Meeder Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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, 2019

Date of reporting period: June 30, 2019

Item 1. Report to Stockholders.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.meederinvestment.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-325-3539 or by sending an email request tomeederfunds@meederinvestment.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-800-325-3539 or send an email request tomeederfunds@meederinvestment.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the Fund complex if you invest directly with a Fund.

TABLE OF CONTENTS

Letter to Shareholders	1
Portfolio Composition	3
Schedules of Investments	9
Statements of Assets & Liabilities	92
Statements of Operations	94
Statements of Changes in Net Assets	96
Financial Highlights	100
Notes to Financial Statements	108
Shareholder Expense Analysis	127

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, 2019

CAPITAL MARKETS AS OF JUNE 30, 2019

Equity volatility subsided some during the second quarter of 2019, compared to the first three months of the year. The S&P 500 regained its footing and eclipsed the prior high set in September 2018 to reach a new all-time closing high of 2,954 on June 20th. After finishing 2018 in negative territory, the S&P 500 Index has increased more than 18% year-to-date. Market breadth continues to improve as the number of advancing stocks to declining stocks on the NYSE Composite continues to validate that more stocks are participating in the rally.

Many are encouraged to see this upswing in performance, but not every segment of the market is “hitting on all cylinders” and it has led some investors to caution the sustainability of this rally. Different investment styles and market capitalizations are showing various levels of strength. This year, in some cases, growth stocks have doubled the performance of their value peers. While small-cap stocks, represented by the Russell 2000 Index, returned less than half of the S&P 500 during the quarter, they have managed to climb nearly 17% in 2019. When looking back at the past 12 months, the disparity among small cap stocks (Russell 2000 Index) relative to large caps (S&P 500 Index) has maintained the widest range since 1998.

First quarter GDP posted 3.1% growth, in line with analyst expectations, but some data is showing signs that the U.S. economy’s growth is slowing. June’s ISM Manufacturing Index level of 51.7 showed growth but the results were the weakest in almost three years. Employment data over the past two months has varied widely and has been difficult for investors to gauge. The May non-farm payrolls report was shockingly low as just 75,000 jobs were created despite expectations of 180,000. On a positive note, June saw a rebound in employment numbers by creating 224,000 jobs, exceeding estimates of 165,000. When looking forward, the Leading Indicators Index shows that the rate of growth from April to May remained flat. This index is important because it is a composite of ten forward-looking components that attempt to predict what the economic future looks like up to six months into the future. This stagnation has caused some investors concern as this indicator has historically stopped increasing and turned negative prior to each of the last seven recessions since 1960.

While inflation remains restrained and unemployment is at 3.7%, the Fed continues to reaffirm their commitment to economic growth. In a recent speech, Fed Chair Jerome Powell said that the central bank will work to sustain the economic expansion.

In March the Fed stated that they would be “patient” with future rate increases. Now, because some economic factors are starting to show signs of a slowing economy, some investors feel that the Fed is entertaining the possibility of cutting interest rates. This thought process represents a major shift on the part of the Fed over the last nine months. These comments caused short-term bond yields to plummet, and in May, the 10-year U.S. Treasury yield fell below the 3-month yield. Since 2000, this was the third market cycle that an inversion in the yield curve has occurred between these maturities. As longer-term bond yields fall below shorter-term yields, it suggests serious concerns about future economic growth. This means, given the amount of uncertainty present in the marketplace, investors are unwilling to be compensated with additional yield for longer dated maturities. Despite the Fed’s indecision regarding interest rates, the Bloomberg Barclays US Aggregate Bond Index increased over 6% in the first half of 2019.

Some investors also believe the Fed is closely watching international trade talks and would reduce short-term interest rates should there be economic fallout from the ongoing trade war. While there is no resolution to talks between the U.S. and China, both sides have indicated that progress is being made on a deal and agreed to hold off on implementing additional tariffs. As trade talks with China improved, a new trade dispute garnered the attention of investors. Frustrated by the number of undocumented migrants entering the U.S., the President announced that the United States would begin imposing a 5% tariff on all Mexican imports. Mexico responded by placing nearly 15,000 troops along the border to prevent illegal immigrants from entering the United States.

While trade wars continue to make media headlines, it is important to put the projected cost impact of these tariffs into perspective. According to Bloomberg, the estimated cost of tariffs to the U.S. economy so far has been roughly $50 billion. In 2019, the estimated impact of U.S. tax reform to the American economy, along with an increase in government spending, equates to approximately $124 billion in the U.S. economy. Although trade disputes have historically not been economically positive, the current impact is a mere fraction of the U.S. GDP, which equaled $20.5 trillion last year.

In June, two commercial oil tankers were bombed in the Gulf of Oman, which is located near the Strait of Hormuz. This is a strategically important location because over 30% of the world’s oil is shipped through this channel making it a major artery for transportation. While officials from the U.S., U.K. and Saudi Arabia believe that Iran is responsible for the tanker attacks, the Iranians have categorically denied the accusations. This is important because the Trump administration pulled out of the 2015 Iran Nuclear Deal. Feeling that the terms of the deal were not strong enough to prevent Iran from continuing its quest toward the creation of a nuclear bomb, the administration instead began imposing economic sanctions on the country. These sanctions are crippling Iran’s economy and it is believed that Iran conducted this attack in retaliation. Just one week later, Iran claimed responsibility for shooting down a U.S. drone that was conducting surveillance. Iran claimed that the aircraft entered Iranian airspace, but U.S. aerial footage shows that the drone, at its closest point, was still 34 kilometers away from Iran. The U.S. decided not to launch a military strike on Iran but did impose further sanctions on the country.

Meanwhile, the American Petroleum Institute reported that U.S. crude inventories fell 7.5 million barrels compared to an expected 2.5 million. The international unrest, along with the inventory shortages, has caused the price of oil to increase to over $59 a barrel. All the political and economic instability in international markets has caused investors to be even more cautious. Despite lagging domestic market performance so far this year, the MSCI EAFE Index still managed to post returns of more than 14%, while emerging markets represented by the MSCI EM Index is up 10% at the end of June 2019.

2019 Semiannual Report | June 30, 2019 Page 1

LOOKING FORWARD

Meeder is dedicated to keeping clients committed to their investment strategy throughout a full market cycle. This is because studies show that the average investor has historically participated in just a fraction of the market’s long-term gains. Wide swings in the markets often lead investors to make decisions based on emotion, rather than data, especially in periods of market selloffs. Therefore, to keep investors committed to their goals, we have developed investment models to analyze data to make fact-based decisions when allocating our portfolios. At Meeder, we have been successfully utilizing investment models to navigate markets for over 45 years! On behalf of all of us at Meeder Investment Management, we want to sincerely thank you for placing your trust in our investment management services and look forward to working with you in the future.

Robert S. Meeder
President and CEO
Meeder Asset Management, Inc.

Page 2 2019 Semiannual Report | June 30, 2019

Portfolio Composition

June 30, 2019

Muirfield Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Information Technology	24.9%
Healthcare	19.0%
Consumer Discretionary	10.8%
Financials	10.1%
Industrials	10.0%
Communication Services	8.2%
Consumer Staples	5.7%
Energy	4.6%
Real Estate Investment Trust	3.9%
Materials	2.0%
Utilities	0.8%
Total	100.0%

As a percentage of total common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
Microsoft Corp.	2.7%
Apple, Inc.	2.3%
Amazon.com, Inc.	1.9%
Berkshire Hathaway, Inc. - Class B	1.4%
Alphabet, Inc. - Class C	1.3%
Cisco Systems, Inc.	1.1%
MasterCard, Inc.	1.1%
JPMorgan Chase & Co.	1.0%
Johnson & Johnson	1.0%
PepsiCo, Inc.	1.0%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Common Stocks	72.1%
Money Market Registered Investment Companies	25.7%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	2.1%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

Spectrum Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Long Positions
Information Technology	19.7%
Financials	19.6%
Healthcare	11.9%
Industrials	11.8%
Consumer Discretionary	9.8%
Communication Services	6.4%
Utilities	5.3%
Energy	4.3%
Consumer Staples	4.1%
Real Estate Investment Trust	3.7%
Materials	3.4%
Total Long	100.0%

Short Positions
Financials	35.6%
Industrials	18.6%
Utilities	12.4%
Information Technology	9.4%
Consumer Discretionary	6.5%
Materials	5.3%
Real Estate Investment Trust	3.3%
Consumer Staples	2.7%
Healthcare	2.6%
Communication Services	2.5%
Energy	1.1%
Total Short	100.0%

Total long as a percentage of total long common stocks. Total short as a percentage of total short common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
Microsoft Corp.	2.1%
Apple, Inc.	1.9%
Amazon.com, Inc.	1.6%
Alphabet, Inc. - Class C	1.0%
Berkshire Hathaway, Inc. - Class B	1.0%
Cisco Systems, Inc.	0.9%
Facebook, Inc.	0.9%
Johnson & Johnson	0.8%
Verizon Communications, Inc.	0.8%
MasterCard, Inc.	0.8%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Long Common Stocks	93.5%
Short Common Stocks	(33.3%)
Money Market Registered Investment Companies	2.8%
Other Assets/Liabilities (Net)	37.0%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

Page 4 2019 Semiannual Report | June 30, 2019

Global Allocation Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Information Technology	23.3%
Healthcare	19.0%
Financials	11.5%
Consumer Discretionary	10.0%
Industrials	9.9%
Communication Services	8.0%
Consumer Staples	6.4%
Energy	5.0%
Real Estate Investment Trust	3.9%
Materials	2.3%
Utilities	0.7%
Total	100.0%

As a percentage of total common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
iShares Core MSCI EAFE ETF	4.5%
Microsoft Corp.	1.5%
Apple, Inc.	1.3%
iShares Core MSCI Emerging Markets ETF	1.1%
Amazon.com, Inc.	1.1%
TCW Emerging Markets Income Fund - Class I	0.9%
Berkshire Hathaway, Inc. - Class B	0.8%
U.S. Treasury Note, 2.25%, due 11/15/2025	0.8%
Alphabet, Inc. - Class C	0.8%
Dodge & Cox Income Fund	0.7%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Common Stocks	41.1%
Money Market Registered Investment Companies	36.9%
Fixed Income Registered Investment Companies	9.5%
Equity Registered Investment Companies	5.5%
U.S. Government Obligations	1.6%
Bank Obligations	1.3%
Other Assets/Liabilities (Net)	4.1%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

Balanced Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Information Technology	25.0%
Healthcare	19.0%
Consumer Discretionary	10.6%
Financials	10.2%
Industrials	10.0%
Communication Services	8.0%
Consumer Staples	6.1%
Energy	4.6%
Real Estate Investment Trust	3.9%
Materials	1.9%
Utilities	0.7%
Total	100.0%

As a percentage of total common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
TCW Emerging Markets Income Fund - Class I	2.4%
U.S. Treasury Note, 2.25%, due 11/15/2025	2.1%
Dodge & Cox Income Fund	1.9%
Payden Emerging Markets Bond Fund - Class I	1.8%
iShares JP Morgan USD Emerging Markets Bond ETF	1.8%
Microsoft Corp.	1.8%
iShares Core U.S. Aggregate Bond ETF	1.7%
Apple, Inc.	1.6%
Pioneer Bond Fund - Class Y	1.5%
Baird Core Plus Bond Fund - Class I	1.5%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Common Stocks	48.4%
Fixed Income Registered Investment Companies	26.1%
Money Market Registered Investment Companies	19.3%
U.S. Government Obligations	4.4%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	1.6%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

Moderate Allocation Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Information Technology	24.2%
Healthcare	19.0%
Financials	10.7%
Consumer Discretionary	10.3%
Industrials	10.1%
Communication Services	7.8%
Consumer Staples	6.2%
Energy	4.8%
Real Estate Investment Trust	3.9%
Materials	2.1%
Utilities	0.9%
Total	100.0%

As a percentage of total common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
TCW Emerging Markets Income Fund - Class I	4.0%
U.S. Treasury Note, 2.25%, due 11/15/2025	3.5%
Dodge & Cox Income Fund	3.1%
iShares JP Morgan USD Emerging Markets Bond ETF	3.0%
Payden Emerging Markets Bond Fund - Class I	3.0%
iShares Core U.S. Aggregate Bond ETF	2.9%
Pioneer Bond Fund - Class Y	2.6%
Baird Core Plus Bond Fund - Class I	2.5%
DoubleLine Total Return Bond Fund - Class I	2.5%
Lord Abbett High Yield Fund - Class I	2.5%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Common Stocks	32.5%
Fixed Income Registered Investment Companies	43.2%
Money Market Registered Investment Companies	15.5%
Bank Obligations	0.1%
U.S. Government Obligations	7.3%
Other Assets/Liabilities (Net)	1.4%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

2019 Semiannual Report | June 30, 2019 Page 5

Conservative Allocation Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Information Technology	24.1%
Healthcare	19.0%
Financials	11.0%
Consumer Discretionary	10.2%
Industrials	10.1%
Communication Services	7.7%
Consumer Staples	6.3%
Energy	4.8%
Real Estate Investment Trust	3.9%
Materials	2.1%
Utilities	0.8%
Total	100.0%

As a percentage of total common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
TCW Emerging Markets Income Fund - Class I	5.7%
U.S. Treasury Note, 2.25%, due 11/15/2025	4.9%
Dodge & Cox Income Fund	4.3%
iShares JP Morgan USD Emerging Markets Bond ETF	4.3%
Payden Emerging Markets Bond Fund - Class I	4.2%
iShares Core U.S. Aggregate Bond ETF	3.9%
Pioneer Bond Fund - Class Y	3.6%
Lord Abbett High Yield Fund - Class I	3.5%
Guggenheim Total Return Bond Fund - Class I	3.5%
Baird Core Plus Bond Fund - Class I	3.5%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Fixed Income Registered Investment Companies	60.5%
Common Stocks	20.1%
U.S. Government Obligations	10.2%
Money Market Registered Investment Companies	8.3%
Other Assets/Liabilities (Net)	0.9%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

Dynamic Allocation Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Information Technology	24.7%
Healthcare	19.0%
Financials	10.8%
Consumer Discretionary	10.3%
Industrials	9.8%
Communication Services	8.0%
Consumer Staples	5.9%
Energy	4.8%
Real Estate Investment Trust	3.9%
Materials	2.0%
Utilities	0.8%
Total	100.0%

As a percentage of total common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
iShares JP Morgan USD Emerging Markets Bond ETF	2.6%
SPDR Bloomberg Barclays High Yield Bond ETF	2.6%
Microsoft Corp.	2.6%
Apple, Inc.	2.2%
Amazon.com, Inc.	1.8%
Berkshire Hathaway, Inc. - Class B	1.4%
Alphabet, Inc. - Class C	1.3%
Pfizer, Inc.	1.1%
MasterCard, Inc.	1.0%
Cisco Systems, Inc.	1.0%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Common Stocks	68.0%
Money Market Registered Investment Companies	23.2%
Fixed Income Registered Investment Companies	5.3%
Equity Registered Investment Companies	0.5%
Bank Obligations	0.4%
Other Assets/Liabilities (Net)	2.6%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

Quantex Fund

Sector Concentration as of June 30, 2019	% of total common stocks
Consumer Discretionary	26.2%
Industrials	23.0%
Healthcare	10.0%
Information Technology	8.5%
Financials	8.3%
Energy	7.8%
Real Estate Investment Trust	7.7%
Materials	5.5%
Communication Services	3.0%
Total	100.0%

As a percentage of total common stocks. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
Xerox Corp.	1.6%
World Fuel Services Corp.	1.5%
Fortune Brands Home & Security, Inc.	1.4%
Herman Miller, Inc.	1.3%
DENTSPLY SIRONA, Inc.	1.3%
Jacobs Engineering Group, Inc.	1.3%
Allegion PLC	1.3%
Flowserve Corp.	1.3%
QEP Resources, Inc.	1.2%
Carpenter Technology Corp.	1.2%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Asset Allocation as of June 30, 2019	% of total net assets
Common Stocks	97.7%
Money Market Registered Investment Companies	2.0%
Bank Obligations	1.0%
Other Assets/Liabilities (Net)	(0.7%)
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

Page 6 2019 Semiannual Report | June 30, 2019

Total Return Bond Fund

Fixed Income Sector Concentration as of June 30, 2019	% of total fixed income securities
Core Intermediate-Term	66.6%
U.S. Government	15.1%
Emerging Markets Debt	10.3%
High-Yield	8.0%
Total	100.0%

As a percentage of total fixed income securities. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
U.S. Treasury Note, 2.25%, due 11/15/2025	7.1%
Dodge & Cox Income Fund	7.0%
iShares Core U.S. Aggregate Bond ETF	7.0%
Pioneer Bond Fund - Class Y	6.5%
Frost Total Return Bond Fund - Class I	6.5%
Guggenheim Total Return Bond Fund - Class I	6.5%
DoubleLine Total Return Bond Fund - Class I	6.3%
Baird Core Plus Bond Fund - Class I	6.0%
PGIM Total Return Bond Fund - Class R6	5.1%
Segall Bryant & Hamill Plus Bond Fund - Class I	5.0%

As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Prime Money Market Fund

Sector Concentration as of June 30, 2019	% of total net assets
Commercial Paper	29.2%
Certificates of Deposit	20.3%
Repurchase Agreements	19.5%
Corporate Obligations	16.8%
Money Market Registered Investment Companies	9.6%
U.S. Government and Agency Obligations	3.0%
Bank Obligations	1.5%
Other Assets/Liabilities (Net)	0.1%
Total	100.0%

As a percentage of total net assets. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
South Street Repo, 2.50%, due 7/1/2019	15.0%
Morgan Stanley Government Institutional Fund, 2.25%	7.8%
INTL FCStone Repo, 2.60%, due 7/1/2019	4.5%
Anglesea Funding, 2.37%, due 7/1/2019	3.0%
Prudential Financial, Inc., 2.34%, due 7/1/2019	3.0%
JP Morgan Securities, LLC, 2.94%, due 7/2/2019	2.4%
Bank of Montreal, 3.04%, due 12/12/2019	2.3%
Westpac Banking Corp., 2.50%, due 3/13/20	2.3%
IBM Credit, LLC, 2.62%, due 9/6/2019	2.0%
Fidelity Prime Institutional Money Market Portfolio, 2.39%	1.8%

As a percentage of total net assets.

Institutional Prime Money Market Fund

Sector Concentration as of June 30, 2019	% of total net assets
Commercial Paper	28.3%
Repurchase Agreements	23.4%
Corporate Obligations	20.7%
Certificates of Deposit	18.4%
Money Market Registered Investment Companies	5.0%
U.S. Government and Agency Obligations	4.1%
Bank Obligations	0.1%
Total	100.0%

As a percentage of total net assets. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2019	% of total net assets
South Street Repo, 2.45%, due 7/1/2019	9.4%
Guggenheim Securities, 2.40%, due 7/1/2019	4.7%
South Street Repo, 2.50%, due 7/1/2019	4.7%
INTL FCStone Repo, 2.60%, due 7/1/2019	4.7%
Prudential Financial, Inc., 2.34%, due 7/1/2019	4.4%
Morgan Stanley Government Institutional Fund, 2.25%	3.8%
Anglesea Funding, 2.37%, due 7/1/2019	2.8%
Walt Disney Company, 2.63%, due 3/4/2020	1.8%
Westpac Banking Corp., 2.58%, due 3/13/2020	1.8%
United States Treasury Bill, 2.49%, due 7/18/2019	1.3%

As a percentage of total net assets.    

2019 Semiannual Report | June 30, 2019 Page 7

2019 Semiannual Report
Fund Holdings & Financial Statements

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 72.1%
Communication Services — 5.9%
Alphabet, Inc. - Class A(2)		379		410,381
Alphabet, Inc. - Class C(2)		8,282		8,952,097
AT&T, Inc.		130,392		4,369,436
Beasley Broadcast Group, Inc.		373		1,201
Cable One, Inc.		414		484,790
Comcast Corp. - Class A		95,866		4,053,214
Facebook, Inc.(2)		32,140		6,203,020
Fluent, Inc.(2)		1,839		9,894
Gray Television, Inc.(2)		5,896		96,635
Marcus Corp./The		6,112		201,452
Meet Group, Inc./The(2)		4,879		16,979
Nexstar Media Group, Inc.		4,041		408,141
Rosetta Stone, Inc.(2)		34		778
Shenandoah Telecommunications Co.		1,370		52,772
Spok Holdings, Inc.		8,804		132,412
TEGNA, Inc.		19,581		296,652
Telephone & Data Systems, Inc.		13,573		412,619
T-Mobile US, Inc.(2)		54,531		4,042,928
United States Cellular Corp.(2)		614		27,427
Verizon Communications, Inc.		114,971		6,568,293
Viacom, Inc.		47,449		1,417,302
Walt Disney Co./The		11,983		1,673,306
				39,831,729
Consumer Discretionary — 7.8%
Aaron’s, Inc.		1,756		107,836
Abercrombie & Fitch Co.		2,821		45,249
Amazon.com, Inc.(2)		6,808		12,891,833
AutoZone, Inc.(2)		958		1,053,292
Barnes & Noble, Inc.		552		3,693
Bassett Furniture Industries, Inc.		3,989		60,832
BBX Capital Corp.		5,670		27,840
Beazer Homes USA, Inc.(2)		5,509		52,941
Best Buy Co., Inc.		16,406		1,143,990
Bloomin’ Brands, Inc.		10,484		198,252
Brinker International, Inc.		3,354		131,980
Career Education Corp.(2)		9,087		173,289
Century Casinos, Inc.(2)		306		2,968
Chipotle Mexican Grill, Inc.(2)		1,153		845,011
Clarus Corp.		7,732		111,650
Core-Mark Holding Co., Inc.		916		36,384
Darden Restaurants, Inc.		3,320		404,144
Dave & Buster’s Entertainment, Inc.		700		28,329
Denny’s Corp.(2)		3,400		69,802
Dollar General Corp.		6,861		927,333
Common Stocks — continued
eBay, Inc.		2,303		90,969
Ethan Allen Interiors, Inc.		6,387		134,510
Etsy, Inc.(2)		1,019		62,536
Everi Holdings, Inc.(2)		10,515		125,444
Extended Stay America, Inc.		2,115		35,722
Five Below, Inc.(2)		2,806		336,776
Flexsteel Industries, Inc.		224		3,821
Foot Locker, Inc.		5,930		248,586
GameStop Corp.		5,460		29,866
Garmin, Ltd.		8,285		661,143
Garrett Motion, Inc.(2)		7,796		119,669
General Motors Co.		116,376		4,483,967
Gentex Corp.		9,339		229,833
H&R Block, Inc.		10,901		319,399
Haverty Furniture Cos., Inc.		839		14,288
Helen of Troy, Ltd.(2)		427		55,762
Home Depot, Inc./The		3,665		762,210
Hooker Furniture Corp.		3,626		74,768
J Alexander’s Holdings, Inc.(2)		210		2,358
J. Jill, Inc.		4,703		9,359
Johnson Outdoors, Inc.		395		29,455
K12, Inc.(2)		758		23,051
KB Home		10,503		270,242
Lands’ End, Inc.(2)		241		2,945
Lear Corp.		4,910		683,816
Lennar Corp.		9,015		436,867
Liberty Expedia Holdings, Inc.(2)		14,806		707,579
Lululemon Athletica, Inc.(2)		6,998		1,261,110
M/I Homes, Inc.(2)		3,851		109,908
MasterCraft Boat Holdings, Inc.(2)		973		19,061
McDonald’s Corp.		20,058		4,165,244
MDC Holdings, Inc.		5,474		179,438
Meritage Homes Corp.(2)		125		6,418
NIKE, Inc. - Class B		19,279		1,618,472
Nordstrom, Inc.		363		11,565
Norwegian Cruise Line Holdings, Ltd.(2)		4,980		267,077
NVR, Inc.(2)		77		259,509
Planet Fitness, Inc.(2)		5,991		433,988
PulteGroup, Inc.		6,579		208,028
Rent-A-Center, Inc./TX(2)		1,271		33,847
Roku, Inc.(2)		38		3,442
Ruth’s Hospitality Group, Inc.		5,414		122,952
SeaWorld Entertainment, Inc.(2)		2,576		79,856
Sleep Number Corp.(2)		958		38,694
Speedway Motorsports, Inc.		4,656		86,369
Starbucks Corp.		62,844		5,268,213

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 9

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Superior Industries International, Inc.		1,091		3,775
Tilly’s, Inc. - Class A		2,324		17,732
TJX Cos., Inc./The		88,861		4,698,970
Tractor Supply Co.		604		65,715
Tupperware Brands Corp.		7,206		137,130
Ulta Beauty, Inc.(2)		2,770		960,885
Whirlpool Corp.		1,540		219,234
Yum! Brands, Inc.		37,789		4,182,109
				52,730,330
Consumer Staples — 4.1%
Casey’s General Stores, Inc.		117		18,251
Coca-Cola Consolidated, Inc.		54		16,160
Costco Wholesale Corp.		6,542		1,728,789
Hershey Co./The		8,812		1,181,072
Ingredion, Inc.		450		37,121
Kroger Co./The		50,623		1,099,025
Molson Coors Brewing Co.		23,548		1,318,688
Mondelez International, Inc.		75,492		4,069,019
PepsiCo, Inc.		50,439		6,614,066
Performance Food Group Co.(2)		218		8,727
Pilgrim’s Pride Corp.(2)		1,972		50,069
Procter & Gamble Co./The		19,523		2,140,697
Simply Good Foods Co./The(2)		5,369		129,286
SpartanNash Co.		8,172		95,367
Sysco Corp.		18,378		1,299,692
Turning Point Brands, Inc.		98		4,800
Tyson Foods, Inc.		49,220		3,974,023
USANA Health Sciences, Inc.(2)		733		58,222
Walmart, Inc.		37,015		4,089,787
				27,932,861
Energy — 3.3%
Adams Resources & Energy, Inc.		252		8,639
Arch Coal, Inc. - Class A		1,263		118,987
Archrock, Inc.		30,989		328,483
Berry Petroleum Corp.		3,545		37,577
C&J Energy Services, Inc.(2)		642		7,563
Cabot Oil & Gas Corp.		36,432		836,479
Cactus, Inc.(2)		11,756		389,359
Chevron Corp.		31,667		3,940,641
Cimarex Energy Co.		1,874		111,184
ConocoPhillips		67,903		4,142,083
CVR Energy, Inc.		6,396		319,736
Delek US Holdings, Inc.		5,212		211,190
DHT Holdings, Inc.		4,356		25,744
Common Stocks — continued
DMC Global, Inc.		1,400		88,690
EQT Corp.		18,053		285,418
Evolution Petroleum Corp.		6,750		48,263
Exxon Mobil Corp.		64,644		4,953,670
Hallador Energy Co.		5,981		33,673
Keane Group, Inc.(2)		13,692		92,010
Mammoth Energy Services, Inc.		4,423		30,430
Marathon Oil Corp.		13,787		195,913
Matrix Service Co.(2)		6,706		135,864
Midstates Petroleum Co., Inc.(2)		8,348		49,170
Panhandle Oil and Gas, Inc.		187		2,438
Par Pacific Holdings, Inc.(2)		2,984		61,232
PBF Energy, Inc.		4,306		134,778
Peabody Energy Corp.		10,431		251,387
Phillips 66		45,754		4,279,829
Profire Energy, Inc.(2)		100		151
ProPetro Holding Corp.(2)		10,206		211,264
Renewable Energy Group, Inc.(2)		5,126		81,298
Solaris Oilfield Infrastructure, Inc.		2,398		35,922
Talos Energy, Inc.(2)		4,867		117,051
W&T Offshore, Inc.(2)		17,985		89,206
Williams Cos., Inc./The		21,881		613,543
World Fuel Services Corp.		5,443		195,730
				22,464,595
Financials — 7.3%
Aflac, Inc.		10,282		563,556
Ally Financial, Inc.		61,103		1,893,582
American Express Co.		5,440		671,514
Arbor Realty Trust, Inc.		22,289		270,143
Ares Commercial Real Estate Corp.		14,035		208,560
Argo Group International Holdings, Ltd.		112		8,294
BancFirst Corp.		360		20,038
Bancorp, Inc./The(2)		5,305		47,321
Bank of America Corp.		173,935		5,044,115
BankFinancial Corp.		2,792		39,060
Berkshire Hathaway, Inc. - Class B(2)		42,832		9,130,497
Cannae Holdings, Inc.(2)		1,187		34,399
Central Valley Community Bancorp		72		1,546
Cincinnati Financial Corp.		8,037		833,196
CIT Group, Inc.		31,112		1,634,624
Credit Acceptance Corp.(2)		247		119,506
Discover Financial Services		26,484		2,054,894
Erie Indemnity Co.		1,813		461,010
Essent Group, Ltd.(2)		13,257		622,946
Exantas Capital Corp.		2,538		28,705

The accompanying notes are an integral part of these financial statements

Page 10 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Fidelity National Financial, Inc.		23,428		944,148
Fidelity Southern Corp.		9,621		297,962
Fifth Third Bancorp		104,756		2,922,692
First American Financial Corp.		14,032		753,518
First BanCorp/Puerto Rico		19,820		218,813
Genworth Financial, Inc.(2)		1,330		4,934
Great Ajax Corp.		3,078		43,092
Hilltop Holdings, Inc.		10,915		232,162
Huntington Bancshares, Inc./OH(2)		1,911		26,410
IBERIABANK Corp.		7,410		562,049
International Bancshares Corp.		3,866		145,787
JPMorgan Chase & Co.		59,549		6,657,578
KKR Real Estate Finance Trust, Inc.		6,675		132,966
Ladder Capital Corp.		26,832		445,680
Ladenburg Thalmann Financial Services, Inc.		1,042		3,574
LPL Financial Holdings, Inc.		2,781		226,846
M&T Bank Corp.		647		110,035
Medley Management, Inc.		1,292		3,178
Mercantile Bank Corp.		76		2,476
MGIC Investment Corp.(2)		30,223		397,130
MSCI, Inc.		9,387		2,241,522
Navient Corp.		11,894		162,353
Nicolet Bankshares, Inc.(2)		246		15,267
NMI Holdings, Inc. - Class A(2)		4,076		115,718
Northeast Bank		1,451		40,019
Northrim BanCorp, Inc.		2,109		75,207
OFG Bancorp		7,279		173,022
Old Republic International Corp.		7,192		160,957
OneMain Holdings, Inc.		4,352		147,141
Oppenheimer Holdings, Inc.		10,570		287,715
Parke Bancorp, Inc.		303		7,257
PennyMac Financial Services, Inc.		1,099		24,376
PennyMac Mortgage Investment Trust		542		11,832
Piper Jaffray Cos.		3,571		265,218
Popular, Inc.		22,325		1,210,908
Pzena Investment Management, Inc.		8,816		75,729
Radian Group, Inc.		21,644		494,565
Ready Capital Corp.		1,513		22,544
Safety Insurance Group, Inc.		1,416		134,704
Santander Consumer USA Holdings, Inc.(2)		7,900		189,284
Silvercrest Asset Management Group, Inc.		157		2,203
Stewart Information Services Corp.		10,342		418,748
Summit Financial Group, Inc.		1,258		33,777
Synchrony Financial		83,009		2,877,922
TriCo Bancshares		2,977		112,531
US Bancorp		32,477		1,701,795
Common Stocks — continued
Walker & Dunlop, Inc.		3,234		172,081
Waterstone Financial, Inc.		197		3,361
				48,996,292
Healthcare — 13.8%
Abbott Laboratories		18,508		1,556,523
AbbVie, Inc.		28,752		2,090,845
Accuray, Inc.(2)		238		921
Adverum Biotechnologies, Inc.(2)		5,014		59,616
Agenus, Inc.(2)		1,516		4,548
Agilent Technologies, Inc.		21,931		1,637,588
Albireo Pharma, Inc.(2)		1,017		32,788
Alexion Pharmaceuticals, Inc.(2)		19,255		2,522,020
Align Technology, Inc.(2)		3,099		848,196
Alkermes PLC(2)		697		15,710
Allergan PLC		14,915		2,497,218
Amedisys, Inc.(2)		201		24,403
AmerisourceBergen Corp.		5,928		505,421
Amgen, Inc.		22,487		4,143,904
Amphastar Pharmaceuticals, Inc.(2)		6,051		127,737
ANI Pharmaceuticals, Inc.(2)		1,236		101,599
Arena Pharmaceuticals, Inc.(2)		2,461		144,288
ArQule, Inc.(2)		8,657		95,314
Array BioPharma, Inc.(2)		3,391		157,105
Arrowhead Pharmaceuticals, Inc.(2)		4,266		113,049
Arvinas, Inc.(2)		500		10,995
Avid Bioservices, Inc.(2)		8,516		47,690
Avrobio, Inc.(2)		820		13,333
Baxter International, Inc.		20,863		1,708,680
Biogen, Inc.(2)		16,515		3,862,363
Biohaven Pharmaceutical Holding Co., Ltd.(2)		1,311		57,409
BioSpecifics Technologies Corp.(2)		1,067		63,711
Bio-Techne Corp.		755		157,410
Bristol-Myers Squibb Co.		26,554		1,204,224
Bruker Corp.		8,632		431,168
Calithera Biosciences, Inc.(2)		200		780
Cardinal Health, Inc.		12,045		567,320
CareDx, Inc.(2)		1,876		67,517
Catalent, Inc.(2)		11,789		639,082
Catalyst Pharmaceuticals, Inc.(2)		6,245		23,981
Celcuity, Inc.(2)		720		18,000
Celgene Corp.(2)		48,458		4,479,458
Cerner Corp.		29,604		2,169,973
Chemed Corp.		1,494		539,095
ChemoCentryx, Inc.(2)		2,466		22,934
Chimerix, Inc.(2)		3,142		13,573

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 11

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Coherus Biosciences, Inc.(2)		7,294		161,197
Computer Programs & Systems, Inc.		678		18,842
Corium International Contingent Value Rights(2)(8)		409		—
CryoPort, Inc.(2)		436		7,988
Cytokinetics, Inc.(2)		4,269		48,026
Danaher Corp.		12,502		1,786,786
DENTSPLY SIRONA, Inc.		10,589		617,974
Edwards Lifesciences Corp.(2)		339		62,627
Eli Lilly & Co.		38,457		4,260,651
Emergent BioSolutions, Inc.(2)		2,155		104,108
Enanta Pharmaceuticals, Inc.(2)		2,318		195,593
Endo International PLC(2)		15,095		62,191
Ensign Group, Inc./The		908		51,683
Exact Sciences Corp.(2)		5,615		662,795
Exelixis, Inc.(2)		15,245		325,786
Fate Therapeutics, Inc.(2)		4,837		98,191
Fennec Pharmaceuticals, Inc.(2)		3,653		14,612
FONAR Corp.(2)		2,298		49,430
Genomic Health, Inc.(2)		2,720		158,222
Gilead Sciences, Inc.		46,280		3,126,677
Glaukos Corp.(2)		697		52,554
Harvard Bioscience, Inc.(2)		156		312
HCA Healthcare, Inc.		29,221		3,949,803
HealthStream, Inc.(2)		1,932		49,962
Hill-Rom Holdings, Inc.		8,178		855,582
Horizon Therapeutics Plc(2)		11,664		280,636
Humana, Inc.		4,735		1,256,196
IDEXX Laboratories, Inc.(2)		1,658		456,497
Incyte Corp.(2)		7,620		647,395
Invitae Corp.(2)		4,281		100,604
Iovance Biotherapeutics, Inc.(2)		196		4,806
Jazz Pharmaceuticals PLC(2)		1,190		169,646
Johnson & Johnson		47,731		6,647,974
Jounce Therapeutics, Inc.(2)		2,035		10,073
Kura Oncology, Inc.(2)		786		15,476
Lantheus Holdings, Inc.(2)		2,131		60,307
Magellan Health, Inc.(2)		1,113		82,618
Mallinckrodt PLC(2)		106		973
Masimo Corp.(2)		2,708		403,005
Medidata Solutions, Inc.(2)		950		85,985
Medtronic PLC		54,250		5,283,408
Merck & Co., Inc.		73,181		6,136,227
Meridian Bioscience, Inc.		5,925		70,389
Mirati Therapeutics, Inc.(2)		672		69,216
Molecular Templates, Inc.(2)		2,564		21,409
Molina Healthcare, Inc.(2)		369		52,819
Common Stocks — continued
Mustang Bio, Inc.(2)		432		1,590
Natera, Inc.(2)		4,306		118,759
NextGen Healthcare, Inc.(2)		2,777		55,262
Odonate Therapeutics, Inc.(2)		531		19,482
Oncternal Therapeutics, Inc.(2)(3)		849		5,654
Osmotica Pharmaceuticals PLC(2)		165		627
Pacira BioSciences, Inc.(2)		3,154		137,167
Palatin Technologies, Inc.(2)		3,590		4,164
PDL BioPharma, Inc.(2)		11,960		37,554
Perrigo Co. PLC		4,812		229,147
Pfenex, Inc.(2)		4,569		30,795
Pfizer, Inc.		139,734		6,053,277
Phibro Animal Health Corp.		5,640		179,183
Principia Biopharma, Inc.(2)		1,829		60,705
Prothena Corp. PLC(2)		315		3,330
Ra Pharmaceuticals, Inc.(2)		2,542		76,438
Reata Pharmaceuticals, Inc.(2)		289		27,267
Recro Pharma, Inc.(2)		6,038		61,406
Regeneron Pharmaceuticals, Inc.(2)		562		175,906
Repligen Corp.(2)		2,435		209,288
ResMed, Inc.		291		35,511
RTI Surgical Holdings, Inc.(2)		3,986		16,941
SIGA Technologies, Inc.(2)		8,401		47,718
Simulations Plus, Inc.		491		14,023
Spark Therapeutics, Inc.(2)		518		53,033
Spero Therapeutics, Inc.(2)		590		6,791
Spring Bank Pharmaceuticals, Inc.(2)		502		1,852
STERIS PLC		3,384		503,810
Stryker Corp.		14,404		2,961,174
Tandem Diabetes Care, Inc.(2)		1,380		89,038
United Therapeutics Corp.(2)		2,514		196,243
UnitedHealth Group, Inc.		2,873		701,041
Vanda Pharmaceuticals, Inc.(2)		214		3,015
Varian Medical Systems, Inc.(2)		4,420		601,695
Veeva Systems, Inc.(2)		3,271		530,262
Veracyte, Inc.(2)		3,247		92,572
Vertex Pharmaceuticals, Inc.(2)		24,032		4,406,988
Voyager Therapeutics, Inc.(2)		3,416		92,984
Waters Corp.(2)		935		201,249
West Pharmaceutical Services, Inc.		349		43,677
Zimmer Biomet Holdings, Inc.		4,968		584,932
Zoetis, Inc.		22,000		2,496,780
				92,523,070
Industrials — 7.2%
AGCO Corp.		4,894		379,628

The accompanying notes are an integral part of these financial statements

Page 12 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Allison Transmission Holdings, Inc.		18,840		873,234
Armstrong World Industries, Inc.		4,338		421,654
Atkore International Group, Inc.(2)		888		22,973
BG Staffing, Inc.		111		2,096
BMC Stock Holdings, Inc.(2)		8,992		190,630
Builders FirstSource, Inc.(2)		17,086		288,070
Casella Waste Systems, Inc.(2)		710		28,137
Comfort Systems USA, Inc.		6,717		342,500
Commercial Vehicle Group, Inc.(2)		8,007		64,216
Copart, Inc.(2)		13,944		1,042,175
CSX Corp.		58,111		4,496,048
Cummins, Inc.		23,757		4,070,524
Ducommun, Inc.(2)		1,042		46,963
Eagle Bulk Shipping, Inc.(2)		282		1,478
EMCOR Group, Inc.		5,972		526,133
Ennis, Inc.		193		3,960
Fastenal Co.		5,793		188,794
Foundation Building Materials, Inc.(2)		4,372		77,734
FTI Consulting, Inc.(2)		326		27,332
Generac Holdings, Inc.(2)		1,900		131,879
Graco, Inc.		1,664		83,500
Great Lakes Dredge & Dock Corp.(2)		3,306		36,498
Harsco Corp.(2)		1,271		34,876
Heidrick & Struggles International, Inc.		789		23,646
Herman Miller, Inc.		6,205		277,364
HNI Corp.		4,974		175,980
Hurco Cos., Inc.		985		35,027
Illinois Tool Works, Inc.		2,645		398,892
Ingersoll-Rand PLC		17,197		2,178,344
ITT, Inc.		461		30,186
Jacobs Engineering Group, Inc.		4,599		388,110
Kansas City Southern		6,498		791,586
Kelly Services, Inc. - Class A		2,476		64,846
Kforce, Inc.	��	944		33,125
Kimball International, Inc. - Class B		9,445		164,626
Knoll, Inc.		3,627		83,348
Landstar System, Inc.		8,114		876,231
ManpowerGroup, Inc.		9,221		890,749
Masco Corp.		9,842		386,200
Masonite International Corp.(2)		2,702		142,341
Matson, Inc.		6,701		260,334
Miller Industries, Inc./TN		2,535		77,951
Moog, Inc.		459		42,967
MSC Industrial Direct Co., Inc.		6,584		488,928
Mueller Industries, Inc.		1,841		53,886
MYR Group, Inc.(2)		821		30,664
Common Stocks — continued
Norfolk Southern Corp.		23,164		4,617,280
Oshkosh Corp.		8,984		750,074
Owens Corning		3,300		192,060
PACCAR, Inc.		43,384		3,108,897
Parker-Hannifin Corp.		10,877		1,849,199
Park-Ohio Holdings Corp.		565		18,413
Quad/Graphics, Inc.		526		4,161
Quanex Building Products Corp.		2,156		40,727
Quanta Services, Inc.		11,162		426,277
Radiant Logistics, Inc.(2)		3,163		19,421
RR Donnelley & Sons Co.		21,658		42,666
Rush Enterprises, Inc.		3,732		136,293
Southwest Airlines Co.		67,428		3,423,994
Spirit AeroSystems Holdings, Inc.		3,528		287,073
Steelcase, Inc. - Class A		7,246		123,907
Sterling Construction Co., Inc.(2)		2,102		28,209
Thermon Group Holdings, Inc.(2)		1,583		40,604
Timken Co./The		7,263		372,882
Toro Co./The		10,590		708,471
TriMas Corp.(2)		2,647		81,978
Triton International, Ltd./Bermuda		10,938		358,329
Union Pacific Corp.		33,841		5,722,852
Universal Forest Products, Inc.		1,080		41,105
Valmont Industries, Inc.		916		116,158
Vectrus, Inc.(2)		1,413		57,311
Wabash National Corp.		1,362		22,160
WABCO Holdings, Inc.(2)		595		78,897
Waste Management, Inc.		38,058		4,390,751
Woodward, Inc.		1,085		122,779
				48,459,291
Information Technology — 18.0%
Acacia Communications, Inc.(2)		1,423		67,109
Accenture PLC		5,810		1,073,514
ACM Research, Inc.(2)		392		6,119
Adobe, Inc.(2)		4,241		1,249,611
ADTRAN, Inc.		2,916		44,469
Amkor Technology, Inc.(2)		22,537		168,126
Apple, Inc.		79,686		15,771,455
Aspen Technology, Inc.(2)		3,993		496,250
Avaya Holdings Corp.(2)		8,600		102,426
Avid Technology, Inc.(2)		1,817		16,571
Avnet, Inc.		13,744		622,191
Benchmark Electronics, Inc.		14,470		363,486
Booz Allen Hamilton Holding Corp.		15,762		1,043,602
Broadcom, Inc.		16,133		4,644,045

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 13

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Broadridge Financial Solutions, Inc.		2,903		370,655
CACI International, Inc. - Class A(2)		1,813		370,922
Cadence Design Systems, Inc.(2)		22,587		1,599,385
CalAmp Corp.(2)		1,870		21,842
CDK Global, Inc.		14,078		696,016
CDW Corp./DE		7,315		811,965
Ciena Corp.(2)		8,954		368,278
Cisco Systems, Inc.		137,329		7,516,016
Comtech Telecommunications Corp.		3,217		90,430
Cypress Semiconductor Corp.		5,930		131,883
Dell Technologies, Inc. - Class C(2)		7,943		403,504
Digi International, Inc.(2)		783		9,928
DXC Technology Co.		22,181		1,223,282
Enphase Energy, Inc.(2)		2,346		42,768
EVERTEC, Inc.		3,687		120,565
Extreme Networks, Inc.(2)		6,893		44,598
F5 Networks, Inc.(2)		4,387		638,879
Fabrinet(2)		2,161		107,337
Fair Isaac Corp.(2)		1,124		352,958
FormFactor, Inc.(2)		1,544		24,194
Hewlett Packard Enterprise Co.		62,037		927,453
HP, Inc.		79,816		1,659,375
Insight Enterprises, Inc.(2)		4,240		246,768
Intel Corp.		93,832		4,491,738
InterDigital, Inc.		5,190		334,236
International Business Machines Corp.		36,719		5,063,550
Intuit, Inc.		18,156		4,744,707
j2 Global, Inc.		3,578		318,048
Jabil, Inc.		13,684		432,414
Juniper Networks, Inc.		42,380		1,128,579
KBR, Inc.		2,197		54,793
Keysight Technologies, Inc.(2)		6,571		590,142
KLA-Tencor Corp.		22,672		2,679,830
Lam Research Corp.		16,030		3,011,075
Lattice Semiconductor Corp.(2)		5,094		74,321
Leidos Holdings, Inc.		8,481		677,208
LogMeIn, Inc.		6,936		511,044
Majesco(2)		115		1,071
Mastercard, Inc.		28,344		7,497,838
Maxim Integrated Products, Inc.		1,049		62,751
MAXIMUS, Inc.		2,671		193,754
Micron Technology, Inc.(2)		113,833		4,392,815
Microsoft Corp.		134,007		17,951,578
Monotype Imaging Holdings, Inc.		11,843		199,436
Motorola Solutions, Inc.		4,254		709,269
Napco Security Technologies, Inc.(2)		1,310		38,881
Common Stocks — continued
NIC, Inc.		1,528		24,509
Nuance Communications, Inc.(2)		28,286		451,727
NVE Corp.		38		2,646
NXP Semiconductors NV		4,628		451,739
Oracle Corp.		101,433		5,778,638
OSI Systems, Inc.(2)		562		63,298
Paycom Software, Inc.(2)		632		143,287
Paylocity Holding Corp.(2)		671		62,953
PC Connection, Inc.		1,832		64,083
Photronics, Inc.(2)		4,853		39,795
Presidio, Inc.		8,240		112,641
Progress Software Corp.		6,744		294,173
QUALCOMM, Inc.		36,812		2,800,289
Qualys, Inc.(2)		1,400		121,912
Rudolph Technologies, Inc.(2)		1,752		48,408
Sanmina Corp.(2)		3,305		100,075
SPS Commerce, Inc.(2)		326		33,320
Symantec Corp.		32,373		704,436
Synopsys, Inc.(2)		20,000		2,573,800
Tech Data Corp.(2)		3,797		397,166
Telaria, Inc.(2)		1,687		12,686
Teradyne, Inc.		21,088		1,010,326
Texas Instruments, Inc.		47,246		5,421,951
Upland Software, Inc.(2)		776		35,331
Verint Systems, Inc.(2)		4,185		225,069
ViaSat, Inc.(2)		393		31,762
Viavi Solutions, Inc.(2)		3,210		42,661
VMware, Inc.		4,698		785,553
Workiva, Inc.(2)		555		32,240
Xerox Corp.		22,525		797,610
Xperi Corp.		2,181		44,907
Zscaler, Inc.(2)		2,793		214,056
				121,530,100
Materials — 1.4%
AdvanSix, Inc.(2)		5,816		142,085
Air Products & Chemicals, Inc.		3,668		830,325
Global Brass & Copper Holdings, Inc.		356		15,568
Innospec, Inc.		115		10,493
International Paper Co.		21,509		931,770
Louisiana-Pacific Corp.		11,504		301,635
LyondellBasell Industries NV		41,061		3,536,584
Nucor Corp.		32,861		1,810,641
Packaging Corp. of America		390		37,175
Rayonier Advanced Materials, Inc.		2,598		16,861
Reliance Steel & Aluminum Co.		8,581		811,934

The accompanying notes are an integral part of these financial statements

Page 14 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
RPM International, Inc.		3,089		188,769
Ryerson Holding Corp.(2)		1,021		8,505
Schnitzer Steel Industries, Inc.		349		9,133
Steel Dynamics, Inc.		17,945		541,939
Stepan Co.		647		59,466
Tredegar Corp.		1,893		31,462
Trinseo SA		4,584		194,087
US Concrete, Inc.(2)		209		10,385
Verso Corp.(2)		857		16,326
				9,505,143
Real Estate Investment Trust — 2.8%
American Assets Trust, Inc.		6,486		305,620
American Homes 4 Rent		4,038		98,164
American Tower Corp.		9,603		1,963,333
Apple Hospitality REIT, Inc.		2,081		33,005
Camden Property Trust		1,795		187,380
CoreCivic, Inc.		8,263		171,540
Cousins Properties, Inc.		4,361		157,737
CubeSmart		1,540		51,498
EastGroup Properties, Inc.		2,858		331,471
Essex Property Trust, Inc.		12,210		3,564,465
Gaming and Leisure Properties, Inc.		6,322		246,432
Gladstone Commercial Corp.		417		8,849
Hospitality Properties Trust		15,907		397,675
Host Hotels & Resorts, Inc.		44,738		815,126
Hudson Pacific Properties, Inc.		5,581		185,680
Industrial Logistics Properties Trust		5,789		120,527
Kilroy Realty Corp.		6,614		488,179
Lamar Advertising Co.		9,492		766,099
National Storage Affiliates Trust		2,841		82,219
New Senior Investment Group, Inc.		9,763		65,607
Piedmont Office Realty Trust, Inc.		27,566		549,390
PS Business Parks, Inc.		3,568		601,315
Rayonier, Inc.		16,571		502,101
Retail Properties of America, Inc.		15,953		187,607
SBA Communications Corp.(2)		1,789		402,239
Simon Property Group, Inc.		21,219		3,389,947
Spirit MTA REIT		1,835		15,304
Tanger Factory Outlet Centers, Inc.		17,193		278,699
UDR, Inc.		64,902		2,913,451
Urstadt Biddle Properties, Inc.		3,689		77,469
				18,958,128
Utilities — 0.6%
AES Corp./VA		8,144		136,493
Common Stocks — continued
Ameren Corp.		4,479		336,418
Black Hills Corp.		8,826		689,928
Chesapeake Utilities Corp.		606		57,582
Exelon Corp.		5,316		254,849
National Fuel Gas Co.		14,323		755,538
NorthWestern Corp.		1,866		134,632
Portland General Electric Co.		16,225		878,908
Spark Energy, Inc. - Class A		4,107		45,957
Spire, Inc.		4,342		364,381
Unitil Corp.		154		9,223
Vistra Energy Corp.		3,652		82,687
				3,746,596
Total Common Stocks (Cost $429,108,805)				486,678,135
Money Market Registered Investment Companies — 25.7%
Meeder Institutional Prime Money Market Fund, 2.45%(5)		173,374,024		173,426,036
Morgan Stanley Government Institutional Fund, 2.25%(4)		7,150		7,150
Total Money Market Registered Investment Companies (Cost $173,364,913)				173,433,186
Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 2.25%, 7/1/2019(6)		246,473		246,473
Metro City Bank Deposit Account, 2.35%, 7/1/2019(6)		246,495		246,495
Pacific Mercantile Bank Deposit Account, 2.29%, 7/1/2019(6)		246,489		246,489
Total Bank Obligations (Cost $739,457)				739,457
Total Investments — 97.9%(Cost $603,213,175)				660,850,778
Other Assets less Liabilities — 2.1%				14,265,947
Total Net Assets — 100.0%				675,116,725
Trustee Deferred Compensation(7)
Meeder Balanced Fund		3,703		43,288
Meeder Dynamic Allocation Fund		9,256		103,575
Meeder Muirfield Fund		5,135		38,667
Meeder Conservative Allocation Fund		1,087		24,327
Total Trustee Deferred Compensation (Cost $194,342)				209,857

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 15

Schedule of Investments
June 30, 2019 (unaudited)

Muirfield Fund
	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		629	9/20/2019		60,487,785		736,514
Mini MSCI Emerging Markets Index Futures		254	9/20/2019		13,378,180		250,532
Russell 2000 Mini Index Futures		73	9/20/2019		5,719,915		47,902
Standard & Poors 500 Mini Futures		581	9/20/2019		85,529,010		318,824
E-mini Standard & Poors MidCap 400 Futures		118	9/20/2019		23,010,000		259,294
Total Futures Contracts		1,655			188,124,890		1,613,066

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(9)
Level 1 - Quoted Prices	$	660,111,321	$	1,613,066
Level 2 - Other Significant Observable Inputs		739,457		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	660,850,778	$	1,613,066

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, 2019.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2019.

(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, 2019. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(7) Assets of affiliates to the Muirfield 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 of the instrument.

The accompanying notes are an integral part of these financial statements

Page 16 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — 93.4%
Communication Services — 6.0%
Alphabet, Inc. - Class A(2)(5)		517		559,808
Alphabet, Inc. - Class C(2)(5)		2,017		2,180,195
AMC Entertainment Holdings, Inc.		3,859		36,004
AT&T, Inc.(5)		25,256		846,329
AutoWeb, Inc.(2)		1,945		6,905
Beasley Broadcast Group, Inc.		1,262		4,064
Cable One, Inc.		215		251,763
Care.com, Inc.(2)		1,277		14,021
Cincinnati Bell, Inc.(2)		1,775		8,786
Cinemark Holdings, Inc.		3,550		128,155
Clear Channel Outdoor Holdings, Inc.(2)		4,452		21,013
Comcast Corp. - Class A(5)		21,174		895,237
Consolidated Communications Holdings, Inc.		2,841		14,006
DISH Network Corp.(2)		2,308		88,650
Entercom Communications Corp.		2,387		13,845
Entravision Communications Corp.		2,399		7,485
EW Scripps Co./The		1,902		29,082
Facebook, Inc.(2)(5)		9,374		1,809,182
Fox Corp. Class A		581		21,288
Frontier Communications Corp.(2)		6,160		10,780
Gannett Co., Inc.		2,915		23,786
Glu Mobile, Inc.(2)		400		2,872
Gray Television, Inc.(2)		2,245		36,796
Hemisphere Media Group, Inc.(2)		506		6,538
IAC/InterActiveCorp(2)		527		114,638
IMAX Corp.(2)		66		1,333
John Wiley & Sons, Inc.		493		22,609
Liberty Broadband Corp. - Class A(2)		200		20,568
Liberty Latin America, Ltd. - Class A(2)		3,287		56,635
Liberty Latin America, Ltd. - Class C(2)		2,111		36,288
Liberty Media Corp-Liberty SiriusXM - Class C(2)		4,367		165,859
Liberty TripAdvisor Holdings, Inc.(2)		3,644		45,186
Marcus Corp./The		1,441		47,495
MDC Partners, Inc.(2)		2,291		5,773
Meet Group, Inc./The(2)		5,608		19,516
National CineMedia, Inc.		796		5,222
New York Times Co./The		428		13,961
Nexstar Media Group, Inc.		1,381		139,481
Omnicom Group, Inc.		656		53,759
QuinStreet, Inc.(2)		80		1,268
Rosetta Stone, Inc.(2)		271		6,200
Scholastic Corp.		704		23,401
Sirius XM Holdings, Inc.		12,600		70,308
Spok Holdings, Inc.		779		11,716
TechTarget, Inc.(2)		311		6,609
Common Stocks - Long — continued
TEGNA, Inc.		2,800		42,420
Telephone & Data Systems, Inc.		967		29,397
T-Mobile US, Inc.(2)		14,226		1,054,716
Travelzoo(2)		338		5,219
Tribune Media Co.		230		10,631
Tribune Publishing Co.		1,280		10,202
Urban One, Inc.(2)		760		1,490
Verizon Communications, Inc.(5)		28,205		1,611,352
Viacom, Inc.		9,162		273,669
Walt Disney Co./The(5)		10,683		1,491,774
WideOpenWest, Inc.(2)		3,100		22,506
Yelp, Inc.(2)		1,371		46,861
				12,484,652
Consumer Discretionary — 9.2%
1-800-Flowers.com, Inc.(2)		161		3,040
Aaron’s, Inc.		298		18,300
Abercrombie & Fitch Co.		614		9,849
Amazon.com, Inc.(2)(5)		1,765		3,342,257
American Axle & Manufacturing Holdings, Inc.(2)		1,322		16,869
American Eagle Outfitters, Inc.		1,157		19,553
American Outdoor Brands Corp.(2)		2,468		22,237
American Public Education, Inc.(2)		1,367		40,436
AutoZone, Inc.(2)		130		142,931
Barnes & Noble Education, Inc.(2)		439		1,475
Barnes & Noble, Inc.		253		1,693
Bassett Furniture Industries, Inc.		943		14,381
BBX Capital Corp.		4,481		22,002
Beazer Homes USA, Inc.(2)		1,712		16,452
Bed Bath & Beyond, Inc.		1,089		12,654
Best Buy Co., Inc.		3,393		236,594
Big 5 Sporting Goods Corp.		710		1,385
Biglari Holdings, Inc. - Class B(2)		153		15,891
BJ’s Restaurants, Inc.		413		18,147
Bloomin’ Brands, Inc.		2,919		55,198
Booking Holdings, Inc.(2)(5)		443		830,497
BorgWarner, Inc.		2,917		122,456
Brinker International, Inc.		776		30,536
Brunswick Corp./DE		383		17,576
Burlington Stores, Inc.(2)		465		79,120
Callaway Golf Co.		341		5,852
Capri Holdings, Ltd.(2)		4,666		161,817
Career Education Corp.(2)		2,294		43,747
Carrols Restaurant Group, Inc.(2)		442		3,991
Carter’s, Inc.		1,179		115,000
Century Casinos, Inc.(2)		1,062		10,301

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 17

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Chico’s FAS, Inc.		1,973		6,649
Chipotle Mexican Grill, Inc.(2)		113		82,815
Citi Trends, Inc.		496		7,252
Clarus Corp.		2,314		33,414
Columbia Sportswear Co.		1,020		102,163
Cooper-Standard Holdings, Inc.(2)		49		2,245
Core-Mark Holding Co., Inc.		85		3,376
Cracker Barrel Old Country Store, Inc.		478		81,609
Crocs, Inc.(2)		203		4,009
Darden Restaurants, Inc.		508		61,839
Dave & Buster’s Entertainment, Inc.		509		20,599
Deckers Outdoor Corp.(2)		489		86,049
Del Taco Restaurants, Inc.(2)		627		8,038
Denny’s Corp.(2)		999		20,509
Designer Brands, Inc.		261		5,003
Destination XL Group, Inc.(2)		1,017		1,790
Dick’s Sporting Goods, Inc.		844		29,228
Dine Brands Global, Inc.		314		29,978
Dollar General Corp.		4,610		623,088
Domino’s Pizza, Inc.		487		135,522
DR Horton, Inc.		1,600		69,008
eBay, Inc.		12,861		508,010
Ethan Allen Interiors, Inc.		713		15,016
Etsy, Inc.(2)		724		44,432
Everi Holdings, Inc.(2)		3,545		42,292
Express, Inc.(2)		2,019		5,512
Extended Stay America, Inc.		6,972		117,757
Fiesta Restaurant Group, Inc.(2)		276		3,627
Five Below, Inc.(2)		582		69,852
Flexsteel Industries, Inc.		128		2,184
Foot Locker, Inc.		1,286		53,909
Ford Motor Co.		76,489		782,482
Fossil Group, Inc.(2)		1,599		18,389
Fox Factory Holding Corp.(2)		369		30,446
GameStop Corp.		4,836		26,453
Garrett Motion, Inc.(2)		303		4,651
General Motors Co.		26,266		1,012,029
Genesco, Inc.(2)		196		8,289
Gentex Corp.		4,985		122,681
G-III Apparel Group, Ltd.(2)		830		24,419
Graham Holdings Co.		143		98,674
H&R Block, Inc.		4,229		123,910
Habit Restaurants, Inc./The(2)		126		1,322
Haverty Furniture Cos., Inc.		77		1,311
Helen of Troy, Ltd.(2)		70		9,141
Home Depot, Inc./The(5)		4,284		890,943
Hooker Furniture Corp.		451		9,300
Common Stocks - Long — continued
Houghton Mifflin Harcourt Co.(2)		886		5,103
Hudson, Ltd.(2)		316		4,358
Inspired Entertainment, Inc.(2)		1,010		8,524
International Speedway Corp.		99		4,444
J. Jill, Inc.		1,687		3,357
Johnson Outdoors, Inc.		337		25,130
K12, Inc.(2)		44		1,338
KB Home		1,158		29,795
Kirkland’s, Inc.(2)		1,747		3,948
Kohl’s Corp.		721		34,284
Kontoor Brands, Inc.(2)		949		26,591
L Brands, Inc.		1,891		49,355
Lands’ End, Inc.(2)		1,084		13,246
Las Vegas Sands Corp.		1,466		86,626
LCI Industries		49		4,410
Leaf Group, Ltd.(2)		1,209		8,959
Lear Corp.		2,811		391,488
Liberty Expedia Holdings, Inc.(2)		4,921		235,175
Lowe’s Cos., Inc.		656		66,197
Luby’s, Inc.(2)		5,543		5,986
Lululemon Athletica, Inc.(2)		1,143		205,980
M/I Homes, Inc.(2)		353		10,075
Macy’s, Inc.		79		1,695
Malibu Boats, Inc.(2)		797		30,963
Marine Products Corp.		571		8,816
MasterCraft Boat Holdings, Inc.(2)		1,186		23,234
McDonald’s Corp.		4,234		879,232
MDC Holdings, Inc.		231		7,572
Meritage Homes Corp.(2)		707		36,297
Michaels Cos., Inc./The(2)		148		1,288
Modine Manufacturing Co.(2)		100		1,431
Nathan’s Famous, Inc.		20		1,562
Nautilus, Inc.(2)		1,720		3,801
Newell Brands, Inc.		542		8,358
NIKE, Inc. - Class B		3,533		296,595
Nordstrom, Inc.		115		3,664
Norwegian Cruise Line Holdings, Ltd.(2)		3,228		173,118
NVR, Inc.(2)		79		266,250
Office Depot, Inc.		9,222		18,997
Penn National Gaming, Inc.(2)		1,352		26,040
Planet Fitness, Inc.(2)		1,076		77,945
Polaris Industries, Inc.		871		79,461
Potbelly Corp.(2)		2,049		10,429
PulteGroup, Inc.		3,177		100,457
PVH Corp.		1,290		122,086
Qurate Retail, Inc.(2)		3,139		38,892
Red Robin Gourmet Burgers, Inc.(2)		285		8,712

The accompanying notes are an integral part of these financial statements

Page 18 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Regis Corp.(2)		1,815		30,129
RH(2)		79		9,132
Rocky Brands, Inc.		343		9,357
Roku, Inc.(2)		180		16,304
Ross Stores, Inc.		6,988		692,651
RTW RetailWinds, Inc.(2)		1,110		1,887
Ruth’s Hospitality Group, Inc.		1,290		29,296
SeaWorld Entertainment, Inc.(2)		775		24,025
Shutterfly, Inc.(2)		142		7,178
Signet Jewelers, Ltd.		1,328		23,745
Sleep Number Corp.(2)		235		9,492
Speedway Motorsports, Inc.		1,490		27,640
Standard Motor Products, Inc.		323		14,645
Starbucks Corp.		6,028		505,327
Stoneridge, Inc.(2)		598		18,867
Sturm Ruger & Co., Inc.		444		24,189
Superior Industries International, Inc.		2,533		8,764
Tapestry, Inc.		3,458		109,722
Target Corp.		8,848		766,325
Taylor Morrison Home Corp.(2)		1,150		24,104
Tilly’s, Inc. - Class A		751		5,730
TJX Cos., Inc./The(5)		20,730		1,096,202
Toll Brothers, Inc.		1,071		39,220
TopBuild Corp.(2)		212		17,545
Tower International, Inc.		733		14,294
Town Sports International Holdings, Inc.(2)		585		1,269
Tractor Supply Co.		98		10,662
Tupperware Brands Corp.		1,038		19,753
Turtle Beach Corp.(2)		535		6,185
Ulta Beauty, Inc.(2)		273		94,701
Vera Bradley, Inc.(2)		777		9,324
Vista Outdoor, Inc.(2)		852		7,566
Vuzix Corp.(2)		758		3,100
Weight Watchers International, Inc.(2)		1,029		19,654
Wendy’s Co./The		1,590		31,132
Whirlpool Corp.		1,008		143,499
Williams-Sonoma, Inc.		667		43,355
Winnebago Industries, Inc.		446		17,238
Yum China Holdings, Inc.		4,048		187,018
Yum! Brands, Inc.		5,926		655,830
ZAGG, Inc.(2)		342		2,380
Zumiez, Inc.(2)		66		1,723
				19,104,874
Consumer Staples — 3.8%
Boston Beer Co., Inc./The(2)		59		22,288
Casey’s General Stores, Inc.		106		16,535
Common Stocks - Long — continued
Central Garden & Pet Co.(2)		785		19,342
Clorox Co./The		171		26,182
Coca-Cola Co./The		10,526		535,984
Coca-Cola Consolidated, Inc.		81		24,239
Costco Wholesale Corp.		443		117,067
Flowers Foods, Inc.		7,542		175,502
Herbalife Nutrition, Ltd.(2)		1,559		66,663
Hershey Co./The		2,208		295,938
Ingredion, Inc.		1,127		92,966
JM Smucker Co./The		469		54,024
Kellogg Co.		5,568		298,278
Keurig Dr Pepper, Inc.		8,977		259,435
Kimberly-Clark Corp.		4,181		557,244
Kroger Co./The		9,191		199,537
Lamb Weston Holdings, Inc.		2,404		152,317
Lancaster Colony Corp.		395		58,697
Medifast, Inc.		95		12,189
Molson Coors Brewing Co.		4,956		277,536
Mondelez International, Inc.		9,398		506,552
Monster Beverage Corp.(2)		3,677		234,703
National Beverage Corp.		40		1,785
Nature’s Sunshine Products, Inc.(2)		247		2,295
Nu Skin Enterprises, Inc.		236		11,640
PepsiCo, Inc.(5)		9,045		1,186,071
Philip Morris International, Inc.		1,486		116,696
Pilgrim’s Pride Corp.(2)		771		19,576
Procter & Gamble Co./The		9,870		1,082,246
Pyxus International, Inc.(2)		333		5,062
Simply Good Foods Co./The(2)		695		16,736
SpartanNash Co.		1,816		21,193
Sprouts Farmers Market, Inc.(2)		971		18,342
TreeHouse Foods, Inc.(2)		1,761		95,270
Turning Point Brands, Inc.		200		9,796
Tyson Foods, Inc.		8,802		710,673
Universal Corp./VA		409		24,855
USANA Health Sciences, Inc.(2)		435		34,552
Vector Group, Ltd.		1,016		9,906
Walmart, Inc.(5)		5,449		602,060
				7,971,972
Energy — 4.0%
Adams Resources & Energy, Inc.		148		5,073
Anadarko Petroleum Corp.		1,537		108,451
Apache Corp.		2,959		85,722
Apergy Corp.(2)		626		20,996
Arch Coal, Inc. - Class A		209		19,690
Archrock, Inc.		4,426		46,916

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 19

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Ardmore Shipping Corp.(2)		1,080		8,802
Baker Hughes a GE Co.		8,654		213,148
Basic Energy Services, Inc.(2)		2,252		4,279
C&J Energy Services, Inc.(2)		6,550		77,159
Cabot Oil & Gas Corp.		2,528		58,043
Cactus, Inc.(2)		921		30,504
Cheniere Energy, Inc.(2)		1,153		78,923
Chesapeake Energy Corp.(2)		2,634		5,136
Chevron Corp.(5)		7,509		934,420
Cimarex Energy Co.		1,775		105,311
Clean Energy Fuels Corp.(2)		4,603		12,290
ConocoPhillips(5)		16,029		977,769
CONSOL Energy, Inc.(2)		773		20,570
Contango Oil & Gas Co.(2)		4,785		8,326
Continental Resources, Inc./OK		1,235		51,981
Covia Holdings Corp.(2)		1,071		2,099
CVR Energy, Inc.		389		19,446
Dawson Geophysical Co.(2)		2,190		5,475
Delek US Holdings, Inc.		897		36,346
Devon Energy Corp.		6,341		180,845
DHT Holdings, Inc.		420		2,482
DMC Global, Inc.		157		9,946
Encana Corp.		5,170		26,522
Ensco Rowan plc		7,082		60,409
EOG Resources, Inc.(5)		2,132		198,617
EQT Corp.		5,375		84,979
Era Group, Inc.(2)		503		4,195
Evolution Petroleum Corp.		1,084		7,751
Exterran Corp.(2)		751		10,679
Exxon Mobil Corp.(5)		18,441		1,413,134
Frontline, Ltd./Bermuda(2)		227		1,816
FTS International, Inc.(2)		947		5,284
Goodrich Petroleum Corp.(2)		330		4,287
Gulfport Energy Corp.(2)		2,244		11,018
Hallador Energy Co.		1,020		5,743
Helix Energy Solutions Group, Inc.(2)		176		1,519
Helmerich & Payne, Inc.		1,961		99,266
Hess Corp.		2,256		143,414
Independence Contract Drilling, Inc.(2)		1,926		3,043
International Seaways, Inc.(2)		72		1,368
ION Geophysical Corp.(2)		508		4,089
Keane Group, Inc.(2)		3,500		23,520
Key Energy Services, Inc.(2)		729		1,640
Mammoth Energy Services, Inc.		219		1,507
Marathon Oil Corp.		11,468		162,960
Marathon Petroleum Corp.		9,861		551,033
Matrix Service Co.(2)		984		19,936
Common Stocks - Long — continued
McDermott International, Inc.(2)		4		39
Midstates Petroleum Co., Inc.(2)		799		4,706
Montage Resources Corp.(2)		260		1,586
Murphy Oil Corp.		696		17,156
Natural Gas Services Group, Inc.(2)		155		2,558
Nordic American Tankers, Ltd.		1,523		3,564
Northern Oil and Gas, Inc.(2)		2,591		5,001
Occidental Petroleum Corp.(5)		8,661		435,475
Oceaneering International, Inc.(2)		374		7,626
Overseas Shipholding Group, Inc.(2)		2,836		5,332
Parsley Energy, Inc.(2)		844		16,044
Patterson-UTI Energy, Inc.		9,629		110,830
PBF Energy, Inc.		1,914		59,908
Peabody Energy Corp.		987		23,787
Phillips 66		8,329		779,095
Pioneer Natural Resources Co.		449		69,083
ProPetro Holding Corp.(2)		1,652		34,196
QEP Resources, Inc.(2)		5,330		38,536
Quintana Energy Services, Inc.(2)		779		1,254
Renewable Energy Group, Inc.(2)		752		11,927
RigNet, Inc.(2)		902		9,092
SandRidge Energy, Inc.(2)		3,001		20,767
Scorpio Tankers, Inc.		296		8,738
Select Energy Services, Inc.(2)		1,767		20,515
Superior Energy Services, Inc.(2)		2,000		2,600
Talos Energy, Inc.(2)		1,119		26,912
Teekay Corp.		1,080		3,715
Tidewater, Inc.(2)		712		16,718
Transocean, Ltd.(2)		1,011		6,481
Unit Corp.(2)		1,043		9,272
Valero Energy Corp.		5,686		486,778
W&T Offshore, Inc.(2)		3,941		19,547
World Fuel Services Corp.		1,057		38,010
				8,274,725
Financials — 18.3%
1st Constitution Bancorp		100		1,847
1st Source Corp.		1,780		82,592
ACNB Corp.		1,044		41,311
Aflac, Inc.		18,995		1,041,116
AG Mortgage Investment Trust, Inc.		6,510		103,509
Alleghany Corp.(2)		200		136,222
Allstate Corp./The		7,047		716,609
Ally Financial, Inc.		17,871		553,822
American Express Co.		5,155		636,333
American National Insurance Co.		137		15,956
Apollo Commercial Real Estate Finance, Inc.		5,445		100,134

The accompanying notes are an integral part of these financial statements

Page 20 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Arbor Realty Trust, Inc.		11,876		143,937
Ares Commercial Real Estate Corp.		10,765		159,968
Argo Group International Holdings, Ltd.		185		13,699
Arthur J Gallagher & Co.		2,835		248,318
Artisan Partners Asset Management, Inc.		2,208		60,764
Ashford, Inc.(2)		45		1,431
Atlantic Capital Bancshares, Inc.(2)		2,357		40,352
Auburn National Bancorporation, Inc.		51		1,709
AXA Equitable Holdings, Inc.		8,901		186,031
BancFirst Corp.		4,488		249,802
Bancorp, Inc./The(2)		8,324		74,250
BancorpSouth Bank		6,239		181,181
Bank of America Corp.(5)		45,538		1,320,602
Bank of Commerce Holdings		1,258		13,448
Bank of Marin Bancorp		855		35,072
BankFinancial Corp.		4,601		64,368
BankUnited, Inc.		7,748		261,418
Banner Corp.		2,524		136,675
BB&T Corp.		1,581		77,675
BCB Bancorp, Inc.		1,872		25,927
Berkshire Hathaway, Inc. - Class B(2)(5)		9,844		2,098,445
Berkshire Hills Bancorp, Inc.		910		28,565
BrightSphere Investment Group PLC		2,971		33,899
Brown & Brown, Inc.		10,863		363,911
Bryn Mawr Bank Corp.		554		20,675
C&F Financial Corp.		538		29,380
Cannae Holdings, Inc.(2)		4,123		119,485
Capital Bancorp, Inc.(2)		386		4,748
Capital City Bank Group, Inc.		696		17,296
Cathay General Bancorp		5,000		179,550
Cboe Global Markets, Inc.		222		23,006
CenterState Bank Corp.		5,380		123,901
Central Pacific Financial Corp.		139		4,164
Central Valley Community Bancorp		573		12,302
Century Bancorp, Inc./MA		76		6,680
Chemung Financial Corp.		92		4,447
Cincinnati Financial Corp.		2,602		269,749
CIT Group, Inc.		11,046		580,357
Citigroup, Inc.		8,188		573,406
Citizens & Northern Corp.		153		4,028
Citizens Financial Group, Inc.		16,354		578,277
Civista Bancshares, Inc.		445		9,990
CNB Financial Corp./PA		903		25,501
CNO Financial Group, Inc.		467		7,790
Codorus Valley Bancorp, Inc.		549		12,627
Comerica, Inc.		8,285		601,822
Community Bankers Trust Corp.		436		3,693
Common Stocks - Long — continued
Community Financial Corp./The		317		10,692
Community Trust Bancorp, Inc.		1,066		45,081
Crawford & Co.		388		3,612
Credit Acceptance Corp.(2)		188		90,960
Cullen/Frost Bankers, Inc.		616		57,695
Dime Community Bancshares, Inc.		996		18,914
Discover Financial Services		12,442		965,375
Ditech Holding Corp. Warrants - Class A(2)(8)		228		—
Ditech Holding Corp. Warrants - Class B(2)(8)		181		—
DNB Financial Corp.		160		7,115
Donnelley Financial Solutions, Inc.(2)		397		5,296
eHealth, Inc.(2)		32		2,755
Elevate Credit, Inc.(2)		1,312		5,405
Encore Capital Group, Inc.(2)		38		1,287
Enova International, Inc.(2)		1,192		27,476
Enterprise Financial Services Corp.		143		5,949
Erie Indemnity Co.		127		32,294
ESSA Bancorp, Inc.		344		5,246
Essent Group, Ltd.(2)		3,616		169,916
Evercore, Inc.		1,627		144,103
Exantas Capital Corp.		7,607		86,035
FactSet Research Systems, Inc.		608		174,228
Farmers National Banc Corp.		1,388		20,584
FB Financial Corp.		1,517		55,522
Federated Investors, Inc.		553		17,973
Fidelity National Financial, Inc.		5,919		238,536
Fidelity Southern Corp.		3,046		94,335
Fifth Third Bancorp		46,930		1,309,347
Financial Institutions, Inc.		1,122		32,706
First American Financial Corp.		4,079		219,042
First BanCorp/Puerto Rico		9,723		107,342
First Bancorp/Southern Pines NC		4,488		163,453
First Bank/Hamilton NJ		119		1,397
First Busey Corp.		9,756		257,656
First Business Financial Services, Inc.		1,514		35,579
First Choice Bancorp		500		11,370
First Citizens BancShares, Inc./NC		868		390,834
First Commonwealth Financial Corp.		450		6,062
First Community Bankshares, Inc.		755		25,489
First Defiance Financial Corp.		1,709		48,826
First Financial Corp./IN		731		29,357
First Financial Northwest, Inc.		300		4,245
First Hawaiian, Inc.		9,139		236,426
First Interstate BancSystem, Inc.		3,856		152,736
First Merchants Corp.		206		7,807

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 21

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
First Northwest Bancorp		459		7,459
FirstCash, Inc.		1,156		115,623
FNB Corp./PA		20,666		243,239
Fulton Financial Corp.		3,762		61,584
Genworth Financial, Inc.(2)		2,136		7,925
Granite Point Mortgage Trust, Inc.		6,076		116,598
Great Ajax Corp.		8,716		122,024
Great Southern Bancorp, Inc.		1,500		89,775
Great Western Bancorp, Inc.		4,284		153,024
Hallmark Financial Services, Inc.(2)		141		2,006
Hancock Whitney Corp.		1,129		45,228
Hanover Insurance Group, Inc./The		332		42,596
Hilltop Holdings, Inc.		7,001		148,911
Home Bancorp, Inc.		349		13,430
HomeStreet, Inc.(2)		1,704		50,507
Horizon Bancorp, Inc./IN		1,905		31,128
Houlihan Lokey, Inc.		1,248		55,573
Huntington Bancshares, Inc./OH(2)		31,600		436,712
IBERIABANK Corp.		7,887		598,229
Independence Holding Co.		126		4,879
Independent Bank Corp.		493		37,542
Independent Bank Corp./MI		7,099		154,687
International Bancshares Corp.		6,649		250,734
INTL. FCStone, Inc.(2)		908		35,948
Invesco Mortgage Capital, Inc.		36,049		581,110
Investar Holding Corp.		200		4,770
James River Group Holdings, Ltd.		912		42,773
JPMorgan Chase & Co.(5)		8,654		967,517
Kemper Corp.		2,141		184,747
KeyCorp		49,026		870,212
KKR Real Estate Finance Trust, Inc.		11,486		228,801
Ladder Capital Corp.		14,004		232,606
Ladenburg Thalmann Financial Services, Inc.		6,671		22,882
Lazard, Ltd.		2,958		101,726
Legg Mason, Inc.		422		16,154
LPL Financial Holdings, Inc.		2,005		163,548
Luther Burbank Corp.		531		5,783
M&T Bank Corp.		1,140		193,880
Macatawa Bank Corp.		797		8,177
MarketAxess Holdings, Inc.		384		123,425
Marlin Business Services Corp.		407		10,147
MBT Financial Corp.		3,953		39,609
Medley Management, Inc.		2,592		6,376
Mercantile Bank Corp.		3,820		124,456
Merchants Bancorp/IN		292		4,973
Mercury General Corp.		584		36,500
Common Stocks - Long — continued
MFA Financial, Inc.		57,327		411,608
MGIC Investment Corp.(2)		14,032		184,380
Middlefield Banc Corp.		32		1,312
MidWestOne Financial Group, Inc.		1,194		33,384
Moelis & Co.		1,197		41,835
Mr Cooper Group, Inc.(2)		4,415		35,364
MSCI, Inc.		3,119		744,786
National Bank Holdings Corp.		600		21,780
Navient Corp.		9,664		131,914
NewStar Financial Contingent Value Rights(2)(8)		95		—
Nicolet Bankshares, Inc.(2)		1,007		62,494
NMI Holdings, Inc. - Class A(2)		1,974		56,042
Northeast Bank		1,346		37,123
Northern Trust Corp.		2,875		258,750
Northrim BanCorp, Inc.		1,983		70,714
Norwood Financial Corp.		213		7,415
Ocwen Financial Corp.(2)		3,934		8,143
OFG Bancorp		2,273		54,029
Ohio Valley Banc Corp.		55		2,121
Old Republic International Corp.		18,657		417,544
Old Second Bancorp, Inc.		2,316		29,575
On Deck Capital, Inc.(2)		2,194		9,105
OneMain Holdings, Inc.		5,799		196,064
Oppenheimer Holdings, Inc.		3,382		92,058
Pacific Mercantile Bancorp(2)		1,591		13,126
PacWest Bancorp		8,771		340,578
Parke Bancorp, Inc.		1,455		34,847
PCB Bancorp		909		15,489
PCSB Financial Corp.		1,406		28,472
PennyMac Financial Services, Inc.		3,154		69,956
PennyMac Mortgage Investment Trust		9,890		215,899
Peoples Bancorp of North Carolina, Inc.		143		4,297
People’s United Financial, Inc.		2,772		46,514
People’s Utah Bancorp		645		18,963
Piper Jaffray Cos.		1,628		120,912
PNC Financial Services Group, Inc./The(5)		4,441		609,660
Popular, Inc.		6,163		334,281
Premier Financial Bancorp, Inc.		1,736		26,040
Progressive Corp./The		14,891		1,190,238
Protective Insurance Corp.		751		13,045
Provident Financial Holdings, Inc.		862		18,093
Prudential Financial, Inc.		8,313		839,613
Pzena Investment Management, Inc.		4,629		39,763
Radian Group, Inc.		11,711		267,596
Ready Capital Corp.		7,617		113,493
Regional Management Corp.(2)		543		14,319

The accompanying notes are an integral part of these financial statements

Page 22 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Regions Financial Corp.		54,778		818,383
Reinsurance Group of America, Inc.		1,981		309,095
Republic Bancorp, Inc./KY		1,357		67,511
Riverview Bancorp, Inc.		1,023		8,736
Safety Insurance Group, Inc.		850		80,861
Santander Consumer USA Holdings, Inc.(2)		5,579		133,673
Shore Bancshares, Inc.		1,269		20,735
Sierra Bancorp		3,644		98,825
Signature Bank/New York NY		442		53,411
Silvercrest Asset Management Group, Inc.		899		12,613
Simmons First National Corp.		2,695		62,686
Southern Missouri Bancorp, Inc.		40		1,393
Southern National Bancorp of Virginia, Inc.		1,908		29,211
Stewart Information Services Corp.		3,091		125,155
Summit Financial Group, Inc.		1,426		38,288
SunTrust Banks, Inc.		15,585		979,517
Synchrony Financial		14,584		505,627
TCF Financial Corp.		26,557		552,120
TD Ameritrade Holding Corp.		8,773		437,948
Third Point Reinsurance, Ltd.(2)		643		6,636
Timberland Bancorp, Inc./WA		807		24,113
Tiptree, Inc.		1,725		10,868
TPG RE Finance Trust, Inc.		5,838		112,615
TriCo Bancshares		2,736		103,421
TrustCo Bank Corp. NY		6,808		53,919
United Community Banks, Inc./GA		5,862		167,419
United Community Financial Corp./OH		539		5,158
United Security Bancshares/Fresno CA		2,470		28,133
Unity Bancorp, Inc.		1,232		27,966
Univest Financial Corp.		2,949		77,441
Unum Group		2,298		77,098
US Bancorp		3,082		161,497
Waddell & Reed Financial, Inc.		1,382		23,038
Walker & Dunlop, Inc.		1,717		91,362
Waterstone Financial, Inc.		1,507		25,709
Wells Fargo & Co.(5)		17,267		817,074
West Bancorporation, Inc.		588		12,477
Western New England Bancorp, Inc.		427		3,988
World Acceptance Corp.(2)		157		25,765
WSFS Financial Corp.		1,305		53,897
				38,113,479
Healthcare — 11.1%
Abbott Laboratories(5)		4,723		397,204
AbbVie, Inc.(5)		5,809		422,430
ABIOMED, Inc.(2)		249		64,862
ACADIA Pharmaceuticals, Inc.(2)		287		7,672
Common Stocks - Long — continued
Accuray, Inc.(2)		1,625		6,289
AcelRx Pharmaceuticals, Inc.(2)		4,221		10,679
Achillion Pharmaceuticals, Inc.(2)		2,516		6,743
Aclaris Therapeutics, Inc.(2)		648		1,419
Acorda Therapeutics, Inc.(2)		872		6,688
Addus HomeCare Corp.(2)		127		9,519
ADMA Biologics, Inc.(2)		1,289		4,988
Aduro Biotech, Inc.(2)		1,209		1,862
Adverum Biotechnologies, Inc.(2)		1,241		14,755
Aeglea BioTherapeutics, Inc.(2)		317		2,171
Aerie Pharmaceuticals, Inc.(2)		1,198		35,401
Agenus, Inc.(2)		5,541		16,623
AgeX Therapeutics, Inc.(2)		455		1,670
Agilent Technologies, Inc.		1,774		132,465
Akebia Therapeutics, Inc.(2)		3,714		17,976
Akorn, Inc.(2)		1,387		7,143
Albireo Pharma, Inc.(2)		446		14,379
Aldeyra Therapeutics, Inc.(2)		959		5,754
Alexion Pharmaceuticals, Inc.(2)		2,986		391,106
Align Technology, Inc.(2)		640		175,168
Alkermes PLC(2)		254		5,725
Allena Pharmaceuticals, Inc.(2)		440		1,791
Allergan PLC(5)		1,978		331,177
Allscripts Healthcare Solutions, Inc.(2)		1,794		20,864
Alnylam Pharmaceuticals, Inc.(2)		1,299		94,255
AMAG Pharmaceuticals, Inc.(2)		818		8,172
Amedisys, Inc.(2)		194		23,554
AmerisourceBergen Corp.		1,466		124,991
Amgen, Inc.(5)		4,369		805,119
Amicus Therapeutics, Inc.(2)		5,852		73,033
AMN Healthcare Services, Inc.(2)		94		5,100
Amneal Pharmaceuticals, Inc.(2)		2,570		18,427
Amphastar Pharmaceuticals, Inc.(2)		414		8,740
Anavex Life Sciences Corp.(2)		1,874		6,315
AngioDynamics, Inc.(2)		1,129		22,230
ANI Pharmaceuticals, Inc.(2)		154		12,659
Anthem, Inc.(5)		573		161,706
Apellis Pharmaceuticals, Inc.(2)		450		11,403
Apollo Medical Holdings, Inc.(2)		462		7,720
Applied Genetic Technologies Corp./DE(2)		829		3,142
Aptinyx, Inc.(2)		1,419		4,739
Aquestive Therapeutics, Inc.(2)		1,451		6,094
Aratana Therapeutics, Inc.(2)		2,012		10,382
Aravive, Inc.(2)		1,058		6,348
Arbutus Biopharma Corp.(2)		849		1,766
Arcus Biosciences, Inc.(2)		639		5,080
Arena Pharmaceuticals, Inc.(2)		618		36,233

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 23

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
ArQule, Inc.(2)		1,751		19,279
Array BioPharma, Inc.(2)		894		41,419
Arrowhead Pharmaceuticals, Inc.(2)		559		14,814
Arvinas, Inc.(2)		133		2,925
Assembly Biosciences, Inc.(2)		381		5,140
Assertio Therapeutics, Inc.(2)		1,064		3,671
Atara Biotherapeutics, Inc.(2)		452		9,090
Athersys, Inc.(2)		1,300		2,184
Atrion Corp.		2		1,705
Audentes Therapeutics, Inc.(2)		726		27,486
Avid Bioservices, Inc.(2)		852		4,771
Avrobio, Inc.(2)		248		4,032
Baxter International, Inc.		8,686		711,383
BioCryst Pharmaceuticals, Inc.(2)		2,214		8,391
Biogen, Inc.(2)(5)		1,828		427,514
Biohaven Pharmaceutical Holding Co., Ltd.(2)		88		3,854
Bio-Rad Laboratories, Inc.(2)		137		42,825
Bio-Techne Corp.		188		39,196
Blueprint Medicines Corp.(2)		94		8,867
Bristol-Myers Squibb Co.(5)		10,795		489,553
Brookdale Senior Living, Inc.(2)		2,461		17,744
Bruker Corp.		2,082		103,996
Calithera Biosciences, Inc.(2)		1,373		5,355
Calyxt, Inc.(2)		321		4,006
Cantel Medical Corp.		49		3,951
Capital Senior Living Corp.(2)		707		3,556
Cardinal Health, Inc.		5,046		237,667
CareDx, Inc.(2)		172		6,190
Castlight Health, Inc.(2)		614		1,983
Catalent, Inc.(2)		2,921		158,347
Catalyst Pharmaceuticals, Inc.(2)		1,603		6,156
Celgene Corp.(2)(5)		4,770		440,939
Cellular Biomedicine Group, Inc.(2)		353		5,835
Cerner Corp.		12,457		913,098
Charles River Laboratories International, Inc.(2)		400		56,760
Chemed Corp.		285		102,839
ChemoCentryx, Inc.(2)		358		3,329
Chimerix, Inc.(2)		1,929		8,333
Cidara Therapeutics, Inc.(2)		5,103		8,573
Clearside Biomedical, Inc.(2)		695		675
Clovis Oncology, Inc.(2)		251		3,732
Coherus Biosciences, Inc.(2)		1,597		35,294
Collegium Pharmaceutical, Inc.(2)		607		7,982
Computer Programs & Systems, Inc.		509		14,145
Concert Pharmaceuticals, Inc.(2)		299		3,588
Common Stocks - Long — continued
CONMED Corp.		492		42,100
Cooper Cos., Inc./The		119		40,090
Corium International Contingent Value Rights(2)(8)		106		—
Corvus Pharmaceuticals, Inc.(2)		1,006		3,762
CryoPort, Inc.(2)		569		10,424
Cue Biopharma, Inc.(2)		510		4,585
Cutera, Inc.(2)		333		6,920
CVS Health Corp.		1,400		76,286
Cymabay Therapeutics, Inc.(2)		1,987		14,227
Cytokinetics, Inc.(2)		1,944		21,870
CytomX Therapeutics, Inc.(2)		1,431		16,056
Danaher Corp.(5)		5,083		726,462
DENTSPLY SIRONA, Inc.		3,616		211,030
Dermira, Inc.(2)		582		5,564
DexCom, Inc.(2)		24		3,596
Dicerna Pharmaceuticals, Inc.(2)		613		9,655
Dova Pharmaceuticals, Inc.(2)		298		4,202
Eagle Pharmaceuticals, Inc./DE(2)		41		2,283
Editas Medicine, Inc.(2)		118		2,919
Edwards Lifesciences Corp.(2)		287		53,020
Eiger BioPharmaceuticals, Inc.(2)		606		6,424
ElectroCore, Inc.(2)		741		1,482
Eli Lilly & Co.(5)		4,416		489,249
Eloxx Pharmaceuticals, Inc.(2)		541		5,394
Enanta Pharmaceuticals, Inc.(2)		21		1,772
Encompass Health Corp.		2,513		159,224
Endo International PLC(2)		9,318		38,390
Endologix, Inc.(2)		748		5,416
Ensign Group, Inc./The		237		13,490
Enzo Biochem, Inc.(2)		1,760		5,931
Epizyme, Inc.(2)		112		1,406
Evolent Health, Inc.(2)		666		5,295
Evolus, Inc.(2)		771		11,272
Exact Sciences Corp.(2)		593		69,998
Exelixis, Inc.(2)		2,018		43,125
Fate Therapeutics, Inc.(2)		637		12,931
Fennec Pharmaceuticals, Inc.(2)		1,056		4,224
Five Prime Therapeutics, Inc.(2)		1,883		11,354
Flexion Therapeutics, Inc.(2)		236		2,903
FONAR Corp.(2)		404		8,690
Fortress Biotech, Inc.(2)		1,648		2,472
Gilead Sciences, Inc.(5)		11,735		792,817
Glaukos Corp.(2)		147		11,084
Global Blood Therapeutics, Inc.(2)		40		2,104
Globus Medical, Inc.(2)		259		10,956
Harvard Bioscience, Inc.(2)		871		1,742

The accompanying notes are an integral part of these financial statements

Page 24 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
HCA Healthcare, Inc.		6,751		912,533
HealthEquity, Inc.(2)		382		24,983
HealthStream, Inc.(2)		978		25,291
Hill-Rom Holdings, Inc.		1,959		204,951
HMS Holdings Corp.(2)		183		5,927
Hologic, Inc.(2)		2,990		143,580
Horizon Therapeutics Plc(2)		875		21,053
Humana, Inc.		2,372		629,292
Idera Pharmaceuticals, Inc.(2)		795		2,123
Immunic, Inc.(2)		160		1,835
ImmunoGen, Inc.(2)		684		1,484
Incyte Corp.(2)		604		51,316
Infinity Pharmaceuticals, Inc.(2)		2,246		4,043
Innovate Biopharmaceuticals, Inc.(2)		1,494		1,733
Insmed, Inc.(2)		55		1,408
Integer Holdings Corp.(2)		717		60,171
Integra LifeSciences Holdings Corp.(2)		32		1,787
Intellia Therapeutics, Inc.(2)		119		1,948
Intercept Pharmaceuticals, Inc.(2)		74		5,888
Intersect ENT, Inc.(2)		249		5,667
Intra-Cellular Therapies, Inc.(2)		1,878		24,376
Invacare Corp.		480		2,491
Invitae Corp.(2)		617		14,500
Iovance Biotherapeutics, Inc.(2)		594		14,565
IQVIA Holdings, Inc.(2)		1,326		213,353
Ironwood Pharmaceuticals, Inc.(2)		130		1,422
Jazz Pharmaceuticals PLC(2)		467		66,576
Johnson & Johnson(5)		11,671		1,625,537
Jounce Therapeutics, Inc.(2)		1,855		9,182
Kadmon Holdings, Inc.(2)		1,190		2,451
Kala Pharmaceuticals, Inc.(2)		1,427		9,104
Kindred Biosciences, Inc.(2)		1,013		8,438
Kura Oncology, Inc.(2)		730		14,374
La Jolla Pharmaceutical Co.(2)		318		2,942
Lannett Co., Inc.(2)		2,098		12,714
Lantheus Holdings, Inc.(2)		616		17,433
LeMaitre Vascular, Inc.		513		14,354
LHC Group, Inc.(2)		379		45,321
Lipocine, Inc.(2)		3,408		6,646
LivaNova PLC(2)		340		24,466
Magellan Health, Inc.(2)		700		51,961
Magenta Therapeutics, Inc.(2)		90		1,328
Mallinckrodt PLC(2)		2,009		18,443
MannKind Corp.(2)		1,143		1,314
Marinus Pharmaceuticals, Inc.(2)		1,953		8,105
Masimo Corp.(2)		1,294		192,573
McKesson Corp.		556		74,721
Common Stocks - Long — continued
Medicines Co./The(2)		1,195		43,582
Medidata Solutions, Inc.(2)		245		22,175
MEDNAX, Inc.(2)		810		20,436
Medtronic PLC(5)		12,952		1,261,395
MeiraGTx Holdings plc(2)		147		3,951
Melinta Therapeutics, Inc.(2)		795		5,287
Menlo Therapeutics, Inc.(2)		614		3,678
Merck & Co., Inc.(5)		17,249		1,446,329
Meridian Bioscience, Inc.		767		9,112
Merit Medical Systems, Inc.(2)		541		32,222
Mersana Therapeutics, Inc.(2)		323		1,308
Minerva Neurosciences, Inc.(2)		1,442		8,118
Miragen Therapeutics, Inc.(2)		1,097		2,249
Mirati Therapeutics, Inc.(2)		213		21,939
Molecular Templates, Inc.(2)		1,484		12,391
Molina Healthcare, Inc.(2)		204		29,201
Mustang Bio, Inc.(2)		1,535		5,649
Mylan NV(2)		9,445		179,833
MyoKardia, Inc.(2)		575		28,831
NantKwest, Inc.(2)		1,532		1,563
Natera, Inc.(2)		840		23,167
National Research Corp.		62		3,571
Natus Medical, Inc.(2)		223		5,729
Neos Therapeutics, Inc.(2)		1,952		2,518
NewLink Genetics Corp.(2)		2,377		3,518
NextGen Healthcare, Inc.(2)		614		12,219
Novavax, Inc.(2)		252		1,477
Novus Therapeutics, Inc.(2)		2,546		2,571
Ocular Therapeutix, Inc.(2)		908		3,995
Odonate Therapeutics, Inc.(2)		527		19,336
Oncternal Therapeutics, Inc.(2)(3)		643		4,282
OPKO Health, Inc.(2)		3,859		9,416
OraSure Technologies, Inc.(2)		862		7,999
Orthofix Medical, Inc.(2)		623		32,944
Osmotica Pharmaceuticals PLC(2)		1,577		5,993
Otonomy, Inc.(2)		5,886		16,187
Owens & Minor, Inc.		971		3,107
Pacira BioSciences, Inc.(2)		162		7,045
Perrigo Co. PLC		1,968		93,716
Pfenex, Inc.(2)		1,035		6,976
Pfizer, Inc.(5)		32,875		1,424,145
Phibro Animal Health Corp.		447		14,201
Pieris Pharmaceuticals, Inc.(2)		4,252		19,984
Portola Pharmaceuticals, Inc.(2)		289		7,841
PRA Health Sciences, Inc.(2)		672		66,629
Principia Biopharma, Inc.(2)		141		4,680
Progenics Pharmaceuticals, Inc.(2)		3,032		18,707

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 25

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Protagonist Therapeutics, Inc.(2)		225		2,725
Prothena Corp. PLC(2)		2,677		28,296
Providence Service Corp./The(2)		79		4,530
PTC Therapeutics, Inc.(2)		71		3,195
Puma Biotechnology, Inc.(2)		684		8,694
Quest Diagnostics, Inc.		475		48,360
Quorum Health Corp.(2)		1,179		1,639
Ra Pharmaceuticals, Inc.(2)		75		2,255
Radius Health, Inc.(2)		1,390		33,860
Reata Pharmaceuticals, Inc.(2)		28		2,642
Recro Pharma, Inc.(2)		1,100		11,187
Regeneron Pharmaceuticals, Inc.(2)		20		6,260
REGENXBIO, Inc.(2)		93		4,777
ResMed, Inc.		204		24,894
resTORbio, Inc.(2)		323		3,295
Retrophin, Inc.(2)		541		10,869
Rhythm Pharmaceuticals, Inc.(2)		76		1,672
Rigel Pharmaceuticals, Inc.(2)		1,494		3,899
RTI Surgical Holdings, Inc.(2)		2,495		10,604
Sage Therapeutics, Inc.(2)		36		6,591
Sarepta Therapeutics, Inc.(2)		208		31,606
Savara, Inc.(2)		1,494		3,541
scPharmaceuticals, Inc.(2)		967		3,085
SeaSpine Holdings Corp.(2)		275		3,644
Select Medical Holdings Corp.(2)		499		7,919
Sienna Biopharmaceuticals, Inc.(2)		1,808		1,573
Simulations Plus, Inc.		87		2,485
Spark Therapeutics, Inc.(2)		127		13,002
Spero Therapeutics, Inc.(2)		535		6,158
Spring Bank Pharmaceuticals, Inc.(2)		532		1,963
STERIS PLC		414		61,636
Surface Oncology, Inc.(2)		1,271		3,584
Syndax Pharmaceuticals, Inc.(2)		497		4,627
Syneos Health, Inc.(2)		959		48,995
Synlogic, Inc.(2)		295		2,685
T2 Biosystems, Inc.(2)		845		1,420
Tandem Diabetes Care, Inc.(2)		389		25,098
Tenet Healthcare Corp.(2)		1,014		20,949
TG Therapeutics, Inc.(2)		622		5,380
Tivity Health, Inc.(2)		11		181
Tocagen, Inc.(2)		1,037		6,927
Tyme Technologies, Inc.(2)(3)		1,319		1,609
United Therapeutics Corp.(2)		496		38,718
UnitedHealth Group, Inc.(5)		2,978		726,662
UNITY Biotechnology, Inc.(2)		469		4,456
Universal Health Services, Inc.		322		41,986
Unum Therapeutics, Inc.(2)		569		1,491
Common Stocks - Long — continued
Utah Medical Products, Inc.		16		1,531
Varian Medical Systems, Inc.(2)		653		88,893
Veeva Systems, Inc.(2)		260		42,149
Veracyte, Inc.(2)		94		2,680
Vertex Pharmaceuticals, Inc.(2)		3,188		584,615
Voyager Therapeutics, Inc.(2)		835		22,729
WellCare Health Plans, Inc.(2)		112		31,928
West Pharmaceutical Services, Inc.		235		29,410
X4 Pharmaceuticals, Inc.(2)		205		3,075
Xeris Pharmaceuticals, Inc.(2)		381		4,359
XOMA Corp.(2)		211		3,135
Zimmer Biomet Holdings, Inc.		3,760		442,702
Zoetis, Inc.		4,432		502,988
				23,166,822
Industrials — 11.1%
ACCO Brands Corp.		6,855		53,949
Advanced Disposal Services, Inc.(2)		307		9,796
AGCO Corp.		2,220		172,205
Aircastle, Ltd.		884		18,794
Albany International Corp.		388		32,169
Allison Transmission Holdings, Inc.		5,406		250,568
American Woodmark Corp.(2)		830		70,235
Aqua Metals, Inc.(2)		7,390		12,341
ARC Document Solutions, Inc.(2)		3,057		6,236
Armstrong Flooring, Inc.(2)		424		4,176
Armstrong World Industries, Inc.		2,693		261,760
Astronics Corp.(2)		141		5,671
Atkore International Group, Inc.(2)		1,389		35,933
Barnes Group, Inc.		697		39,269
Barrett Business Services, Inc.		358		29,571
BG Staffing, Inc.		182		3,436
Blue Bird Corp.(2)		186		3,662
BlueLinx Holdings, Inc.(2)		163		3,229
BMC Stock Holdings, Inc.(2)		2,777		58,872
Boeing Co./The(5)		2,182		794,270
BrightView Holdings, Inc.(2)		847		15,847
Builders FirstSource, Inc.(2)		6,437		108,528
Carlisle Cos., Inc.		379		53,215
Casella Waste Systems, Inc.(2)		425		16,843
Caterpillar, Inc.		2,900		395,241
Charah Solutions, Inc.(2)		268		1,474
Cintas Corp.		452		107,255
Clean Harbors, Inc.(2)		149		10,594
Comfort Systems USA, Inc.		609		31,053
Commercial Vehicle Group, Inc.(2)		2,365		18,967
Continental Building Products, Inc.(2)		562		14,932

The accompanying notes are an integral part of these financial statements

Page 26 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Copart, Inc.(2)		3,259		243,578
CoStar Group, Inc.(2)		227		125,772
Covenant Transportation Group, Inc.(2)		247		3,633
CRA International, Inc.		37		1,418
Crane Co.		2,149		179,313
CSW Industrials, Inc.		465		31,690
CSX Corp.(5)		9,460		731,920
Cummins, Inc.		3,721		637,556
Deere & Co.		1,115		184,767
Delta Air Lines, Inc.		4,793		272,003
Deluxe Corp.		2,012		81,808
Donaldson Co., Inc.		1,238		62,965
Ducommun, Inc.(2)		245		11,042
DXP Enterprises, Inc./TX(2)		188		7,123
Eagle Bulk Shipping, Inc.(2)		1,201		6,293
Eastern Co./The		66		1,849
Eaton Corp. PLC		9,859		821,058
EMCOR Group, Inc.		750		66,075
Emerson Electric Co.		13,127		875,833
Encore Wire Corp.		279		16,344
Energous Corp.(2)		835		3,649
EnerSys		208		14,248
Ennis, Inc.		828		16,991
EnPro Industries, Inc.		854		54,519
Fastenal Co.		2,548		83,039
Federal Signal Corp.		3,051		81,614
Fluor Corp.		3,844		129,504
Forrester Research, Inc.		435		20,458
Fortune Brands Home & Security, Inc.		5,060		289,078
Foundation Building Materials, Inc.(2)		2,132		37,907
Generac Holdings, Inc.(2)		813		56,430
Gorman-Rupp Co./The		335		10,998
Graco, Inc.		5,976		299,876
GrafTech International, Ltd.		1,157		13,306
Great Lakes Dredge & Dock Corp.(2)		153		1,689
Harsco Corp.(2)		814		22,336
HD Supply Holdings, Inc.(2)		4,128		166,276
Heartland Express, Inc.		616		11,131
Heidrick & Struggles International, Inc.		383		11,479
Heritage-Crystal Clean, Inc.(2)		482		12,681
Herman Miller, Inc.		2,183		97,580
Hexcel Corp.		136		11,000
Hillenbrand, Inc.		2,756		109,055
HNI Corp.		1,522		53,848
Hubbell, Inc.		19		2,478
Huntington Ingalls Industries, Inc.		1,384		311,040
Hurco Cos., Inc.		313		11,130
Common Stocks - Long — continued
Hyster-Yale Materials Handling, Inc.		168		9,284
IAA, Inc.(2)		1,025		39,750
ICF International, Inc.		290		21,112
IDEX Corp.		466		80,217
Illinois Tool Works, Inc.		125		18,851
Ingersoll-Rand PLC		9,948		1,260,113
ITT, Inc.		3,362		220,144
Jacobs Engineering Group, Inc.		1,230		103,800
JELD-WEN Holding, Inc.(2)		369		7,834
Kadant, Inc.		113		10,262
Kansas City Southern		2,105		256,431
KAR Auction Services, Inc.		1,025		25,625
Kelly Services, Inc. - Class A		2,771		72,572
Kennametal, Inc.		3,337		123,436
Kforce, Inc.		407		14,282
Kimball International, Inc. - Class B		4,543		79,184
Knoll, Inc.		2,387		54,853
L3 Technologies, Inc.		674		165,245
Landstar System, Inc.		2,676		288,981
Lawson Products, Inc./DE(2)		177		6,501
LB Foster Co. - Class A(2)		453		12,385
Lennox International, Inc.		326		89,650
Lincoln Electric Holdings, Inc.		1,513		124,550
LSC Communications, Inc.		4,488		16,471
LSI Industries, Inc.		1,663		6,070
ManpowerGroup, Inc.		2,549		246,233
Marten Transport, Ltd.		656		11,906
Masco Corp.		5,357		210,209
Masonite International Corp.(2)		2,792		147,083
Matson, Inc.		1,328		51,593
Maxar Technologies, Inc.		289		2,260
McGrath RentCorp		715		44,437
Mercury Systems, Inc.(2)		331		23,286
Meritor, Inc.(2)		1,433		34,750
Mesa Air Group, Inc.(2)		260		2,376
Miller Industries, Inc./TN		1,042		32,042
Moog, Inc.		1,040		97,354
MSC Industrial Direct Co., Inc.		1,901		141,168
Mueller Industries, Inc.		843		24,675
MYR Group, Inc.(2)		509		19,011
Navigant Consulting, Inc.		1,341		31,098
Navistar International Corp.(2)		662		22,806
Norfolk Southern Corp.		5,432		1,082,761
nVent Electric PLC		53		1,314
Old Dominion Freight Line, Inc.		2,283		340,761
Oshkosh Corp.		3,877		323,691
Owens Corning		1,580		91,956

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 27

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
PACCAR, Inc.		12,692		909,509
Parker-Hannifin Corp.		5,040		856,850
Park-Ohio Holdings Corp.		648		21,118
Patrick Industries, Inc.(2)		644		31,678
Primoris Services Corp.		964		20,177
Quad/Graphics, Inc.		3,072		24,300
Quanex Building Products Corp.		1,925		36,363
Quanta Services, Inc.		7,589		289,824
Radiant Logistics, Inc.(2)		2,036		12,501
Raytheon Co.		1,080		187,790
Regal Beloit Corp.		56		4,576
Resideo Technologies, Inc.(2)		64		1,403
Resources Connection, Inc.		338		5,411
RR Donnelley & Sons Co.		6,817		13,429
Rush Enterprises, Inc.		1,514		55,291
Ryder System, Inc.		725		42,268
Safe Bulkers, Inc.(2)		10,564		16,480
SkyWest, Inc.		330		20,021
Southwest Airlines Co.		11,059		561,576
SP Plus Corp.(2)		1,002		31,994
Spirit AeroSystems Holdings, Inc.		2,146		174,620
Spirit Airlines, Inc.(2)		203		9,689
SPX Corp.(2)		879		29,025
Standex International Corp.		206		15,067
Steelcase, Inc. - Class A		2,149		36,748
Sterling Construction Co., Inc.(2)		883		11,850
Tetra Tech, Inc.		625		49,094
Textron, Inc.		6,379		338,342
Thermon Group Holdings, Inc.(2)		1,701		43,631
Timken Co./The		4,106		210,802
Titan Machinery, Inc.(2)		171		3,519
Toro Co./The		4,751		317,842
TPI Composites, Inc.(2)		258		6,378
TriMas Corp.(2)		2,101		65,068
Triton International, Ltd./Bermuda		2,258		73,972
TrueBlue, Inc.(2)		2,027		44,716
UniFirst Corp./MA		336		63,360
Union Pacific Corp.(5)		8,198		1,386,364
United Airlines Holdings, Inc.(2)		4,066		355,978
United Rentals, Inc.(2)		166		22,017
United Technologies Corp.		475		61,845
Universal Forest Products, Inc.		1,199		45,634
Valmont Industries, Inc.		1,209		153,313
Vectrus, Inc.(2)		682		27,662
Viad Corp.		249		16,494
Wabash National Corp.		2,103		34,216
Waste Management, Inc.		7,889		910,154
Common Stocks - Long — continued
Watsco, Inc.		663		108,420
WESCO International, Inc.(2)		2,294		116,191
Woodward, Inc.		948		107,276
YRC Worldwide, Inc.(2)		3,081		12,416
				23,020,106
Information Technology — 18.4%
A10 Networks, Inc.(2)		3,744		25,534
Accenture PLC(5)		5,301		979,466
ACI Worldwide, Inc.(2)		381		13,084
ACM Research, Inc.(2)		146		2,279
Adobe, Inc.(2)(5)		4,452		1,311,782
ADTRAN, Inc.		1,038		15,830
Advanced Micro Devices, Inc.(2)		5,419		164,575
Agilysys, Inc.(2)		318		6,827
ALJ Regional Holdings, Inc.(2)		927		1,437
Alliance Data Systems Corp.		370		51,848
Altair Engineering, Inc.(2)		54		2,181
Amber Road, Inc.(2)		101		1,319
Amdocs, Ltd.		1,057		65,629
American Software, Inc./GA		761		10,007
Amkor Technology, Inc.(2)		11,562		86,253
Anixter International, Inc.(2)		503		30,034
ANSYS, Inc.(2)		1,379		282,447
Appfolio, Inc.(2)		13		1,330
Apple, Inc.(5)		20,371		4,031,828
Applied Materials, Inc.		10,874		488,351
Arrow Electronics, Inc.(2)		2,395		170,692
Aspen Technology, Inc.(2)		1,597		198,475
Atlassian Corp. PLC(2)		298		38,990
Autodesk, Inc.(2)		1,533		249,726
Avalara, Inc.(2)		177		12,779
Avaya Holdings Corp.(2)		2,751		32,764
Avid Technology, Inc.(2)		951		8,673
Avnet, Inc.		4,145		187,644
AVX Corp.		401		6,657
Axcelis Technologies, Inc.(2)		440		6,622
Badger Meter, Inc.		111		6,626
Benchmark Electronics, Inc.		4,105		103,118
Black Knight, Inc.(2)		607		36,511
Booz Allen Hamilton Holding Corp.		3,954		261,794
Bottomline Technologies DE, Inc.(2)		562		24,863
Broadcom, Inc.(5)		1,945		559,888
Broadridge Financial Solutions, Inc.		1,042		133,043
CACI International, Inc. - Class A(2)		507		103,727
Cadence Design Systems, Inc.(2)		7,914		560,390
CalAmp Corp.(2)		2,378		27,775

The accompanying notes are an integral part of these financial statements

Page 28 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Cardtronics PLC(2)		47		1,284
Casa Systems, Inc.(2)		888		5,710
Cass Information Systems, Inc.		434		21,040
CDK Global, Inc.		3,562		176,105
CDW Corp./DE		1,238		137,418
ChannelAdvisor Corp.(2)		1,131		9,908
Ciena Corp.(2)		1,341		55,155
Cirrus Logic, Inc.(2)		1,251		54,669
Cisco Systems, Inc.(5)		34,253		1,874,667
Cision, Ltd.(2)		4,953		58,099
Citrix Systems, Inc.		2,359		231,512
CommScope Holding Co., Inc.(2)		1,811		28,487
CommVault Systems, Inc.(2)		2,661		132,039
Comtech Telecommunications Corp.		1,870		52,566
CoreLogic, Inc./United States(2)		372		15,561
Cornerstone OnDemand, Inc.(2)		2,230		129,184
Corning, Inc.		7,067		234,836
CPI Card Group, Inc.(2)		2,281		5,703
Cypress Semiconductor Corp.		1,527		33,960
DASAN Zhone Solutions, Inc.(2)		336		4,365
Dell Technologies, Inc. - Class C(2)		3,439		174,701
Diebold Nixdorf, Inc.(2)		812		7,438
Digi International, Inc.(2)		1,604		20,339
Diodes, Inc.(2)		855		31,096
Dolby Laboratories, Inc.		2,100		135,660
DXC Technology Co.		6,950		383,293
EchoStar Corp.(2)		1,994		88,374
Electronics For Imaging, Inc.(2)		52		1,919
Endurance International Group Holdings, Inc.(2)		4,429		21,259
Enphase Energy, Inc.(2)		472		8,605
Entegris, Inc.		1,534		57,249
EPAM Systems, Inc.(2)		1,469		254,284
ePlus, Inc.(2)		133		9,169
EVERTEC, Inc.		905		29,594
Extreme Networks, Inc.(2)		6,196		40,088
F5 Networks, Inc.(2)		1,594		232,134
Fabrinet(2)		907		45,051
Fair Isaac Corp.(2)		601		188,726
FormFactor, Inc.(2)		625		9,794
Fortinet, Inc.(2)		1,318		101,262
Hackett Group, Inc./The		774		12,995
Hewlett Packard Enterprise Co.		36,474		545,286
HP, Inc.		41,395		860,602
I3 Verticals, Inc.(2)		376		11,073
Ichor Holdings, Ltd.(2)		298		7,045
Information Services Group, Inc.(2)		3,086		9,752
Common Stocks - Long — continued
Insight Enterprises, Inc.(2)		974		56,687
Intel Corp.(5)		21,592		1,033,609
InterDigital, Inc.		1,266		81,530
Internap Corp.(2)		1,160		3,492
International Business Machines Corp.(5)		6,260		863,254
Intevac, Inc.(2)		913		4,419
Intuit, Inc.		5,085		1,328,863
j2 Global, Inc.		1,110		98,668
Jabil, Inc.		4,591		145,076
Juniper Networks, Inc.		14,806		394,284
KBR, Inc.		5,490		136,921
Keysight Technologies, Inc.(2)		2,167		194,618
Kimball Electronics, Inc.(2)		482		7,828
KLA-Tencor Corp.		2,077		245,501
Kopin Corp.(2)		1,331		1,451
Lam Research Corp.		1,751		328,908
Lattice Semiconductor Corp.(2)		965		14,079
Leidos Holdings, Inc.		4,790		382,482
Limelight Networks, Inc.(2)		478		1,291
LiveRamp Holdings, Inc.(2)		523		25,355
LogMeIn, Inc.		2,728		200,999
Majesco(2)		182		1,694
ManTech International Corp./VA		358		23,574
Mastercard, Inc.(5)		5,957		1,575,805
Maxim Integrated Products, Inc.		7,370		440,873
MAXIMUS, Inc.		1,225		88,862
Methode Electronics, Inc.		1,327		37,912
Micron Technology, Inc.(2)		13,679		527,873
Microsoft Corp.(5)		33,260		4,455,510
MicroStrategy, Inc.(2)		598		85,699
Mitek Systems, Inc.(2)		789		7,843
MKS Instruments, Inc.		234		18,226
MobileIron, Inc.(2)		234		1,451
MoneyGram International, Inc.(2)		4,015		9,917
Monotype Imaging Holdings, Inc.		2,886		48,600
Motorola Solutions, Inc.		1,506		251,095
Nanometrics, Inc.(2)		109		3,783
Napco Security Technologies, Inc.(2)		415		12,317
NCR Corp.(2)		1,607		49,978
NeoPhotonics Corp.(2)		846		3,536
NetApp, Inc.		1,522		93,907
NIC, Inc.		1,982		31,791
Novanta, Inc.(2)		212		19,992
Nuance Communications, Inc.(2)		8,989		143,554
NVE Corp.		58		4,039
NXP Semiconductors NV		3,651		356,374
ON Semiconductor Corp.(2)		4,540		91,753

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 29

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Oracle Corp.(5)		17,518		998,000
OSI Systems, Inc.(2)		201		22,639
Paycom Software, Inc.(2)		473		107,239
PayPal Holdings, Inc.(2)		3,107		355,627
PC Connection, Inc.		82		2,868
Perficient, Inc.(2)		2,209		75,813
Perspecta, Inc.		2,233		52,275
PFSweb, Inc.(2)		1,128		4,568
Photronics, Inc.(2)		926		7,593
Plexus Corp.(2)		200		11,674
Presidio, Inc.		4,814		65,807
Progress Software Corp.		1,986		86,629
QAD, Inc. - Class A		47		1,890
Qorvo, Inc.(2)		613		40,832
QUALCOMM, Inc.		5,295		402,791
Rapid7, Inc.(2)		100		5,784
RingCentral, Inc. - Class A(2)		238		27,351
Rogers Corp.(2)		143		24,679
Rudolph Technologies, Inc.(2)		890		24,591
Sabre Corp.		1,052		23,354
salesforce.com, Inc.(2)		452		68,582
Sanmina Corp.(2)		1,460		44,209
Science Applications International Corp.		1,053		91,148
Semtech Corp.(2)		1,539		73,949
Silicon Laboratories, Inc.(2)		170		17,578
Skyworks Solutions, Inc.		1,497		115,673
SMART Global Holdings, Inc.(2)		572		13,150
SolarWinds Corp.(2)		3,580		65,657
SPS Commerce, Inc.(2)		31		3,169
SS&C Technologies Holdings, Inc.		875		50,409
SunPower Corp.(2)		301		3,218
Sykes Enterprises, Inc.(2)		1,052		28,888
Symantec Corp.		12,613		274,459
SYNNEX Corp.		197		19,385
Synopsys, Inc.(2)		3,754		483,102
Tableau Software, Inc.(2)		525		87,161
Tech Data Corp.(2)		1,173		122,696
Telaria, Inc.(2)		907		6,821
Teradata Corp.(2)		365		13,085
Teradyne, Inc.		4,419		211,714
Texas Instruments, Inc.(5)		10,448		1,199,012
TiVo Corp.		9,066		66,816
Trade Desk, Inc./The(2)		228		51,934
TTEC Holdings, Inc.		438		20,406
Twilio, Inc.(2)		47		6,408
Ubiquiti Networks, Inc.		131		17,227
Upland Software, Inc.(2)		729		33,191
Common Stocks - Long — continued
Varonis Systems, Inc.(2)		773		47,880
Verint Systems, Inc.(2)		1,403		75,453
VeriSign, Inc.(2)		523		109,391
Veritone, Inc.(2)		517		4,322
Versum Materials, Inc.		463		23,882
Viavi Solutions, Inc.(2)		4,111		54,635
Visa, Inc.		3,082		534,881
Vishay Precision Group, Inc.(2)		177		7,192
VMware, Inc.		1,132		189,282
Western Digital Corp.		3,027		143,934
Western Union Co./The		6,394		127,177
Workiva, Inc.(2)		524		30,439
Xerox Corp.		5,936		210,194
Xilinx, Inc.		2,239		264,023
Xperi Corp.		786		16,184
Zendesk, Inc.(2)		1,059		94,283
Zscaler, Inc.(2)		577		44,221
				38,295,551
Materials — 3.2%
AdvanSix, Inc.(2)		2,448		59,805
Air Products & Chemicals, Inc.		2,180		493,487
Amyris, Inc.(2)		565		2,011
Berry Global Group, Inc.(2)		556		29,240
Cabot Corp.		1,049		50,048
Celanese Corp.		1,001		107,908
CF Industries Holdings, Inc.		1,828		85,386
Chemours Co./The		2,204		52,896
Dow Chemical Co./The(2)		3,765		185,652
Eagle Materials, Inc.		2,412		223,592
Eastman Chemical Co.		4,833		376,152
Ecolab, Inc.		3,185		628,846
FutureFuel Corp.		1,272		14,870
Global Brass & Copper Holdings, Inc.		92		4,023
Greif, Inc. - Class A		456		14,843
Hawkins, Inc.		171		7,423
Ingevity Corp.(2)		686		72,147
Innophos Holdings, Inc.		263		7,656
Innospec, Inc.		773		70,529
International Paper Co.		17,551		760,309
Kaiser Aluminum Corp.		118		11,518
Kraton Corp.(2)		383		11,900
Louisiana-Pacific Corp.		2,525		66,206
LyondellBasell Industries NV		10,534		907,293
Minerals Technologies, Inc.		24		1,284
Mosaic Co./The		638		15,969
Newmont Goldcorp Corp.		1,819		69,977

The accompanying notes are an integral part of these financial statements

Page 30 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Nucor Corp.		11,275		621,253
Olin Corp.		6,895		151,069
Olympic Steel, Inc.		166		2,266
OMNOVA Solutions, Inc.(2)		2,486		15,488
Packaging Corp. of America		2,665		254,028
PolyOne Corp.		2,012		63,157
PPG Industries, Inc.		2,286		266,799
Quaker Chemical Corp.		61		12,376
Rayonier Advanced Materials, Inc.		3,466		22,494
Reliance Steel & Aluminum Co.		2,407		227,750
RPM International, Inc.		2,233		136,459
Ryerson Holding Corp.(2)		458		3,815
Schnitzer Steel Industries, Inc.		287		7,511
Silgan Holdings, Inc.		3,356		102,694
Steel Dynamics, Inc.		5,055		152,661
Stepan Co.		409		37,591
SunCoke Energy, Inc.(2)		960		8,525
Tredegar Corp.		1,809		30,066
Trinseo SA		1,397		59,149
UFP Technologies, Inc.(2)		175		7,282
United States Lime & Minerals, Inc.		243		19,440
US Concrete, Inc.(2)		803		39,901
Valvoline, Inc.		1,857		36,267
Worthington Industries, Inc.		35		1,409
				6,610,420
Real Estate Investment Trust — 3.4%
American Assets Trust, Inc.		4,992		235,223
American Homes 4 Rent		3,553		86,373
American Tower Corp.		1,425		291,341
Apple Hospitality REIT, Inc.		228		3,616
Ashford Hospitality Trust, Inc.		7,255		21,547
Bluerock Residential Growth REIT, Inc.		1,796		21,103
Brixmor Property Group, Inc.		534		9,548
Brookfield Property Partners LP		1,923		36,402
Camden Property Trust		475		49,585
CatchMark Timber Trust, Inc.		11,063		115,608
CBL & Associates Properties, Inc.		3,180		3,307
Cedar Realty Trust, Inc.		1,156		3,063
Colony Capital, Inc.		10,948		54,740
CoreCivic, Inc.		1,886		39,153
CorePoint Lodging, Inc.		4,099		50,787
Cousins Properties, Inc.		4,650		168,191
CubeSmart		1,065		35,614
EastGroup Properties, Inc.		107		12,410
Empire State Realty Trust, Inc.		694		10,278
Essex Property Trust, Inc.		3,312		966,872
Common Stocks - Long — continued
Farmland Partners, Inc.		1,542		10,871
Forestar Group, Inc.(2)		591		11,554
Front Yard Residential Corp.		2,518		30,770
Gaming and Leisure Properties, Inc.		1,067		41,592
Hersha Hospitality Trust		1,758		29,077
Highwoods Properties, Inc.		662		27,341
Hospitality Properties Trust		2,586		64,650
Host Hotels & Resorts, Inc.		14,338		261,238
Hudson Pacific Properties, Inc.		3,140		104,468
Industrial Logistics Properties Trust		190		3,956
Kilroy Realty Corp.		2,570		189,692
Kite Realty Group Trust		4,106		62,124
Lamar Advertising Co.		1,758		141,888
Lexington Realty Trust		5,018		47,219
Liberty Property Trust		234		11,709
Macerich Co./The		1,643		55,024
Maui Land & Pineapple Co., Inc.(2)		470		4,836
National Health Investors, Inc.		862		67,262
National Storage Affiliates Trust		345		9,984
New Senior Investment Group, Inc.		16,969		114,032
Newmark Group, Inc.		1,353		12,150
Office Properties Income Trust		255		6,699
Omega Healthcare Investors, Inc.		402		14,774
Pennsylvania Real Estate Investment Trust(3)		5,225		33,963
Piedmont Office Realty Trust, Inc.		7,550		150,472
PotlatchDeltic Corp.		1,029		40,110
Preferred Apartment Communities, Inc.		186		2,781
PS Business Parks, Inc.		1,149		193,641
Public Storage		1,271		302,714
Rayonier, Inc.		5,919		179,346
RE/MAX Holdings, Inc.		262		8,059
Realogy Holdings Corp.		1,215		8,797
Redfin Corp.(2)		1,201		21,594
Retail Properties of America, Inc.		8,081		95,033
Retail Value, Inc.		2,371		82,511
SBA Communications Corp.(2)		506		113,769
Simon Property Group, Inc.		6,218		993,388
SITE Centers Corp.		1,975		26,149
Spirit MTA REIT		9,063		75,585
STORE Capital Corp.		2,374		78,793
Summit Hotel Properties, Inc.		618		7,088
Tanger Factory Outlet Centers, Inc.		4,331		70,206
Trinity Place Holdings, Inc.(2)		3,358		13,264
UDR, Inc.		21,891		982,687
Urstadt Biddle Properties, Inc.		2,121		44,541
VEREIT, Inc.		12,425		111,949

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 31

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Long — continued
Washington Prime Group, Inc.		468			1,788
					7,175,899
Utilities — 4.9%
AES Corp./VA		28,117			471,241
Ameren Corp.		13,840			1,039,522
American States Water Co.		1,482			111,506
American Water Works Co., Inc.		944			109,504
Artesian Resources Corp.		295			10,965
Atlantic Power Corp.(2)		14,437			34,938
Atmos Energy Corp.		4,819			508,694
Black Hills Corp.		5,813			454,402
California Water Service Group		913			46,225
Chesapeake Utilities Corp.		1,411			134,073
Consolidated Water Co., Ltd.		1,054			15,030
DTE Energy Co.		4,134			528,656
Exelon Corp.		24,825			1,190,112
MDU Resources Group, Inc.		7,455			192,339
Middlesex Water Co.		108			6,399
National Fuel Gas Co.		6,629			349,680
NorthWestern Corp.		12,079			871,500
NRG Energy, Inc.		11,062			388,497
OGE Energy Corp.		19,444			827,537
ONE Gas, Inc.		3,229			291,579
Otter Tail Corp.		1,508			79,637
Pinnacle West Capital Corp.		2,942			276,813
PNM Resources, Inc.		3,076			156,599
Portland General Electric Co.		11,706			634,114
Public Service Enterprise Group, Inc.		586			34,469
Southwest Gas Holdings, Inc.		1,943			174,132
Spark Energy, Inc. - Class A		2,173			24,316
Spire, Inc.		4,115			345,331
UGI Corp.		13,154			702,555
Unitil Corp.		942			56,416
Vistra Energy Corp.		9,608			217,505
					10,284,286
Total Common Stocks - Long (Cost $169,791,865)					194,502,786
Money Market Registered Investment Companies — 2.8%
Meeder Institutional Prime Money Market Fund, 2.45%(6)		5,926,280			5,928,058
Morgan Stanley Government Institutional Fund, 2.25%(4)		35,597			35,597
Total Money Market Registered Investment Companies (Cost $5,962,015)					5,963,655
Total Investments - Long — 96.3% (Cost $175,753,880)					200,466,441
Total Securities Sold Short — (33.3%) (Proceeds Received $68,489,146)					(69,273,555	)
Other Assets less Liabilities — 37.0%					77,069,680
Total Net Assets — 100.0%					208,262,566
Common Stocks - Short — (33.3%)
Communication Services — (0.8%)
Activision Blizzard, Inc.		(9,438	)		(445,474	)
Boingo Wireless, Inc.(2)		(839	)		(15,077	)
Boston Omaha Corp.(2)		(700	)		(16,205	)
Cardlytics, Inc.(2)		(148	)		(3,845	)
Cargurus, Inc.(2)		(1,105	)		(39,902	)
Daily Journal Corp.(2)		(73	)		(17,374	)
Liberty Broadband Corp. - Class C(2)		(6,197	)		(645,851	)
Liberty Media Corp-Liberty Formula One - Class C(2)		(4,199	)		(157,085	)
Madison Square Garden Co./The(2)		(225	)		(62,987	)
Match Group, Inc.		(1,450	)		(97,542	)
Netflix, Inc.(2)		(177	)		(65,016	)
pdvWireless, Inc.(2)		(37	)		(1,739	)
TrueCar, Inc.(2)		(3,848	)		(21,010	)
Zillow Group, Inc.(2)		(3,390	)		(157,262	)
					(1,746,369	)
Consumer Discretionary — (2.2%)
Aptiv PLC		(6,299	)		(509,148	)
At Home Group, Inc.(2)		(981	)		(6,533	)
AutoNation, Inc.(2)		(3,195	)		(133,998	)
Bright Horizons Family Solutions, Inc.(2)		(267	)		(40,282	)
Camping World Holdings, Inc.		(417	)		(5,179	)
Carvana Co.(2)		(656	)		(41,059	)
Century Communities, Inc.(2)		(1,167	)		(31,019	)
Chegg, Inc.(2)		(4,714	)		(181,913	)
Children’s Place, Inc./The		(129	)		(12,304	)
Churchill Downs, Inc.		(951	)		(109,432	)
Conn’s, Inc.(2)		(965	)		(17,196	)
Cooper Tire & Rubber Co.		(99	)		(3,123	)
Dillard’s, Inc.		(134	)		(8,346	)

The accompanying notes are an integral part of these financial statements

Page 32 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Short — continued
Dorman Products, Inc.(2)		(664	)		(57,861	)
Drive Shack, Inc.(2)		(2,410	)		(11,303	)
Floor & Decor Holdings, Inc.(2)		(213	)		(8,925	)
Funko, Inc.(2)		(91	)		(2,204	)
GoPro, Inc.(2)		(1,415	)		(7,726	)
Grand Canyon Education, Inc.(2)		(130	)		(15,213	)
Green Brick Partners, Inc.(2)		(697	)		(5,792	)
GrubHub, Inc.(2)		(369	)		(28,778	)
Hanesbrands, Inc.		(4,116	)		(70,878	)
iRobot Corp.(2)		(52	)		(4,765	)
LKQ Corp.(2)		(1,859	)		(49,468	)
Lumber Liquidators Holdings, Inc.(2)		(733	)		(8,466	)
MarineMax, Inc.(2)		(610	)		(10,028	)
Marriott Vacations Worldwide Corp.		(376	)		(36,246	)
Mattel, Inc.(2)		(6,239	)		(69,939	)
Motorcar Parts of America, Inc.(2)		(457	)		(9,784	)
National Vision Holdings, Inc.(2)		(2,447	)		(75,196	)
Papa John’s International, Inc.		(293	)		(13,103	)
Party City Holdco, Inc.(2)		(1,741	)		(12,762	)
Penske Automotive Group, Inc.		(2,012	)		(95,168	)
Pool Corp.		(702	)		(134,082	)
Quotient Technology, Inc.(2)		(1,973	)		(21,190	)
Red Lion Hotels Corp.(2)		(671	)		(4,771	)
Sally Beauty Holdings, Inc.(2)		(486	)		(6,483	)
Scientific Games Corp.(2)		(199	)		(3,944	)
Service Corp. International/US		(1,443	)		(67,504	)
ServiceMaster Global Holdings, Inc.(2)		(5,185	)		(270,087	)
Shake Shack, Inc.(2)		(1,016	)		(73,355	)
Sonic Automotive, Inc.		(269	)		(6,281	)
Sonos, Inc.(2)		(2,220	)		(25,175	)
Sotheby’s(2)		(940	)		(54,642	)
Tesla, Inc.(2)		(4,107	)		(917,750	)
Tiffany & Co.		(1,535	)		(143,737	)
Tile Shop Holdings, Inc.		(975	)		(3,900	)
Under Armour, Inc. - Class A(2)		(11,800	)		(299,130	)
Unifi, Inc.(2)		(1,192	)		(21,659	)
VF Corp.		(8,644	)		(755,053	)
Visteon Corp.(2)		(229	)		(13,415	)
					(4,515,295	)
Consumer Staples — (0.9%)
Alico, Inc.		(415	)		(12,591	)
Andersons, Inc./The		(1,793	)		(48,841	)
Calavo Growers, Inc.		(1,284	)		(124,214	)
Campbell Soup Co.		(3,355	)		(134,435	)
Castle Brands, Inc.(2)		(4,512	)		(2,093	)
Chefs’ Warehouse, Inc./The(2)		(1,407	)		(49,343	)
Common Stocks - Short — continued
Conagra Brands, Inc.		(872	)		(23,125	)
Craft Brew Alliance, Inc.(2)		(1,190	)		(16,648	)
Farmer Brothers Co.(2)		(1,228	)		(20,102	)
Freshpet, Inc.(2)		(44	)		(2,002	)
Hain Celestial Group, Inc./The(2)		(3,203	)		(70,146	)
Kraft Heinz Co./The		(30,838	)		(957,212	)
Landec Corp.(2)		(200	)		(1,874	)
Limoneira Co.		(1,618	)		(32,263	)
MGP Ingredients, Inc.		(395	)		(26,192	)
Natural Health Trends Corp.		(837	)		(6,738	)
PriceSmart, Inc.		(1,323	)		(67,632	)
Primo Water Corp.(2)		(589	)		(7,245	)
Seaboard Corp.		(18	)		(74,461	)
Tootsie Roll Industries, Inc.		(791	)		(29,212	)
WD-40 Co.		(1,049	)		(166,833	)
Weis Markets, Inc.		(621	)		(22,611	)
					(1,895,813	)
Energy — (0.4%)
Antero Resources Corp.(2)		(2,363	)		(13,067	)
Bonanza Creek Energy, Inc.(2)		(1,718	)		(35,872	)
Callon Petroleum Co.(2)		(5,921	)		(39,019	)
Centennial Resource Development, Inc./DE(2)		(1,144	)		(8,683	)
Concho Resources, Inc.		(2,006	)		(206,979	)
Diamond Offshore Drilling, Inc.(2)		(539	)		(4,781	)
Dril-Quip, Inc.(2)		(966	)		(46,368	)
Extraction Oil & Gas, Inc.(2)		(1,163	)		(5,036	)
Golar LNG, Ltd.		(709	)		(13,102	)
HighPoint Resources Corp.(2)		(6,755	)		(12,294	)
Jagged Peak Energy, Inc.(2)		(618	)		(5,111	)
KLX Energy Services Holdings, Inc.(2)		(149	)		(3,044	)
Matador Resources Co.(2)		(3,855	)		(76,637	)
McDermott International, Inc.(2)		(1,132	)		(10,935	)
National Oilwell Varco, Inc.		(896	)		(19,918	)
Newpark Resources, Inc.(2)		(858	)		(6,366	)
Noble Energy, Inc.		(1,296	)		(29,030	)
Oasis Petroleum, Inc.(2)		(1,654	)		(9,395	)
Oil States International, Inc.(2)		(79	)		(1,446	)
PDC Energy, Inc.(2)		(359	)		(12,946	)
Penn Virginia Corp.(2)		(548	)		(16,813	)
Range Resources Corp.		(950	)		(6,631	)
Ring Energy, Inc.(2)		(6,759	)		(21,967	)
SemGroup Corp.		(4,017	)		(48,204	)
Ship Finance International, Ltd.		(364	)		(4,554	)
Targa Resources Corp.		(2,980	)		(116,995	)
Tellurian, Inc.(2)		(554	)		(4,349	)

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 33

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Short — continued
Tidewater, Inc.(2)		(313	)		(7,349	)
US Silica Holdings, Inc.		(382	)		(4,886	)
					(791,777	)
Financials — (11.9%)
AGNC Investment Corp.		(34,635	)		(582,561	)
Allegiance Bancshares, Inc.(2)		(200	)		(6,668	)
Amalgamated Bank		(4,042	)		(70,533	)
Ambac Financial Group, Inc.(2)		(4,509	)		(75,977	)
American National Bankshares, Inc.		(500	)		(19,375	)
Ameris Bancorp		(7,981	)		(312,775	)
Annaly Capital Management, Inc.		(101,312	)		(924,979	)
Anworth Mortgage Asset Corp.		(31,789	)		(120,480	)
Arlington Asset Investment Corp.		(10,748	)		(73,946	)
ARMOUR Residential REIT, Inc.		(34,585	)		(644,664	)
Axos Financial, Inc.(2)		(4,991	)		(136,005	)
Banc of California, Inc.		(11,719	)		(163,714	)
Banco Latinoamericano de Comercio Exterior SA		(490	)		(10,207	)
Bank of Hawaii Corp.		(6,737	)		(558,565	)
Bank of Princeton/The		(664	)		(19,920	)
Bankwell Financial Group, Inc.		(557	)		(15,986	)
Berkshire Hills Bancorp, Inc.		(11,970	)		(375,738	)
BGC Partners, Inc.		(27,778	)		(145,279	)
BlackRock, Inc.		(2,067	)		(970,043	)
Blackstone Mortgage Trust, Inc.		(4,172	)		(148,440	)
Boston Private Financial Holdings, Inc.		(4,790	)		(57,815	)
Bridge Bancorp, Inc.		(3,475	)		(102,374	)
Brighthouse Financial, Inc.(2)		(875	)		(32,104	)
Brookline Bancorp, Inc.		(5,491	)		(84,452	)
Business First Bancshares, Inc.		(635	)		(16,161	)
Camden National Corp.		(133	)		(6,101	)
Capstead Mortgage Corp.		(1,302	)		(10,872	)
Carolina Financial Corp.		(1,746	)		(61,267	)
CenterState Bank Corp.		(2,869	)		(66,073	)
Charles Schwab Corp./The		(20,280	)		(815,053	)
Chemical Financial Corp.		(5,841	)		(240,124	)
Cherry Hill Mortgage Investment Corp.		(5,138	)		(82,208	)
Citizens, Inc./TX(2)		(9,262	)		(67,613	)
City Holding Co.		(2,196	)		(167,467	)
CME Group, Inc.		(4,689	)		(910,182	)
Colony Credit Real Estate, Inc.		(11,307	)		(175,259	)
Columbia Banking System, Inc.		(8,126	)		(293,999	)
Commerce Bancshares, Inc./MO		(3,213	)		(191,688	)
Community Bank System, Inc.		(90	)		(5,926	)
County Bancorp, Inc.		(145	)		(2,478	)
CVB Financial Corp.		(1,870	)		(39,326	)
Common Stocks - Short — continued
Eaton Vance Corp.		(2,990	)		(128,959	)
Employers Holdings, Inc.		(126	)		(5,326	)
Enstar Group, Ltd.(2)		(1,163	)		(202,688	)
Equity Bancshares, Inc.(2)		(2,755	)		(73,448	)
Farmers & Merchants Bancorp, Inc./Archbold OH		(327	)		(9,522	)
FBL Financial Group, Inc.		(348	)		(22,202	)
First Bancorp, Inc./ME		(197	)		(5,289	)
First Financial Bancorp		(3,887	)		(94,143	)
First Financial Bankshares, Inc.		(10,785	)		(332,070	)
First Foundation, Inc.		(6,313	)		(84,847	)
First Internet Bancorp		(1,268	)		(27,313	)
First Mid Bancshares, Inc.		(905	)		(31,603	)
First Republic Bank/CA		(9,468	)		(924,550	)
Flushing Financial Corp.		(1,385	)		(30,747	)
Focus Financial Partners, Inc.(2)		(281	)		(7,674	)
Franklin Financial Network, Inc.		(2,895	)		(80,655	)
German American Bancorp, Inc.		(4,493	)		(135,329	)
Goldman Sachs Group, Inc./The		(4,853	)		(992,924	)
Goosehead Insurance, Inc.		(490	)		(23,422	)
HarborOne Bancorp, Inc.(2)		(3,850	)		(72,111	)
HCI Group, Inc.		(48	)		(1,943	)
Heritage Commerce Corp.		(2,697	)		(33,038	)
Heritage Financial Corp./WA		(7,883	)		(232,864	)
Home BancShares, Inc./AR		(4,342	)		(83,627	)
Horace Mann Educators Corp.		(601	)		(24,214	)
Howard Bancorp, Inc.(2)		(1,545	)		(23,438	)
Independent Bank Group, Inc.		(3,224	)		(177,191	)
Invesco, Ltd.		(9,994	)		(204,477	)
Investors Bancorp, Inc.		(10,969	)		(122,304	)
Jefferies Financial Group, Inc.		(10,498	)		(201,877	)
Lakeland Financial Corp.		(6,492	)		(304,020	)
LCNB Corp.		(1,914	)		(36,366	)
LendingClub Corp.(2)		(5,533	)		(18,148	)
Level One Bancorp, Inc.		(146	)		(3,649	)
Live Oak Bancshares, Inc.		(3,531	)		(60,557	)
Malvern Bancorp, Inc.(2)		(210	)		(4,622	)
Markel Corp.(2)		(841	)		(916,354	)
MBIA, Inc.(2)		(7,355	)		(68,475	)
Meta Financial Group, Inc.		(432	)		(12,118	)
Moody’s Corp.		(3,997	)		(780,654	)
MutualFirst Financial, Inc.		(242	)		(8,238	)
Nasdaq, Inc.		(5,045	)		(485,178	)
NBT Bancorp, Inc.		(4,168	)		(156,342	)
New York Mortgage Trust, Inc.		(33,351	)		(206,776	)
NI Holdings, Inc.(2)		(475	)		(8,365	)
Northfield Bancorp, Inc.		(9,797	)		(152,931	)

The accompanying notes are an integral part of these financial statements

Page 34 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Short — continued
Northwest Bancshares, Inc.		(5,186	)		(91,325	)
Old Line Bancshares, Inc.		(850	)		(22,619	)
Opus Bank		(5,042	)		(106,437	)
Orchid Island Capital, Inc.		(9,390	)		(59,720	)
Origin Bancorp, Inc.		(1,807	)		(59,631	)
Oritani Financial Corp.		(1,266	)		(22,459	)
Pacific Premier Bancorp, Inc.		(3,332	)		(102,892	)
Park National Corp.		(539	)		(53,571	)
People’s United Financial, Inc.		(13,942	)		(233,947	)
Pinnacle Financial Partners, Inc.		(1,953	)		(112,258	)
PRA Group, Inc.(2)		(4,867	)		(136,957	)
Prosperity Bancshares, Inc.		(5,581	)		(368,625	)
QCR Holdings, Inc.		(1,232	)		(42,960	)
Redwood Trust, Inc.		(43,175	)		(713,683	)
Reliant Bancorp, Inc.		(912	)		(21,551	)
RenaissanceRe Holdings, Ltd.		(1,011	)		(179,968	)
Renasant Corp.		(52	)		(1,869	)
Republic First Bancorp, Inc.(2)		(9,371	)		(46,012	)
RLI Corp.		(3,576	)		(306,499	)
S&T Bancorp, Inc.		(2,160	)		(80,957	)
SB One Bancorp		(612	)		(13,678	)
Seacoast Banking Corp. of Florida(2)		(7,406	)		(188,409	)
Select Bancorp, Inc.(2)		(300	)		(3,432	)
ServisFirst Bancshares, Inc.		(20,141	)		(690,031	)
SmartFinancial, Inc.(2)		(100	)		(2,169	)
South State Corp.		(1,068	)		(78,680	)
Southside Bancshares, Inc.		(2,038	)		(65,990	)
State Auto Financial Corp.		(1,079	)		(37,765	)
State Street Corp.		(9,434	)		(528,870	)
Sterling Bancorp/DE		(8,237	)		(175,283	)
SVB Financial Group(2)		(1,481	)		(332,618	)
Synovus Financial Corp.		(4,457	)		(155,995	)
Texas Capital Bancshares, Inc.(2)		(8,210	)		(503,848	)
TriState Capital Holdings, Inc.(2)		(7,679	)		(163,870	)
Triumph Bancorp, Inc.(2)		(2,246	)		(65,246	)
Trupanion, Inc.(2)		(647	)		(23,376	)
Two Harbors Investment Corp.		(62,094	)		(786,731	)
UMB Financial Corp.		(4,619	)		(304,023	)
United Fire Group, Inc.		(1,079	)		(52,288	)
United Insurance Holdings Corp.		(3,367	)		(48,013	)
Value Line, Inc.		(120	)		(3,301	)
Veritex Holdings, Inc.		(1,000	)		(25,950	)
Voya Financial, Inc.		(5,626	)		(311,118	)
Washington Federal, Inc.		(2,854	)		(99,690	)
Webster Financial Corp.		(3,640	)		(173,883	)
Westamerica Bancorporation		(7,203	)		(443,777	)
Western Alliance Bancorp(2)		(500	)		(22,360	)
Common Stocks - Short — continued
WisdomTree Investments, Inc.		(2,787	)		(17,196	)
WSFS Financial Corp.		(1,305	)		(53,897	)
					(24,552,412	)
Healthcare — (0.9%)
Acadia Healthcare Co., Inc.(2)		(1,248	)		(43,618	)
Accelerate Diagnostics, Inc.(2)		(549	)		(12,561	)
Aimmune Therapeutics, Inc.(2)		(2,764	)		(57,546	)
Alder Biopharmaceuticals, Inc.(2)		(400	)		(4,708	)
Allakos, Inc.(2)		(370	)		(16,032	)
American Renal Associates Holdings, Inc.(2)		(494	)		(3,675	)
AnaptysBio, Inc.(2)		(200	)		(11,284	)
Antares Pharma, Inc.(2)		(726	)		(2,389	)
Axonics Modulation Technologies, Inc.(2)		(749	)		(30,687	)
Bluebird Bio, Inc.(2)		(24	)		(3,053	)
Cambrex Corp.(2)		(116	)		(5,430	)
Centene Corp.(2)		(1,129	)		(59,205	)
ChromaDex Corp.(2)		(538	)		(2,502	)
Codexis, Inc.(2)		(2,122	)		(39,108	)
Cyclerion Therapeutics, Inc.(2)		(447	)		(5,118	)
CytoSorbents Corp.(2)		(923	)		(6,101	)
Denali Therapeutics, Inc.(2)		(606	)		(12,581	)
FibroGen, Inc.(2)		(118	)		(5,331	)
Fluidigm Corp.(2)		(1,638	)		(20,180	)
GlycoMimetics, Inc.(2)		(707	)		(8,427	)
Gossamer Bio, Inc.(2)		(611	)		(13,552	)
Guardant Health, Inc.(2)		(405	)		(34,964	)
Henry Schein, Inc.(2)		(8,193	)		(572,691	)
Heron Therapeutics, Inc.(2)		(1,280	)		(23,795	)
Inogen, Inc.(2)		(329	)		(21,964	)
Inovalon Holdings, Inc.(2)		(195	)		(2,829	)
Inspire Medical Systems, Inc.(2)		(406	)		(24,624	)
Intrexon Corp.(2)		(617	)		(4,726	)
Kiniksa Pharmaceuticals, Ltd.(2)		(179	)		(2,424	)
Ligand Pharmaceuticals, Inc.(2)		(388	)		(44,290	)
Madrigal Pharmaceuticals, Inc.(2)		(59	)		(6,184	)
NanoString Technologies, Inc.(2)		(310	)		(9,409	)
Neogen Corp.(2)		(473	)		(29,378	)
Neuronetics, Inc.(2)		(130	)		(1,626	)
Pacific Biosciences of California, Inc.(2)		(14,208	)		(85,958	)
Patterson Cos., Inc.		(4,091	)		(93,684	)
PetIQ, Inc.(2)		(492	)		(16,216	)
Quidel Corp.(2)		(224	)		(13,288	)
Rubius Therapeutics, Inc.(2)		(204	)		(3,209	)
Senseonics Holdings, Inc.(2)		(1,462	)		(2,982	)
Tabula Rasa HealthCare, Inc.(2)		(127	)		(6,341	)
Tactile Systems Technology, Inc.(2)		(316	)		(17,987	)

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 35

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Short — continued
Teladoc Health, Inc.(2)		(2,611	)		(173,397	)
Tivity Health, Inc.(2)		(1,418	)		(23,312	)
US Physical Therapy, Inc.		(366	)		(44,861	)
Vapotherm, Inc.(2)		(602	)		(13,846	)
ViewRay, Inc.(2)		(3,256	)		(28,685	)
Viking Therapeutics, Inc.(2)		(161	)		(1,336	)
Vocera Communications, Inc.(2)		(616	)		(19,663	)
Wright Medical Group NV(2)		(3,860	)		(115,105	)
					(1,801,862	)
Industrials — (6.2%)
AAON, Inc.		(4,964	)		(249,094	)
Actuant Corp.		(3,136	)		(77,804	)
Aerojet Rocketdyne Holdings, Inc.(2)		(1,160	)		(51,933	)
AeroVironment, Inc.(2)		(952	)		(54,045	)
Air Lease Corp.		(10,328	)		(426,960	)
Air Transport Services Group, Inc.(2)		(1,450	)		(35,380	)
Alaska Air Group, Inc.		(2,294	)		(146,610	)
American Airlines Group, Inc.		(8,617	)		(281,000	)
ASGN, Inc.(2)		(4,738	)		(287,123	)
Astec Industries, Inc.		(2,436	)		(79,316	)
Avis Budget Group, Inc.(2)		(790	)		(27,776	)
Axon Enterprise, Inc.(2)		(1,210	)		(77,694	)
Beacon Roofing Supply, Inc.(2)		(904	)		(33,195	)
Briggs & Stratton Corp.		(3,239	)		(33,167	)
Brink’s Co./The		(1,272	)		(103,261	)
BWX Technologies, Inc.		(4,798	)		(249,976	)
Caesarstone, Ltd.		(349	)		(5,245	)
CAI International, Inc.(2)		(173	)		(4,294	)
CH Robinson Worldwide, Inc.		(2,795	)		(235,758	)
Cimpress NV(2)		(474	)		(43,082	)
CIRCOR International, Inc.(2)		(590	)		(27,140	)
Colfax Corp.(2)		(8,093	)		(226,847	)
Columbus McKinnon Corp./NY		(146	)		(6,128	)
Copa Holdings SA		(129	)		(12,587	)
Cornerstone Building Brands, Inc.(2)		(2,490	)		(14,517	)
Covanta Holding Corp.		(4,225	)		(75,670	)
Cubic Corp.		(1,999	)		(128,896	)
Dycom Industries, Inc.(2)		(503	)		(29,612	)
Echo Global Logistics, Inc.(2)		(568	)		(11,854	)
Energy Recovery, Inc.(2)		(4,030	)		(41,993	)
Equifax, Inc.		(1,960	)		(265,070	)
EVI Industries, Inc.		(153	)		(5,855	)
Evoqua Water Technologies Corp.(2)		(5,049	)		(71,898	)
Expeditors International of Washington, Inc.		(2,731	)		(207,174	)
FedEx Corp.		(4,805	)		(788,933	)
Fortive Corp.		(8,873	)		(723,327	)
Common Stocks - Short — continued
Franklin Covey Co.(2)		(625	)		(21,250	)
Gates Industrial Corp. PLC(2)		(6,237	)		(71,164	)
GATX Corp.		(3,327	)		(263,798	)
Genco Shipping & Trading, Ltd.(2)		(530	)		(4,473	)
Gencor Industries, Inc.(2)		(110	)		(1,430	)
General Dynamics Corp.		(4,909	)		(892,554	)
General Electric Co.		(92,458	)		(970,809	)
Gibraltar Industries, Inc.(2)		(907	)		(36,607	)
Graham Corp.		(224	)		(4,527	)
Greenbrier Cos., Inc./The		(915	)		(27,816	)
Griffon Corp.		(749	)		(12,673	)
Hawaiian Holdings, Inc.		(953	)		(26,141	)
HC2 Holdings, Inc.(2)		(5,224	)		(12,329	)
Healthcare Services Group, Inc.		(5,164	)		(156,572	)
Helios Technologies, Inc.		(2,683	)		(124,518	)
Herc Holdings, Inc.(2)		(130	)		(5,958	)
Hertz Global Holdings, Inc.(2)		(2,443	)		(38,990	)
Hertz Global Holdings, Inc. Rights(2)		(2,443	)		(4,764	)
IHS Markit, Ltd.(2)		(7,196	)		(458,529	)
InnerWorkings, Inc.(2)		(589	)		(2,250	)
Insteel Industries, Inc.		(1,156	)		(24,068	)
Interface, Inc.		(2,981	)		(45,699	)
JB Hunt Transport Services, Inc.		(1,889	)		(172,673	)
John Bean Technologies Corp.		(95	)		(11,507	)
Kirby Corp.(2)		(1,506	)		(118,974	)
Knight-Swift Transportation Holdings, Inc.		(2,218	)		(72,839	)
Lindsay Corp.		(753	)		(61,904	)
Lydall, Inc.(2)		(78	)		(1,576	)
Macquarie Infrastructure Corp.		(295	)		(11,959	)
Manitex International, Inc.(2)		(1,562	)		(9,544	)
Manitowoc Co., Inc./The(2)		(2,074	)		(36,917	)
MasTec, Inc.(2)		(236	)		(12,161	)
Matthews International Corp.		(549	)		(19,133	)
Middleby Corp./The(2)		(678	)		(92,005	)
Milacron Holdings Corp.(2)		(334	)		(4,609	)
Mobile Mini, Inc.		(979	)		(29,791	)
Mueller Water Products, Inc.		(1,801	)		(17,686	)
Multi-Color Corp.		(355	)		(17,739	)
Nielsen Holdings PLC		(1,859	)		(42,013	)
NN, Inc.		(232	)		(2,264	)
PGT Innovations, Inc.(2)		(3,456	)		(57,784	)
Proto Labs, Inc.(2)		(725	)		(84,115	)
Raven Industries, Inc.		(1,276	)		(45,783	)
REV Group, Inc.		(1,711	)		(24,656	)
Rexnord Corp.(2)		(7,533	)		(227,647	)
Robert Half International, Inc.		(593	)		(33,807	)
Roper Technologies, Inc.		(2,926	)		(1,071,677	)

The accompanying notes are an integral part of these financial statements

Page 36 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description		Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Short — continued
Saia, Inc.(2)			(476	)		(30,783	)
SiteOne Landscape Supply, Inc.(2)			(1,810	)		(125,433	)
Spartan Motors, Inc.			(243	)		(2,663	)
Stericycle, Inc.(2)			(2,751	)		(131,360	)
Team, Inc.(2)			(2,177	)		(33,352	)
Tennant Co.			(714	)		(43,697	)
Textainer Group Holdings, Ltd.(2)			(811	)		(8,175	)
TransDigm Group, Inc.(2)			(41	)		(19,836	)
TransUnion			(2,997	)		(220,309	)
Trex Co., Inc.(2)			(1,621	)		(116,226	)
Trinity Industries, Inc.			(14,900	)		(309,175	)
Triumph Group, Inc.			(837	)		(19,167	)
Tutor Perini Corp.(2)			(2,826	)		(39,197	)
Twin Disc, Inc.(2)			(402	)		(6,070	)
Univar, Inc.(2)			(2,833	)		(62,439	)
Upwork, Inc.(2)			(3,281	)		(52,758	)
USA Truck, Inc.(2)			(181	)		(1,830	)
Vicor Corp.(2)			(173	)		(5,372	)
Wabtec Corp.			(6,964	)		(499,737	)
Welbilt, Inc.(2)			(15,741	)		(262,875	)
Willdan Group, Inc.(2)			(1,497	)		(55,763	)
WillScot Corp.(2)			(4,404	)		(66,236	)
XPO Logistics, Inc.(2)			(2,758	)		(159,440	)
						(12,899,789	)
Information Technology — (3.1%)
2U, Inc.(2)			(2,683	)		(100,988	)
3D Systems Corp.(2)			(3,288	)		(29,921	)
8x8, Inc.(2)			(4,531	)		(109,197	)
Adesto Technologies Corp.(2)			(1,161	)		(9,462	)
Ambarella, Inc.(2)			(1,139	)		(50,264	)
Anaplan, Inc.(2)			(872	)		(44,010	)
Applied Optoelectronics, Inc.(2)			(242	)		(2,488	)
Aquantia Corp.(2)			(692	)		(9,017	)
AXT, Inc.(2)			(823	)		(3,259	)
Black Knight, Inc.(2)			(607	)		(36,511	)
Blackbaud, Inc.			(651	)		(54,359	)
Box, Inc.(2)			(7,089	)		(124,837	)
Brightcove, Inc.(2)			(942	)		(9,731	)
Carbon Black, Inc.(2)			(1,142	)		(19,094	)
Carbonite, Inc.(2)			(2,619	)		(68,199	)
Ceridian HCM Holding, Inc.(2)			(4,880	)		(244,976	)
Cloudera, Inc.(2)			(9,643	)		(50,722	)
Cognex Corp.			(3,842	)		(184,339	)
Cohu, Inc.			(741	)		(11,434	)
Control4 Corp.(2)			(99	)		(2,351	)
Cree, Inc.(2)	��		(98	)		(5,506	)
Common Stocks - Short — continued
Daktronics, Inc.			(820	)		(5,059	)
Digimarc Corp.(2)			(176	)		(7,813	)
DocuSign, Inc.(2)			(1,272	)		(63,231	)
Domo, Inc.(2)			(151	)		(4,125	)
Envestnet, Inc.(2)			(600	)		(41,022	)
Everbridge, Inc.(2)			(545	)		(48,734	)
Evo Payments, Inc.(2)			(1,412	)		(44,520	)
FARO Technologies, Inc.(2)			(831	)		(43,694	)
Finisar Corp.(2)			(278	)		(6,358	)
FireEye, Inc.(2)			(10,296	)		(152,484	)
First Solar, Inc.(2)			(4,819	)		(316,512	)
Fiserv, Inc.(2)			(8,792	)		(801,479	)
Fitbit, Inc.(2)			(8,872	)		(39,037	)
Five9, Inc.(2)			(1,758	)		(90,168	)
GoDaddy, Inc.(2)			(1,546	)		(108,452	)
Guidewire Software, Inc.(2)			(594	)		(60,220	)
Harmonic, Inc.(2)			(5,448	)		(30,236	)
II-VI, Inc.(2)			(2,894	)		(105,805	)
Immersion Corp.(2)			(1,328	)		(10,106	)
Impinj, Inc.(2)			(378	)		(10,818	)
Infinera Corp.(2)			(2,764	)		(8,043	)
Inphi Corp.(2)			(656	)		(32,866	)
Instructure, Inc.(2)			(1,053	)		(44,753	)
IPG Photonics Corp.(2)			(1,847	)		(284,900	)
Iteris, Inc.(2)			(1,868	)		(9,658	)
Itron, Inc.(2)			(43	)		(2,691	)
Knowles Corp.(2)			(3,590	)		(65,733	)
MACOM Technology Solutions Holdings, Inc.(2)			(832	)		(12,588	)
MaxLinear, Inc.(2)			(545	)		(12,775	)
Microchip Technology, Inc.			(9,617	)		(833,794	)
NETGEAR, Inc.(2)			(529	)		(13,378	)
nLight, Inc.(2)			(1,418	)		(27,226	)
Nutanix, Inc. - Class A(2)			(2,999	)		(77,794	)
NVIDIA Corp.			(1,393	)		(228,772	)
PAR Technology Corp.(2)			(559	)		(15,764	)
PDF Solutions, Inc.(2)			(1,100	)		(14,432	)
Pluralsight, Inc.(2)			(3,087	)		(93,598	)
PROS Holdings, Inc.(2)			(1,263	)		(79,897	)
PTC, Inc.(2)			(966	)		(86,708	)
Pure Storage, Inc.(2)			(7,237	)		(110,509	)
Q2 Holdings, Inc.(2)			(2,795	)		(213,426	)
RealPage, Inc.(2)			(4,176	)		(245,758	)
Ribbon Communications, Inc.(2)			(2,004	)		(9,800	)
ShotSpotter, Inc.(2)			(39	)		(1,724	)
Square, Inc.(2)			(6,480	)		(469,994	)
Switch, Inc.			(6,784	)		(88,803	)

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 37

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Short — continued
Trimble, Inc.(2)		(4,772	)		(215,265	)
TTM Technologies, Inc.(2)		(1,524	)		(15,545	)
Tucows, Inc.(2)		(95	)		(5,797	)
Twilio, Inc.(2)		(47	)		(6,408	)
Ultra Clean Holdings, Inc.(2)		(597	)		(8,310	)
VirnetX Holding Corp.(2)		(835	)		(5,185	)
Yext, Inc.(2)		(741	)		(14,887	)
					(6,517,319	)
Materials — (1.8%)
Advanced Emissions Solutions, Inc.		(241	)		(3,046	)
Albemarle Corp.		(3,207	)		(225,805	)
Alcoa Corp.(2)		(1,775	)		(41,553	)
Allegheny Technologies, Inc.(2)		(4,030	)		(101,556	)
American Vanguard Corp.		(1,197	)		(18,446	)
AptarGroup, Inc.		(1,437	)		(178,677	)
Ardagh Group SA		(344	)		(6,020	)
Avery Dennison Corp.		(12	)		(1,388	)
Century Aluminum Co.(2)		(3,139	)		(21,690	)
Clearwater Paper Corp.(2)		(142	)		(2,626	)
Coeur Mining, Inc.(2)		(4,509	)		(19,569	)
Commercial Metals Co.		(884	)		(15,779	)
Compass Minerals International, Inc.		(246	)		(13,518	)
Corteva, Inc.		(6,426	)		(190,017	)
DuPont de Nemours, Inc.		(6,426	)		(482,400	)
Ferroglobe PLC Contingent Value Rights(2)(8)		(2,326	)		—
FMC Corp.		(2,144	)		(177,845	)
Freeport-McMoRan, Inc.		(5,809	)		(67,442	)
GCP Applied Technologies, Inc.(2)		(1,047	)		(23,704	)
Graphic Packaging Holding Co.		(14,865	)		(207,813	)
Haynes International, Inc.		(700	)		(22,267	)
Hecla Mining Co.		(10,206	)		(18,371	)
International Flavors & Fragrances, Inc.		(6,874	)		(997,349	)
Intrepid Potash, Inc.(2)		(841	)		(2,826	)
Kronos Worldwide, Inc.		(1,211	)		(18,553	)
Livent Corp.(2)		(1,871	)		(12,947	)
Myers Industries, Inc.		(2,721	)		(52,434	)
Neenah, Inc.		(329	)		(22,224	)
Pan American Silver Corp.		(421	)		(5,435	)
Pan American Silver Corp. Contingent Value Rights(2)(8)		(3,148	)		—
PH Glatfelter Co.		(2,347	)		(39,617	)
Ramaco Resources, Inc.(2)		(542	)		(2,883	)
Schweitzer-Mauduit International, Inc.		(157	)		(5,209	)
Sealed Air Corp.		(6,882	)		(294,412	)
Sensient Technologies Corp.		(2,689	)		(197,588	)
Common Stocks - Short — continued
Southern Copper Corp.		(169	)		(6,566	)
Summit Materials, Inc.(2)		(1,518	)		(29,222	)
Synalloy Corp.		(135	)		(2,109	)
TimkenSteel Corp.(2)		(4,785	)		(38,902	)
Trecora Resources(2)		(1,402	)		(13,417	)
Tronox Holdings PLC		(715	)		(9,138	)
United States Steel Corp.		(1,671	)		(25,583	)
Universal Stainless & Alloy Products, Inc.(2)		(97	)		(1,552	)
Westrock Co.		(1,126	)		(41,065	)
					(3,658,563	)
Real Estate Investment Trust — (1.1%)
Acadia Realty Trust		(1,301	)		(35,608	)
Brandywine Realty Trust		(3,484	)		(49,891	)
Brookfield Property REIT, Inc.		(12,314	)		(232,611	)
Crown Castle International Corp.		(4,666	)		(608,213	)
Easterly Government Properties, Inc.		(3,512	)		(63,602	)
Equity Commonwealth		(8,424	)		(273,948	)
First Industrial Realty Trust, Inc.		(2,905	)		(106,730	)
Healthcare Trust of America, Inc. - Class A		(1,929	)		(52,912	)
Independence Realty Trust, Inc.		(4,085	)		(47,263	)
JBG SMITH Properties		(2,865	)		(112,709	)
Mack-Cali Realty Corp.		(833	)		(19,401	)
Medical Properties Trust, Inc.		(11,656	)		(203,281	)
NorthStar Realty Europe Corp.		(3,848	)		(63,223	)
One Liberty Properties, Inc.		(88	)		(2,548	)
RMR Group, Inc./The		(174	)		(8,175	)
Sabra Health Care REIT, Inc.		(13,554	)		(266,878	)
STAG Industrial, Inc.		(3,284	)		(99,308	)
VICI Properties, Inc.		(933	)		(20,563	)
Whitestone REIT		(1,181	)		(14,987	)
					(2,281,851	)
Utilities — (4.1%)
Alliant Energy Corp.		(19,368	)		(950,581	)
Avangrid, Inc.		(14,261	)		(720,181	)
Avista Corp.		(5,141	)		(229,289	)
Clearway Energy, Inc.		(800	)		(13,488	)
Edison International		(5,431	)		(366,104	)
El Paso Electric Co.		(250	)		(16,350	)
Entergy Corp.		(9,199	)		(946,853	)
Hawaiian Electric Industries, Inc.		(22,644	)		(986,146	)
New Jersey Resources Corp.		(10,334	)		(514,323	)
NiSource, Inc.		(34,367	)		(989,770	)
Northwest Natural Holding Co.		(4,396	)		(305,522	)
Ormat Technologies, Inc.		(3,593	)		(227,760	)
Pattern Energy Group, Inc.		(9,448	)		(218,154	)

The accompanying notes are an integral part of these financial statements

Page 38 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Short — continued
Pure Cycle Corp.(2)		(1,268	)		(13,441	)
RGC Resources, Inc.		(569	)		(17,366	)
Sempra Energy		(7,811	)		(1,073,544	)
South Jersey Industries, Inc.		(28,719	)		(968,692	)
TerraForm Power, Inc.		(3,843	)		(54,941	)
					(8,612,505	)
Total Securities Sold Short (Proceeds Received $68,489,146)					(69,273,555	)
Trustee Deferred Compensation(7)
Meeder Balanced Fund		393			4,594
Meeder Dynamic Allocation Fund		908			10,161
Meeder Muirfield Fund		901			6,785
Meeder Conservative Allocation Fund		120			2,686
Total Trustee Deferred Compensation (Cost $23,971)					24,226

	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		207	9/20/2019		19,906,155		232,899
Mini MSCI Emerging Markets Index Futures		84	9/20/2019		4,424,280		77,426
Russell 2000 Mini Index Futures		47	9/20/2019		3,682,685		46,570
Standard & Poors 500 Mini Futures		371	9/20/2019		54,614,910		437,375
E-mini Standard & Poors MidCap 400 Futures		75	9/20/2019		14,625,000		226,876
Total Futures Contracts		784			97,253,030		1,021,146

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(9)
Level 1 - Quoted Prices	$	200,466,441	$	1,021,146
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	200,466,441	$	1,021,146

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.

(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2019.

(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, 2019 was $56,372,324.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2019.

(7) Assets of affiliates to the Spectrum Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

(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 of the instrument.

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 39

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 41.2%
Communication Services — 3.3%
Alphabet, Inc. - Class A(2)		17		18,408
Alphabet, Inc. - Class C(2)		407		439,930
AT&T, Inc.		5,976		200,256
Beasley Broadcast Group, Inc.		5		16
Cable One, Inc.		20		23,420
Comcast Corp. - Class A		3,975		168,063
Facebook, Inc.(2)		1,630		314,590
Fluent, Inc.(2)		88		473
Frontier Communications Corp.(2)		13		23
Gray Television, Inc.(2)		316		5,179
Marcus Corp./The		315		10,382
Meet Group, Inc./The(2)		208		724
Nexstar Media Group, Inc.		187		18,887
Rosetta Stone, Inc.(2)		4		92
Spok Holdings, Inc.		487		7,324
TEGNA, Inc.		829		12,559
Telephone & Data Systems, Inc.		737		22,405
T-Mobile US, Inc.(2)		2,684		198,992
Verizon Communications, Inc.		5,874		335,582
Viacom, Inc.		2,051		61,263
Walt Disney Co./The		559		78,059
				1,916,627
Consumer Discretionary — 4.1%
Aaron’s, Inc.		115		7,062
Abercrombie & Fitch Co.		68		1,091
Amazon.com, Inc.(2)		330		624,898
American Eagle Outfitters, Inc.		74		1,251
Ascent Capital Group, Inc.(2)		392		423
AutoZone, Inc.(2)		20		21,989
Barnes & Noble, Inc.		14		94
Bassett Furniture Industries, Inc.		254		3,874
Beazer Homes USA, Inc.(2)		190		1,826
Best Buy Co., Inc.		718		50,066
Bloomin’ Brands, Inc.		510		9,644
Brinker International, Inc.		154		6,060
Career Education Corp.(2)		404		7,704
Chipotle Mexican Grill, Inc.(2)		33		24,185
Clarus Corp.		365		5,271
Core-Mark Holding Co., Inc.		2		79
Darden Restaurants, Inc.		216		26,294
Dave & Buster’s Entertainment, Inc.		55		2,226
Denny’s Corp.(2)		304		6,241
Dollar General Corp.		309		41,764
Ethan Allen Interiors, Inc.		268		5,644
Etsy, Inc.(2)		105		6,444
Common Stocks — continued
Everi Holdings, Inc.(2)		480		5,726
Extended Stay America, Inc.		73		1,233
Five Below, Inc.(2)		130		15,603
Flexsteel Industries, Inc.		9		154
Foot Locker, Inc.		234		9,809
GameStop Corp.		199		1,089
Garmin, Ltd.		286		22,823
Garrett Motion, Inc.(2)		240		3,684
General Motors Co.		5,728		220,700
Gentex Corp.		181		4,454
H&R Block, Inc.		515		15,090
Helen of Troy, Ltd.(2)		27		3,526
Hooker Furniture Corp.		104		2,144
J Alexander’s Holdings, Inc.(2)		10		112
J. Jill, Inc.		217		432
Johnson Outdoors, Inc.		38		2,834
K12, Inc.(2)		26		791
KB Home		636		16,364
Lear Corp.		261		36,349
Lennar Corp.		1,121		54,324
Liberty Expedia Holdings, Inc.(2)		669		31,972
Lululemon Athletica, Inc.(2)		260		46,855
M/I Homes, Inc.(2)		165		4,709
MasterCraft Boat Holdings, Inc.(2)		61		1,195
McDonald’s Corp.		927		192,501
MDC Holdings, Inc.		193		6,327
NIKE, Inc. - Class B		553		46,424
Nordstrom, Inc.		16		510
Norwegian Cruise Line Holdings, Ltd.(2)		43		2,306
Planet Fitness, Inc.(2)		290		21,008
PulteGroup, Inc.		156		4,933
Rent-A-Center, Inc./TX(2)		48		1,278
Ruth’s Hospitality Group, Inc.		95		2,157
SeaWorld Entertainment, Inc.(2)		119		3,689
Sleep Number Corp.(2)		49		1,979
Speedway Motorsports, Inc.		228		4,229
Starbucks Corp.		3,092		259,202
Tilly’s, Inc. - Class A		114		870
TJX Cos., Inc./The		4,373		231,244
Tupperware Brands Corp.		334		6,356
Ulta Beauty, Inc.(2)		100		34,689
Whirlpool Corp.		64		9,111
Yum! Brands, Inc.		1,859		205,736
				2,390,651
Consumer Staples — 2.6%
Casey’s General Stores, Inc.		36		5,616

The accompanying notes are an integral part of these financial statements

Page 40 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Coca-Cola Consolidated, Inc.		6		1,796
Costco Wholesale Corp.		318		84,035
Hershey Co./The		631		84,573
Kimberly-Clark Corp.		822		109,556
Kroger Co./The		1,617		35,105
Molson Coors Brewing Co.		1,010		56,560
Mondelez International, Inc.		4,366		235,327
PepsiCo, Inc.		2,467		323,498
Performance Food Group Co.(2)		121		4,844
Pilgrim’s Pride Corp.(2)		120		3,047
Procter & Gamble Co./The		890		97,589
Simply Good Foods Co./The(2)		137		3,299
SpartanNash Co.		286		3,338
Sysco Corp.		1,593		112,657
Turning Point Brands, Inc.		3		147
Tyson Foods, Inc.		2,105		169,958
USANA Health Sciences, Inc.(2)		6		477
Walmart, Inc.		1,795		198,330
				1,529,752
Energy — 2.1%
Adams Resources & Energy, Inc.		25		857
Arch Coal, Inc. - Class A		44		4,145
Archrock, Inc.		1,650		17,490
Berry Petroleum Corp.		210		2,226
C&J Energy Services, Inc.(2)		86		1,013
Cabot Oil & Gas Corp.		1,500		34,440
Cactus, Inc.(2)		558		18,481
Chevron Corp.		1,684		209,557
Cimarex Energy Co.		39		2,314
ConocoPhillips		3,644		222,284
CVR Energy, Inc.		261		13,047
Delek US Holdings, Inc.		297		12,034
DHT Holdings, Inc.		348		2,057
DMC Global, Inc.		72		4,561
EQT Corp.		969		15,320
Evolution Petroleum Corp.		227		1,623
Exxon Mobil Corp.		3,327		254,948
Hallador Energy Co.		187		1,053
Keane Group, Inc.(2)		796		5,349
Mammoth Energy Services, Inc.		266		1,830
Marathon Oil Corp.		1,999		28,406
Matrix Service Co.(2)		286		5,794
Midstates Petroleum Co., Inc.(2)		386		2,274
Pacific Ethanol, Inc.(2)		350		268
Panhandle Oil and Gas, Inc.		82		1,069
Par Pacific Holdings, Inc.(2)		249		5,109
Common Stocks — continued
PBF Energy, Inc.		218		6,823
Peabody Energy Corp.		461		11,110
Phillips 66		2,252		210,652
ProPetro Holding Corp.(2)		532		11,012
Renewable Energy Group, Inc.(2)		246		3,902
Solaris Oilfield Infrastructure, Inc.		198		2,966
Talos Energy, Inc.(2)		254		6,109
W&T Offshore, Inc.(2)		884		4,385
Westmoreland Coal Co.(2)		539		8
Williams Cos., Inc./The		2,543		71,306
World Fuel Services Corp.		288		10,356
				1,206,178
Financials — 4.7%
Aflac, Inc.		1,535		84,133
Ally Financial, Inc.		2,834		87,826
American Express Co.		791		97,641
Arbor Realty Trust, Inc.		866		10,496
Ares Commercial Real Estate Corp.		325		4,830
AXA Equitable Holdings, Inc.		12		251
Bancorp, Inc./The(2)		302		2,694
Bank of America Corp.		10,149		294,321
BankFinancial Corp.		105		1,469
Berkshire Hathaway, Inc. - Class B(2)		2,177		464,071
Cannae Holdings, Inc.(2)		54		1,565
Central Valley Community Bancorp		11		236
Cincinnati Financial Corp.		167		17,313
CIT Group, Inc.		1,879		98,723
Citigroup, Inc.		600		42,018
Discover Financial Services		1,836		142,455
Essent Group, Ltd.(2)		538		25,281
Exantas Capital Corp.		52		588
Fidelity National Financial, Inc.		1,053		42,436
Fidelity Southern Corp.		532		16,476
Fifth Third Bancorp		5,576		155,570
First American Financial Corp.		681		36,570
First BanCorp/Puerto Rico		1,196		13,204
Genworth Financial, Inc.(2)		70		260
Great Ajax Corp.		1		14
Hilltop Holdings, Inc.		847		18,016
IBERIABANK Corp.		341		25,865
International Bancshares Corp.		450		16,970
JPMorgan Chase & Co.		3,164		353,735
KKR Real Estate Finance Trust, Inc.		1,221		24,322
Ladder Capital Corp.		919		15,265
Ladenburg Thalmann Financial Services, Inc.		435		1,492

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 41

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
LPL Financial Holdings, Inc.		125		10,196
Medley Management, Inc.		40		98
Mercantile Bank Corp.		7		228
MGIC Investment Corp.(2)		1,306		17,161
MSCI, Inc.		415		99,098
Navient Corp.		1,077		14,701
NewStar Financial Contingent Value Rights(2)(6)		34		—
Nicolet Bankshares, Inc.(2)		27		1,676
NMI Holdings, Inc. - Class A(2)		154		4,372
Northeast Bank		45		1,241
Northrim BanCorp, Inc.		82		2,924
OFG Bancorp		403		9,579
Old Republic International Corp.		603		13,495
OneMain Holdings, Inc.		590		19,948
Oppenheimer Holdings, Inc.		583		15,869
PennyMac Financial Services, Inc.		242		5,368
Piper Jaffray Cos.		110		8,170
Popular, Inc.		1,241		67,312
Pzena Investment Management, Inc.		358		3,075
Radian Group, Inc.		1,216		27,786
Ready Capital Corp.		16		238
Safety Insurance Group, Inc.		139		13,223
Santander Consumer USA Holdings, Inc.(2)		473		11,333
Silvercrest Asset Management Group, Inc.		80		1,122
Stewart Information Services Corp.		427		17,289
Summit Financial Group, Inc.		53		1,423
Synchrony Financial		2,846		98,671
TriCo Bancshares		250		9,450
United Security Bancshares/Fresno CA		58		661
US Bancorp		3,128		163,907
Walker & Dunlop, Inc.		182		9,684
Waterstone Financial, Inc.		45		768
Wins Finance Holdings, Inc.(2)		37		578
				2,746,750
Healthcare — 7.8%
Abbott Laboratories		947		79,643
AbbVie, Inc.		1,210		87,991
Adverum Biotechnologies, Inc.(2)		247		2,937
Agilent Technologies, Inc.		970		72,430
Albireo Pharma, Inc.(2)		17		548
Alexion Pharmaceuticals, Inc.(2)		775		101,510
Align Technology, Inc.(2)		68		18,612
Allergan PLC		1,328		222,347
AmerisourceBergen Corp.		353		30,097
Amgen, Inc.		1,164		214,502
Common Stocks — continued
Amphastar Pharmaceuticals, Inc.(2)		239		5,045
ANI Pharmaceuticals, Inc.(2)		53		4,357
Arena Pharmaceuticals, Inc.(2)		120		7,036
ArQule, Inc.(2)		438		4,822
Array BioPharma, Inc.(2)		170		7,876
Arrowhead Pharmaceuticals, Inc.(2)		220		5,830
Arvinas, Inc.(2)		32		704
Avid Bioservices, Inc.(2)		458		2,565
Avrobio, Inc.(2)		11		179
Baxter International, Inc.		801		65,602
Biogen, Inc.(2)		880		205,806
Biohaven Pharmaceutical Holding Co., Ltd.(2)		57		2,496
BioSpecifics Technologies Corp.(2)		132		7,882
Bristol-Myers Squibb Co.		449		20,362
Bruker Corp.		326		16,284
Calithera Biosciences, Inc.(2)		68		265
Cardinal Health, Inc.		815		38,387
CareDx, Inc.(2)		112		4,031
Catalent, Inc.(2)		530		28,731
Catalyst Pharmaceuticals, Inc.(2)		303		1,164
Celcuity, Inc.(2)		1		25
Celgene Corp.(2)		2,381		220,100
Cerner Corp.		1,507		110,463
Chemed Corp.		60		21,650
ChemoCentryx, Inc.(2)		85		791
Chimerix, Inc.(2)		77		333
Coherus Biosciences, Inc.(2)		440		9,724
Computer Programs & Systems, Inc.		33		917
Corium International Contingent Value Rights(2)(6)		22		—
Cytokinetics, Inc.(2)		219		2,464
Danaher Corp.		794		113,478
DENTSPLY SIRONA, Inc.		340		19,842
Eli Lilly & Co.		1,217		134,831
Emergent BioSolutions, Inc.(2)		153		7,391
Enanta Pharmaceuticals, Inc.(2)		116		9,788
Endo International PLC(2)		696		2,868
Ensign Group, Inc./The		37		2,106
Exact Sciences Corp.(2)		290		34,232
Exelixis, Inc.(2)		869		18,571
Fate Therapeutics, Inc.(2)		255		5,177
FONAR Corp.(2)		153		3,291
Genomic Health, Inc.(2)		194		11,285
Gilead Sciences, Inc.		2,674		180,655
Glaukos Corp.(2)		19		1,433
Harvard Bioscience, Inc.(2)		26		52

The accompanying notes are an integral part of these financial statements

Page 42 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
HCA Healthcare, Inc.		1,462		197,619
HealthStream, Inc.(2)		60		1,552
Hill-Rom Holdings, Inc.		497		51,996
Horizon Therapeutics Plc(2)		586		14,099
Humana, Inc.		290		76,937
IDEXX Laboratories, Inc.(2)		20		5,507
Incyte Corp.(2)		221		18,776
Invitae Corp.(2)		278		6,533
IQVIA Holdings, Inc.(2)		194		31,215
Jazz Pharmaceuticals PLC(2)		44		6,273
Johnson & Johnson		2,351		327,447
Kura Oncology, Inc.(2)		3		59
Lantheus Holdings, Inc.(2)		82		2,321
Magellan Health, Inc.(2)		26		1,930
Masimo Corp.(2)		201		29,913
Medidata Solutions, Inc.(2)		47		4,254
Medtronic PLC		2,895		281,944
Merck & Co., Inc.		3,435		288,025
Meridian Bioscience, Inc.		312		3,707
Mirati Therapeutics, Inc.(2)		36		3,708
Molecular Templates, Inc.(2)		103		860
Molina Healthcare, Inc.(2)		6		859
Natera, Inc.(2)		209		5,764
NextGen Healthcare, Inc.(2)		26		517
Odonate Therapeutics, Inc.(2)		15		550
Omnicell, Inc.(2)		19		1,635
Oncternal Therapeutics, Inc.(2)		15		100
Pacira BioSciences, Inc.(2)		153		6,654
PDL BioPharma, Inc.(2)		682		2,141
Perrigo Co. PLC		249		11,857
Pfenex, Inc.(2)		87		586
Pfizer, Inc.		7,984		345,867
Phibro Animal Health Corp.		226		7,180
Principia Biopharma, Inc.(2)		83		2,755
Ra Pharmaceuticals, Inc.(2)		129		3,879
Recro Pharma, Inc.(2)		314		3,193
Regeneron Pharmaceuticals, Inc.(2)		16		5,008
Repligen Corp.(2)		118		10,142
ResMed, Inc.		172		20,989
RTI Surgical Holdings, Inc.(2)		28		119
SIGA Technologies, Inc.(2)		264		1,500
Simulations Plus, Inc.		17		486
Spark Therapeutics, Inc.(2)		25		2,560
Spero Therapeutics, Inc.(2)		12		138
STERIS PLC		264		39,304
Stryker Corp.		517		106,285
Tandem Diabetes Care, Inc.(2)		70		4,516
Common Stocks — continued
United Therapeutics Corp.(2)		109		8,509
UnitedHealth Group, Inc.		90		21,961
Varian Medical Systems, Inc.(2)		165		22,461
Veeva Systems, Inc.(2)		170		27,559
Veracyte, Inc.(2)		150		4,277
Vertex Pharmaceuticals, Inc.(2)		956		175,311
Voyager Therapeutics, Inc.(2)		186		5,063
Waters Corp.(2)		21		4,520
West Pharmaceutical Services, Inc.		42		5,256
Zimmer Biomet Holdings, Inc.		465		54,749
Zoetis, Inc.		988		112,128
				4,552,561
Industrials — 4.1%
AGCO Corp.		284		22,030
Allison Transmission Holdings, Inc.		991		45,933
Armstrong World Industries, Inc.		235		22,842
Atkore International Group, Inc.(2)		42		1,087
BMC Stock Holdings, Inc.(2)		335		7,102
Builders FirstSource, Inc.(2)		697		11,751
Comfort Systems USA, Inc.		276		14,073
Commercial Vehicle Group, Inc.(2)		350		2,807
Copart, Inc.(2)		541		40,434
CSW Industrials, Inc.		5		341
CSX Corp.		2,864		221,588
Cummins, Inc.		1,166		199,782
EMCOR Group, Inc.		195		17,180
Ennis, Inc.		23		472
Fastenal Co.		138		4,497
Fortune Brands Home & Security, Inc.		163		9,312
Foundation Building Materials, Inc.(2)		153		2,720
Generac Holdings, Inc.(2)		172		11,939
Graco, Inc.		64		3,212
Great Lakes Dredge & Dock Corp.(2)		149		1,645
Harsco Corp.(2)		68		1,866
Heidrick & Struggles International, Inc.		65		1,948
Herman Miller, Inc.		363		16,226
HNI Corp.		382		13,515
Hurco Cos., Inc.		102		3,627
ICF International, Inc.		4		291
Illinois Tool Works, Inc.		465		70,127
Ingersoll-Rand PLC		654		82,842
ITT, Inc.		54		3,536
Jacobs Engineering Group, Inc.		263		22,195
Kansas City Southern		330		40,201
Kelly Services, Inc. - Class A		58		1,519
Kforce, Inc.		34		1,193

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 43

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Kimball International, Inc. - Class B		364		6,345
Knoll, Inc.		107		2,459
L3 Technologies, Inc.		43		10,542
Landstar System, Inc.		333		35,961
LSI Industries, Inc.		177		646
ManpowerGroup, Inc.		362		34,969
Marten Transport, Ltd.		1		18
Masco Corp.		143		5,611
Masonite International Corp.(2)		116		6,111
Matson, Inc.		259		10,062
Miller Industries, Inc./TN		271		8,333
Moog, Inc.		19		1,779
MSC Industrial Direct Co., Inc.		421		31,263
Mueller Industries, Inc.		45		1,317
Norfolk Southern Corp.		1,140		227,236
Oshkosh Corp.		390		32,561
Owens Corning		238		13,852
PACCAR, Inc.		1,728		123,828
Parker-Hannifin Corp.		688		116,967
Park-Ohio Holdings Corp.		70		2,281
Quanex Building Products Corp.		158		2,985
Quanta Services, Inc.		975		37,235
Radiant Logistics, Inc.(2)		163		1,001
RR Donnelley & Sons Co.		1,026		2,021
Rush Enterprises, Inc.		277		10,116
Southwest Airlines Co.		3,420		173,668
Spirit AeroSystems Holdings, Inc.		103		8,381
Steelcase, Inc. - Class A		313		5,352
Sterling Construction Co., Inc.(2)		186		2,496
Timken Co./The		610		31,317
Toro Co./The		329		22,010
Triton International, Ltd./Bermuda		503		16,478
Union Pacific Corp.		1,604		271,252
Universal Forest Products, Inc.		63		2,398
Valmont Industries, Inc.		28		3,551
Vectrus, Inc.(2)		93		3,772
Wabash National Corp.		32		521
Waste Management, Inc.		1,873		216,088
Willis Lease Finance Corp.(2)		16		933
				2,383,549
Information Technology — 9.6%
Acacia Communications, Inc.(2)		55		2,594
ACM Research, Inc.(2)		17		265
Adobe, Inc.(2)		89		26,224
ADTRAN, Inc.		239		3,645
Amkor Technology, Inc.(2)		1,070		7,982
Common Stocks — continued
Apple, Inc.		3,924		776,638
Applied Materials, Inc.		891		40,015
Aspen Technology, Inc.(2)		181		22,495
Avaya Holdings Corp.(2)		365		4,347
Avid Technology, Inc.(2)		170		1,550
Avnet, Inc.		745		33,726
Benchmark Electronics, Inc.		794		19,945
Booz Allen Hamilton Holding Corp.		658		43,566
Broadcom, Inc.		565		162,641
Broadridge Financial Solutions, Inc.		319		40,730
CACI International, Inc. - Class A(2)		86		17,595
Cadence Design Systems, Inc.(2)		784		55,515
CalAmp Corp.(2)		71		829
CDK Global, Inc.		544		26,895
CDW Corp./DE		187		20,757
Ciena Corp.(2)		373		15,341
Cisco Systems, Inc.		6,764		370,194
Comtech Telecommunications Corp.		172		4,835
Cypress Semiconductor Corp.		292		6,494
Dell Technologies, Inc. - Class C(2)		349		17,729
Digi International, Inc.(2)		37		469
DXC Technology Co.		1,272		70,151
Enphase Energy, Inc.(2)		102		1,859
EPAM Systems, Inc.(2)		28		4,847
EVERTEC, Inc.		201		6,573
Extreme Networks, Inc.(2)		33		214
F5 Networks, Inc.(2)		315		45,873
Fabrinet(2)		154		7,649
Fair Isaac Corp.(2)		60		18,841
FormFactor, Inc.(2)		123		1,927
Hewlett Packard Enterprise Co.		1,673		25,011
HP, Inc.		1,928		40,083
Information Services Group, Inc.(2)		45		142
Insight Enterprises, Inc.(2)		255		14,841
Intel Corp.		4,444		212,734
InterDigital, Inc.		182		11,721
International Business Machines Corp.		1,415		195,129
Intuit, Inc.		894		233,629
j2 Global, Inc.		129		11,467
Jabil, Inc.		849		26,828
Juniper Networks, Inc.		2,080		55,390
Keysight Technologies, Inc.(2)		373		33,499
KLA-Tencor Corp.		841		99,406
Lam Research Corp.		616		115,709
Lattice Semiconductor Corp.(2)		310		4,523
Leidos Holdings, Inc.		350		27,948
LogMeIn, Inc.		347		25,567

The accompanying notes are an integral part of these financial statements

Page 44 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Majesco(2)		43		400
Mastercard, Inc.		1,389		367,432
MAXIMUS, Inc.		67		4,860
Micron Technology, Inc.(2)		5,602		216,181
Microsoft Corp.		6,690		896,192
Monotype Imaging Holdings, Inc.		520		8,757
Motorola Solutions, Inc.		404		67,359
Napco Security Technologies, Inc.(2)		100		2,968
NIC, Inc.		96		1,540
Nuance Communications, Inc.(2)		1,177		18,797
NVE Corp.		9		627
NXP Semiconductors NV		13		1,269
Oracle Corp.		4,012		228,564
OSI Systems, Inc.(2)		53		5,969
Paycom Software, Inc.(2)		73		16,551
Paylocity Holding Corp.(2)		15		1,407
PC Connection, Inc.		142		4,967
Photronics, Inc.(2)		144		1,181
Presidio, Inc.		509		6,958
Progress Software Corp.		400		17,448
QUALCOMM, Inc.		1,210		92,045
Qualys, Inc.(2)		113		9,840
Rudolph Technologies, Inc.(2)		78		2,155
Sanmina Corp.(2)		262		7,933
SPS Commerce, Inc.(2)		18		1,840
Symantec Corp.		1,501		32,662
Synopsys, Inc.(2)		837		107,714
Tech Data Corp.(2)		176		18,410
Telaria, Inc.(2)		119		895
Teradyne, Inc.		1,121		53,707
Texas Instruments, Inc.		2,226		255,456
Trade Desk, Inc./The(2)		1		228
Upland Software, Inc.(2)		20		911
Verint Systems, Inc.(2)		185		9,949
VMware, Inc.		252		42,137
Workiva, Inc.(2)		44		2,556
Xerox Corp.		1,179		41,748
Xperi Corp.		80		1,647
Zscaler, Inc.(2)		124		9,503
				5,575,340
Materials — 0.9%
AdvanSix, Inc.(2)		295		7,207
Air Products & Chemicals, Inc.		451		102,093
Global Brass & Copper Holdings, Inc.		17		743
Innospec, Inc.		1		91
International Paper Co.		1,581		68,489
Common Stocks — continued
Louisiana-Pacific Corp.		418		10,960
LyondellBasell Industries NV		2,211		190,433
Nucor Corp.		1,409		77,636
PPG Industries, Inc.		230		26,843
Rayonier Advanced Materials, Inc.		42		273
Reliance Steel & Aluminum Co.		261		24,696
Ryerson Holding Corp.(2)		22		183
Schnitzer Steel Industries, Inc.		29		759
Steel Dynamics, Inc.		872		26,334
Stepan Co.		13		1,195
Tredegar Corp.		125		2,078
Trinseo SA		234		9,908
Verso Corp.(2)		78		1,486
				551,407
Real Estate Investment Trust — 1.6%
American Assets Trust, Inc.		104		4,900
American Homes 4 Rent		159		3,865
American Tower Corp.		361		73,806
Camden Property Trust		73		7,620
CoreCivic, Inc.		353		7,328
Cousins Properties, Inc.		98		3,545
CubeSmart		94		3,143
EastGroup Properties, Inc.		149		17,281
Essex Property Trust, Inc.		633		184,792
Farmland Partners, Inc.		49		345
Gaming and Leisure Properties, Inc.		316		12,318
Gladstone Commercial Corp.		267		5,666
Hospitality Properties Trust		984		24,600
Host Hotels & Resorts, Inc.		2,734		49,813
Hudson Pacific Properties, Inc.		356		11,844
Industrial Logistics Properties Trust		146		3,040
Kilroy Realty Corp.		271		20,003
Lamar Advertising Co.		535		43,180
Maui Land & Pineapple Co., Inc.(2)		17		175
National Storage Affiliates Trust		87		2,518
New Senior Investment Group, Inc.		161		1,082
Piedmont Office Realty Trust, Inc.		1,977		39,402
PS Business Parks, Inc.		163		27,470
RAIT Financial Trust(2)		193		100
Rayonier, Inc.		775		23,483
Retail Properties of America, Inc.		864		10,161
SBA Communications Corp.(2)		19		4,272
Simon Property Group, Inc.		1,190		190,114
Spirit MTA REIT		191		1,593
Tanger Factory Outlet Centers, Inc.		700		11,347
Trinity Place Holdings, Inc.(2)		331		1,307

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 45

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
UDR, Inc.		3,144		141,134
Urstadt Biddle Properties, Inc.		101		2,121
				933,368
Utilities — 0.3%
Ameren Corp.		303		22,758
Atlantic Power Corp.(2)		432		1,045
Black Hills Corp.		505		39,476
National Fuel Gas Co.		795		41,936
NorthWestern Corp.		45		3,247
Portland General Electric Co.		862		46,695
Spark Energy, Inc. - Class A		266		2,977
Spire, Inc.		170		14,257
				172,391
Total Common Stocks (Cost $21,206,374)				23,958,574
Registered Investment Companies — 15.0%
American Beacon SiM High Yield Opportunities Fund - Class I		27,290		260,078
Baird Core Plus Bond Fund - Class I		28,000		319,479
Dodge & Cox Income Fund		28,175		391,920
DoubleLine Total Return Bond Fund - Class I		29,907		319,403
Frost Total Return Bond Fund - Class I		30,643		319,916
Guggenheim Total Return Bond Fund - Class I		11,930		324,370
iShares Core MSCI EAFE ETF(7)		42,298		2,597,097
iShares Core MSCI Emerging Markets ETF(7)		12,312		633,329
iShares Core U.S. Aggregate Bond ETF(7)		3,209		357,322
iShares iBoxx High Yield Corporate Bond ETF(7)		2,183		190,314
iShares JP Morgan USD Emerging Markets Bond ETF(7)		3,409		386,206
Lord Abbett High Yield Fund - Class I		42,870		321,528
Payden Emerging Markets Bond Fund - Class I		28,468		389,164
PGIM Total Return Bond Fund - Class R6		15,447		227,997
PIMCO Investment Grade Credit Bond Fund - Class I		10,407		111,041
Pioneer Bond Fund - Class Y		34,023		330,027
Segall Bryant & Hamill Plus Bond Fund - Class I		21,135		225,727
SPDR Bloomberg Barclays High Yield Bond ETF(7)		1,747		190,318
TCW Emerging Markets Income Fund - Class I		61,573		516,597
Registered Investment Companies — continued
Vanguard Intermediate-Term Corporate Bond ETF(7)		772		69,364
Vanguard Total Bond Market ETF(7)		3,007		249,793
Total Registered Investment Companies (Cost $8,113,951)				8,730,990
Money Market Registered Investment Companies — 36.9%
Meeder Institutional Prime Money Market Fund, 2.45%(3)		21,493,619		21,500,067
Total Money Market Registered Investment Companies (Cost $21,491,168)				21,500,067
Bank Obligations — 1.3%
First Merchants Bank Deposit Account, 2.25%, 7/1/2019(4)		246,473		246,473
Metro City Bank Deposit Account, 2.35%, 7/1/2019(4)		246,495		246,495
Pacific Mercantile Bank Deposit Account, 2.29%, 7/1/2019(4)		246,489		246,489
Total Bank Obligations (Cost $739,457)				739,457
U.S. Government Obligations — 1.6%
U.S. Treasury Note, 2.25%, due 1/31/2024		156,200		159,586
U.S. Treasury Note, 2.625%, due 2/15/2029		183,300		193,296
U.S. Treasury Note, 2.25%, due 11/15/2025		434,400		444,870
U.S. Treasury Note, 2.125%, due 12/31/2022		116,000		117,581
Total U.S. Government Obligations (Cost $883,082)				915,333
Total Investments — 95.9% (Cost $52,434,032)				55,844,421
Other Assets less Liabilities — 4.1%				2,389,582
Total Net Assets — 100.0%				58,234,003
Trustee Deferred Compensation(5)
Meeder Balanced Fund		1,695		19,815
Meeder Dynamic Allocation Fund		4,258		47,647
Meeder Muirfield Fund		1,804		13,584
Meeder Conservative Allocation Fund		483		10,810
Total Trustee Deferred Compensation (Cost $84,002)				91,856

The accompanying notes are an integral part of these financial statements

Page 46 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Global Allocation Fund
	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		210	9/20/2019		20,194,650		276,114
Mini MSCI Emerging Markets Index Futures		86	9/20/2019		4,529,620		92,339
Standard & Poors 500 Mini Futures		2	9/20/2019		294,420		(1,203	)
E-mini Standard & Poors MidCap 400 Futures		1	9/20/2019		195,000		1,159
Total Futures Contracts		299			25,213,690		368,409

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(8)
Level 1 - Quoted Prices	$	54,189,631	$	368,409
Level 2 - Other Significant Observable Inputs		1,654,790		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	55,844,421	$	368,409

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, 2019.

(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, 2019. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) 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.

(6) Fair valued security deemed as Level 3 security.

(7) Exchange-traded fund.

(8) 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

2019 Semiannual Report | June 30, 2019 Page 47

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 48.3%
Communication Services — 3.9%
Alphabet, Inc. - Class A(2)		141		152,675
Alphabet, Inc. - Class C(2)		3,296		3,562,679
AT&T, Inc.		46,185		1,547,659
Beasley Broadcast Group, Inc.		215		692
Cable One, Inc.		161		188,529
Comcast Corp. - Class A		36,154		1,528,591
Facebook, Inc.(2)		12,677		2,446,661
Fluent, Inc.(2)		718		3,863
Gray Television, Inc.(2)		2,155		35,320
Marcus Corp./The		2,451		80,785
Meet Group, Inc./The(2)		2,104		7,322
Nexstar Media Group, Inc.		1,523		153,823
Shenandoah Telecommunications Co.		373		14,368
Spok Holdings, Inc.		3,496		52,580
TEGNA, Inc.		7,398		112,080
Telephone & Data Systems, Inc.		5,001		152,030
T-Mobile US, Inc.(2)		21,715		1,609,950
United States Cellular Corp.(2)		300		13,401
Verizon Communications, Inc.		46,094		2,633,350
Viacom, Inc.		17,292		516,512
Walt Disney Co./The		4,851		677,394
				15,490,264
Consumer Discretionary — 5.1%
Aaron’s, Inc.		793		48,698
Abercrombie & Fitch Co.		1,273		20,419
Amazon.com, Inc.(2)		2,718		5,146,886
AutoZone, Inc.(2)		251		275,967
Barnes & Noble, Inc.		77		515
Bassett Furniture Industries, Inc.		1,542		23,516
BBX Capital Corp.		1,720		8,445
Beazer Homes USA, Inc.(2)		2,184		20,988
Best Buy Co., Inc.		6,963		485,530
Bloomin’ Brands, Inc.		4,095		77,436
Brinker International, Inc.		1,274		50,132
Career Education Corp.(2)		3,515		67,031
Century Casinos, Inc.(2)		258		2,503
Chipotle Mexican Grill, Inc.(2)		339		248,446
Clarus Corp.		3,216		46,439
Core-Mark Holding Co., Inc.		344		13,664
Darden Restaurants, Inc.		1,522		185,273
Dave & Buster’s Entertainment, Inc.		394		15,945
Denny’s Corp.(2)		1,888		38,761
Dollar General Corp.		3,413		461,301
Ethan Allen Interiors, Inc.		2,362		49,744
Common Stocks — continued
Etsy, Inc.(2)		307		18,841
Everi Holdings, Inc.(2)		4,139		49,378
Five Below, Inc.(2)		1,125		135,023
Flexsteel Industries, Inc.		127		2,167
Foot Locker, Inc.		2,162		90,631
GameStop Corp.		1,589		8,692
Garmin, Ltd.		3,254		259,669
Garrett Motion, Inc.(2)		2,911		44,684
General Motors Co.		46,345		1,785,673
Gentex Corp.		3,346		82,345
H&R Block, Inc.		4,756		139,351
Haverty Furniture Cos., Inc.		657		11,189
Helen of Troy, Ltd.(2)		169		22,070
Home Depot, Inc./The		988		205,474
Hooker Furniture Corp.		1,310		27,012
J Alexander’s Holdings, Inc.(2)		84		943
J. Jill, Inc.		1,295		2,577
Johnson Outdoors, Inc.		103		7,681
K12, Inc.(2)		305		9,275
KB Home		4,603		118,435
Lear Corp.		1,864		259,599
Lennar Corp.		4,680		226,793
Liberty Expedia Holdings, Inc.(2)		6,034		288,365
Lululemon Athletica, Inc.(2)		2,580		464,942
M/I Homes, Inc.(2)		1,664		47,491
MasterCraft Boat Holdings, Inc.(2)		581		11,382
McDonald’s Corp.		8,313		1,726,278
MDC Holdings, Inc.		2,053		67,297
NIKE, Inc. - Class B		6,192		519,818
Nordstrom, Inc.		161		5,129
Norwegian Cruise Line Holdings, Ltd.(2)		2,249		120,614
NVR, Inc.(2)		25		84,256
Planet Fitness, Inc.(2)		2,394		173,421
PulteGroup, Inc.		1,640		51,857
Rent-A-Center, Inc./TX(2)		499		13,288
Ruth’s Hospitality Group, Inc.		2,576		58,501
SeaWorld Entertainment, Inc.(2)		1,060		32,860
Sleep Number Corp.(2)		399		16,116
Speedway Motorsports, Inc.		1,801		33,409
Starbucks Corp.		25,020		2,097,427
Tilly’s, Inc. - Class A		1,318		10,056
TJX Cos., Inc./The		35,385		1,871,159
Tupperware Brands Corp.		3,006		57,204
Ulta Beauty, Inc.(2)		933		323,648
Whirlpool Corp.		653		92,961

The accompanying notes are an integral part of these financial statements

Page 48 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Yum! Brands, Inc.		15,045		1,665,030
				20,627,650
Consumer Staples — 2.9%
Casey’s General Stores, Inc.		97		15,131
Coca-Cola Consolidated, Inc.		22		6,584
Costco Wholesale Corp.		3,857		1,019,251
Hershey Co./The		3,846		515,479
Ingredion, Inc.		134		11,054
Kimberly-Clark Corp.		1,109		147,808
Kroger Co./The		16,052		348,489
Molson Coors Brewing Co.		8,840		495,040
Mondelez International, Inc.		34,665		1,868,444
PepsiCo, Inc.		19,881		2,606,996
Performance Food Group Co.(2)		249		9,967
Pilgrim’s Pride Corp.(2)		844		21,429
Procter & Gamble Co./The		7,377		808,888
Simply Good Foods Co./The(2)		1,915		46,113
SpartanNash Co.		3,301		38,523
Sysco Corp.		9,031		638,672
Turning Point Brands, Inc.		30		1,469
Tyson Foods, Inc.		19,275		1,556,264
USANA Health Sciences, Inc.(2)		181		14,377
Walmart, Inc.		14,751		1,629,838
				11,799,816
Energy — 2.2%
Adams Resources & Energy, Inc.		116		3,976
Arch Coal, Inc. - Class A		496		46,728
Archrock, Inc.		13,932		147,679
Berry Petroleum Corp.		1,748		18,529
C&J Energy Services, Inc.(2)		18		212
Cabot Oil & Gas Corp.		13,577		311,728
Cactus, Inc.(2)		4,554		150,828
Chevron Corp.		12,310		1,531,856
Cimarex Energy Co.		727		43,133
ConocoPhillips		27,187		1,658,407
CVR Energy, Inc.		2,351		117,526
Delek US Holdings, Inc.		1,983		80,351
DHT Holdings, Inc.		2,604		15,390
DMC Global, Inc.		554		35,096
EQT Corp.		7,862		124,298
Evolution Petroleum Corp.		2,052		14,672
Exxon Mobil Corp.		25,975		1,990,464
Hallador Energy Co.		2,232		12,566
Keane Group, Inc.(2)		5,417		36,402
Common Stocks — continued
Mammoth Energy Services, Inc.		1,808		12,439
Marathon Oil Corp.		4,734		67,270
Matrix Service Co.(2)		2,416		48,948
Midstates Petroleum Co., Inc.(2)		3,153		18,571
Par Pacific Holdings, Inc.(2)		1,501		30,801
PBF Energy, Inc.		1,726		54,024
Peabody Energy Corp.		4,201		101,244
Phillips 66		18,220		1,704,299
Profire Energy, Inc.(2)		45		68
ProPetro Holding Corp.(2)		4,052		83,876
Renewable Energy Group, Inc.(2)		2,086		33,084
Solaris Oilfield Infrastructure, Inc.		1,568		23,489
Talos Energy, Inc.(2)		2,131		51,251
W&T Offshore, Inc.(2)		6,923		34,338
Williams Cos., Inc./The		11,001		308,468
World Fuel Services Corp.		2,091		75,192
				8,987,203
Financials — 4.9%
Aflac, Inc.		3,378		185,148
Ally Financial, Inc.		24,394		755,970
American Express Co.		2,859		352,915
Arbor Realty Trust, Inc.		8,298		100,572
Ares Commercial Real Estate Corp.		6,193		92,028
BancFirst Corp.		11		612
Bancorp, Inc./The(2)		1,985		17,706
Bank of America Corp.		73,547		2,132,863
BankFinancial Corp.		1,258		17,599
Berkshire Hathaway, Inc. - Class B(2)		16,955		3,614,297
Cannae Holdings, Inc.(2)		447		12,954
Central Valley Community Bancorp		72		1,546
Cincinnati Financial Corp.		3,179		329,567
CIT Group, Inc.		13,064		686,383
Citigroup, Inc.		445		31,163
Credit Acceptance Corp.(2)		61		29,514
Discover Financial Services		11,063		858,378
Erie Indemnity Co.		671		170,622
Essent Group, Ltd.(2)		5,021		235,937
Exantas Capital Corp.		1,263		14,285
Fidelity National Financial, Inc.		9,133		368,060
Fidelity Southern Corp.		3,576		110,749
Fifth Third Bancorp		47,624		1,328,710
First American Financial Corp.		5,378		288,799
First BanCorp/Puerto Rico		8,135		89,810
Genworth Financial, Inc.(2)		533		1,977
Great Ajax Corp.		770		10,780

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 49

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Hilltop Holdings, Inc.		5,313		113,008
IBERIABANK Corp.		3,028		229,674
International Bancshares Corp.		1,649		62,184
JPMorgan Chase & Co.		23,995		2,682,641
KKR Real Estate Finance Trust, Inc.		3,606		71,832
Ladder Capital Corp.		9,794		162,678
Ladenburg Thalmann Financial Services, Inc.		876		3,005
LPL Financial Holdings, Inc.		1,029		83,936
Medley Management, Inc.		402		989
Mercantile Bank Corp.		76		2,476
MGIC Investment Corp.(2)		10,885		143,029
MSCI, Inc.		3,219		768,665
Navient Corp.		6,282		85,749
Nicolet Bankshares, Inc.(2)		158		9,805
NMI Holdings, Inc. - Class A(2)		1,509		42,841
Northeast Bank		456		12,576
Northrim BanCorp, Inc.		667		23,785
OFG Bancorp		2,721		64,678
Old Republic International Corp.		3,054		68,349
OneMain Holdings, Inc.		2,527		85,438
Oppenheimer Holdings, Inc.		4,294		116,883
Parke Bancorp, Inc.		136		3,257
PennyMac Financial Services, Inc.		610		13,530
Piper Jaffray Cos.		1,350		100,265
Popular, Inc.		9,835		533,450
Pzena Investment Management, Inc.		3,236		27,797
Radian Group, Inc.		8,975		205,079
Ready Capital Corp.		506		7,539
Safety Insurance Group, Inc.		455		43,284
Santander Consumer USA Holdings, Inc.(2)		2,679		64,189
Silvercrest Asset Management Group, Inc.		296		4,153
Stewart Information Services Corp.		4,260		172,487
Summit Financial Group, Inc.		273		7,330
Synchrony Financial		29,279		1,015,103
TriCo Bancshares		1,145		43,281
US Bancorp		13,077		685,235
Walker & Dunlop, Inc.		1,643		87,424
Waterstone Financial, Inc.		136		2,320
				19,688,888
Healthcare — 9.2%
Abbott Laboratories		7,500		630,750
AbbVie, Inc.		10,784		784,212
Adverum Biotechnologies, Inc.(2)		2,085		24,791
Agenus, Inc.(2)		776		2,328
Common Stocks — continued
Agilent Technologies, Inc.		9,873		737,217
Albireo Pharma, Inc.(2)		407		13,122
Alexion Pharmaceuticals, Inc.(2)		7,353		963,096
Align Technology, Inc.(2)		866		237,024
Alkermes PLC(2)		308		6,942
Allergan PLC		7,109		1,190,260
Amedisys, Inc.(2)		67		8,134
AmerisourceBergen Corp.		2,701		230,287
Amgen, Inc.		7,719		1,422,457
Amphastar Pharmaceuticals, Inc.(2)		2,406		50,791
ANI Pharmaceuticals, Inc.(2)		516		42,415
Arena Pharmaceuticals, Inc.(2)		958		56,168
ArQule, Inc.(2)		3,561		39,207
Array BioPharma, Inc.(2)		1,377		63,796
Arrowhead Pharmaceuticals, Inc.(2)		1,597		42,321
Arvinas, Inc.(2)		348		7,653
Avid Bioservices, Inc.(2)		3,382		18,939
Avrobio, Inc.(2)		105		1,707
Baxter International, Inc.		11,279		923,750
Biogen, Inc.(2)		6,227		1,456,308
Biohaven Pharmaceutical Holding Co., Ltd.(2)		499		21,851
BioSpecifics Technologies Corp.(2)		441		26,332
Bio-Techne Corp.		113		23,559
Bristol-Myers Squibb Co.		12,049		546,422
Bruker Corp.		3,200		159,840
Cardinal Health, Inc.		5,562		261,970
CareDx, Inc.(2)		819		29,476
Catalent, Inc.(2)		4,679		253,649
Catalyst Pharmaceuticals, Inc.(2)		2,319		8,905
Celcuity, Inc.(2)		180		4,500
Celgene Corp.(2)		19,284		1,782,613
Cerner Corp.		11,664		854,971
Chemed Corp.		597		215,421
ChemoCentryx, Inc.(2)		831		7,728
Chimerix, Inc.(2)		559		2,415
Coherus Biosciences, Inc.(2)		3,493		77,195
Computer Programs & Systems, Inc.		430		11,950
Corium International Contingent Value Rights(2)(6)		164		—
Cytokinetics, Inc.(2)		1,533		17,246
Danaher Corp.		5,730		818,932
DENTSPLY SIRONA, Inc.		4,437		258,943
Edwards Lifesciences Corp.(2)		61		11,269
Eli Lilly & Co.		14,199		1,573,107
Emergent BioSolutions, Inc.(2)		1,016		49,083

The accompanying notes are an integral part of these financial statements

Page 50 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Enanta Pharmaceuticals, Inc.(2)		852		71,892
Endo International PLC(2)		5,820		23,978
Ensign Group, Inc./The		604		34,380
Exact Sciences Corp.(2)		2,188		258,272
Exelixis, Inc.(2)		6,433		137,473
Fate Therapeutics, Inc.(2)		2,099		42,610
FONAR Corp.(2)		776		16,692
Genomic Health, Inc.(2)		1,291		75,097
Gilead Sciences, Inc.		15,336		1,036,100
Glaukos Corp.(2)		329		24,807
Harvard Bioscience, Inc.(2)		45		90
HCA Healthcare, Inc.		10,847		1,466,189
HealthStream, Inc.(2)		1,443		37,316
Hill-Rom Holdings, Inc.		3,437		359,579
Horizon Therapeutics Plc(2)		4,716		113,467
Humana, Inc.		2,105		558,457
IDEXX Laboratories, Inc.(2)		659		181,442
Incyte Corp.(2)		1,907		162,019
Invitae Corp.(2)		2,154		50,619
Iovance Biotherapeutics, Inc.(2)		88		2,158
IQVIA Holdings, Inc.(2)		139		22,365
Jazz Pharmaceuticals PLC(2)		474		67,573
Johnson & Johnson		19,141		2,665,958
Jounce Therapeutics, Inc.(2)		571		2,826
Kura Oncology, Inc.(2)		134		2,638
Lantheus Holdings, Inc.(2)		658		18,621
Magellan Health, Inc.(2)		307		22,789
Masimo Corp.(2)		1,169		173,971
Medidata Solutions, Inc.(2)		377		34,122
Medtronic PLC		21,743		2,117,551
Merck & Co., Inc.		30,082		2,522,376
Meridian Bioscience, Inc.		2,694		32,005
Mirati Therapeutics, Inc.(2)		283		29,149
Molecular Templates, Inc.(2)		990		8,267
Molina Healthcare, Inc.(2)		188		26,910
Natera, Inc.(2)		1,688		46,555
NextGen Healthcare, Inc.(2)		999		19,880
Odonate Therapeutics, Inc.(2)		225		8,255
Omnicell, Inc.(2)		25		2,151
Oncternal Therapeutics, Inc.(2)		235		1,565
Osmotica Pharmaceuticals PLC(2)		60		228
Pacira BioSciences, Inc.(2)		1,242		54,015
Palatin Technologies, Inc.(2)		1,699		1,971
PDL BioPharma, Inc.(2)		6,702		21,044
Perrigo Co. PLC		1,689		80,430
Pfenex, Inc.(2)		1,787		12,044
Common Stocks — continued
Pfizer, Inc.		56,246		2,436,577
Phibro Animal Health Corp.		2,147		68,210
Principia Biopharma, Inc.(2)		675		22,403
Ra Pharmaceuticals, Inc.(2)		1,032		31,032
Reata Pharmaceuticals, Inc.(2)		10		944
Recro Pharma, Inc.(2)		2,539		25,822
Regeneron Pharmaceuticals, Inc.(2)		294		92,022
Repligen Corp.(2)		956		82,168
ResMed, Inc.		585		71,388
RTI Surgical Holdings, Inc.(2)		1,910		8,118
SIGA Technologies, Inc.(2)		2,587		14,694
Simulations Plus, Inc.		266		7,597
Spark Therapeutics, Inc.(2)		206		21,090
Spero Therapeutics, Inc.(2)		123		1,416
Spring Bank Pharmaceuticals, Inc.(2)		206		760
STERIS PLC		1,192		177,465
Stryker Corp.		6,557		1,347,988
Tandem Diabetes Care, Inc.(2)		528		34,067
United Therapeutics Corp.(2)		963		75,172
UnitedHealth Group, Inc.		1,063		259,383
Vanda Pharmaceuticals, Inc.(2)		56		789
Varian Medical Systems, Inc.(2)		1,202		163,628
Veeva Systems, Inc.(2)		1,369		221,929
Veracyte, Inc.(2)		1,302		37,120
Vertex Pharmaceuticals, Inc.(2)		7,822		1,434,398
Voyager Therapeutics, Inc.(2)		1,455		39,605
Waters Corp.(2)		144		30,995
West Pharmaceutical Services, Inc.		226		28,284
Zimmer Biomet Holdings, Inc.		3,289		387,247
Zoetis, Inc.		9,732		1,104,485
				36,845,744
Industrials — 4.9%
AGCO Corp.		2,100		162,897
Allison Transmission Holdings, Inc.		7,090		328,622
Armstrong World Industries, Inc.		1,647		160,088
Atkore International Group, Inc.(2)		551		14,254
BG Staffing, Inc.		40		755
BMC Stock Holdings, Inc.(2)		2,938		62,286
Builders FirstSource, Inc.(2)		6,343		106,943
Casella Waste Systems, Inc.(2)		162		6,420
Comfort Systems USA, Inc.		2,597		132,421
Commercial Vehicle Group, Inc.(2)		2,770		22,215
Copart, Inc.(2)		5,227		390,666
CSX Corp.		23,124		1,789,104
Cummins, Inc.		9,453		1,619,677

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 51

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Ducommun, Inc.(2)		460		20,732
EMCOR Group, Inc.		2,294		202,101
Ennis, Inc.		358		7,346
Fastenal Co.		1,936		63,094
Fortune Brands Home & Security, Inc.		925		52,845
Foundation Building Materials, Inc.(2)		1,635		29,070
FTI Consulting, Inc.(2)		81		6,791
Generac Holdings, Inc.(2)		1,360		94,398
Graco, Inc.		488		24,488
Great Lakes Dredge & Dock Corp.(2)		1,177		12,994
Harsco Corp.(2)		656		18,001
Heidrick & Struggles International, Inc.		546		16,364
Herman Miller, Inc.		2,918		130,435
HNI Corp.		2,357		83,391
Hurco Cos., Inc.		108		3,840
Illinois Tool Works, Inc.		1,694		255,472
Ingersoll-Rand PLC		6,713		850,336
ITT, Inc.		200		13,096
Jacobs Engineering Group, Inc.		2,172		183,295
Kansas City Southern		2,994		364,729
Kelly Services, Inc. - Class A		918		24,042
Kforce, Inc.		306		10,738
Kimball International, Inc. - Class B		3,189		55,584
Knoll, Inc.		1,800		41,364
Landstar System, Inc.		2,880		311,011
ManpowerGroup, Inc.		3,277		316,558
Marten Transport, Ltd.		40		726
Masco Corp.		3,317		130,159
Masonite International Corp.(2)		976		51,416
Matson, Inc.		2,530		98,291
Miller Industries, Inc./TN		1,034		31,796
Moog, Inc.		181		16,943
MSC Industrial Direct Co., Inc.		3,425		254,341
Mueller Industries, Inc.		580		16,977
Norfolk Southern Corp.		9,224		1,838,620
Oshkosh Corp.		3,528		294,553
Owens Corning		1,696		98,707
PACCAR, Inc.		16,455		1,179,165
Parker-Hannifin Corp.		4,939		839,679
Park-Ohio Holdings Corp.		220		7,170
Quad/Graphics, Inc.		1		8
Quanex Building Products Corp.		768		14,508
Quanta Services, Inc.		4,866		185,833
Radiant Logistics, Inc.(2)		1,189		7,300
RR Donnelley & Sons Co.		9,474		18,664
Rush Enterprises, Inc.		2,187		79,869
Common Stocks — continued
Southwest Airlines Co.		27,046		1,373,396
Spirit AeroSystems Holdings, Inc.		1,280		104,154
Steelcase, Inc. - Class A		1,880		32,148
Sterling Construction Co., Inc.(2)		1,171		15,715
Thermon Group Holdings, Inc.(2)		245		6,284
Timken Co./The		3,175		163,005
Toro Co./The		4,740		317,106
TriMas Corp.(2)		1,287		39,858
Triton International, Ltd./Bermuda		3,910		128,092
Union Pacific Corp.		13,477		2,279,095
Universal Forest Products, Inc.		542		20,629
Valmont Industries, Inc.		214		27,137
Vectrus, Inc.(2)		631		25,593
Wabash National Corp.		411		6,687
WABCO Holdings, Inc.(2)		155		20,553
Waste Management, Inc.		15,152		1,748,086
Woodward, Inc.		106		11,995
				19,472,721
Information Technology — 12.1%
Acacia Communications, Inc.(2)		563		26,551
Accenture PLC		3,075		568,168
ACM Research, Inc.(2)		208		3,247
Adobe, Inc.(2)		2,232		657,659
ADTRAN, Inc.		1,500		22,875
Amkor Technology, Inc.(2)		9,467		70,624
Apple, Inc.		31,756		6,285,044
Aspen Technology, Inc.(2)		1,604		199,345
Avaya Holdings Corp.(2)		3,292		39,208
Avid Technology, Inc.(2)		1,205		10,990
Avnet, Inc.		5,155		233,367
Benchmark Electronics, Inc.		6,038		151,675
Booz Allen Hamilton Holding Corp.		6,322		418,580
Broadcom, Inc.		6,278		1,807,185
Broadridge Financial Solutions, Inc.		1,555		198,542
CACI International, Inc. - Class A(2)		927		189,655
Cadence Design Systems, Inc.(2)		7,178		508,274
CalAmp Corp.(2)		906		10,582
CDK Global, Inc.		5,036		248,980
CDW Corp./DE		3,998		443,778
Ciena Corp.(2)		3,426		140,911
Cirrus Logic, Inc.(2)		274		11,974
Cisco Systems, Inc.		52,910		2,895,764
Comtech Telecommunications Corp.		1,243		34,941
Cypress Semiconductor Corp.		2,362		52,531
Dell Technologies, Inc. - Class C(2)		3,140		159,512

The accompanying notes are an integral part of these financial statements

Page 52 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Digi International, Inc.(2)		326		4,134
DXC Technology Co.		9,551		526,738
Enphase Energy, Inc.(2)		940		17,136
EVERTEC, Inc.		1,517		49,606
Extreme Networks, Inc.(2)		1,596		10,326
F5 Networks, Inc.(2)		1,902		276,988
Fabrinet(2)		934		46,392
Fair Isaac Corp.(2)		438		137,541
FormFactor, Inc.(2)		408		6,393
Hewlett Packard Enterprise Co.		19,521		291,839
HP, Inc.		14,372		298,794
Insight Enterprises, Inc.(2)		1,795		104,469
Intel Corp.		36,358		1,740,457
InterDigital, Inc.		1,590		102,396
International Business Machines Corp.		14,131		1,948,665
Intuit, Inc.		7,230		1,889,416
j2 Global, Inc.		1,163		103,379
Jabil, Inc.		6,157		194,561
Juniper Networks, Inc.		18,090		481,737
KBR, Inc.		761		18,979
Keysight Technologies, Inc.(2)		2,394		215,005
KLA-Tencor Corp.		9,102		1,075,856
Lam Research Corp.		6,136		1,152,586
Lattice Semiconductor Corp.(2)		2,370		34,578
Leidos Holdings, Inc.		3,336		266,380
LogMeIn, Inc.		2,771		204,167
Majesco(2)		67		624
Mastercard, Inc.		11,278		2,983,369
MAXIMUS, Inc.		969		70,291
Micron Technology, Inc.(2)		45,332		1,749,362
Microsoft Corp.		53,267		7,135,647
Monotype Imaging Holdings, Inc.		4,836		81,438
Motorola Solutions, Inc.		2,712		452,172
Napco Security Technologies, Inc.(2)		481		14,276
NIC, Inc.		1,297		20,804
Nuance Communications, Inc.(2)		11,072		176,820
NVE Corp.		30		2,089
NXP Semiconductors NV		1,808		176,479
Oracle Corp.		39,013		2,222,571
OSI Systems, Inc.(2)		187		21,062
Paycom Software, Inc.(2)		610		138,299
Paylocity Holding Corp.(2)		170		15,949
PC Connection, Inc.		858		30,013
Photronics, Inc.(2)		2,365		19,393
Presidio, Inc.		4,535		61,993
Progress Software Corp.		2,987		130,293
Common Stocks — continued
QUALCOMM, Inc.		14,041		1,068,099
Qualys, Inc.(2)		800		69,664
Rudolph Technologies, Inc.(2)		760		20,999
Sanmina Corp.(2)		1,710		51,779
SPS Commerce, Inc.(2)		158		16,149
Symantec Corp.		14,082		306,424
Synopsys, Inc.(2)		7,273		935,962
Tech Data Corp.(2)		1,391		145,499
Telaria, Inc.(2)		799		6,008
Teradyne, Inc.		8,332		399,186
Texas Instruments, Inc.		18,815		2,159,209
Upland Software, Inc.(2)		259		11,792
Verint Systems, Inc.(2)		1,672		89,920
VMware, Inc.		3,060		511,663
Workiva, Inc.(2)		66		3,834
Xerox Corp.		9,921		351,303
Xperi Corp.		651		13,404
Zscaler, Inc.(2)		1,116		85,530
				48,337,848
Materials — 0.9%
AdvanSix, Inc.(2)		2,447		59,780
Air Products & Chemicals, Inc.		1,368		309,674
Global Brass & Copper Holdings, Inc.		142		6,210
Innospec, Inc.		36		3,285
International Paper Co.		7,663		331,961
Louisiana-Pacific Corp.		4,671		122,474
LyondellBasell Industries NV		16,243		1,399,010
Nucor Corp.		13,048		718,945
PPG Industries, Inc.		136		15,873
Rayonier Advanced Materials, Inc.		674		4,374
Reliance Steel & Aluminum Co.		2,887		273,168
RPM International, Inc.		963		58,849
Ryerson Holding Corp.(2)		326		2,716
Schnitzer Steel Industries, Inc.		162		4,240
Steel Dynamics, Inc.		8,321		251,294
Stepan Co.		279		25,643
Tredegar Corp.		724		12,033
Trinseo SA		1,920		81,293
US Concrete, Inc.(2)		37		1,839
Verso Corp.(2)		281		5,353
				3,688,014
Real Estate Investment Trust — 1.9%
American Assets Trust, Inc.		2,521		118,790
American Homes 4 Rent		996		24,213

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 53

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
American Tower Corp.		3,904		798,173
Camden Property Trust		605		63,156
CoreCivic, Inc.		2,950		61,242
Cousins Properties, Inc.		1,479		53,495
CubeSmart		663		22,171
EastGroup Properties, Inc.		1,231		142,771
Essex Property Trust, Inc.		4,888		1,426,954
Gaming and Leisure Properties, Inc.		2,251		87,744
Gladstone Commercial Corp.		144		3,056
Hospitality Properties Trust		6,820		170,500
Host Hotels & Resorts, Inc.		16,309		297,150
Hudson Pacific Properties, Inc.		2,491		82,876
Industrial Logistics Properties Trust		2,182		45,429
Kilroy Realty Corp.		2,562		189,101
Lamar Advertising Co.		4,021		324,535
National Storage Affiliates Trust		1,075		31,111
New Senior Investment Group, Inc.		2,469		16,592
Piedmont Office Realty Trust, Inc.		11,763		234,437
PS Business Parks, Inc.		1,294		218,078
Rayonier, Inc.		6,852		207,616
Retail Properties of America, Inc.		6,127		72,054
SBA Communications Corp.(2)		639		143,673
Simon Property Group, Inc.		8,531		1,362,913
Spirit MTA REIT		1,073		8,949
Tanger Factory Outlet Centers, Inc.		6,876		111,460
UDR, Inc.		26,720		1,199,461
Urstadt Biddle Properties, Inc.		1,536		32,256
				7,549,956
Utilities — 0.3%
AES Corp./VA		4,172		69,923
Ameren Corp.		841		63,168
Black Hills Corp.		3,238		253,114
Chesapeake Utilities Corp.		473		44,944
National Fuel Gas Co.		6,353		335,121
Portland General Electric Co.		6,854		371,281
Spark Energy, Inc. - Class A		1,963		21,966
Spire, Inc.		2,216		185,958
				1,345,475
Total Common Stocks (Cost $170,635,641)				193,833,579
Registered Investment Companies — 26.1%
American Beacon SiM High Yield Opportunities Fund - Class I		512,394		4,883,116
Baird Core Plus Bond Fund - Class I		538,058		6,139,245
Dodge & Cox Income Fund		535,368		7,446,963
DoubleLine Total Return Bond Fund - Class I		570,615		6,094,170
Frost Total Return Bond Fund - Class I		584,482		6,101,990
Guggenheim Total Return Bond Fund - Class I		224,576		6,106,218
iShares Core U.S. Aggregate Bond ETF(7)		61,632		6,862,723
iShares iBoxx High Yield Corporate Bond ETF(7)		42,509		3,705,935
iShares JP Morgan USD Emerging Markets Bond ETF(7)		65,042		7,368,608
Lord Abbett High Yield Fund - Class I		814,268		6,107,010
Payden Emerging Markets Bond Fund - Class I		540,617		7,390,240
PGIM Total Return Bond Fund - Class R6		290,984		4,294,929
PIMCO Investment Grade Credit Bond Fund - Class I		196,056		2,091,912
Pioneer Bond Fund - Class Y		640,318		6,211,081
Segall Bryant & Hamill Plus Bond Fund - Class I		402,823		4,302,153
SPDR Bloomberg Barclays High Yield Bond ETF(7)		34,023		3,706,466
TCW Emerging Markets Income Fund - Class I		1,167,637		9,796,471
Vanguard Intermediate-Term Corporate Bond ETF(7)		14,198		1,275,690
Vanguard Total Bond Market ETF(7)		58,808		4,885,181
Total Registered Investment Companies (Cost $101,939,558)				104,770,101
Money Market Registered Investment Companies — 19.3%
Meeder Institutional Prime Money Market Fund, 2.45%(3)		77,216,669		77,239,834
Total Money Market Registered Investment Companies (Cost $77,208,290)				77,239,834
Bank Obligations — 0.2%
First Merchants Bank Deposit Account, 2.25%, 7/1/2019(4)		246,473		246,473
Metro City Bank Deposit Account, 2.35%, 7/1/2019(4)		246,494		246,494
Pacific Mercantile Bank Deposit Account, 2.29%, 7/1/2019(4)		246,490		246,490
Total Bank Obligations (Cost $739,457)				739,457

The accompanying notes are an integral part of these financial statements

Page 54 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
U.S. Government Obligations — 4.4%
U.S. Treasury Note, 2.25%, due 1/31/2024		2,998,700		3,063,711
U.S. Treasury Note, 2.625%, due 2/15/2029		3,486,300		3,676,412
U.S. Treasury Note, 2.25%, due 11/15/2025		8,371,600		8,573,369
U.S. Treasury Note, 2.125%, due 12/31/2022		2,416,500		2,449,444
Total U.S. Government Obligations (Cost $17,139,270)				17,762,936
Total Investments — 98.4%(Cost $367,662,216)				394,345,907
Other Assets less Liabilities — 1.6%				6,466,167
Total Net Assets — 100.0%				400,812,074
Trustee Deferred Compensation(5)
Meeder Balanced Fund		2,446		28,594
Meeder Dynamic Allocation Fund		6,058		67,789
Meeder Muirfield Fund		3,256		24,518
Meeder Conservative Allocation Fund		709		15,867
Total Trustee Deferred Compensation (Cost $127,243)				136,768

	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		261	9/20/2019		25,099,065		308,609
Mini MSCI Emerging Markets Index Futures		106	9/20/2019		5,583,020		100,194
Russell 2000 Mini Index Futures		36	9/20/2019		2,820,780		28,999
Standard & Poors 500 Mini Futures		287	9/20/2019		42,249,270		240,548
E-mini Standard & Poors MidCap 400 Futures		58	9/20/2019		11,310,000		149,111
Total Futures Contracts		748			87,062,135		827,461

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(8)
Level 1 - Quoted Prices	$	375,843,514	$	827,461
Level 2 - Other Significant Observable Inputs		18,502,393		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	394,345,907	$	827,461

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, 2019.

(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, 2019. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) Assets of affiliates to the Balanced Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

(6) Fair valued security deemed as Level 3 security.

(7) Exchange-traded fund.

(8) 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

2019 Semiannual Report | June 30, 2019 Page 55

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 32.5%
Communication Services — 2.5%
Alphabet, Inc. - Class A(2)		73		79,044
Alphabet, Inc. - Class C(2)		994		1,074,425
AT&T, Inc.		13,420		449,704
Beasley Broadcast Group, Inc.		2		6
Cable One, Inc.		42		49,182
Comcast Corp. - Class A		10,122		427,958
Facebook, Inc.(2)		3,691		712,363
Fluent, Inc.(2)		275		1,480
Gray Television, Inc.(2)		724		11,866
Marcus Corp./The		719		23,698
Meet Group, Inc./The(2)		544		1,893
Nexstar Media Group, Inc.		430		43,430
Spok Holdings, Inc.		1,084		16,303
TEGNA, Inc.		2,153		32,618
Telephone & Data Systems, Inc.		1,478		44,931
T-Mobile US, Inc.(2)		6,554		485,914
Verizon Communications, Inc.		12,973		741,147
Viacom, Inc.		4,573		136,596
Walt Disney Co./The		1,671		233,338
				4,565,896
Consumer Discretionary — 3.3%
Aaron’s, Inc.		278		17,072
Abercrombie & Fitch Co.		305		4,892
Amazon.com, Inc.(2)		807		1,528,159
American Eagle Outfitters, Inc.		396		6,692
Ascent Capital Group, Inc.(2)		897		969
AutoZone, Inc.(2)		46		50,576
Barnes & Noble, Inc.		2		13
Bassett Furniture Industries, Inc.		562		8,571
Beazer Homes USA, Inc.(2)		525		5,045
Best Buy Co., Inc.		1,950		135,974
Bloomin’ Brands, Inc.		1,328		25,112
Brinker International, Inc.		299		11,766
Career Education Corp.(2)		1,073		20,462
Chipotle Mexican Grill, Inc.(2)		99		72,555
Clarus Corp.		977		14,108
Core-Mark Holding Co., Inc.		1		40
Darden Restaurants, Inc.		356		43,336
Dave & Buster’s Entertainment, Inc.		134		5,423
Denny’s Corp.(2)		958		19,668
Dollar General Corp.		646		87,313
Ethan Allen Interiors, Inc.		711		14,974
Etsy, Inc.(2)		153		9,390
Everi Holdings, Inc.(2)		1,692		20,186
Five Below, Inc.(2)		348		41,767
Common Stocks — continued
Flexsteel Industries, Inc.		146		2,491
Foot Locker, Inc.		512		21,463
GameStop Corp.		440		2,407
Garmin, Ltd.		838		66,872
Garrett Motion, Inc.(2)		653		10,024
General Motors Co.		13,987		538,919
Gentex Corp.		818		20,131
H&R Block, Inc.		1,395		40,874
Haverty Furniture Cos., Inc.		95		1,618
Helen of Troy, Ltd.(2)		65		8,488
Hooker Furniture Corp.		303		6,248
J Alexander’s Holdings, Inc.(2)		25		281
J. Jill, Inc.		447		890
Johnson Outdoors, Inc.		22		1,641
K12, Inc.(2)		98		2,980
KB Home		1,617		41,605
Lear Corp.		587		81,751
Lennar Corp.		2,284		110,683
Liberty Expedia Holdings, Inc.(2)		1,639		78,328
Lowe’s Cos., Inc.		605		61,051
Lululemon Athletica, Inc.(2)		727		131,013
M/I Homes, Inc.(2)		532		15,183
MasterCraft Boat Holdings, Inc.(2)		200		3,918
McDonald’s Corp.		2,478		514,581
MDC Holdings, Inc.		430		14,095
NIKE, Inc. - Class B		1,787		150,019
Nordstrom, Inc.		40		1,274
Norwegian Cruise Line Holdings, Ltd.(2)		109		5,846
NVR, Inc.(2)		1		3,370
Planet Fitness, Inc.(2)		844		61,139
PulteGroup, Inc.		287		9,075
Rent-A-Center, Inc./TX(2)		157		4,181
Ruth’s Hospitality Group, Inc.		105		2,385
SeaWorld Entertainment, Inc.(2)		314		9,734
Sleep Number Corp.(2)		141		5,695
Speedway Motorsports, Inc.		609		11,297
Starbucks Corp.		7,550		632,917
Superior Industries International, Inc.		47		163
Taylor Morrison Home Corp.(2)		16		335
Tilly’s, Inc. - Class A		326		2,487
TJX Cos., Inc./The		10,679		564,706
Tupperware Brands Corp.		818		15,567
Ulta Beauty, Inc.(2)		262		90,885
Whirlpool Corp.		128		18,222
Yum! Brands, Inc.		4,540		502,442
				6,013,337

The accompanying notes are an integral part of these financial statements

Page 56 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Consumer Staples — 2.0%
Casey’s General Stores, Inc.		110		17,159
Coca-Cola Consolidated, Inc.		12		3,591
Costco Wholesale Corp.		787		207,973
Hershey Co./The		1,504		201,581
Kimberly-Clark Corp.		1,132		150,873
Kroger Co./The		4,037		87,643
Molson Coors Brewing Co.		2,521		141,176
Mondelez International, Inc.		10,900		587,510
PepsiCo, Inc.		6,060		794,648
Performance Food Group Co.(2)		63		2,522
Procter & Gamble Co./The		2,079		227,962
Simply Good Foods Co./The(2)		352		8,476
SpartanNash Co.		819		9,558
Sysco Corp.		3,561		251,834
Turning Point Brands, Inc.		13		637
Tyson Foods, Inc.		5,792		467,646
USANA Health Sciences, Inc.(2)		7		556
Walmart, Inc.		4,398		485,935
				3,647,280
Energy — 1.5%
Adams Resources & Energy, Inc.		54		1,851
Arch Coal, Inc. - Class A		124		11,682
Archrock, Inc.		4,621		48,983
Berry Petroleum Corp.		514		5,448
Cabot Oil & Gas Corp.		3,880		89,085
Cactus, Inc.(2)		1,344		44,513
Chevron Corp.		3,763		468,268
Cimarex Energy Co.		56		3,322
ConocoPhillips		8,163		497,943
CVR Energy, Inc.		694		34,693
Delek US Holdings, Inc.		706		28,607
DHT Holdings, Inc.		766		4,527
DMC Global, Inc.		172		10,896
EQT Corp.		2,201		34,798
Evolution Petroleum Corp.		490		3,504
Exxon Mobil Corp.		8,013		614,036
Hallador Energy Co.		459		2,584
Keane Group, Inc.(2)		1,799		12,089
Mammoth Energy Services, Inc.		500		3,440
Marathon Oil Corp.		4,886		69,430
Matrix Service Co.(2)		619		12,541
Midstates Petroleum Co., Inc.(2)		954		5,619
Pacific Ethanol, Inc.(2)		783		599
Panhandle Oil and Gas, Inc.		125		1,630
Par Pacific Holdings, Inc.(2)		556		11,409
Common Stocks — continued
PBF Energy, Inc.		539		16,871
Peabody Energy Corp.		1,107		26,679
Phillips 66		5,499		514,376
Profire Energy, Inc.(2)		11		17
ProPetro Holding Corp.(2)		1,240		25,668
Renewable Energy Group, Inc.(2)		627		9,944
Solaris Oilfield Infrastructure, Inc.		184		2,756
Talos Energy, Inc.(2)		611		14,695
W&T Offshore, Inc.(2)		2,016		9,999
Westmoreland Coal Co.(2)		773		11
Williams Cos., Inc./The		4,417		123,853
World Fuel Services Corp.		640		23,014
				2,789,380
Financials — 3.5%
Aflac, Inc.		1,832		100,412
Ally Financial, Inc.		7,362		228,148
American Express Co.		1,619		199,849
Arbor Realty Trust, Inc.		2,272		27,537
Ares Commercial Real Estate Corp.		2,302		34,208
AXA Equitable Holdings, Inc.		29		606
Bancorp, Inc./The(2)		698		6,226
Bank of America Corp.		22,780		660,620
BankFinancial Corp.		393		5,498
Berkshire Hathaway, Inc. - Class B(2)		5,022		1,070,540
C&F Financial Corp.		65		3,550
Cannae Holdings, Inc.(2)		127		3,680
Central Valley Community Bancorp		23		494
Cincinnati Financial Corp.		321		33,278
CIT Group, Inc.		4,192		220,248
Citigroup, Inc.		937		65,618
Credit Acceptance Corp.(2)		3		1,451
Discover Financial Services		3,482		270,168
Erie Indemnity Co.		26		6,611
Essent Group, Ltd.(2)		1,345		63,202
Exantas Capital Corp.		234		2,647
Fidelity National Financial, Inc.		2,764		111,389
Fidelity Southern Corp.		1,194		36,978
Fifth Third Bancorp		15,350		428,265
First American Financial Corp.		1,737		93,277
First BanCorp/Puerto Rico		2,797		30,879
Genworth Financial, Inc.(2)		161		597
Hilltop Holdings, Inc.		2,179		46,347
IBERIABANK Corp.		1,253		95,040
International Bancshares Corp.		531		20,024
JPMorgan Chase & Co.		7,551		844,202
KKR Real Estate Finance Trust, Inc.		1,600		31,872

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 57

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Ladder Capital Corp.		2,600		43,186
LPL Financial Holdings, Inc.		284		23,166
Medley Management, Inc.		212		522
Mercantile Bank Corp.		24		782
MGIC Investment Corp.(2)		2,994		39,341
MSCI, Inc.		948		226,373
Navient Corp.		2,514		34,316
NewStar Financial Contingent Value Rights(2)(6)		31		—
Nicolet Bankshares, Inc.(2)		43		2,669
NMI Holdings, Inc. - Class A(2)		444		12,605
Northeast Bank		214		5,902
Northrim BanCorp, Inc.		201		7,168
OFG Bancorp		897		21,322
Old Republic International Corp.		1,209		27,057
OneMain Holdings, Inc.		1,137		38,442
Oppenheimer Holdings, Inc.		1,326		36,094
Parke Bancorp, Inc.		66		1,581
PennyMac Financial Services, Inc.		533		11,822
Piper Jaffray Cos.		244		18,122
Popular, Inc.		2,839		153,987
Premier Financial Bancorp, Inc.		16		240
Pzena Investment Management, Inc.		786		6,752
Radian Group, Inc.		2,685		61,352
Ready Capital Corp.		240		3,576
Safety Insurance Group, Inc.		320		30,442
Santander Consumer USA Holdings, Inc.(2)		912		21,852
Silvercrest Asset Management Group, Inc.		106		1,487
Stewart Information Services Corp.		890		36,036
Summit Financial Group, Inc.		135		3,625
Synchrony Financial		7,269		252,016
TriCo Bancshares		375		14,175
United Security Bancshares/Fresno CA		75		854
US Bancorp		6,539		342,644
Walker & Dunlop, Inc.		472		25,115
Waterstone Financial, Inc.		92		1,570
				6,249,654
Healthcare — 6.2%
Abbott Laboratories		2,150		180,815
AbbVie, Inc.		3,323		241,649
Adverum Biotechnologies, Inc.(2)		602		7,158
Agilent Technologies, Inc.		2,574		192,201
Albireo Pharma, Inc.(2)		95		3,063
Alexion Pharmaceuticals, Inc.(2)		1,709		223,845
Align Technology, Inc.(2)		189		51,729
Alkermes PLC(2)		106		2,389
Common Stocks — continued
Allergan PLC		2,965		496,430
Amedisys, Inc.(2)		6		728
AmerisourceBergen Corp.		772		65,821
Amgen, Inc.		2,598		478,759
Amphastar Pharmaceuticals, Inc.(2)		693		14,629
ANI Pharmaceuticals, Inc.(2)		181		14,878
Arena Pharmaceuticals, Inc.(2)		316		18,527
ArQule, Inc.(2)		1,123		12,364
Array BioPharma, Inc.(2)		415		19,227
Arrowhead Pharmaceuticals, Inc.(2)		536		14,204
Arvinas, Inc.(2)		77		1,693
Avid Bioservices, Inc.(2)		981		5,494
Baxter International, Inc.		2,107		172,563
Biogen, Inc.(2)		1,970		460,724
Biohaven Pharmaceutical Holding Co., Ltd.(2)		147		6,437
BioSpecifics Technologies Corp.(2)		293		17,495
Bristol-Myers Squibb Co.		1,140		51,699
Bruker Corp.		858		42,857
Calithera Biosciences, Inc.(2)		127		495
Cardinal Health, Inc.		1,983		93,399
CareDx, Inc.(2)		284		10,221
Catalent, Inc.(2)		1,371		74,322
Catalyst Pharmaceuticals, Inc.(2)		750		2,880
Celcuity, Inc.(2)		82		2,050
Celgene Corp.(2)		5,815		537,539
Cerner Corp.		3,498		256,403
Chemed Corp.		124		44,744
ChemoCentryx, Inc.(2)		135		1,256
Chimerix, Inc.(2)		173		747
Coherus Biosciences, Inc.(2)		1,098		24,266
Computer Programs & Systems, Inc.		133		3,696
Corium International Contingent Value Rights(2)(6)		50		—
CryoPort, Inc.(2)		5		92
Cytokinetics, Inc.(2)		640		7,200
Danaher Corp.		2,139		305,706
DENTSPLY SIRONA, Inc.		1,433		83,630
Eli Lilly & Co.		3,936		436,069
Emergent BioSolutions, Inc.(2)		375		18,116
Enanta Pharmaceuticals, Inc.(2)		286		24,133
Endo International PLC(2)		1,904		7,844
Ensign Group, Inc./The		95		5,407
Exact Sciences Corp.(2)		716		84,517
Exelixis, Inc.(2)		2,082		44,492
Fate Therapeutics, Inc.(2)		648		13,154
FONAR Corp.(2)		360		7,744

The accompanying notes are an integral part of these financial statements

Page 58 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Genomic Health, Inc.(2)		456		26,526
Gilead Sciences, Inc.		5,960		402,658
Glaukos Corp.(2)		87		6,560
Harvard Bioscience, Inc.(2)		12		24
HCA Healthcare, Inc.		3,565		481,881
HealthStream, Inc.(2)		561		14,507
Hill-Rom Holdings, Inc.		1,093		114,350
Horizon Therapeutics Plc(2)		1,547		37,221
Humana, Inc.		798		211,709
IDEXX Laboratories, Inc.(2)		113		31,112
Incyte Corp.(2)		382		32,455
Invitae Corp.(2)		726		17,061
IQVIA Holdings, Inc.(2)		308		49,557
Jazz Pharmaceuticals PLC(2)		80		11,405
Johnson & Johnson		5,870		817,574
Lantheus Holdings, Inc.(2)		306		8,660
Magellan Health, Inc.(2)		87		6,458
Masimo Corp.(2)		287		42,711
MediciNova, Inc.(2)		33		318
Medidata Solutions, Inc.(2)		114		10,318
Medtronic PLC		6,583		641,118
Merck & Co., Inc.		8,972		752,302
Meridian Bioscience, Inc.		1,001		11,892
Mirati Therapeutics, Inc.(2)		84		8,652
Molecular Templates, Inc.(2)		359		2,998
Molina Healthcare, Inc.(2)		13		1,861
Natera, Inc.(2)		527		14,535
National Research Corp.		55		3,167
NextGen Healthcare, Inc.(2)		502		9,990
Odonate Therapeutics, Inc.(2)		29		1,064
Omnicell, Inc.(2)		37		3,183
Pacira BioSciences, Inc.(2)		399		17,353
PDL BioPharma, Inc.(2)		2,659		8,349
Perrigo Co. PLC		480		22,858
Pfenex, Inc.(2)		193		1,301
Pfizer, Inc.		17,879		774,518
Phibro Animal Health Corp.		569		18,077
Principia Biopharma, Inc.(2)		169		5,609
Ra Pharmaceuticals, Inc.(2)		298		8,961
Recro Pharma, Inc.(2)		793		8,065
Regeneron Pharmaceuticals, Inc.(2)		45		14,085
Repligen Corp.(2)		306		26,301
ResMed, Inc.		336		41,002
RTI Surgical Holdings, Inc.(2)		218		927
SIGA Technologies, Inc.(2)		605		3,436
Simulations Plus, Inc.		36		1,028
Spark Therapeutics, Inc.(2)		62		6,348
Common Stocks — continued
Spero Therapeutics, Inc.(2)		11		127
STERIS PLC		590		87,839
Stryker Corp.		2,197		451,659
Tandem Diabetes Care, Inc.(2)		195		12,581
United Therapeutics Corp.(2)		288		22,481
UnitedHealth Group, Inc.		297		72,471
Varian Medical Systems, Inc.(2)		381		51,866
Veeva Systems, Inc.(2)		332		53,821
Veracyte, Inc.(2)		328		9,351
Vertex Pharmaceuticals, Inc.(2)		1,958		359,058
Voyager Therapeutics, Inc.(2)		484		13,174
Waters Corp.(2)		44		9,471
West Pharmaceutical Services, Inc.		69		8,635
Zimmer Biomet Holdings, Inc.		835		98,313
Zoetis, Inc.		2,173		246,614
				11,117,006
Industrials — 3.3%
AGCO Corp.		731		56,704
Allison Transmission Holdings, Inc.		2,074		96,130
Armstrong World Industries, Inc.		524		50,933
Atkore International Group, Inc.(2)		162		4,191
BMC Stock Holdings, Inc.(2)		818		17,342
Builders FirstSource, Inc.(2)		1,865		31,444
Casella Waste Systems, Inc.(2)		4		159
Comfort Systems USA, Inc.		706		35,999
Commercial Vehicle Group, Inc.(2)		792		6,352
Copart, Inc.(2)		1,463		109,345
CSX Corp.		6,980		540,043
Cummins, Inc.		2,741		469,643
EMCOR Group, Inc.		464		40,878
Ennis, Inc.		144		2,955
Fastenal Co.		538		17,533
Fortune Brands Home & Security, Inc.		194		11,083
Foundation Building Materials, Inc.(2)		437		7,770
Generac Holdings, Inc.(2)		423		29,360
Graco, Inc.		150		7,527
Great Lakes Dredge & Dock Corp.(2)		322		3,555
Harsco Corp.(2)		152		4,171
Heidrick & Struggles International, Inc.		222		6,653
Herman Miller, Inc.		913		40,811
HNI Corp.		958		33,894
Hurco Cos., Inc.		192		6,828
Illinois Tool Works, Inc.		932		140,555
Ingersoll-Rand PLC		1,565		198,239
ITT, Inc.		90		5,893
Jacobs Engineering Group, Inc.		634		53,503

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 59

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Kansas City Southern		974		118,653
Kelly Services, Inc. - Class A		93		2,436
Kforce, Inc.		76		2,667
Kimball International, Inc. - Class B		794		13,839
Knoll, Inc.		267		6,136
L3 Technologies, Inc.		44		10,787
Landstar System, Inc.		755		81,532
ManpowerGroup, Inc.		953		92,060
Marten Transport, Ltd.		5		91
Masco Corp.		684		26,840
Masonite International Corp.(2)		217		11,432
Matson, Inc.		663		25,758
Miller Industries, Inc./TN		606		18,635
Moog, Inc.		47		4,400
MSC Industrial Direct Co., Inc.		1,097		81,463
Mueller Industries, Inc.		314		9,191
Norfolk Southern Corp.		2,784		554,935
Oshkosh Corp.		926		77,312
Owens Corning		560		32,592
PACCAR, Inc.		5,052		362,026
Parker-Hannifin Corp.		2,108		358,381
Park-Ohio Holdings Corp.		140		4,563
Quanex Building Products Corp.		343		6,479
Quanta Services, Inc.		2,246		85,775
Radiant Logistics, Inc.(2)		336		2,063
RR Donnelley & Sons Co.		2,671		5,262
Rush Enterprises, Inc.		634		23,154
Southwest Airlines Co.		7,310		371,202
Spirit AeroSystems Holdings, Inc.		367		29,863
Steelcase, Inc. - Class A		715		12,227
Sterling Construction Co., Inc.(2)		338		4,536
Timken Co./The		1,393		71,517
Toro Co./The		911		60,946
TriMas Corp.(2)		17		526
Triton International, Ltd./Bermuda		1,189		38,952
Union Pacific Corp.		4,067		687,770
Universal Forest Products, Inc.		153		5,823
Valmont Industries, Inc.		83		10,525
Vectrus, Inc.(2)		226		9,167
WABCO Holdings, Inc.(2)		22		2,917
Waste Management, Inc.		4,573		527,587
Willis Lease Finance Corp.(2)		4		233
				5,881,746
Information Technology — 7.9%
Acacia Communications, Inc.(2)		44		2,075
ACM Research, Inc.(2)		53		827
Common Stocks — continued
Adobe, Inc.(2)		516		152,039
ADTRAN, Inc.		409		6,237
Amkor Technology, Inc.(2)		2,661		19,851
Apple, Inc.		9,637		1,907,355
Aspen Technology, Inc.(2)		420		52,198
Avaya Holdings Corp.(2)		930		11,076
Avid Technology, Inc.(2)		412		3,757
Avnet, Inc.		1,712		77,502
Benchmark Electronics, Inc.		1,916		48,130
Booz Allen Hamilton Holding Corp.		1,897		125,600
Broadcom, Inc.		1,827		525,920
Broadridge Financial Solutions, Inc.		663		84,652
CACI International, Inc. - Class A(2)		238		48,692
Cadence Design Systems, Inc.(2)		2,061		145,939
CalAmp Corp.(2)		79		923
CDK Global, Inc.		1,514		74,852
CDW Corp./DE		562		62,382
Ciena Corp.(2)		951		39,115
Cisco Systems, Inc.		15,795		864,460
Comtech Telecommunications Corp.		375		10,541
Cypress Semiconductor Corp.		713		15,857
Dell Technologies, Inc. - Class C(2)		917		46,584
Digi International, Inc.(2)		64		812
DXC Technology Co.		3,090		170,414
Enphase Energy, Inc.(2)		281		5,123
EPAM Systems, Inc.(2)		67		11,598
EVERTEC, Inc.		400		13,080
F5 Networks, Inc.(2)		729		106,164
Fabrinet(2)		375		18,626
Fair Isaac Corp.(2)		135		42,393
FormFactor, Inc.(2)		139		2,178
Hewlett Packard Enterprise Co.		6,195		92,615
HP, Inc.		7,085		147,297
Information Services Group, Inc.(2)		30		95
Insight Enterprises, Inc.(2)		588		34,222
Intel Corp.		10,465		500,960
InterDigital, Inc.		489		31,492
International Business Machines Corp.		4,714		650,061
Intuit, Inc.		2,182		570,222
j2 Global, Inc.		289		25,689
Jabil, Inc.		2,312		73,059
Juniper Networks, Inc.		4,986		132,777
KBR, Inc.		238		5,936
Keysight Technologies, Inc.(2)		866		77,775
KLA-Tencor Corp.		2,764		326,705
Lam Research Corp.		1,636		307,306
Lattice Semiconductor Corp.(2)		641		9,352

The accompanying notes are an integral part of these financial statements

Page 60 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Leidos Holdings, Inc.		901		71,945
LogMeIn, Inc.		863		63,586
Majesco(2)		78		726
Mastercard, Inc.		3,385		895,434
MAXIMUS, Inc.		239		17,337
Micron Technology, Inc.(2)		13,681		527,950
Microsoft Corp.		15,964		2,138,537
Monotype Imaging Holdings, Inc.		1,478		24,890
Motorola Solutions, Inc.		925		154,225
Napco Security Technologies, Inc.(2)		220		6,530
NIC, Inc.		320		5,133
Nuance Communications, Inc.(2)		3,148		50,274
NVE Corp.		17		1,184
NXP Semiconductors NV		283		27,624
Oracle Corp.		11,705		666,834
OSI Systems, Inc.(2)		54		6,082
Paycom Software, Inc.(2)		257		58,267
Paylocity Holding Corp.(2)		29		2,721
PC Connection, Inc.		291		10,179
Photronics, Inc.(2)		457		3,747
Presidio, Inc.		1,272		17,388
Progress Software Corp.		837		36,510
QUALCOMM, Inc.		4,222		321,168
Qualys, Inc.(2)		304		26,472
Rudolph Technologies, Inc.(2)		171		4,725
Sanmina Corp.(2)		577		17,472
SPS Commerce, Inc.(2)		39		3,986
Symantec Corp.		3,596		78,249
Synopsys, Inc.(2)		1,954		251,460
Tech Data Corp.(2)		395		41,317
Telaria, Inc.(2)		300		2,256
Teradyne, Inc.		2,739		131,225
Texas Instruments, Inc.		5,123		587,915
Upland Software, Inc.(2)		78		3,551
Verint Systems, Inc.(2)		515		27,697
VMware, Inc.		581		97,149
Workiva, Inc.(2)		126		7,319
Xerox Corp.		2,699		95,572
Xperi Corp.		178		3,665
Zscaler, Inc.(2)		340		26,058
				14,196,874
Materials — 0.7%
AdvanSix, Inc.(2)		804		19,642
Air Products & Chemicals, Inc.		771		174,531
Domtar Corp.		92		4,097
Global Brass & Copper Holdings, Inc.		43		1,880
Common Stocks — continued
Innospec, Inc.		1		91
International Paper Co.		3,584		155,259
Louisiana-Pacific Corp.		1,171		30,704
LyondellBasell Industries NV		4,935		425,052
Nucor Corp.		3,296		181,610
PPG Industries, Inc.		839		97,920
Rayonier Advanced Materials, Inc.		57		370
Reliance Steel & Aluminum Co.		670		63,395
Ryerson Holding Corp.(2)		118		983
Schnitzer Steel Industries, Inc.		45		1,178
Steel Dynamics, Inc.		2,194		66,259
Stepan Co.		58		5,331
Tredegar Corp.		70		1,163
Trinseo SA		546		23,118
Verso Corp.(2)		169		3,219
Warrior Met Coal, Inc.		63		1,646
				1,257,448
Real Estate Investment Trust — 1.3%
American Assets Trust, Inc.		340		16,021
American Homes 4 Rent		364		8,849
American Tower Corp.		1,204		246,158
Camden Property Trust		145		15,137
CoreCivic, Inc.		770		15,985
Cousins Properties, Inc.		471		17,036
CubeSmart		240		8,026
EastGroup Properties, Inc.		433		50,219
Essex Property Trust, Inc.		1,468		428,552
Farmland Partners, Inc.		87		613
Gaming and Leisure Properties, Inc.		706		27,520
Gladstone Commercial Corp.		506		10,737
Hospitality Properties Trust		2,138		53,450
Host Hotels & Resorts, Inc.		6,125		111,598
Hudson Pacific Properties, Inc.		764		25,418
Industrial Logistics Properties Trust		602		12,534
Kilroy Realty Corp.		838		61,853
Lamar Advertising Co.		1,184		95,561
Maui Land & Pineapple Co., Inc.(2)		56		576
National Storage Affiliates Trust		308		8,914
New Senior Investment Group, Inc.		298		2,003
Piedmont Office Realty Trust, Inc.		4,219		84,085
PS Business Parks, Inc.		351		59,154
RAIT Financial Trust(2)		577		300
Rayonier, Inc.		2,020		61,206
Retail Properties of America, Inc.		1,822		21,427
SBA Communications Corp.(2)		78		17,538
Simon Property Group, Inc.		2,640		421,766

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 61

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Spirit MTA REIT		217		1,810
Tanger Factory Outlet Centers, Inc.		1,961		31,788
Trinity Place Holdings, Inc.(2)		645		2,548
UDR, Inc.		7,883		353,868
Urstadt Biddle Properties, Inc.		310		6,510
				2,278,760
Utilities — 0.3%
Ameren Corp.		1,766		132,644
Atlantic Power Corp.(2)		810		1,960
Black Hills Corp.		1,021		79,812
National Fuel Gas Co.		2,188		115,417
Portland General Electric Co.		2,507		135,804
Spark Energy, Inc. - Class A		680		7,609
Spire, Inc.		343		28,771
				502,017
Total Common Stocks (Cost $52,975,757)				58,499,398
Registered Investment Companies — 43.2%
American Beacon SiM High Yield Opportunities Fund - Class I		381,784		3,638,402
Baird Core Plus Bond Fund - Class I		399,962		4,563,572
Dodge & Cox Income Fund		396,808		5,519,599
DoubleLine Total Return Bond Fund - Class I		426,594		4,556,025
Frost Total Return Bond Fund - Class I		428,614		4,474,727
Guggenheim Total Return Bond Fund - Class I		166,339		4,522,745
iShares Core U.S. Aggregate Bond ETF(7)		46,301		5,155,616
iShares iBoxx High Yield Corporate Bond ETF(7)		31,307		2,729,344
iShares JP Morgan USD Emerging Markets Bond ETF(7)		48,449		5,488,787
Lord Abbett High Yield Fund - Class I		603,307		4,524,800
Payden Emerging Markets Bond Fund - Class I		400,284		5,471,886
PGIM Total Return Bond Fund - Class R6		215,062		3,174,321
PIMCO Investment Grade Credit Bond Fund - Class I		145,482		1,552,291
Pioneer Bond Fund - Class Y		479,133		4,647,590
Segall Bryant & Hamill Plus Bond Fund - Class I		295,846		3,159,635
SPDR Bloomberg Barclays High Yield Bond ETF(7)		25,057		2,729,710
TCW Emerging Markets Income Fund - Class I		867,487		7,278,213
Registered Investment Companies — continued
Vanguard Intermediate-Term Corporate Bond ETF(7)		10,460		939,831
Vanguard Total Bond Market ETF(7)		43,776		3,636,473
Total Registered Investment Companies (Cost $75,891,871)				77,763,567
Money Market Registered Investment Companies — 15.5%
Meeder Institutional Prime Money Market Fund, 2.45%(3)		27,807,094		27,815,437
Total Money Market Registered Investment Companies (Cost $27,803,282)				27,815,437
Bank Obligations — 0.1%
Metro City Bank Deposit Account, 2.35%, 7/1/2019(4)		246,495		246,495
Total Bank Obligations (Cost $246,495)				246,495
U.S. Government Obligations — 7.3%
U.S. Treasury Note, 2.25%, due 1/31/2024		2,222,100		2,270,274
U.S. Treasury Note, 2.625%, due 2/15/2029		2,583,800		2,724,698
U.S. Treasury Note, 2.25%, due 11/15/2025		6,222,700		6,372,677
U.S. Treasury Note, 2.125%, due 12/31/2022		1,792,300		1,816,734
Total U.S. Government Obligations (Cost $12,721,535)				13,184,383
Total Investments — 98.6%(Cost $169,638,940)				177,509,280
Other Assets less Liabilities — 1.4%				2,523,455
Total Net Assets — 100.0%				180,032,735
Trustee Deferred Compensation(5)
Meeder Balanced Fund		222		2,595
Meeder Dynamic Allocation Fund		515		5,763
Meeder Muirfield Fund		643		4,842
Meeder Conservative Allocation Fund		69		1,544
Total Trustee Deferred Compensation (Cost $14,684)				14,744

The accompanying notes are an integral part of these financial statements

Page 62 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Moderate Allocation Fund
	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		84	9/20/2019		8,077,860		104,506
Mini MSCI Emerging Markets Index Futures		34	9/20/2019		1,790,780		34,586
Russell 2000 Mini Index Futures		14	9/20/2019		1,096,970		13,767
Standard & Poors 500 Mini Futures		111	9/20/2019		16,340,310		120,895
E-mini Standard & Poors MidCap 400 Futures		22	9/20/2019		4,290,000		66,106
Total Futures Contracts		265			31,595,920		339,860

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(8)
Level 1 - Quoted Prices	$	164,078,402	$	339,860
Level 2 - Other Significant Observable Inputs		13,430,878		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	177,509,280	$	339,860

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, 2019.

(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, 2019. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) 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.

(6) Fair valued security deemed as Level 3 security.

(7) Exchange-traded fund.

(8) 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

2019 Semiannual Report | June 30, 2019 Page 63

Schedule of Investments
June 30, 2019 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 20.1%
Communication Services — 1.6%
Alphabet, Inc. - Class A(2)		20		21,656
Alphabet, Inc. - Class C(2)		485		524,241
AT&T, Inc.		5,742		192,414
Beasley Broadcast Group, Inc.		65		209
Cable One, Inc.		18		21,078
Comcast Corp. - Class A		4,477		189,288
Facebook, Inc.(2)		1,859		358,787
Fluent, Inc.(2)		121		651
Gray Television, Inc.(2)		345		5,655
Marcus Corp./The		359		11,833
Meet Group, Inc./The(2)		220		766
Nexstar Media Group, Inc.		223		22,523
Spok Holdings, Inc.		492		7,400
TEGNA, Inc.		1,069		16,195
Telephone & Data Systems, Inc.		661		20,094
T-Mobile US, Inc.(2)		3,201		237,322
Verizon Communications, Inc.		6,766		386,542
Viacom, Inc.		2,288		68,343
Walt Disney Co./The		915		127,771
				2,212,768
Consumer Discretionary — 2.0%
Aaron’s, Inc.		144		8,843
Abercrombie & Fitch Co.		144		2,310
Amazon.com, Inc.(2)		394		746,090
American Eagle Outfitters, Inc.		153		2,586
Ascent Capital Group, Inc.(2)		486		525
AutoZone, Inc.(2)		21		23,089
Barnes & Noble, Inc.		8		54
Bassett Furniture Industries, Inc.		270		4,118
Beazer Homes USA, Inc.(2)		231		2,220
Best Buy Co., Inc.		964		67,220
Bloomin’ Brands, Inc.		622		11,762
Brinker International, Inc.		136		5,352
Career Education Corp.(2)		510		9,726
Chipotle Mexican Grill, Inc.(2)		28		20,521
Clarus Corp.		471		6,801
Core-Mark Holding Co., Inc.		10		397
Darden Restaurants, Inc.		216		26,294
Dave & Buster’s Entertainment, Inc.		65		2,631
Denny’s Corp.(2)		449		9,218
Dollar General Corp.		306		41,359
Ethan Allen Interiors, Inc.		354		7,455
Etsy, Inc.(2)		83		5,094
Everi Holdings, Inc.(2)		844		10,069
Extended Stay America, Inc.		123		2,077
Common Stocks — continued
Five Below, Inc.(2)		174		20,883
Flexsteel Industries, Inc.		40		682
Foot Locker, Inc.		256		10,732
GameStop Corp.		234		1,280
Garmin, Ltd.		326		26,015
Garrett Motion, Inc.(2)		319		4,897
General Motors Co.		6,826		263,006
Gentex Corp.		183		4,504
H&R Block, Inc.		636		18,635
Haverty Furniture Cos., Inc.		44		749
Helen of Troy, Ltd.(2)		39		5,093
Hooker Furniture Corp.		133		2,742
J Alexander’s Holdings, Inc.(2)		12		135
J. Jill, Inc.		196		390
Johnson Outdoors, Inc.		14		1,044
K12, Inc.(2)		46		1,399
KB Home		821		21,124
Lear Corp.		292		40,667
Lennar Corp.		1,269		61,496
Liberty Expedia Holdings, Inc.(2)		792		37,850
Lowe’s Cos., Inc.		162		16,347
Lululemon Athletica, Inc.(2)		354		63,794
M/I Homes, Inc.(2)		269		7,677
MasterCraft Boat Holdings, Inc.(2)		100		1,959
McDonald’s Corp.		1,149		238,601
MDC Holdings, Inc.		223		7,310
NIKE, Inc. - Class B		903		75,807
Norwegian Cruise Line Holdings, Ltd.(2)		112		6,007
NVR, Inc.(2)		6		20,222
Planet Fitness, Inc.(2)		401		29,048
PulteGroup, Inc.		169		5,344
Rent-A-Center, Inc./TX(2)		71		1,891
Ruth’s Hospitality Group, Inc.		62		1,408
SeaWorld Entertainment, Inc.(2)		140		4,340
Sleep Number Corp.(2)		69		2,787
Speedway Motorsports, Inc.		303		5,621
Starbucks Corp.		3,688		309,165
Superior Industries International, Inc.		50		173
Tilly’s, Inc. - Class A		125		954
TJX Cos., Inc./The		5,215		275,769
Tupperware Brands Corp.		417		7,936
Ulta Beauty, Inc.(2)		125		43,361
Whirlpool Corp.		36		5,125
Yum! Brands, Inc.		2,218		245,466
				2,915,246

The accompanying notes are an integral part of these financial statements

Page 64 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Consumer Staples — 1.3%
Casey’s General Stores, Inc.		20		3,120
Coca-Cola Consolidated, Inc.		5		1,496
Costco Wholesale Corp.		270		71,350
Hershey Co./The		841		112,719
Kimberly-Clark Corp.		703		93,696
Kroger Co./The		2,169		47,089
Molson Coors Brewing Co.		1,208		67,648
Mondelez International, Inc.		5,322		286,856
PepsiCo, Inc.		2,928		383,949
Performance Food Group Co.(2)		61		2,442
Procter & Gamble Co./The		1,142		125,220
Simply Good Foods Co./The(2)		174		4,190
SpartanNash Co.		315		3,676
Sysco Corp.		2,028		143,420
Turning Point Brands, Inc.		11		539
Tyson Foods, Inc.		2,831		228,575
USANA Health Sciences, Inc.(2)		5		397
Walmart, Inc.		2,107		232,802
				1,809,184
Energy — 1.0%
Adams Resources & Energy, Inc.		26		891
Arch Coal, Inc. - Class A		59		5,558
Archrock, Inc.		2,274		24,104
Berry Petroleum Corp.		231		2,449
Cabot Oil & Gas Corp.		1,877		43,096
Cactus, Inc.(2)		675		22,356
Chevron Corp.		1,868		232,454
Cimarex Energy Co.		66		3,916
ConocoPhillips		3,979		242,719
CVR Energy, Inc.		348		17,397
Delek US Holdings, Inc.		340		13,777
DHT Holdings, Inc.		320		1,891
DMC Global, Inc.		90		5,702
EQT Corp.		1,119		17,691
Evolution Petroleum Corp.		296		2,116
Exxon Mobil Corp.		3,969		304,144
Hallador Energy Co.		252		1,419
Keane Group, Inc.(2)		839		5,638
Mammoth Energy Services, Inc.		44		303
Marathon Oil Corp.		1,817		25,820
Matrix Service Co.(2)		297		6,017
Midstates Petroleum Co., Inc.(2)		535		3,151
Pacific Ethanol, Inc.(2)		394		301
Panhandle Oil and Gas, Inc.		83		1,082
Par Pacific Holdings, Inc.(2)		218		4,473
Common Stocks — continued
PBF Energy, Inc.		247		7,731
Peabody Energy Corp.		504		12,146
Phillips 66		2,685		251,155
Profire Energy, Inc.(2)		5		8
ProPetro Holding Corp.(2)		669		13,848
Renewable Energy Group, Inc.(2)		323		5,123
Solaris Oilfield Infrastructure, Inc.		88		1,318
Talos Energy, Inc.(2)		337		8,105
W&T Offshore, Inc.(2)		969		4,806
Westmoreland Coal Co.(2)		410		6
Williams Cos., Inc./The		2,560		71,782
World Fuel Services Corp.		321		11,543
				1,376,036
Financials — 2.2%
Aflac, Inc.		1,480		81,119
Ally Financial, Inc.		3,394		105,180
American Express Co.		1,022		126,156
Arbor Realty Trust, Inc.		1,079		13,077
Ares Commercial Real Estate Corp.		1,188		17,654
AXA Equitable Holdings, Inc.		13		272
Bancorp, Inc./The(2)		180		1,606
Bank of America Corp.		10,989		318,681
BankFinancial Corp.		212		2,966
Berkshire Hathaway, Inc. - Class B(2)		2,475		527,596
Cannae Holdings, Inc.(2)		50		1,449
Central Valley Community Bancorp		13		279
CIT Group, Inc.		2,377		124,888
Citigroup, Inc.		549		38,446
Discover Financial Services		2,187		169,689
Essent Group, Ltd.(2)		708		33,269
Exantas Capital Corp.		86		973
Fidelity National Financial, Inc.		1,279		51,544
Fidelity Southern Corp.		596		18,458
Fifth Third Bancorp		7,314		204,061
First American Financial Corp.		869		46,665
First BanCorp/Puerto Rico		1,309		14,451
Genworth Financial, Inc.(2)		78		289
Hilltop Holdings, Inc.		1,186		25,226
IBERIABANK Corp.		560		42,476
International Bancshares Corp.		354		13,349
JPMorgan Chase & Co.		3,754		419,697
KKR Real Estate Finance Trust, Inc.		1,489		29,661
Ladder Capital Corp.		1,152		19,135
LPL Financial Holdings, Inc.		134		10,930
Medley Management, Inc.		140		344
Mercantile Bank Corp.		10		326

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 65

Schedule of Investments
June 30, 2019 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
MGIC Investment Corp.(2)		1,447		19,014
MSCI, Inc.		448		106,978
Navient Corp.		1,322		18,045
NewStar Financial Contingent Value Rights(2)(5)		8		—
Nicolet Bankshares, Inc.(2)		17		1,055
NMI Holdings, Inc. - Class A(2)		234		6,643
Northeast Bank		106		2,923
Northrim BanCorp, Inc.		101		3,602
OFG Bancorp		454		10,792
Old Republic International Corp.		462		10,340
OneMain Holdings, Inc.		787		26,608
Oppenheimer Holdings, Inc.		611		16,631
PennyMac Financial Services, Inc.		327		7,253
Piper Jaffray Cos.		119		8,838
Popular, Inc.		1,341		72,736
Pzena Investment Management, Inc.		341		2,929
Radian Group, Inc.		1,397		31,921
Ready Capital Corp.		19		283
Safety Insurance Group, Inc.		59		5,613
Santander Consumer USA Holdings, Inc.(2)		606		14,520
Silvercrest Asset Management Group, Inc.		79		1,108
Stewart Information Services Corp.		602		24,375
Summit Financial Group, Inc.		79		2,121
Synchrony Financial		3,059		106,056
TriCo Bancshares		157		5,935
US Bancorp		2,879		150,860
Walker & Dunlop, Inc.		225		11,972
Waterstone Financial, Inc.		48		819
				3,129,882
Healthcare — 3.9%
Abbott Laboratories		402		33,808
AbbVie, Inc.		1,525		110,898
Adverum Biotechnologies, Inc.(2)		291		3,460
Agilent Technologies, Inc.		1,105		82,510
Albireo Pharma, Inc.(2)		44		1,419
Alexion Pharmaceuticals, Inc.(2)		787		103,081
Align Technology, Inc.(2)		82		22,443
Alkermes PLC(2)		55		1,240
Allergan PLC		1,227		205,437
Amedisys, Inc.(2)		11		1,336
AmerisourceBergen Corp.		265		22,594
Amgen, Inc.		1,185		218,372
Amphastar Pharmaceuticals, Inc.(2)		326		6,882
ANI Pharmaceuticals, Inc.(2)		95		7,809
Arena Pharmaceuticals, Inc.(2)		161		9,439
Common Stocks — continued
ArQule, Inc.(2)		566		6,232
Array BioPharma, Inc.(2)		203		9,405
Arrowhead Pharmaceuticals, Inc.(2)		265		7,023
Arvinas, Inc.(2)		35		770
Avid Bioservices, Inc.(2)		468		2,621
Baxter International, Inc.		1,576		129,074
Biogen, Inc.(2)		1,059		247,668
Biohaven Pharmaceutical Holding Co., Ltd.(2)		69		3,022
BioSpecifics Technologies Corp.(2)		135		8,061
Bio-Techne Corp.		12		2,502
Bristol-Myers Squibb Co.		928		42,085
Bruker Corp.		497		24,825
Calithera Biosciences, Inc.(2)		42		164
Cardinal Health, Inc.		908		42,767
CareDx, Inc.(2)		160		5,758
Catalent, Inc.(2)		683		37,025
Catalyst Pharmaceuticals, Inc.(2)		355		1,363
Celcuity, Inc.(2)		35		875
Celgene Corp.(2)		2,841		262,622
Cerner Corp.		1,603		117,500
Chemed Corp.		73		26,341
Chimerix, Inc.(2)		56		242
Coherus Biosciences, Inc.(2)		547		12,089
Computer Programs & Systems, Inc.		80		2,223
Corium International Contingent Value Rights(2)(5)		24		—
Cytokinetics, Inc.(2)		251		2,824
Danaher Corp.		1,346		192,370
DENTSPLY SIRONA, Inc.		830		48,439
Eli Lilly & Co.		2,048		226,898
Emergent BioSolutions, Inc.(2)		152		7,343
Enanta Pharmaceuticals, Inc.(2)		136		11,476
Endo International PLC(2)		911		3,753
Ensign Group, Inc./The		54		3,074
Exact Sciences Corp.(2)		334		39,425
Exelixis, Inc.(2)		1,043		22,289
Fate Therapeutics, Inc.(2)		313		6,354
FONAR Corp.(2)		142		3,054
Genomic Health, Inc.(2)		272		15,822
Gilead Sciences, Inc.		3,377		228,150
Glaukos Corp.(2)		46		3,468
HCA Healthcare, Inc.		1,784		241,143
HealthStream, Inc.(2)		236		6,103
Hill-Rom Holdings, Inc.		518		54,193
Horizon Therapeutics Plc(2)		719		17,299
Humana, Inc.		306		81,182

The accompanying notes are an integral part of these financial statements

Page 66 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
IDEXX Laboratories, Inc.(2)		43		11,839
Incyte Corp.(2)		288		24,468
Invitae Corp.(2)		380		8,930
IQVIA Holdings, Inc.(2)		224		36,042
Jazz Pharmaceuticals PLC(2)		36		5,132
Johnson & Johnson		2,903		404,330
Lantheus Holdings, Inc.(2)		151		4,273
Magellan Health, Inc.(2)		38		2,821
Masimo Corp.(2)		75		11,162
Medidata Solutions, Inc.(2)		56		5,069
Medtronic PLC		3,210		312,622
Merck & Co., Inc.		4,194		351,667
Meridian Bioscience, Inc.		484		5,750
Mirati Therapeutics, Inc.(2)		43		4,429
Molecular Templates, Inc.(2)		191		1,595
Molina Healthcare, Inc.(2)		35		5,010
Natera, Inc.(2)		262		7,226
National Research Corp.		28		1,613
NextGen Healthcare, Inc.(2)		244		4,856
Odonate Therapeutics, Inc.(2)		11		404
Omnicell, Inc.(2)		26		2,237
Pacira BioSciences, Inc.(2)		197		8,568
Palatin Technologies, Inc.(2)		584		677
PDL BioPharma, Inc.(2)		1,045		3,281
Perrigo Co. PLC		271		12,905
Pfenex, Inc.(2)		62		418
Pfizer, Inc.		8,759		379,440
Phibro Animal Health Corp.		275		8,737
Principia Biopharma, Inc.(2)		103		3,419
Ra Pharmaceuticals, Inc.(2)		148		4,450
Recro Pharma, Inc.(2)		394		4,007
Regeneron Pharmaceuticals, Inc.(2)		18		5,634
Repligen Corp.(2)		154		13,236
ResMed, Inc.		211		25,748
RTI Surgical Holdings, Inc.(2)		142		604
SIGA Technologies, Inc.(2)		297		1,687
Simulations Plus, Inc.		22		628
Spark Therapeutics, Inc.(2)		31		3,174
STERIS PLC		228		33,945
Stryker Corp.		702		144,317
Tandem Diabetes Care, Inc.(2)		98		6,323
United Therapeutics Corp.(2)		137		10,694
UnitedHealth Group, Inc.		186		45,386
Varian Medical Systems, Inc.(2)		124		16,880
Veeva Systems, Inc.(2)		200		32,422
Veracyte, Inc.(2)		178		5,075
Vertex Pharmaceuticals, Inc.(2)		935		171,460
Common Stocks — continued
Voyager Therapeutics, Inc.(2)		208		5,662
Waters Corp.(2)		25		5,381
West Pharmaceutical Services, Inc.		27		3,379
Zimmer Biomet Holdings, Inc.		677		79,710
Zoetis, Inc.		1,237		140,387
				5,426,753
Industrials — 2.0%
AGCO Corp.		385		29,864
Allison Transmission Holdings, Inc.		1,047		48,528
Armstrong World Industries, Inc.		228		22,162
Atkore International Group, Inc.(2)		31		802
BG Staffing, Inc.		4		76
BMC Stock Holdings, Inc.(2)		414		8,777
Builders FirstSource, Inc.(2)		929		15,663
Comfort Systems USA, Inc.		366		18,662
Commercial Vehicle Group, Inc.(2)		370		2,967
Copart, Inc.(2)		667		49,852
CSX Corp.		3,413		264,064
Cummins, Inc.		1,392		238,505
Ducommun, Inc.(2)		67		3,020
EMCOR Group, Inc.		215		18,942
Ennis, Inc.		75		1,539
Fastenal Co.		192		6,257
Fortune Brands Home & Security, Inc.		22		1,257
Foundation Building Materials, Inc.(2)		182		3,236
Generac Holdings, Inc.(2)		206		14,298
Graco, Inc.		190		9,534
Great Lakes Dredge & Dock Corp.(2)		175		1,932
Harsco Corp.(2)		81		2,223
Heidrick & Struggles International, Inc.		110		3,297
Herman Miller, Inc.		455		20,339
HNI Corp.		499		17,655
Hurco Cos., Inc.		78		2,774
Illinois Tool Works, Inc.		570		85,962
Ingersoll-Rand PLC		680		86,136
ITT, Inc.		51		3,339
Jacobs Engineering Group, Inc.		373		31,477
Kansas City Southern		492		59,935
Kelly Services, Inc. - Class A		40		1,048
Kforce, Inc.		20		702
Kimball International, Inc. - Class B		421		7,338
Knoll, Inc.		132		3,033
L3 Technologies, Inc.		31		7,600
Landstar System, Inc.		331		35,745
LSI Industries, Inc.		62		226
ManpowerGroup, Inc.		464		44,822

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 67

Schedule of Investments
June 30, 2019 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Masco Corp.		212		8,319
Masonite International Corp.(2)		113		5,953
Matson, Inc.		335		13,015
Miller Industries, Inc./TN		276		8,487
Moog, Inc.		28		2,621
MSC Industrial Direct Co., Inc.		525		38,987
Mueller Industries, Inc.		192		5,620
Norfolk Southern Corp.		1,360		271,089
Oshkosh Corp.		467		38,990
Owens Corning		288		16,762
PACCAR, Inc.		2,200		157,652
Parker-Hannifin Corp.		996		169,330
Park-Ohio Holdings Corp.		68		2,216
Quanex Building Products Corp.		166		3,136
Quanta Services, Inc.		1,163		44,415
Radiant Logistics, Inc.(2)		156		958
RR Donnelley & Sons Co.		1,279		2,520
Rush Enterprises, Inc.		298		10,883
Southwest Airlines Co.		3,724		189,105
Spirit AeroSystems Holdings, Inc.		137		11,148
Steelcase, Inc. - Class A		322		5,506
Sterling Construction Co., Inc.(2)		199		2,671
Thermon Group Holdings, Inc.(2)		5		128
Timken Co./The		750		38,505
Toro Co./The		406		27,161
TriMas Corp.(2)		205		6,349
Triton International, Ltd./Bermuda		516		16,904
Union Pacific Corp.		1,986		335,852
Universal Forest Products, Inc.		57		2,169
Valmont Industries, Inc.		31		3,931
Vectrus, Inc.(2)		101		4,097
WABCO Holdings, Inc.(2)		4		530
Waste Management, Inc.		2,234		257,737
				2,876,334
Information Technology — 4.9%
Acacia Communications, Inc.(2)		28		1,320
ACM Research, Inc.(2)		28		437
Adobe, Inc.(2)		352		103,717
ADTRAN, Inc.		199		3,035
Amkor Technology, Inc.(2)		1,217		9,079
Apple, Inc.		4,712		932,599
Aspen Technology, Inc.(2)		163		20,258
Avaya Holdings Corp.(2)		463		5,514
Avid Technology, Inc.(2)		201		1,833
Avnet, Inc.		835		37,800
Benchmark Electronics, Inc.		927		23,286
Common Stocks — continued
Booz Allen Hamilton Holding Corp.		919		60,847
Broadcom, Inc.		827		238,060
Broadridge Financial Solutions, Inc.		359		45,837
CACI International, Inc. - Class A(2)		115		23,528
Cadence Design Systems, Inc.(2)		995		70,456
CDK Global, Inc.		656		32,433
CDW Corp./DE		246		27,306
Ciena Corp.(2)		501		20,606
Cisco Systems, Inc.		7,723		422,680
Comtech Telecommunications Corp.		172		4,835
Cypress Semiconductor Corp.		348		7,740
Dell Technologies, Inc. - Class C(2)		421		21,387
Digi International, Inc.(2)		16		203
DXC Technology Co.		1,654		91,218
Enphase Energy, Inc.(2)		150		2,735
EPAM Systems, Inc.(2)		31		5,366
EVERTEC, Inc.		182		5,951
F5 Networks, Inc.(2)		382		55,631
Fabrinet(2)		171		8,494
Fair Isaac Corp.(2)		69		21,667
FormFactor, Inc.(2)		134		2,100
Hewlett Packard Enterprise Co.		3,790		56,661
HP, Inc.		4,633		96,320
Insight Enterprises, Inc.(2)		236		13,735
Intel Corp.		5,112		244,711
InterDigital, Inc.		202		13,009
International Business Machines Corp.		2,255		310,965
Intuit, Inc.		1,065		278,316
j2 Global, Inc.		174		15,467
Jabil, Inc.		1,208		38,173
Juniper Networks, Inc.		2,519		67,081
Keysight Technologies, Inc.(2)		417		37,451
KLA-Tencor Corp.		1,304		154,133
Lam Research Corp.		729		136,935
Lattice Semiconductor Corp.(2)		318		4,640
Leidos Holdings, Inc.		418		33,377
LogMeIn, Inc.		428		31,535
Majesco(2)		18		168
Mastercard, Inc.		1,639		433,565
MAXIMUS, Inc.		65		4,715
Micron Technology, Inc.(2)		6,680		257,781
Microsoft Corp.		7,767		1,040,467
Monotype Imaging Holdings, Inc.		694		11,687
Motorola Solutions, Inc.		356		59,356
Napco Security Technologies, Inc.(2)		68		2,018
NIC, Inc.		125		2,005
Nuance Communications, Inc.(2)		1,408		22,486

The accompanying notes are an integral part of these financial statements

Page 68 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
NVE Corp.		5		348
NXP Semiconductors NV		71		6,930
Oracle Corp.		5,426		309,119
OSI Systems, Inc.(2)		9		1,014
Paycom Software, Inc.(2)		121		27,433
Paylocity Holding Corp.(2)		16		1,501
PC Connection, Inc.		154		5,387
Photronics, Inc.(2)		195		1,599
Presidio, Inc.		539		7,368
Progress Software Corp.		462		20,152
QUALCOMM, Inc.		1,974		150,162
Qualys, Inc.(2)		153		13,323
Rudolph Technologies, Inc.(2)		83		2,293
Sanmina Corp.(2)		337		10,204
SPS Commerce, Inc.(2)		21		2,146
Symantec Corp.		1,594		34,685
Synopsys, Inc.(2)		884		113,762
Tech Data Corp.(2)		202		21,129
Telaria, Inc.(2)		151		1,136
Teradyne, Inc.		1,305		62,523
Texas Instruments, Inc.		2,333		267,735
Upland Software, Inc.(2)		42		1,912
Verint Systems, Inc.(2)		230		12,369
VMware, Inc.		366		61,199
Workiva, Inc.(2)		66		3,834
Xerox Corp.		1,279		45,289
Xperi Corp.		91		1,874
Zscaler, Inc.(2)		147		11,266
				6,872,407
Materials — 0.4%
AdvanSix, Inc.(2)		400		9,772
Air Products & Chemicals, Inc.		555		125,635
Domtar Corp.		127		5,655
Global Brass & Copper Holdings, Inc.		21		918
International Paper Co.		1,099		47,609
Louisiana-Pacific Corp.		596		15,627
LyondellBasell Industries NV		2,406		207,229
Nucor Corp.		1,671		92,072
PPG Industries, Inc.		172		20,074
Rayonier Advanced Materials, Inc.		23		149
Reliance Steel & Aluminum Co.		328		31,035
Ryerson Holding Corp.(2)		104		866
Schnitzer Steel Industries, Inc.		9		236
Steel Dynamics, Inc.		1,061		32,042
Stepan Co.		22		2,022
Tredegar Corp.		42		698
Common Stocks — continued
Trinseo SA		277		11,728
Verso Corp.(2)		59		1,124
				604,491
Real Estate Investment Trust — 0.8%
American Assets Trust, Inc.		417		19,649
American Homes 4 Rent		100		2,431
American Tower Corp.		609		124,510
Camden Property Trust		103		10,752
CoreCivic, Inc.		326		6,768
Cousins Properties, Inc.		243		8,789
CubeSmart		80		2,675
EastGroup Properties, Inc.		203		23,544
Essex Property Trust, Inc.		716		209,019
Gaming and Leisure Properties, Inc.		407		15,865
Gladstone Commercial Corp.		29		615
Hospitality Properties Trust		1,028		25,700
Host Hotels & Resorts, Inc.		3,356		61,146
Hudson Pacific Properties, Inc.		326		10,846
Industrial Logistics Properties Trust		293		6,100
Kilroy Realty Corp.		387		28,564
Lamar Advertising Co.		478		38,579
Maui Land & Pineapple Co., Inc.(2)		12		123
National Storage Affiliates Trust		166		4,804
New Senior Investment Group, Inc.		205		1,378
Piedmont Office Realty Trust, Inc.		1,763		35,137
PS Business Parks, Inc.		97		16,347
RAIT Financial Trust(2)		285		148
Rayonier, Inc.		1,060		32,118
Retail Properties of America, Inc.		784		9,220
SBA Communications Corp.(2)		36		8,094
Simon Property Group, Inc.		1,303		208,167
Spirit MTA REIT		129		1,076
Tanger Factory Outlet Centers, Inc.		950		15,400
Trinity Place Holdings, Inc.(2)		367		1,450
UDR, Inc.		3,902		175,161
Urstadt Biddle Properties, Inc.		411		8,631
				1,112,806
Utilities — 0.2%
Ameren Corp.		837		62,867
Atlantic Power Corp.(2)		423		1,024
Black Hills Corp.		342		26,734
National Fuel Gas Co.		829		43,730
NorthWestern Corp.		15		1,082
Portland General Electric Co.		1,297		70,258
Spark Energy, Inc. - Class A		382		4,275

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 69

Schedule of Investments
June 30, 2019 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Spire, Inc.		243		20,387
				230,357
Total Common Stocks (Cost $26,185,913)				28,566,264
Registered Investment Companies — 60.5%
American Beacon SiM High Yield Opportunities Fund - Class I		423,366		4,034,682
Baird Core Plus Bond Fund - Class I		441,338		5,035,661
Dodge & Cox Income Fund		442,521		6,155,461
DoubleLine Total Return Bond Fund - Class I		470,898		5,029,194
Frost Total Return Bond Fund - Class I		478,051		4,990,848
Guggenheim Total Return Bond Fund - Class I		185,504		5,043,862
iShares Core U.S. Aggregate Bond ETF(6)		50,376		5,609,368
iShares iBoxx High Yield Corporate Bond ETF(6)		34,467		3,004,833
iShares JP Morgan USD Emerging Markets Bond ETF(6)		53,388		6,048,327
Lord Abbett High Yield Fund - Class I		672,522		5,043,918
Payden Emerging Markets Bond Fund - Class I		440,983		6,028,234
PGIM Total Return Bond Fund - Class R6		239,885		3,540,703
PIMCO Investment Grade Credit Bond Fund - Class I		162,463		1,733,477
Pioneer Bond Fund - Class Y		528,228		5,123,815
Segall Bryant & Hamill Plus Bond Fund - Class I		331,259		3,537,844
SPDR Bloomberg Barclays High Yield Bond ETF(6)		27,586		3,005,219
TCW Emerging Markets Income Fund - Class I		957,766		8,035,656
Vanguard Intermediate-Term Corporate Bond ETF(6)		11,558		1,038,486
Vanguard Total Bond Market ETF(6)		48,241		4,007,380
Total Registered Investment Companies (Cost $84,074,394)				86,046,968
Money Market Registered Investment Companies — 8.3%
Meeder Institutional Prime Money Market Fund, 2.45%(3)		11,796,222		11,799,761
Total Money Market Registered Investment Companies (Cost $11,794,901)				11,799,761
U.S. Government Obligations — 10.2%
U.S. Treasury Note, 2.25%, due 1/31/2024		2,454,000		2,507,202
U.S. Treasury Note, 2.625%, due 2/15/2029		2,860,600		3,016,592
U.S. Treasury Note, 2.25%, due 11/15/2025		6,839,300		7,004,138
U.S. Treasury Note, 2.125%, due 12/31/2022		1,984,200		2,011,250
Total U.S. Government Obligations (Cost $14,027,611)				14,539,182
Total Investments — 99.1%(Cost $136,082,819)				140,952,175
Other Assets less Liabilities — 0.9%				1,240,224
Total Net Assets — 100.0%				142,192,399
Trustee Deferred Compensation(4)
Meeder Balanced Fund		1,004		11,737
Meeder Dynamic Allocation Fund		2,533		28,344
Meeder Muirfield Fund		1,280		9,638
Meeder Conservative Allocation Fund		289		6,468
Total Trustee Deferred Compensation (Cost $51,230)				56,187

	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		40	9/20/2019		3,846,600		49,971
Mini MSCI Emerging Markets Index Futures		16	9/20/2019		842,720		14,579
Russell 2000 Mini Index Futures		6	9/20/2019		470,130		2,719
Standard & Poors 500 Mini Futures		48	9/20/2019		7,066,080		45,965
E-mini Standard & Poors MidCap 400 Futures		10	9/20/2019		1,950,000		28,821
Total Futures Contracts		120			14,175,530		142,055

(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

The accompanying notes are an integral part of these financial statements

Page 70 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

● 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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(7)
Level 1 - Quoted Prices	$	126,412,993	$	142,055
Level 2 - Other Significant Observable Inputs		14,539,182		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	140,952,175	$	142,055

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, 2019.

(4) 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.

(5) Fair valued security deemed as Level 3 security.

(6) Exchange-traded fund.

(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 on the instrument.

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 71

Schedule of Investments
June 30, 2019 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 68.1%
Communication Services — 5.5%
Alphabet, Inc. - Class A(2)		107		115,860
Alphabet, Inc. - Class C(2)		2,295		2,480,688
AT&T, Inc.		28,673		960,832
Cable One, Inc.		167		195,555
Comcast Corp. - Class A		20,874		882,553
Facebook, Inc.(2)		9,275		1,790,075
Fluent, Inc.(2)		763		4,105
Gray Television, Inc.(2)		1,583		25,945
Marcus Corp./The		1,634		53,857
Meet Group, Inc./The(2)		1,769		6,156
Nexstar Media Group, Inc.		1,058		106,858
Rosetta Stone, Inc.(2)		245		5,606
Shenandoah Telecommunications Co.		257		9,900
Spok Holdings, Inc.		2,003		30,125
TEGNA, Inc.		4,782		72,447
Telephone & Data Systems, Inc.		3,555		108,072
T-Mobile US, Inc.(2)		15,116		1,120,700
Verizon Communications, Inc.		34,604		1,976,927
Viacom, Inc.		12,756		381,022
Walt Disney Co./The		3,625		506,195
				10,833,478
Consumer Discretionary — 7.0%
Aaron’s, Inc.		804		49,374
Abercrombie & Fitch Co.		489		7,844
Amazon.com, Inc.(2)		1,890		3,578,961
American Eagle Outfitters, Inc.		600		10,140
AutoZone, Inc.(2)		142		156,125
Barnes & Noble, Inc.		90		602
Bassett Furniture Industries, Inc.		936		14,274
BBX Capital Corp.		1,410		6,923
Beazer Homes USA, Inc.(2)		1,297		12,464
Best Buy Co., Inc.		4,576		319,084
Bloomin’ Brands, Inc.		2,575		48,693
Brinker International, Inc.		879		34,589
Career Education Corp.(2)		2,208		42,107
Century Casinos, Inc.(2)		106		1,028
Chipotle Mexican Grill, Inc.(2)		246		180,288
Clarus Corp.		1,977		28,548
Core-Mark Holding Co., Inc.		120		4,766
Darden Restaurants, Inc.		647		78,759
Deckers Outdoor Corp.(2)		5		880
Denny’s Corp.(2)		1,270		26,073
Dollar General Corp.		1,686		227,880
Ethan Allen Interiors, Inc.		1,966		41,404
Etsy, Inc.(2)		360		22,093
Common Stocks — continued
Everi Holdings, Inc.(2)		2,606		31,090
Extended Stay America, Inc.		1,212		20,471
Five Below, Inc.(2)		755		90,615
Flexsteel Industries, Inc.		180		3,071
Foot Locker, Inc.		1,212		50,807
GameStop Corp.		1,322		7,231
Garmin, Ltd.		2,147		171,331
Garrett Motion, Inc.(2)		1,788		27,446
General Motors Co.		32,261		1,243,016
Gentex Corp.		2,018		49,663
H&R Block, Inc.		2,970		87,021
Helen of Troy, Ltd.(2)		110		14,365
Home Depot, Inc./The		367		76,325
Hooker Furniture Corp.		744		15,341
J Alexander’s Holdings, Inc.(2)		58		651
J. Jill, Inc.		875		1,741
Johnson Outdoors, Inc.		230		17,151
K12, Inc.(2)		157		4,774
KB Home		2,789		71,761
Kirkland’s, Inc.(2)		39		88
Lear Corp.		1,642		228,681
Lennar Corp.		3,979		192,822
Liberty Expedia Holdings, Inc.(2)		4,042		193,167
Lululemon Athletica, Inc.(2)		1,712		308,520
M/I Homes, Inc.(2)		735		20,977
MasterCraft Boat Holdings, Inc.(2)		375		7,346
McDonald’s Corp.		4,807		998,222
MDC Holdings, Inc.		1,540		50,481
NIKE, Inc. - Class B		3,529		296,260
Nordstrom, Inc.		160		5,098
Norwegian Cruise Line Holdings, Ltd.(2)		2,690		144,265
NVR, Inc.(2)		17		57,294
Planet Fitness, Inc.(2)		1,523		110,326
PulteGroup, Inc.		1,421		44,932
Rent-A-Center, Inc./TX(2)		229		6,098
Ruth’s Hospitality Group, Inc.		1,791		40,674
SeaWorld Entertainment, Inc.(2)		709		21,979
Signet Jewelers, Ltd.		146		2,610
Sleep Number Corp.(2)		247		9,976
Speedway Motorsports, Inc.		1,061		19,682
Starbucks Corp.		17,424		1,460,654
Tilly’s, Inc. - Class A		583		4,448
TJX Cos., Inc./The		24,632		1,302,540
Tupperware Brands Corp.		2,075		39,487
Ulta Beauty, Inc.(2)		549		190,443
Whirlpool Corp.		480		68,333

The accompanying notes are an integral part of these financial statements

Page 72 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Yum! Brands, Inc.		10,381		1,148,865
				13,851,038
Consumer Staples — 4.0%
Casey’s General Stores, Inc.		159		24,802
Costco Wholesale Corp.		2,664		703,989
Hershey Co./The		2,401		321,806
Ingredion, Inc.		39		3,217
John B Sanfilippo & Son, Inc.		24		1,913
Kroger Co./The		9,285		201,577
Molson Coors Brewing Co.		6,232		348,992
Mondelez International, Inc.		22,103		1,191,352
PepsiCo, Inc.		13,985		1,833,853
Performance Food Group Co.(2)		621		24,859
Pilgrim’s Pride Corp.(2)		1,509		38,314
Procter & Gamble Co./The		5,092		558,338
Simply Good Foods Co./The(2)		1,336		32,171
SpartanNash Co.		1,757		20,504
Sysco Corp.		6,024		426,017
Turning Point Brands, Inc.		1		49
Tyson Foods, Inc.		12,160		981,798
USANA Health Sciences, Inc.(2)		191		15,171
Village Super Market, Inc.		688		18,239
Walmart, Inc.		10,657		1,177,492
				7,924,453
Energy — 3.3%
Arch Coal, Inc. - Class A		307		28,922
Archrock, Inc.		8,210		87,026
Berry Petroleum Corp.		1,019		10,801
C&J Energy Services, Inc.(2)		804		9,471
Cabot Oil & Gas Corp.		9,093		208,775
Cactus, Inc.(2)		3,145		104,162
Chevron Corp.		9,867		1,227,849
Cimarex Energy Co.		740		43,904
ConocoPhillips		21,005		1,281,305
CVR Energy, Inc.		1,641		82,034
Delek US Holdings, Inc.		1,247		50,528
DHT Holdings, Inc.		2,342		13,841
DMC Global, Inc.		395		25,023
EQT Corp.		5,222		82,560
Evolution Petroleum Corp.		1,489		10,646
Exxon Mobil Corp.		16,215		1,242,555
Hallador Energy Co.		447		2,517
Keane Group, Inc.(2)		4,468		30,025
Mammoth Energy Services, Inc.		835		5,745
Marathon Oil Corp.		5,736		81,509
Common Stocks — continued
Matrix Service Co.(2)		1,691		34,260
Midstates Petroleum Co., Inc.(2)		2,180		12,840
Par Pacific Holdings, Inc.(2)		1,462		30,000
PBF Energy, Inc.		1,258		39,375
Peabody Energy Corp.		2,871		69,191
Phillips 66		12,683		1,186,368
Profire Energy, Inc.(2)		11		17
ProPetro Holding Corp.(2)		2,918		60,403
Renewable Energy Group, Inc.(2)		1,233		19,555
Solaris Oilfield Infrastructure, Inc.		1,173		17,572
Talos Energy, Inc.(2)		1,258		30,255
W&T Offshore, Inc.(2)		3,895		19,319
Williams Cos., Inc./The		9,328		261,557
World Fuel Services Corp.		1,536		55,235
				6,465,145
Financials — 7.3%
Aflac, Inc.		3,785		207,456
Ally Financial, Inc.		11,823		366,395
American Express Co.		2,197		271,198
Arbor Realty Trust, Inc.		5,052		61,230
Ares Commercial Real Estate Corp.		1,480		21,993
Argo Group International Holdings, Ltd.		65		4,813
Bancorp, Inc./The(2)		1,575		14,049
Bank of America Corp.		55,632		1,613,328
BankFinancial Corp.		518		7,247
Berkshire Hathaway, Inc. - Class B(2)		13,428		2,862,447
Cannae Holdings, Inc.(2)		420		12,172
Central Valley Community Bancorp		72		1,546
Cincinnati Financial Corp.		3,322		344,392
CIT Group, Inc.		8,635		453,683
Credit Acceptance Corp.(2)		20		9,677
Discover Financial Services		14,252		1,105,813
Erie Indemnity Co.		522		132,734
Essent Group, Ltd.(2)		3,155		148,253
Exantas Capital Corp.		923		10,439
Fidelity National Financial, Inc.		6,623		266,907
Fidelity Southern Corp.		2,701		83,650
Fifth Third Bancorp		30,431		849,025
First American Financial Corp.		3,533		189,722
First BanCorp/Puerto Rico		10,008		110,488
Genworth Financial, Inc.(2)		248		920
Great Ajax Corp.		538		7,532
Hilltop Holdings, Inc.		3,551		75,530
IBERIABANK Corp.		2,000		151,700
International Bancshares Corp.		2,063		77,796
JPMorgan Chase & Co.		16,114		1,801,545

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 73

Schedule of Investments
June 30, 2019 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
KKR Real Estate Finance Trust, Inc.		2,759		54,959
Ladder Capital Corp.		6,990		116,104
Ladenburg Thalmann Financial Services, Inc.		2,257		7,742
LPL Financial Holdings, Inc.		865		70,558
Mercantile Bank Corp.		76		2,476
MGIC Investment Corp.(2)		5,916		77,736
MSCI, Inc.		2,303		549,933
Navient Corp.		4,757		64,933
NewStar Financial Contingent Value Rights(2)(6)		179		—
Nicolet Bankshares, Inc.(2)		192		11,916
NMI Holdings, Inc. - Class A(2)		631		17,914
Northeast Bank		146		4,027
Northrim BanCorp, Inc.		715		25,497
OFG Bancorp		2,150		51,106
Old Republic International Corp.		3,536		79,136
OneMain Holdings, Inc.		1,874		63,360
Oppenheimer Holdings, Inc.		3,545		96,495
PennyMac Financial Services, Inc.		466		10,336
Piper Jaffray Cos.		1,068		79,320
Popular, Inc.		7,861		426,381
Pzena Investment Management, Inc.		2,312		19,860
Radian Group, Inc.		7,170		163,835
Ready Capital Corp.		558		8,314
Santander Consumer USA Holdings, Inc.(2)		237		5,679
Stewart Information Services Corp.		2,136		86,487
Summit Financial Group, Inc.		122		3,276
Synchrony Financial		19,438		673,915
TriCo Bancshares		831		31,412
US Bancorp		7,725		404,790
Walker & Dunlop, Inc.		925		49,219
Waterstone Financial, Inc.		155		2,644
				14,523,040
Healthcare — 13.0%
Abbott Laboratories		4,913		413,183
AbbVie, Inc.		7,228		525,620
Adverum Biotechnologies, Inc.(2)		1,214		14,434
Agilent Technologies, Inc.		5,346		399,186
Alexion Pharmaceuticals, Inc.(2)		5,789		758,243
Align Technology, Inc.(2)		696		190,495
Alkermes PLC(2)		548		12,352
Allergan PLC		3,846		643,936
AmerisourceBergen Corp.		1,704		145,283
Amgen, Inc.		7,597		1,399,975
Amphastar Pharmaceuticals, Inc.(2)		1,612		34,029
Common Stocks — continued
ANI Pharmaceuticals, Inc.(2)		333		27,373
AquaBounty Technologies, Inc.(2)		1,708		5,244
Arena Pharmaceuticals, Inc.(2)		617		36,175
ArQule, Inc.(2)		2,106		23,187
Array BioPharma, Inc.(2)		928		42,994
Arrowhead Pharmaceuticals, Inc.(2)		1,188		31,482
Avid Bioservices, Inc.(2)		2,586		14,482
Avrobio, Inc.(2)		157		2,553
Baxter International, Inc.		9,726		796,559
Biogen, Inc.(2)		5,023		1,174,729
Biohaven Pharmaceutical Holding Co., Ltd.(2)		335		14,670
Bio-Techne Corp.		113		23,559
Bruker Corp.		2,427		121,229
Cardinal Health, Inc.		2,898		136,496
CareDx, Inc.(2)		421		15,152
Catalent, Inc.(2)		3,020		163,714
Catalyst Pharmaceuticals, Inc.(2)		1,676		6,436
Celgene Corp.(2)		13,430		1,241,469
Cerner Corp.		8,242		604,139
Chemed Corp.		389		140,367
ChemoCentryx, Inc.(2)		668		6,212
Chimerix, Inc.(2)		554		2,393
Coherus Biosciences, Inc.(2)		2,263		50,012
Cymabay Therapeutics, Inc.(2)		3		21
Cytokinetics, Inc.(2)		1,138		12,803
Danaher Corp.		3,020		431,618
DENTSPLY SIRONA, Inc.		3,022		176,364
Eli Lilly & Co.		8,811		976,171
Emergent BioSolutions, Inc.(2)		622		30,049
Enanta Pharmaceuticals, Inc.(2)		629		53,075
Endo International PLC(2)		4,143		17,069
Ensign Group, Inc./The		354		20,150
Exact Sciences Corp.(2)		1,553		183,316
Exelixis, Inc.(2)		4,727		101,016
Fate Therapeutics, Inc.(2)		1,319		26,776
FONAR Corp.(2)		201		4,324
Genomic Health, Inc.(2)		797		46,361
Gilead Sciences, Inc.		18,587		1,255,738
Glaukos Corp.(2)		184		13,874
Harvard Bioscience, Inc.(2)		49		98
HCA Healthcare, Inc.		8,656		1,170,032
HealthStream, Inc.(2)		816		21,102
Hill-Rom Holdings, Inc.		2,546		266,363
Horizon Therapeutics Plc(2)		2,849		68,547
Humana, Inc.		1,961		520,253
IDEXX Laboratories, Inc.(2)		637		175,385

The accompanying notes are an integral part of these financial statements

Page 74 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Incyte Corp.(2)		2,316		196,767
Invitae Corp.(2)		1,297		30,480
Iovance Biotherapeutics, Inc.(2)		271		6,645
IQVIA Holdings, Inc.(2)		404		65,004
Jazz Pharmaceuticals PLC(2)		165		23,522
Johnson & Johnson		13,314		1,854,374
Jounce Therapeutics, Inc.(2)		573		2,836
Kura Oncology, Inc.(2)		281		5,533
Lantheus Holdings, Inc.(2)		598		16,923
Magellan Health, Inc.(2)		120		8,908
Mallinckrodt PLC(2)		433		3,975
Masimo Corp.(2)		924		137,510
Medidata Solutions, Inc.(2)		263		23,804
Medtronic PLC		16,065		1,564,570
Merck & Co., Inc.		13,618		1,141,869
Meridian Bioscience, Inc.		1,397		16,596
Mirati Therapeutics, Inc.(2)		169		17,407
Molecular Templates, Inc.(2)		680		5,678
Molina Healthcare, Inc.(2)		185		26,481
Mustang Bio, Inc.(2)		83		305
Mylan NV(2)		245		4,665
Natera, Inc.(2)		1,126		31,055
NextGen Healthcare, Inc.(2)		355		7,065
Odonate Therapeutics, Inc.(2)		236		8,659
Omnicell, Inc.(2)		76		6,538
Oncternal Therapeutics, Inc.(2)		193		1,285
OrthoPediatrics Corp.(2)		81		3,159
Pacira BioSciences, Inc.(2)		852		37,053
Palatin Technologies, Inc.(2)		2,600		3,016
PDL BioPharma, Inc.(2)		4,623		14,516
Perrigo Co. PLC		1,196		56,954
Pfenex, Inc.(2)		1,022		6,888
Pfizer, Inc.		48,203		2,088,154
Phibro Animal Health Corp.		1,438		45,685
Principia Biopharma, Inc.(2)		632		20,976
Progenics Pharmaceuticals, Inc.(2)		122		753
Prothena Corp. PLC(2)		600		6,342
Ra Pharmaceuticals, Inc.(2)		695		20,899
Reata Pharmaceuticals, Inc.(2)		33		3,114
Recro Pharma, Inc.(2)		1,717		17,462
Repligen Corp.(2)		570		48,992
ResMed, Inc.		136		16,596
RTI Surgical Holdings, Inc.(2)		1,726		7,336
SIGA Technologies, Inc.(2)		409		2,323
Simulations Plus, Inc.		169		4,827
Spark Therapeutics, Inc.(2)		144		14,743
Spero Therapeutics, Inc.(2)		223		2,567
Common Stocks — continued
STERIS PLC		936		139,352
Stryker Corp.		5,191		1,067,166
Tandem Diabetes Care, Inc.(2)		419		27,034
United Therapeutics Corp.(2)		805		62,838
UnitedHealth Group, Inc.		289		70,519
Vanda Pharmaceuticals, Inc.(2)		30		423
Varian Medical Systems, Inc.(2)		97		13,205
Veeva Systems, Inc.(2)		1,122		181,887
Veracyte, Inc.(2)		833		23,749
Vertex Pharmaceuticals, Inc.(2)		5,748		1,054,068
Voyager Therapeutics, Inc.(2)		898		24,444
West Pharmaceutical Services, Inc.		198		24,780
Zimmer Biomet Holdings, Inc.		1,707		200,982
Zoetis, Inc.		2,895		328,554
				25,637,677
Industrials — 6.7%
AGCO Corp.		1,358		105,340
Allison Transmission Holdings, Inc.		6,117		283,523
Armstrong World Industries, Inc.		1,733		168,448
Atkore International Group, Inc.(2)		213		5,510
BMC Stock Holdings, Inc.(2)		1,529		32,415
Builders FirstSource, Inc.(2)		3,739		63,040
Casella Waste Systems, Inc.(2)		12		476
Comfort Systems USA, Inc.		1,688		86,071
Commercial Vehicle Group, Inc.(2)		2,146		17,211
Copart, Inc.(2)		3,775		282,144
CSX Corp.		16,337		1,263,994
Cummins, Inc.		6,586		1,128,445
EMCOR Group, Inc.		1,473		129,771
Ennis, Inc.		200		4,104
Fastenal Co.		1,016		33,111
Fortune Brands Home & Security, Inc.		843		48,161
Foundation Building Materials, Inc.(2)		996		17,709
FTI Consulting, Inc.(2)		154		12,911
Generac Holdings, Inc.(2)		1,133		78,642
Graco, Inc.		640		32,115
Great Lakes Dredge & Dock Corp.(2)		1,068		11,791
Harsco Corp.(2)		485		13,308
Heidrick & Struggles International, Inc.		236		7,073
Herman Miller, Inc.		2,268		101,380
HNI Corp.		1,799		63,649
ICF International, Inc.		59		4,295
Illinois Tool Works, Inc.		1,531		230,890
Ingersoll-Rand PLC		4,897		620,303
ITT, Inc.		144		9,429
Jacobs Engineering Group, Inc.		1,613		136,121

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 75

Schedule of Investments
June 30, 2019 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Kansas City Southern		2,134		259,964
Kelly Services, Inc. - Class A		573		15,007
Kforce, Inc.		719		25,230
Kimball International, Inc. - Class B		2,383		41,536
Knoll, Inc.		766		17,603
Landstar System, Inc.		1,991		215,008
ManpowerGroup, Inc.		2,354		227,396
Marten Transport, Ltd.		54		980
Masco Corp.		1,653		64,864
Masonite International Corp.(2)		380		20,018
Matson, Inc.		2,014		78,244
Miller Industries, Inc./TN		726		22,325
Moog, Inc.		127		11,888
MSC Industrial Direct Co., Inc.		1,448		107,528
Mueller Industries, Inc.		512		14,986
MYR Group, Inc.(2)		29		1,083
Norfolk Southern Corp.		6,421		1,279,898
Oshkosh Corp.		2,481		207,139
Owens Corning		1,236		71,935
PACCAR, Inc.		11,050		791,843
Parker-Hannifin Corp.		3,402		578,374
Quad/Graphics, Inc.		123		973
Quanex Building Products Corp.		766		14,470
Quanta Services, Inc.		3,785		144,549
Radiant Logistics, Inc.(2)		1,066		6,545
RR Donnelley & Sons Co.		6,522		12,848
Rush Enterprises, Inc.		1,677		61,244
Southwest Airlines Co.		12,442		631,805
Spirit AeroSystems Holdings, Inc.		627		51,019
Steelcase, Inc. - Class A		1,948		33,311
Sterling Construction Co., Inc.(2)		1,045		14,024
Thermon Group Holdings, Inc.(2)		233		5,976
Timken Co./The		1,675		85,995
Toro Co./The		2,762		184,778
TriMas Corp.(2)		25		774
Triton International, Ltd./Bermuda		2,999		98,247
Union Pacific Corp.		9,151		1,547,526
Universal Forest Products, Inc.		454		17,279
Valmont Industries, Inc.		165		20,924
Vectrus, Inc.(2)		416		16,873
Wabash National Corp.		399		6,492
WABCO Holdings, Inc.(2)		165		21,879
Waste Management, Inc.		10,552		1,217,384
Woodward, Inc.		160		18,106
				13,257,250
Common Stocks — continued
Information Technology — 16.9%
Acacia Communications, Inc.(2)		397		18,723
Accenture PLC		8,357		1,544,123
ACM Research, Inc.(2)		29		453
Adobe, Inc.(2)		613		180,620
ADTRAN, Inc.		1,202		18,331
Amkor Technology, Inc.(2)		6,812		50,818
Apple, Inc.		21,826		4,319,803
Aspen Technology, Inc.(2)		1,417		176,105
Avaya Holdings Corp.(2)		2,149		25,595
Avid Technology, Inc.(2)		712		6,493
Avnet, Inc.		3,894		176,281
Benchmark Electronics, Inc.		4,450		111,784
Booz Allen Hamilton Holding Corp.		4,901		324,495
Broadcom, Inc.		3,394		976,997
Broadridge Financial Solutions, Inc.		1,378		175,943
CACI International, Inc. - Class A(2)		708		144,850
Cadence Design Systems, Inc.(2)		4,876		345,270
CalAmp Corp.(2)		518		6,050
CDK Global, Inc.		3,670		181,445
CDW Corp./DE		1,466		162,726
Ciena Corp.(2)		2,168		89,170
Cisco Systems, Inc.		36,453		1,995,073
Comtech Telecommunications Corp.		960		26,986
Cypress Semiconductor Corp.		1,644		36,563
Dell Technologies, Inc. - Class C(2)		2,164		109,931
Digi International, Inc.(2)		207		2,625
DXC Technology Co.		6,545		360,957
Enphase Energy, Inc.(2)		537		9,790
EPAM Systems, Inc.(2)		153		26,484
EVERTEC, Inc.		714		23,348
Extreme Networks, Inc.(2)		1,354		8,760
F5 Networks, Inc.(2)		1,402		204,173
Fabrinet(2)		627		31,143
Fair Isaac Corp.(2)		283		88,868
FormFactor, Inc.(2)		325		5,093
Hewlett Packard Enterprise Co.		16,736		250,203
HP, Inc.		7,448		154,844
Insight Enterprises, Inc.(2)		875		50,925
Intel Corp.		25,206		1,206,611
InterDigital, Inc.		1,238		79,727
International Business Machines Corp.		7,392		1,019,357
Intuit, Inc.		5,033		1,315,274
j2 Global, Inc.		1,388		123,379
Jabil, Inc.		4,534		143,274
Juniper Networks, Inc.		11,396		303,475
KBR, Inc.		925		23,070

The accompanying notes are an integral part of these financial statements

Page 76 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Keysight Technologies, Inc.(2)		1,412		126,812
KLA-Tencor Corp.		5,179		612,158
Lam Research Corp.		3,946		741,217
Lattice Semiconductor Corp.(2)		1,287		18,777
Leidos Holdings, Inc.		2,008		160,339
LiveRamp Holdings, Inc.(2)		180		8,726
LogMeIn, Inc.		1,937		142,718
Mastercard, Inc.		7,789		2,060,424
MAXIMUS, Inc.		853		61,877
Micron Technology, Inc.(2)		31,556		1,217,746
Microsoft Corp.		38,158		5,111,646
Monotype Imaging Holdings, Inc.		3,405		57,340
Motorola Solutions, Inc.		2,304		384,146
Napco Security Technologies, Inc.(2)		161		4,778
NIC, Inc.		1,074		17,227
Nuance Communications, Inc.(2)		8,267		132,024
NXP Semiconductors NV		1,760		171,794
Oracle Corp.		27,185		1,548,729
OSI Systems, Inc.(2)		284		31,987
Paycom Software, Inc.(2)		172		38,996
Paylocity Holding Corp.(2)		165		15,480
PC Connection, Inc.		370		12,943
Photronics, Inc.(2)		1,362		11,168
Presidio, Inc.		3,250		44,428
Progress Software Corp.		2,177		94,961
QUALCOMM, Inc.		7,920		602,474
Qualys, Inc.(2)		765		66,616
Rudolph Technologies, Inc.(2)		511		14,119
Sanmina Corp.(2)		1,210		36,639
SPS Commerce, Inc.(2)		111		11,345
Symantec Corp.		9,783		212,878
Synopsys, Inc.(2)		4,778		614,881
Tech Data Corp.(2)		970		101,462
Telaria, Inc.(2)		479		3,602
Teradyne, Inc.		5,958		285,448
Texas Instruments, Inc.		10,894		1,250,195
TTEC Holdings, Inc.		66		3,075
Upland Software, Inc.(2)		154		7,012
Verint Systems, Inc.(2)		1,181		63,514
ViaSat, Inc.(2)		99		8,001
VMware, Inc.		1,470		245,799
Workiva, Inc.(2)		273		15,859
Xerox Corp.		7,025		248,755
Xperi Corp.		484		9,966
Zscaler, Inc.(2)		757		58,016
				33,324,105
Common Stocks — continued
Materials — 1.4%
AdvanSix, Inc.(2)		1,396		34,104
Air Products & Chemicals, Inc.		1,063		240,631
Global Brass & Copper Holdings, Inc.		99		4,329
Innospec, Inc.		17		1,551
International Paper Co.		6,864		297,348
Louisiana-Pacific Corp.		2,584		67,752
LyondellBasell Industries NV		12,736		1,096,952
Nucor Corp.		10,239		564,169
PPG Industries, Inc.		27		3,151
Rayonier Advanced Materials, Inc.		671		4,355
Reliance Steel & Aluminum Co.		1,598		151,203
Schnitzer Steel Industries, Inc.		156		4,083
Silgan Holdings, Inc.		80		2,448
Steel Dynamics, Inc.		5,379		162,446
Stepan Co.		368		33,823
Tredegar Corp.		698		11,601
Trinseo SA		1,431		60,589
US Concrete, Inc.(2)		183		9,093
Verso Corp.(2)		703		13,392
				2,763,020
Real Estate Investment Trust — 2.7%
American Assets Trust, Inc.		1,036		48,816
American Homes 4 Rent		1,179		28,661
American Tower Corp.		2,437		498,245
Camden Property Trust		373		38,937
CoreCivic, Inc.		1,843		38,261
Cousins Properties, Inc.		1,423		51,470
CubeSmart		202		6,755
EastGroup Properties, Inc.		837		97,075
Essex Property Trust, Inc.		3,588		1,047,445
Gaming and Leisure Properties, Inc.		1,815		70,749
Gladstone Commercial Corp.		461		9,782
Hospitality Properties Trust		7,031		175,775
Host Hotels & Resorts, Inc.		11,589		211,152
Hudson Pacific Properties, Inc.		1,611		53,598
Industrial Logistics Properties Trust		981		20,424
Kilroy Realty Corp.		1,284		94,772
Lamar Advertising Co.		3,560		287,328
National Health Investors, Inc.		550		42,917
National Storage Affiliates Trust		889		25,728
New Senior Investment Group, Inc.		1,975		13,272
Piedmont Office Realty Trust, Inc.		8,378		166,974
PS Business Parks, Inc.		816		137,520
Rayonier, Inc.		4,598		139,319
Retail Properties of America, Inc.		6,551		77,040

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 77

Schedule of Investments
June 30, 2019 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
SBA Communications Corp.(2)		142		31,927
Simon Property Group, Inc.		6,571		1,049,783
Spirit MTA REIT		1,138		9,491
Tanger Factory Outlet Centers, Inc.		4,288		69,508
Trinity Place Holdings, Inc.(2)		97		383
UDR, Inc.		15,317		687,580
Urstadt Biddle Properties, Inc.		1,195		25,095
				5,255,782
Utilities — 0.5%
Ameren Corp.		703		52,802
Black Hills Corp.		2,541		198,630
California Water Service Group		422		21,366
Chesapeake Utilities Corp.		336		31,927
National Fuel Gas Co.		3,669		193,540
NorthWestern Corp.		595		42,929
Portland General Electric Co.		5,133		278,055
Spark Energy, Inc. - Class A		1,192		13,338
Spire, Inc.		2,145		180,008
Vistra Energy Corp.		697		15,769
				1,028,364
Total Common Stocks (Cost $117,863,925)				134,863,352
Registered Investment Companies — 5.8%
iShares Core MSCI EAFE ETF(7)		15,725		965,515
iShares JP Morgan USD Emerging Markets Bond ETF(7)		46,227		5,237,057
SPDR Bloomberg Barclays High Yield Bond ETF(7)		47,890		5,217,136
Total Registered Investment Companies (Cost $11,296,413)				11,419,708
Money Market Registered Investment Companies — 23.2%
Meeder Institutional Prime Money Market Fund, 2.45%(3)		45,860,772		45,874,530
Total Money Market Registered Investment Companies (Cost $45,857,758)				45,874,530
Bank Obligations — 0.4%
First Merchants Bank Deposit Account, 2.25%, 7/1/2019(4)		246,473		246,473
Metro City Bank Deposit Account, 2.35%, 7/1/2019(4)		246,495		246,495
Bank Obligations — continued
Pacific Mercantile Bank Deposit Account, 2.29%, 7/1/2019(4)		246,489		246,489
Total Bank Obligations (Cost $739,457)				739,457
Total Investments — 97.4%(Cost $175,757,553)				192,897,047
Other Assets less Liabilities — 2.6%				5,063,549
Total Net Assets — 100.0%				197,960,596
Trustee Deferred Compensation(5)
Meeder Balanced Fund		3,286		38,413
Meeder Dynamic Allocation Fund		8,380		93,772
Meeder Muirfield Fund		3,645		27,447
Meeder Conservative Allocation Fund		952		21,306
Total Trustee Deferred Compensation (Cost $163,351)				180,938

	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		438	9/20/2019		42,120,270		560,270
Mini MSCI Emerging Markets Index Futures		177	9/20/2019		9,322,590		180,749
Standard & Poors 500 Mini Futures		4	9/20/2019		588,840		2,611
E-mini Standard & Poors MidCap 400 Futures		1	9/20/2019		195,000		3,481
Total Futures Contracts		620			52,226,700		747,111

(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 accompanying notes are an integral part of these financial statements

Page 78 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

The following is a summary of the inputs used as of June 30, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(8)
Level 1 - Quoted Prices	$	192,157,590	$	747,111
Level 2 - Other Significant Observable Inputs		739,457		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	192,897,047	$	747,111

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, 2019.

(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, 2019. 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.

(6) Fair valued security deemed as Level 3 security.

(7) Exchange-traded fund.

(8) 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

2019 Semiannual Report | June 30, 2019 Page 79

Schedule of Investments
June 30, 2019 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 97.6%
Communication Services — 2.9%
Interpublic Group of Cos., Inc./The		29,636		669,477
News Corp.		58,224		812,807
TripAdvisor, Inc.(2)		11,348		525,299
				2,007,583
Consumer Discretionary — 25.5%
Bed Bath & Beyond, Inc.		47,259		549,150
Big Lots, Inc.		22,224		635,829
BorgWarner, Inc.		18,408		772,768
Brinker International, Inc.		13,215		520,010
Capri Holdings, Ltd.(2)		16,123		559,146
Cheesecake Factory, Inc./The		14,052		614,353
Dana, Inc.		40,740		812,356
Dillard’s, Inc.(3)		10,419		648,895
Foot Locker, Inc.		11,492		481,745
Goodyear Tire & Rubber Co./The		29,956		458,327
H&R Block, Inc.		24,099		706,101
Hanesbrands, Inc.		37,953		653,551
Harley-Davidson, Inc.		18,073		647,556
International Speedway Corp.		15,634		701,810
KB Home		28,009		720,672
L Brands, Inc.		20,840		543,924
Leggett & Platt, Inc.		17,134		657,432
Macy’s, Inc.		20,530		440,574
Mohawk Industries, Inc.(2)		5,158		760,650
Newell Brands, Inc.		32,922		507,657
Nordstrom, Inc.		13,117		417,908
Norwegian Cruise Line Holdings, Ltd.(2)		14,510		778,171
PulteGroup, Inc.		23,532		744,082
PVH Corp.		6,805		644,025
Ralph Lauren Corp.		5,909		671,203
Signet Jewelers, Ltd.		16,839		301,081
TRI Pointe Group, Inc.(2)		48,945		585,872
Tupperware Brands Corp.		16,833		320,332
Whirlpool Corp.		5,006		712,654
				17,567,834
Energy — 7.6%
Chesapeake Energy Corp.(2)		254,749		496,761
Cimarex Energy Co.		8,678		514,866
Helmerich & Payne, Inc.		12,115		613,261
HollyFrontier Corp.		12,249		566,884
Noble Energy, Inc.		28,517		638,781
QEP Resources, Inc.(2)		117,023		846,076
SM Energy Co.		42,015		526,028
Common Stocks — continued
World Fuel Services Corp.		28,557		1,026,910
				5,229,567
Financials — 8.1%
Assurant, Inc.		6,836		727,214
Everest Re Group, Ltd.		2,808		694,081
Jefferies Financial Group, Inc.		35,165		676,223
People’s United Financial, Inc.		43,912		736,843
Torchmark Corp.		8,203		733,840
Trustmark Corp.		21,505		715,041
Unum Group		18,209		610,912
Wells Fargo & Co.(2)(8)		1		—
Zions Bancorp NA		15,007		690,022
				5,584,176
Healthcare — 9.8%
Allscripts Healthcare Solutions, Inc.(2)		62,668		728,829
DaVita, Inc.(2)		11,586		651,828
DENTSPLY SIRONA, Inc.		15,242		889,523
Mallinckrodt PLC(2)		39,181		359,682
Nektar Therapeutics(2)		19,964		710,319
Patterson Cos., Inc.		30,385		695,817
PerkinElmer, Inc.		7,784		749,911
Perrigo Co. PLC		13,806		657,442
Prestige Consumer Healthcare, Inc.(2)		20,657		654,414
Tenet Healthcare Corp.(2)		31,212		644,840
				6,742,605
Industrials — 22.4%
Alaska Air Group, Inc.		10,544		673,867
Allegion PLC		7,952		879,094
AO Smith Corp.		14,065		663,305
Arconic, Inc.		31,730		819,269
Deluxe Corp.		15,906		646,738
Flowserve Corp.		16,477		868,173
Fluor Corp.		19,509		657,258
Fortune Brands Home & Security, Inc.		17,103		977,094
Granite Construction, Inc.		15,010		723,182
Herman Miller, Inc.		20,349		909,600
HNI Corp.		17,256		610,517
Huntington Ingalls Industries, Inc.		3,254		731,304
Jacobs Engineering Group, Inc.		10,458		882,551
Masco Corp.		18,297		717,974
Nielsen Holdings PLC		26,708		603,601
NOW, Inc.(2)		47,138		695,757
Pentair PLC		16,572		616,478
Quanta Services, Inc.		20,312		775,715

The accompanying notes are an integral part of these financial statements

Page 80 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Robert Half International, Inc.		10,689		609,380
Snap-on, Inc.		4,208		697,013
United Rentals, Inc.(2)		5,218		692,063
				15,449,933
Information Technology — 8.3%
Alliance Data Systems Corp.		3,565		499,563
FLIR Systems, Inc.		14,042		759,672
Juniper Networks, Inc.		23,140		616,218
NetScout Systems, Inc.(2)		25,874		656,941
Plantronics, Inc.		18,245		675,795
Qorvo, Inc.(2)		10,067		670,563
Western Union Co./The		35,838		712,818
Xerox Corp.		30,941		1,095,622
				5,687,192
Materials — 5.4%
Avery Dennison Corp.		6,818		788,706
Carpenter Technology Corp.		17,452		837,347
Commercial Metals Co.		39,119		698,274
Minerals Technologies, Inc.		12,496		668,661
Packaging Corp. of America		7,327		698,410
				3,691,398
Real Estate Investment Trust — 7.7%
Alexander & Baldwin, Inc.		32,600		753,060
Apartment Investment & Management Co.		13,939		698,623
Duke Realty Corp.		23,606		746,186
Federal Realty Investment Trust		5,369		691,312
Kimco Realty Corp.		44,495		822,268
Mack-Cali Realty Corp.		31,210		726,881
Realogy Holdings Corp.		36,442		263,840
SL Green Realty Corp.		7,731		621,337
				5,323,507
Total Common Stocks (Cost $60,965,945)				67,283,795
Money Market Registered Investment Companies — 2.0%
Meeder Institutional Prime Money Market Fund, 2.45%(5)		727,723		727,941
Morgan Stanley Government Institutional Fund, 2.25%(4)		646,119		646,119
Total Money Market Registered Investment Companies (Cost $1,373,879)				1,374,060
Bank Obligations — 1.0%
First Merchants Bank Deposit Account, 2.25%, 7/1/2019(6)		246,473		246,473
Metro City Bank Deposit Account, 2.35%, 7/1/2019(6)		226,213		226,213
Pacific Mercantile Bank Deposit Account, 2.29%, 7/1/2019(6)		246,490		246,490
Total Bank Obligations (Cost $719,176)				719,176
Total Investments — 100.7%(Cost $63,059,000)				69,377,031
Liabilities less Other Assets — (0.7%)				(455,508	)
Total Net Assets — 100.0%				68,921,523
Trustee Deferred Compensation(7)
Meeder Balanced Fund		972		11,363
Meeder Dynamic Allocation Fund		2,428		27,169
Meeder Muirfield Fund		1,162		8,750
Meeder Conservative Allocation Fund		281		6,289
Total Trustee Deferred Compensation (Cost $49,452)				53,571

	Long (Short) Contracts		Expiration Date	Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		8	9/20/2019		1,560,000		36,337
Total Futures Contracts		8			1,560,000		36,337

(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 accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 81

Schedule of Investments
June 30, 2019 (unaudited)

The following is a summary of the inputs used as of June 30, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(9)
Level 1 - Quoted Prices	$	68,657,855	$	36,337
Level 2 - Other Significant Observable Inputs		719,176		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	69,377,031	$	36,337

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, 2019.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2019.

(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, 2019. 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 82 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Total Return Bond Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Registered Investment Companies — 82.1%
American Beacon SiM High Yield Opportunities Fund - Class I		93,225		888,434
Baird Core Plus Bond Fund - Class I		363,260		4,144,802
Dodge & Cox Income Fund		347,936		4,839,797
DoubleLine Total Return Bond Fund - Class I		407,473		4,351,812
Frost Total Return Bond Fund - Class I		427,968		4,467,989
Guggenheim Total Return Bond Fund - Class I		163,804		4,453,823
iShares Core U.S. Aggregate Bond ETF(4)		43,029		4,791,278
iShares iBoxx High Yield Corporate Bond ETF(4)		15,797		1,377,182
iShares JP Morgan USD Emerging Markets Bond ETF(4)		18,406		2,085,216
Lord Abbett High Yield Fund - Class I		224,508		1,683,808
Payden Emerging Markets Bond Fund - Class I		150,958		2,063,593
PGIM Total Return Bond Fund - Class R6		235,722		3,479,263
PIMCO Investment Grade Credit Bond Fund - Class I		129,610		1,382,935
Pioneer Bond Fund - Class Y		461,236		4,473,986
Segall Bryant & Hamill Plus Bond Fund - Class I		325,414		3,475,418
SPDR Bloomberg Barclays High Yield Bond ETF(4)		12,644		1,377,437
TCW Emerging Markets Income Fund - Class I		324,409		2,721,795
Vanguard Intermediate-Term Corporate Bond ETF(4)		11,064		994,100
Vanguard Total Bond Market ETF(4)		41,278		3,428,965
Total Registered Investment Companies (Cost $54,898,257)				56,481,633
Money Market Registered Investment Companies — 3.1%
Meeder Institutional Prime Money Market Fund, 2.45%(2)		2,153,818		2,154,464
Total Money Market Registered Investment Companies (Cost $2,153,635)				2,154,464
U.S. Government Obligations — 14.7%
Government National Mortgage Association, 6.50%, due 7/20/2038		49,457		63,637
U.S. Treasury Note, 2.25%, due 1/31/2024		1,696,000		1,732,769
U.S. Treasury Note, 2.625%, due 2/15/2029		1,999,000		2,108,008
U.S. Treasury Note, 2.25%, due 11/15/2025		4,749,000		4,863,458
U.S. Treasury Note, 2.125%, due 12/31/2022		1,362,000		1,380,568
Total U.S. Government Obligations (Cost $9,794,050)				10,148,440
Total Investments — 99.8%(Cost $66,845,942)				68,784,537
Other Assets less Liabilities — 0.2%				103,753
Total Net Assets — 100.0%				68,888,290
Trustee Deferred Compensation(3)
Meeder Balanced Fund		1,087		12,707
Meeder Dynamic Allocation Fund		2,645		29,598
Meeder Muirfield Fund		1,325		9,977
Meeder Conservative Allocation Fund		320		7,162
Total Trustee Deferred Compensation (Cost $57,729)				59,444

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(5)
Level 1 - Quoted Prices	$	58,636,097	$	—
Level 2 - Other Significant Observable Inputs		10,148,440		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	68,784,537	$	—

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

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 83

Schedule of Investments
June 30, 2019 (unaudited)

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, 2019.

(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.

(4) Exchange-traded fund.

(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

Page 84 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)(1)
Bank Obligations — 1.5%
First Merchants Bank Deposit Account		2.25	%(2)	07/01/19		246,472		246,472
Pacific Mercantile Bank Deposit Account		2.29	%(2)	07/01/19		246,490		246,490
Total Bank Obligations (Cost $492,962)								492,962
Certificates of Deposit — 20.3%
Banco Estado Chile Yankee CD		2.69	%	03/27/20		500,000		500,000
Banco Estado Chile Yankee CD		2.70	%	04/09/20		250,000		250,000
Banco Estado Chile Yankee CD		2.70	%	12/09/19		250,000		250,000
Bank of Nova Scotia Yankee CD (Quarterly U.S. LIBOR + 0.26%)		2.82	%(3)	08/08/19		500,000		500,255
Bank of Nova Scotia Yankee CD (Quarterly U.S. LIBOR + 0.25%)		2.77	%(3)	08/19/19		250,000		250,040
Canadian Imperial Bank of NY Yankee CD (Monthly U.S. LIBOR + 0.17%)		2.57	%(3)	07/15/19		500,000		500,092
Canadian Imperial Bank of NY Yankee CD (Quarterly U.S. LIBOR + 0.41%)		2.80	%(3)	09/20/19		250,000		250,106
Cooperatieve Rabobank (Monthly U.S. LIBOR + 0.14%)		2.58	%(3)	07/03/19		500,000		500,008
Cooperatieve Rabobank (Monthly U.S. LIBOR + 0.22%)		2.61	%(3)	07/19/19		250,000		250,000
Mizuho Bank LTD/NY (Quarterly U.S. LIBOR + 0.33%)		2.93	%(3)	07/15/19		250,000		250,362
Mizuho Bank LTD/NY (Monthly U.S. LIBOR + 0.12%)		2.50	%(3)	07/22/19		500,000		500,047
MUFG Bank LTD/New York, NY (Monthly U.S. LIBOR + 0.33%)		2.72	%(3)	07/15/19		500,000		500,018
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.17%)		2.58	%(3)	07/08/19		500,000		500,000
Toronto Dominion Bank/New York, NY Yankee CD (Quarterly U.S LIBOR + 0.10%)		2.60	%(3)	09/04/19		500,000		500,161
Certificates of Deposit — continued
Toronto Dominion Bank/New York, NY Yankee CD (Quarterly U.S LIBOR + 0.21%)		2.73	%(3)	09/03/19		500,000		500,000
Westpac Banking Corp Yankee CD (Quarterly U.S. LIBOR + 0.05%)		2.50	%(3)	09/13/19		750,000		749,989
Total Certificates of Deposit (Cost $6,751,078)								6,751,078
Commercial Paper — 29.2%
Anglesea Funding		2.37	%	07/01/19		1,000,000		1,000,000
Anglesea Funding		2.40	%	07/02/19		500,000		499,967
Banque et Caisse d’Epargne de l’Etat		2.53	%	08/20/19		250,000		249,128
Banque et Caisse d’Epargne de l’Etat		2.54	%	08/28/19		250,000		248,985
Banque et Caisse d’Epargne de l’Etat		2.50	%	10/18/19		250,000		248,130
Caterpillar, Inc.		2.68	%	07/08/19		100,000		99,948
Caterpillar, Inc.		2.63	%	07/12/19		400,000		399,690
Credit Agricole Corporate and Investment Bank/New York		2.81	%	07/16/19		250,000		249,711
Credit Suisse AG/New York, NY		2.58	%	01/28/20		250,000		246,293
Credit Suisse AG/New York, NY		2.90	%	08/06/19		450,000		448,718
Credit Suisse AG/New York, NY		2.85	%	08/19/19		250,000		249,047
Credit Suisse AG/New York, NY		2.41	%	08/23/19		250,000		249,117
Credit Suisse AG/New York, NY		2.57	%	11/12/19		250,000		247,646
ING US Funding, LLC		2.56	%	11/04/19		420,000		416,281
JP Morgan Securities, LLC		2.43	%	01/03/20		100,000		98,760
JP Morgan Securities, LLC		2.59	%	01/31/20		250,000		246,225
JP Morgan Securities, LLC		2.94	%	07/02/19		805,000		804,937
JP Morgan Securities, LLC		2.65	%	09/05/19		250,000		248,804
JP Morgan Securities, LLC		2.56	%	09/24/19		250,000		248,507
MUFG Bank LTD/New York, NY		2.37	%	03/02/20		250,000		246,036
MUFG Bank LTD/New York, NY		2.56	%	07/01/19		300,000		300,000

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 85

Schedule of Investments
June 30, 2019 (unaudited)

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)(1)
Commercial Paper — continued
Natixis SA/New York, NY		2.41	%	07/09/19		500,000		499,733
Paccar Financial Corp.		2.39	%	07/16/19		200,000		199,802
Prudential Financial, Inc.		2.34	%	07/01/19		1,000,000		1,000,000
Royal Bank of Canada (Federal Funds + 0.28%)		2.66	%(3)	09/12/19		500,000		500,000
Santander UK PLC		2.57	%	07/31/19		250,000		249,490
Santander UK PLC		2.48	%	09/03/19		250,000		248,906
Total Commercial Paper (Cost $9,743,861)								9,743,861
Corporate Obligations — 16.8%
American Honda Finance Corp.		2.00	%	11/13/19		500,000		498,684
Bank of Montreal		1.75	%	09/11/19		285,000		284,433
Bank of Montreal (Quarterly U.S. LIBOR + 0.60%)		3.04	%(3)	09/12/19		752,000		753,551
Branch Banking & Trust (Quarterly U.S. LIBOR + 0.45%)		3.05	%(3)	07/15/19		250,000		250,500
Citibank N.A.		1.85	%	09/18/19		250,000		249,587
Common Wealth Bank of Australia New York, NY		2.30	%	09/12/19		250,000		249,469
IBM Corp. (Quarterly U.S. LIBOR + 0.23%)		2.81	%(3)	07/29/19		300,000		300,195
IBM Credit, LLC (Quarterly U.S. LIBOR + 0.15%)		2.62	%(3)	09/06/19		670,000		669,821
John Deere Capital Corp. (Quarterly U.S. LIBOR + 0.30%)		2.75	%(3)	09/13/19		250,000		250,404
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.24%)		2.76	%(3)	08/29/19		330,000		330,064
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.10%)		2.68	%(3)	07/10/19		250,000		250,119
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.10%)		2.68	%(3)	07/25/19		500,000		499,996
Walt Disney Company (Quarterly U.S. LIBOR + 0.13%)		2.63	%(3)	09/04/19		250,000		250,162
Wells Fargo Bank N.A.		2.40	%	07/15/19		250,000		249,445
Corporate Obligations — continued
Westpac Banking Corp. Yankee CD (Quarterly U.S. LIBOR + 0.43%)		2.90	%(3)	09/06/19		250,000		250,619
Westpac Banking Corp. Yankee CD (Quarterly U.S. LIBOR + 0.56%)		3.08	%(3)	08/19/19		250,000		250,195
Total Corporate Obligations (Cost $5,587,244)								5,587,244
Repurchase Agreements — 19.5%
INTL FCStone (Collateralized by $1,484,988 Corporate Bond, 3.15%, due 5/3/29, fair value $1,545,000)(proceeds $1,500,325), purchase date 6/28/19		2.60	%	07/01/19		1,500,000		1,500,000
South Street (Collateralized by $33,905,298 various FNMAs, FHLBs, FMACs, and GNMAs, 2.111% - 5.66%, due 12/1/21 - 5/1/49, fair value $5,100,000)(proceeds $5,001,042), purchase date 6/28/19		2.50	%	07/01/19		5,000,000		5,000,000
Total Repurchase Agreements (Cost $6,500,000)								6,500,000
U.S. Government and Agency Obligations — 3.0%
United States Treasury Bill		2.49	%	07/18/19		500,000		499,426
United States Treasury Bill		2.46	%	07/25/19		500,000		499,201
Total U.S. Government and Agency Obligations (Cost $998,627)								998,627

The accompanying notes are an integral part of these financial statements

Page 86 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Prime Money Market Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Money Market Registered Investment Companies — 9.6%
Fidelity Prime Institutional Money Market Portfolio, 2.39%(4)		599,161		599,400
Morgan Stanley Government Institutional Fund, 2.25%(4)		2,606,099		2,606,099
Total Money Market Registered Investment Companies (Cost $3,205,499)				3,205,499
Total Investments — 99.9%(Cost $33,279,271)				33,279,271
Other Assets less Liabilities — 0.1%				45,219
Total Net Assets — 100.0%				33,324,490
Trustee Deferred Compensation(5)
Meeder Balanced Fund		654		7,645
Meeder Dynamic Allocation Fund		1,671		18,698
Meeder Muirfield Fund		678		5,105
Meeder Conservative Allocation Fund		187		4,185
Total Trustee Deferred Compensation (Cost $31,760)				35,633

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(6)
Level 1 - Quoted Prices	$	3,205,499	$	—
Level 2 - Other Significant Observable Inputs		30,073,772		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	33,279,271	$	—

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, 2019. 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, 2019. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(4) 7-day yield as of June 30, 2019. 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

2019 Semiannual Report | June 30, 2019 Page 87

Schedule of Investments
June 30, 2019 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)(1)
Bank Obligations — 0.1%
First Merchants Bank Deposit Account		2.25	%(2)	07/01/19		246,472		246,472
Pacific Mercantile Bank Deposit Account		2.29	%(2)	07/01/19		246,490		246,490
Total Bank Obligations (Cost $492,962)								492,962
Certificates of Deposit — 18.4%
Banco Estado Chile Yankee CD		2.75	%	03/20/20		2,000,000		2,008,476
Banco Estado Chile Yankee CD		2.69	%	03/27/20		3,000,000		3,011,754
Banco Estado Chile Yankee CD		2.70	%	04/09/20		3,000,000		3,012,633
Banco Estado Chile Yankee CD		2.62	%	07/09/19		3,000,000		3,000,198
Banco Estado Chile Yankee CD		2.78	%	11/12/19		2,000,000		2,003,882
Banco Estado Chile Yankee CD		2.70	%	12/09/19		3,000,000		3,006,501
Bank of Nova Scotia Yankee CD (Quarterly U.S. LIBOR + 0.26%)		2.82	%(3)	08/08/19		4,500,000		4,503,920
Bank of Nova Scotia Yankee CD (Quarterly U.S. LIBOR + 0.25%)		2.77	%(3)	08/19/19		5,000,000		5,004,540
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.17%)		2.57	%(3)	07/15/19		5,000,000		5,000,485
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.32%)		2.92	%(3)	07/05/19		1,020,000		1,020,028
Canadian Imperial Bank Yankee CD (Monthly U.S. LIBOR + 0.33%)		2.74	%(3)	07/15/19		1,000,000		1,000,423
Canadian Imperial Bank Yankee CD (Quarterly U.S. LIBOR + 0.41%)		2.80	%(3)	09/20/19		1,250,000		1,251,033
Cooperatieve Rabobank UA/NY (Monthly U.S. LIBOR + 0.14%)		2.58	%(3)	07/03/19		5,000,000		5,001,305
Cooperatieve Rabobank UA/NY (Monthly U.S. LIBOR + 0.22%)		2.61	%(3)	07/19/19		3,000,000		3,000,366
Certificates of Deposit — continued
Mizuho Bank LTD/NY (Quarterly U.S. LIBOR + 0.33%)		2.93	%(3)	07/15/19		5,000,000		5,006,195
Mizuho Bank LTD/NY (Monthly U.S. LIBOR + 0.12%)		2.50	%(3)	07/22/19		4,500,000		4,500,558
MUFG Bank LTD/New York, NY (Monthly U.S. LIBOR + 0.33%)		2.72	%(3)	07/15/19		5,000,000		5,002,165
Royal Bank of Canada Yankee CD (Monthly U.S. LIBOR + 0.17%)		2.58	%(3)	07/08/19		4,500,000		4,501,337
Toronto Dominion Bank/New York, NY Yankee CD (Quarterly U.S LIBOR + 0.10%)		2.60	%(3)	09/04/19		4,500,000		4,500,923
Toronto Dominion Bank/New York, NY Yankee CD (Quarterly U.S LIBOR + 0.21%)		2.73	%(3)	09/03/19		5,000,000		5,003,985
Wells Fargo Bank N.A. (Monthly U.S. LIBOR + 0.39%)		2.81	%(3)	07/08/19		1,000,000		1,001,445
Westpac Banking Corp Yankee CD (Quarterly U.S. LIBOR + 0.05%)		2.50	%(3)	09/13/19		7,500,000		7,500,493
Total Certificates of Deposit (Cost $78,783,780)								78,842,645
Commercial Paper — 28.4%
American Honda Finance Corp.		2.54	%	07/22/19		2,000,000		1,996,846
Anglesea Funding		2.37	%	07/01/19		12,000,000		11,997,576
Anglesea Funding		2.40	%	07/02/19		5,000,000		4,998,655
Banque et Caisse d’Epargne de l’Etat		2.53	%	08/20/19		2,000,000		1,993,122
Banque et Caisse d’Epargne de l’Etat		2.54	%	08/28/19		3,000,000		2,988,264
Banque et Caisse d’Epargne de l’Etat		2.50	%	10/18/19		2,000,000		1,985,844
BNP Paribas		2.62	%	09/09/19		1,000,000		995,275
Caterpillar, Inc.		2.63	%	07/09/19		4,000,000		3,996,884
Caterpillar, Inc.		2.63	%	07/12/19		4,350,000		4,345,676
Credit Agricole Corporate and Investment Bank/New York		2.81	%	07/16/19		3,000,000		2,996,490
Credit Suisse AG/New York, NY		2.58	%	01/28/20		1,000,000		985,852

The accompanying notes are an integral part of these financial statements

Page 88 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)(1)
Commercial Paper — continued
Credit Suisse AG/New York, NY		2.53	%	07/02/19		4,300,000		4,298,843
Credit Suisse AG/New York, NY		2.90	%	08/06/19		5,000,000		4,987,380
Credit Suisse AG/New York, NY		2.86	%	08/16/19		2,589,000		2,580,790
Credit Suisse AG/New York, NY		2.85	%	08/19/19		2,000,000		1,993,268
Credit Suisse AG/New York, NY		2.57	%	11/12/19		1,000,000		990,996
JP Morgan Securities, LLC		2.59	%	01/31/20		1,000,000		986,829
JP Morgan Securities, LLC		2.94	%	07/02/19		5,000,000		4,998,690
JP Morgan Securities, LLC		3.07	%	08/02/19		2,000,000		1,995,416
JP Morgan Securities, LLC		2.65	%	09/05/19		5,000,000		4,977,500
JP Morgan Securities, LLC		2.56	%	09/24/19		3,000,000		2,982,966
JP Morgan Securities, LLC		2.64	%	11/05/19		1,000,000		991,756
JP Morgan Securities, LLC		2.69	%	11/26/19		3,000,000		2,971,437
JP Morgan Securities, LLC		2.57	%	12/02/19		2,000,000		1,980,200
MUFG Bank LTD/New York, NY		2.37	%	03/02/20		1,000,000		984,948
MUFG Bank LTD/New York, NY		2.61	%	10/01/19		2,000,000		1,987,634
Natixis SA/New York, NY		2.55	%	07/01/19		2,500,000		2,499,503
Natixis SA/New York, NY		2.41	%	07/09/19		4,500,000		4,496,733
Paccar Financial Corp.		2.39	%	07/16/19		2,000,000		1,997,624
Prudential Financial, Inc.		2.34	%	07/01/19		19,000,000		18,996,276
Royal Bank of Canada (Federal Funds + 0.28%)		2.66	%(3)	09/12/19		5,000,000		4,999,980
Santander UK PLC		2.57	%	07/31/19		5,000,000		4,989,285
Santander UK PLC		2.48	%	09/03/19		2,000,000		1,991,358
Santander UK PLC		2.53	%	11/01/19		2,000,000		1,984,614
Total Commercial Paper (Cost $120,937,078)								120,944,510
Corporate Obligations — 20.7%
American Honda Finance Corp.		2.00	%	11/13/19		3,225,000		3,220,778
Bank of Montreal		1.75	%	09/11/19		4,000,000		3,995,500
Bank of Montreal (Quarterly U.S. LIBOR + 0.60%)		3.04	%(3)	09/12/19		5,000,000		5,012,360
Bank of Montreal		2.10	%	12/12/19		5,000,000		4,994,170
Bank of New York		2.15	%	08/24/19		1,435,000		1,433,414
Branch Banking & Trust (Quarterly U.S. LIBOR + 0.45%)		3.05	%(3)	07/15/19		2,850,000		2,855,695
Caterpillar, Inc. (Quarterly U.S. LIBOR + 0.18%)		2.70	%(3)	08/15/19		1,813,000		1,814,976
Citibank N.A.		1.85	%	09/18/19		2,750,000		2,747,195
Common Wealth Bank of Australia New York, NY		2.30	%	09/12/19		1,500,000		1,499,622
IBM Corp. (Quarterly U.S. LIBOR + 0.23%)		2.81	%(3)	07/29/19		4,000,000		4,004,220
IBM Credit, LLC (Quarterly U.S. LIBOR + 0.15%)		2.62	%(3)	09/06/19		3,000,000		3,001,389
John Deere Capital Corp. (Quarterly U.S. LIBOR + 0.18%)		2.77	%(3)	07/08/19		2,460,000		2,461,906
John Deere Capital Corp. (Quarterly U.S. LIBOR + 0.30%)		2.75	%(3)	09/13/19		1,210,000		1,211,956
John Deere Capital Corp. (Quarterly U.S. LIBOR + 0.42%)		3.00	%(3)	07/10/19		1,682,000		1,688,564
PNC Bank N.A.		2.40	%	10/18/19		1,005,000		1,005,026
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.38%)		2.90	%(3)	09/03/19		2,885,000		2,891,387
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.24%)		2.76	%(3)	08/29/19		3,000,000		3,001,290
Royal Bank of Canada		2.13	%	09/02/19		5,000,000		4,994,725
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.10%)		2.68	%(3)	07/10/19		4,750,000		4,750,955
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.10%)		2.68	%(3)	07/25/19		3,500,000		3,500,564
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.14%)		2.67	%(3)	08/14/19		1,000,000		1,000,336
U.S. Bank N.A. Cincinnati		2.13	%	10/28/19		3,385,000		3,383,064

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 89

Schedule of Investments
June 30, 2019 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)(1)
Corporate Obligations — continued
Walt Disney Company (Quarterly U.S. LIBOR + 0.13%)		2.63	%(3)	09/04/19		7,713,000		7,718,600
Wells Fargo Bank N.A. (Quarterly U.S. LIBOR + 0.23%)		2.83	%(3)	07/15/19		1,000,000		1,000,904
Wells Fargo Bank N.A.		2.40	%	07/15/19		1,375,000		1,375,410
Westpac Banking Corp. (Quarterly U.S. LIBOR + 0.04%)		2.58	%(3)	08/13/19		5,000,000		5,000,280
Westpac Banking Corp. (Quarterly U.S. LIBOR + 0.43%)		2.90	%(3)	09/06/19		2,556,000		2,563,037
Westpac Banking Corp. (Quarterly U.S. LIBOR + 0.56%)		3.08	%(3)	08/19/19		4,750,000		4,754,047
Westpac Banking Corp.		2.15	%	09/06/19		1,564,000		1,562,795
Total Corporate Obligations (Cost $88,383,219)								88,444,165
Repurchase Agreements — 23.4%
Guggenheim Securities (Collateralized by $20,329,000 FNMA, 4.50%, due 6/1/48, fair value $20,408,163) (proceeds $20,004,000), purchase date 6/28/19		2.40	%	07/01/19		20,000,000		20,000,000
INTL FCStone (Collateralized by $77,660,139 various Corporate Bonds, FNMAs, and GNMAs, 0.486% - 6.50%, due 8/8/19 - 2/16/54, fair value $20,558,782)(proceeds $20,004,333), purchase date 6/28/19		2.60	%	07/01/19		20,000,000		20,000,000
Repurchase Agreements — continued
South Street (Collateralized by $135,621,194 various FNMAs, FHLBs, FMACs, and GNMAs, 2.111% - 5.66%, due 12/1/21 - 5/1/49, fair value $20,400,000)(proceeds $20,004,167), purchase date 6/28/19		2.50	%	07/01/19		20,000,000		20,000,000
South Street (Collateralized by $303,506,103 various FNMAs, FHLBs, FMACs, and GNMAs, 2.168% - 5.50%, due 9/11/20 - 6/15/59, fair value $40,800,000)(proceeds $40,008,167), purchase date 6/28/19		2.45	%	07/01/19		40,000,000		40,000,000
Total Repurchase Agreements (Cost $100,000,000)								100,000,000
U.S. Government and Agency Obligations — 4.1%
United States Treasury Bill		2.49	%	07/18/19		5,500,000		5,494,808
United States Treasury Bill		2.46	%	07/25/19		5,000,000		4,993,520
United States Treasury Bill		2.52	%	09/05/19		2,000,000		1,992,400
United States Treasury Bill		2.42	%	08/15/19		5,000,000		4,987,010
Total U.S. Government and Agency Obligations (Cost $17,461,909)								17,467,738

The accompanying notes are an integral part of these financial statements

Page 90 2019 Semiannual Report | June 30, 2019

Schedule of Investments
June 30, 2019 (unaudited)

Prime Money Market Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Money Market Registered Investment Companies — 5.0%
Fidelity Prime Institutional Money Market Portfolio, 2.39%(4)		5,095,962		5,098,000
Morgan Stanley Government Institutional Fund, 2.25%(4)		16,265,017		16,265,017
Total Money Market Registered Investment Companies (Cost $21,363,017)				21,363,017
Total Investments — 100.0% (Cost $427,421,965)				427,555,037
Liabilities less Other Assets — (0.0%)				(29,215	)
Total Net Assets — 100.0%				427,525,822
Trustee Deferred Compensation(5)
Meeder Balanced Fund		38		444
Meeder Dynamic Allocation Fund		87		974
Meeder Muirfield Fund		112		843
Meeder Conservative Allocation Fund		12		269
Total Trustee Deferred Compensation (Cost $2,546)				2,530

(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, 2019 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments(6)
Level 1 - Quoted Prices	$	21,363,017	$	—
Level 2 - Other Significant Observable Inputs		406,192,020		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	427,555,037	$	—

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, 2019. 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, 2019. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(4) 7-day yield as of June 30, 2019. 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

2019 Semiannual Report | June 30, 2019 Page 91

Statements of Assets & Liabilities June 30, 2019 (unaudited)
	Muirfield Fund		Spectrum Fund		Global Allocation Fund
Assets
Investments, at fair value (1)(2)	$	487,424,742	$	194,538,383	$	34,344,354
Repurchase agreements, at fair value (1)		—		—		—
Investments in affiliates, at fair value (1)		173,426,036		5,928,058		21,500,067
Trustee deferred compensation investments, at fair value		209,857		24,226		91,856
Deposits at broker for futures contracts (3)		14,338,765		6,251,269		2,399,440
Cash held at broker for collateral on securities sold short		—		70,853,307		—
Receivable for securities sold		8,870,301		2,710,256		476,477
Receivable for capital stock issued		261,029		68,250		5,424
Receivable from investment advisor		—		—		—
Interest and dividend receivable		787,429		238,941		78,861
Receivable from securities lending agent (See Note #5)		15		22		—
Prepaid expenses/other assets		71,214		136,940		28,256
Total Assets		685,389,388		280,749,652		58,924,735
Liabilities
Securities sold short at fair value (proceeds $68,489,146)		—		69,273,555		—
Payable for securities purchased		8,706,875		2,683,527		478,250
Payable for collateral on securities loaned		7,150		33,873		—
Payable for Trustee Deferred Compensation Plan		209,857		24,226		91,856
Payable for capital stock redeemed		522,416		88,027		43,674
Dividends payable		14,187		—		26
Dividend expense payable on short positions		—		128,514		—
Payable to investment advisor		337,793		121,219		34,006
Accrued distribution plan (12b-1) and shareholder service plan fees		312,789		66,692		8,242
Accrued transfer agent, fund accounting, CCO, and administrative fees		115,721		39,234		14,470
Accrued trustee fees		6,768		2,128		895
Other accrued liabilities		39,107		26,091		19,313
Total Liabilities		10,272,663		72,487,086		690,732
Net Assets	$	675,116,725	$	208,262,566	$	58,234,003
Net Assets
Capital	$	641,687,204	$	192,100,158	$	55,343,202
Distributable Earnings (Accumulated Deficit)		33,429,521		16,162,408		2,890,801
Total Net Assets	$	675,116,725	$	208,262,566	$	58,234,003
Net Asset Value Per Share
Retail Class
Net Assets	$	187,223,620	$	52,251,991	$	12,958,047
Shares Outstanding		24,864,434		4,556,397		1,201,640
Net Asset Value, Offering and Redemption Price Per Share	$	7.53	$	11.47	$	10.78
Adviser Class
Net Assets	$	64,056,977	$	15,398,683	$	1,740,579
Shares Outstanding		8,454,733		1,335,189		161,132
Net Asset Value, Offering and Redemption Price Per Share	$	7.58	$	11.53	$	10.80
Institutional Class
Net Assets	$	423,836,128	$	140,611,892	$	43,535,377
Shares Outstanding		55,914,893		12,162,001		4,026,971
Net Asset Value, Offering and Redemption Price Per Share	$	7.58	$	11.56	$	10.81
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	$	603,213,175	$	175,753,880	$	52,434,032
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5)	$	6,660	$	36,318	$	—
(3) Required margin held as collateral for futures contracts	$	8,413,350	$	4,291,550	$	1,189,700

The accompanying notes are an integral part of these financial statements

Page 92 2019 Semiannual Report | June 30, 2019

Balanced Fund		Moderate Allocation Fund		Conservative Allocation Fund		Dynamic Allocation Fund		Quantex Fund		Total Return Bond Fund			Prime Money Market Fund		Institutional Prime Money Market Fund
$	317,106,073	$	149,693,843	$	129,152,414	$	147,022,517	$	68,649,090	$	66,630,073		$	26,779,271	$	327,555,037
	—		—		—		—		—		—			6,500,000		100,000,000
	77,239,834		27,815,437		11,799,761		45,874,530		727,941		2,154,464			—		—
	136,768		14,744		56,187		180,938		53,571		59,444			35,633		2,530
	6,421,997		2,385,833		1,105,881		5,094,545		284,262		—			—		—
	—		—		—		—		—		—			—		—
	3,696,909		1,150,738		568,367		2,647,830		10,611		—			—		—
	190,243		113,727		93,357		36,650		8,674		36,032			—		—
	—		—		—		—		—		—			5,297		31,535
	622,627		324,988		287,060		207,737		88,947		139,328			49,404		689,581
	—		—		—		—		736		—			—		—
	45,471		44,316		37,356		35,440		25,161		33,401			13,369		17,964
	405,459,922		181,543,626		143,100,383		201,100,187		69,848,993		69,052,742			33,382,974		428,296,647
	—		—		—		—		—		—			—		—
	3,687,991		1,153,232		571,976		2,573,657		—		—			—		—
	—		—		—		—		656,730		—			—		—
	136,768		14,744		56,187		180,938		53,571		59,444			35,633		2,530
	351,888		139,231		135,161		158,531		81,406		34,290			—		—
	6,252		4,354		3,631		1,271		16,993		1,134			659		715,165
	—		—		—		—		—		—			—		—
	211,946		84,500		55,919		100,131		39,976		15,735			—		—
	146,949		56,017		33,781		64,563		40,135		18,581			6,236		7,748
	70,990		34,699		28,615		37,473		16,214		14,265			8,476		56,229
	4,015		1,888		1,558		1,919		1,053		901			268		327
	31,049		22,226		21,156		21,108		21,392		20,102			7,212		17,326
	4,647,848		1,510,891		907,984		3,139,591		927,470		164,452			58,484		799,325
$	400,812,074	$	180,032,735	$	142,192,399	$	197,960,596	$	68,921,523	$	68,888,290		$	33,324,490	$	427,497,322
$	385,030,430	$	176,512,290	$	141,071,973	$	180,121,064	$	65,890,364	$	79,165,458		$	33,324,489	$	427,368,398
	15,781,644		3,520,445		1,120,426		17,839,532		3,031,159		(10,277,168	)		1		128,924
$	400,812,074	$	180,032,735	$	142,192,399	$	197,960,596	$	68,921,523	$	68,888,290		$	33,324,490	$	427,497,322
$	94,901,317	$	34,576,814	$	32,129,879	$	42,672,326	$	31,244,924	$	14,672,503
	8,121,288		3,025,287		1,435,830		3,814,322		873,438		1,555,273
$	11.69	$	11.43	$	22.38	$	11.19	$	35.77	$	9.43
$	20,370,320	$	10,278,673	$	6,822,014	$	12,907,854	$	1,060,738	$	4,091,739
	1,731,943		897,716		301,152		1,149,727		29,585		433,090
$	11.76	$	11.45	$	22.65	$	11.23	$	35.85	$	9.45
$	285,540,437	$	135,177,248	$	103,240,506	$	142,380,416	$	36,615,861	$	50,124,048
	24,277,407		11,783,146		4,547,509		12,686,509		1,020,095		5,306,024
$	11.76	$	11.47	$	22.70	$	11.22	$	35.89	$	9.45
													$	33,324,490	$	427,497,322
														33,324,490		427,383,365
													$	1.00	$	1.0003
$	367,662,216	$	169,638,940	$	136,082,819	$	175,757,553	$	63,059,000	$	66,845,942		$	33,279,271	$	427,421,965
$	—	$	—	$	—	$	—	$	641,484	$	—		$	—	$	—
$	3,879,000	$	1,402,400	$	630,300	$	2,464,900	$	68,000	$	—		$	—	$	—

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 93

Statements of Operations For the Six Months Ended June 30, 2019 (unaudited)
	Muirfield Fund			Spectrum Fund			Global Allocation Fund
Investment Income
Interest	$	11,633		$	—		$	17,081
Income from affiliates		2,581,934			139,832			272,668
Dividends		4,446,153			2,017,341			414,812
Total Investment Income		7,039,720			2,157,173			704,561
Fund Expenses
Investment advisor		2,113,352			739,096			213,587
Transfer agent - Retail Class		118,500			30,527			7,941
Transfer agent - Adviser Class		38,921			8,974			984
Transfer agent - Institutional Class		237,975			79,051			25,249
Transfer agent - Money Market Funds
Fund accounting		51,298			28,227			20,076
Administrative		268,556			83,994			27,741
Trustee		13,512			4,221			1,420
Audit		8,675			8,948			8,666
Legal		2,610			2,611			2,609
Custody		25,951			8,857			3,384
Printing		10,367			3,132			864
Distribution plan (12b-1) - Retail Class (1)		197,501			63,598			16,543
Distribution plan (12b-1) - Money Market Funds
Shareholder service plan - Retail Class		197,501			50,878			13,234
Shareholder service plan - Adviser Class		81,085			18,696			2,050
Shareholder service plan - Institutional Class		117,115			41,959			859
Postage		13,547			7,589			1,000
Registration and filing		50,688			34,342			24,066
Insurance		17,678			5,712			2,036
Chief Compliance Officer		3,381			3,381			3,381
Dividend expense on securities sold short		—			101,986			—
Other		14,334			11,262			9,900
Total Expenses Before Reductions		3,582,547			1,337,041			385,590
Expenses voluntarily reimbursed/waived by investment advisor (See Note #5)		—			—			—
Expenses contractually reimbursed/waived by investment advisor (See Note #5)		—			—			—
Securities lending credit (See Note #5)		(5,175	)		(636	)		(7,326	)
Transfer agent expenses voluntarily waived (See Note #5)		—			—			—
Net Expenses		3,577,372			1,336,405			378,264
Net Investment Income (Loss)		3,462,348			820,768			326,297
Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from unaffiliated investments		(1,074,785	)		90,851			304,634
Net realized gains (losses) from affiliated investments		6,875			1,756			836
Net realized gains (losses) from closed short positions		—			(2,500,409	)		—
Net realized gains (losses) from futures contracts		(27,227,788	)		(6,268,102	)		(1,028,124	)
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		(28,295,698	)		(8,675,904	)		(722,654	)
Net change in unrealized appreciation (depreciation) of unaffiliated investments		61,169,033			26,564,848			3,558,127
Net change in unrealized appreciation (depreciation) of affiliated investments		70,751			1,640			8,088
Net change in unrealized appreciation (depreciation) of short positions		—			(8,466,079	)		—
Net change in unrealized appreciation (depreciation) of futures contracts		(2,251,769	)		140,861			163,133
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts		58,988,015			18,241,270			3,729,348
Net Realized and Unrealized Gain (Loss) from Investments		30,692,317			9,565,366			3,006,694
Net Change in Net Assets Resulting from Operations	$	34,154,665		$	10,386,134		$	3,332,991

(1) Only the Retail Class of shares has adopted a Rule 12b-1 Plan. See #5 of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements

Page 94 2019 Semiannual Report | June 30, 2019

Balanced Fund			Moderate Allocation Fund			Conservative Allocation Fund			Dynamic Allocation Fund			Quantex Fund			Total Return Bond Fund			Prime Money Market Fund			Institutional Prime Money Market Fund
$	146,297		$	106,877		$	112,966		$	11,828		$	10,429		$	105,082		$	477,094		$	6,121,176
	1,002,668			368,090			166,768			508,119			18,967			28,804			—			—
	3,959,255			2,185,086			2,094,149			1,549,888			699,538			999,385			—			—
	5,108,220			2,660,053			2,373,883			2,069,835			728,934			1,133,271			477,094			6,121,176
	1,280,257			514,233			342,456			713,234			262,971			134,052			72,815			659,320
	54,969			19,954			18,749			25,464			18,994			5,776
	11,971			5,946			3,871			7,372			609			1,520
	159,358			76,947			59,569			81,281			22,472			19,515
																			14,563			187,179
	37,206			26,918			25,197			27,858			21,393			21,083			18,022			41,745
	155,824			73,523			59,752			81,037			33,009			31,769			18,204			192,139
	7,804			3,729			3,018			4,095			1,617			1,630			563			546
	8,156			8,136			8,148			8,986			8,666			7,383			7,032			7,035
	2,609			2,611			2,609			2,474			2,609			2,608			2,595			2,608
	14,694			6,965			5,375			7,980			4,033			3,660			1,492			14,784
	5,930			2,754			2,175			2,971			1,058			923			631			6,553
	114,519			41,571			39,061			53,050			31,657			18,050
																			2			2
	91,615			33,257			26,166			42,440			27,052			14,440
	24,939			12,387			8,065			15,359			1,269			4,750
	92,076			40,891			33,511			12,967			1,933			12,900
	8,919			4,692			4,590			5,538			2,055			1,551			872			2,812
	35,940			34,031			31,590			31,980			24,918			25,833			11,638			8,932
	11,454			5,365			5,066			4,246			2,083			273			1,397			13,267
	3,381			3,381			3,381			3,381			3,381			3,381			3,381			3,381
	—			—			—			—			—			—			—			—
	11,962			10,505			10,267			11,114			10,863			10,907			15,582			18,053
	2,133,583			927,796			692,616			1,142,827			482,642			322,004			168,789			1,158,356
	—			—			—			—			—			—			(93,647	)		(820,799	)
	—			—			—			(95,098	)		—			(36,864	)		—			—
	(50,863	)		(37,904	)		(42,968	)		(19,495	)		(4,309	)		—			—			—
	—			—			—			—			—			—			(3,641	)		(46,794	)
	2,082,720			889,892			649,648			1,028,234			478,333			285,140			71,501			290,763
	3,025,500			1,770,161			1,724,235			1,041,601			250,601			848,131			405,593			5,830,413
	548,090			428,671			444,488			1,484,939			3,255,177			176,905			—			(925	)
	1,490			992			418			47			255			396			—			—
	—			—			—			—			—			—			—			—
	(10,529,107	)		(2,920,064	)		(1,412,975	)		4,049,193			(183,529	)		—			—			—
	(9,979,527	)		(2,490,401	)		(968,069	)		5,534,179			3,071,903			177,301			—			(925	)
	29,893,117			11,290,343			8,140,628			17,577,641			3,246,982			2,814,796			—			187,713
	29,670			10,401			4,635			16,064			181			523			—			—
	—			—			—			—			—			—			—			—
	(693,397	)		(92,642	)		(77,693	)		1,472,597			548,180			—			—			—
	29,229,390			11,208,102			8,067,570			19,066,302			3,795,343			2,815,319			—			187,713
	19,249,863			8,717,701			7,099,501			24,600,481			6,867,246			2,992,620			—			186,788
$	22,275,363		$	10,487,862		$	8,823,736		$	25,642,082		$	7,117,847		$	3,840,751		$	405,593		$	6,017,201

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 95

Statements of Changes in Net Assets For the Six Months Ended June 30, 2019 (unaudited) and the Year Ended December 31, 2018
	Muirfield Fund						Spectrum Fund
	2019			2018			2019			2018
Operations
Net investment income (loss)	$	3,462,348		$	4,316,352		$	820,768		$	939,831
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		(28,295,698	)		11,690,038			(8,675,904	)		1,515,878
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		58,988,015			(40,476,681	)		18,241,270			(9,652,387	)
Net change in net assets resulting from operations		34,154,665			(24,470,291	)		10,386,134			(7,196,678	)
Distributions to Shareholders
Retail Class		(248,360	)		(3,029,797	)		—			(634,850	)
Adviser Class		(126,912	)		(976,171	)		—			(205,754	)
Institutional Class		(1,115,536	)		(5,553,367	)		—			(1,832,352	)
Net change in net assets resulting from distributions		(1,490,808	)		(9,559,335	)		—			(2,672,956	)
Capital Transactions:
Issued		136,020,894			377,780,674			36,741,787			93,858,412
Reinvested		1,476,595			9,280,425			—			2,661,072
Redeemed		(106,053,717	)		(219,984,539	)		(21,599,764	)		(58,789,698	)
Net change in net assets resulting from capital transactions		31,443,772			167,076,560			15,142,023			37,729,786
Total Change in Net Assets		64,107,629			133,046,934			25,528,157			27,860,152
Net Assets - Beginning of Year		611,009,096			477,962,162			182,734,409			154,874,257
Net Assets - End of Year	$	675,116,725		$	611,009,096		$	208,262,566		$	182,734,409
Share Transactions:
Issued		18,490,769			49,143,680			3,276,892			7,993,833
Reinvested		195,017			1,258,674			—			239,817
Redeemed		(14,428,121	)		(28,720,467	)		(1,923,510	)		(4,982,155	)
Net change in shares		4,257,665			21,681,887			1,353,382			3,251,495

The accompanying notes are an integral part of these financial statements

Page 96 2019 Semiannual Report | June 30, 2019

Global Allocation Fund						Balanced Fund						Moderate Allocation Fund						Conservative Allocation Fund
2019			2018			2019			2018			2019			2018			2019			2018
$	326,297		$	566,652		$	3,025,500		$	4,533,093		$	1,770,161		$	2,641,783		$	1,724,235		$	2,852,290
	(722,654	)		1,115,237			(9,979,527	)		277,369			(2,490,401	)		(2,620,849	)		(968,069	)		(3,518,554	)
	3,729,348			(5,954,021	)		29,229,390			(16,515,908	)		11,208,102			(4,883,381	)		8,067,570			(3,132,054	)
	3,332,991			(4,272,132	)		22,275,363			(11,705,446	)		10,487,862			(4,862,447	)		8,823,736			(3,798,318	)
	(36,644	)		(694,187	)		(404,352	)		(1,273,976	)		(210,600	)		(1,589,145	)		(258,092	)		(1,147,450	)
	(6,340	)		(80,880	)		(104,835	)		(307,223	)		(71,766	)		(435,680	)		(59,467	)		(226,427	)
	(200,423	)		(2,231,829	)		(1,672,474	)		(4,102,139	)		(1,051,387	)		(5,395,120	)		(999,843	)		(3,425,952	)
	(243,407	)		(3,006,896	)		(2,181,661	)		(5,683,338	)		(1,333,753	)		(7,419,945	)		(1,317,402	)		(4,799,829	)
	4,383,452			39,142,473			69,507,467			245,111,176			26,430,465			179,582,098			21,099,684			146,267,121
	243,206			3,001,909			2,170,969			5,665,161			1,326,075			7,391,639			1,311,048			4,785,255
	(7,891,944	)		(50,393,875	)		(39,768,868	)		(163,418,052	)		(18,740,484	)		(78,947,761	)		(17,005,554	)		(38,139,031	)
	(3,265,286	)		(8,249,493	)		31,909,568			87,358,285			9,016,056			108,025,976			5,405,178			112,913,345
	(175,702	)		(15,528,521	)		52,003,270			69,969,501			18,170,165			95,743,584			12,911,512			104,315,198
	58,409,705			73,938,226			348,808,804			278,839,303			161,862,570			66,118,986			129,280,887			24,965,689
$	58,234,003		$	58,409,705		$	400,812,074		$	348,808,804		$	180,032,735		$	161,862,570		$	142,192,399		$	129,280,887
	417,410			3,354,047			6,089,230			20,814,984			2,370,943			15,299,240			958,330			6,417,751
	22,690			286,815			186,296			496,215			116,730			665,473			58,468			218,857
	(756,033	)		(4,341,745	)		(3,471,552	)		(13,914,576	)		(1,677,317	)		(6,735,567	)		(769,460	)		(1,699,479	)
	(315,933	)		(700,883	)		2,803,974			7,396,623			810,356			9,229,146			247,338			4,937,129

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 97

Statements of Changes in Net Assets For the Six Months Ended June 30, 2019 (unaudited) and the Year Ended December 31, 2018
	Dynamic Allocation Fund						Quantex Fund
	2019			2018			2019			2018
Operations
Net investment income (loss)	$	1,041,601		$	1,397,609		$	250,601		$	200,832
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		5,534,179			(2,670,698	)		3,071,903			7,943,066
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		19,066,302			(16,036,140	)		3,795,343			(16,873,003	)
Net change in net assets resulting from operations		25,642,082			(17,309,229	)		7,117,847			(8,729,105	)
Distributions to Shareholders
Retail Class		(115,925	)		(521,444	)		(26,230	)		—
Adviser Class		(45,673	)		(154,361	)		(1,182	)		(104	)
Institutional Class		(632,831	)		(1,746,253	)		(50,978	)		(66,917	)
Money Market Funds
Net change in net assets resulting from distributions		(794,429	)		(2,422,058	)		(78,390	)		(67,021	)
Capital Transactions:
Issued		19,911,123			113,204,066			7,321,119			47,785,941
Reinvested		792,263			2,415,959			61,404			42,224
Redeemed		(21,485,510	)		(52,891,314	)		(10,156,855	)		(69,140,186	)
Net change in net assets resulting from capital transactions		(782,124	)		62,728,711			(2,774,332	)		(21,312,021	)
Total Change in Net Assets		24,065,529			42,997,424			4,265,125			(30,108,147	)
Net Assets - Beginning of Year		173,895,067			130,897,643			64,656,398			94,764,545
Net Assets - End of Year	$	197,960,596		$	173,895,067		$	68,921,523		$	64,656,398
Share Transactions:
Issued		1,857,990			10,226,217			199,789			1,293,841
Reinvested		71,317			234,222			1,713			1,112
Redeemed		(2,000,588	)		(4,794,911	)		(282,725	)		(1,868,379	)
Net change in shares		(71,281	)		5,665,528			(81,223	)		(573,426	)

The accompanying notes are an integral part of these financial statements

Page 98 2019 Semiannual Report | June 30, 2019

Total Return Bond Fund						Prime Money Market Fund						Institutional Prime Money Market Fund
2019			2018			2019			2018			2019			2018
$	848,131		$	1,639,459		$	405,593		$	560,559		$	5,830,413		$	7,187,753
	177,301			(1,930,052	)		—			—			(925	)		(1,999	)
	2,815,319			(1,036,232	)		—			—			187,713			5,465
	3,840,751			(1,326,825	)		405,593			560,559			6,017,201			7,191,219
	(164,847	)		(370,637	)
	(46,718	)		(69,633	)
	(639,332	)		(1,132,401	)
							(405,592	)		(560,559	)		(5,830,414	)		(7,187,755	)
	(850,897	)		(1,572,671	)		(405,592	)		(560,559	)		(5,830,414	)		(7,187,755	)
	9,653,234			30,712,205			11,997,644			36,584,300			172,006,620			655,634,899
	845,624			1,565,286			371,477			520,240			600,056			770,570
	(11,539,547	)		(150,994,621	)		(19,925,446	)		(31,434,432	)		(216,898,649	)		(481,353,876	)
	(1,040,689	)		(118,717,130	)		(7,556,325	)		5,670,108			(44,291,973	)		175,051,593
	1,949,165			(121,616,626	)		(7,556,324	)		5,670,108			(44,105,186	)		175,055,057
	66,939,125			188,555,751			40,880,814			35,210,706			471,602,508			296,547,451
									��
$	68,888,290		$	66,939,125		$	33,324,490		$	40,880,814		$	427,497,322		$	471,602,508
	1,048,879			3,353,494			11,997,645			36,584,300			171,989,337			655,689,013
	91,212			172,277			371,477			520,240			599,965			770,617
	(1,254,553	)		(16,229,362	)		(19,925,446	)		(31,434,432	)		(216,877,239	)		(481,379,810	)
	(114,462	)		(12,703,591	)		(7,556,324	)		5,670,108			(44,287,937	)		175,079,820

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 99

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2019 (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)
2019	$	7.16		0.03			0.35			0.38			(0.01	)		0.00			0.00			(0.01	)
2018	$	7.54		0.04			(0.31	)		(0.27	)		(0.04	)		(0.07	)		0.00			(0.11	)
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	)
Muirfield Fund - Adviser Class (1)(2)(3)(4)
2019	$	7.20		0.04			0.36			0.40			(0.02	)		0.00			0.00			(0.02	)
2018	$	7.57		0.06			(0.31	)		(0.25	)		(0.05	)		(0.07	)		0.00			(0.12	)
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)
2019	$	7.21		0.04			0.35			0.39			(0.02	)		0.00			0.00			(0.02	)
2018	$	7.57		0.08			(0.31	)		(0.23	)		(0.06	)		(0.07	)		0.00			(0.13	)
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)
2019	$	10.89		0.03			0.55			0.58			0.00			0.00			0.00			0.00
2018	$	11.48		0.03			(0.49	)		(0.46	)		0.00			(0.13	)		0.00			(0.13	)
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)
2019	$	10.95		0.04			0.54			0.58			0.00			0.00			0.00			0.00
2018	$	11.53		0.06			(0.48	)		(0.42	)		(0.03	)		(0.13	)		0.00			(0.16	)
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)
2019	$	10.96		0.05			0.55			0.60			0.00			0.00			0.00			0.00
2018	$	11.54		0.08			(0.49	)		(0.41	)		(0.04	)		(0.13	)		0.00			(0.17	)
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)
2019	$	10.22		0.04			0.55			0.59			(0.03	)		0.00			0.00			(0.03	)
2018	$	11.53		0.05			(0.85	)		(0.80	)		(0.06	)		(0.45	)		0.00			(0.51	)
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	)
Global Allocation Fund - Adviser Class (1)(2)(3)(4)
2019	$	10.24		0.05			0.55			0.60			(0.04	)		0.00			0.00			(0.04	)
2018	$	11.54		0.09			(0.86	)		(0.77	)		(0.08	)		(0.45	)		0.00			(0.53	)
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)
2019	$	10.24		0.07			0.55			0.62			(0.05	)		0.00			0.00			(0.05	)
2018	$	11.55		0.11			(0.86	)		(0.75	)		(0.11	)		(0.45	)		0.00			(0.56	)
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 106 and 107.

The accompanying notes are an integral part of these financial statements

Page 100 2019 Semiannual Report | June 30, 2019

					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 Expenses to Average Net Assets After Fee Reductions (10)			Ratio of Expenses to Average Net Assets Before Fee Reductions (11)			Portfolio Turnover Rate
$	7.53		5.31	%	$	187,224		0.83	%		1.31	%		1.31	%		112	%
$	7.16		(3.66	%)	$	203,287		0.54	%		1.32	%		1.32	%		225	%
$	7.54		20.29	%	$	250,322		0.49	%		1.33	%		1.33	%		276	%
$	6.79		5.72	%	$	390,817		0.73	%		1.36	%		1.35	%		414	%
$	6.47		(5.50	%)	$	390,945		0.33	%		1.35	%		1.37	%		277	%
$	7.03		12.12	%	$	297,861		0.22	%		1.44	%		1.44	%		238	%
$	7.58		5.49	%	$	64,057		0.98	%		1.16	%		1.16	%		112	%
$	7.20		(3.39	%)	$	61,159		0.79	%		1.10	%		1.17	%		225	%
$	7.57		20.50	%	$	41,440		0.71	%		1.11	%		1.20	%		276	%
$	6.80		4.68	%	$	154		1.32	%		0.99	%		0.99	%		414	%
$	7.58		5.41	%	$	423,836		1.17	%		0.97	%		0.97	%		112	%
$	7.21		(3.17	%)	$	346,563		1.00	%		0.90	%		0.98	%		225	%
$	7.57		20.60	%	$	186,200		0.88	%		0.91	%		1.00	%		276	%
$	6.80		4.72	%	$	845		1.33	%		0.98	%		0.98	%		414	%
$	11.47		5.33	%	$	52,252		0.56	%		1.62	%		1.62	%		37	%
$	10.89		(3.97	%)	$	51,083		0.26	%		1.89	%		1.89	%		100	%
$	11.48		19.28	%	$	59,441		(0.08	%)		2.16	%		2.16	%		120	%
$	10.28		6.97	%	$	124,009		0.16	%		1.99	%		1.99	%		235	%
$	9.73		(1.21	%)	$	125,597		(0.36	%)		2.12	%		2.19	%		161	%
$	11.53		5.30	%	$	15,399		0.76	%		1.42	%		1.42	%		37	%
$	10.95		(3.67	%)	$	14,486		0.49	%		1.70	%		1.70	%		100	%
$	11.53		19.65	%	$	12,921		0.21	%		1.89	%		2.01	%		120	%
$	10.29		4.49	%	$	48		1.07	%		1.88	%		1.88	%		235	%
$	11.56		5.47	%	$	140,612		0.95	%		1.24	%		1.24	%		37	%
$	10.96		(3.51	%)	$	117,166		0.71	%		1.50	%		1.50	%		100	%
$	11.54		19.75	%	$	82,513		0.45	%		1.70	%		1.82	%		120	%
$	10.29		4.52	%	$	461		1.07	%		1.87	%		1.87	%		235	%
$	10.78		5.78	%	$	12,958		0.80	%		1.69	%		1.69	%		90	%
$	10.22		(6.94	%)	$	13,810		0.47	%		1.63	%		1.63	%		163	%
$	11.53		22.33	%	$	35,512		0.35	%		1.63	%		1.63	%		179	%
$	9.56		3.54	%	$	75,657		1.00	%		1.41	%		1.54	%		169	%
$	9.34		(7.21	%)	$	106,422		0.42	%		1.42	%		1.50	%		170	%
$	10.38		5.87	%	$	109,845		0.54	%		1.37	%		1.51	%		143	%
$	10.80		5.86	%	$	1,741		1.02	%		1.49	%		1.49	%		90	%
$	10.24		(6.73	%)	$	1,624		0.75	%		1.44	%		1.44	%		163	%
$	11.54		22.84	%	$	1,057		1.38	%		1.33	%		1.44	%		179	%
$	9.57		2.34	%	$	30		3.79	%		1.17	%		1.17	%		169	%
$	10.81		6.06	%	$	43,535		1.26	%		1.24	%		1.24	%		90	%
$	10.24		(6.57	%)	$	42,976		0.94	%		1.20	%		1.20	%		163	%
$	11.55		23.07	%	$	37,369		1.13	%		1.10	%		1.21	%		179	%
$	9.58		2.34	%	$	330		3.76	%		1.18	%		1.18	%		169	%

See footnotes on pages 106 and 107.

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 101

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2019 (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)
2019	$	11.08		0.07			0.59			0.66			(0.05	)		0.00			0.00			(0.05	)
2018	$	11.61		0.12			(0.49	)		(0.37	)		(0.10	)		(0.06	)		0.00			(0.16	)
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	)
Balanced Fund - Adviser Class (1)(2)(3)(4)
2019	$	11.15		0.09			0.58			0.67			(0.06	)		0.00			0.00			(0.06	)
2018	$	11.68		0.15			(0.49	)		(0.34	)		(0.13	)		(0.06	)		0.00			(0.19	)
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)
2019	$	11.15		0.10			0.58			0.68			(0.07	)		0.00			0.00			(0.07	)
2018	$	11.68		0.18			(0.51	)		(0.33	)		(0.14	)		(0.06	)		0.00			(0.20	)
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)
2019	$	10.84		0.10			0.56			0.66			(0.07	)		0.00			0.00			(0.07	)
2018	$	11.66		0.18			(0.48	)		(0.30	)		(0.16	)		(0.36	)		0.00			(0.52	)
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)
2019	$	10.85		0.11			0.57			0.68			(0.08	)		0.00			0.00			(0.08	)
2018	$	11.66		0.21			(0.49	)		(0.28	)		(0.17	)		(0.36	)		0.00			(0.53	)
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)
2019	$	10.88		0.12			0.56			0.68			(0.09	)		0.00			0.00			(0.09	)
2018	$	11.68		0.23			(0.48	)		(0.25	)		(0.19	)		(0.36	)		0.00			(0.55	)
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)
2019	$	21.18		0.24			1.14			1.38			(0.18	)		0.00			0.00			(0.18	)
2018	$	22.54		0.46			(1.04	)		(0.58	)		(0.40	)		(0.38	)		0.00			(0.78	)
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	)
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4)
2019	$	21.44		0.27			1.14			1.41			(0.20	)		0.00			0.00			(0.20	)
2018	$	22.82		0.52			(1.08	)		(0.56	)		(0.44	)		(0.38	)		0.00			(0.82	)
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)
2019	$	21.49		0.29			1.14			1.43			(0.22	)		0.00			0.00			(0.22	)
2018	$	22.85		0.56			(1.07	)		(0.51	)		(0.47	)		(0.38	)		0.00			(0.85	)
2017	$	21.34		0.59			1.14			1.73			(0.22	)		0.00			0.00			(0.22	)
2016 (9)	$	21.02		0.00	*		0.55			0.55			0.00			(0.20	)		(0.03	)		(0.23	)

See footnotes on pages 106 and 107.

The accompanying notes are an integral part of these financial statements

Page 102 2019 Semiannual Report | June 30, 2019

					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 Expenses to Average Net Assets After Fee Reductions (10)			Ratio of Expenses to Average Net Assets Before Fee Reductions (11)			Portfolio Turnover Rate
$	11.69		5.96	%	$	94,901		1.32	%		1.41	%		1.41	%		90	%
$	11.08		(3.25	%)	$	90,133		1.06	%		1.43	%		1.43	%		218	%
$	11.61		14.74	%	$	97,116		0.81	%		1.49	%		1.49	%		226	%
$	10.74		4.84	%	$	229,738		1.02	%		1.46	%		1.46	%		322	%
$	10.36		(4.47	%)	$	288,803		0.81	%		1.47	%		1.48	%		246	%
$	10.98		8.61	%	$	175,534		0.94	%		1.50	%		1.54	%		180	%
$	11.76		6.01	%	$	20,370		1.52	%		1.21	%		1.21	%		90	%
$	11.15		(2.99	%)	$	19,301		1.31	%		1.21	%		1.23	%		218	%
$	11.68		15.21	%	$	12,137		1.13	%		1.21	%		1.30	%		226	%
$	10.74		2.77	%	$	89		2.42	%		1.06	%		1.06	%		322	%
$	11.76		6.10	%	$	285,540		1.71	%		1.03	%		1.03	%		90	%
$	11.15		(2.85	%)	$	239,375		1.51	%		1.02	%		1.05	%		218	%
$	11.68		15.25	%	$	169,586		1.35	%		1.02	%		1.11	%		226	%
$	10.75		2.83	%	$	219		2.42	%		1.07	%		1.07	%		322	%
$	11.43		6.10	%	$	34,577		1.76	%		1.38	%		1.38	%		77	%
$	10.84		(2.60	%)	$	32,502		1.51	%		1.39	%		1.44	%		213	%
$	11.66		15.99	%	$	24,635		0.61	%		1.67	%		1.73	%		349	%
$	10.46		12.06	%	$	56,744		1.62	%		1.61	%		1.80	%		250	%
$	9.50		(4.15	%)	$	42,099		1.80	%		1.66	%		1.85	%		70	%
$	11.45		6.28	%	$	10,279		1.96	%		1.18	%		1.18	%		77	%
$	10.85		(2.47	%)	$	9,480		1.78	%		1.19	%		1.24	%		213	%
$	11.66		16.40	%	$	3,538		1.03	%		1.35	%		1.50	%		349	%
$	10.46		6.32	%	$	22		1.92	%		1.21	%		1.21	%		250	%
$	11.47		6.26	%	$	135,177		2.15	%		1.00	%		1.00	%		77	%
$	10.88		(2.20	%)	$	119,881		1.97	%		1.01	%		1.05	%		213	%
$	11.68		16.55	%	$	37,945		1.29	%		1.13	%		1.28	%		349	%
$	10.47		6.31	%	$	229		1.92	%		1.24	%		1.24	%		250	%
$	22.38		6.53	%	$	32,130		2.25	%		1.27	%		1.27	%		68	%
$	21.18		(2.62	%)	$	30,759		2.09	%		1.27	%		1.38	%		185	%
$	22.54		7.64	%	$	12,545		1.24	%		1.70	%		2.57	%		135	%
$	21.32		19.87	%	$	20,450		0.55	%		2.17	%		2.55	%		44	%
$	18.17		(16.92	%)	$	20,034		0.56	%		1.98	%		2.01	%		54	%
$	30.45		9.42	%	$	46,746		0.63	%		1.88	%		1.89	%		34	%
$	22.65		6.59	%	$	6,822		2.42	%		1.11	%		1.11	%		68	%
$	21.44		(2.50	%)	$	6,110		2.29	%		1.12	%		1.22	%		185	%
$	22.82		8.01	%	$	682		1.63	%		1.07	%		1.97	%		135	%
$	21.34		2.64	%	$	7		0.11	%		1.93	%		2.18	%		44	%
$	22.70		6.67	%	$	103,241		2.61	%		0.92	%		0.92	%		68	%
$	21.49		(2.28	%)	$	92,412		2.50	%		0.92	%		1.04	%		185	%
$	22.85		8.10	%	$	11,739		2.65	%		0.49	%		1.39	%		135	%
$	21.34		2.62	%	$	305		0.08	%		1.96	%		2.21	%		44	%

See footnotes on pages 106 and 107.

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 103

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2019 (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
Dynamic Allocation Fund - Retail Class (1)(2)(3)(4)
2019	$	9.79		0.04			1.39			1.43			(0.03	)		0.00			0.00		(0.03	)
2018	$	10.85		0.07			(1.00	)		(0.93	)		(0.06	)		(0.07	)		0.00		(0.13	)
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	)
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4)
2019	$	9.82		0.05			1.40			1.45			(0.04	)		0.00			0.00		(0.04	)
2018	$	10.88		0.09			(1.00	)		(0.91	)		(0.08	)		(0.07	)		0.00		(0.15	)
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)
2019	$	9.82		0.06			1.39			1.45			(0.05	)		0.00			0.00		(0.05	)
2018	$	10.86		0.12			(1.00	)		(0.88	)		(0.09	)		(0.07	)		0.00		(0.16	)
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)
2019	$	32.22		0.09			3.49			3.58			(0.03	)		0.00			0.00		(0.03	)
2018	$	36.76		(0.01	)		(4.53	)		(4.54	)		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	)
Quantex Fund - Adviser Class (1)(2)(3)(4)
2019	$	32.28		0.11			3.50			3.61			(0.04	)		0.00			0.00		(0.04	)
2018	$	36.78		0.10			(4.60	)		(4.50	)		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)
2019	$	32.29		0.16			3.49			3.65			(0.05	)		0.00			0.00		(0.05	)
2018	$	36.77		0.20			(4.62	)		(4.42	)		(0.06	)		0.00			0.00		(0.06	)
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 106 and 107.

The accompanying notes are an integral part of these financial statements

Page 104 2019 Semiannual Report | June 30, 2019

					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 Expenses to Average Net Assets After Fee Reductions (10)			Ratio of Expenses to Average Net Assets Before Fee Reductions (11)			Portfolio Turnover Rate
$	11.19		14.61	%	$	42,672		0.77	%		1.42	%		1.52	%		129	%
$	9.79		(8.66	%)	$	40,732		0.62	%		1.45	%		1.55	%		273	%
$	10.85		21.20	%	$	50,570		0.59	%		1.51	%		1.58	%		252	%
$	9.72		5.37	%	$	118,293		1.04	%		1.42	%		1.56	%		369	%
$	9.36		(3.46	%)	$	116,559		0.47	%		1.48	%		1.54	%		245	%
$	10.02		12.80	%	$	141,638		0.40	%		1.45	%		1.54	%		230	%
$	11.23		14.77	%	$	12,908		0.98	%		1.22	%		1.32	%		129	%
$	9.82		(8.49	%)	$	11,198		0.84	%		1.23	%		1.33	%		273	%
$	10.88		21.42	%	$	10,140		0.87	%		1.27	%		1.34	%		252	%
$	9.73		4.89	%	$	48		1.33	%		1.12	%		1.12	%		369	%
$	11.22		14.77	%	$	142,380		1.21	%		0.99	%		1.09	%		129	%
$	9.82		(8.18	%)	$	121,965		1.08	%		1.01	%		1.11	%		273	%
$	10.86		21.61	%	$	70,187		1.10	%		1.05	%		1.12	%		252	%
$	9.72		4.80	%	$	592		1.33	%		1.11	%		1.11	%		369	%
$	35.77		11.11	%	$	31,245		0.53	%		1.57	%		1.57	%		51	%
$	32.22		(12.35	%)	$	28,319		(0.03	%)		1.57	%		1.62	%		116	%
$	36.76		13.42	%	$	60,161		0.27	%		1.52	%		1.66	%		72	%
$	33.36		22.14	%	$	85,235		0.47	%		1.52	%		1.77	%		91	%
$	27.84		(7.68	%)	$	58,883		0.46	%		1.26	%		1.75	%		87	%
$	35.20		9.48	%	$	61,834		0.36	%		1.52	%		1.78	%		29	%
$	35.85		11.18	%	$	1,061		0.64	%		1.45	%		1.45	%		51	%
$	32.28		(12.22	%)	$	923		0.28	%		1.42	%		1.47	%		116	%
$	36.78		13.68	%	$	2,114		0.59	%		1.39	%		1.56	%		72	%
$	33.37		10.48	%	$	31		0.75	%		1.15	%		1.40	%		91	%
$	35.89		11.30	%	$	36,616		0.87	%		1.21	%		1.21	%		51	%
$	32.29		(12.05	%)	$	35,414		0.54	%		1.21	%		1.26	%		116	%
$	36.77		13.84	%	$	32,489		0.75	%		1.18	%		1.35	%		72	%
$	33.37		10.48	%	$	951		0.75	%		1.15	%		1.40	%		91	%

See footnotes on pages 106 and 107.

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 105

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2019 (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)
2019	$	9.03		0.10		0.41			0.51			(0.11	)		0.00		0.00		(0.11	)
2018	$	9.37		0.17		(0.33	)		(0.16	)		(0.18	)		0.00		0.00		(0.18	)
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	)
Total Return Bond Fund - Adviser Class (1)(2)(3)(4)
2019	$	9.04		0.11		0.41			0.52			(0.11	)		0.00		0.00		(0.11	)
2018	$	9.38		0.21		(0.35	)		(0.14	)		(0.20	)		0.00		0.00		(0.20	)
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)
2019	$	9.04		0.12		0.41			0.53			(0.12	)		0.00		0.00		(0.12	)
2018	$	9.38		0.23		(0.35	)		(0.12	)		(0.22	)		0.00		0.00		(0.22	)
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)
2019	$	1.00		0.011		N/A			0.011			(0.011	)		0.000		0.000		(0.011	)
2018	$	1.00		0.016		N/A			0.016			(0.016	)		0.000		0.000		(0.016	)
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	)
Institutional Prime Money Market Fund (1)(2)(3)(4)
2019	$	0.9999		0.0124		0.0000			0.0124			(0.0120	)		0.0000		0.0000		(0.0120	)
2018	$	0.9999		0.0190		0.0000			0.0190			(0.0190	)		0.0000		0.0000		(0.0190	)
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 expenses to average net assets after fee reductions, and ratio of expenses to average net assets before fee reductions do not include impact of expenses of the underlying security holdings as represented in the schedule of investments.

2 Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

3 Total return and portfolio turnover rate are not annualized for periods of less than one full year.

4 Ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after fee reductions, and ratio of expenses to average net assets before fee reductions are annualized for periods of less than one full year.

5 Except for the Money Market Funds, net investment income per share is based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements

Page 106 2019 Semiannual Report | June 30, 2019

					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 Expenses to Average Net Assets After Fee Reductions (10)			Ratio of Expenses to Average Net Assets Before Fee Reductions (11)			Portfolio Turnover Rate
$	9.43		5.62	%	$	14,673		2.22	%		1.15	%		1.26	%		39	%
$	9.03		(1.67	%)	$	14,932		1.88	%		1.15	%		1.26	%		102	%
$	9.37		3.72	%	$	67,986		2.59	%		1.02	%		1.03	%		133	%
$	9.28		4.49	%	$	214,755		2.87	%		0.98	%		1.00	%		217	%
$	9.14		(2.51	%)	$	214,618		2.71	%		1.01	%		1.03	%		295	%
$	9.63		1.78	%	$	143,046		3.39	%		1.02	%		1.13	%		82	%
$	9.45		5.80	%	$	4,092		2.44	%		0.95	%		1.06	%		39	%
$	9.04		(1.45	%)	$	3,570		2.33	%		0.95	%		1.06	%		102	%
$	9.38		4.07	%	$	9,896		2.95	%		0.83	%		0.84	%		133	%
$	9.28		(1.05	%)	$	84		5.49	%		0.53	%		0.53	%		217	%
$	9.45		5.90	%	$	50,124		2.63	%		0.75	%		0.86	%		39	%
$	9.04		(1.22	%)	$	48,437		2.50	%		0.76	%		0.87	%		102	%
$	9.38		4.20	%	$	110,674		3.27	%		0.64	%		0.65	%		133	%
$	9.28		(1.08	%)	$	70		5.35	%		0.53	%		0.53	%		217	%
$	1.00		1.11	%	$	33,324		2.23	%		0.39	%		0.93	%		N/A
$	1.00		1.59	%	$	40,881		1.59	%		0.44	%		0.94	%		N/A
$	1.00		0.68	%	$	35,211		0.67	%		0.47	%		1.00	%		N/A
$	1.00		0.29	%	$	36,666		0.28	%		0.32	%		0.69	%		N/A
$	1.00		0.07	%	$	56,530		0.07	%		0.18	%		0.58	%		N/A
$	1.00		0.06	%	$	54,927		0.06	%		0.16	%		0.67	%		N/A
$	1.0003		1.28	%	$	427,497		2.49	%		0.12	%		0.50	%		N/A
$	0.9999		1.90	%	$	471,603		1.90	%		0.16	%		0.51	%		N/A
$	0.9999		0.96	%	$	296,547		1.01	%		0.17	%		0.56	%		N/A
$	1.0001		0.11	%	$	197,480		0.43	%		0.24	%		0.62	%		N/A

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.

10 Ratio of expenses to average net assets after fee reductions reflects contractual or voluntary waivers and reimbursements of expenses by the investment adviser and transfer agent.

11 Ratio of expenses to average net assets before fee reductions reflects the total expenses before reductions reported in the Statement of Operations.

^* Actual amounts were less than one-half of a cent per share

The accompanying notes are an integral part of these financial statements

2019 Semiannual Report | June 30, 2019 Page 107

Notes to Financial Statements
June 30, 2019 (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 eleven 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), 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 and is only available for purchase in accounts beneficially owned by natural persons. 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. Prime Money Market and Institutional Prime Money Market have adopted policies and procedures to impose liquidity fees on redemptions or temporary redemption gates in the event that the Funds’ weekly liquid assets fall below designated thresholds and the Board of Trustees determines that such liquidity fees or redemption gates are in the best interests of the Fund.

For more information regarding the Funds’ objectives, strategies, and differences in share classes, please refer to the Funds’ prospectus.

2.    Significant Accounting Policies

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 and are reflected in the Statements of Operations.

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.

Page 108 2019 Semiannual Report | June 30, 2019

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, 2019, 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, 2019.

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, 2019 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, Distributable Earnings (Accumulated Deficit)	$	14,338,765	$	1,613,066
Spectrum	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		6,251,269		1,021,146
Global	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		2,399,440		366,139
Balanced	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		6,421,997		827,461
Moderate	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		2,385,833		339,860
Conservative	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,105,880		142,055
Dynamic	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		5,094,545		747,111
Quantex	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		284,262		36,337

2019 Semiannual Report | June 30, 2019 Page 109

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2019 was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Contracts as of December 31, 2018		Long and Short Contracts Opened During the Period		Long and Short Contracts Closed/ Expired During the Period		Contracts as of June 30, 2019		Statement of Operations Location	For the Six Months Ended June 30, 2019
Muirfield	Equity contracts		2,592		7,164		8,101		1,655	Net realized gains (losses) from futures contracts	$	(27,227,788	)
Spectrum	Equity contracts		648		2,474		2,338		784	Net realized gains (losses) from futures contracts		(6,268,102	)
Global	Equity contracts		127		1,098		926		299	Net realized gains (losses) from futures contracts		(1,028,124	)
Balanced	Equity contracts		1,040		3,033		3,325		748	Net realized gains (losses) from futures contracts		(10,529,107	)
Moderate	Equity contracts		307		990		1,032		265	Net realized gains (losses) from futures contracts		(2,920,064	)
Conservative	Equity contracts		148		475		503		120	Net realized gains (losses) from futures contracts		(1,412,975	)
Dynamic	Equity contracts		522		1,371		1,273		620	Net realized gains (losses) from futures contracts		4,049,193
Quantex	Equity contracts		71		49		112		8	Net realized gains (losses) from futures contracts		(183,529	)

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, 2019
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts	$	(2,251,769	)
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		140,861
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		160,863
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(693,397	)
Moderate	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(92,642	)
Conservative	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(77,693	)
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		1,472,597
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		548,180

Federal income taxes. It is each Fund’s policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income and net capital gains to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2015 through December 31, 2018) 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, 2019, 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, 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.

Page 110 2019 Semiannual Report | June 30, 2019

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 redemptions treated as distributions for tax purposes (i.e. equalization). 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, 2018, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital		Distributable Earnings (Accumulated Deficit)
Muirfield	$	3,120,006	$	(3,120,006	)
Spectrum		567,258		(567,258	)
Global		512,154		(512,154	)
Balanced		904,190		(904,190	)
Moderate		—		—
Conservative		—		—
Dynamic		909,382		(909,382	)
Quantex		6,810,508		(6,810,508	)
Bond		—		—

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, 2019 and the year ended December 31, 2018 were as follows:

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Six Months Ended June 30, 2019
Muirfield - Retail	$	21,711,649		2,957,191	$	246,504		32,736
Muirfield - Adviser		14,043,866		1,901,055		126,897		16,741
Muirfield - Institutional		100,265,379		13,632,523		1,103,194		145,540
Spectrum - Retail		4,897,684		438,213		—		—
Spectrum - Adviser		2,230,625		198,278		—		—
Spectrum - Institutional		29,613,478		2,640,401		—		—
Global - Retail		786,825		75,068		36,623		3,422
Global - Adviser		243,729		22,899		6,340		591
Global - Institutional		3,352,898		319,443		200,243		18,677
Balanced - Retail		8,811,556		772,593		403,757		34,815
Balanced - Adviser		2,837,615		248,094		104,835		8,987
Balanced - Institutional		57,858,296		5,068,543		1,662,377		142,494
Moderate - Retail		3,004,720		269,599		210,227		18,554
Moderate - Adviser		1,355,369		121,580		71,766		6,325
Moderate - Institutional		22,070,376		1,979,764		1,044,082		91,851
Conservative - Retail		2,561,335		117,822		256,686		11,575
Conservative - Adviser		1,099,062		49,748		59,467		2,650
Conservative - Institutional		17,439,287		790,760		994,895		44,243
Dynamic - Retail		2,381,458		222,605		115,827		10,439
Dynamic - Adviser		1,928,682		176,881		45,673		4,106
Dynamic - Institutional		15,600,983		1,458,504		630,763		56,772
Quantex - Retail		3,674,655		100,736		26,102		730
Quantex - Adviser		174,766		4,801		1,182		33
Quantex - Institutional		3,471,698		94,252		34,120		950
Bond - Retail		954,576		103,826		163,567		17,659
Bond - Adviser		883,371		95,791		46,718		5,039
Bond - Institutional		7,815,287		849,262		635,339		68,514
Prime Money Market		11,997,644		11,997,645		371,477		371,477
Institutional Prime Money Market		172,006,620		171,989,337		600,056		599,965

2019 Semiannual Report | June 30, 2019 Page 111

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Year Ended December 31, 2018
Muirfield - Retail	$	81,607,430		10,591,064	$	2,838,289		386,039
Muirfield - Adviser		45,772,169		5,912,961		976,171		132,373
Muirfield - Institutional		250,401,075		32,639,655		5,465,965		740,262
Spectrum - Retail		15,316,571		1,306,662		634,335		57,336
Spectrum - Adviser		6,709,846		572,286		205,755		18,534
Spectrum - Institutional		71,831,995		6,114,885		1,820,982		163,947
Global - Retail		7,387,903		625,162		693,907		66,424
Global - Adviser		1,666,708		141,659		80,880		7,739
Global - Institutional		30,087,889		2,587,226		2,227,122		212,652
Balanced - Retail		53,335,958		4,526,600		1,270,759		111,704
Balanced - Adviser		15,554,044		1,316,644		307,224		26,889
Balanced - Institutional		176,221,306		14,971,740		4,087,178		357,622
Moderate - Retail		38,800,866		3,283,431		1,586,555		143,168
Moderate - Adviser		11,337,112		964,690		435,680		39,317
Moderate - Institutional		129,444,120		11,051,119		5,369,404		482,988
Conservative - Retail		35,154,545		1,550,412		1,138,735		52,592
Conservative - Adviser		7,718,877		337,733		226,424		10,341
Conservative - Institutional		103,393,699		4,529,606		3,420,096		155,924
Dynamic - Retail		23,582,325		2,147,604		521,063		50,501
Dynamic - Adviser		5,694,870		520,691		154,361		14,924
Dynamic - Institutional		83,356,132		7,557,922		1,740,535		168,797
Quantex - Retail		13,035,850		350,178		1		—
Quantex - Adviser		1,055,587		28,146		104		3
Quantex - Institutional		33,694,504		915,517		42,119		1,109
Bond - Retail		3,804,576		412,911		368,119		40,486
Bond - Adviser		2,503,637		274,289		69,633		7,671
Bond - Institutional		24,403,992		2,666,294		1,127,534		124,120
Prime Money Market		36,584,300		36,584,300		520,240		520,240
Institutional Prime Money Market		655,634,899		655,689,013		770,570		770,617

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Six Months Ended June 30, 2019
Muirfield - Retail	$	(47,510,197	)		(6,515,134	)	$	(25,552,044	)		(3,525,207	)
Muirfield - Adviser		(14,388,106	)		(1,952,659	)		(217,343	)		(34,863	)
Muirfield - Institutional		(44,155,414	)		(5,960,328	)		57,213,159			7,817,735
Spectrum - Retail		(6,355,096	)		(570,650	)		(1,457,412	)		(132,437	)
Spectrum - Adviser		(2,098,561	)		(186,530	)		132,064			11,748
Spectrum - Institutional		(13,146,107	)		(1,166,330	)		16,467,371			1,474,071
Global - Retail		(2,394,938	)		(228,044	)		(1,571,490	)		(149,554	)
Global - Adviser		(221,120	)		(21,006	)		28,949			2,484
Global - Institutional		(5,275,886	)		(506,983	)		(1,722,745	)		(168,863	)
Balanced - Retail		(9,313,123	)		(818,908	)		(97,810	)		(11,500	)
Balanced - Adviser		(2,941,787	)		(255,646	)		663			1,435
Balanced - Institutional		(27,513,958	)		(2,396,998	)		32,006,715			2,814,039
Moderate - Retail		(2,917,115	)		(262,133	)		297,832			26,020
Moderate - Adviser		(1,157,877	)		(103,509	)		269,258			24,396
Moderate - Institutional		(14,665,492	)		(1,311,675	)		8,448,966			759,940
Conservative - Retail		(3,167,369	)		(145,577	)		(349,348	)		(16,180	)
Conservative - Adviser		(801,733	)		(36,171	)		356,796			16,227
Conservative - Institutional		(13,036,452	)		(587,712	)		5,397,730			247,291
Dynamic - Retail		(6,218,331	)		(578,886	)		(3,721,046	)		(345,842	)
Dynamic - Adviser		(1,844,951	)		(171,067	)		129,404			9,920

Page 112 2019 Semiannual Report | June 30, 2019

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Dynamic - Institutional	$	(13,422,228	)		(1,250,635	)	$	2,809,518			264,641
Quantex - Retail		(3,854,784	)		(106,992	)		(154,027	)		(5,526	)
Quantex - Adviser		(137,080	)		(3,851	)		38,868			983
Quantex - Institutional		(6,164,991	)		(171,882	)		(2,659,173	)		(76,680	)
Bond - Retail		(2,018,421	)		(220,127	)		(900,278	)		(98,642	)
Bond - Adviser		(578,507	)		(62,677	)		351,582			38,153
Bond - Institutional		(8,942,619	)		(971,749	)		(491,993	)		(53,973	)
Prime Money Market		(19,925,446	)		(19,925,446	)		(7,556,325	)		(7,556,324	)
Institutional Prime Money Market		(216,898,649	)		(216,877,239	)		(44,291,973	)		(44,287,937	)
Year Ended December 31, 2018
Muirfield - Retail	$	(120,344,713	)		(15,805,053	)	$	(35,898,994	)		(4,827,950	)
Muirfield - Adviser		(23,177,083	)		(3,027,534	)		23,571,257			3,017,800
Muirfield - Institutional		(76,462,743	)		(9,887,880	)		179,404,297			23,492,037
Spectrum - Retail		(21,651,506	)		(1,854,585	)		(5,700,600	)		(490,587	)
Spectrum - Adviser		(4,581,453	)		(388,155	)		2,334,148			202,665
Spectrum - Institutional		(32,556,739	)		(2,739,415	)		41,096,238			3,539,417
Global - Retail		(27,936,806	)		(2,419,624	)		(19,854,996	)		(1,728,038	)
Global - Adviser		(966,321	)		(82,334	)		781,267			67,064
Global - Institutional		(21,490,748	)		(1,839,787	)		10,824,263			960,091
Balanced - Retail		(57,110,196	)		(4,872,793	)		(2,503,479	)		(234,489	)
Balanced - Adviser		(7,711,363	)		(651,971	)		8,149,905			691,562
Balanced - Institutional		(98,596,493	)		(8,389,812	)		81,711,991			6,939,550
Moderate - Retail		(29,729,790	)		(2,540,828	)		10,657,631			885,771
Moderate - Adviser		(5,106,044	)		(434,215	)		6,666,748			569,792
Moderate - Institutional		(44,111,927	)		(3,760,524	)		90,701,597			7,773,583
Conservative - Retail		(15,769,100	)		(707,441	)		20,524,180			895,563
Conservative - Adviser		(2,106,654	)		(93,049	)		5,838,647			255,025
Conservative - Institutional		(20,263,277	)		(898,989	)		86,550,518			3,786,541
Dynamic - Retail		(29,718,729	)		(2,700,614	)		(5,615,341	)		(502,509	)
Dynamic - Adviser		(3,637,896	)		(328,036	)		2,211,335			207,579
Dynamic - Institutional		(19,534,689	)		(1,766,261	)		65,561,978			5,960,458
Quantex - Retail		(40,590,059	)		(1,107,858	)		(27,554,208	)		(757,680	)
Quantex - Adviser		(2,143,773	)		(57,014	)		(1,088,082	)		(28,865	)
Quantex - Institutional		(26,406,354	)		(703,507	)		7,330,269			213,119
Bond - Retail		(56,261,664	)		(6,056,440	)		(52,088,969	)		(5,603,043	)
Bond - Adviser		(8,796,720	)		(942,209	)		(6,223,450	)		(660,249	)
Bond - Institutional		(85,936,237	)		(9,230,713	)		(60,404,711	)		(6,440,299	)
Prime Money Market		(31,434,432	)		(31,434,432	)		5,670,108			5,670,108	��
Institutional Prime Money Market		(481,353,876	)		(481,379,810	)		175,051,593			175,079,820

2019 Semiannual Report | June 30, 2019 Page 113

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, 2019.

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description/ Fund	Gross Amounts of Recognized Assets/ Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments*			Collateral Pledged (Received)*			Net Amount
Assets:
Securities Loaned
Muirfield	$	6,660	$	—	$	6,660	$	—		$	(6,660	)	$	—
Spectrum		36,318		—		36,318		—			(36,318	)		—
Quantex		641,484		—		641,484		—			(641,484	)		—
Futures Contracts
Muirfield	$	1,613,066	$	—	$	1,613,066	$	—		$	—		$	1,613,066
Spectrum		1,021,146		—		1,021,146		—			—			1,021,146
Global		366,139		—		366,139		—			—			366,139
Balanced		827,461		—		827,461		—			—			827,461
Moderate		339,860		—		339,860		—			—			339,860
Conservative		142,055		—		142,055		—			—			142,055
Dynamic		747,111		—		747,111		—			—			747,111
Quantex		36,337		—		36,337		—			—			36,337
Repurchase Agreements
Prime Money Market	$	6,500,000	$	—	$	6,500,000	$	(6,500,000	)	$	—		$	—
Institutional Prime Money Market		100,000,000		—		100,000,000		(100,000,000	)		—			—
Liabilities:
N/A		N/A		N/A		N/A		N/A			N/A			N/A

^* The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged.

Agreement and Plan of Reorganization.On September 28, 2018, the Board of Trustees of Aggressive Allocation Fund – Retail Class, Adviser Class, and Institutional Class, together “Aggressive,” approved the reorganization of Aggressive with and into Dynamic Allocation Fund – Retail Class, Adviser Class, and Institutional Class, together “Dynamic.” The purpose of the reorganization was to combine two funds managed by Meeder Asset Management, Inc., the investment adviser of both funds, with comparable investment objectives and strategies. The reorganization provided for the transfer of assets of Aggressive to Dynamic and the assumption of the liabilities of Aggressive by Dynamic. The reorganization was effective as of the close of business on November 30, 2018. For each share of Aggressive Allocation Fund – Retail Class, Adviser Class, and Institutional Class, shareholders received 0.848925377 share, 0.847134663 share, and 0.849743253 share, respectively, of Dynamic Allocation Fund – Retail Class, Adviser Class, and Institutional Class. The following table illustrates the specifics of the reorganization:

Aggressive Net Assets	Shares Issued to Shareholders of Aggressive	Dynamic Net Assets	Combined Net Assets	Tax Status of Transfer
$19,497,321(1)	1,805,537	$167,927,507	$187,424,828	Non-taxable

(1) Includes net unrealized appreciation on investments in the amounts of $570,739.

For financial reporting purposes, assets received and shares issued by Dynamic were recorded at fair value; however, the cost basis of the investments received from Aggressive was carried forward to align ongoing reporting of Dynamic’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Page 114 2019 Semiannual Report | June 30, 2019

Assuming the reorganization had been completed on January 1, 2018, the beginning of the reporting period, the pro forma results of operations for the year ended December 31, 2018 would have been as follows:

Net investment income	$	1,537,715
Net realized gain on investments		276,699
Change in net unrealized depreciation on investments		(18,423,949	)
Net decrease in net assets resulting from operations	$	(16,609,535	)

Because Dynamic has been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of Aggressive and Dynamic Funds that have been included in Dynamic’s Statements of Operations since November 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.

Distributions received from the Funds’ investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

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 net asset 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

2019 Semiannual Report | June 30, 2019 Page 115

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.

For the six months ended June 30, 2019, 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, 2019.

Muirfield – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	486,678,135	$	—	$	—	$	486,678,135
Money market registered investment companies		173,433,186		—		—		173,433,186
Bank obligations		—		739,457		—		739,457
Total	$	660,111,321	$	739,457	$	—	$	660,850,778
Trustee deferred compensation***	$	209,857	$	—	$	—	$	209,857
Futures contracts**	$	1,613,066	$	—	$	—	$	1,613,066

Spectrum - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks - Long*	$	194,502,786		$	—	$	—	$	194,502,786
Money market registered investment companies		5,963,655			—		—		5,963,655
Total - Long investments	$	200,466,441		$	—	$	—	$	200,466,441
Common stocks - Short*	$	(69,273,555	)	$	—	$	—	$	(69,273,555	)
Trustee deferred compensation***	$	24,226		$	—	$	—	$	24,226
Futures contracts**	$	1,021,146		$	—	$	—	$	1,021,146

Global - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	23,958,574	$	—	$	—	$	23,958,574
Registered investment companies		8,730,990		—		—		8,730,990
Money market registered investment companies		21,500,067		—		—		21,500,067
Bank obligations		—		739,457		—		739,457
U.S. government obligations		—		915,333		—		915,333
Total	$	54,189,631	$	1,654,790	$	—	$	55,844,421
Trustee deferred compensation***	$	91,856	$	—	$	—	$	91,856
Futures contracts**	$	368,409	$	—	$	—	$	368,409

Page 116 2019 Semiannual Report | June 30, 2019

Balanced - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	193,833,579	$	—	$	—	$	193,833,579
Registered investment companies		104,770,101		—		—		104,770,101
Money market registered investment companies		77,239,834		—		—		77,239,834
Bank obligations		—		739,457		—		739,457
U.S. government obligations		—		17,762,936		—		17,762,936
Total	$	375,843,514	$	18,502,393	$	—	$	394,345,907
Trustee deferred compensation***	$	136,768	$	—	$	—	$	136,768
Futures contracts**	$	827,461	$	—	$	—	$	827,461

Moderate - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	58,499,398	$	—	$	—	$	58,499,398
Registered investment companies		77,763,567		—		—		77,763,567
Money market registered investment companies		27,815,437		—		—		27,815,437
Bank obligations		—		246,495		—		246,495
U.S. government obligations		—		13,184,383		—		13,184,383
Total	$	164,078,402	$	13,430,878	$	—	$	177,509,280
Trustee deferred compensation***	$	14,744	$	—	$	—	$	14,744
Futures contracts**	$	339,860	$	—	$	—	$	339,860

Conservative - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	28,566,264	$	—	$	—	$	28,566,264
Registered investment companies		86,046,968		—		—		86,046,968
Money market registered investment companies		11,799,761		—		—		11,799,761
U.S. government obligations		—		14,539,182		—		14,539,182
Total	$	126,412,993	$	14,539,182	$	—	$	140,952,175
Trustee deferred compensation***	$	56,187	$	—	$	—	$	56,187
Futures contracts**	$	142,055	$	—	$	—	$	142,055

Dynamic - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	134,863,352	$	—	$	—	$	134,863,352
Registered investment companies		11,419,708		—		—		11,419,708
Money market registered investment companies		45,874,530		—		—		45,874,530
Bank obligations		—		739,457		—		739,457
Total	$	192,157,590	$	739,457	$	—	$	192,897,047
Trustee deferred compensation***	$	180,938	$	—	$	—	$	180,938
Futures contracts**	$	747,111	$	—	$	—	$	747,111

Quantex - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	67,283,795	$	—	$	—	$	67,283,795
Money market registered investment companies		1,374,060		—		—		1,374,060
Bank obligations		—		719,176		—		719,176
Total	$	68,657,855	$	719,176	$	—	$	69,377,031
Trustee deferred compensation***	$	53,571	$	—	$	—	$	53,571
Futures contracts**	$	36,337	$	—	$	—	$	36,337

2019 Semiannual Report | June 30, 2019 Page 117

Bond - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	56,481,633	$	—	$	—	$	56,481,633
Money market registered investment companies		2,154,464		—		—		2,154,464
U.S. government obligations		—		10,148,440		—		10,148,440
Total	$	58,636,097	$	10,148,440	$	—	$	68,784,537
Trustee deferred compensation***	$	59,444	$	—	$	—	$	59,444

Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	492,962	$	—	$	492,962
Certificates of deposit		—		6,751,078		—		6,751,078
Commercial paper		—		9,743,861		—		9,743,861
Corporate obligations		—		5,587,244		—		5,587,244
Repurchase agreements		—		6,500,000		—		6,500,000
U.S. government and agency obligations		—		998,627		—		998,627
Money market registered investment companies		3,205,499		—		—		3,205,499
Total	$	3,205,499	$	30,073,772	$	—	$	33,279,271
Trustee deferred compensation***	$	35,633	$	—	$	—	$	35,633

Institutional Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	492,962	$	—	$	492,962
Certificates of deposit		—		78,842,645		—		78,842,645
Commercial paper		—		120,944,510		—		120,944,510
Corporate obligations		—		88,444,165		—		88,444,165
Repurchase agreements		—		100,000,000		—		100,000,000
U.S. government and agency obligations		—		17,467,738		—		17,467,738
Money market registered investment companies		21,363,017		—		—		21,363,017
Total	$	21,363,017	$	406,192,020	$	—	$	427,555,037
Trustee deferred compensation***	$	2,530	$	—	$	—	$	2,530

^* See schedules of investments for industry classifications.

^** Futures contracts include unrealized gain/loss on contracts open at June 30, 2019.

^*** A corresponding liability exists that is marked to market and is considered Level 1 in the fair value hierarchy.

4.    Investment Transactions

For the six months ended June 30, 2019, 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	$	521,087,827	$	484,154,261
Spectrum		70,728,323		64,807,223
Global		28,480,529		30,519,583
Balanced		269,923,603		256,229,779
Moderate		106,480,828		104,999,847
Conservative		79,305,978		80,481,728
Dynamic		181,323,661		185,511,289
Quantex		40,577,459		32,264,147
Bond		19,729,893		22,288,116

Page 118 2019 Semiannual Report | June 30, 2019

For the six months ended June 30, 2019, 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	$	659,116	$	237,657
Balanced		13,039,496		3,583,581
Moderate		9,946,928		2,810,668
Conservative		10,715,669		3,025,098
Bond		5,453,367		3,363,885

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 Exceeding $100 Million up to $200 Million	Percentage of Average Daily Net Assets Exceeding $200 Million
Muirfield	1.00%	0.75%	0.60%	0.60%
Spectrum	0.75%	0.75%	0.75%	0.60%
Global	0.75%	0.75%	0.75%	0.60%
Balanced	0.75%	0.75%	0.75%	0.60%
Moderate	0.60%	0.60%	0.60%	0.60%
Conservative	0.50%	0.50%	0.50%	0.50%
Dynamic	0.75%	0.75%	0.75%	0.60%
Quantex	0.75%	0.75%	0.60%	0.60%
Bond	0.40%	0.40%	0.20%	0.20%
Prime Money Market	0.40%	0.40%	0.25%	0.25%
Institutional Prime Money Market	0.40%	0.40%	0.25%	0.25%

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.

For the period January 1, 2019 through April 29, 2019, 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. There were no such reimbursements made during the six months ended June 30, 2019.

For the period January 1, 2019 through April 29, 2019, 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. There were no such reimbursements made during the six months ended June 30, 2019.

For the period January 1, 2019 through April 29, 2019, MAM contractually agreed to reimburse management fees or other fund expenses for Conservative 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. There were no such reimbursements made during the six months ended June 30, 2019.

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, 2019, $95,098 of investment advisory fees were waived in Dynamic.

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, 2019, $36,864 of investment advisory fees were waived in Bond.

2019 Semiannual Report | June 30, 2019 Page 119

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	%
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	%

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 is reduced by 0.02%. Management may voluntarily waive fees for any Fund. During the six months ended June 30, 2019, MFSCo waived the following transfer agent fees:

	Voluntary Transfer Agent Fees Reimbursements		Impact of Voluntary Transfer Agent Fees Reimbursements to Average Net Assets
Prime Money Market	$	3,641		0.02	%
Institutional Prime Money Market		46,794		0.02	%

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%
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%

Page 120 2019 Semiannual Report | June 30, 2019

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	%
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		30,000		0.15	%		0.10	%		0.02	%		0.01	%
Institutional Prime Money Market		30,000		0.15	%		0.10	%		0.02	%		0.01	%

For the six months ended June 30, 2019, 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
Prime Money Market	$	97,288		0.53	%
Institutional Prime Money Market		867,593		0.37	%

2019 Semiannual Report | June 30, 2019 Page 121

Certain Funds have entered into securities lending arrangements with Huntington National Bank (“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, 2019, Muirfield, Spectrum, 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, 2019, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	5,175
Spectrum		636
Global		7,326
Balanced		50,863
Moderate		37,904
Conservative		42,968
Dynamic		19,495
Quantex		4,309

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 distributor for the six months ended June 30, 2019, 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

$

14,989

Spectrum

N/A

0.25

%

N/A

N/A

N/A

Global

N/A

0.25

%

N/A

N/A

N/A

Balanced

N/A

0.25

%

N/A

N/A

N/A

Moderate

N/A

0.25

%

N/A

N/A

N/A

Conservative

N/A

0.25

%

N/A

N/A

N/A

Dynamic

N/A

0.25

%

N/A

N/A

1,793

Quantex

N/A

0.20

%

N/A

N/A

8,607

Bond

N/A

0.25

%

N/A

N/A

N/A

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

Page 122 2019 Semiannual Report | June 30, 2019

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, 2019 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%
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, 2019, 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 2.45% on June 30, 2019, were as follows:

	12/31/18 Fair Value		Purchases		Sales			Realized Gains		6/30/19 Cost		Change in Unrealized		Income		6/30/19 Fair Value
Muirfield	$	203,128,346	$	49,070,226	$	(78,850,161	)	$	6,875	$	173,357,763	$	70,750	$	2,581,934	$	173,426,036
Spectrum		10,509,243		20,555,037		(25,139,618	)		1,756		5,926,418		1,640		139,832		5,928,058
Global		23,572,809		5,503,003		(7,584,668	)		836		21,491,168		8,087		272,668		21,500,067
Balanced		77,420,634		38,590,566		(38,802,526	)		1,490		77,208,290		29,670		1,002,668		77,239,834
Moderate		29,907,471		16,464,519		(18,567,946	)		992		27,803,282		10,401		368,090		27,815,437
Conservative		13,762,782		15,847,379		(17,815,452	)		418		11,794,901		4,634		166,768		11,799,761
Dynamic		38,098,890		19,051,118		(11,291,588	)		47		45,857,758		16,063		508,119		45,874,530
Quantex		9,650,794		8,045,348		(16,968,637	)		255		727,760		181		18,967		727,941
Bond		2,871,730		6,937,375		(7,655,559	)		396		2,153,635		522		28,804		2,154,464

2019 Semiannual Report | June 30, 2019 Page 123

6.    Federal Tax Information

The following information is computed on a tax basis for each item as of December 31, 2018:

	Tax Cost of Portfolio Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Muirfield	$	605,588,561	$	22,246,883	$	(33,497,237	)	$	(11,250,354	)
Spectrum		107,932,925		20,721,930		(16,416,886	)		4,305,044
Global		58,721,526		1,497,061		(1,994,889	)		(497,828	)
Balanced		348,257,843		9,615,800		(16,209,699	)		(6,593,899	)
Moderate		164,431,099		2,138,691		(6,700,075	)		(4,561,384	)
Conservative		132,072,070		213,074		(4,103,510	)		(3,890,436	)
Dynamic		173,145,762		6,766,446		(9,090,761	)		(2,324,315	)
Quantex		61,214,598		7,208,733		(4,166,775	)		3,041,958
Bond		68,122,743		9,447		(1,100,345	)		(1,090,898	)
Prime Money Market		40,863,683		—		—			—
Institutional Prime Money Market		472,023,169		6,312		(60,953	)		(54,641	)

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2018 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Total Dividends Paid*
Muirfield	$	4,158,041	$	1,999,996	$	3,470,512	$	9,628,549
Spectrum		525,534		—		2,147,422		2,672,956
Global		547,173		252,504		2,206,115		3,005,792
Balanced		3,879,662		1,729,689		81,230		5,690,581
Moderate		2,437,338		3,777,218		1,204,467		7,419,023
Conservative		2,595,679		—		2,210,813		4,806,492
Dynamic		1,272,412		536,466		616,039		2,424,917
Quantex		68,853		—		—		68,853
Bond		1,575,699		—		—		1,575,699
Prime Money Market		552,567		—		—		552,567
Institutional Prime Money Market		6,751,720		—		—		6,751,720

The tax characteristics of dividends paid by the Funds during the year 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
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

Page 124 2019 Semiannual Report | June 30, 2019

As of December 31, 2018, the components of distributable earnings/(accumulated 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 Distributable Earnings/ (Accumulated Deficit)
Muirfield	$	—	$	15,318,351	$	(182,327	)	$	(11,250,354	)	$	3,885,670
Spectrum		137,162		1,931,973		(30,647	)		4,305,044			6,343,532
Global		279,432		614,315		(82,548	)		(497,828	)		313,371
Balanced		487,926		2,818,368		(120,263	)		(6,593,899	)		(3,407,868	)
Moderate		86,224		—		(1,158,504	)		(4,561,384	)		(5,633,664	)
Conservative		150,700		—		(2,646,172	)		(3,890,436	)		(6,385,908	)
Dynamic		—		—		(3,774,424	)		(2,324,315	)		(6,098,739	)
Quantex		83,104		—		(322,852	)		3,041,958			2,802,210
Bond		16,262		—		(12,192,386	)		(1,090,898	)		(13,267,022	)
Institutional Prime Money Market		2,198		—		(5,420	)		(54,641	)		(57,863	)

^* Total dividends paid may differ from the amount reported in the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. Short-term capital gains distributions are taxed as ordinary income.

^** 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, 2018, 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
Moderate	$	1,146,931	$	—	$	—
Conservative		2,597,623		—		—
Quantex		—		—		897,624
Bond		9,229,984		2,906,185		—
Institutional Prime Money Market		1,821		1,504		—

Under the current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As presented in the table below, the following Funds elected to defer capital losses for the fiscal year ended December 31, 2018:

	Short-Term Post- October Loss Deferral		Long-Term Post- October Loss Deferral		Total Late Year Loss Deferral
Dynamic	$	3,335,151	$	279,928	$	3,615,079
Quantex		23,904		251,058		274,962

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, 2019, 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	41%

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.

2019 Semiannual Report | June 30, 2019 Page 125

9.    Recent Accounting Pronouncement

In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management is currently evaluating the impact these changes will have on the Funds’ financial statements and disclosures.

10.    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.

11. Portfolio Disclosure

The Trust files a complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-PORT. 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. Forms N-PORT and N-MFP are available on the SEC’s website at www.sec.gov. Information regarding Fund holdings is also available at www.meederinvestment.com.

12. Proxy Voting

The investment adviser is responsible for exercising the voting rights associated with the securities purchased or held by the Funds. A description of the policies and procedures that the adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the most recent 12-month period ending June 30 are available, without charge, by calling 1-800-325-3539 or on the SEC’s website at www.sec.gov.

Page 126 2019 Semiannual Report | June 30, 2019

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, 2019 to June 30, 2019.

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 (12/31/18)		Ending Account Value (6/30/19)		Expenses Paid During Period1 (12/31/18 - 6/30/19)		Expense Ratio2 (Annualized)
Muirfield Fund - Retail Class	Actual	$	1,000.00	$	1,053.10	$	6.67		1.31	%
	Hypothetical		1,000.00		1,018.30		6.56		1.31	%
Spectrum Fund - Retail Class	Actual		1,000.00		1,053.30		8.25		1.62	%
	Hypothetical		1,000.00		1,016.76		8.10		1.62	%
Global Allocation Fund - Retail Class	Actual		1,000.00		1,057.80		8.62		1.69	%
	Hypothetical		1,000.00		1,016.41		8.45		1.69	%
Balanced Fund - Retail Class	Actual		1,000.00		1,059.60		7.20		1.41	%
	Hypothetical		1,000.00		1,017.80		7.05		1.41	%
Moderate Allocation Fund - Retail Class	Actual		1,000.00		1,061.00		7.05		1.38	%
	Hypothetical		1,000.00		1,017.95		6.90		1.38	%
Conservative Allocation Fund - Retail Class	Actual		1,000.00		1,065.30		6.50		1.27	%
	Hypothetical		1,000.00		1,018.50		6.36		1.27	%
Dynamic Allocation Fund - Retail Class	Actual		1,000.00		1,146.10		7.56		1.42	%
	Hypothetical		1,000.00		1,017.75		7.10		1.42	%
Quantex Fund - Retail Class	Actual		1,000.00		1,111.10		8.22		1.57	%
	Hypothetical		1,000.00		1,017.01		7.85		1.57	%
Total Return Bond Fund - Retail Class	Actual		1,000.00		1,056.20		5.86		1.15	%
	Hypothetical		1,000.00		1,019.09		5.76		1.15	%
Prime Money Market Fund	Actual		1,000.00		1,011.10		1.94		0.39	%
	Hypothetical		1,000.00		1,022.86		1.96		0.39	%
Institutional Prime Money Market Fund	Actual		1,000.00		1,012.80		0.60		0.12	%
	Hypothetical		1,000.00		1,024.20		0.60		0.12	%
Muirfield Fund - Adviser Class	Actual		1,000.00		1,054.90		5.91		1.16	%
	Hypothetical		1,000.00		1,019.04		5.81		1.16	%
Spectrum Fund - Adviser Class	Actual		1,000.00		1,053.00		7.23		1.42	%
	Hypothetical		1,000.00		1,017.75		7.10		1.42	%
Global Allocation Fund - Adviser Class	Actual		1,000.00		1,058.60		7.61		1.49	%
	Hypothetical		1,000.00		1,017.41		7.45		1.49	%
Balanced Fund - Adviser Class	Actual		1,000.00		1,060.10		6.18		1.21	%
	Hypothetical		1,000.00		1,018.79		6.06		1.21	%

2019 Semiannual Report | June 30, 2019 Page 127

		Beginning Account Value (12/31/18)		Ending Account Value (6/30/19)		Expenses Paid During Period1 (12/31/18 - 6/30/19)		Expense Ratio2 (Annualized)
Moderate Allocation Fund - Adviser Class	Actual	$	1,000.00	$	1,062.80	$	6.04		1.18	%
	Hypothetical		1,000.00		1,018.94		5.91		1.18	%
Conservative Allocation Fund - Adviser Class	Actual		1,000.00		1,065.90		5.69		1.11	%
	Hypothetical		1,000.00		1,019.29		5.56		1.11	%
Dynamic Allocation Fund - Adviser Class	Actual		1,000.00		1,147.70		6.50		1.22	%
	Hypothetical		1,000.00		1,018.74		6.11		1.22	%
Quantex Fund - Adviser Class	Actual		1,000.00		1,111.80		7.59		1.45	%
	Hypothetical		1,000.00		1,017.60		7.25		1.45	%
Total Return Bond Fund - Adviser Class	Actual		1,000.00		1,058.00		4.85		0.95	%
	Hypothetical		1,000.00		1,020.08		4.76		0.95	%
Muirfield Fund - Institutional Class	Actual		1,000.00		1,054.10		4.94		0.97	%
	Hypothetical		1,000.00		1,019.98		4.86		0.97	%
Spectrum Fund - Institutional Class	Actual		1,000.00		1,054.70		6.32		1.24	%
	Hypothetical		1,000.00		1,018.65		6.21		1.24	%
Global Allocation Fund - Institutional Class	Actual		1,000.00		1,060.60		6.34		1.24	%
	Hypothetical		1,000.00		1,018.65		6.21		1.24	%
Balanced Fund - Institutional Class	Actual		1,000.00		1,061.00		5.26		1.03	%
	Hypothetical		1,000.00		1,019.69		5.16		1.03	%
Moderate Allocation Fund - Institutional Class	Actual		1,000.00		1,062.60		5.11		1.00	%
	Hypothetical		1,000.00		1,019.84		5.01		1.00	%
Conservative Allocation Fund - Institutional Class	Actual		1,000.00		1,066.70		4.71		0.92	%
	Hypothetical		1,000.00		1,020.23		4.61		0.92	%
Dynamic Allocation Fund - Institutional Class	Actual		1,000.00		1,147.70		5.27		0.99	%
	Hypothetical		1,000.00		1,019.89		4.96		0.99	%
Quantex Fund - Institutional Class	Actual		1,000.00		1,113.00		6.34		1.21	%
	Hypothetical		1,000.00		1,018.79		6.06		1.21	%
Total Return Bond Fund - Institutional Class	Actual		1,000.00		1,059.00		3.83		0.75	%
	Hypothetical		1,000.00		1,021.08		3.76		0.75	%

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 128 2019 Semiannual Report | June 30, 2019

Privacy Policy

Meeder Investment Management and the Meeder Funds are committed to maintaining the financial privacy of our current, former and prospective customers. This policy explains how we protect the security and confidentiality of our customer’s information.

PERSONAL INFORMATION WE COLLECT

We may collect information about Meeder customers from a variety of sources, including:

● Information provided by you or your representative on applications or forms, such as your name, address, date of birth, social security number and investment objectives;

● Information about the transactions in your account, such as your account balance and transaction history; and

● Information we obtain from third parties regarding you, to verify your identity or transfer your account.

INFORMATION WE SHARE WITH OUR AFFILIATES

Our affiliates are financial service providers that offer transfer agency, customer accounting, customer servicing, investment advisory, and other financial services. We share information with our affiliates to service your account. In addition, we may also share information with our affiliates to alert you to other products or services offered by Meeder to the extent provided by law. Information collected from customers whose accounts are opened through investment professionals is not shared with Meeder affiliates for marketing purposes.

INFORMATION WE SHARE WITH THIRD PARTIES

On occasion, we share information we collect about you with unaffiliated third parties to perform services in connection with your account, such as processing transactions, preparing and mailing account statements, and other forms of customer servicing. Information provided to third parties may not be used for any other purpose and Meeder does not permit unaffiliated third parties to use customer information to market their products or services.

HOW WE PROTECT INFORMATION ABOUT YOU

We maintain policies, and require all unaffiliated third parties to maintain policies, to safeguard customer information. We restrict access to nonpublic personal information about you to those persons who need to know that information in order to provide products and services to you. We also maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information.

WHO THIS POLICY APPLIES TO

This policy applies to customers who open relationships directly with Meeder. It applies to Meeder Funds and Meeder’s affiliated companies, including Meeder Asset Management, Meeder Advisory Services, Meeder Public Funds, Adviser Dealer Services and Mutual Funds Service Company.

QUESTIONS

Contact us at 800-325-3539 or visit us online at www.meederinvestment.com

2019 Semiannual Report | June 30, 2019 Page 129

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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 V. 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:

	2019		2018
Audit Fees	$	123,400	$	128,500
Audit-Related Fees		300		300
Tax Fees		38,500		54,500
All Other Fees		1,971		2,200

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 $27,540 and $69,450 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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 5, 2019
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 5, 2019
By:	/s/ Robert S. Meeder, Jr.
	Robert S. Meeder, Jr., President
Date:	September 5, 2019