Schedule of Investments
September 30, 2019 (unaudited)
Quantex Fund
| Security Description | Shares or Principal Amount ($) | Fair Value ($)(1) | ||||||||||
| Common Stocks - 98.3% | ||||||||||||
| Communication Services - 2.1% | ||||||||||||
| Interpublic Group of Cos., Inc./The | 28,437 | 613,102 | ||||||||||
| News Corp. | 48,439 | 692,436 | ||||||||||
| 1,305,538 | ||||||||||||
| Consumer Discretionary - 26.5% | ||||||||||||
| Bed Bath & Beyond, Inc. (3) | 47,259 | 502,836 | ||||||||||
| Big Lots, Inc. | 22,224 | 544,488 | ||||||||||
| BorgWarner, Inc. | 15,702 | 575,949 | ||||||||||
| Brinker International, Inc. | 13,215 | 563,884 | ||||||||||
| Capri Holdings, Ltd. (2) | 16,123 | 534,639 | ||||||||||
| Cheesecake Factory, Inc./The | 13,785 | 574,559 | ||||||||||
| Dana, Inc. | 40,740 | 588,286 | ||||||||||
| Dillard's, Inc. (3) | 8,590 | 567,885 | ||||||||||
| Foot Locker, Inc. | 11,492 | 495,995 | ||||||||||
| Goodyear Tire & Rubber Co./The | 24,935 | 359,189 | ||||||||||
| H&R Block, Inc. | 24,099 | 569,218 | ||||||||||
| Hanesbrands, Inc. | 37,953 | 581,440 | ||||||||||
| Harley-Davidson, Inc. | 14,788 | 531,924 | ||||||||||
| International Speedway Corp. | 15,634 | 703,686 | ||||||||||
| KB Home | 28,009 | 952,306 | ||||||||||
| L Brands, Inc. | 20,840 | 408,256 | ||||||||||
| Leggett & Platt, Inc. | 14,788 | 605,421 | ||||||||||
| LKQ Corp. (2) | 21,292 | 669,633 | ||||||||||
| Macy's, Inc. | 20,530 | 319,036 | ||||||||||
| Mohawk Industries, Inc. (2) | 4,602 | 570,970 | ||||||||||
| Nordstrom, Inc. | 13,117 | 441,649 | ||||||||||
| Norwegian Cruise Line Holdings, Ltd. (2) | 14,510 | 751,183 | ||||||||||
| PulteGroup, Inc. | 23,532 | 860,095 | ||||||||||
| PVH Corp. | 6,614 | 583,553 | ||||||||||
| Ralph Lauren Corp. | 5,909 | 564,132 | ||||||||||
| Signet Jewelers, Ltd. | 14,119 | 236,634 | ||||||||||
| TRI Pointe Group, Inc. (2) | 42,127 | 633,590 | ||||||||||
| Tupperware Brands Corp. | 14,505 | 230,194 | ||||||||||
| Whirlpool Corp. | 5,006 | 792,750 | ||||||||||
| 16,313,380 | ||||||||||||
| Consumer Staples - 0.8% | ||||||||||||
| Coty, Inc. | 49,799 | 523,387 | ||||||||||
| 523,387 | ||||||||||||
| Energy - 6.8% | ||||||||||||
| Chesapeake Energy Corp. (2)(3) | 168,415 | 237,465 | ||||||||||
| Cimarex Energy Co. | 6,854 | 328,581 | ||||||||||
| Dril-Quip, Inc. (2) | 10,700 | 536,926 | ||||||||||
| Helmerich & Payne, Inc. | 12,115 | 485,448 | ||||||||||
| HollyFrontier Corp. | 11,685 | 626,783 | ||||||||||
| Noble Energy, Inc. | 26,402 | 592,989 | ||||||||||
| QEP Resources, Inc. | 64,392 | 238,250 | ||||||||||
| World Fuel Services Corp. | 28,557 | 1,140,567 | ||||||||||
| 4,187,009 | ||||||||||||
| Financials - 8.9% | ||||||||||||
| Assurant, Inc. | 4,612 | 580,282 | ||||||||||
| Brighthouse Financial, Inc. (2) | 15,917 | 644,161 | ||||||||||
| Everest Re Group, Ltd. | 2,808 | 747,181 | ||||||||||
| Globe Life, Inc. | 6,545 | 626,749 | ||||||||||
| Jefferies Financial Group, Inc. | 29,516 | 543,094 | ||||||||||
| People's United Financial, Inc. | 37,903 | 592,613 | ||||||||||
| Trustmark Corp. | 16,904 | 576,595 | ||||||||||
| Unum Group | 18,209 | 541,171 | ||||||||||
| Wells Fargo & Co. (2)(8) | 1 | 0 | ||||||||||
| Zions Bancorp NA | 14,258 | 634,766 | ||||||||||
| 5,486,612 | ||||||||||||
| Healthcare - 8.6% | ||||||||||||
| Allscripts Healthcare Solutions, Inc. (2) | 60,342 | 662,555 | ||||||||||
| DaVita, Inc. (2) | 9,854 | 562,368 | ||||||||||
| DENTSPLY SIRONA, Inc. | 15,242 | 812,551 | ||||||||||
| Mallinckrodt PLC (2) | 39,181 | 94,426 | ||||||||||
| Patterson Cos., Inc. | 30,385 | 541,461 | ||||||||||
| PerkinElmer, Inc. | 7,784 | 662,963 | ||||||||||
| Perrigo Co. PLC | 13,806 | 771,617 | ||||||||||
| Prestige Consumer Healthcare, Inc. (2) | 17,249 | 598,368 | ||||||||||
| Tenet Healthcare Corp. (2) | 27,429 | 606,729 | ||||||||||
| 5,313,038 | ||||||||||||
| Industrials - 21.0% | ||||||||||||
| Alaska Air Group, Inc. | 9,182 | 596,004 | ||||||||||
| Allegion PLC | 7,952 | 824,225 | ||||||||||
| AO Smith Corp. | 12,019 | 573,426 | ||||||||||
| Arconic, Inc. | 31,730 | 824,980 | ||||||||||
| Deluxe Corp. | 12,709 | 624,774 | ||||||||||
| Flowserve Corp. | 12,837 | 599,616 | ||||||||||
| Fortune Brands Home & Security, Inc. | 17,103 | 935,534 | ||||||||||
| Herman Miller, Inc. | 20,349 | 937,885 | ||||||||||
| HNI Corp. | 17,256 | 612,588 | ||||||||||
| Huntington Ingalls Industries, Inc. | 3,254 | 689,165 | ||||||||||
| Jacobs Engineering Group, Inc. | 10,458 | 956,907 | ||||||||||
| Masco Corp. | 18,297 | 762,619 | ||||||||||
| Nielsen Holdings PLC | 22,570 | 479,613 | ||||||||||
| Pentair PLC | 15,740 | 594,972 | ||||||||||
| Pitney Bowes, Inc. | 66,443 | 303,645 | ||||||||||
| Quanta Services, Inc. | 20,312 | 767,794 | ||||||||||
| Robert Half International, Inc. | 10,361 | 576,693 | ||||||||||
| Snap-on, Inc. | 3,778 | 591,408 | ||||||||||
| United Rentals, Inc. (2) | 5,218 | 650,372 | ||||||||||
| 12,902,220 | ||||||||||||
| Information Technology - 8.6% | ||||||||||||
| Alliance Data Systems Corp. | 3,565 | 456,783 | ||||||||||
| Belden, Inc. | 12,980 | 692,353 | ||||||||||
| FLIR Systems, Inc. | 12,119 | 637,338 | ||||||||||
| Juniper Networks, Inc. | 23,140 | 572,715 | ||||||||||
| NetScout Systems, Inc. (2) | 24,907 | 574,355 | ||||||||||
| Qorvo, Inc. (2) | 8,542 | 633,304 | ||||||||||
| Western Union Co./The | 35,838 | 830,366 | ||||||||||
| Xerox Holdings Corp. | 30,941 | 925,445 | ||||||||||
| 5,322,659 | ||||||||||||
| Materials - 7.6% | ||||||||||||
| Avery Dennison Corp. | 6,818 | 774,320 | ||||||||||
| Carpenter Technology Corp. | 12,441 | 642,702 | ||||||||||
| Commercial Metals Co. | 34,442 | 598,602 | ||||||||||
| Compass Minerals International, Inc. | 11,044 | 623,876 | ||||||||||
| Greif, Inc. - Class A | 17,328 | 656,558 | ||||||||||
| Minerals Technologies, Inc. | 11,539 | 612,606 | ||||||||||
| Packaging Corp. of America | 7,327 | 777,395 | ||||||||||
| 4,686,059 | ||||||||||||
| Real Estate Investment Trust - 7.4% | ||||||||||||
| Alexander & Baldwin, Inc. | 26,700 | 654,417 | ||||||||||
| Apartment Investment & Management Co. | 13,939 | 726,779 | ||||||||||
| Duke Realty Corp. | 17,133 | 582,008 | ||||||||||
| Federal Realty Investment Trust | 4,401 | 599,152 | ||||||||||
| Kimco Realty Corp. | 30,622 | 639,387 | ||||||||||
| Mack-Cali Realty Corp. | 26,108 | 565,499 | ||||||||||
| Realogy Holdings Corp. | 30,267 | 202,184 | ||||||||||
| SL Green Realty Corp. | 7,195 | 588,195 | ||||||||||
| 4,557,621 | ||||||||||||
| Total Common Stocks | (Cost | $ | 54,989,878 | ) | 60,597,523 | |||||||
| Money Market Registered Investment Companies - 2.5% | ||||||||||||
| Meeder Institutional Prime Money Market Fund, 2.07% (5) | 328,077 | 328,110 | ||||||||||
| Morgan Stanley Government Institutional Fund, 1.85% (4) | 1,223,045 | 1,223,045 | ||||||||||
| Total Money Market Registered Investment Companies | (Cost | $ | 1,551,155 | ) | 1,551,155 | |||||||
| Bank Obligations - 1.2% | ||||||||||||
| First Merchants Bank Deposit Account, 2.25%, 10/1/2019 (6) | 247,873 | 247,873 | ||||||||||
| Metro City Bank Deposit Account, 2.35%, 10/1/2019 (6) | 227,557 | 227,557 | ||||||||||
| Pacific Mercantile Bank Deposit Account, 1.93%, 10/1/2019 (6) | 247,846 | 247,846 | ||||||||||
| Total Bank Obligations | (Cost | $ | 723,276 | ) | 723,276 | |||||||
| Total Investments - 102.0% | (Cost | $ | 57,264,309 | ) | 62,871,954 | |||||||
| Liabilities less Other Assets - (2.0%) | (1,244,910 | ) | ||||||||||
| Total Net Assets - 100.0% | 61,627,044 | |||||||||||
| Trustee Deferred Compensation (7) | ||||||||||||
| Meeder Balanced Fund | 976 | 11,458 | ||||||||||
| Meeder Dynamic Allocation Fund | 2,433 | 27,225 | ||||||||||
| Meeder Muirfield Fund | 1,166 | 8,803 | ||||||||||
| Meeder Conservative Allocation Fund | 283 | 6,362 | ||||||||||
| Total Trustee Deferred Compensation | (Cost | $ | 49,597 | ) | 53,848 |
| Futures Contracts | ||||||||||||||||
| Long (Short) Contracts | Expiration Date | Notional Value of Contracts ($) | Value and Unrealized Appreciation (Depreciation)($) | |||||||||||||
| Index Futures | ||||||||||||||||
| E-mini Standard & Poors MidCap 400 Futures | 6 | 12/20/2019 | 1,162,800 | (18,863 | ) | |||||||||||
| Total Futures Contracts | 6 | 1,162,800 | (18,863 | ) | ||||||||||||
| (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 September 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 | $ | 62,148,678 | $ | (18,863 | ) | |||
| Level 2 - Other Significant Observable Inputs | 723,276 | - | ||||||
| Level 3 - Significant Unobservable Inputs | - | - | ||||||
| Total | $ | 62,871,954 | $ | (18,863 | ) | |||
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 September 30, 2019. |
| (5) | Investment in affiliate. The yield shown represents the 7-day yield in effect at September 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 September 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. |
