($) | | | Fair
Value ($) | |
Money Market Registered Investment Companies — 9.1% |
Fidelity Prime Institutional Money Market Portfolio, 2.06% (4) | | | 14,992,503 | | | | 14,998,500 | |
Morgan Stanley Government Institutional Fund, 1.81% (4) | | | 18,108,223 | | | | 18,108,223 | |
Total Money Market Registered Investment Companies (Cost $33,106,723) | | | | | | | 33,106,723 | |
Total Investments — 100.1% (Cost $364,531,798) | | | | | | | 364,517,024 | |
Liabilities less Other Assets — (0.1%) | | | | | | | (358,692 | ) |
Total Net Assets — 100.0% | | | | | | | 364,158,332 | |
| | | | | | | | | |
Trustee Deferred Compensation (5) | | | | | | | | |
Meeder Aggressive Allocation Fund | | | 44 | | | | 468 | |
Meeder Balanced Fund | | | 25 | | | | 289 | |
Meeder Dynamic Allocation Fund | | | 16 | | | | 175 | |
Meeder Muirfield Fund | | | 58 | | | | 441 | |
Meeder Conservative Allocation Fund | | | 7 | | | | 155 | |
Total Trustee Deferred Compensation (Cost $1,544) | | | | | | | 1,528 | |
(1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| | |
| | ● | Level 1 - quoted prices in active markets for identical securities |
| | | |
| | ● | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| | | |
| | ● | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
| The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund’s assets carried at fair value: |
| | |
Valuation Inputs | | Investments in
Securities | | | Other Financial
Instruments (6) | |
Level 1 - Quoted Prices | | $ | 33,106,723 | | | $ | — | |
Level 2 - Other Significant Observable Inputs | | | 331,410,301 | | | | — | |
Level 3 - Significant Unobservable Inputs | | | — | | | | — | |
Total | | $ | 364,517,024 | | | $ | — | |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
(3) | Floating rate security. Interest rates reset periodically. The reference rate and spread are indicated in the description above. The rate shown represents the rate in effect at June 30, 2018. The maturity date shown reflects the earlier of the next demand date or stated maturity date. |
(4) | 7-day yield as of June 30, 2018. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. |
(5) | Assets of affiliates to the Institutional Prime Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
(6) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
Page 96 | 2018 Semiannual Report | June 30, 2018 |
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Statements of Assets & Liabilities
June 30, 2018 (unaudited) |
| | | Muirfield
Fund | | | Spectrum
Fund | | | Global
Allocation
Fund | |
Assets | | | | | | | | | | | | |
Investments, at fair value (1)(2) | | $ | 384,649,915 | | | $ | 151,503,842 | | | $ | 57,723,542 | |
Repurchase agreements, at fair value (1) | | | — | | | | — | | | | — | |
Investments in affiliates, at fair value (1) | | | 150,112,582 | | | | 15,246,723 | | | | 14,792,202 | |
Trustee deferred compensation investments, at fair value | | | 183,507 | | | | 16,721 | | | | 87,809 | |
Cash | | | — | | | | 3,418 | | | | — | |
Deposits at broker for futures contracts (3) | | | 7,190,176 | | | | 3,431,501 | | | | 922,485 | |
Cash held at broker for collateral on securities sold short | | | — | | | | 56,092,036 | | | | — | |
Receivable for securities sold | | | 7,605,911 | | | | 2,139,391 | | | | 524,026 | |
Receivable for capital stock issued | | | 637,505 | | | | 256,516 | | | | 797,804 | |
Receivable from investment advisor | | | — | | | | — | | | | — | |
Interest and dividend receivable | | | 562,320 | | | | 186,340 | | | | 73,012 | |
Receivable from securities lending agent (See Note #5) | | | — | | | | 26 | | | | — | |
Prepaid expenses/other assets | | | 47,172 | | | | 82,991 | | | | 27,484 | |
Total Assets | | | 550,989,088 | | | | 228,959,505 | | | | 74,948,364 | |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Securities sold short at fair value (proceeds $55,275,796) | | | — | | | | 56,503,282 | | | | — | |
Payable for securities purchased | | | 7,495,813 | | | | 2,098,410 | | | | 530,370 | |
Payable for collateral on securities loaned | | | — | | | | 32,718 | | | | 314,029 | |
Payable for Trustee Deferred Compensation Plan | | | 183,507 | | | | 16,721 | | | | 87,809 | |
Payable for capital stock redeemed | | | 657,360 | | | | 45,342 | | | | 3,394 | |
Dividends payable | | | — | | | | — | | | | — | |
Dividend expense payable on short positions | | | — | | | | 111,699 | | | | — | |
Payable to investment advisor | | | 290,019 | | | | 105,588 | | | | 44,962 | |
Accrued distribution plan (12b-1) and shareholder service plan fees | | | 353,167 | | | | 93,392 | | | | 25,680 | |
Accrued transfer agent, fund accounting, CCO, and administrative fees | | | 98,657 | | | | 34,589 | | | | 17,564 | |
Accrued trustee fees | | | 4,829 | | | | 2,032 | | | | 1,262 | |
Other accrued liabilities | | | 29,934 | | | | 19,633 | | | | 17,630 | |
Total Liabilities | | | 9,113,286 | | | | 59,063,406 | | | | 1,042,700 | |
| | | | | | | | | | | | | |
Net Assets | | $ | 541,875,802 | | | $ | 169,896,099 | | | $ | 73,905,664 | |
| | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | |
Capital | | $ | 507,957,444 | | | $ | 154,148,738 | | | $ | 66,731,959 | |
Accumulated undistributed (distributions in excess of) net investment income | | | 1,328,584 | | | | 100,982 | | | | (86,920 | ) |
Accumulated undistributed net realized gain (loss) from investments and futures contracts | | | 166,583 | | | | 189,858 | | | | 2,892,572 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | | 32,423,191 | | | | 15,456,521 | | | | 4,368,053 | |
Total Net Assets | | $ | 541,875,802 | | | $ | 169,896,099 | | | $ | 73,905,664 | |
| | | | | | | | | | | | | |
Net Asset Value Per Share | | | | | | | | | | | | |
Retail Class | | | | | | | | | | | | |
Net Assets | | $ | 221,235,883 | | | $ | 49,953,039 | | | $ | 16,077,594 | |
Shares Outstanding | | | 29,113,450 | | | | 4,313,816 | | | | 1,407,528 | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 7.60 | | | $ | 11.58 | | | $ | 11.42 | |
| | | | | | | | | | | | | |
Adviser Class | | | | | | | | | | | | |
Net Assets | | $ | 53,509,986 | | | $ | 13,283,199 | | | $ | 1,666,000 | |
Shares Outstanding | | | 7,001,469 | | | | 1,140,767 | | | | 145,788 | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 7.64 | | | $ | 11.64 | | | $ | 11.43 | |
| | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | |
Net Assets | | $ | 267,129,933 | | | $ | 106,659,861 | | | $ | 56,162,070 | |
Shares Outstanding | | | 34,944,464 | | | | 9,139,675 | | | | 4,909,528 | |
Net Asset Value, Offering and Redemption Price Per Share | | $ | 7.64 | | | $ | 11.67 | | | $ | 11.44 | |
| | | | | | | | | | | | | |
Net Asset Value Per Share - Money Market Funds | | | | | | | | | | | | |
Net Assets | | | | | | | | | | | | |
Shares Outstanding | | | | | | | | | | | | |
Net Asset Value, Offering and Redemption Price Per Share | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(1) Investments and affiliated investments at cost | | $ | 499,758,982 | | | $ | 148,629,234 | | | $ | 67,615,470 | |
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5) | | $ | — | | | $ | 31,900 | | | $ | 306,288 | |
(3) Required margin held as collateral for futures contracts | | $ | 5,085,100 | | | $ | 2,647,000 | | | $ | 754,100 | |
The accompanying notes are an integral part of these financial statements.
Page 98 | 2018 Semiannual Report | June 30, 2018 |
Balanced
Fund | | | Moderate
Allocation
Fund | | | Conservative
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Dynamic
Allocation
Fund | | | Quantex
Fund | | | Total Return
Bond Fund | | | Prime Money
Market Fund | | | Institutional
Prime Money
Market Fund | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 271,114,929 | | | $ | 125,159,178 | | | $ | 118,070,554 | | | $ | 22,502,277 | | | $ | 110,709,616 | | | $ | 80,390,264 | | | $ | 64,000,759 | | | $ | 26,604,268 | | | $ | 271,517,024 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 7,000,000 | | | | 93,000,000 | |
| | 63,847,242 | | | | 23,808,084 | | | | 10,226,198 | | | | 3,048,076 | | | | 28,956,306 | | | | 2,250,892 | | | | 4,364,173 | | | | — | | | | — | |
| | 121,164 | | | | 8,328 | | | | 50,156 | | | | 60,294 | | | | 110,392 | | | | 49,672 | | | | 55,673 | | | | 34,130 | | | | 1,528 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 3,215,017 | | | | 1,176,524 | | | | 533,083 | | | | 226,050 | | | | 1,759,510 | | | | 135,680 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 3,167,468 | | | | 892,540 | | | | 508,726 | | | | 340,229 | | | | 1,678,688 | | | | — | | | | — | | | | — | | | | — | |
| | 550,761 | | | | 495,989 | | | | 156,580 | | | | 505,667 | | | | 936,964 | | | | 498,216 | | | | 70,476 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,204 | | | | 7,223 | |
| | 563,402 | | | | 309,108 | | | | 313,554 | | | | 33,163 | | | | 115,370 | | | | 97,088 | | | | 151,152 | | | | 28,083 | | | | 254,684 | |
| | — | | | | — | | | | — | | | | 1 | | | | — | | | | 186 | | | | — | | | | — | | | | — | |
| | 33,809 | | | | 34,469 | | | | 33,674 | | | | 24,258 | | | | 27,446 | | | | 28,688 | | | | 33,577 | | | | 12,391 | | | | 9,898 | |
| | 342,613,792 | | | | 151,884,220 | | | | 129,892,525 | | | | 26,740,015 | | | | 144,294,292 | | | | 83,450,686 | | | | 68,675,810 | | | | 33,681,076 | | | | 364,790,357 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 3,189,905 | | | | 894,681 | | | | 508,977 | | | | 346,116 | | | | 1,785,025 | | | | — | | | | — | | | | — | | | | — | |
| | 4,178,336 | | | | 2,992,003 | | | | 3,611,339 | | | | 55,944 | | | | — | | | | 2,169,734 | | | | — | | | | — | | | | — | |
| | 121,164 | | | | 8,328 | | | | 50,156 | | | | 60,294 | | | | 110,392 | | | | 49,672 | | | | 55,673 | | | | 34,130 | | | | 1,528 | |
| | 295,001 | | | | 177,028 | | | | 118,829 | | | | 2,089 | | | | 52,703 | | | | 16,582 | | | | 386,469 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,433 | | | | 551,888 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 189,578 | | | | 71,574 | | | | 51,089 | | | | 16,149 | | | | 75,945 | | | | 49,621 | | | | 16,197 | | | | — | | | | — | |
| | 174,692 | | | | 64,229 | | | | 46,241 | | | | 17,598 | | | | 83,119 | | | | 38,015 | | | | 31,613 | | | | 7,301 | | | | 13,283 | |
| | 62,793 | | | | 30,072 | | | | 26,144 | | | | 8,415 | | | | 29,577 | | | | 18,929 | | | | 14,446 | | | | 8,551 | | | | 52,392 | |
| | 2,806 | | | | 1,241 | | | | 778 | | | | 703 | | | | 1,916 | | | | 1,426 | | | | 2,029 | | | | 399 | | | | 368 | |
| | 21,647 | | | | 17,321 | | | | 17,072 | | | | 12,312 | | | | 18,781 | | | | 21,540 | | | | 19,254 | | | | 9,687 | | | | 12,566 | |
| | 8,235,922 | | | | 4,256,477 | | | | 4,430,625 | | | | 519,620 | | | | 2,157,458 | | | | 2,365,519 | | | | 525,681 | | | | 61,501 | | | | 632,025 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 334,377,870 | | | $ | 147,627,743 | | | $ | 125,461,900 | | | $ | 26,220,395 | | | $ | 142,136,834 | | | $ | 81,085,167 | | | $ | 68,150,129 | | | $ | 33,619,575 | | | $ | 364,158,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 327,332,700 | | | $ | 143,523,812 | | | $ | 126,091,140 | | | $ | 21,939,394 | | | $ | 130,906,393 | | | $ | 60,282,214 | | | $ | 80,888,419 | | | $ | 33,619,575 | | | $ | 364,175,824 | |
| | 233,793 | | | | 112,026 | | | | 237,546 | | | | (73,812 | ) | | | (37,214 | ) | | | (19,833 | ) | | | (81,392 | ) | | | — | | | | 107 | |
| | (5,043,564 | ) | | | 2,654,207 | | | | 106,469 | | | | 3,027,393 | | | | 587,108 | | | | 13,466,996 | | | | (11,635,455 | ) | | | — | | | | (2,825 | ) |
| | 11,854,941 | | | | 1,337,698 | | | | (973,255 | ) | | | 1,327,420 | | | | 10,680,547 | | | | 7,355,790 | | | | (1,021,443 | ) | | | — | | | | (14,774 | ) |
| $ | 334,377,870 | | | $ | 147,627,743 | | | $ | 125,461,900 | | | $ | 26,220,395 | | | $ | 142,136,834 | | | $ | 81,085,167 | | | $ | 68,150,129 | | | $ | 33,619,575 | | | $ | 364,158,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 91,232,350 | | | $ | 34,760,827 | | | $ | 32,273,686 | | | $ | 7,585,758 | | | $ | 38,229,512 | | | $ | 31,150,890 | | | $ | 16,717,507 | | | | | | | | | |
| | 7,894,032 | | | | 2,997,129 | | | | 1,456,853 | | | | 712,718 | | | | 3,501,189 | | | | 822,586 | | | | 1,837,844 | | | | | | | | | |
| $ | 11.56 | | | $ | 11.60 | | | $ | 22.15 | | | $ | 10.64 | | | $ | 10.92 | | | $ | 37.87 | | | $ | 9.10 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 18,793,205 | | | $ | 9,241,830 | | | $ | 6,251,591 | | | $ | 1,184,423 | | | $ | 10,397,293 | | | $ | 1,054,639 | | | $ | 3,344,992 | | | | | | | | | |
| | 1,615,216 | | | | 795,966 | | | | 278,594 | | | | 111,134 | | | | 949,382 | | | | 27,811 | | | | 367,205 | | | | | | | | | |
| $ | 11.64 | | | $ | 11.61 | | | $ | 22.44 | | | $ | 10.66 | | | $ | 10.95 | | | $ | 37.92 | | | $ | 9.11 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 224,352,315 | | | $ | 103,625,086 | | | $ | 86,936,623 | | | $ | 17,450,214 | | | $ | 93,510,029 | | | $ | 48,879,638 | | | $ | 48,087,630 | | | | | | | | | |
| | 19,275,007 | | | | 8,907,961 | | | | 3,868,029 | | | | 1,634,479 | | | | 8,548,157 | | | | 1,288,114 | | | | 5,278,876 | | | | | | | | | |
| $ | 11.64 | | | $ | 11.63 | | | $ | 22.48 | | | $ | 10.68 | | | $ | 10.94 | | | $ | 37.95 | | | $ | 9.11 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 33,619,575 | | | $ | 364,158,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 33,619,575 | | | | 364,176,520 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1.00 | | | $ | 1.0000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 321,987,511 | | | $ | 147,192,590 | | | $ | 129,086,381 | | | $ | 24,066,227 | | | $ | 127,854,062 | | | $ | 75,210,306 | | | $ | 69,386,375 | | | $ | 33,604,268 | | | $ | 364,531,798 | |
| $ | 4,075,332 | | | $ | 2,918,244 | | | $ | 3,522,312 | | | $ | 54,314 | | | $ | — | | | $ | 2,105,586 | | | $ | — | | | $ | — | | | $ | — | |
| $ | 2,283,600 | | | $ | 885,450 | | | $ | 388,700 | | | $ | 178,400 | | | $ | 1,406,500 | | | $ | 120,000 | | | $ | — | | | $ | — | | | $ | — | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 99 |
Statements of Operations
For the Six Months Ended June 30, 2018 (unaudited) | |
| | | Muirfield
Fund | | | Spectrum
Fund | | | Global
Allocation
Fund | |
Investment Income | | | | | | | | | | | | |
Interest | | $ | 9,479 | | | $ | 5,999 | | | $ | 29,779 | |
Income from affiliates | | | 1,333,706 | | | | 153,017 | | | | 128,998 | |
Dividends | | | 3,202,692 | | | | 1,342,254 | | | | 699,533 | |
Total Investment Income | | | 4,545,877 | | | | 1,501,270 | | | | 858,310 | |
| | | | | | | | | | | | | |
Fund Expenses | | | | | | | | | | | | |
Investment advisor | | | 1,651,318 | | | | 600,391 | | | | 296,650 | |
Transfer agent - Retail Class | | | 145,459 | | | | 33,896 | | | | 20,204 | |
Transfer agent - Adviser Class | | | 27,720 | | | | 7,620 | | | | 973 | |
Transfer agent - Institutional Class | | | 129,660 | | | | 54,547 | | | | 26,287 | |
Transfer agent - Money Market Funds | | | | | | | | | | | | |
Fund accounting | | | 43,686 | | | | 26,455 | | | | 22,274 | |
Administrative | | | 206,879 | | | | 69,028 | | | | 36,629 | |
Trustee | | | 12,052 | | | | 4,426 | | | | 2,273 | |
Audit | | | 7,014 | | | | 7,843 | | | | 6,070 | |
Legal | | | 2,562 | | | | 2,576 | | | | 2,562 | |
Custody | | | 24,345 | | | | 8,077 | | | | 4,248 | |
Printing | | | 8,755 | | | | 3,102 | | | | 1,483 | |
Distribution plan (12b-1) - Retail Class (1) | | | 242,431 | | | | 70,616 | | | | 42,091 | |
Distribution plan (12b-1) - Money Market Funds | | | | | | | | | | | | |
Shareholder service plan - Retail Class | | | 242,431 | | | | 56,493 | | | | 33,673 | |
Shareholder service plan - Adviser Class | | | 57,750 | | | | 15,874 | | | | 2,027 | |
Shareholder service plan - Institutional Class | | | 61,253 | | | | 26,477 | | | | 829 | |
Postage | | | 10,954 | | | | 6,558 | | | | 1,951 | |
Registration and filing | | | 40,416 | | | | 31,890 | | | | 29,464 | |
Insurance | | | 18,487 | | | | 5,519 | | | | 3,628 | |
Chief Compliance Officer | | | 3,116 | | | | 3,116 | | | | 3,116 | |
Dividend expense on securities sold short | | | — | | | | 263,860 | | | | — | |
Other | | | 18,235 | | | | 12,165 | | | | 10,298 | |
Total Expenses Before Reductions | | | 2,954,523 | | | | 1,310,529 | | | | 546,730 | |
| | | | | | | | | | | | | |
Expenses voluntarily reimbursed/waived by investment advisor (See Note #5) | | | — | | | | — | | | | — | |
Expenses contractually reimbursed/waived by investment advisor (See Note #5) | | | — | | | | — | | | | — | |
Commissions recaptured (See Note #5) | | | (104,766 | ) | | | (63,914 | ) | | | (22,701 | ) |
Securities lending credit (See Note #5) | | | (4,941 | ) | | | (1,237 | ) | | | (3,572 | ) |
Transfer agent expenses voluntarily waived (See Note #5) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | |
Net Expenses | | | 2,844,816 | | | | 1,245,378 | | | | 520,457 | |
| | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 1,701,061 | | | | 255,892 | | | | 337,853 | |
| | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) from Investments | | | | | | | | | | | | |
Net realized gains (losses) from unaffiliated investments | | | 9,970,945 | | | | 4,278,854 | | | | 601,298 | |
Net realized gains (losses) from affiliated investments | | | (11,245 | ) | | | 485 | | | | (1,445 | ) |
Net realized gains (losses) from closed short positions | | | — | | | | (3,222,970 | ) | | | — | |
Net realized gains (losses) from futures contracts | | | 763,878 | | | | 1,295,555 | | | | 24,009 | |
Distributions of long-term realized gains by other investment companies | | | — | | | | — | | | | 140 | |
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies | | | 10,723,578 | | | | 2,351,924 | | | | 624,002 | |
| | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) of unaffiliated investments | | | (4,225,893 | ) | | | (370,308 | ) | | | (892,142 | ) |
Net change in unrealized appreciation (depreciation) of affiliated investments | | | 32,476 | | | | 3,118 | | | | 3,161 | |
Net change in unrealized appreciation (depreciation) of short positions | | | — | | | | 1,451,745 | | | | — | |
Net change in unrealized appreciation (depreciation) of futures contracts | | | (4,178,930 | ) | | | (2,103,572 | ) | | | (749,092 | ) |
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts | | | (8,372,347 | ) | | | (1,019,017 | ) | | | (1,638,073 | ) |
| | | | | | | | | | | | | |
Net Realized and Unrealized Gain (Loss) from Investments | | | 2,351,231 | | | | 1,332,907 | | | | (1,014,071 | ) |
| | | | | | | | | | | | | |
Net Change in Net Assets Resulting from Operations | | $ | 4,052,292 | | | $ | 1,588,799 | | | $ | (676,218 | ) |
(1) | Only the Retail Class of shares has adopted a Rule 12b-1 Plan. See Footnote #5 of the Notes to Financial Statements. |
The accompanying notes are an integral part of these financial statements.
Page 100 | 2018 Semiannual Report | June 30, 2018 |
Balanced
Fund | | | Moderate
Allocation
Fund | | | Conservative
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Dynamic
Allocation
Fund | | | Quantex
Fund | | | Total Return
Bond Fund | | | Prime Money
Market Fund | | | Institutional
Prime Money
Market Fund | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 235,413 | | | $ | 167,939 | | | $ | 197,291 | | | $ | 5,937 | | | $ | 9,761 | | | $ | 11,344 | | | $ | 145,194 | | | $ | 309,916 | | | $ | 3,353,185 | |
| | 519,849 | | | | 149,109 | | | | 73,247 | | | | 28,900 | | | | 233,332 | | | | 17,488 | | | | 26,502 | | | | — | | | | — | |
| | 2,794,158 | | | | 1,393,784 | | | | 1,392,017 | | | | 225,765 | | | | 1,149,801 | | | | 557,093 | | | | 799,856 | | | | — | | | | — | |
| | 3,549,420 | | | | 1,710,832 | | | | 1,662,555 | | | | 260,602 | | | | 1,392,894 | | | | 585,925 | | | | 971,552 | | | | 309,916 | | | | 3,353,185 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,085,630 | | | | 462,366 | | | | 406,951 | | | | 101,752 | | | | 530,026 | | | | 352,338 | | | | 150,802 | | | | 70,119 | | | | 539,223 | |
| | 60,393 | | | | 23,689 | | | | 21,607 | | | | 6,585 | | | | 32,494 | | | | 28,893 | | | | 10,528 | | | | | | | | | |
| | 10,519 | | | | 4,127 | | | | 3,241 | | | | 720 | | | | 5,998 | | | | 647 | | | | 1,122 | | | | | | | | | |
| | 116,296 | | | | 52,013 | | | | 42,797 | | | | 8,976 | | | | 46,312 | | | | 20,314 | | | | 19,001 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,024 | | | | 148,617 | |
| | 34,050 | | | | 25,066 | | | | 23,830 | | | | 15,752 | | | | 25,516 | | | | 22,579 | | | | 21,766 | | | | 17,966 | | | | 37,026 | |
| | 129,792 | | | | 58,205 | | | | 49,948 | | | | 13,567 | | | | 61,522 | | | | 38,222 | | | | 35,637 | | | | 17,530 | | | | 153,603 | |
| | 7,429 | | | | 3,688 | | | | 3,140 | | | | 994 | | | | 3,770 | | | | 2,368 | | | | 1,714 | | | | 644 | | | | 655 | |
| | 7,014 | | | | 7,130 | | | | 6,967 | | | | 4,897 | | | | 7,014 | | | | 6,070 | | | | 6,970 | | | | 6,510 | | | | 6,434 | |
| | 2,563 | | | | 2,572 | | | | 2,560 | | | | 2,563 | | | | 2,563 | | | | 2,562 | | | | 2,557 | | | | 2,585 | | | | 2,598 | |
| | 14,943 | | | | 6,481 | | | | 5,435 | | | | 1,290 | | | | 7,286 | | | | 4,618 | | | | 3,719 | | | | 1,461 | | | | 12,260 | |
| | 5,419 | | | | 2,700 | | | | 1,826 | | | | 516 | | | | 2,612 | | | | 1,557 | | | | 951 | | | | 429 | | | | 6,036 | |
| | 125,820 | | | | 49,352 | | | | 45,014 | | | | 13,719 | | | | 67,697 | | | | 48,154 | | | | 32,899 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | | | | 2 | |
| | 100,656 | | | | 39,482 | | | | 28,809 | | | | 10,976 | | | | 54,157 | | | | 48,154 | | | | 26,319 | | | | | | | | | |
| | 21,914 | | | | 8,597 | | | | 6,751 | | | | 1,499 | | | | 12,496 | | | | 1,348 | | | | 3,507 | | | | | | | | | |
| | 65,621 | | | | 23,242 | | | | 21,723 | | | | 809 | | | | 8,710 | | | | 4,239 | | | | 13,068 | | | | | | | | | |
| | 7,358 | | | | 4,401 | | | | 4,462 | | | | 872 | | | | 4,465 | | | | 3,738 | | | | 2,191 | | | | 377 | | | | 2,518 | |
| | 33,096 | | | | 30,060 | | | | 28,726 | | | | 32,764 | | | | 30,376 | | | | 27,969 | | | | 30,106 | | | | 12,238 | | | | 6,510 | |
| | 9,608 | | | | 2,756 | | | | 936 | | | | 1,890 | | | | 6,072 | | | | 4,443 | | | | 8,510 | | | | 291 | | | | 10,196 | |
| | 3,116 | | | | 3,116 | | | | 3,116 | | | | 3,116 | | | | 3,116 | | | | 3,116 | | | | 3,116 | | | | 3,116 | | | | 3,116 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 14,853 | | | | 10,015 | | | | 9,062 | | | | 9,097 | | | | 11,448 | | | | 10,655 | | | | 13,528 | | | | 18,246 | | | | 16,262 | |
| | 1,856,090 | | | | 819,058 | | | | 716,901 | | | | 232,354 | | | | 923,650 | | | | 631,984 | | | | 388,011 | | | | 165,538 | | | | 945,056 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (3,079 | ) | | | (5,679 | ) | | | — | | | | — | | | | — | | | | — | | | | (85,770 | ) | | | (621,791 | ) |
| | — | | | | (63,223 | ) | | | (125,099 | ) | | | — | | | | (70,670 | ) | | | (40,753 | ) | | | (42,144 | ) | | | — | | | | — | |
| | (94,852 | ) | | | (66,115 | ) | | | (59,973 | ) | | | (26,878 | ) | | | (59,770 | ) | | | (61,609 | ) | | | (42,201 | ) | | | — | | | | — | |
| | (42,309 | ) | | | (29,015 | ) | | | (37,143 | ) | | | (1,583 | ) | | | (7,085 | ) | | | (5,355 | ) | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (3,506 | ) | | | (37,154 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,718,929 | | | | 657,626 | | | | 489,007 | | | | 203,893 | | | | 786,125 | | | | 524,267 | | | | 303,666 | | | | 76,262 | | | | 286,111 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,830,491 | | | | 1,053,206 | | | | 1,173,548 | | | | 56,709 | | | | 606,769 | | | | 61,658 | | | | 667,886 | | | | 233,654 | | | | 3,067,074 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,334,992 | | | | (1,278,818 | ) | | | (1,837,635 | ) | | | 2,736,523 | | | | 3,802,349 | | | | 14,318,733 | | | | (1,206,234 | ) | | | — | | | | (1,499 | ) |
| | (137 | ) | | | 55 | | | | 515 | | | | (955 | ) | | | (2,602 | ) | | | (556 | ) | | | (174 | ) | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (715,363 | ) | | | 18,921 | | | | (103,065 | ) | | | 369,500 | | | | 197,157 | | | | 94,835 | | | | — | | | | — | | | | — | |
| | 1,427 | | | | 1,052 | | | | 1,271 | | | | — | | | | — | | | | — | | | | 2,088 | | | | — | | | | — | |
| | 620,919 | | | | (1,258,790 | ) | | | (1,938,914 | ) | | | 3,105,068 | | | | 3,996,904 | | | | 14,413,012 | | | | (1,204,320 | ) | | | — | | | | (1,499 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (1,797,505 | ) | | | (79,410 | ) | | | (860,551 | ) | | | (1,871,266 | ) | | | (2,026,554 | ) | | | (11,952,061 | ) | | | (1,181,664 | ) | | | — | | | | 45,332 | |
| | 8,516 | | | | 3,462 | | | | 977 | | | | 1,239 | | | | 5,478 | | | | 446 | | | | 713 | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | (1,177,950 | ) | | | (476,973 | ) | | | (192,054 | ) | | | (321,933 | ) | | | (1,599,673 | ) | | | (128,946 | ) | | | — | | | | — | | | | — | |
| | (2,966,939 | ) | | | (552,921 | ) | | | (1,051,628 | ) | | | (2,191,960 | ) | | | (3,620,749 | ) | | | (12,080,561 | ) | | | (1,180,951 | ) | | | — | | | | 45,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (2,346,020 | ) | | | (1,811,711 | ) | | | (2,990,542 | ) | | | 913,108 | | | | 376,155 | | | | 2,332,451 | | | | (2,385,271 | ) | | | — | | | | 43,833 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (515,529 | ) | | $ | (758,505 | ) | | $ | (1,816,994 | ) | | $ | 969,817 | | | $ | 982,924 | | | $ | 2,394,109 | | | $ | (1,717,385 | ) | | $ | 233,654 | | | $ | 3,110,907 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 101 |
Statements of Changes in Net Assets
For the Six Months Ended June 30, 2018 (unaudited) and the Year Ended December 31, 2017 | |
| | | Muirfield Fund | | | Spectrum Fund | |
| | | 2018 | | | 2017 | | | 2018 | | | 2017 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,701,061 | | | $ | 2,390,068 | | | $ | 255,892 | | | $ | 129,766 | |
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies | | | 10,723,578 | | | | 45,422,703 | | | | 2,351,924 | | | | 9,999,654 | |
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts | | | (8,372,347 | ) | | | 27,968,426 | | | | (1,019,017 | ) | | | 13,441,101 | |
Net change in net assets resulting from operations | | | 4,052,292 | | | | 75,781,197 | | | | 1,588,799 | | | | 23,570,521 | |
| | | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | |
Retail Class | | | — | | | | (1,373,870 | ) | | | — | | | | — | |
Adviser Class | | | — | | | | (125,710 | ) | | | — | | | | — | |
Institutional Class | | | — | | | | (800,089 | ) | | | — | | | | — | |
From net realized gain from investment transactions: | | | | | | | | | | | | | | | | |
Retail Class | | | — | | | | (18,095,918 | ) | | | — | | | | (3,769,641 | ) |
Adviser Class | | | — | | | | (2,688,959 | ) | | | — | | | | (802,354 | ) |
Institutional Class | | | — | | | | (12,180,495 | ) | | | — | | | | (4,636,571 | ) |
Net change in net assets resulting from distributions | | | — | | | | (35,265,041 | ) | | | — | | | | (9,208,566 | ) |
| | | | | | | | | | | | | | | | | |
Capital Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 206,080,003 | | | | 308,551,786 | | | | 51,722,844 | | | | 119,341,484 | |
Reinvested | | | 18 | | | | 33,614,056 | | | | — | | | | 9,102,305 | |
Redeemed | | | (146,218,673 | ) | | | (296,536,002 | ) | | | (38,289,801 | ) | | | (112,449,372 | ) |
Net change in net assets resulting from capital transactions | | | 59,861,348 | | | | 45,629,840 | | | | 13,433,043 | | | | 15,994,417 | |
| | | | | | | | | | | | | | | | | |
Total Change in Net Assets | | | 63,913,640 | | | | 86,145,996 | | | | 15,021,842 | | | | 30,356,372 | |
| | | | | | | | | | | | | | | | | |
Net Assets - Beginning of Year | | | 477,962,162 | | | | 391,816,166 | | | | 154,874,257 | | | | 124,517,885 | |
| | | | | | | | | | | | | | | | | |
Net Assets - End of Year | | $ | 541,875,802 | | | $ | 477,962,162 | | | $ | 169,896,099 | | | $ | 154,874,257 | |
| | | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | 1,328,584 | | | $ | (141,039 | ) | | $ | 100,982 | | | $ | (12,572 | ) |
| | | | | | | | | | | | | | | | | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 26,757,038 | | | | 41,583,017 | | | | 4,404,397 | | | | 10,719,123 | |
Reinvested | | | 2 | | | | 4,470,775 | | | | — | | | | 794,665 | |
Redeemed | | | (18,992,165 | ) | | | (40,445,977 | ) | | | (3,258,849 | ) | | | (10,173,190 | ) |
Net change in shares | | | 7,764,875 | | | | 5,607,815 | | | | 1,145,548 | | | | 1,340,598 | |
The accompanying notes are an integral part of these financial statements.
Page 102 | 2018 Semiannual Report | June 30, 2018 |
Global Allocation Fund | | | Balanced Fund | | | Moderate
Allocation Fund | | | Conservative
Allocation Fund | |
2018 | | | 2017 | | | 2018 | | | 2017 | | | 2018 | | | 2017 | | | 2018 | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 337,853 | | | $ | 518,453 | | | $ | 1,830,491 | | | $ | 2,224,781 | | | $ | 1,053,206 | | | $ | 497,157 | | | $ | 1,173,548 | | | $ | 305,200 | |
| | 624,002 | | | | 9,528,013 | | | | 620,919 | | | | 18,918,617 | | | | (1,258,790 | ) | | | 8,517,457 | | | | (1,938,914 | ) | | | 2,862,662 | |
| | (1,638,073 | ) | | | 5,555,028 | | | | (2,966,939 | ) | | | 10,129,821 | | | | (552,921 | ) | | | (385,554 | ) | | | (1,051,628 | ) | | | (1,704,894 | ) |
| | (676,218 | ) | | | 15,601,494 | | | | (515,529 | ) | | | 31,273,219 | | | | (758,505 | ) | | | 8,629,060 | | | | (1,816,994 | ) | | | 1,462,968 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (61,536 | ) | | | (102,129 | ) | | | (342,754 | ) | | | (1,150,685 | ) | | | (204,493 | ) | | | (152,200 | ) | | | (265,837 | ) | | | (223,576 | ) |
| | (5,819 | ) | | | (7,418 | ) | | | (79,493 | ) | | | (68,028 | ) | | | (43,613 | ) | | | (14,920 | ) | | | (43,558 | ) | | | (6,728 | ) |
| | (187,275 | ) | | | (344,681 | ) | | | (906,711 | ) | | | (932,696 | ) | | | (579,432 | ) | | | (226,553 | ) | | | (647,849 | ) | | | (112,007 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (396,993 | ) | | | — | | | | (4,750,204 | ) | | | — | | | | (849,212 | ) | | | — | | | | — | |
| | — | | | | (11,523 | ) | | | — | | | | (570,082 | ) | | | — | | | | (118,465 | ) | | | — | | | | — | |
| | — | | | | (420,412 | ) | | | — | | | | (6,054,681 | ) | | | — | | | | (1,134,939 | ) | | | — | | | | — | |
| | (254,630 | ) | | | (1,283,156 | ) | | | (1,328,958 | ) | | | (13,526,376 | ) | | | (827,538 | ) | | | (2,496,289 | ) | | | (957,244 | ) | | | (342,311 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 35,937,297 | | | | 49,118,154 | | | | 176,064,679 | | | | 225,356,251 | | | | 142,008,226 | | | | 48,367,764 | | | | 125,408,071 | | | | 18,785,464 | |
| | 254,192 | | | | 1,280,093 | | | | 1,325,635 | | | | 13,375,715 | | | | 825,778 | | | | 2,483,463 | | | | 954,474 | | | | 335,648 | |
| | (35,293,203 | ) | | | (66,796,194 | ) | | | (120,007,260 | ) | | | (207,685,297 | ) | | | (59,739,204 | ) | | | (47,860,164 | ) | | | (23,092,096 | ) | | | (16,038,502 | ) |
| | 898,286 | | | | (16,397,947 | ) | | | 57,383,054 | | | | 31,046,669 | | | | 83,094,800 | | | | 2,991,063 | | | | 103,270,449 | | | | 3,082,610 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (32,562 | ) | | | (2,079,609 | ) | | | 55,538,567 | | | | 48,793,512 | | | | 81,508,757 | | | | 9,123,834 | | | | 100,496,211 | | | | 4,203,267 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 73,938,226 | | | | 76,017,835 | | | | 278,839,303 | | | | 230,045,791 | | | | 66,118,986 | | | | 56,995,152 | | | | 24,965,689 | | | | 20,762,422 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 73,905,664 | | | $ | 73,938,226 | | | $ | 334,377,870 | | | $ | 278,839,303 | | | $ | 147,627,743 | | | $ | 66,118,986 | | | $ | 125,461,900 | | | $ | 24,965,689 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (86,920 | ) | | $ | (52,959 | ) | | $ | 233,793 | | | $ | (97,184 | ) | | $ | 112,026 | | | $ | (5,079 | ) | | $ | 237,546 | | | $ | (10,056 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,070,395 | | | | 4,905,373 | | | | 14,916,436 | | | | 19,574,841 | | | | 12,028,530 | | | | 4,418,490 | | | | 5,485,528 | | | | 836,566 | |
| | 22,327 | | | | 112,132 | | | | 114,391 | | | | 1,151,420 | | | | 71,205 | | | | 214,661 | | | | 42,625 | | | | 14,821 | |
| | (3,036,437 | ) | | | (6,563,852 | ) | | | (10,176,613 | ) | | | (18,224,269 | ) | | | (5,065,326 | ) | | | (4,414,246 | ) | | | (1,024,701 | ) | | | (725,363 | ) |
| | 56,285 | | | | (1,546,347 | ) | | | 4,854,214 | | | | 2,501,992 | | | | 7,034,409 | | | | 218,905 | | | | 4,503,452 | | | | 126,024 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 103 |
Statements of Changes in Net Assets
For the Six Months Ended June 30, 2018 (unaudited) and the Year Ended December 31, 2017 |
| | | Aggressive
Allocation Fund | | | Dynamic
Allocation Fund | |
| | | 2018 | | | 2017 | | | 2018 | | | 2017 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 56,709 | | | $ | 209,250 | | | $ | 606,769 | | | $ | 982,801 | |
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies | | | 3,105,068 | | | | 3,592,132 | | | | 3,996,904 | | | | 12,582,298 | |
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts | | | (2,191,960 | ) | | | 1,431,423 | | | | (3,620,749 | ) | | | 10,230,631 | |
Net change in net assets resulting from operations | | | 969,817 | | | | 5,232,805 | | | | 982,924 | | | | 23,795,730 | |
| | | | | | | | | | | | | | | | | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | |
Retail Class | | | — | | | | (40,200 | ) | | | (88,099 | ) | | | (385,009 | ) |
Adviser Class | | | — | | | | (5,122 | ) | | | (28,365 | ) | | | (46,717 | ) |
Institutional Class | | | — | | | | (137,029 | ) | | | (300,766 | ) | | | (499,738 | ) |
From net realized gain from investment transactions: | | | | | | | | | | | | | | | | |
Retail Class | | | — | | | | (1,929,131 | ) | | | — | | | | (3,679,737 | ) |
Adviser Class | | | — | | | | (145,037 | ) | | | — | | | | (735,907 | ) |
Institutional Class | | | — | | | | (2,163,460 | ) | | | — | | | | (5,051,812 | ) |
Net change in net assets resulting from distributions | | | — | | | | (4,419,979 | ) | | | (417,230 | ) | | | (10,398,920 | ) |
| | | | | | | | | | | | | | | | | |
Distributions to Shareholders - Money Market Funds | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | | | | | | | | | | |
Net change in net assets resulting from distributions | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Capital Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 4,818,051 | | | | 27,642,366 | | | | 49,147,789 | | | | 94,289,003 | |
Reinvested | | | — | | | | 4,414,660 | | | | 415,812 | | | | 10,347,670 | |
Redeemed | | | (20,868,733 | ) | | | (37,649,782 | ) | | | (38,890,104 | ) | | | (106,068,784 | ) |
Net change in net assets resulting from capital transactions | | | (16,050,682 | ) | | | (5,592,756 | ) | | | 10,673,497 | | | | (1,432,111 | ) |
| | | | | | | | | | | | | | | | | |
Total Change in Net Assets | | | (15,080,865 | ) | | | (4,779,930 | ) | | | 11,239,191 | | | | 11,964,699 | |
| | | | | | | | | | | | | | | | | |
Net Assets - Beginning of Year | | | 41,301,260 | | | | 46,081,190 | | | | 130,897,643 | | | | 118,932,944 | |
| | | | | | | | | | | | | | | | | |
Net Assets - End of Year | | $ | 26,220,395 | | | $ | 41,301,260 | | | $ | 142,136,834 | | | $ | 130,897,643 | |
| | | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | (73,812 | ) | | $ | (51,811 | ) | | $ | (37,214 | ) | | $ | (87,708 | ) |
| | | | | | | | | | | | | | | | | |
Share Transactions: | | | | | | | | | | | | | | | | |
Issued | | | 454,381 | | | | 2,624,774 | | | | 4,422,881 | | | | 9,115,839 | |
Reinvested | | | — | | | | 425,667 | | | | 38,125 | | | | 957,539 | |
Redeemed | | | (1,946,761 | ) | | | (3,556,913 | ) | | | (3,518,589 | ) | | | (10,248,519 | ) |
Net change in shares | | | (1,492,380 | ) | | | (506,472 | ) | | | 942,417 | | | | (175,141 | ) |
The accompanying notes are an integral part of these financial statements.
Page 104 | 2018 Semiannual Report | June 30, 2018 |
Quantex Fund | | | Total Return
Bond Fund | | | Prime Money
Market Fund | | | Institutional Prime
Money Market Fund | |
2018 | | | 2017 | | | 2018 | | | 2017 | | | 2018 | | | 2017 | | | 2018 | | | 2017 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 61,658 | | | $ | 350,031 | | | $ | 667,886 | | | $ | 5,414,380 | | | $ | 233,654 | | | $ | 243,470 | | | $ | 3,067,074 | | | $ | 2,173,810 | |
| | 14,413,012 | | | | (1,437,581 | ) | | | (1,204,320 | ) | | | 1,972,842 | | | | — | | | | — | | | | (1,499 | ) | | | (232 | ) |
| | (12,080,561 | ) | | | 12,608,700 | | | | (1,180,951 | ) | | | 187,250 | | | | — | | | | — | | | | 45,332 | | | | (63,366 | ) |
| | 2,394,109 | | | | 11,521,150 | | | | (1,717,385 | ) | | | 7,574,472 | | | | 233,654 | | | | 243,470 | | | | 3,110,907 | | | | 2,110,212 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (99,127 | ) | | | (185,900 | ) | | | (3,220,595 | ) | | | | | | | | | | | | | | | | |
| | — | | | | (6,183 | ) | | | (23,488 | ) | | | (147,366 | ) | | | | | | | | | | | | | | | | |
| | — | | | | (156,324 | ) | | | (445,995 | ) | | | (2,053,634 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (1,617,757 | ) | | | — | | | | — | | | | | | | | | | | | | | | | | |
| | — | | | | (54,620 | ) | | | — | | | | — | | | | | | | | | | | | | | | | | |
| | — | | | | (857,186 | ) | | | — | | | | — | | | | | | | | | | | | | | | | | |
| | — | | | | (2,791,197 | ) | | | (655,383 | ) | | | (5,421,595 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | (233,654 | ) | | | (243,470 | ) | | | (3,067,072 | ) | | | (2,173,717 | ) |
| | | | | | | | | | | | | | | | | | (233,654 | ) | | | (243,470 | ) | | | (3,067,072 | ) | | | (2,173,717 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 39,170,057 | | | | 54,392,703 | | | | 22,117,931 | | | | 174,937,272 | | | | 15,291,469 | | | | 29,723,424 | | | | 370,156,368 | | | | 485,340,979 | |
| | 1 | | | | 2,776,308 | | | | 652,695 | | | | 5,385,499 | | | | 216,225 | | | | 236,626 | | | | 310,809 | | | | 225,080 | |
| | (55,243,545 | ) | | | (57,352,179 | ) | | | (140,803,480 | ) | | | (208,828,722 | ) | | | (17,098,825 | ) | | | (31,415,171 | ) | | | (302,900,131 | ) | | | (386,435,339 | ) |
| | (16,073,487 | ) | | | (183,168 | ) | | | (118,032,854 | ) | | | (28,505,951 | ) | | | (1,591,131 | ) | | | (1,455,121 | ) | | | 67,567,046 | | | | 99,130,720 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (13,679,378 | ) | | | 8,546,785 | | | | (120,405,622 | ) | | | (26,353,074 | ) | | | (1,591,131 | ) | | | (1,455,121 | ) | | | 67,610,881 | | | | 99,067,215 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 94,764,545 | | | | 86,217,760 | | | | 188,555,751 | | | | 214,908,825 | | | | 35,210,706 | | | | 36,665,827 | | | | 296,547,451 | | | | 197,480,236 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 81,085,167 | | | $ | 94,764,545 | | | $ | 68,150,129 | | | $ | 188,555,751 | | | $ | 33,619,575 | | | $ | 35,210,706 | | | $ | 364,158,332 | | | $ | 296,547,451 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (19,833 | ) | | $ | 3,453 | | | $ | (81,392 | ) | | $ | (50,555 | ) | | $ | — | | | $ | — | | | $ | 107 | | | $ | 105 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,061,683 | | | | 1,586,527 | | | | 2,403,688 | | | | 18,549,332 | | | | 15,291,469 | | | | 29,723,424 | | | | 370,200,267 | | | | 485,328,584 | |
| | — | | | | 75,618 | | | | 71,230 | | | | 572,232 | | | | 216,225 | | | | 236,626 | | | | 310,844 | | | | 225,073 | |
| | (1,500,939 | ) | | | (1,668,761 | ) | | | (15,103,433 | ) | | | (22,170,849 | ) | | | (17,098,825 | ) | | | (31,415,171 | ) | | | (302,925,973 | ) | | | (386,423,004 | ) |
| | (439,256 | ) | | | (6,616 | ) | | | (12,628,515 | ) | | | (3,049,285 | ) | | | (1,591,131 | ) | | | (1,455,121 | ) | | | 67,585,138 | | | | 99,130,653 | |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 105 |
Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2018 (unaudited) and
Each Fiscal Period Ended December 31, |
| | | | | | | Income from Investment Operations | | | Less Distributions | |
| | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income
(Loss) (5) | | | Net gains (losses)
on securities and
futures (both realized
and unrealized) | | | Total from
Investment
Operations | | | From Net
Investment
Income | | | From Net
Capital
Gains | | | From
Return of
Capital | | | Total
Distributions | |
Muirfield Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 7.54 | | | | 0.02 | | | | 0.04 | | | | 0.06 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 6.79 | | | | 0.04 | | | | 1.34 | | | | 1.38 | | | | (0.04 | ) | | | (0.59 | ) | | | 0.00 | | | | (0.63 | ) |
2016 | | $ | 6.47 | | | | 0.05 | | | | 0.32 | | | | 0.37 | | | | (0.05 | ) | | | 0.00 | | | | 0.00 | | | | (0.05 | ) |
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 | ) |
Muirfield Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 7.57 | | | | 0.03 | | | | 0.04 | | | | 0.07 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 6.80 | | | | 0.05 | | | | 1.34 | | | | 1.39 | | | | (0.03 | ) | | | (0.59 | ) | | | 0.00 | | | | (0.62 | ) |
2016 (9) | | $ | 6.51 | | | | 0.01 | | | | 0.29 | | | | 0.30 | | | | (0.01 | ) | | | 0.00 | | | | 0.00 | | | | (0.01 | ) |
Muirfield Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 7.57 | | | | 0.03 | | | | 0.04 | | | | 0.07 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 6.80 | | | | 0.07 | | | | 1.33 | | | | 1.40 | | | | (0.04 | ) | | | (0.59 | ) | | | 0.00 | | | | (0.63 | ) |
2016 (9) | | $ | 6.51 | | | | 0.02 | | | | 0.29 | | | | 0.31 | | | | (0.02 | ) | | | 0.00 | | | | 0.00 | | | | (0.02 | ) |
Spectrum Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 11.48 | | | | 0.00 | | | | 0.10 | | | | 0.10 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 10.28 | | | | (0.01 | ) | | | 1.99 | | | | 1.98 | | | | 0.00 | | | | (0.78 | ) | | | 0.00 | | | | (0.78 | ) |
2016 | | $ | 9.73 | | | | 0.02 | | | | 0.66 | | | | 0.68 | | | | (0.02 | ) | | | (0.11 | ) | | | 0.00 | | | | (0.13 | ) |
2015 (6) | | $ | 10.00 | | | | (0.04 | ) | | | (0.08 | ) | | | (0.12 | ) | | | 0.00 | | | | (0.13 | ) | | | (0.02 | ) | | | (0.15 | ) |
Spectrum Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 11.53 | | | | 0.02 | | | | 0.09 | | | | 0.11 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 10.29 | | | | 0.02 | | | | 2.00 | | | | 2.02 | | | | 0.00 | | | | (0.78 | ) | | | 0.00 | | | | (0.78 | ) |
2016 (9) | | $ | 9.97 | | | | 0.02 | | | | 0.43 | | | | 0.45 | | | | (0.02 | ) | | | (0.11 | ) | | | 0.00 | | | | (0.13 | ) |
Spectrum Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 11.54 | | | | 0.03 | | | | 0.10 | | | | 0.13 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 10.29 | | | | 0.05 | | | | 1.98 | | | | 2.03 | | | | 0.00 | | | | (0.78 | ) | | | 0.00 | | | | (0.78 | ) |
2016 (9) | | $ | 9.97 | | | | 0.02 | | | | 0.43 | | | | 0.45 | | | | (0.02 | ) | | | (0.11 | ) | | | 0.00 | | | | (0.13 | ) |
Global Allocation Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 11.53 | | | | 0.03 | | | | (0.11 | ) | | | (0.08 | ) | | | (0.03 | ) | | | 0.00 | | | | 0.00 | | | | (0.03 | ) |
2017 | | $ | 9.56 | | | | 0.04 | | | | 2.09 | | | | 2.13 | | | | (0.03 | ) | | | (0.13 | ) | | | 0.00 | | | | (0.16 | ) |
2016 | | $ | 9.34 | | | | 0.09 | | | | 0.24 | | | | 0.33 | | | | (0.11 | ) | | | 0.00 | | | | 0.00 | | | | (0.11 | ) |
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 | ) |
Global Allocation Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 11.54 | | | | 0.05 | | | | (0.12 | ) | | | (0.07 | ) | | | (0.04 | ) | | | 0.00 | | | | 0.00 | | | | (0.04 | ) |
2017 | | $ | 9.57 | | | | 0.15 | | | | 2.03 | | | | 2.18 | | | | (0.08 | ) | | | (0.13 | ) | | | 0.00 | | | | (0.21 | ) |
2016 (9) | | $ | 9.41 | | | | 0.06 | | | | 0.16 | | | | 0.22 | | | | (0.06 | ) | | | 0.00 | | | | 0.00 | | | | (0.06 | ) |
Global Allocation Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 11.55 | | | | 0.06 | | | | (0.12 | ) | | | (0.06 | ) | | | (0.05 | ) | | | 0.00 | | | | 0.00 | | | | (0.05 | ) |
2017 | | $ | 9.58 | | | | 0.12 | | | | 2.09 | | | | 2.21 | | | | (0.11 | ) | | | (0.13 | ) | | | 0.00 | | | | (0.24 | ) |
2016 (9) | | $ | 9.41 | | | | 0.06 | | | | 0.16 | | | | 0.22 | | | | (0.05 | ) | | | 0.00 | | | | 0.00 | | | | (0.05 | ) |
|
See footnotes on pages 112 and 113.
The accompanying notes are an integral part of these financial statements.
Page 106 | 2018 Semiannual Report | June 30, 2018 |
| | | | | | | | | Ratios/Supplemental Data | |
Net Asset
Value, End
of Period | | | Total Return
(Assumes
Reinvestment of
Distributions) | | | Net Assets,
End of Period
($000) | | | Ratio of Net
Investment
Income (Loss)
to Average
Net Assets | | | Ratio of Net
Expenses
to Average
Net Assets | | | Ratio of Expenses to
Average Net Assets after Reductions,
Excluding Commissions
Recaptured and
Fees Received
from Custodian | | | Ratio of Expenses
to Average Net
Assets Before
Reductions or
Recoupment
of Fees | | | Portfolio
Turnover
Rate | |
| | | |
| $ | 7.60 | | | | 0.80 | % | | $ | 221,236 | | | | 0.51 | % | | | 1.28 | % | | | 1.33 | % | | | 1.33 | % | | | 118 | % |
| $ | 7.54 | | | | 20.29 | % | | $ | 250,322 | | | | 0.49 | % | | | 1.27 | % | | | 1.33 | % | | | 1.33 | % | | | 276 | % |
| $ | 6.79 | | | | 5.72 | % | | $ | 390,817 | | | | 0.73 | % | | | 1.05 | % | | | 1.36 | % | | | 1.35 | % | | | 414 | % |
| $ | 6.47 | | | | (5.50 | %) | | $ | 390,945 | | | | 0.33 | % | | | 1.03 | % | | | 1.35 | % | | | 1.37 | % | | | 277 | % |
| $ | 7.03 | | | | 12.12 | % | | $ | 297,861 | | | | 0.22 | % | | | 1.22 | % | | | 1.44 | % | | | 1.44 | % | | | 238 | % |
| $ | 6.95 | | | | 30.46 | % | | $ | 161,823 | | | | 0.14 | % | | | 1.22 | % | | | 1.42 | % | | | 1.54 | % | | | 260 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 7.64 | | | | 0.92 | % | | $ | 53,510 | | | | 0.66 | % | | | 1.14 | % | | | 1.18 | % | | | 1.18 | % | | | 118 | % |
| $ | 7.57 | | | | 20.50 | % | | $ | 41,440 | | | | 0.71 | % | | | 1.05 | % | | | 1.11 | % | | | 1.20 | % | | | 276 | % |
| $ | 6.80 | | | | 4.68 | % | | $ | 154 | | | | 1.32 | % | | | 0.73 | % | | | 0.99 | % | | | 0.99 | % | | | 414 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 7.64 | | | | 0.92 | % | | $ | 267,130 | | | | 0.86 | % | | | 0.95 | % | | | 0.99 | % | | | 0.99 | % | | | 118 | % |
| $ | 7.57 | | | | 20.60 | % | | $ | 186,200 | | | | 0.88 | % | | | 0.85 | % | | | 0.91 | % | | | 1.00 | % | | | 276 | % |
| $ | 6.80 | | | | 4.72 | % | | $ | 845 | | | | 1.33 | % | | | 0.72 | % | | | 0.98 | % | | | 0.98 | % | | | 414 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.58 | | | | 0.87 | % | | $ | 49,953 | | | | 0.08 | % | | | 1.78 | % | | | 1.86 | % | | | 1.86 | % | | | 58 | % |
| $ | 11.48 | | | | 19.28 | % | | $ | 59,441 | | | | (0.08 | %) | | | 1.91 | % | | | 2.16 | % | | | 2.16 | % | | | 120 | % |
| $ | 10.28 | | | | 6.97 | % | | $ | 124,009 | | | | 0.16 | % | | | 1.49 | % | | | 1.99 | % | | | 1.99 | % | | | 235 | % |
| $ | 9.73 | | | | (1.21 | %) | | $ | 125,597 | | | | (0.36 | %) | | | 1.49 | % | | | 2.12 | % | | | 2.19 | % | | | 161 | % |
| | |
| $ | 11.64 | | | | 0.95 | % | | $ | 13,283 | | | | 0.28 | % | | | 1.59 | % | | | 1.67 | % | | | 1.67 | % | | | 58 | % |
| $ | 11.53 | | | | 19.65 | % | | $ | 12,921 | | | | 0.21 | % | | | 1.68 | % | | | 1.89 | % | | | 2.01 | % | | | 120 | % |
| $ | 10.29 | | | | 4.49 | % | | $ | 48 | | | | 1.07 | % | | | 1.38 | % | | | 1.88 | % | | | 1.88 | % | | | 235 | % |
| | |
| $ | 11.67 | | | | 1.13 | % | | $ | 106,660 | | | | 0.47 | % | | | 1.41 | % | | | 1.49 | % | | | 1.49 | % | | | 58 | % |
| $ | 11.54 | | | | 19.75 | % | | $ | 82,513 | | | | 0.45 | % | | | 1.45 | % | | | 1.70 | % | | | 1.82 | % | | | 120 | % |
| $ | 10.29 | | | | 4.52 | % | | $ | 461 | | | | 1.07 | % | | | 1.38 | % | | | 1.87 | % | | | 1.87 | % | | | 235 | % |
| | |
| $ | 11.42 | | | | (0.74 | %) | | $ | 16,078 | | | | 0.52 | % | | | 1.56 | % | | | 1.63 | % | | | 1.63 | % | | | 88 | % |
| $ | 11.53 | | | | 22.33 | % | | $ | 35,512 | | | | 0.35 | % | | | 1.48 | % | | | 1.63 | % | | | 1.63 | % | | | 179 | % |
| $ | 9.56 | | | | 3.54 | % | | $ | 75,657 | | | | 1.00 | % | | | 1.16 | % | | | 1.41 | % | | | 1.54 | % | | | 169 | % |
| $ | 9.34 | | | | (7.21 | %) | | $ | 106,422 | | | | 0.42 | % | | | 1.19 | % | | | 1.42 | % | | | 1.50 | % | | | 170 | % |
| $ | 10.38 | | | | 5.87 | % | | $ | 109,845 | | | | 0.54 | % | | | 1.23 | % | | | 1.37 | % | | | 1.51 | % | | | 143 | % |
| $ | 11.36 | | | | 23.82 | % | | $ | 91,769 | | | | 0.36 | % | | | 1.23 | % | | | 1.40 | % | | | 1.58 | % | | | 231 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.43 | | | | (0.61 | %) | | $ | 1,666 | | | | 0.92 | % | | | 1.37 | % | | | 1.43 | % | | | 1.43 | % | | | 88 | % |
| $ | 11.54 | | | | 22.84 | % | | $ | 1,057 | | | | 1.38 | % | | | 1.20 | % | | | 1.33 | % | | | 1.44 | % | | | 179 | % |
| $ | 9.57 | | | | 2.34 | % | | $ | 30 | | | | 3.79 | % | | | 1.01 | % | | | 1.17 | % | | | 1.17 | % | | | 169 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.44 | | | | (0.52 | %) | | $ | 56,162 | | | | 1.11 | % | | | 1.13 | % | | | 1.19 | % | | | 1.19 | % | | | 88 | % |
| $ | 11.55 | | | | 23.07 | % | | $ | 37,369 | | | | 1.13 | % | | | 0.94 | % | | | 1.10 | % | | | 1.21 | % | | | 179 | % |
| $ | 9.58 | | | | 2.34 | % | | $ | 330 | | | | 3.76 | % | | | 1.02 | % | | | 1.18 | % | | | 1.18 | % | | | 169 | % |
See footnotes on pages 112 and 113.
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 107 |
Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2018 (unaudited) and
Each Fiscal Period Ended December 31, |
| | | | | | | Income from Investment Operations | | | Less Distributions | |
| | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income
(Loss) (5) | | | Net gains (losses)
on securities and
futures (both realized
and unrealized) | | | Total from
Investment
Operations | | | From Net
Investment
Income | | | From Net
Capital
Gains | | | From
Return of
Capital | | | Total
Distributions | |
Balanced Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 11.61 | | | | 0.05 | | | | (0.06 | ) | | | (0.01 | ) | | | (0.04 | ) | | | 0.00 | | | | 0.00 | | | | (0.04 | ) |
2017 | | $ | 10.74 | | | | 0.09 | | | | 1.49 | | | | 1.58 | | | | (0.11 | ) | | | (0.60 | ) | | | 0.00 | | | | (0.71 | ) |
2016 | | $ | 10.36 | | | | 0.11 | | | | 0.39 | | | | 0.50 | | | | (0.12 | ) | | | 0.00 | | | | 0.00 | | | | (0.12 | ) |
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 | ) |
Balanced Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 11.68 | | | | 0.07 | | | | (0.06 | ) | | | 0.01 | | | | (0.05 | ) | | | 0.00 | | | | 0.00 | | | | (0.05 | ) |
2017 | | $ | 10.74 | | | | 0.13 | | | | 1.50 | | | | 1.63 | | | | (0.09 | ) | | | (0.60 | ) | | | 0.00 | | | | (0.69 | ) |
2016 (9) | | $ | 10.49 | | | | 0.04 | | | | 0.25 | | | | 0.29 | | | | (0.04 | ) | | | 0.00 | | | | 0.00 | | | | (0.04 | ) |
Balanced Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 11.68 | | | | 0.08 | | | | (0.07 | ) | | | 0.01 | | | | (0.05 | ) | | | 0.00 | | | | 0.00 | | | | (0.05 | ) |
2017 | | $ | 10.75 | | | | 0.16 | | | | 1.47 | | | | 1.63 | | | | (0.10 | ) | | | (0.60 | ) | | | 0.00 | | | | (0.70 | ) |
2016 (9) | | $ | 10.49 | | | | 0.04 | | | | 0.26 | | | | 0.30 | | | | (0.04 | ) | | | 0.00 | | | | 0.00 | | | | (0.04 | ) |
Moderate Allocation Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 11.66 | | | | 0.08 | | | | (0.08 | ) | | | (0.00 | ) | | | (0.06 | ) | | | 0.00 | | | | 0.00 | | | | (0.06 | ) |
2017 | | $ | 10.46 | | | | 0.07 | | | | 1.60 | | | | 1.67 | | | | (0.05 | ) | | | (0.42 | ) | | | 0.00 | | | | (0.47 | ) |
2016 | | $ | 9.50 | | | | 0.16 | | | | 0.97 | | | | 1.13 | | | | (0.17 | ) | | | 0.00 | | | | 0.00 | | | | (0.17 | ) |
2015 (7) | | $ | 10.00 | | | | 0.18 | | | | (0.59 | ) | | | (0.41 | ) | | | (0.09 | ) | | | 0.00 | | | | 0.00 | | | | (0.09 | ) |
Moderate Allocation Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 11.66 | | | | 0.09 | | | | (0.08 | ) | | | 0.01 | | | | (0.06 | ) | | | 0.00 | | | | 0.00 | | | | (0.06 | ) |
2017 | | $ | 10.46 | | | | 0.12 | | | | 1.59 | | | | 1.71 | | | | (0.09 | ) | | | (0.42 | ) | | | 0.00 | | | | (0.51 | ) |
2016 (9) | | $ | 9.87 | | | | 0.03 | | | | 0.59 | | | | 0.62 | | | | (0.03 | ) | | | 0.00 | | | | 0.00 | | | | (0.03 | ) |
Moderate Allocation Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 11.68 | | | | 0.10 | | | | (0.08 | ) | | | 0.02 | | | | (0.07 | ) | | | 0.00 | | | | 0.00 | | | | (0.07 | ) |
2017 | | $ | 10.47 | | | | 0.14 | | | | 1.59 | | | | 1.73 | | | | (0.10 | ) | | | (0.42 | ) | | | 0.00 | | | | (0.52 | ) |
2016 (9) | | $ | 9.87 | | | | 0.03 | | | | 0.59 | | | | 0.62 | | | | (0.02 | ) | | | 0.00 | | | | 0.00 | | | | (0.02 | ) |
Conservative Allocation Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 22.54 | | | | 0.20 | | | | (0.43 | ) | | | (0.23 | ) | | | (0.16 | ) | | | 0.00 | | | | 0.00 | | | | (0.16 | ) |
2017 | | $ | 21.32 | | | | 0.27 | | | | 1.36 | | | | 1.63 | | | | (0.41 | ) | | | 0.00 | | | | 0.00 | | | | (0.41 | ) |
2016 | | $ | 18.17 | | | | 0.11 | | | | 3.48 | | | | 3.59 | | | | 0.00 | | | | (0.20 | ) | | | (0.24 | ) | | | (0.44 | ) |
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 | ) |
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 22.82 | | | | 0.23* | | | | (0.45 | ) | | | (0.22 | ) | | | (0.16 | ) | | | 0.00 | | | | 0.00 | | | | (0.16 | ) |
2017 | | $ | 21.34 | | | | 0.36* | | | | 1.35 | | | | 1.71 | | | | (0.23 | ) | | | 0.00 | | | | 0.00 | | | | (0.23 | ) |
2016 (9) | | $ | 21.02 | | | | 0.00* | | | | 0.55 | | | | 0.55 | | | | 0.00 | | | | (0.20 | ) | | | (0.03 | ) | | | (0.23 | ) |
Conservative Allocation Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 22.85 | | | | 0.25* | | | | (0.44 | ) | | | (0.19 | ) | | | (0.18 | ) | | | 0.00 | | | | 0.00 | | | | (0.18 | ) |
2017 | | $ | 21.34 | | | | 0.59* | | | | 1.14 | | | | 1.73 | | | | (0.22 | ) | | | 0.00 | | | | 0.00 | | | | (0.22 | ) |
|
See footnotes on pages 112 and 113.
The accompanying notes are an integral part of these financial statements.
Page 108 | 2018 Semiannual Report | June 30, 2018 |
| | | | | | | | | Ratios/Supplemental Data | |
Net Asset
Value, End
of Period | | | Total Return
(Assumes
Reinvestment of
Distributions) | | | Net Assets,
End of Period
($000) | | | Ratio of Net
Investment
Income (Loss)
to Average
Net Assets | | | Ratio of Net
Expenses
to Average
Net Assets | | | Ratio of Expenses to
Average Net Assets after Reductions,
Excluding Commissions
Recaptured and
Fees Received
from Custodian | | | Ratio of Expenses
to Average Net
Assets Before
Reductions or
Recoupment
of Fees | | | Portfolio
Turnover
Rate | |
| | |
| $ | 11.56 | | | | (0.08 | %) | | $ | 91,232 | | | | 0.91 | % | | | 1.35 | % | | | 1.44 | % | | | 1.44 | % | | | 121 | % |
| $ | 11.61 | | | | 14.74 | % | | $ | 97,116 | | | | 0.81 | % | | | 1.41 | % | | | 1.49 | % | | | 1.49 | % | | | 226 | % |
| $ | 10.74 | | | | 4.84 | % | | $ | 229,738 | | | | 1.02 | % | | | 1.22 | % | | | 1.46 | % | | | 1.46 | % | | | 322 | % |
| $ | 10.36 | | | | (4.47 | %) | | $ | 288,803 | | | | 0.81 | % | | | 1.22 | % | | | 1.47 | % | | | 1.48 | % | | | 246 | % |
| $ | 10.98 | | | | 8.61 | % | | $ | 175,534 | | | | 0.94 | % | | | 1.33 | % | | | 1.50 | % | | | 1.54 | % | | | 180 | % |
| $ | 11.10 | | | | 19.79 | % | | $ | 105,642 | | | | 0.85 | % | | | 1.33 | % | | | 1.47 | % | | | 1.57 | % | | | 217 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| $ | 11.64 | | | | 0.09 | % | | $ | 18,793 | | | | 1.13 | % | | | 1.15 | % | | | 1.24 | % | | | 1.24 | % | | | 121 | % |
| $ | 11.68 | | | | 15.21 | % | | $ | 12,137 | | | | 1.13 | % | | | 1.12 | % | | | 1.21 | % | | | 1.30 | % | | | 226 | % |
| $ | 10.74 | | | | 2.77 | % | | $ | 89 | | | | 2.42 | % | | | 0.85 | % | | | 1.06 | % | | | 1.06 | % | | | 322 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.64 | | | | 0.09 | % | | $ | 224,352 | | | | 1.31 | % | | | 0.97 | % | | | 1.06 | % | | | 1.06 | % | | | 121 | % |
| $ | 11.68 | | | | 15.25 | % | | $ | 169,586 | | | | 1.35 | % | | | 0.93 | % | | | 1.02 | % | | | 1.11 | % | | | 226 | % |
| $ | 10.75 | | | | 2.83 | % | | $ | 219 | | | | 2.42 | % | | | 0.85 | % | | | 1.07 | % | | | 1.07 | % | | | 322 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.60 | | | | 0.00 | % | | $ | 34,761 | | | | 1.30 | % | | | 1.26 | % | | | 1.40 | % | | | 1.50 | % | | | 127 | % |
| $ | 11.66 | | | | 15.99 | % | | $ | 24,635 | | | | 0.61 | % | | | 1.47 | % | | | 1.67 | % | | | 1.73 | % | | | 349 | % |
| $ | 10.46 | | | | 12.06 | % | | $ | 56,744 | | | | 1.62 | % | | | 1.26 | % | | | 1.61 | % | | | 1.80 | % | | | 250 | % |
| $ | 9.50 | | | | (4.15 | %) | | $ | 42,099 | | | | 1.80 | % | | | 1.26 | % | | | 1.66 | % | | | 1.85 | % | | | 70 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.61 | | | | 0.09 | % | | $ | 9,242 | | | | 1.52 | % | | | 1.06 | % | | | 1.20 | % | | | 1.30 | % | | | 127 | % |
| $ | 11.66 | | | | 16.40 | % | | $ | 3,538 | | | | 1.03 | % | | | 1.11 | % | | | 1.35 | % | | | 1.50 | % | | | 349 | % |
| $ | 10.46 | | | | 6.32 | % | | $ | 22 | | | | 1.92 | % | | | 0.97 | % | | | 1.21 | % | | | 1.21 | % | | | 250 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11.63 | | | | 0.17 | % | | $ | 103,625 | | | | 1.72 | % | | | 0.86 | % | | | 1.00 | % | | | 1.10 | % | | | 127 | % |
| $ | 11.68 | | | | 16.55 | % | | $ | 37,945 | | | | 1.29 | % | | | 0.91 | % | | | 1.13 | % | | | 1.28 | % | | | 349 | % |
| $ | 10.47 | | | | 6.31 | % | | $ | 229 | | | | 1.92 | % | | | 1.00 | % | | | 1.24 | % | | | 1.24 | % | | | 250 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 22.15 | | | | (1.02 | %) | | $ | 32,274 | | | | 1.84 | % | | | 1.10 | % | | | 1.27 | % | | | 1.50 | % | | | 105 | % |
| $ | 22.54 | | | | 7.64 | % | | $ | 12,545 | | | | 1.24 | % | | | 1.58 | % | | | 1.70 | % | | | 2.57 | % | | | 135 | % |
| $ | 21.32 | | | | 19.87 | % | | $ | 20,450 | | | | 0.55 | % | | | 2.15 | % | | | 2.17 | % | | | 2.55 | % | | | 44 | % |
| $ | 18.17 | | | | (16.92 | %) | | $ | 20,034 | | | | 0.56 | % | | | 1.98 | % | | | 1.98 | % | | | 2.01 | % | | | 54 | % |
| $ | 30.45 | | | | 9.42 | % | | $ | 46,746 | | | | 0.63 | % | | | 1.88 | % | | | 1.88 | % | | | 1.89 | % | | | 34 | % |
| $ | 30.98 | | | | 28.96 | % | | $ | 37,988 | | | | 0.62 | % | | | 1.87 | % | | | 1.87 | % | | | 1.99 | % | | | 19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 22.44 | | | | (0.96 | %) | | $ | 6,252 | | | | 2.01 | % | | | 0.93 | % | | | 1.11 | % | | | 1.34 | % | | | 105 | % |
| $ | 22.82 | | | | 8.01 | % | | $ | 682 | | | | 1.63 | % | | | 0.81 | % | | | 1.07 | % | | | 1.97 | % | | | 135 | % |
| $ | 21.34 | | | | 2.64 | % | | $ | 7 | | | | 0.11 | % | | | 1.87 | % | | | 1.93 | % | | | 2.18 | % | | | 44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 22.48 | | | | (0.83 | %) | | $ | 86,937 | | | | 2.21 | % | | | 0.75 | % | | | 0.92 | % | | | 1.15 | % | | | 105 | % |
| $ | 22.85 | | | | 8.10 | % | | $ | 11,739 | | | | 2.65 | % | | | 0.25 | % | | | 0.49 | % | | | 1.39 | % | | | 135 | % |
| $ | 21.34 | | | | 2.62 | % | | $ | 305 | | | | 0.08 | % | | | 1.90 | % | | | 1.96 | % | | | 2.21 | % | | | 44 | % |
See footnotes on pages 112 and 113.
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 109 |
Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2018 (unaudited) and
Each Fiscal Period Ended December 31, |
| | | | | | | Income from Investment Operations | | | Less Distributions | |
| | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income
(Loss) (5) | | | Net gains (losses)
on securities and
futures (both realized
and unrealized) | | | Total from
Investment
Operations | | | From Net
Investment
Income | | | From Net
Capital
Gains | | | From
Return of
Capital | | | Total
Distributions | |
Aggressive Allocation Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 10.45 | | | | 0.01 | | | | 0.18 | | | | 0.19 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 10.34 | | | | 0.02 | | | | 1.31 | | | | 1.33 | | | | (0.02 | ) | | | (1.20 | ) | | | 0.00 | | | | (1.22 | ) |
2016 | | $ | 9.64 | | | | 0.07 | | | | 0.72 | | | | 0.79 | | | | (0.09 | ) | | | 0.00 | | | | 0.00 | | | | (0.09 | ) |
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 | ) |
Aggressive Allocation Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 10.45 | | | | 0.02 | | | | 0.19 | | | | 0.21 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 10.35 | | | | 0.07 | | | | 1.29 | | | | 1.36 | | | | (0.06 | ) | | | (1.20 | ) | | | 0.00 | | | | (1.26 | ) |
2016 (9) | | $ | 9.53 | | | | 0.01 | | | | 0.82 | | | | 0.83 | | | | (0.01 | ) | | | 0.00 | | | | 0.00 | | | | (0.01 | ) |
Aggressive Allocation Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 10.46 | | | | 0.03 | | | | 0.19 | | | | 0.22 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 10.35 | | | | 0.10 | | | | 1.29 | | | | 1.39 | | | | (0.08 | ) | | | (1.20 | ) | | | 0.00 | | | | (1.28 | ) |
2016 (9) | | $ | 9.53 | | | | 0.01 | | | | 0.82 | | | | 0.83 | | | | (0.01 | ) | | | 0.00 | | | | 0.00 | | | | (0.01 | ) |
Dynamic Allocation Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 10.85 | | | | 0.03 | | | | 0.06 | | | | 0.09 | | | | (0.02 | ) | | | 0.00 | | | | 0.00 | | | | (0.02 | ) |
2017 | | $ | 9.72 | | | | 0.06 | | | | 1.99 | | | | 2.05 | | | | (0.07 | ) | | | (0.85 | ) | | | 0.00 | | | | (0.92 | ) |
2016 | | $ | 9.36 | | | | 0.10 | | | | 0.40 | | | | 0.50 | | | | (0.09 | ) | | | (0.05 | ) | | | 0.00 | | | | (0.14 | ) |
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 | ) |
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 10.88 | | | | 0.05 | | | | 0.05 | | | | 0.10 | | | | (0.03 | ) | | | 0.00 | | | | 0.00 | | | | (0.03 | ) |
2017 | | $ | 9.73 | | | | 0.10 | | | | 1.97 | | | | 2.07 | | | | (0.07 | ) | | | (0.85 | ) | | | 0.00 | | | | (0.92 | ) |
2016 (9) | | $ | 9.34 | | | | 0.02 | | | | 0.44 | | | | 0.46 | | | | (0.02 | ) | | | (0.05 | ) | | | 0.00 | | | | (0.07 | ) |
Dynamic Allocation Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 10.86 | | | | 0.06 | | | | 0.06 | | | | 0.12 | | | | (0.04 | ) | | | 0.00 | | | | 0.00 | | | | (0.04 | ) |
2017 | | $ | 9.72 | | | | 0.12 | | | | 1.97 | | | | 2.09 | | | | (0.10 | ) | | | (0.85 | ) | | | 0.00 | | | | (0.95 | ) |
2016 (9) | | $ | 9.34 | | | | 0.02 | | | | 0.43 | | | | 0.45 | | | | (0.02 | ) | | | (0.05 | ) | | | 0.00 | | | | (0.07 | ) |
Quantex Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 36.76 | | | | (0.03 | ) | | | 1.14 | | | | 1.11 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 33.36 | | | | 0.09 | | | | 4.38 | | | | 4.47 | | | | (0.06 | ) | | | (1.01 | ) | | | 0.00 | | | | (1.07 | ) |
2016 | | $ | 27.84 | | | | 0.14 | | | | 6.02 | | | | 6.16 | | | | (0.16 | ) | | | (0.48 | ) | | | 0.00 | | | | (0.64 | ) |
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 | ) |
Quantex Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 36.78 | | | | 0.04 | | | | 1.10 | | | | 1.14 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 33.37 | | | | 0.21 | | | | 4.35 | | | | 4.56 | | | | (0.14 | ) | | | (1.01 | ) | | | 0.00 | | | | (1.15 | ) |
2016 (9) | | $ | 30.67 | | | | 0.04 | | | | 3.18 | | | | 3.22 | | | | (0.04 | ) | | | (0.48 | ) | | | 0.00 | | | | (0.52 | ) |
Quantex - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 36.77 | | | | 0.11 | | | | 1.07 | | | | 1.18 | | | | 0.00 | | | | 0.00 | | | | 0.00 | | | | 0.00 | |
2017 | | $ | 33.37 | | | | 0.26 | | | | 4.35 | | | | 4.61 | | | | (0.20 | ) | | | (1.01 | ) | | | 0.00 | | | | (1.21 | ) |
2016 (9) | | $ | 30.67 | | | | 0.04 | | | | 3.18 | | | | 3.22 | | | | (0.04 | ) | | | (0.48 | ) | | | 0.00 | | | | (0.52 | ) |
|
See footnotes on pages 112 and 113.
The accompanying notes are an integral part of these financial statements.
Page 110 | 2018 Semiannual Report | June 30, 2018 |
| | | | | | | Ratios/Supplemental Data |
Net Asset
Value, End
of Period | | | Total Return
(Assumes
Reinvestment of
Distributions) | | | Net Assets,
End of Period
($000) | | | Ratio of Net
Investment
Income (Loss)
to Average
Net Assets | | | Ratio of Net
Expenses
to Average
Net Assets | | | Ratio of Expenses to
Average Net Assets
after Reductions,
Excluding Commissions
Recaptured and
Fees Received
from Custodian | | | Ratio of Expenses
to Average Net
Assets Before
Reductions or
Recoupment
of Fees | | | Portfolio
Turnover
Rate | |
| | |
| $ | 10.64 | | | | 1.82 | % | | $ | 7,586 | | | | 0.13 | % | | | 1.73 | % | | | 1.95 | % | | | 1.95 | % | | | 119 | % |
| $ | 10.45 | | | | 12.91 | % | | $ | 18,732 | | | | 0.22 | % | | | 1.50 | % | | | 1.74 | % | | | 1.76 | % | | | 253 | % |
| $ | 10.34 | | | | 8.26 | % | | $ | 45,718 | | | | 0.77 | % | | | 1.16 | % | | | 1.60 | % | | | 1.63 | % | | | 361 | % |
| $ | 9.64 | | | | (4.35 | %) | | $ | 78,211 | | | | 0.24 | % | | | 1.18 | % | | | 1.56 | % | | | 1.58 | % | | | 283 | % |
| $ | 10.47 | | | | 13.49 | % | | $ | 84,847 | | | | 0.00 | % | | | 1.33 | % | | | 1.59 | % | | | 1.60 | % | | | 239 | % |
| $ | 10.91 | | | | 30.40 | % | | $ | 64,608 | | | | (0.03 | %) | | | 1.35 | % | | | 1.57 | % | | | 1.65 | % | | | 272 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.66 | | | | 2.01 | % | | $ | 1,184 | | | | 0.40 | % | | | 1.58 | % | | | 1.77 | % | | | 1.77 | % | | | 119 | % |
| $ | 10.45 | | | | 13.22 | % | | $ | 1,431 | | | | 0.65 | % | | | 1.24 | % | | | 1.45 | % | | | 1.59 | % | | | 253 | % |
| $ | 10.35 | | | | 8.75 | % | | $ | 19 | | | | 0.85 | % | | | 0.91 | % | | | 1.24 | % | | | 1.24 | % | | | 361 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.68 | | | | 2.10 | % | | $ | 17,450 | | | | 0.63 | % | | | 1.33 | % | | | 1.53 | % | | | 1.53 | % | | | 119 | % |
| $ | 10.46 | | | | 13.52 | % | | $ | 21,139 | | | | 0.90 | % | | | 0.94 | % | | | 1.21 | % | | | 1.35 | % | | | 253 | % |
| $ | 10.35 | | | | 8.73 | % | | $ | 345 | | | | 0.83 | % | | | 0.93 | % | | | 1.25 | % | | | 1.25 | % | | | 361 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.92 | | | | 0.83 | % | | $ | 38,230 | | | | 0.58 | % | | | 1.36 | % | | | 1.45 | % | | | 1.55 | % | | | 142 | % |
| $ | 10.85 | | | | 21.20 | % | | $ | 50,570 | | | | 0.59 | % | | | 1.39 | % | | | 1.51 | % | | | 1.58 | % | | | 252 | % |
| $ | 9.72 | | | | 5.37 | % | | $ | 118,293 | | | | 1.04 | % | | | 1.05 | % | | | 1.42 | % | | | 1.56 | % | | | 369 | % |
| $ | 9.36 | | | | (3.46 | %) | | $ | 116,559 | | | | 0.47 | % | | | 1.19 | % | | | 1.48 | % | | | 1.54 | % | | | 245 | % |
| $ | 10.02 | | | | 12.80 | % | | $ | 141,638 | | | | 0.40 | % | | | 1.22 | % | | | 1.45 | % | | | 1.54 | % | | | 230 | % |
| $ | 10.35 | | | | 31.61 | % | | $ | 102,926 | | | | 0.20 | % | | | 1.22 | % | | | 1.39 | % | | | 1.58 | % | | | 276 | % |
| | |
| $ | 10.95 | | | | 0.92 | % | | $ | 10,397 | | | | 0.82 | % | | | 1.16 | % | | | 1.25 | % | | | 1.34 | % | | | 142 | % |
| $ | 10.88 | | | | 21.42 | % | | $ | 10,140 | | | | 0.87 | % | | | 1.16 | % | | | 1.27 | % | | | 1.34 | % | | | 252 | % |
| $ | 9.73 | | | | 4.89 | % | | $ | 48 | | | | 1.33 | % | | | 0.81 | % | | | 1.12 | % | | | 1.12 | % | | | 369 | % |
| | |
| $ | 10.94 | | | | 1.11 | % | | $ | 93,510 | | | | 1.06 | % | | | 0.94 | % | | | 1.02 | % | | | 1.12 | % | | | 142 | % |
| $ | 10.86 | | | | 21.61 | % | | $ | 70,187 | | | | 1.10 | % | | | 0.94 | % | | | 1.05 | % | | | 1.12 | % | | | 252 | % |
| $ | 9.72 | | | | 4.80 | % | | $ | 592 | | | | 1.33 | % | | | 0.80 | % | | | 1.11 | % | | | 1.11 | % | | | 369 | % |
| | |
| $ | 37.87 | | | | 3.02 | % | | $ | 31,151 | | | | (0.16 | %) | | | 1.41 | % | | | 1.57 | % | | | 1.67 | % | | | 75 | % |
| $ | 36.76 | | | | 13.42 | % | | $ | 60,161 | | | | 0.27 | % | | | 1.29 | % | | | 1.52 | % | | | 1.66 | % | | | 72 | % |
| $ | 33.36 | | | | 22.14 | % | | $ | 85,235 | | | | 0.47 | % | | | 1.18 | % | | | 1.52 | % | | | 1.77 | % | | | 91 | % |
| $ | 27.84 | | | | (7.68 | %) | | $ | 58,883 | | | | 0.46 | % | | | 1.09 | % | | | 1.26 | % | | | 1.75 | % | | | 87 | % |
| $ | 35.20 | | | | 9.48 | % | | $ | 61,834 | | | | 0.36 | % | | | 1.44 | % | | | 1.52 | % | | | 1.78 | % | | | 29 | % |
| $ | 35.04 | | | | 41.54 | % | | $ | 44,476 | | | | 0.27 | % | | | 1.52 | % | | | 1.58 | % | | | 1.94 | % | | | 25 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 37.92 | | | | 3.10 | % | | $ | 1,055 | | | | 0.20 | % | | | 1.26 | % | | | 1.42 | % | | | 1.52 | % | | | 75 | % |
| $ | 36.78 | | | | 13.68 | % | | $ | 2,114 | | | | 0.59 | % | | | 1.19 | % | | | 1.39 | % | | | 1.56 | % | | | 72 | % |
| $ | 33.37 | | | | 10.48 | % | | $ | 31 | | | | 0.75 | % | | | 1.10 | % | | | 1.15 | % | | | 1.40 | % | | | 91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 37.95 | | | | 3.21 | % | | $ | 48,880 | | | | 0.58 | % | | | 1.05 | % | | | 1.20 | % | | | 1.30 | % | | | 75 | % |
| $ | 36.77 | | | | 13.84 | % | | $ | 32,489 | | | | 0.75 | % | | | 1.00 | % | | | 1.18 | % | | | 1.35 | % | | | 72 | % |
| $ | 33.37 | | | | 10.48 | % | | $ | 951 | | | | 0.75 | % | | | 1.09 | % | | | 1.15 | % | | | 1.40 | % | | | 91 | % |
See footnotes on pages 112 and 113.
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 111 |
Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2018 (unaudited) and
Each Fiscal Period Ended December 31, |
| | | | | | | Income from Investment Operations | | | Less Distributions | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Net Asset
Value,
Beginning
of Period | | | Net
Investment
Income
(Loss) (5) | | | Net gains (losses)
on securities and
futures (both realized
and unrealized) | | | Total from
Investment
Operations | | | From Net
Investment
Income | | | From Net
Capital
Gains | | | From
Return of
Capital | | | Total
Distributions | |
Total Return Bond Fund - Retail Class (1)(2)(3)(4) |
2018 | | $ | 9.37 | | | | 0.07 | | | | (0.26 | ) | | | (0.19 | ) | | | (0.08 | ) | | | 0.00 | | | | 0.00 | | | | (0.08 | ) |
2017 | | $ | 9.28 | | | | 0.24 | | | | 0.10 | | | | 0.34 | | | | (0.25 | ) | | | 0.00 | | | | 0.00 | | | | (0.25 | ) |
2016 | | $ | 9.14 | | | | 0.27 | | | | 0.14 | | | | 0.41 | | | | (0.27 | ) | | | 0.00 | | | | 0.00 | | | | (0.27 | ) |
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 | ) |
Total Return Bond Fund - Adviser Class (1)(2)(3)(4) |
2018 | | $ | 9.38 | | | | 0.08 | | | | (0.26 | ) | | | (0.18 | ) | | | (0.09 | ) | | | 0.00 | | | | 0.00 | | | | (0.09 | ) |
2017 | | $ | 9.28 | | | | 0.28 | | | | 0.10 | | | | 0.38 | | | | (0.28 | ) | | | 0.00 | | | | 0.00 | | | | (0.28 | ) |
2016 (9) | | $ | 9.46 | | | | 0.09 | | | | (0.19 | ) | | | (0.10 | ) | | | (0.08 | ) | | | 0.00 | | | | 0.00 | | | | (0.08 | ) |
Total Return Bond Fund - Institutional Class (1)(2)(3)(4) |
2018 | | $ | 9.38 | | | | 0.09 | | | | (0.27 | ) | | | (0.18 | ) | | | (0.09 | ) | | | 0.00 | | | | 0.00 | | | | (0.09 | ) |
2017 | | $ | 9.28 | | | | 0.31 | | | | 0.08 | | | | 0.39 | | | | (0.29 | ) | | | 0.00 | | | | 0.00 | | | | (0.29 | ) |
2016 (9) | | $ | 9.46 | | | | 0.08 | | | | (0.18 | ) | | | (0.10 | ) | | | (0.08 | ) | | | 0.00 | | | | 0.00 | | | | (0.08 | ) |
Prime Money Market Fund (1)(2)(3)(4) |
2018 | | $ | 1.00 | | | | 0.007 | | | | N/A | | | | 0.007 | | | | (0.007 | ) | | | 0.000 | | | | 0.000 | | | | (0.007 | ) |
2017 | | $ | 1.00 | | | | 0.007 | | | | N/A | | | | 0.007 | | | | (0.007 | ) | | | 0.000 | | | | 0.000 | | | | (0.007 | ) |
2016 | | $ | 1.00 | | | | 0.003 | | | | N/A | | | | 0.003 | | | | (0.003 | ) | | | 0.000 | | | | 0.000 | | | | (0.003 | ) |
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 | ) |
Institutional Prime Money Market Fund (1)(2)(3)(4) |
2018 | | $ | 0.9999 | | | | 0.0082 | | | | (0.0001 | ) | | | 0.0081 | | | | (0.0080 | ) | | | 0.0000 | | | | 0.0000 | | | | (0.0080 | ) |
2017 | | $ | 1.0001 | | | | 0.0101 | | | | (0.0003 | ) | | | 0.0098 | | | | (0.0100 | ) | | | 0.0000 | | | | 0.0000 | | | | (0.0100 | ) |
2016 (8) | | $ | 1.0000 | | | | 0.0010 | | | | 0.0001 | | | | 0.0011 | | | | (0.0010 | ) | | | 0.0000 | | | | 0.0000 | | | | (0.0010 | ) |
|
1 | Ratio of net investment income (loss) to average net assets, ratio of net expenses 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 or recoupment of fees do not include impact of expenses of the underlying security holdings as represented in the schedule of investments. |
2 | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
3 | Total return and portfolio turnover rate are not annualized for periods of less than one full year. |
4 | Ratio of net investment income (loss) to average net assets, ratio of net expenses 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 or recoupment of fees are annualized for periods of less than one full year. Total return is not annualized. |
The accompanying notes are an integral part of these financial statements.
Page 112 | 2018 Semiannual Report | June 30, 2018 |
| | | | | | | Ratios/Supplemental Data |
Net Asset
Value, End
of Period | | | Total Return
(Assumes
Reinvestment of
Distributions) | | | Net Assets,
End of Period
($000) | | | Ratio of Net
Investment
Income (Loss)
to Average
Net Assets | | | Ratio of Net
Expenses
to Average
Net Assets | | | Ratio of Expenses to
Average Net Assets after Reductions,
Excluding Commissions
Recaptured and
Fees Received
from Custodian | | | Ratio of Expenses
to Average Net
Assets Before
Reductions or
Recoupment
of Fees | | | Portfolio
Turnover
Rate | |
| | |
| $ | 9.10 | | | | (2.07 | %) | | $ | 16,718 | | | | 1.43 | % | | | 1.03 | % | | | 1.14 | % | | | 1.25 | % | | | 51 | % |
| $ | 9.37 | | | | 3.72 | % | | $ | 67,986 | | | | 2.59 | % | | | 1.01 | % | | | 1.02 | % | | | 1.03 | % | | | 133 | % |
| $ | 9.28 | | | | 4.49 | % | | $ | 214,755 | | | | 2.87 | % | | | 0.88 | % | | | 0.98 | % | | | 1.00 | % | | | 217 | % |
| $ | 9.14 | | | | (2.51 | %) | | $ | 214,618 | | | | 2.71 | % | | | 0.88 | % | | | 1.01 | % | | | 1.03 | % | | | 295 | % |
| $ | 9.63 | | | | 1.78 | % | | $ | 143,046 | | | | 3.39 | % | | | 0.99 | % | | | 1.02 | % | | | 1.13 | % | | | 82 | % |
| $ | 9.77 | | | | 0.01 | % | | $ | 90,080 | | | | 3.87 | % | | | 0.99 | % | | | 1.01 | % | | | 1.19 | % | | | 79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.11 | | | | (1.97 | %) | | $ | 3,345 | | | | 1.66 | % | | | 0.84 | % | | | 0.95 | % | | | 1.06 | % | | | 51 | % |
| $ | 9.38 | | | | 4.07 | % | | $ | 9,896 | | | | 2.95 | % | | | 0.79 | % | | | 0.83 | % | | | 0.84 | % | | | 133 | % |
| $ | 9.28 | | | | (1.05 | %) | | $ | 84 | | | | 5.49 | % | | | 0.52 | % | | | 0.53 | % | | | 0.53 | % | | | 217 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.11 | | | | (1.88 | %) | | $ | 48,088 | | | | 1.93 | % | | | 0.66 | % | | | 0.77 | % | | | 0.88 | % | | | 51 | % |
| $ | 9.38 | | | | 4.20 | % | | $ | 110,674 | | | | 3.27 | % | | | 0.60 | % | | | 0.64 | % | | | 0.65 | % | | | 133 | % |
| $ | 9.28 | | | | (1.08 | %) | | $ | 70 | | | | 5.35 | % | | | 0.51 | % | | | 0.53 | % | | | 0.53 | % | | | 217 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.67 | % | | $ | 33,620 | | | | 1.33 | % | | | 0.44 | % | | | 0.44 | % | | | 0.94 | % | | | N/A | |
| $ | 1.00 | | | | 0.68 | % | | $ | 35,211 | | | | 0.67 | % | | | 0.47 | % | | | 0.47 | % | | | 1.00 | % | | | N/A | |
| $ | 1.00 | | | | 0.29 | % | | $ | 36,666 | | | | 0.28 | % | | | 0.32 | % | | | 0.32 | % | | | 0.69 | % | | | N/A | |
| $ | 1.00 | | | | 0.07 | % | | $ | 56,530 | | | | 0.07 | % | | | 0.18 | % | | | 0.18 | % | | | 0.58 | % | | | N/A | |
| $ | 1.00 | | | | 0.06 | % | | $ | 54,927 | | | | 0.06 | % | | | 0.16 | % | | | 0.16 | % | | | 0.67 | % | | | N/A | |
| $ | 1.00 | | | | 0.08 | % | | $ | 61,288 | | | | 0.08 | % | | | 0.22 | % | | | 0.22 | % | | | 0.90 | % | | | N/A | |
| | |
| $ | 1.0000 | | | | 0.83 | % | | $ | 364,158 | | | | 1.65 | % | | | 0.15 | % | | | 0.15 | % | | | 0.51 | % | | | N/A | |
| $ | 0.9999 | | | | 0.96 | % | | $ | 296,547 | | | | 1.01 | % | | | 0.17 | % | | | 0.17 | % | | | 0.56 | % | | | N/A | |
| $ | 1.0001 | | | | 0.11 | % | | $ | 197,480 | | | | 0.43 | % | | | 0.24 | % | | | 0.24 | % | | | 0.62 | % | | | N/A | |
| | |
5 | Except for the Money Market Funds, net investment income per share is based on average shares outstanding during the period. |
6 | Commenced operations on January 1, 2015. |
7 | Commenced operations on June 30, 2015. |
8 | Commenced operations on October 7, 2016. |
9 | Commenced operations on October 31, 2016. |
* | Actual amounts were less than one-half of a cent per share |
The accompanying notes are an integral part of these financial statements.
2018 Semiannual Report | June 30, 2018 | Page 113 |
Notes to Financial Statements
June 30, 2018 (unaudited)
1. Organization
Meeder Funds (the Trust) is organized as a Massachusetts business trust 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 twelve separate series, all of which are included in this report: Muirfield Fund (Muirfield), Spectrum Fund (Spectrum), Global Allocation Fund (Global), Balanced Fund (Balanced), Moderate Allocation Fund (Moderate), Conservative Allocation Fund (Conservative), Aggressive Allocation Fund (Aggressive), Dynamic Allocation Fund (Dynamic), Quantex Fund (Quantex), Total Return Bond Fund (Bond), Prime Money Market Fund (Prime Money Market), and Institutional Prime Money Market Fund (Institutional Prime Money Market)(the Funds).
Each Fund, except Prime Money Market and Institutional Prime Money Market, offers three classes of shares: Retail Class, Adviser Class, and Institutional Class. Prime Money Market and Institutional Prime Money Market offer only one class of shares. The share classes differ with respect to distribution fees, service fees, and other expenses allocated to each class. Eligibility to purchase Adviser and Institutional Class shares is generally limited to customers of financial intermediaries who enter into special arrangements with the Funds or who meet certain initial investment minimums.
Prime Money Market operates as a retail money market fund. The Fund maintains a stable net asset value of $1.00, is only available for purchase in accounts beneficially owned by natural persons, and may impose liquidity fees or redemption gates in certain circumstances. Institutional Prime Money Market operates as an institutional money market fund open to all forms of investors. Its net asset value fluctuates based upon changes in the value of its investments and the value of its shares is calculated daily to four decimal places.
Effective November 20, 2017, Dynamic Growth Fund, Aggressive Growth Fund, Global Opportunities Fund, Infrastructure Fund, and Dividend Opportunities Fund changed their names to Dynamic Allocation Fund, Aggressive Allocation Fund, Global Allocation Fund, Conservative Allocation Fund, and Moderate Allocation Fund, respectively. Each Fund, except Aggressive Allocation Fund and Dynamic Allocation Fund, also made changes to their investment strategies to better align the investment strategies of the Funds with the tactical asset allocation expertise of the Funds’ adviser, Meeder Asset Management, Inc.
For more information regarding the Funds’ objectives, strategies, and differences in share classes, please refer to the Funds’ prospectus.
2. Significant Accounting Policies
In October 2016, the U.S. Securities and Exchange Commission (the SEC) adopted amendments to Regulation S-X, which impact financial statement presentation, particularly the presentation of derivative investments. The Funds have adopted these amendments, which were effective August 1, 2017, with these financial statements. The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain 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. The Trust is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services Companies. The following summarizes the significant accounting policies of the Trust and the Funds:
Securities valuation. All investments in securities are recorded at their estimated fair value, as described in Note #3.
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 enter into short sales as part of its overall portfolio management strategy or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including ETFs. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its position in a permissible manner. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund’s needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short and borrowing costs will be borne by the Fund.
Page 114 | 2018 Semiannual Report | June 30, 2018 |
Futures & options. Each Fund, except the Money Market Funds, 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, margin movements, which are equal to changes in the daily price or last sale price on the exchanges where futures contracts trade, are recorded as unrealized gains or losses 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 the Money Market Funds, it is normal practice for each Fund to invest in futures contracts on a daily basis. The Funds, except for Bond and the Money Market Funds, typically utilize equity index futures contracts to equitize cash positions or adjust targeted stock market exposure. Except for the Money Market Funds, the fixed income portion of any Fund can utilize Treasury futures contracts in order to adjust duration.
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, 2018, 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, 2018.
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, 2018 was as follows:
Amount of Deposits at Broker and Unrealized Appreciation (Depreciation) on Derivatives |
| | Type of
Derivative/
Risk | Statements of Assets & Liabilities Location | | Fair Value of
Deposits at
Broker for Futures
Contracts | | | Value of
Unrealized
Appreciation
(Depreciation) | |
Muirfield | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 7,190,176 | | | $ | (2,580,325 | ) |
Spectrum | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 3,431,501 | | | | (1,437,324 | ) |
Global | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 922,485 | | | | (532,221 | ) |
Balanced | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 3,215,017 | | | | (1,119,719 | ) |
Moderate | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 1,176,524 | | | | (436,974 | ) |
Conservative | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 533,083 | | | | (183,626 | ) |
Aggressive | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 226,050 | | | | (156,706 | ) |
2018 Semiannual Report | June 30, 2018 | Page 115 |
Amount of Deposits at Broker and Unrealized Appreciation (Depreciation) on Derivatives |
| | Type of
Derivative/
Risk | Statements of Assets & Liabilities Location | | Fair Value of
Deposits at
Broker for Futures
Contracts | | | Value of
Unrealized
Appreciation
(Depreciation) | |
Dynamic | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 1,759,510 | | | $ | (1,131,313 | ) |
Quantex | Equity contracts | Assets, Deposits at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts | | | 135,680 | | | | (75,060 | ) |
The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2018 was as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| | Type of
Derivative/
Risk | | Contracts as of
December 31,
2017 | | | Long and
Short
Contracts
Opened
During the
Period | | | Long and
Short
Contracts
Closed/
Expired
During the
Period | | | Contracts as
of June 30,
2018 | | Statement of Operations
Location | | For the
Six Months
Ended
June 30, 2018 | |
Muirfield | Equity contracts | | | 1,070 | | | | 6,664 | | | | 6,644 | | | | 1,090 | | Net realized gains (losses) from futures contracts | | $ | 763,878 | |
Spectrum | Equity contracts | | | 469 | | | | 2,358 | | | | 2,297 | | | | 530 | | Net realized gains (losses) from futures contracts | | | 1,295,555 | |
Global | Equity contracts | | | 132 | | | | 963 | | | | 925 | | | | 170 | | Net realized gains (losses) from futures contracts | | | 24,009 | |
Balanced | Equity contracts | | | 335 | | | | 3,056 | | | | 2,904 | | | | 487 | | Net realized gains (losses) from futures contracts | | | (715,363 | ) |
Moderate | Equity contracts | | | 32 | | | | 1,108 | | | | 955 | | | | 185 | | Net realized gains (losses) from futures contracts | | | 18,921 | |
Conservative | Equity contracts | | | 7 | | | | 619 | | | | 543 | | | | 83 | | Net realized gains (losses) from futures contracts | | | (103,065 | ) |
Aggressive | Equity contracts | | | 90 | | | | 206 | | | | 251 | | | | 45 | | Net realized gains (losses) from futures contracts | | | 369,500 | |
Dynamic | Equity contracts | | | 254 | | | | 906 | | | | 822 | | | | 338 | | Net realized gains (losses) from futures contracts | | | 197,157 | |
Quantex | Equity contracts | | | 37 | | | | 118 | | | | 139 | | | | 16 | | Net realized gains (losses) from futures contracts | | | 94,835 | |
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income |
| | Type of
Derivative/
Risk | Statement of Operations Location | | For the
Six Months
Ended
June 30, 2018 | |
Muirfield | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | $ | (4,178,931 | ) |
Spectrum | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (2,103,572 | ) |
Global | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (749,092 | ) |
Balanced | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (1,177,950 | ) |
Moderate | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (476,973 | ) |
Conservative | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (192,054 | ) |
Aggressive | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (321,933 | ) |
Dynamic | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (1,599,673 | ) |
Quantex | Equity contracts | Net change in unrealized appreciation (depreciation) of futures contracts | | | (128,946 | ) |
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
Page 116 | 2018 Semiannual Report | June 30, 2018 |
open tax years (tax years ended December 31, 2014 through December 31, 2017) 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 as incurred. During the six months ended June 30, 2018, the Funds did not incur any material interest or penalties.
Distributions to shareholders. Distributions to shareholders are recorded on the ex-dividend date. Muirfield, Spectrum, Global, Balanced, Moderate, Conservative, Aggressive, Dynamic, and Quantex declare and pay dividends from net investment income, if any, on a quarterly basis. Bond declares and pays dividends from net investment income on a monthly basis. The Money Market Funds declare dividends from net investment income on a daily basis and pay 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. Permanent differences relate to reclassification of commissions recapture, partnership basis adjustments, and redemptions treated as distributions for tax purposes (i.e. equalization). 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 year ended December 31, 2017, 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 | | $ | 11,169,236 | | | $ | (231,438 | ) | | $ | (10,937,798 | ) |
Spectrum | | | 2,621,862 | | | | (142,338 | ) | | | (2,479,524 | ) |
Global | | | — | | | | (117,184 | ) | | | 117,184 | |
Balanced | | | 5,995,449 | | | | (170,556 | ) | | | (5,824,893 | ) |
Moderate | | | 958,754 | | | | (108,563 | ) | | | (850,191 | ) |
Conservative | | | 67,241 | | | | 31,298 | | | | (98,539 | ) |
Aggressive | | | (843 | ) | | | (78,710 | ) | | | 79,553 | |
Dynamic | | | 3,306,444 | | | | (139,045 | ) | | | (3,167,399 | ) |
Quantex | | | — | | | | (84,944 | ) | | | 84,944 | |
Bond | | | (2,004 | ) | | | (43,340 | ) | | | 45,344 | |
Investment income & expenses. For all Funds, except the Money Market Funds, 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. All Funds, except the Money Market Funds, are authorized to issue an unlimited number of shares in the Retail Class, the Adviser Class, and the Institutional Class. Transactions in the capital shares of the Funds for the six months ended June 30, 2018 and the year ended December 31, 2017 were as follows:
| | | Issued | | | Reinvested | |
| Share Class | | Amount | | | Shares | | | Amount | | | Shares | |
| Six Months Ended June 30, 2018 | | | | | | | | | | | | |
| Muirfield - Retail | | $ | 49,920,201 | | | | 6,463,443 | | | $ | 19 | | | | 2 | |
| Muirfield - Adviser | | | 23,636,575 | | | | 3,069,587 | | | | — | | | | — | |
| Muirfield - Institutional | | | 132,523,227 | | | | 17,224,008 | | | | — | | | | — | |
| Spectrum - Retail | | | 7,731,783 | | | | 660,762 | | | | — | | | | — | |
| Spectrum - Adviser | | | 3,087,820 | | | | 262,982 | | | | — | | | | — | |
| Spectrum - Institutional | | | 40,903,241 | | | | 3,480,653 | | | | — | | | | — | |
| Global - Retail | | | 6,584,823 | | | | 554,071 | | | | 61,519 | | | | 5,411 | |
| Global - Adviser | | | 1,455,960 | | | | 123,126 | | | | 5,819 | | | | 511 | |
| Global - Institutional | | | 27,896,514 | | | | 2,393,198 | | | | 186,854 | | | | 16,405 | |
| Balanced - Retail | | | 41,828,322 | | | | 3,540,012 | | | | 340,945 | | | | 29,597 | |
| Balanced - Adviser | | | 12,220,273 | | | | 1,032,789 | | | | 79,493 | | | | 6,850 | |
| Balanced - Institutional | | | 122,016,084 | | | | 10,343,635 | | | | 905,197 | | | | 77,944 | |
| Moderate - Retail | | | 35,075,287 | | | | 2,962,877 | | | | 204,228 | | | | 17,647 | |
| Moderate - Adviser | | | 9,655,928 | | | | 820,440 | | | | 43,613 | | | | 3,764 | |
2018 Semiannual Report | June 30, 2018 | Page 117 |
| | | Issued | | | Reinvested | |
Share Class | | Amount | | | Shares | | | Amount | | | Shares | |
Moderate - Institutional | | | 97,277,011 | | | | 8,245,213 | | | | 577,937 | | | | 49,794 | |
Conservative - Retail | | $ | 32,395,425 | | | | 1,425,472 | | | $ | 263,577 | | | | 11,891 | |
Conservative - Adviser | | | 6,795,185 | | | | 296,617 | | | | 43,558 | | | | 1,940 | |
Conservative - Institutional | | | 86,217,461 | | | | 3,763,439 | | | | 647,339 | | | | 28,794 | |
Aggressive - Retail | | | 375,122 | | | | 35,465 | | | | — | | | | — | |
Aggressive - Adviser | | | 268,650 | | | | 25,534 | | | | — | | | | — | |
Aggressive - Institutional | | | 4,174,279 | | | | 393,382 | | | | — | | | | — | |
Dynamic - Retail | | | 12,779,811 | | | | 1,137,023 | | | | 88,060 | | | | 8,086 | |
Dynamic - Adviser | | | 2,318,606 | | | | 208,605 | | | | 28,365 | | | | 2,597 | |
Dynamic - Institutional | | | 34,049,372 | | | | 3,077,253 | | | | 299,387 | | | | 27,442 | |
Quantex - Retail | | | 7,886,318 | | | | 212,358 | | | | — | | | | — | |
Quantex - Adviser | | | 820,111 | | | | 22,019 | | | | — | | | | — | |
Quantex - Institutional | | | 30,463,628 | | | | 827,306 | | | | — | | | | — | |
Bond - Retail | | | 2,899,400 | | | | 312,822 | | | | 184,659 | | | | 20,161 | |
Bond - Adviser | | | 1,666,407 | | | | 181,951 | | | | 23,488 | | | | 2,564 | |
Bond - Institutional | | | 17,552,124 | | | | 1,908,915 | | | | 444,548 | | | | 48,505 | |
Prime Money Market | | | 15,291,469 | | | | 15,291,469 | | | | 216,225 | | | | 216,225 | |
Institutional Prime Money Market | | | 370,156,368 | | | | 370,200,267 | | | | 310,809 | | | | 310,844 | |
| | | | | | | | | | | | | | | | | |
Year Ended December 31, 2017 | | | | | | | | | | | | | | | | |
Muirfield - Retail | | $ | 69,224,338 | | | | 9,392,928 | | | $ | 18,274,233 | | | | 2,436,224 | |
Muirfield - Adviser | | | 43,200,633 | | | | 5,772,167 | | | | 2,814,669 | | | | 373,234 | |
Muirfield - Institutional | | | 196,126,815 | | | | 26,417,922 | | | | 12,525,154 | | | | 1,661,317 | |
Spectrum - Retail | | | 17,727,645 | | | | 1,618,032 | | | | 3,759,826 | | | | 329,231 | |
Spectrum - Adviser | | | 13,785,585 | | | | 1,240,035 | | | | 802,353 | | | | 69,953 | |
Spectrum - Institutional | | | 87,828,254 | | | | 7,861,056 | | | | 4,540,126 | | | | 395,481 | |
Global - Retail | | | 4,290,027 | | | | 414,217 | | | | 498,987 | | | | 43,704 | |
Global - Adviser | | | 1,122,959 | | | | 105,925 | | | | 18,941 | | | | 1,662 | |
Global - Institutional | | | 43,705,168 | | | | 4,385,231 | | | | 762,165 | | | | 66,766 | |
Balanced - Retail | | | 26,306,979 | | | | 2,323,085 | | | | 5,871,578 | | | | 507,403 | |
Balanced - Adviser | | | 13,252,680 | | | | 1,148,364 | | | | 638,110 | | | | 54,695 | |
Balanced - Institutional | | | 185,796,592 | | | | 16,103,392 | | | | 6,866,027 | | | | 589,322 | |
Moderate - Retail | | | 5,411,114 | | | | 497,051 | | | | 999,860 | | | | 86,853 | |
Moderate - Adviser | | | 3,672,006 | | | | 337,942 | | | | 133,385 | | | | 11,486 | |
Moderate - Institutional | | | 39,284,644 | | | | 3,583,497 | | | | 1,350,218 | | | | 116,322 | |
Conservative - Retail | | | 3,066,122 | | | | 140,500 | | | | 217,793 | | | | 9,663 | |
Conservative - Adviser | | | 790,658 | | | | 35,430 | | | | 6,728 | | | | 295 | |
Conservative - Institutional | | | 14,928,684 | | | | 660,636 | | | | 111,127 | | | | 4,863 | |
Aggressive - Retail | | | 3,226,502 | | | | 303,535 | | | | 1,967,782 | | | | 190,244 | |
Aggressive - Adviser | | | 1,446,318 | | | | 134,695 | | | | 150,159 | | | | 14,477 | |
Aggressive - Institutional | | | 22,969,546 | | | | 2,186,544 | | | | 2,296,719 | | | | 220,946 | |
Dynamic - Retail | | | 12,488,746 | | | | 1,207,246 | | | | 4,060,526 | | | | 376,589 | |
Dynamic - Adviser | | | 10,819,161 | | | | 1,016,257 | | | | 782,624 | | | | 72,269 | |
Dynamic - Institutional | | | 70,981,096 | | | | 6,892,336 | | | | 5,504,520 | | | | 508,681 | |
Quantex - Retail | | | 15,894,719 | | | | 463,602 | | | | 1,715,006 | | | | 46,714 | |
Quantex - Adviser | | | 2,330,634 | | | | 68,459 | | | | 60,803 | | | | 1,654 | |
Quantex - Institutional | | | 36,167,350 | | | | 1,054,466 | | | | 1,000,499 | | | | 27,250 | |
Bond - Retail | | | 25,785,784 | | | | 2,743,003 | | | | 3,211,909 | | | | 341,738 | |
Bond - Adviser | | | 11,199,739 | | | | 1,181,978 | | | | 147,366 | | | | 15,628 | |
Bond - Institutional | | | 137,951,749 | | | | 14,624,351 | | | | 2,026,224 | | | | 214,866 | |
Prime Money Market | | | 29,723,424 | | | | 29,723,424 | | | | 236,626 | | | | 236,626 | |
Institutional Prime Money Market | | | 485,340,979 | | | | 485,328,584 | | | | 225,080 | | | | 225,073 | |
Page 118 | 2018 Semiannual Report | June 30, 2018 |
| | | Redeemed | | | Net Increase (Decrease) | |
Share Class | | Amount | | | Shares | | | Amount | | | Shares | |
Six Months Ended June 30, 2018 | | | | | | | | | | | | | | | | |
Muirfield - Retail | | $ | (80,996,225 | ) | | | (10,567,586 | ) | | $ | (31,076,005 | ) | | | (4,104,141 | ) |
Muirfield - Adviser | | | (11,908,995 | ) | | | (1,539,914 | ) | | | 11,727,580 | | | | 1,529,673 | |
Muirfield - Institutional | | | (53,313,453 | ) | | | (6,884,665 | ) | | | 79,209,773 | | | | 10,339,343 | |
Spectrum - Retail | | | (17,808,025 | ) | | | (1,526,367 | ) | | | (10,076,242 | ) | | | (865,605 | ) |
Spectrum - Adviser | | | (2,864,593 | ) | | | (242,989 | ) | | | 223,227 | | | | 19,993 | |
Spectrum - Institutional | | | (17,617,183 | ) | | | (1,489,493 | ) | | | 23,286,058 | | | | 1,991,160 | |
Global - Retail | | | (25,792,884 | ) | | | (2,231,187 | ) | | | (19,146,542 | ) | | | (1,671,705 | ) |
Global - Adviser | | | (821,597 | ) | | | (69,435 | ) | | | 640,182 | | | | 54,202 | |
Global - Institutional | | | (8,678,722 | ) | | | (735,815 | ) | | | 19,404,646 | | | | 1,673,788 | |
Balanced - Retail | | | (47,373,350 | ) | | | (4,042,853 | ) | | | (5,204,083 | ) | | | (473,244 | ) |
Balanced - Adviser | | | (5,478,799 | ) | | | (463,369 | ) | | | 6,820,967 | | | | 576,270 | |
Balanced - Institutional | | | (67,155,111 | ) | | | (5,670,391 | ) | | | 55,766,170 | | | | 4,751,188 | |
Moderate - Retail | | | (24,650,076 | ) | | | (2,096,891 | ) | | | 10,629,439 | | | | 883,633 | |
Moderate - Adviser | | | (3,911,254 | ) | | | (331,765 | ) | | | 5,788,287 | | | | 492,439 | |
Moderate - Institutional | | | (31,177,874 | ) | | | (2,636,670 | ) | | | 66,677,074 | | | | 5,658,337 | |
Conservative - Retail | | | (11,991,009 | ) | | | (536,956 | ) | | | 20,667,993 | | | | 900,407 | |
Conservative - Adviser | | | (1,135,537 | ) | | | (49,864 | ) | | | 5,703,206 | | | | 248,693 | |
Conservative - Institutional | | | (9,965,550 | ) | | | (437,881 | ) | | | 76,899,250 | | | | 3,354,352 | |
Aggressive - Retail | | | (11,934,896 | ) | | | (1,115,357 | ) | | | (11,559,774 | ) | | | (1,079,892 | ) |
Aggressive - Adviser | | | (548,992 | ) | | | (51,268 | ) | | | (280,342 | ) | | | (25,734 | ) |
Aggressive - Institutional | | | (8,384,845 | ) | | | (780,136 | ) | | | (4,210,566 | ) | | | (386,754 | ) |
Dynamic - Retail | | | (25,393,700 | ) | | | (2,306,593 | ) | | | (12,525,829 | ) | | | (1,161,484 | ) |
Dynamic - Adviser | | | (2,167,976 | ) | | | (194,049 | ) | | | 178,995 | | | | 17,153 | |
Dynamic - Institutional | | | (11,328,428 | ) | | | (1,017,947 | ) | | | 23,020,331 | | | | 2,086,748 | |
Quantex - Retail | | | (37,673,937 | ) | | | (1,026,417 | ) | | | (29,787,618 | ) | | | (814,059 | ) |
Quantex - Adviser | | | (1,938,634 | ) | | | (51,675 | ) | | | (1,118,523 | ) | | | (29,656 | ) |
Quantex - Institutional | | | (15,630,974 | ) | | | (422,847 | ) | | | 14,832,654 | | | | 404,459 | |
Bond - Retail | | | (53,512,128 | ) | | | (5,752,097 | ) | | | (50,428,069 | ) | | | (5,419,114 | ) |
Bond - Adviser | | | (8,165,298 | ) | | | (872,496 | ) | | | (6,475,403 | ) | | | (687,981 | ) |
Bond - Institutional | | | (79,126,054 | ) | | | (8,478,840 | ) | | | (61,129,382 | ) | | | (6,521,420 | ) |
Prime Money Market | | | (17,098,825 | ) | | | (17,098,825 | ) | | | (1,591,131 | ) | | | (1,591,131 | ) |
Institutional Prime Money Market | | | (302,900,131 | ) | | | (302,925,973 | ) | | | 67,567,046 | | | | 67,585,138 | |
| | | | | | | | | | | | | | | | | |
Year Ended December 31, 2017 | | | | | | | | | | | | | | | | |
Muirfield - Retail | | $ | (263,903,006 | ) | | | (36,151,315 | ) | | $ | (176,404,435 | ) | | | (24,322,163 | ) |
Muirfield - Adviser | | | (5,289,800 | ) | | | (696,300 | ) | | | 40,725,502 | | | | 5,449,101 | |
Muirfield - Institutional | | | (27,343,196 | ) | | | (3,598,362 | ) | | | 181,308,773 | | | | 24,480,877 | |
Spectrum - Retail | | | (96,970,103 | ) | | | (8,826,443 | ) | | | (75,482,632 | ) | | | (6,879,180 | ) |
Spectrum - Adviser | | | (2,202,940 | ) | | | (193,909 | ) | | | 12,384,998 | | | | 1,116,079 | |
Spectrum - Institutional | | | (13,276,329 | ) | | | (1,152,838 | ) | | | 79,092,051 | | | | 7,103,699 | |
Global - Retail | | | (53,076,539 | ) | | | (5,293,945 | ) | | | (48,287,525 | ) | | | (4,836,024 | ) |
Global - Adviser | | | (207,804 | ) | | | (19,150 | ) | | | 934,096 | | | | 88,437 | |
Global - Institutional | | | (13,511,851 | ) | | | (1,250,757 | ) | | | 30,955,482 | | | | 3,201,240 | |
Balanced - Retail | | | (180,115,210 | ) | | | (15,862,623 | ) | | | (147,936,653 | ) | | | (13,032,135 | ) |
Balanced - Adviser | | | (2,009,926 | ) | | | (172,407 | ) | | | 11,880,864 | | | | 1,030,652 | |
Balanced - Institutional | | | (25,560,161 | ) | | | (2,189,239 | ) | | | 167,102,458 | | | | 14,503,475 | |
Moderate - Retail | | | (42,009,943 | ) | | | (3,894,151 | ) | | | (35,598,969 | ) | | | (3,310,247 | ) |
Moderate - Adviser | | | (537,829 | ) | | | (48,048 | ) | | | 3,267,562 | | | | 301,380 | |
Moderate - Institutional | | | (5,312,392 | ) | | | (472,047 | ) | | | 35,322,470 | | | | 3,227,772 | |
Conservative - Retail | | | (12,108,043 | ) | | | (553,076 | ) | | | (8,824,128 | ) | | | (402,913 | ) |
Conservative - Adviser | | | (139,084 | ) | | | (6,175 | ) | | | 658,302 | | | | 29,550 | |
Conservative - Institutional | | | (3,791,375 | ) | | | (166,112 | ) | | | 11,248,436 | | | | 499,387 | |
Aggressive - Retail | | | (32,907,582 | ) | | | (3,123,228 | ) | | | (27,713,298 | ) | | | (2,629,449 | ) |
Aggressive - Adviser | | | (154,198 | ) | | | (14,114 | ) | | | 1,442,279 | | | | 135,058 | |
2018 Semiannual Report | June 30, 2018 | Page 119 |
| | | Redeemed | | | Net Increase (Decrease) | |
Share Class | | Amount | | | Shares | | | Amount | | | Shares | |
Aggressive - Institutional | | $ | (4,588,002 | ) | | | (419,571 | ) | | $ | 20,678,263 | | | | 1,987,919 | |
Dynamic - Retail | | | (93,457,320 | ) | | | (9,086,760 | ) | | | (76,908,048 | ) | | | (7,502,925 | ) |
Dynamic - Adviser | | | (1,754,203 | ) | | | (161,245 | ) | | | 9,847,582 | | | | 927,281 | |
Dynamic - Institutional | | | (10,857,261 | ) | | | (1,000,514 | ) | | | 65,628,355 | | | | 6,400,503 | |
Quantex - Retail | | | (48,833,388 | ) | | | (1,428,616 | ) | | | (31,223,663 | ) | | | (918,300 | ) |
Quantex - Adviser | | | (471,246 | ) | | | (13,580 | ) | | | 1,920,191 | | | | 56,533 | |
Quantex - Institutional | | | (8,047,545 | ) | | | (226,565 | ) | | | 29,120,304 | | | | 855,151 | |
Bond - Retail | | | (178,660,569 | ) | | | (18,972,930 | ) | | | (149,662,876 | ) | | | (15,888,189 | ) |
Bond - Adviser | | | (1,432,225 | ) | | | (151,470 | ) | | | 9,914,880 | | | | 1,046,136 | |
Bond - Institutional | | | (28,735,928 | ) | | | (3,046,449 | ) | | | 111,242,045 | | | | 11,792,768 | |
Prime Money Market | | | (31,415,171 | ) | | | (31,415,171 | ) | | | (1,455,121 | ) | | | (1,455,121 | ) |
Institutional Prime Money Market | | | (386,435,339 | ) | | | (386,423,004 | ) | | | 99,130,720 | | | | 99,130,653 | |
Offsetting Assets & Liabilities. The Funds are party to enforceable master netting arrangements between counter parties, such as the securities lending agreement, which provides for the right of offset under certain circumstances, such as the event of default. The securities lending transactions have an overnight and continuous contractual maturity. Risks arise from the possible inability of counterparties to meet the terms of their contracts. 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, 2018.
| | | | | | | | | | | | | | | 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 | | | | | | | | | | | | | | | | | | | | | | | | |
Spectrum | | $ | 31,900 | | | $ | — | | | $ | 31,900 | | | $ | — | | | $ | (31,900 | ) | | $ | — | |
Global | | | 306,288 | | | | — | | | | 306,288 | | | | — | | | | (306,288 | ) | | | — | |
Balanced | | | 4,075,332 | | | | — | | | | 4,075,332 | | | | — | | | | (4,075,332 | ) | | | — | |
Moderate | | | 2,918,244 | | | | — | | | | 2,918,244 | | | | — | | | | (2,918,244 | ) | | | — | |
Conservative | | | 3,522,312 | | | | — | | | | 3,522,312 | | | | — | | | | (3,522,312 | ) | | | — | |
Aggressive | | | 54,314 | | | | — | | | | 54,314 | | | | — | | | | (54,314 | ) | | | — | |
Quantex | | | 2,105,586 | | | | — | | | | 2,105,586 | | | | — | | | | (2,105,586 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | | | | | | | | | | | | | | | | | | | | | | |
Prime Money Market | | $ | 7,000,000 | | | $ | — | | | $ | 7,000,000 | | | $ | (7,000,000 | ) | | $ | — | | | $ | — | |
Institutional Prime Money Market | | | 93,000,000 | | | | — | | | | 93,000,000 | | | | (93,000,000 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | | | | | | | | | | | | | | | | | | | | | | |
Muirfield | | $ | (2,580,325 | ) | | $ | — | | | $ | (2,580,325 | ) | | $ | — | | | $ | — | | | $ | (2,580,325 | ) |
Spectrum | | | (1,437,324 | ) | | | — | | | | (1,437,324 | ) | | | — | | | | — | | | | (1,437,324 | ) |
Global | | | (532,221 | ) | | | — | | | | (532,221 | ) | | | — | | | | — | | | | (532,221 | ) |
Balanced | | | (1,119,719 | ) | | | — | | | | (1,119,719 | ) | | | — | | | | — | | | | (1,119,719 | ) |
Moderate | | | (436,974 | ) | | | — | | | | (436,974 | ) | | | — | | | | — | | | | (436,974 | ) |
Conservative | | | (183,626 | ) | | | — | | | | (183,626 | ) | | | — | | | | — | | | | (183,626 | ) |
Aggressive | | | (156,706 | ) | | | — | | | | (156,706 | ) | | | — | | | | — | | | | (156,706 | ) |
Dynamic | | | (1,131,313 | ) | | | — | | | | (1,131,313 | ) | | | — | | | | — | | | | (1,131,313 | ) |
Quantex | | | (75,060 | ) | | | — | | | | (75,060 | ) | | | — | | | | — | | | | (75,060 | ) |
* | The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged. |
Page 120 | 2018 Semiannual Report | June 30, 2018 |
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 and dividend expenses are 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 separately stated. Discounts and premiums are amortized using the effective yield 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.
3. 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 Prime 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 Prime 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. Except for Institutional Money Market, certificates of deposit are valued at acquisition cost, which approximates fair value, and will be categorized as level 2. For Institutional Money Market, certificates of deposit 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, and will be categorized as level 2.
U.S. government obligations. U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. In either case, these securities will be categorized as level 2.
Restricted securities (equity and debt). Restricted securities for which quotations are not readily available are valued at fair value as determined by the Trustees. Depending on the relative significance of valuation inputs, these instruments may be classified in either level 2 or level 3 of the fair value hierarchy.
Derivative instruments (futures contracts). Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.
2018 Semiannual Report | June 30, 2018 | Page 121 |
For the six months ended June 30, 2018, 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, 2018.
Muirfield – Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 383,403,707 | | | $ | — | | | $ | — | | | $ | 383,403,707 | |
Money market registered investment companies | | | 150,112,582 | | | | — | | | | — | | | | 150,112,582 | |
Bank obligations | | | — | | | | 1,246,208 | | | | — | | | | 1,246,208 | |
Total | | $ | 533,516,289 | | | $ | 1,246,208 | | | $ | — | | | $ | 534,762,497 | |
Trustee deferred compensation*** | | $ | 183,507 | | | $ | — | | | $ | — | | | $ | 183,507 | |
Futures contracts** | | $ | (2,580,324 | ) | | $ | — | | | $ | — | | | $ | (2,580,324 | ) |
Spectrum - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks - Long* | | $ | 150,723,452 | | | $ | — | | | $ | — | | | $ | 150,723,452 | |
Money market registered investment companies | | | 15,279,441 | | | | — | | | | — | | | | 15,279,441 | |
Bank obligations | | | — | | | | 747,672 | | | | — | | | | 747,672 | |
Total - Long investments | | $ | 166,002,893 | | | $ | 747,672 | | | $ | — | | | $ | 166,750,565 | |
Common stocks - Short* | | $ | (56,503,282 | ) | | $ | — | | | $ | — | | | $ | (56,503,282 | ) |
Trustee deferred compensation*** | | $ | 16,721 | | | $ | — | | | $ | — | | | $ | 16,721 | |
Futures contracts** | | $ | (1,437,324 | ) | | $ | — | | | $ | — | | | $ | (1,437,324 | ) |
Global - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 27,706,538 | | | $ | — | | | $ | — | | | $ | 27,706,538 | |
Registered investment companies | | | 26,472,309 | | | | — | | | | — | | | | 26,472,309 | |
Money market registered investment companies | | | 15,106,231 | | | | — | | | | — | | | | 15,106,231 | |
Bank obligations | | | — | | | | 1,246,208 | | | | — | | | | 1,246,208 | |
U.S. government obligations | | | — | | | | 1,984,458 | | | | — | | | | 1,984,458 | |
Total | | $ | 69,285,078 | | | $ | 3,230,666 | | | $ | — | | | $ | 72,515,744 | |
Trustee deferred compensation*** | | $ | 87,809 | | | $ | — | | | $ | — | | | $ | 87,809 | |
Futures contracts** | | $ | (532,221 | ) | | $ | — | | | $ | — | | | $ | (532,221 | ) |
Balanced - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 162,979,943 | | | $ | — | | | $ | — | | | $ | 162,979,943 | |
Registered investment companies | | | 76,317,106 | | | | — | | | | — | | | | 76,317,106 | |
Money market registered investment companies | | | 68,025,578 | | | | — | | | | — | | | | 68,025,578 | |
Bank obligations | | | — | | | | 1,246,208 | | | | — | | | | 1,246,208 | |
U.S. government obligations | | | — | | | | 26,393,336 | | | | — | | | | 26,393,336 | |
Total | | $ | 307,322,627 | | | $ | 27,639,544 | | | $ | — | | | $ | 334,962,171 | |
Trustee deferred compensation*** | | $ | 121,164 | | | $ | — | | | $ | — | | | $ | 121,164 | |
Futures contracts** | | $ | (1,119,719 | ) | | $ | — | | | $ | — | | | $ | (1,119,719 | ) |
Moderate - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 47,307,965 | | | $ | — | | | $ | — | | | $ | 47,307,965 | |
Registered investment companies | | | 55,189,388 | | | | — | | | | — | | | | 55,189,388 | |
Money market registered investment companies | | | 26,800,087 | | | | — | | | | — | | | | 26,800,087 | |
Bank obligations | | | — | | | | 747,672 | | | | — | | | | 747,672 | |
U.S. government obligations | | | — | | | | 18,922,150 | | | | — | | | | 18,922,150 | |
Total | | $ | 129,297,440 | | | $ | 19,669,822 | | | $ | — | | | $ | 148,967,262 | |
Trustee deferred compensation*** | | $ | 8,328 | | | $ | — | | | $ | — | | | $ | 8,328 | |
Futures contracts** | | $ | (436,974 | ) | | $ | — | | | $ | — | | | $ | (436,974 | ) |
Page 122 | 2018 Semiannual Report | June 30, 2018 |
Conservative - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 25,769,052 | | | $ | — | | | $ | — | | | $ | 25,769,052 | |
Registered investment companies | | | 65,635,813 | | | | — | | | | — | | | | 65,635,813 | |
Money market registered investment companies | | | 13,837,537 | | | | — | | | | — | | | | 13,837,537 | |
Bank obligations | | | — | | | | 249,182 | | | | — | | | | 249,182 | |
U.S. government obligations | | | — | | | | 22,805,168 | | | | — | | | | 22,805,168 | |
Total | | $ | 105,242,402 | | | $ | 23,054,350 | | | $ | — | | | $ | 128,296,752 | |
Trustee deferred compensation*** | | $ | 50,156 | | | $ | — | | | $ | — | | | $ | 50,156 | |
Futures contracts** | | $ | (183,626 | ) | | $ | — | | | $ | — | | | $ | (183,626 | ) |
Aggressive - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 17,700,001 | | | $ | — | | | $ | — | | | $ | 17,700,001 | |
Registered investment companies | | | 3,998,709 | | | | — | | | | — | | | | 3,998,709 | |
Money market registered investment companies | | | 3,104,020 | | | | — | | | | — | | | | 3,104,020 | |
Bank obligations | | | — | | | | 747,623 | | | | — | | | | 747,623 | |
Total | | $ | 24,802,730 | | | $ | 747,623 | | | $ | — | | | $ | 25,550,353 | |
Trustee deferred compensation*** | | $ | 60,294 | | | $ | — | | | $ | — | | | $ | 60,294 | |
Futures contracts** | | $ | (156,706 | ) | | $ | — | | | $ | — | | | $ | (156,706 | ) |
Dynamic - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 91,859,324 | | | $ | — | | | $ | — | | | $ | 91,859,324 | |
Registered investment companies | | | 17,604,084 | | | | — | | | | — | | | | 17,604,084 | |
Money market registered investment companies | | | 28,956,306 | | | | — | | | | — | | | | 28,956,306 | |
Bank obligations | | | — | | | | 1,246,208 | | | | — | | | | 1,246,208 | |
Total | | $ | 138,419,714 | | | $ | 1,246,208 | | | $ | — | | | $ | 139,665,922 | |
Trustee deferred compensation*** | | $ | 110,392 | | | $ | — | | | $ | — | | | $ | 110,392 | |
Futures contracts** | | $ | (1,131,313 | ) | | $ | — | | | $ | — | | | $ | (1,131,313 | ) |
Quantex - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Common stocks* | | $ | 77,001,987 | | | $ | — | | | $ | — | | | $ | 77,001,987 | |
Money market registered investment companies | | | 4,420,626 | | | | — | | | | — | | | | 4,420,626 | |
Bank obligations | | | — | | | | 1,218,543 | | | | — | | | | 1,218,543 | |
Total | | $ | 81,422,613 | | | $ | 1,218,543 | | | $ | — | | | $ | 82,641,156 | |
Trustee deferred compensation*** | | $ | 49,672 | | | $ | — | | | $ | — | | | $ | 49,672 | |
Futures contracts** | | $ | (75,060 | ) | | $ | — | | | $ | — | | | $ | (75,060 | ) |
Bond - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Registered investment companies | | $ | 50,665,260 | | | $ | — | | | $ | — | | | $ | 50,665,260 | |
Money market registered investment companies | | | 4,364,173 | | | | — | | | | — | | | | 4,364,173 | |
U.S. government obligations | | | — | | | | 13,335,499 | | | | — | | | | 13,335,499 | |
Total | | $ | 55,029,433 | | | $ | 13,335,499 | | | $ | — | | | $ | 68,364,932 | |
Trustee deferred compensation*** | | $ | 55,673 | | | $ | — | | | $ | — | | | $ | 55,673 | |
2018 Semiannual Report | June 30, 2018 | Page 123 |
Prime Money Market - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank obligations | | $ | — | | | $ | 992,974 | | | $ | — | | | $ | 992,974 | |
Certificates of deposit | | | — | | | | 5,048,390 | | | | — | | | | 5,048,390 | |
Commercial paper | | | — | | | | 14,913,021 | | | | — | | | | 14,913,021 | |
Corporate obligations | | | — | | | | 500,203 | | | | — | | | | 500,203 | |
Repurchase agreements | | | — | | | | 7,000,000 | | | | — | | | | 7,000,000 | |
U.S. government and agency obligations | | | — | | | | 996,005 | | | | — | | | | 996,005 | |
Money market registered investment companies | | | 4,153,675 | | | | — | | | | — | | | | 4,153,675 | |
Total | | $ | 4,153,675 | | | $ | 29,450,593 | | | $ | — | | | $ | 33,604,268 | |
Trustee deferred compensation*** | | $ | 34,130 | | | $ | — | | | $ | — | | | $ | 34,130 | |
Institutional Prime Money Market - Assets/(Liabilities) | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Bank obligations | | $ | — | | | $ | 992,974 | | | $ | — | | | $ | 992,974 | |
Certificates of deposit | | | — | | | | 55,714,476 | | | | — | | | | 55,714,476 | |
Commercial paper | | | — | | | | 169,475,246 | | | | — | | | | 169,475,246 | |
Corporate obligations | | | — | | | | 3,264,327 | | | | — | | | | 3,264,327 | |
Repurchase agreements | | | — | | | | 93,000,000 | | | | — | | | | 93,000,000 | |
U.S. government and agency obligations | | | — | | | | 8,963,278 | | | | — | | | | 8,963,278 | |
Money market registered investment companies | | | 33,106,723 | | | | — | | | | — | | | | 33,106,723 | |
Total | | $ | 33,106,723 | | | $ | 331,410,301 | | | $ | — | | | $ | 364,517,024 | |
Trustee deferred compensation*** | | $ | 1,528 | | | $ | — | | | $ | — | | | $ | 1,528 | |
* | See schedule of investments for industry classifications. |
** | Futures contracts include unrealized gain/loss on contracts open at June 30, 2018. |
*** | A corresponding liability exists that is marked to market and is fair valued under the Level 1 hierarchy. |
4. Investment Transactions
For the six months ended June 30, 2018, 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 | | $ | 439,507,561 | | | $ | 381,526,696 | |
Spectrum | | | 75,324,494 | | | | 76,801,780 | |
Global | | | 49,908,901 | | | | 55,512,257 | |
Balanced | | | 292,775,848 | | | | 282,065,742 | |
Moderate | | | 174,621,315 | | | | 132,938,455 | |
Conservative | | | 167,964,803 | | | | 98,193,022 | |
Aggressive | | | 27,987,050 | | | | 40,194,520 | |
Dynamic | | | 148,063,604 | | | | 147,539,239 | |
Quantex | | | 56,296,165 | | | | 69,122,074 | |
Bond | | | 26,232,032 | | | | 154,094,247 | |
For the six months ended June 30, 2018, 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 | |
Global | | $ | 2,723,102 | | | $ | 699,188 | |
Balanced | | | 32,746,411 | | | | 5,953,966 | |
Moderate | | | 23,466,359 | | | | 4,266,660 | |
Conservative | | | 27,863,634 | | | | 4,761,593 | |
Bond | | | 17,830,899 | | | | 4,274,609 | |
Page 124 | 2018 Semiannual Report | June 30, 2018 |
5. Investment Advisory Fees and Other Transactions with Affiliates and Non-Affiliates
Meeder Asset Management, Inc. (“MAM”), a wholly-owned subsidiary of Meeder Investment Management, Inc. (“Meeder”), provides the Funds with investment management, research, statistical and advisory services pursuant to the terms of an Investment Advisory Agreement. 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 |
Spectrum | 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% |
Balanced | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Moderate | N/A | N/A | N/A | 0.60% | N/A | 0.60% |
Conservative | N/A | N/A | N/A | 0.50% | N/A | 0.50% |
Aggressive | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Dynamic | N/A | N/A | N/A | 0.75% | N/A | 0.60% |
Quantex | N/A | N/A | 0.75% | N/A | 0.60% | N/A |
Bond | N/A | N/A | 0.40% | N/A | 0.20% | N/A |
Prime Money Market | N/A | N/A | 0.40% | N/A | 0.25% | N/A |
Institutional Prime Money Market | N/A | N/A | 0.40% | N/A | 0.25% | N/A |
Fee Waivers & Expense Limitation Agreements. MAM has contractually agreed to reduce its advisory fees or limit total annual ordinary fund operating expenses for certain Funds pursuant to written agreements that may only be amended or terminated with the approval of the board. The sums waived or reimbursed under these agreements are not subject to recoupment.
Effective April 30, 2018, MAM contractually agreed to reimburse management fees or other fund expenses for Spectrum sufficient to limit total annual ordinary fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary items) as a percentage of daily assets to 2.06% for the Retail Class, 1.91% for the Adviser Class and 1.72% for the Institutional Class.
For the period January 1, 2018 through April 29, 2018, MAM contractually agreed to reduce its investment advisory fee for Moderate to 0.60%. For the six months ended June 30, 2018, MAM contractually agreed to reimburse management fees or other fund expenses for Moderate sufficient to limit total annual ordinary fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary items) as a percentage of daily assets to 1.42% for the Retail Class, 1.22% for the Adviser Class and 1.02% for the Institutional Class. During the six months ended June 30, 2018, $63,223 of investment advisory fees were waived in Moderate.
For the period January 1, 2018 through April 29, 2018, MAM contractually agreed to reduce its investment advisory fee for Conservative to 0.50%. For the six months ended June 30, 2018, MAM contractually agreed to reimburse management fees or other fund expenses sufficient to limit total annual ordinary fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary items) as a percentage of daily assets to 1.32% for the Retail Class, 1.12% for the Adviser Class and 0.92% for the Institutional Class. During the six months ended June 30, 2018, $125,099 of investment advisory fees were waived in Conservative.
MAM contractually agreed to reduce its investment advisory fee by 0.10% for Dynamic for average daily net assets up to $200 million. During the six months ended June 30, 2018, $70,670 of investment advisory fees were waived in Dynamic.
For the period January 1, 2018 through April 29, 2018, MAM contractually agreed to reduce its investment advisory fee by 0.25% for Quantex for average daily net assets up to $50 million. During the six months ended June 30, 2018, $40,753 of investment advisory fees were waived in Quantex.
MAM contractually agreed to reduce its investment advisory fee by 0.11% for Bond for average daily net assets up to $100 million. During the six months ended June 30, 2018, $42,144 of investment advisory fees were waived in Bond.
For the period January 1, 2018 through April 30, 2018, MAM contractually agreed to reduce and/or reimburse expenses for Institutional Prime Money Market to the extent necessary to limit the total operating expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary items) to no more than 0.60% of average daily net assets. During the six months ended June 30, 2018, no investment advisory fees were contractually waived and no expenses were contractually reimbursed in Institutional Prime Money Market.
2018 Semiannual Report | June 30, 2018 | Page 125 |
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 | | | Percentage of Average
Daily Net Assets | |
Muirfield | | $ | 4,000 | | | | 0.12 | % |
Spectrum | | | 4,000 | | | | 0.12 | % |
Global | | | 4,000 | | | | 0.12 | % |
Balanced | | | 4,000 | | | | 0.12 | % |
Moderate | | | 4,000 | | | | 0.12 | % |
Conservative | | | 4,000 | | | | 0.12 | % |
Aggressive | | | 4,000 | | | | 0.12 | % |
Dynamic | | | 4,000 | | | | 0.12 | % |
Quantex | | | 4,000 | | | | 0.12 | % |
Bond | | | 4,000 | | | | 0.08 | % |
Prime Money Market | | | 4,000 | | | | 0.08 | % |
Institutional Prime Money Market | | | 4,000 | | | | 0.08 | % |
Effective April 18, 2017, a $15 per active shareholder account fee was eliminated from the calculation for Conservative and Moderate. Effective September 21, 2017, except for the Money Market Funds, the $15 per active shareholder account fee was eliminated from the calculation for the remaining Funds, while a $20 per active shareholder account fee was eliminated for the Money Market Funds. For fixed income Funds (Bond, Prime Money Market, and Institutional Prime Money Market) that are subject to an expense cap and which are above the expense cap, the basis point fee will be reduced by 0.02%. During the six months ended June 30, 2018, MFSCo waived the following transfer agent fees:
| | | Voluntary Transfer
Agent Fees
Reimbursements | | | Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets - Retail Class | | | Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets - Adviser Class | | | Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets - Institutional Class | | | Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets - Money Market
Funds | |
Muirfield | | $ | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Spectrum | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Global | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Balanced | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Moderate | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Conservative | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Aggressive | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Dynamic | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Quantex | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Bond | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Prime Money Market | | | 3,506 | | | | N/A | | | | N/A | | | | N/A | | | | 0.02 | % |
Institutional Prime Money Market | | | 37,154 | | | | N/A | | | | N/A | | | | N/A | | | | 0.02 | % |
Page 126 | 2018 Semiannual Report | June 30, 2018 |
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% |
Spectrum | 0.10% | 0.08% |
Global | 0.10% | 0.08% |
Balanced | 0.10% | 0.08% |
Moderate | 0.10% | 0.08% |
Conservative | 0.10% | 0.08% |
Aggressive | 0.10% | 0.08% |
Dynamic | 0.10% | 0.08% |
Quantex | 0.10% | 0.08% |
Bond | 0.10% | 0.08% |
Prime Money Market | 0.10% | 0.08% |
Institutional Prime 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 | % |
Spectrum | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Global | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Balanced | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Moderate | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Conservative | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Aggressive | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Dynamic | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Quantex | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Bond | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Prime Money Market | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
Institutional Prime Money Market | | | 7,500 | | | | 0.15 | % | | | 0.10 | % | | | 0.02 | % | | | 0.01 | % |
2018 Semiannual Report | June 30, 2018 | Page 127 |
For the six months ended June 30, 2018, MAM and MFSCo agreed to voluntarily waive and/or reimburse investment advisory fees and/or transfer agent fees, respectively. The cumulative amounts voluntarily waived and/or reimbursed and the impact to 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 | | | Impact of Voluntary
Waivers to Average
Net Assets | | | Impact of Voluntary
Waivers to Average
Net Assets - Retail
Class | | | Impact of Voluntary
Waivers to Average
Net Assets -
Adviser Class | | | Impact of Voluntary
Waivers to Average
Net Assets -
Institutional Class | |
Muirfield | | $ | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Spectrum | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Global | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Balanced | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Moderate | | | 3,079 | | | | N/A | | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Conservative | | | 5,679 | | | | N/A | | | | 0.01 | % | | | 0.01 | % | | | 0.01 | % |
Aggressive | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Dynamic | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Quantex | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Bond | | | — | | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Prime Money Market | | | 89,276 | | | | 0.51 | % | | | N/A | | | | N/A | | | | N/A | |
Institutional Prime Money Market | | | 658,945 | | | | 0.36 | % | | | N/A | | | | N/A | | | | N/A | |
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, 2018, Spectrum, Global, Balanced, Moderate, Conservative, Aggressive, and Quantex 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. For the six months ended June 30, 2018, income earned through securities lending arrangements was as follows:
| | | Amount Received
to Reduce Gross
Expenses | |
Muirfield | | $ | 4,941 | |
Spectrum | | | 1,237 | |
Global | | | 3,572 | |
Balanced | | | 42,309 | |
Moderate | | | 29,015 | |
Conservative | | | 37,143 | |
Aggressive | | | 1,583 | |
Dynamic | | | 7,085 | |
Quantex | | | 5,355 | |
Page 128 | 2018 Semiannual Report | June 30, 2018 |
Certain Funds have entered into directed brokerage arrangements with unaffiliated brokers whereby the brokers have agreed to pay a portion of the Funds’ operating expenses using part of the commissions generated by the Funds. All expenses paid with directed brokerage and commission recapture credits are shown in full on the Statements of Operations and the amount credited is shown as a reduction in total expenses. In the absence of the directed brokerage arrangement, the Funds could have invested some of the amounts paid for commissions to generate income or capital gain; however, the Funds would have paid more in expenses. The following table identifies each category of expense that was paid using directed brokerage and commission recapture credits and the total credits received by each Fund during the six months ended June 30, 2018:
| | | Registration | | | Other | | | Custody | | | Audit | | | Insurance | | | Postage | | | Printing | | | Legal | | | Short
Dividend | | | Total
Credits
Received | |
Muirfield | | $ | 40,416 | | | $ | 18,235 | | | $ | 24,345 | | | $ | 7,014 | | | $ | 14,756 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 104,766 | |
Spectrum | | | 31,890 | | | | 12,165 | | | | 8,077 | | | | 7,843 | | | | 3,939 | | | | — | | | | — | | | | — | | | | — | | | | 63,914 | |
Global | | | 22,701 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 22,701 | |
Balanced | | | 33,096 | | | | 14,853 | | | | 14,943 | | | | 7,014 | | | | 9,608 | | | | 7,358 | | | | 5,419 | | | | 2,561 | | | | — | | | | 94,852 | |
Moderate | | | 30,060 | | | | 10,015 | | | | 6,481 | | | | 7,130 | | | | 2,756 | | | | 4,401 | | | | 2,700 | | | | 2,572 | | | | — | | | | 66,115 | |
Conservative | | | 28,726 | | | | 9,062 | | | | 5,435 | | | | 6,967 | | | | 936 | | | | 4,462 | | | | 1,826 | | | | 2,560 | | | | — | | | | 59,974 | |
Aggressive | | | 26,878 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 26,878 | |
Dynamic | | | 30,376 | | | | 11,448 | | | | 7,286 | | | | 7,014 | | | | 3,646 | | | | — | | | | — | | | | — | | | | — | | | | 59,770 | |
Quantex | | | 27,969 | | | | 10,655 | | | | 4,618 | | | | 6,070 | | | | 4,443 | | | | 3,738 | | | | 1,557 | | | | 2,560 | | | | — | | | | 61,610 | |
Bond | | | 30,106 | | | | 12,095 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 42,201 | |
The Funds have adopted a written plan pursuant to Rule 12b-1 of the 1940 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 affiliates of MAM. The annual adopted 12b-1 plan maximum limitations, along with 12b-1 plan expense payments made to the Funds’ affiliated distributer for the six months ended June 30, 2018, are as follows:
| | | Maximum
Annual 12b-1
Plan Expense as
a Percentage of
Average Daily
Net Assets | | | Maximum Annual
12b-1 Plan Expense
as a Percentage
of Average Daily
Net Assets - Retail
Class | | | Maximum Annual
12b-1 Plan Expense
as a Percentage of
Average Daily Net
Assets - Adviser
Class | | | Maximum Annual
12b-1 Plan Expense
as a Percentage
of Average Daily
Net Assets -
Institutional Class | | | 12b-1 Plan Expense
Payments Made
to Affiliates | |
Muirfield | | | N/A | | | | 0.20 | % | | | N/A | | | | N/A | | | $ | 19,673 | |
Spectrum | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | 1,848 | |
Global | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | |
Balanced | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | 3,447 | |
Moderate | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | 1,241 | |
Conservative | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | 1,628 | |
Aggressive | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | 2,552 | |
Dynamic | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | 4,872 | |
Quantex | | | N/A | | | | 0.20 | % | | | N/A | | | | N/A | | | | 8,488 | |
Bond | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | 2,765 | |
Prime Money Market | | | 0.20 | % | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Institutional Prime Money Market | | | 0.20 | % | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
2018 Semiannual Report | June 30, 2018 | Page 129 |
The Funds (other than the Money Market Funds) have adopted a shareholder services plan that allows the Funds to pay financial intermediaries and other persons, including “platforms,” for providing shareholder and administrative services to Fund shareholders and maintaining shareholder accounts. The annual adopted shareholder services plan maximum limitations for the six months ended June 30, 2018 are as follows:
| | Maximum Annual
Shareholder Services
Plan Expense as a
Percentage of Average
Daily Net Assets -
Retail Class | Maximum Annual
Shareholder Services
Plan Expense as a
Percentage of Average
Daily Net Assets -
Adviser Class | Maximum Annual
Shareholder Services
Plan Expense as a
Percentage of Average
Daily Net Assets -
Institutional Class |
Muirfield | 0.20% | 0.25% | 0.10% |
Spectrum | 0.20% | 0.25% | 0.10% |
Global | 0.20% | 0.25% | 0.10% |
Balanced | 0.20% | 0.25% | 0.10% |
Moderate | 0.20% | 0.25% | 0.10% |
Conservative | 0.20% | 0.25% | 0.10% |
Aggressive | 0.20% | 0.25% | 0.10% |
Dynamic | 0.20% | 0.25% | 0.10% |
Quantex | 0.20% | 0.25% | 0.10% |
Bond | 0.20% | 0.25% | 0.10% |
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. Amounts deferred under the Plan may be distributed in a lump sum or generally equal annual installments over a period of up to ten (10) years 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, 2018, several of the Funds invested in the Institutional Prime Money Market Fund, an affiliate, as described in Section 2(a)(3) of the Investment Company Act of 1940. 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 Fund on a net basis. The Funds’ investments in the Institutional Prime Money Market Fund, which had a 7-day yield of 1.96% on June 30, 2018, were as follows:
| | | 12/31/17
Fair Value | | | Purchases | | | Sales | | | Realized
Gains | | | 6/30/18
Cost | | | Change in
Unrealized | | | Income | | | 6/30/18
Fair Value | |
Muirfield | | $ | 151,740,645 | | | $ | 89,966,018 | | | $ | (91,615,311 | ) | | $ | (11,245 | ) | | $ | 150,099,532 | | | $ | 32,475 | | | $ | 1,333,706 | | | $ | 150,112,582 | |
Spectrum | | | 5,834,908 | | | | 48,399,883 | | | | (38,991,730 | ) | | | 485 | | | | 15,243,605 | | | | 3,177 | | | | 153,017 | | | | 15,246,723 | |
Global | | | 11,707,988 | | | | 22,792,678 | | | | (19,710,180 | ) | | | (1,445 | ) | | | 14,790,056 | | | | 3,161 | | | | 128,998 | | | | 14,792,202 | |
Balanced | | | 46,165,677 | | | | 77,734,813 | | | | (60,061,626 | ) | | | (137 | ) | | | 63,839,107 | | | | 8,515 | | | | 519,849 | | | | 63,847,242 | |
Moderate | | | 2,822,646 | | | | 82,526,968 | | | | (61,545,046 | ) | | | 55 | | | | 23,804,622 | | | | 3,461 | | | | 149,109 | | | | 23,808,084 | |
Conservative | | | 349,527 | | | | 76,690,333 | | | | (66,815,285 | ) | | | 515 | | | | 10,225,221 | | | | 1,108 | | | | 73,247 | | | | 10,226,198 | |
Aggressive | | | 6,809,597 | | | | 9,835,730 | | | | (13,597,580 | ) | | | (955 | ) | | | 3,047,662 | | | | 1,284 | | | | 28,900 | | | | 3,048,076 | |
Dynamic | | | 21,160,222 | | | | 24,883,825 | | | | (17,090,617 | ) | | | (2,602 | ) | | | 28,953,415 | | | | 5,478 | | | | 233,332 | | | | 28,956,306 | |
Quantex | | | 5,257,988 | | | | 17,810,816 | | | | (20,817,801 | ) | | | (556 | ) | | | 2,250,808 | | | | 445 | | | | 17,488 | | | | 2,250,892 | |
Bond | | | 5,927,638 | | | | 21,064,451 | | | | (22,628,469 | ) | | | (174 | ) | | | 4,363,578 | | | | 727 | | | | 26,502 | | | | 4,364,173 | |
Page 130 | 2018 Semiannual Report | June 30, 2018 |
6. Federal Tax Information
The following information is computed on a tax basis for each item as of December 31, 2017:
| | | Tax Cost of
Portfolio
Investments | | | Gross Unrealized
Appreciation | | | Gross Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
Muirfield | | $ | 437,303,143 | | | $ | 40,103,982 | | | $ | (4,204,830 | ) | | $ | 35,899,152 | |
Spectrum | | | 137,774,232 | | | | 21,245,194 | | | | (6,555,099 | ) | | | 14,690,095 | |
Global | | | 67,531,787 | | | | 6,073,743 | | | | (372,825 | ) | | | 5,700,918 | |
Balanced | | | 263,125,763 | | | | 15,832,790 | | | | (2,661,654 | ) | | | 13,171,136 | |
Moderate | | | 64,032,285 | | | | 2,131,479 | | | | (445,810 | ) | | | 1,685,669 | |
Conservative | | | 24,823,898 | | | | 171,462 | | | | (128,924 | ) | | | 42,538 | |
Aggressive | | | 37,549,605 | | | | 3,666,545 | | | | (371,062 | ) | | | 3,295,483 | |
Dynamic | | | 116,683,557 | | | | 14,103,901 | | | | (971,110 | ) | | | 13,132,791 | |
Quantex | | | 74,945,719 | | | | 21,489,744 | | | | (2,186,730 | ) | | | 19,303,014 | |
Bond | | | 188,221,912 | | | | 1,406,748 | | | | (1,525,058 | ) | | | (118,310 | ) |
Prime Money Market | | | 35,204,438 | | | | — | | | | — | | | | — | |
Institutional Prime Money Market | | | 296,800,650 | | | | — | | | | (60,106 | ) | | | (60,106 | ) |
The tax characteristics of dividends paid by the Funds during the period ended December 31, 2017 were as follows:
| | | Ordinary Income | | | Net Short-Term
Capital Gains | | | Net Long-Term
Capital Gains | | | Total Dividends
Paid* | |
Muirfield | | $ | 2,259,367 | | | $ | 29,232,859 | | | $ | 3,732,513 | | | $ | 35,224,739 | |
Spectrum | | | 198 | | | | 3,646,436 | | | | 5,562,130 | | | | 9,208,764 | |
Global | | | 453,751 | | | | — | | | | 828,928 | | | | 1,282,679 | |
Balanced | | | 2,145,554 | | | | 11,374,967 | | | | — | | | | 13,520,521 | |
Moderate | | | 382,921 | | | | 1,907,148 | | | | 205,355 | | | | 2,495,424 | |
Conservative | | | 336,521 | | | | — | | | | — | | | | 336,521 | |
Aggressive | | | 156,251 | | | | 2,963,952 | | | | 1,299,711 | | | | 4,419,914 | |
Dynamic | | | 928,733 | | | | 8,074,316 | | | | 1,393,140 | | | | 10,396,189 | |
Quantex | | | 233,961 | | | | 2,013,070 | | | | 542,617 | | | | 2,789,648 | |
Bond | | | 5,420,405 | | | | — | | | | — | | | | 5,420,405 | |
Prime Money Market | | | 243,527 | | | | — | | | | — | | | | 243,527 | |
Institutional Prime Money Market | | | 1,977,385 | | | | — | | | | — | | | | 1,977,385 | |
The tax characteristics of dividends paid by the Funds during the year ended December 31, 2016 were as follows:
| | | Ordinary Income | | | Net Short-Term
Capital Gains | | | Net Long-Term
Capital Gains | | | Tax Return of
Capital | | | Total Dividends
Paid* | |
Muirfield | | $ | 2,921,928 | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,921,928 | |
Spectrum | | | 230,684 | | | | — | | | | 1,329,394 | | | | — | | | | 1,560,078 | |
Global | | | 922,270 | | | | — | | | | — | | | | — | | | | 922,270 | |
Balanced | | | 2,762,245 | | | | — | | | | — | | | | — | | | | 2,762,245 | |
Moderate | | | 777,516 | | | | — | | | | — | | | | — | | | | 777,516 | |
Conservative | | | 29,976 | | | | — | | | | 196,619 | | | | 221,929 | | | | 448,524 | |
Aggressive | | | 515,324 | | | | — | | | | — | | | | — | | | | 515,324 | |
Dynamic | | | 1,181,295 | | | | — | | | | 570,071 | | | | — | | | | 1,751,366 | |
Quantex | | | 361,262 | | | | 871,863 | | | | 376,765 | | | | — | | | | 1,609,890 | |
Bond | | | 6,263,564 | | | | — | | | | — | | | | — | | | | 6,263,564 | |
Prime Money Market | | | 567,140 | | | | — | | | | — | | | | — | | | | 567,140 | |
Institutional Prime Money Market | | | 86,393 | | | | — | | | | — | | | | — | | | | 86,393 | |
2018 Semiannual Report | June 30, 2018 | Page 131 |
As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis for the Funds were as follows:
| | | Undistributed
Ordinary Income | | | Undistributed
Capital Gain | | | Accumulated
Capital and Other
Gains and (Losses) | | | Unrealized
Appreciation/
(Depreciation)** | | | Total Accumulated
Earnings/(Deficit) | |
Muirfield | | $ | 2,011,090 | | | $ | 3,276,617 | | | $ | (151,557 | ) | | $ | 35,899,152 | | | $ | 41,035,302 | |
Spectrum | | | — | | | | 2,128,127 | | | | (37,798 | ) | | | 14,690,095 | | | | 16,780,424 | |
Global | | | 272,649 | | | | 2,206,113 | | | | (75,127 | ) | | | 5,700,918 | | | | 8,104,553 | |
Balanced | | | 1,733,804 | | | | 81,232 | | | | (101,066 | ) | | | 13,171,136 | | | | 14,885,106 | |
Moderate | | | 3,763,671 | | | | 1,204,467 | | | | (5,079 | ) | | | 1,685,669 | | | | 6,648,728 | |
Conservative | | | 30,829 | | | | 2,179,757 | | | | (40,885 | ) | | | 42,538 | | | | 2,212,239 | |
Aggressive | | | — | | | | 66,669 | | | | (51,811 | ) | | | 3,295,483 | | | | 3,310,341 | |
Dynamic | | | 542,528 | | | | 387,472 | | | | (91,600 | ) | | | 13,132,791 | | | | 13,971,191 | |
Quantex | | | 45,469 | | | | — | | | | (939,639 | ) | | | 19,303,014 | | | | 18,408,844 | |
Bond | | | — | | | | — | | | | (10,249,216 | ) | | | (118,310 | ) | | | (10,367,526 | ) |
Institutional Prime Money Market | | | 1,114 | | | | — | | | | (2,335 | ) | | | (60,106 | ) | | | (61,327 | ) |
* | 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. |
For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2017, 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:
| | | Short Term
Capital Loss
Carryforward | | | Long Term
Capital Loss
Carryforward | | | Capital Loss
Carryforward
Utilized | |
Global | | $ | — | | | $ | — | | | $ | 6,488,111 | |
Balanced | | | — | | | | — | | | | 82,095 | |
Moderate | | | — | | | | — | | | | 635,467 | |
Conservative | | | — | | | | — | | | | 646,435 | |
Quantex | | | — | | | | 897,624 | | | | — | |
Bond | | | 7,595,523 | | | | 2,603,138 | | | | 1,343,276 | |
Institutional Prime Money Market | | | 1,326 | | | | — | | | | — | |
7. 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, 2018, beneficial owners that held more than 25% of the voting securities of the Funds and may be deemed to control the Funds are as follows:
Fund | Beneficial Owner | Percent of Voting
Securities |
Institutional Prime Money Market | Meeder Muirfield Fund | 46% |
8. Contingencies and Commitments
The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
9. Subsequent Events
Management evaluated subsequent events through the date these financial statements were issued and concluded no subsequent events required recognition or disclosure in these financial statements.
Page 132 | 2018 Semiannual Report | June 30, 2018 |
Trustees and Officers (unaudited)
Certain trustees and officers of the Funds are also officers or directors of Meeder, MAM, and MFSCo. The Trustees oversee the management of the Trust and elect its officers. The officers are responsible for the Funds’ day-to-day operations. The Trustees’ and officers’ names, addresses, years of birth, positions held with the Trust, and length of service with the Meeder Funds are listed below. Also included is each Board member’s principal occupation during, at least, the past five years. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Those Trustees who are “interested persons”, as defined in the 1940 Act, by virtue of their affiliation with the Trust, are indicated by an asterisk (*).
Name, Address1,
and Year of Birth | Year First Elected a
Trustee or Officer of
the Trust | Position and Number
of Funds Overseen2 | Principal Occupation During
Past Five Years and Other
Directorships Held |
Robert S. Meeder, Jr.*
Year of Birth: 1961 | 1992 | Trustee and President | President, Meeder Investment Management, Inc. |
Stuart M. Allen**
Year of Birth: 1961 | 2006 | Trustee | President of Gardiner Allen DeRoberts Insurance LLC, an insurance agency. |
Anthony V. 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. |
Jeffrey R. Provence**
Year of Birth: 1969 | 2017 | Trustee | CEO, Premier Fund Solutions, Inc. (2001 – present); General Partner & Portfolio Manager, Value Trend Capital Management, L.P. (1995 – present); Director, Blue Chip Investor Funds; Director, PFS Funds; Chairman of the Trust’s Audit Committee. |
Dale W. Smith
Year of Birth: 1959 | 2006 | Vice President | Co-Chief Investment Officer, Meeder Investment Management, Inc. (2006 – present); Chief Financial Officer, Meeder Asset Management, Inc. (2005 – 2017). |
Susan E. Meeder
Year of Birth: 1963 | 2014 | Vice President | Chief Administrative Officer, Meeder Investment Management, Inc. (2017 – present); Chief Operating Officer of Meeder Investment Management, Inc. (2009 – 2017). |
Douglas Jennings
Year of Birth: 1962 | 2017 | Chief Compliance Officer | Chief Compliance Officer, Meeder Investment Management, Inc. (2016 – present); Assistant General Counsel; Partner, Carlile Patchen & Murphy, LLP (2010 – 2016). |
Bruce E. McKibben
Year of Birth: 1969 | 2002 | Treasurer | Director of Fund Accounting, Mutual Funds Service Co. (1997 – present). |
Alaina Salonsky
Year of Birth: 1967 | 2017 | Secretary | Compliance Specialist, Meeder Investment Management, Inc. (2017 – present); Teacher, Big Walnut School District, Sunbury, Ohio (2013 – 2017). |
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 twelve 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 Adviser 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, Prime Money Market Fund and Institutional Prime Money Market Fund file their complete schedules 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, 2018, 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.
2018 Semiannual Report | June 30, 2018 | Page 133 |
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Manager and Investment Adviser
Meeder Asset Management, Inc.
6125 Memorial Drive
P.O. Box 7177
Dublin, Ohio 43017
Board of Trustees
Stuart M. Allen
Anthony J. D’Angelo
Robert S. Meeder, Jr.
Jeffrey R. Provence
Custodian
The Huntington National Bank
Columbus, Ohio 43215
Transfer Agent & Dividend Disbursing Agent
Mutual Funds Service Co.
6125 Memorial Drive
Dublin, Ohio 43017
Distributor
Adviser Dealer Services, Inc.
6125 Memorial Drive
Dublin, Ohio 43017
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, Ohio 44115
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function. There were no amendments made to, or waivers granted from, the code of ethics during the fiscal year.
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Trust has determined that Jeffrey R. Provence is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Provence is independent for purposes of Item 3 of form N-CSR.
Item 4. Principal Accountant Fees and Services.
| (a) | – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows: |
| | | 2018 | | | 2017 | |
| Audit Fees | | $ | 128,500 | | | $ | 122,500 | |
| Audit-Related Fees | | | 300 | | | | 300 | |
| Tax Fees | | | 42,000 | | | | 64,500 | |
| All Other Fees | | | 2,200 | | | | 2,500 | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements, including, but not limited to, mileage, lodging, and meals. Tax fees include amounts related to tax compliance, tax planning, and tax advice, including the review and preparation of the Funds’ income tax returns, the review and preparation of the Funds’ excise tax returns, the review of supporting schedules and documentation provided by management, the review and recalculation of the Funds’ estimated distribution calculations, and the review of wash sales for reasonableness. All other fees include amounts related to the registrant’s annual filing of Form N1A.
(e)(1) A purpose of the Audit Committee is to approve the engagement of the registrant’s independent auditors (i) to render audit and non-audit services for the registrant in accordance with Rule 2-01(c)(7)(i) of Regulation S-X, subject to the waiver provisions set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X, and (ii) to render non-audit services for the registrant’s investment advisors (other than a sub-advisor whose role is primarily portfolio management and is subcontracted or overseen by another investment advisor) and any other entity controlling by, or under common control with the investment advisor that provides ongoing services to the registrant, in each case under (ii) if the engagement relates directly to the operations and financial reporting of the registrant, in accordance with Rule 2-01(c)(7)(ii) of Regulation S-X, subject to waiver provisions set forth in Rule 2-01(c)(7)(ii) of Regulation S-X.
(e)(2) 0% of services included in (b) – (d) above were approved pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant were $17,750 and $58,070 respectively.
(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Items 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.
(b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12. Exhibits.
(a)(1) Code of Ethics filed herewith as EX-99.CODE ETH.
(a)(2) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR270.30a-2(a)). Filed herewith as EX-99.CERT.
(b) Certifications of principal executive officer and principal financial officer, under Section 906 of the Sarbanes-Oxley Act of 2002, and 18 U.S.C. ss.1350. Filed herewith as EX-99.906 CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Meeder Funds | |
| | | |
| By: | /s/ Bruce E. McKibben | |
| | Bruce E. McKibben, Treasurer | |
| | | |
| Date: | September 6, 2018 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Bruce E. McKibben | |
| | Bruce E. McKibben, Treasurer | |
| | | |
| Date: | September 6, 2018 | |
| | | |
| By: | /s/ Robert S. Meeder, Jr. | |
| | Robert S. Meeder, Jr., President | |
| | | |
| Date: | September 6, 2018 | |
