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, 2020

Date of reporting period: June 30, 2020

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 to meederfunds@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 to meederfunds@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	102
Statements of Operations	104
Statements of Changes in Net Assets	106
Financial Highlights	110
Notes to Financial Statements	120
Shareholder Expense Analysis	138

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 Meeder Distribution Services, Inc. (f.k.a. 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, 2020

NOT OUT OF THE WOODS YET

The stock market rally that investors experienced in 2019 continued into the early part of 2020. While the stock market peaked on February 19th, by mid-March, the economic impact of the global pandemic COVID-19 became extremely evident. Most U.S. factories were not able to conduct business in their traditional fashion. While some service-oriented companies were fortunate and able to “work-from-home,” many businesses were only able to proceed with skeleton crews or were forced to shut down completely. This caused substantial losses in revenue for many companies.

With no definite end in sight, the pandemic forced many employers to either temporarily reduce or permanently eliminate much of their workforce. This jarring impact was reflected in the Department of Labor’s weekly report that showed a huge spike in initial jobless claims for the week ending March 21st, rising from 282,000 to 3.3 million. The following week, the number of those seeking unemployment peaked at a record high of more than 6.8 million initial jobless claims. The total number of Americans that have filed initial claims for unemployment benefits over a 14-week period has reached 47 million. This surge in jobless claims caused the U.S. unemployment rate to spike from 4.4% in March to 14.7% in April. To put this in perspective, the highest unemployment rate reached during the Financial Crisis was 10% in October 2009. The positive news is that the trend in the weekly initial jobless claims number has steadily moved downward since the final week of March.

This spike in unemployment caused a huge decline in consumer spending, which is responsible for nearly 70% of the U.S. economy. According to the Bureau of Economic Analysis, spending fell -7.5% in March from the prior month and -12.6% in April. The lowest number ever previously recorded was a -2.1% contraction in January 1987. The National Bureau of Economic Research (NBER) also made the official announcement that the U.S. economy entered a recession in February. While many believed that it was inevitable, the Q1 GDP report showed a contraction of -5.0%. While there are various opinions on what is economically necessary to declare a recession, the NBER is tasked with making the official determination. According to the NBER, the recession was due to the “unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy.” This ended the longest economic expansion on record of 128 months.

THE OIL CRISIS

Buried beneath the coronavirus headlines was another major contributor to volatility in markets. During the second quarter, there was an ill-timed price war between oil producers Russia and Saudi Arabia. Just as demand for oil across the world was plummeting due to the COVID-19 global pandemic, Russia and Saudi Arabia could not come to an agreement on oil production cuts. Each country maintained their production levels, flooding the marketplace with supply. There was so much supply relative to demand that there was virtually no capacity to store oil. According to Reuters, near the end of April, there were more than 160 million barrels of crude oil in tankers. This was 60% more than the previous record.

In response to a lack of additional storage, oil futures contracts turned negative, reaching as low as -37.63. This meant that for the first-time ever, investors holding the contracts at expiration were paid to take delivery of oil. Under normal circumstances, lower oil prices would be great for consumers, as it reduced the price of gasoline to multi-decade lows. However, due to the lack of travel demand related to the COVID-19 pandemic, fewer consumers benefitted. In May, more people began traveling privately rather than using public transportation. This increase in fuel consumption, along with cuts from OPEC, helped reduce much of the excess supply that was available in April and boosted the price of West Texas Intermediate oil in May by 88%. Despite the one-month record price increase, WTI at the end of the second quarter remains down more than 35% year-to-date.

POSITIVE ECONOMIC SIGNS

A positive sign for the U.S. economy occurred with the release of the May Non-Farm payrolls report. This report showed an increase of 2.5 million jobs in the U.S., when consensus estimates predicted a loss of over -8.3 million jobs. It was the biggest monthly increase on record! This abrupt turnaround lowered the U.S. unemployment rate from 14.7% to 13.3% in May. The Bureau of Labor Statistics showed that the industries that provided the biggest gains included 1.2 million jobs being added in the leisure and hospitality industry, followed by more than 460,000 in construction. In June, the U.S. exceeded expectations by adding another 4.8 million jobs. This brought the unemployment rate down to 11.1%, putting the U.S. recovery well ahead of expectations. The sharp increase in job creation over the past two months could be a sign that this recession may potentially be much shorter than any other in history.

Managers of business around the country are also getting more optimistic. Manufacturing, as measured by the ISM Manufacturing PMI Index, jumped to 52.6 in June. This level rose from 43.1 in May and just 41.5 in April. A level below 50 indicates that the industry is contracting, where a level above 50 shows expansion. This dramatic shift back to growth was led by an increase in new orders, increased production, and an increase in prices.

HOW IS THIS IMPACTING PORTFOLIOS?

At Meeder, we manage investment solutions across different risk profiles and time horizons. These strategies utilize a multi-discipline/multi-factor approach that guide us in the allocation of our portfolios. Many of these solutions employ one or more of our core investment strategies that include Growth, Defensive Equity and Fixed Income.

GROWTH

Investment portfolios comprised of the Growth Strategy are more aggressive in their objective and typically remain invested in the stock market. The stock market reversed course from the lows experienced on March 23rd and moved higher to capture significant gains by the end of the second quarter. Russell small-cap and mid-cap indices, as well as the S&P 500 Index, each posted gains of more than 20%. This was primarily driven by the sharp rebound in payroll gains and optimism of the U.S. economic reopening after the COVID-19 shut

2020 Semiannual Report | June 30, 2020 Page 1

down. Significant volatility remained present throughout the quarter, but those investors that remained invested in the Growth Strategy were rewarded with some of the largest returns in our risk-based portfolios.

DEFENSIVE EQUITY

Portfolios that utilize the Defensive Equity Strategy utilize a rules-based and data-driven approach to determine the risk relative to the reward in the marketplace. Our equity exposure to the stock market is determined by our Investment Positioning System (IPS) models that compare REWARD relative to RISK in the stock market. If the REWARD value is greater than market RISK, our portfolios will be fully invested in the stock market. However, when the REWARD value is less than market RISK, we will adopt a defensive position.

Prior to the start of the second quarter, the S&P 500 Index experienced a -34% drawdown from its high on February 19th, to its low on March 23rd. The economic impact of the COVID-19 pandemic rocked the stock market as initial jobless claims spiked as high as 6.8 million in just one week, before gradually trending lower. A sharp increase in MARKET RISK identified by our IPS models indicated that we should have a target exposure of 30% to start the quarter.

Near the end of April, we increased the target stock market exposure to 46%, as short-term trend factors became more bullish, and the percentage of world markets trading above their 50-day moving average increased in the long-term model. Markets remained rangebound until the May non- farm payroll report showed that the U.S. added a record-high 2.5 million jobs when it was expected to lose more than -8.3 million. This helped boost the REWARD VALUE of the IPS model and MARKET RISK also steadily declined. This led us to increase the target exposure to the stock market to 62%. In early June, the IPS model identified MARKET RISK falling to a level not seen since before the COVID-19 pandemic began. In addition, a market breadth factor within the short- term model turned positive, as U.S. equities experienced widespread buying across a wide range of industries and sectors. This strong participation was a positive short-term sign for U.S. equities and increased the REWARD VALUE. These were the primary reasons the IPS guided us to increase our target stock market exposure to 82%. Investors became nervous over the last two weeks of June as the number of COVID-19 cases increased dramatically. Although the IPS model identified an increase in REWARD VALUE available in the marketplace, it was offset by an increase in MARKET RISK and we reduced our target equity exposure to the stock market back to 69% at the end of June.

FIXED INCOME

The Meeder Fixed Income Strategy tactically shifts portfolio exposure utilizing investment models. These models are designed to actively monitor the credit quality, emerging market debt exposure and the U.S. Treasury duration of the portfolio. Our fixed income models added significant value during the coronavirus-driven downturn earlier this year. Volatility and macroeconomic factors in our models turned uniformly negative in the middle of March, while momentum factors turned negative toward the end of the first quarter. This caused us to reduce our high-yield and emerging market exposure prior to the market meltdown in March. Momentum and volatility factors showed strength in high yield bonds, while macroeconomic factors are signaling potential weakness. In Emerging Markets, all factors were uniformly positive. In response to these factors signaling that market conditions improved, we slowly increased our exposure to High Yield and Emerging Market debt in our tactical portfolios over the last few weeks of the second quarter. We believe the Federal Reserve and global central banks are likely to stay accommodative, thereby providing additional support to these sectors.

LOOKING AHEAD

Medical personnel and researchers continue to collaborate with government officials, as they work to ensure the safety of residents, while trying to avoid shutting down the economy again. Many states are again tightening restrictions in response to COVID-19 cases continuing to flare up. The historic events that have already occurred in 2020 show just how much, and how quickly, the world can change. It is a reminder, that regardless of how things may appear, a black swan event could be just around the corner. As we continue to navigate the next phase of this new era, please know that we will continue to follow our time-tested and data-driven models, which were designed to remove emotion from the decision-making process.

Robert S. Meeder
President and CEO
Meeder Asset Management

Page 2 2020 Semiannual Report | June 30, 2020

Portfolio Composition

June 30, 2020

Muirfield Fund

Sector Concentration as of June 30, 2020	% of total common stocks
Information Technology	27.2%
Healthcare	19.6%
Consumer Discretionary	15.4%
Financials	9.4%
Communication Services	8.6%
Industrials	7.6%
Real Estate Investment Trust	3.5%
Energy	2.6%
Materials	2.5%
Consumer Staples	1.8%
Utilities	1.8%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
Microsoft Corp.	4.7%
Apple, Inc.	4.5%
Amazon.com, Inc.	3.3%
Alphabet, Inc. - Class C	1.8%
Berkshire Hathaway, Inc. - Class B	1.6%
Facebook, Inc.	1.5%
Johnson & Johnson	1.4%
Home Depot, Inc./The	1.4%
JPMorgan Chase & Co.	1.2%
Mastercard, Inc.	1.0%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	85.6%
Money Market Registered Investment Companies	11.1%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	3.2%
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, 2020	% of total common stocks
Information Technology	28.6%
Healthcare	20.7%
Consumer Discretionary	15.5%
Financials	8.8%
Industrials	7.5%
Communication Services	7.4%
Real Estate Investment Trust	3.5%
Consumer Staples	2.4%
Energy	2.1%
Materials	2.0%
Utilities	1.5%
Total Long	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
Microsoft Corp.	4.9%
Apple, Inc.	4.8%
Amazon.com, Inc.	3.3%
Johnson & Johnson	1.8%
Alphabet, Inc. - Class C	1.7%
Home Depot, Inc./The	1.6%
Berkshire Hathaway, Inc. - Class B	1.5%
UnitedHealth Group, Inc.	1.5%
Merck & Co., Inc.	1.3%
Facebook, Inc.	1.3%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	81.3%
Money Market Registered Investment Companies	16.1%
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.

Global Allocation Fund

Sector Concentration as of June 30, 2020	% of total common stocks
Information Technology	28.8%
Healthcare	19.9%
Consumer Discretionary	15.1%
Communication Services	9.0%
Financials	8.6%
Industrials	7.6%
Real Estate Investment Trust	3.6%
Energy	2.1%
Materials	2.1%
Utilities	1.8%
Consumer Staples	1.4%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
iShares Core MSCI EAFE ETF	6.1%
Microsoft Corp.	2.5%
Apple, Inc.	2.4%
Amazon.com, Inc.	1.8%
iShares Core MSCI Emerging Markets ETF	1.5%
Xtrackers USD High Yield Corporate Bond ETF	1.0%
iShares Core U.S. Aggregate Bond ETF	1.0%
Alphabet, Inc. - Class C	1.0%
Vanguard Total Bond Market ETF	0.9%
Berkshire Hathaway, Inc. - Class B	0.8%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	44.8%
Equity Registered Investment Companies	7.5%
Fixed Income Registered Investment Companies	8.4%
Money Market Registered Investment Companies	32.6%
Bank Obligations	1.9%
U.S. Government Obligations	1.2%
Other Assets/Liabilities (Net)	3.6%
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.

Page 4 2020 Semiannual Report | June 30, 2020

Balanced Fund

Sector Concentration as of June 30, 2020	% of total common stocks
Information Technology	27.9%
Healthcare	19.4%
Consumer Discretionary	15.3%
Financials	9.2%
Communication Services	8.4%
Industrials	7.5%
Real Estate Investment Trust	3.5%
Energy	2.5%
Materials	2.4%
Consumer Staples	2.0%
Utilities	1.9%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
Xtrackers USD High Yield Corporate Bond ETF	3.2%
Microsoft Corp.	3.0%
iShares Core U.S. Aggregate Bond ETF	2.9%
Apple, Inc.	2.9%
Vanguard Total Bond Market ETF	2.8%
iShares JP Morgan USD Emerging Markets Bond ETF	2.4%
Amazon.com, Inc.	2.1%
Baird Core Plus Bond Fund - Class I	1.9%
PGIM Total Return Bond Fund - Class R6	1.8%
Dodge & Cox Income Fund	1.6%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	53.9%
Fixed Income Registered Investment Companies	25.7%
Money Market Registered Investment Companies	15.3%
Bank Obligations	0.2%
U.S. Government Obligations	3.6%
Other Assets/Liabilities (Net)	1.3%
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, 2020	% of total common stocks
Information Technology	28.5%
Healthcare	19.7%
Consumer Discretionary	15.1%
Communication Services	8.8%
Financials	8.6%
Industrials	7.7%
Real Estate Investment Trust	3.5%
Energy	2.2%
Materials	2.2%
Consumer Staples	1.9%
Utilities	1.8%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
Xtrackers USD High Yield Corporate Bond ETF	5.4%
iShares Core U.S. Aggregate Bond ETF	4.9%
Vanguard Total Bond Market ETF	4.7%
iShares JP Morgan USD Emerging Markets Bond ETF	3.9%
Baird Core Plus Bond Fund - Class I	3.3%
PGIM Total Return Bond Fund - Class R6	3.0%
Dodge & Cox Income Fund	2.7%
Segall Bryant & Hamill Plus Bond Fund - Class I	2.2%
U.S. Treasury Note, 2.25%, due 01/31/2024	2.1%
Microsoft Corp.	2.1%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	36.9%
Fixed Income Registered Investment Companies	43.2%
Money Market Registered Investment Companies	12.7%
Bank Obligations	0.2%
U.S. Government Obligations	6.1%
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.

Conservative Allocation Fund

Sector Concentration as of June 30, 2020	% of total common stocks
Information Technology	28.9%
Healthcare	19.6%
Consumer Discretionary	15.0%
Financials	8.7%
Communication Services	8.7%
Industrials	7.6%
Real Estate Investment Trust	3.5%
Energy	2.2%
Materials	2.1%
Consumer Staples	1.9%
Utilities	1.8%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
Xtrackers USD High Yield Corporate Bond ETF	7.5%
iShares Core U.S. Aggregate Bond ETF	6.9%
Vanguard Total Bond Market ETF	6.6%
iShares JP Morgan USD Emerging Markets Bond ETF	5.6%
Baird Core Plus Bond Fund - Class I	4.5%
PGIM Total Return Bond Fund - Class R6	4.2%
Dodge & Cox Income Fund	3.8%
Segall Bryant & Hamill Plus Bond Fund - Class I	3.2%
U.S. Treasury Note, 2.25%, due 01/31/2024	3.0%
Pioneer Bond Fund - Class Y	2.8%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	22.1%
Fixed Income Registered Investment Companies	60.9%
Money Market Registered Investment Companies	7.8%
U.S. Government Obligations	8.5%
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.

2020 Semiannual Report | June 30, 2020 Page 5

Dynamic Allocation Fund

Sector Concentration as of June 30, 2020	% of total common stocks
Information Technology	28.4%
Healthcare	19.5%
Consumer Discretionary	15.2%
Financials	8.9%
Communication Services	8.6%
Industrials	7.7%
Real Estate Investment Trust	3.5%
Energy	2.3%
Materials	2.3%
Consumer Staples	1.9%
Utilities	1.7%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
Microsoft Corp.	4.5%
Apple, Inc.	4.3%
Amazon.com, Inc.	3.0%
iShares JP Morgan USD Emerging Markets Bond ETF	2.3%
Xtrackers USD High Yield Corporate Bond ETF	2.3%
Alphabet, Inc. - Class C	1.7%
Berkshire Hathaway, Inc. - Class B	1.4%
Home Depot, Inc./The	1.3%
Facebook, Inc.	1.2%
Johnson & Johnson	1.2%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	79.4%
Money Market Registered Investment Companies	8.4%
Fixed Income Registered Investment Companies	4.6%
Equity Registered Investment Companies	0.5%
Bank Obligations	0.4%
Other Assets/Liabilities (Net)	6.7%
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.

Quantex Fund

Sector Concentration as of June 30, 2020	% of total common stocks
Consumer Discretionary	21.7%
Industrials	15.7%
Healthcare	12.1%
Information Technology	11.4%
Materials	9.3%
Financials	7.3%
Real Estate Investment Trust	7.2%
Energy	6.5%
Consumer Staples	3.6%
Utilities	2.9%
Communication Services	2.3%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
E*TRADE Financial Corp.	1.6%
Perrigo Co. PLC	1.5%
DaVita, Inc.	1.5%
PerkinElmer, Inc.	1.4%
F5 Networks, Inc.	1.4%
ABIOMED, Inc.	1.4%
Quanta Services, Inc.	1.4%
Prestige Consumer Healthcare, Inc.	1.3%
Fortune Brands Home & Security	1.3%
Juniper Networks, Inc.	1.3%

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

Asset Allocation as of June 30, 2020	% of total net assets
Common Stocks	91.7%
Money Market Registered Investment Companies	2.3%
Bank Obligations	2.0%
Other Assets/Liabilities (Net)	4.0%
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.

Total Return Bond Fund

Fixed Income Sector Concentration as of June 30, 2020	% of total fixed income securities
Core Intermediate-Term	62.6%
U.S. Government	18.5%
Emerging Markets Debt	11.4%
High-Yield	7.5%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
iShares Core U.S. Aggregate Bond ETF	10.0%
Vanguard Total Bond Market ETF	9.6%
iShares JP Morgan USD Emerging Markets Bond ETF	8.0%
Baird Core Plus Bond Fund - Class I	7.5%
U.S. Treasury Note, 2.25%, due 01/31/2024	6.0%
PGIM Total Return Bond Fund - Class R6	6.0%
Dodge & Cox Income Fund	5.9%
Segall Bryant & Hamill Plus Bond Fund - Class I	5.1%
Xtrackers USD High Yield Corporate Bond ETF	4.8%
Pioneer Bond Fund - Class Y	4.5%

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

Page 6 2020 Semiannual Report | June 30, 2020

Prime Money Market Fund

Sector Concentration as of June 30, 2020	% of total net assets
Commercial Paper	22.0%
Repurchase Agreements	17.8%
Money Market Registered Investment Companies	16.3%
U.S. Government and Agency Obligations	15.7%
Corporate Obligations	11.3%
Certificates of Deposit	10.8%
Bank Obligations	4.7%
Variable Rate Demand Notes	1.4%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
Morgan Stanley Institutional Liquidity Government Fund, 0.05%	16.3%
South Street Repo, 0.13%, due 7/1/2020	13.7%
INTL FCStone Repo, 0.26%, due 7/1/2020	4.1%
Anglesea Funding, 0.25%, 7/1/2020	3.4%
Santander UK PLC, 0.07%, 7/1/2020	2.7%
Credit Suisse AG/New York, NY, 1.01%, 7/7/2020	2.7%
Toyota Motor Credit Corp., 0.48%, 10/23/2020	1.4%
Wells Fargo Bank N.A., 0.40%, 7/15/2020	1.4%
Royal Bank of Canada, 0.43%, 7/23/2020	1.4%
Federal Agricultural Mortgage Corp., 0.17%, 2/10/2021	1.4%

As a percentage of total net assets.

Institutional Prime Money Market Fund

Sector Concentration as of June 30, 2020	% of total net assets
Commercial Paper	25.4%
U.S. Government and Agency Obligations	21.7%
Repurchase Agreements	18.4%
Corporate Obligations	16.2%
Certificates of Deposit	9.4%
Money Market Registered Investment Companies	6.6%
Variable Rate Demand Notes	1.7%
Bank Obligations	0.6%
Total	100.0%

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

Top 10 Holdings as of June 30, 2020	% of total net assets
South Street Repo, 0.11%, 7/1/2020	7.3%
INTL FCStone Repo, 0.26%, 7/1/2020	7.3%
Morgan Stanley Institutional Liquidity Government Fund, 0.05%	6.6%
South Street Repo, 0.13%, 7/1/2020	3.7%
Credit Suisse AG/New York, NY, 0.38%, 9/8/2020	3.5%
Santander UK PLC, 0.07%, 7/1/2020	3.3%
Anglesea Funding, 0.25%, 7/1/2020	3.2%
Toyota Motor Credit Corp., 0.48%, 10/23/2020	2.4%
Federal Home Loan Bank, 0.31%, 4/13/2021	1.8%
Paccar Financial Corp., 0.64%, 11/13/2020	1.8%

As a percentage of total net assets.    

2020 Semiannual Report | June 30, 2020 Page 7

2020 Semiannual Report
Fund Holdings & Financial Statements

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 85.6%
Communication Services — 7.4%
Activision Blizzard, Inc.		13,951		1,058,881
Alphabet, Inc. - Class A (2)		1,334		1,891,679
Alphabet, Inc. - Class C (2)		6,973		9,857,103
AMC Entertainment Holdings, Inc.		3,114		13,359
AT&T, Inc.		161,665		4,887,133
Cable One, Inc.		49		86,968
Cinemark Holdings, Inc.		3,370		38,924
Comcast Corp. - Class A		50,283		1,960,031
Cumulus Media, Inc. (2)		304		1,201
Electronic Arts, Inc. (2)		14,316		1,890,428
EverQuote, Inc. (2)		276		16,052
Facebook, Inc. (2)		35,386		8,035,099
Frontier Communications Corp. (2)(3)		13,822		1,348
Glu Mobile, Inc. (2)		3,604		33,409
Gray Television, Inc. (2)		3,553		49,564
Lee Enterprises, Inc. (2)		8,976		8,796
Liberty TripAdvisor Holdings, Inc. (2)		11,297		24,063
Lions Gate Entertainment Corp. Class A (2)		2,270		16,821
Marcus Corp./The		7,790		103,373
MDC Partners, Inc. (2)		3,032		6,307
National CineMedia, Inc.		1,187		3,525
Netflix, Inc. (2)		3,864		1,758,275
Pinterest, Inc. (2)		4,238		93,956
Spotify Technology SA (2)		2,268		585,575
Telephone and Data Systems, Inc.		8,573		170,431
T-Mobile US, Inc.		25,667		2,673,218
Tribune Publishing Co.		804		8,032
Verizon Communications, Inc.		87,131		4,803,532
				40,077,083
Consumer Discretionary — 13.2%
1-800-Flowers.com, Inc. (2)		2,763		55,315
Amazon.com, Inc. (2)		6,575		18,139,242
Aptiv PLC		30		2,338
Aramark		5,469		123,435
AutoZone, Inc. (2)		447		504,270
Best Buy Co., Inc.		20,264		1,768,439
Big Lots, Inc.		2,864		120,288
Boyd Gaming Corp.		1,682		35,154
Brinker International, Inc.		2,998		71,952
Caleres, Inc.		2,432		20,283
Camping World Holdings, Inc.		5,365		145,713
Capri Holdings, Ltd. (2)		483		7,549
Chipotle Mexican Grill, Inc. (2)		895		941,862
Crocs, Inc. (2)		2,919		107,478

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Dana, Inc.		5,393		65,741
Dave & Buster’s Entertainment		1,619		21,581
Deckers Outdoor Corp. (2)		4,440		871,972
Designer Brands, Inc.		1,289		8,727
Dollar General Corp.		9,949		1,895,384
Dollar Tree, Inc. (2)		2,614		242,266
Domino’s Pizza, Inc.		1,523		562,657
DR Horton, Inc.		22,456		1,245,185
Duluth Holdings, Inc. - Class B (2)		8,676		63,942
eBay, Inc.		24,223		1,270,496
Everi Holdings, Inc. (2)		4,852		25,036
Extended Stay America, Inc.		4,685		52,425
Fiesta Restaurant Group, Inc. (2)		3,189		20,346
Ford Motor Co.		25,611		155,715
Fox Factory Holding Corp. (2)		839		69,310
Garmin, Ltd.		10,416		1,015,560
General Motors Co.		97,120		2,457,136
Gentex Corp.		19,713		508,004
Greenlane Holdings, Inc. (2)		227		903
Hanesbrands, Inc.		5,652		63,811
Harley-Davidson, Inc.		34,989		831,689
Home Depot, Inc./The		30,303		7,591,205
Installed Building Products In (2)		207		14,237
International Game Technology		12,794		113,867
KB Home		7,144		219,178
Kirkland’s, Inc. (2)		7,121		19,298
Lands’ End, Inc. (2)		2,810		22,592
Las Vegas Sands Corp.		7,642		348,017
LCI Industries		3,376		388,172
Lear Corp.		3,555		387,566
Lennar Corp.		16,739		1,031,457

LKQ Corp. (2)	19,619	514,018
Lowe’s Cos., Inc.	29,065	3,927,263
Lululemon Athletica, Inc. (2)	2,593	809,042
M/I Homes, Inc. (2)	371	12,777
Malibu Boats, Inc. (2)	3,004	156,058
McDonald’s Corp.	23,588	4,351,278
Meritage Homes Corp. (2)	1,512	115,093
MGM Resorts International	5,176	86,957
Murphy USA, Inc. (2)	1,337	150,533
NIKE, Inc. - Class B	47,180	4,625,999
NVR, Inc. (2)	248	808,170
Office Depot, Inc.	21,764	51,145
O’Reilly Automotive, Inc. (2)	1,081	455,825
Papa John’s International, Inc.	302	23,982
Party City Holdco, Inc. (2)	2,751	4,099

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 9

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Penn National Gaming, Inc. (2)		3,547		108,325
PetMed Express, Inc.		470		16,751
Polaris, Inc.		229		21,194
PulteGroup, Inc.		29,363		999,223
Qurate Retail, Inc. (2)		5,710		54,245
Ralph Lauren Corp.		4,472		324,309
RCI Hospitality Holdings, Inc.		3,310		45,877
Red Robin Gourmet Burgers, Inc. (2)		3,194		32,579
Red Rock Resorts, Inc.		2,983		32,545
Rent-A-Center, Inc./TX		26,665		741,820
RH (2)		2,548		634,197
Ross Stores, Inc.		3,184		271,404
Rubicon Project, Inc./The (2)		207		1,381
Sleep Number Corp. (2)		1,000		41,640
Sportsman’s Warehouse Holdings (2)		3,637		51,827
Stamps.com, Inc. (2)		680		124,909
Starbucks Corp.		2,299		169,183
Stoneridge, Inc. (2)		1,396		28,841
Sturm Ruger & Co., Inc.		790		60,040
Target Corp.		12,459		1,494,208
Tesla, Inc. (2)		2,542		2,744,877
Texas Roadhouse, Inc.		1,326		69,708
Thor Industries, Inc.		8,898		947,904
Tile Shop Holdings, Inc.		4,409		5,732
Tilly’s, Inc. - Class A		2,896		16,420
TopBuild Corp. (2)		1,328		151,087
Town Sports International Holdings, Inc. (2)		4,612		2,490
Tractor Supply Co.		330		43,491
Tupperware Brands Corp.		1,540		7,315
Urban Outfitters, Inc. (2)		388		5,905
Vista Outdoor, Inc. (2)		464		6,705
Waitr Holdings, Inc. (2)		3,173		8,345
Wendy’s Co./The		159		3,463
Williams-Sonoma, Inc.		4,242		347,886
Wingstop, Inc.		1,147		159,399
Winnebago Industries, Inc.		10,390		692,182
Yum China Holdings, Inc.		9,559		459,501
Yum! Brands, Inc.		9,394		816,433
Zumiez, Inc. (2)		3,596		98,458
				71,560,831
Consumer Staples — 1.5%
Alico, Inc.		344		10,719
Coca-Cola Co./The		40,973		1,830,674
Conagra Brands, Inc.		4,087		143,740
General Mills, Inc.		36,642		2,258,979

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Ingredion, Inc.		125		10,375
John B Sanfilippo & Son, Inc.		152		12,970
Kraft Heinz Co./The		6,211		198,069
Kroger Co./The		14,959		506,362
Molson Coors Beverage Co. - Class B		20,189		693,694
Nu Skin Enterprises, Inc.		1,035		39,568
Oil-Dri Corp. of America		401		13,915
PepsiCo, Inc.		9,990		1,321,277
Performance Food Group Co. (2)		2,646		77,104
Philip Morris International, Inc.		11,049		774,093
Rite Aid Corp. (2)		906		15,456
SpartanNash Co.		3,032		64,430
Tyson Foods, Inc.		888		53,022
United Natural Foods, Inc. (2)		1,608		29,282
Walgreens Boots Alliance, Inc.		3,438		145,737
				8,199,466
Energy — 2.2%
Amplify Energy Corp.		7,061		8,685
Antero Resources Corp. (2)		2,320		5,893
Apache Corp.		3,592		48,492
Arch Resources, Inc.		360		10,228
Archrock, Inc.		2,110		13,694
Ardmore Shipping Corp.		5,764		25,016
Baker Hughes Co.		23,996		369,298
Bonanza Creek Energy, Inc. (2)		228		3,379
Brigham Minerals, Inc.		2,883		35,605
Cabot Oil & Gas Corp.		8,982		154,311
Cactus, Inc.		5,139		106,018
California Resources Corp. (2)(3)		4,424		5,397
Centennial Resource Developmen (2)		921		820
Chaparral Energy, Inc. (2)		2,753		1,784
Chesapeake Energy Corp. (2)		717		3,513
Chevron Corp.		37,791		3,372,091
CNX Resources Corp. (2)		795		6,877
Concho Resources, Inc.		4,528		233,192
ConocoPhillips		28,417		1,194,082
Continental Resources, Inc./OK (2)		2,042		35,796
Delek US Holdings, Inc.		1,248		21,728
DHT Holdings, Inc.		2,432		12,476
Diamondback Energy, Inc.		903		37,763
Dorian LPG, Ltd. (2)		2,050		15,867
EOG Resources, Inc.		11,123		563,491
EQT Corp.		3,429		40,805
Exterran Corp. (2)		1,792		9,659
Extraction Oil & Gas, Inc. (2)		4,625		560

The accompanying notes are an integral part of these financial statements

Page 10 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Exxon Mobil Corp.		17,129		766,009
Frank’s International NV (2)		10,240		22,835
Hallador Energy Co.		6,197		4,059
Helmerich & Payne, Inc.		9,320		181,833
Hess Corp.		1,488		77,093
HollyFrontier Corp.		6,695		195,494
International Seaways, Inc.		1,940		31,700
Kinder Morgan, Inc.		28,716		435,622
Laredo Petroleum, Inc. (2)		244		3,382
Matador Resources Co. (2)		1,063		9,036
Nabors Industries, Ltd.		344		12,735
National Oilwell Varco, Inc.		2,696		33,026
NexTier Oilfield Solutions, Inc. (2)		4,369		10,704
Nine Energy Service, Inc. (2)		576		1,123
Nordic American Tankers, Ltd.		1,043		4,235
Oasis Petroleum, Inc. (2)		4,557		3,418
Oceaneering International, Inc. (2)		2,616		16,716
Par Pacific Holdings, Inc. (2)		3,558		31,986
Patterson-UTI Energy, Inc.		4,541		15,757
PDC Energy, Inc. (2)		3,123		38,850
Peabody Energy Corp.		2,730		7,862
Penn Virginia Corp. (2)		4,768		45,439
Phillips 66		14,629		1,051,825
Pioneer Natural Resources Co.		4,345		424,507
Profire Energy, Inc. (2)		100		84
ProPetro Holding Corp. (2)		9,345		48,033
Range Resources Corp.		3,493		19,666
Renewable Energy Group, Inc. (2)		2,033		50,378
Rosehill Resources, Inc. (2)(3)		1,800		1,299
Schlumberger, Ltd.		17,710		325,687
Southwestern Energy Co. (2)		8,113		20,769
Superior Energy Services, Inc. (2)		1,242		1,416
Talos Energy, Inc. (2)		699		6,431
Teekay Corp. (2)		3,537		8,489
Valero Energy Corp.		20,661		1,215,280
Whiting Petroleum Corp. (2)		2,438		2,755
Williams Cos., Inc./The		20,606		391,926
World Fuel Services Corp.		4,467		115,070
WPX Energy, Inc. (2)		11,940		76,177
				12,045,226
Financials — 8.0%
AGNC Investment Corp.		11,613		149,808
Allstate Corp./The		34,856		3,380,683
American Equity Investment Life		159		3,929
American Express Co.		15,919		1,515,489

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Ameriprise Financial, Inc.		3,716		557,549
Artisan Partners Asset Managem		9,168		297,960
Bank of America Corp.		204,656		4,860,580
Berkshire Hathaway, Inc. Class B (2)		47,764		8,526,352
Blackstone Mortgage Trust, Inc.		3,025		72,872
Cannae Holdings, Inc. (2)		6,066		249,313
Capital Bancorp, Inc. (2)		236		2,525
Cathay General Bancorp		1,725		45,368
Central Valley Community Banco		391		6,017
Charles Schwab Corp./The		370		12,484
Citigroup, Inc.		3,997		204,247
Citizens Financial Group, Inc.		1,803		45,508
Civista Bancshares, Inc.		918		14,137
CNO Financial Group, Inc.		1,663		25,893
Colony Credit Real Estate, Inc.		42		295
Cullen/Frost Bankers, Inc.		2,179		162,793
Curo Group Holdings Corp.		6,958		56,847
CVB Financial Corp.		1,556		29,159
Diamond Hill Investment Group		61		6,934
Donegal Group, Inc.		95		1,351
East West Bancorp, Inc.		2,432		88,136
Ellington Financial, Inc.		388		4,571
Encore Capital Group, Inc. (2)		393		13,433
Enterprise Financial Services		319		9,927
Equitable Holdings, Inc.		11,092		213,965
Esquire Financial Holdings, Inc. (2)		21		355
Essent Group, Ltd.		2,818		102,209
Farmers National Banc Corp.		369		4,376
Fidelity National Financial, Inc.		26,292		806,113
Fifth Third Bancorp		26,398		508,953
First American Financial Corp.		10,724		514,966
First Citizens BancShares, Inc./		86		34,832
First Financial Corp./IN		3,833		141,208
First Interstate BancSystem In		3,340		103,406
First Republic Bank/CA		95		10,069
FirstCash, Inc.		8,990		606,645
FNB Corp./PA		9,571		71,783
FNCB Bancorp, Inc.		134		771
Glacier Bancorp, Inc.		4,252		150,053
Goosehead Insurance, Inc. (2)		2,001		150,395
Great Ajax Corp.		4,942		45,466
GWG Holdings, Inc. (2)		406		3,114
HBT Financial, Inc.		2,869		38,244
Heritage Commerce Corp.		1,273		9,554
Hilltop Holdings, Inc.		12,261		226,215
HomeStreet, Inc.		2,036		50,106

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 11

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Houlihan Lokey, Inc.		1,121		62,372
International Bancshares Corp.		1,955		62,599
INTL. FCStone, Inc. (2)		3,062		168,410
JPMorgan Chase & Co.		67,792		6,376,516
Kinsale Capital Group, Inc.		984		152,727
KKR Real Estate Finance Trust		10,248		169,912
Ladder Capital Corp.		12,583		101,922
Lakeland Bancorp, Inc.		1,302		14,882
LCNB Corp.		214		3,415
LPL Financial Holdings, Inc.		85		6,664
M&T Bank Corp.		1,272		132,250
MarketAxess Holdings, Inc.		1,406		704,294
Marsh & McLennan Cos., Inc.		1,612		173,080
Medley Management, Inc. - Class A (2)		2,343		1,809
MetLife, Inc.		16,901		617,225
Metrocity Bankshares, Inc.		4,060		58,180
Mid Penn Bancorp, Inc.		2		37
MMA Capital Holdings, Inc. (2)		353		8,161
MSCI, Inc.		2,100		701,022
National General Holdings Corp.		2,473		53,442
NI Holdings, Inc. (2)		138		2,038
Nicolet Bankshares, Inc. (2)		174		9,535
Northrim BanCorp, Inc.		2,669		67,099
OceanFirst Financial Corp.		1,496		26,374
Ocwen Financial Corp. (2)		2,941		1,953
Oppenheimer Holdings, Inc.		7,842		170,877
Pacific Premier Bancorp, Inc.		6,784		147,077
Park National Corp.		873		61,442
PCB Bancorp		173		1,782
PennyMac Financial Services, Inc. - Class A		12,735		532,196
People’s United Financial, Inc.		360		4,165
PJT Partners, Inc.		3,123		160,335
PNC Financial Services Group I		1,943		204,423
Popular, Inc.		21,916		814,618
Progressive Corp./The		4,667		373,873
ProSight Global, Inc. (2)		1,145		10,191
Prosperity Bancshares, Inc.		4,286		254,503
Prudential Financial, Inc.		29,248		1,781,203
Pzena Investment Management In		8,002		43,531
QCR Holdings, Inc.		1,581		49,296
Radian Group, Inc.		5,787		89,756
RBB Bancorp		9,372		127,928
Regions Financial Corp.		67,971		755,838
Shore Bancshares, Inc.		386		4,281
Signature Bank/New York NY		5,294		566,034
Silvercrest Asset Management Group, Inc.		155		1,970

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Simmons First National Corp.		5,856		100,196
South State Corp.		255		12,153
Starwood Property Trust, Inc.		3,366		50,355
State Street Corp.		10,923		694,157
Stewart Information Services C		13,933		452,962
Summit Financial Group, Inc.		1,258		20,732
SVB Financial Group (2)		1,186		255,619
TriCo Bancshares		1,273		38,763
Truist Financial Corp.		20,632		774,732
United Community Banks, Inc./GA		392		7,887
Valley National Bancorp		11,602		90,728
Walker & Dunlop, Inc.		2,528		128,448
Wells Fargo & Co.		28,805		737,408
Western Alliance Bancorp		3,690		139,740
				43,472,075
Healthcare — 16.8%
Abbott Laboratories		15,910		1,454,651
AbbVie, Inc.		45,997		4,515,985
Acceleron Pharma, Inc. (2)		2,494		237,603
AcelRx Pharmaceuticals, Inc. (2)		9,001		10,891
Addus HomeCare Corp. (2)		496		45,910
Aduro Biotech, Inc. (2)		3,423		7,907
Adverum Biotechnologies, Inc. (2)		1,302		27,186
Affimed NV (2)		5,071		23,403
Agilent Technologies, Inc.		15,306		1,352,591
Akcea Therapeutics, Inc. (2)		265		3,631
Akebia Therapeutics, Inc. (2)		4,622		62,767
Alector, Inc. (2)		2,353		57,507
Alexion Pharmaceuticals, Inc. (2)		8,675		973,682
Align Technology, Inc. (2)		1,197		328,505
Alkermes PLC (2)		8,387		162,750
Alnylam Pharmaceuticals, Inc. (2)		1,856		274,892
Amedisys, Inc. (2)		440		87,358
AmerisourceBergen Corp.		7,924		798,501
Amgen, Inc.		20,624		4,864,377
Amicus Therapeutics, Inc. (2)		6,388		96,331
Amneal Pharmaceuticals, Inc. (2)		10,215		48,623
Anthem, Inc.		3,715		976,971
Apellis Pharmaceuticals, Inc. (2)		2,090		68,259
Applied Therapeutics, Inc. (2)		653		23,606
Arcus Biosciences, Inc. (2)		447		11,059
Ardelyx, Inc. (2)		3,159		21,860
Arena Pharmaceuticals, Inc. (2)		1,070		67,357
Arrowhead Pharmaceuticals, Inc. (2)		1,119		48,330
Arvinas, Inc. (2)		2,384		79,959

The accompanying notes are an integral part of these financial statements

Page 12 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Assembly Biosciences, Inc. (2)		433		10,098
Assertio Holdings, Inc. (2)		14,489		12,417
Avantor, Inc. (2)		10,178		173,026
Avrobio, Inc. (2)		1,353		23,610
Axsome Therapeutics, Inc. (2)		819		67,387
Baxter International, Inc.		12,090		1,040,949
Becton Dickinson and Co.		2,626		628,323
Beyondspring, Inc. (2)		1,015		15,306
BioDelivery Sciences Internati (2)		17,183		74,918
Biogen, Inc. (2)		3,708		992,075
BioMarin Pharmaceutical, Inc. (2)		6,538		806,397
Bio-Rad Laboratories, Inc. - Class A (2)		595		268,637
BioSpecifics Technologies Corp. (2)		1,035		63,425
Bioxcel Therapeutics, Inc. (2)		473		25,074
Bridgebio Pharma, Inc. (2)		692		22,566
Bristol-Myers Squibb Co.		63,774		3,749,911
Cardinal Health, Inc.		9,806		511,775
Catalent, Inc. (2)		9,679		709,471
Catalyst Pharmaceuticals, Inc. (2)		8,336		38,512
Celcuity, Inc. (2)		720		4,990
Centene Corp. (2)		9,342		593,684
Centogene NV (2)		1,416		32,398
Cerecor, Inc. (2)		1,721		4,475
Cerner Corp.		28,215		1,934,138
Charles River Laboratories Int (2)		345		60,151
Chemed Corp.		1,417		639,166
ChemoCentryx, Inc. (2)		1,900		109,326
Cigna Corp.		5,940		1,114,641
Coherus Biosciences, Inc. (2)		1,541		27,522
Collegium Pharmaceutical, Inc. (2)		1,146		20,055
Constellation Pharmaceuticals (2)		1,190		35,760
Cortexyme, Inc. (2)		136		6,297
Cue Biopharma, Inc. (2)		3,007		73,702
CVS Health Corp.		23,304		1,514,061
CytomX Therapeutics, Inc. (2)		1,616		13,461
DaVita, Inc. (2)		5,725		453,077
Deciphera Pharmaceuticals, Inc. (2)		812		48,493
Denali Therapeutics, Inc. (2)		27		653
DexCom, Inc. (2)		1,449		587,425
Dynavax Technologies Corp. (2)		2,291		20,321
Edwards Lifesciences Corp. (2)		12,999		898,361
Elanco Animal Health, Inc. Contingent Value Rights (2)(8)		3,328		—
Eli Lilly and Co.		23,255		3,818,006
Eloxx Pharmaceuticals, Inc. (2)		893		2,706
Emergent BioSolutions, Inc. (2)		2,846		225,062
Encompass Health Corp.		4,218		261,221

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Endo International PLC (2)		9,342		32,043
Enochian Biosciences, Inc. (2)		367		1,545
Ensign Group, Inc./The		609		25,487
Exact Sciences Corp. (2)		2,744		238,563
Exelixis, Inc. (2)		9,326		221,399
Fate Therapeutics, Inc. (2)		2,424		83,167
Fennec Pharmaceuticals, Inc. (2)		1,310		10,939
Fulcrum Therapeutics, Inc. (2)		1,161		21,235
GenMark Diagnostics, Inc. (2)		1,604		23,595
Gilead Sciences, Inc.		34,673		2,667,741
Hill-Rom Holdings, Inc.		4,482		492,034
HMS Holdings Corp. (2)		6,887		223,070
Horizon Therapeutics Plc (2)		4,168		231,657
Humana, Inc.		6,452		2,501,763
Illumina, Inc. (2)		126		46,664
ImmunoGen, Inc. (2)		5,650		25,990
Immunomedics, Inc. (2)		3,883		137,614
Inovio Pharmaceuticals, Inc. (2)		2,324		62,632
Insmed, Inc. (2)		149		4,103
Intellia Therapeutics, Inc. (2)		1,761		37,016
Invitae Corp. (2)		932		28,230
Iovance Biotherapeutics, Inc. (2)		3,728		102,334
iRhythm Technologies, Inc. (2)		313		36,274
Jazz Pharmaceuticals PLC (2)		1,190		131,305
Johnson & Johnson		54,314		7,638,178
Jounce Therapeutics, Inc. (2)		1,893		13,062
Kadmon Holdings, Inc. (2)		5,647		28,913
Karyopharm Therapeutics, Inc. (2)		52		985
Kiniksa Pharmaceuticals, Ltd. (2)		392		9,988
Kodiak Sciences, Inc. (2)		763		41,294
Krystal Biotech, Inc. (2)		238		9,858
Kura Oncology, Inc. (2)		2,121		34,572
LHC Group, Inc. (2)		666		116,097
MacroGenics, Inc. (2)		1,566		43,723
Marinus Pharmaceuticals, Inc. (2)		4,152		10,546
Masimo Corp. (2)		1,783		406,506
McKesson Corp.		4,469		685,634
Medtronic PLC		52,130		4,780,321
Merck & Co., Inc.		62,539		4,836,141
Meridian Bioscience, Inc. (2)		1,273		29,648
Mersana Therapeutics, Inc. (2)		3,775		88,335
Moderna, Inc. (2)		4,410		283,166
Molecular Templates, Inc. (2)		2,293		31,620
Molina Healthcare, Inc. (2)		1,210		215,356
Momenta Pharmaceuticals, Inc. (2)		3,090		102,804
Morphic Holding, Inc. (2)		485		13,119

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 13

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Mylan NV (2)		3,634		58,435
MyoKardia, Inc. (2)		1,138		109,954
Myriad Genetics, Inc. (2)		1,881		21,331
Natera, Inc. (2)		1,914		95,432
Neurocrine Biosciences, Inc. (2)		3,861		471,042
NextGen Healthcare, Inc. (2)		4,030		44,249
Novavax, Inc. (2)		625		52,094
Odonate Therapeutics, Inc. (2)		787		33,322
Oncocyte Corp. (2)		1,737		3,318
Oncternal Therapeutics, Inc. (2)		933		2,650
OPKO Health, Inc. (2)		9,485		32,344
Organogenesis Holdings, Inc. (2)		1,572		6,036
Osmotica Pharmaceuticals PLC (2)		5,075		34,155
Owens & Minor, Inc.		2,656		20,239
Palatin Technologies, Inc. (2)		15,630		8,003
PDL BioPharma, Inc.		8,245		23,993
Perrigo Co. PLC		10,513		581,054
Pfenex, Inc. (2)		1,950		16,283
Pfizer, Inc.		99,536		3,254,827
Phibro Animal Health Corp. - Class A		4,274		112,278
Phreesia, Inc. (2)		2,483		70,219
PRA Health Sciences, Inc. (2)		1,788		173,955
Precigen, Inc. (2)(3)		4,149		20,704
Principia Biopharma, Inc. (2)		1,225		73,243
Providence Service Corp./The (2)		58		4,577
PTC Therapeutics, Inc. (2)		1,615		81,945
Puma Biotechnology, Inc. (2)		714		7,447
Quest Diagnostics, Inc.		2,370		270,085
Quidel Corp. (2)		523		117,016
Recro Pharma, Inc.		4,364		19,856
Regeneron Pharmaceuticals, Inc. (2)		2,007		1,251,666
Replimune Group, Inc. (2)		575		14,289
ResMed, Inc.		4,467		857,664
Rigel Pharmaceuticals, Inc. (2)		7,307		13,372
Sangamo Therapeutics, Inc. (2)		1,261		11,299
Scholar Rock Holding Corp. (2)		917		16,699
Seattle Genetics, Inc. (2)		3,158		536,607
Seres Therapeutics, Inc. (2)		715		3,403
Simulations Plus, Inc.		143		8,554
Sorrento Therapeutics, Inc. (2)(3)		3,362		21,113
STERIS PLC		6,433		987,080
Strongbridge Biopharma PLC (2)		4,580		17,312
Surgery Partners, Inc. (2)		305		3,529
Sutro Biopharma, Inc. (2)		1,403		10,887
Tandem Diabetes Care, Inc. (2)		1,814		179,441
Teladoc Health, Inc. (2)		1,489		284,161

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Tenet Healthcare Corp. (2)		5,404		97,866
TG Therapeutics, Inc. (2)		2,445		47,629
Theravance Biopharma, Inc. (2)		321		6,738
Thermo Fisher Scientific, Inc.		5,032		1,823,295
Translate Bio, Inc. (2)		1,357		24,317
Turning Point Therapeutics, Inc. (2)		303		19,571
Ultragenyx Pharmaceutical, Inc. (2)		293		22,918
United Therapeutics Corp. (2)		3,247		392,887
UnitedHealth Group, Inc.		16,680		4,919,766
Vanda Pharmaceuticals, Inc. (2)		1,337		15,295
Veeva Systems, Inc. (2)		3,962		928,772
Verrica Pharmaceuticals, Inc. (2)		160		1,762
Vertex Pharmaceuticals, Inc. (2)		7,204		2,091,393
Vir Biotechnology, Inc. (2)		91		3,728
WaVe Life Sciences, Ltd. (2)		239		2,488
West Pharmaceutical Services, Inc.		2,427		551,342
XBiotech, Inc. (2)		2,832		38,827
Xencor, Inc. (2)		3,879		125,641
Y-mAbs Therapeutics, Inc. (2)		947		40,910
Zimmer Biomet Holdings, Inc.		8,436		1,006,921
Zoetis, Inc.		26,094		3,575,922
Zynex, Inc. (2)		1,301		32,356
				91,079,253
Industrials — 6.5%
3M Co.		7,749		1,208,767
Alaska Air Group, Inc.		1		36
Allison Transmission Holdings		21,160		778,265
Altra Industrial Motion Corp.		708		22,557
ArcBest Corp.		1,251		33,164
Arcosa, Inc.		5,985		252,567
ASGN, Inc. (2)		1,346		89,751
Astec Industries, Inc.		1,508		69,835
Atkore International Group, Inc. (2)		5,810		158,904
Atlas Air Worldwide Holdings, Inc. (2)		1,721		74,055
Avis Budget Group, Inc. (2)		215		4,921
Axon Enterprise, Inc. (2)		945		92,733
AZZ, Inc.		6,949		238,490
BG Staffing, Inc.		985		11,150
BMC Stock Holdings, Inc. (2)		20,293		510,166
Builders FirstSource, Inc. (2)		4,505		93,254
Caterpillar, Inc.		5,186		656,029
Comfort Systems USA, Inc.		6,838		278,649
Copart, Inc. (2)		216		17,986
CoreLogic, Inc./United States		343		23,056
Costamare, Inc.		395		2,196

The accompanying notes are an integral part of these financial statements

Page 14 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
CSX Corp.		20,567		1,434,343
Cummins, Inc.		22,066		3,823,155
Curtiss-Wright Corp.		5,898		526,573
Delta Air Lines, Inc.		975		27,349
Eaton Corp. PLC		12,061		1,055,096
Echo Global Logistics, Inc. (2)		6,897		149,113
EMCOR Group, Inc.		5,216		344,986
Emerson Electric Co.		2,785		172,754
Encore Wire Corp.		2,701		131,863
EnerSys		2,987		192,303
Federal Signal Corp.		5,853		174,010
Fortune Brands Home & Security		1,411		90,205
Franklin Electric Co., Inc.		178		9,349
FTI Consulting, Inc. (2)		324		37,114
Generac Holdings, Inc. (2)		651		79,376
GMS, Inc. (2)		583		14,336
Graco, Inc.		1,982		95,116
GrafTech International, Ltd.		4,106		32,766
Herman Miller, Inc.		2,315		54,657
Hertz Global Holdings, Inc. (2)		1,066		1,503
HNI Corp.		3,807		116,380
Hub Group, Inc. - Class A (2)		4,386		209,914
Hubbell, Inc.		8,830		1,106,929
Huntington Ingalls Industries		4,499		785,031
Illinois Tool Works, Inc.		6,503		1,137,050
JetBlue Airways Corp. (2)		14,838		161,734
Johnson Controls International		25,084		856,368
Kelly Services, Inc. - Class A		301		4,760
Kimball International, Inc. - Class B		5,638		65,175
L B Foster Co. - Class A (2)		969		12,374
Lincoln Electric Holdings, Inc.		1,237		104,205
Lockheed Martin Corp.		10,323		3,767,069
LSC Communications, Inc. (2)		11,648		658
Lyft, Inc. (2)		1,903		62,818
Manitowoc Co., Inc./The (2)		3,058		33,271
ManpowerGroup, Inc.		15,805		1,086,594
Marten Transport, Ltd.		7,480		188,197
Matson, Inc.		5,262		153,124
McGrath RentCorp		549		29,651
Meritor, Inc. (2)		6,040		119,592
Miller Industries, Inc./TN		4,972		148,016
MRC Global, Inc. (2)		2,489		14,710
Mueller Water Products, Inc.		2,991		28,205
MYR Group, Inc. (2)		2,513		80,190
NL Industries, Inc.		280		955
Nordson Corp.		3,465		657,345

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Norfolk Southern Corp.		401		70,404
Northrop Grumman Corp.		496		152,490
Northwest Pipe Co. (2)		1,642		41,165
Old Dominion Freight Line, Inc.		3,888		659,366
Oshkosh Corp.		3,565		255,325
PACCAR, Inc.		28,142		2,106,429
Powell Industries, Inc.		18		493
Primoris Services Corp.		6,718		119,312
Regal Beloit Corp.		3,567		311,470
Rexnord Corp.		11,934		347,876
Rockwell Automation, Inc.		2,426		516,738
RR Donnelley & Sons Co.		14,233		16,937
Rush Enterprises, Inc.		2,861		118,617
Safe Bulkers, Inc. (2)		7,327		8,939
Saia, Inc. (2)		1,563		173,774
Schneider National, Inc. - Class B		713		17,590
Shyft Group, Inc./The		4,236		71,334
SkyWest, Inc.		2,059		67,165
Southwest Airlines Co.		74,716		2,553,793
Steelcase, Inc. - Class A		3,832		46,214
Sterling Construction Co., Inc. (2)		305		3,193
Teledyne Technologies, Inc. (2)		395		122,825
Timken Co./The		6,981		317,566
Trex Co., Inc. (2)		687		89,358
Triton International, Ltd./Bermu		11,558		349,514
Tutor Perini Corp. (2)		1,237		15,067
Uber Technologies, Inc. (2)		9,560		297,125
UFP Industries, Inc.		5,158		255,373
Union Pacific Corp.		651		110,065
United Parcel Service, Inc. - Class B		5,385		598,704
Vectrus, Inc. (2)		1,259		61,855
Veritiv Corp. (2)		483		8,192
Werner Enterprises, Inc.		598		26,031
WESCO International, Inc. (2)		111		3,897
WESCO International, Inc. Series A Variable Preferred (2)(9)		2,612		69,270
WW Grainger, Inc.		3,928		1,234,020
				35,210,299
Information Technology — 23.3%
ACI Worldwide, Inc. (2)		234		6,316
Adobe, Inc. (2)		10,278		4,474,116
Advanced Micro Devices, Inc. (2)		17,248		907,417
Alliance Data Systems Corp.		555		25,042
American Software, Inc./GA		611		9,629
Amkor Technology, Inc. (2)		16,781		206,574

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 15

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Apple, Inc.		67,007		24,444,154
Applied Materials, Inc.		7,730		467,279
Arrow Electronics, Inc. (2)		6,825		468,809
AstroNova, Inc.		1,469		11,693
Autodesk, Inc. (2)		3,123		746,990
Avaya Holdings Corp. (2)		8,286		102,415
Avnet, Inc.		15,671		436,986
Benchmark Electronics, Inc.		1,650		35,640
Booz Allen Hamilton Holding Co.		130		10,113
Bottomline Technologies DE, Inc. (2)		434		22,034
Box, Inc. (2)		2,933		60,889
Broadcom, Inc.		3,667		1,157,342
CACI International, Inc. - Class A (2)		297		64,413
Cadence Design Systems, Inc. (2)		21,464		2,059,685
Calix, Inc. (2)		2,080		30,992
Cambium Networks Corp. (2)		7,765		57,150
CDK Global, Inc.		5,090		210,828
Cerence, Inc. (2)		3,541		144,614
ChannelAdvisor Corp. (2)		6,924		109,676
Ciena Corp. (2)		8,856		479,641
Cirrus Logic, Inc. (2)		4,177		258,055
Cisco Systems, Inc.		75,550		3,523,652
Citrix Systems, Inc.		6,980		1,032,412
Cognex Corp.		2,816		168,172
Cognizant Technology Solutions		23,030		1,308,565
Coupa Software, Inc. (2)		690		191,158
Diebold Nixdorf, Inc. (2)		5,019		30,415
Diodes, Inc. (2)		1,217		61,702
DocuSign, Inc. (2)		5,493		945,950
Dropbox, Inc. (2)		5,529		120,366
DXC Technology Co.		12,026		198,429
Ebix, Inc.		3,295		73,676
Enphase Energy, Inc. (2)		2,348		111,694
F5 Networks, Inc. (2)		744		103,773
Five9, Inc. (2)		353		39,067
Fortinet, Inc. (2)		3,038		417,026
Hackett Group, Inc./The		102		1,381
Hewlett Packard Enterprise Co.		74,081		720,808
HP, Inc.		47,004		819,280
IBM		12,271		1,481,969
II-VI, Inc. (2)		478		22,571
Intel Corp.		78,601		4,702,698
Intuit, Inc.		13,501		3,998,861
J2 Global, Inc. (2)		1,396		88,241
Jabil, Inc.		21,396		686,384
KLA Corp.		3,203		622,919

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Lam Research Corp.		1,381		446,698
Leidos Holdings, Inc.		5,209		487,927
Lumentum Holdings, Inc. (2)		1,083		88,189
Majesco (2)		115		904
Manhattan Associates, Inc. (2)		3,601		339,214
ManTech International Corp./VA		2,354		161,225
Mastercard, Inc.		18,562		5,488,783
Maxim Integrated Products, Inc.		8,048		487,789
Methode Electronics, Inc.		814		25,446
Micron Technology, Inc. (2)		18,194		937,355
Microsoft Corp.		125,704		25,582,021
MKS Instruments, Inc.		987		111,768
Motorola Solutions, Inc.		5,318		745,211
National Instruments Corp.		4,597		177,950
NCR Corp. (2)		3,085		53,432
NetApp, Inc.		1,152		51,114
NetScout Systems, Inc. (2)		1,027		26,250
NIC, Inc.		5,172		118,749
NortonLifeLock, Inc.		30,035		595,594
NVIDIA Corp.		10,876		4,131,901
ON Semiconductor Corp. (2)		1,971		39,065
OneSpan, Inc. (2)		3,940		110,044
Oracle Corp.		77,569		4,287,239
PagerDuty, Inc. (2)		1,016		29,078
Paycom Software, Inc. (2)		1,219		377,561
PayPal Holdings, Inc. (2)		6,355		1,107,232
PC Connection, Inc.		181		8,391
Perspecta, Inc.		13,437		312,142
Photronics, Inc. (2)		5,043		56,129
Plantronics, Inc.		1,062		15,590
Progress Software Corp.		12,790		495,613
Pure Storage, Inc. (2)		14,553		252,203
Qorvo, Inc. (2)		2,165		239,297
QUALCOMM, Inc.		34,700		3,164,987
Qualys, Inc. (2)		1,932		200,967
Rimini Street, Inc. (2)		778		4,007
RingCentral, Inc. - Class A (2)		1,458		415,545
salesforce.com, Inc. (2)		13,475		2,524,272
Sanmina Corp. (2)		5,285		132,336
ScanSource, Inc. (2)		3,103		74,751
Science Applications Internati		286		22,216
ServiceNow, Inc. (2)		3,048		1,234,623
Skyworks Solutions, Inc.		8,077		1,032,725
Slack Technologies, Inc. (2)		5,745		178,612
SMART Global Holdings, Inc. (2)		1,564		42,510
Smartsheet, Inc. (2)		980		49,902

The accompanying notes are an integral part of these financial statements

Page 16 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
SPS Commerce, Inc. (2)		1,759		132,136
SS&C Technologies Holdings, Inc.		31,778		1,794,821
Stratasys, Ltd. (2)		1,587		25,170
Sykes Enterprises, Inc. (2)		3,659		101,208
SYNNEX Corp.		4,427		530,222
Synopsys, Inc. (2)		10,890		2,123,550
Telenav, Inc. (2)		438		2,405
Tenable Holdings, Inc. (2)		2,284		68,086
TESSCO Technologies, Inc.		948		5,214
Texas Instruments, Inc.		15,412		1,956,862
Trimble, Inc. (2)		7,943		343,058
TTEC Holdings, Inc.		1,064		49,540
Twilio, Inc. (2)		1,782		391,006
Ultra Clean Holdings, Inc. (2)		931		21,069
Verint Systems, Inc. (2)		11,679		527,657
Veritone, Inc. (2)		547		8,128
VirnetX Holding Corp. (3)		10,134		65,871
Visa, Inc.		9,607		1,855,784
Vishay Intertechnology, Inc.		2,311		35,289
Workday, Inc. (2)		3,030		567,701
Xerox Holdings Corp.		20,794		317,940
Xperi Holding Corp.		5,780		85,313
Zebra Technologies Corp. - Class A (2)		2,007		513,692
Zoom Video Communications, Inc. (2)		515		130,573
Zscaler, Inc. (2)		1,849		202,466
				126,798,979
Materials — 2.1%
AdvanSix, Inc. (2)		84		986
Air Products and Chemicals, Inc.		7,089		1,711,710
Boise Cascade Co.		10,449		392,987
Cabot Corp.		83		3,075
Clearwater Paper Corp. (2)		607		21,931
Commercial Metals Co.		274		5,590
Dow, Inc.		7,106		289,641
Eastman Chemical Co.		5,527		384,900
FMC Corp.		4,465		444,803
Hawkins, Inc.		183		7,792
Huntsman Corp.		178		3,199
Koppers Holdings, Inc. (2)		764		14,394
Linde PLC		5,133		1,088,761
LyondellBasell Industries NV		8,728		573,604
NewMarket Corp.		58		23,228
Newmont Corp.		33,328		2,057,671
Novagold Resources, Inc. (2)		7,320		67,198
Olin Corp.		655		7,526

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Olympic Steel, Inc.		1,651		19,399
Packaging Corp. of America		1,480		147,704
Ramaco Resources, Inc. (2)		1,696		3,629
Reliance Steel & Aluminum Co.		8,883		843,263
Royal Gold, Inc.		4,799		596,612
RPM International, Inc.		3,156		236,889
Ryerson Holding Corp. (2)		6,298		35,458
Scotts Miracle-Gro Co./The		3,231		434,473
Sherwin-Williams Co./The		2,428		1,403,020
Steel Dynamics, Inc.		7,503		195,753
Stepan Co.		1,058		102,732
Tredegar Corp.		3,611		55,609
Tronox Holdings PLC		1,183		8,541
Verso Corp.		707		8,456
Westrock Co.		7,459		210,791
Worthington Industries, Inc.		1,378		51,399
				11,452,724
Real Estate Investment Trust — 3.0%
Altisource Portfolio Solutions (2)		2,494		36,762
American Homes 4 Rent		10,874		292,511
American Tower Corp.		13,784		3,563,715
Apple Hospitality REIT, Inc.		32,361		312,607
Ashford Hospitality Trust, Inc.		11,321		8,181
AvalonBay Communities, Inc.		3,483		538,611
CareTrust REIT, Inc.		3,197		54,861
CatchMark Timber Trust, Inc.		1,689		14,948
CBL & Associates Properties In (2)		19,529		5,324
Clipper Realty, Inc.		390		3,159
Colony Capital, Inc.		1,605		3,852
CoreCivic, Inc.		8,652		80,983
CorEnergy Infrastructure Trust		2,323		21,255
CorePoint Lodging, Inc.		8,119		34,181
Corporate Office Properties Tr		8,820		223,499
CyrusOne, Inc.		4,275		311,006
Equinix, Inc.		814		571,672
Essex Property Trust, Inc.		7,217		1,653,920
Extra Space Storage, Inc.		679		62,719
Gaming and Leisure Properties		21,327		737,914
Getty Realty Corp.		2,529		75,061
Gladstone Commercial Corp.		1,484		27,825
Healthcare Realty Trust, Inc.		11,071		324,270
Highwoods Properties, Inc.		6,157		229,841
Host Hotels & Resorts, Inc.		2,773		29,921
Lamar Advertising Co.		15,544		1,037,717
LTC Properties, Inc.		21,249		800,450

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 17

Schedule of Investments
June 30, 2020 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
National Health Investors, Inc.		4,314		261,946
National Storage Affiliates Trust		2,751		78,844
Paramount Group, Inc.		29		224
Piedmont Office Realty Trust, Inc.		15,879		263,750
PS Business Parks, Inc.		3,974		526,158
Public Storage		3,128		600,232
Regency Centers Corp.		3,955		181,495
SBA Communications Corp.		3,066		913,423
Service Properties Trust		27,518		195,103
Simon Property Group, Inc.		32,808		2,243,411
Spirit MTA Reit Liquidating Trust (2)(8)		9,151		—
Tanger Factory Outlet Centers (3)		3,436		24,499
Uniti Group, Inc.		3,569		33,370
Urstadt Biddle Properties, Inc.		2,849		33,846
Xenia Hotels & Resorts, Inc.		5,977		55,765
				16,468,831
Utilities — 1.6%
American Water Works Co., Inc.		8,655		1,113,552
Consolidated Water Co., Ltd.		2,726		39,336
Dominion Energy, Inc.		31,276		2,538,987
Evergy, Inc.		367		21,759
Exelon Corp.		3,452		125,273
MDU Resources Group, Inc.		46,004		1,020,369
NextEra Energy, Inc.		4,219		1,013,277
NorthWestern Corp.		8,250		449,790
NRG Energy, Inc.		15,559		506,601
PPL Corp.		30,874		797,784
RGC Resources, Inc.		136		3,287
Southern Co./The		4,927		255,465
Southwest Gas Holdings, Inc.		1,473		101,711
Spark Energy, Inc. - Class A		348		2,460
Vistra Energy Corp.		3,168		58,988
WEC Energy Group, Inc.		5,069		444,298
York Water Co./The		357		17,102
				8,510,039
Total Common Stocks (Cost $375,172,439)				464,874,806

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Money Market Registered Investment Companies — 11.1%
Meeder Institutional Prime Money Market Fund, 0.30% (5)		60,308,902		60,339,057
Morgan Stanley Government Institutional Fund, 0.05% (4)		154,363		154,363
Total Money Market Registered Investment Companies (Cost $60,454,506)				60,493,420
Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6)		247,160		247,160
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6)		247,312		247,312
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6)		246,790		246,790
Total Bank Obligations (Cost $741,262)				741,262
Total Investments — 96.8% (Cost $436,368,207)				526,109,488
Other Assets less Liabilities — 3.2%				17,198,376
Total Net Assets — 100.0%				543,307,864
Trustee Deferred Compensation (7)
Meeder Balanced Fund - Retail Class		4,055		45,619
Meeder Dynamic Allocation Fund - Retail Class		10,159		115,101
Meeder Muirfield Fund - Retail Class		6,627		45,991
Meeder Conservative Allocation Fund - Retail Class		1,204		26,765
Total Trustee Deferred Compensation (Cost $221,851)				233,476

The accompanying notes are an integral part of these financial statements

Page 18 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (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		277			9/18/2020		24,630,840			(142,293	)
Mini MSCI Emerging Markets Index Futures		114			9/18/2020		5,618,490			34,389
Russell 2000 Mini Index Futures		(87	)		9/18/2020		(6,253,560	)		(111,600	)
Standard & Poors 500 Mini Futures		(592	)		9/18/2020		(91,469,920	)		(590,480	)
E-mini Standard & Poors MidCap 400 Futures		(137	)		9/18/2020		(24,373,670	)		(472,025	)
Total Futures Contracts		(425	)				(91,847,820	)		(1,282,009	)

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (10)
Level 1 - Quoted Prices	$	525,368,226	$	(1,282,009	)
Level 2 - Other Significant Observable Inputs		741,262		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	526,109,488	$	(1,282,009	)

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, 2020.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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, 2020. 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) Preferred stock.

(10) Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument.

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 19

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — 81.3%
Communication Services — 6.0%
Activision Blizzard, Inc.		3,953		300,033
Alphabet, Inc. - Class A (2)(5)		270		382,874
Alphabet, Inc. - Class C (2)		2,072		2,929,000
AMC Entertainment Holdings, Inc.		871		3,737
AT&T, Inc. (5)		30,664		926,973
Cable One, Inc.		215		381,593
CenturyLink, Inc.		10,285		103,159
Cinemark Holdings, Inc.		1,180		13,629
Comcast Corp. - Class A		3,011		117,369
Cumulus Media, Inc. (2)		5,105		20,165
DHI Group, Inc. (2)		1,720		3,612
Electronic Arts, Inc. (2)		1,620		213,921
Entravision Communications Corp. - Class A		7,106		10,162
Facebook, Inc. (2)(5)		9,759		2,215,976
Fluent, Inc. (2)		2,081		3,704
Fox Corp. - Class A		581		15,582
Glu Mobile, Inc. (2)		2,093		19,402
Gray Television, Inc. (2)		1,023		14,271
Liberty TripAdvisor Holdings, Inc. (2)		3,468		7,387
Marcus Corp./The		522		6,927
MDC Partners, Inc. (2)		2,241		4,661
Netflix, Inc. (2)		479		217,964
Pinterest, Inc. (2)		1,824		40,438
Spotify Technology SA (2)		586		151,299
Take-Two Interactive Software (2)		703		98,118
T-Mobile US, Inc.		11,633		1,211,577
Tribune Publishing Co.		1,171		11,698
Verizon Communications, Inc. (5)		20,424		1,125,975
WideOpenWest, Inc. (2)		501		2,640
Yelp, Inc. (2)		173		4,001
				10,557,847
Consumer Discretionary — 12.6%
1-800-Flowers.com, Inc. (2)		1,513		30,290
Amazon.com, Inc. (2)(5)		2,091		5,768,693
American Eagle Outfitters, Inc.		988		10,769
Aramark		1,777		40,107
AutoNation, Inc. (2)		162		6,088
AutoZone, Inc. (2)		130		146,656
Barnes & Noble Education, Inc. (2)		1,061		1,698
Best Buy Co., Inc.		6,414		559,750
Big Lots, Inc.		641		26,922
Biglari Holdings, Inc. - Class B (2)		130		8,967
BorgWarner, Inc.		2,532		89,380
Boyd Gaming Corp.		681		14,233

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Brinker International, Inc.		930		22,320
Caleres, Inc.		674		5,621
Capri Holdings, Ltd. (2)		1,239		19,366
Chipotle Mexican Grill, Inc. (2)		351		369,378
Core-Mark Holding Co., Inc.		77		1,922
Dave & Buster’s Entertainment		611		8,145
Deckers Outdoor Corp. (2)		1,338		262,770
Designer Brands, Inc.		494		3,344
Dillard’s, Inc. - Class A		22		567
Dollar General Corp.		1,823		347,300
Dollar Tree, Inc. (2)		956		88,602
Domino’s Pizza, Inc.		446		164,770
DR Horton, Inc.		9,352		518,568
Duluth Holdings, Inc. - Class B (2)		204		1,503
eBay, Inc.		8,773		460,144
Everi Holdings, Inc. (2)		1,599		8,251
Extended Stay America, Inc.		6,187		69,233
Fiesta Restaurant Group, Inc. (2)		818		5,219
Ford Motor Co.		66,189		402,429
Fox Factory Holding Corp. (2)		191		15,779
Franchise Group, Inc.		24		525
Garmin, Ltd.		1,029		100,328
General Motors Co.		27,951		707,160
Gentex Corp.		4,985		128,463
G-III Apparel Group, Ltd. (2)		93		1,236
Hanesbrands, Inc.		967		10,917
Harley-Davidson, Inc.		7,194		171,001
Home Depot, Inc./The (5)		10,828		2,712,522
Hudson, Ltd. (2)		1,124		5,474
Installed Building Products In (2)		68		4,677
International Game Technology		2,461		21,903
Johnson Outdoors, Inc.		292		26,578
Lands’ End, Inc. (2)		353		2,838
Las Vegas Sands Corp.		2,387		108,704
Lear Corp.		1,190		129,734
Lennar Corp.		2,747		169,270
LKQ Corp. (2)		318		8,332
Lowe’s Cos., Inc.		11,348		1,533,342
Lululemon Athletica, Inc. (2)		798		248,984
Malibu Boats, Inc. (2)		1,284		66,704
Marriott International, Inc./MD		236		20,232
McDonald’s Corp.		7,146		1,318,223
MGM Resorts International		3,127		52,534
Murphy USA, Inc. (2)		97		10,921
Nathan’s Famous, Inc.		42		2,362
NIKE, Inc. - Class B		9,936		974,225
NVR, Inc. (2)		61		198,784

The accompanying notes are an integral part of these financial statements

Page 20 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Office Depot, Inc.		9,316		21,893
O’Reilly Automotive, Inc. (2)		327		137,886
Papa John’s International, Inc.		140		11,117
Penn National Gaming, Inc. (2)		1,139		34,785
PetMed Express, Inc.		130		4,633
PulteGroup, Inc.		10,864		369,702
Purple Innovation, Inc. (2)		4,055		72,990
Qurate Retail, Inc. (2)		5,475		52,013
Ralph Lauren Corp.		1,108		80,352
RCI Hospitality Holdings, Inc.		294		4,075
Red Robin Gourmet Burgers, Inc. (2)		1,057		10,781
Red Rock Resorts, Inc.		1,069		11,663
Rent-A-Center, Inc./TX		4,373		121,657
RH (2)		365		90,849
Rubicon Project, Inc./The (2)		2,624		17,502
Select Interior Concepts, Inc. (2)		602		2,107
Sleep Number Corp. (2)		183		7,620
Sportsman’s Warehouse Holdings (2)		1,319		18,796
Stamps.com, Inc. (2)		262		48,127
Standard Motor Products, Inc.		39		1,607
Stoneridge, Inc. (2)		453		9,359
Sturm Ruger & Co., Inc.		97		7,372
Tapestry, Inc.		39		518
Target Corp.		4,333		519,657
Tempur Sealy International, Inc. (2)		67		4,821
Tesla, Inc. (2)		980		1,058,214
Texas Roadhouse, Inc.		330		17,348
Thor Industries, Inc.		1,741		185,469
TopBuild Corp. (2)		361		41,071
Tractor Supply Co.		631		83,159
Tupperware Brands Corp.		258		1,226
Urban Outfitters, Inc. (2)		157		2,390
Vista Outdoor, Inc. (2)		150		2,168
Waitr Holdings, Inc. (2)		806		2,120
Wendy’s Co./The		1,590		34,630
Williams-Sonoma, Inc.		1,369		112,272
Wingstop, Inc.		1,378		191,501
Winnebago Industries, Inc.		2,413		160,754
Yum China Holdings, Inc.		1,934		92,967
Yum! Brands, Inc.		1,937		168,345
Zumiez, Inc. (2)		508		13,909
				22,044,182
Consumer Staples — 1.9%
Alico, Inc.		177		5,515
Central Garden & Pet Co. (2)		1,401		47,340
Coca-Cola Co./The		6,320		282,378

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Conagra Brands, Inc.		1,810		63,658
Flowers Foods, Inc.		5,883		131,544
General Mills, Inc.		22,294		1,374,425
Ingredion, Inc.		1,127		93,541
Kraft Heinz Co./The		800		25,512
Kroger Co./The		8,432		285,423
Lifevantage Corp. (2)		302		4,083
Molson Coors Beverage Co. - Class B		5,967		205,026
Nature’s Sunshine Products, Inc. (2)		247		2,225
Nu Skin Enterprises, Inc.		272		10,399
PepsiCo, Inc.		3,660		484,072
Performance Food Group Co. (2)		687		20,019
Philip Morris International, Inc.		2,137		149,718
Rite Aid Corp. (2)		42		717
SpartanNash Co.		387		8,224
Tyson Foods, Inc.		549		32,781
United Natural Foods, Inc. (2)		357		6,501
USANA Health Sciences, Inc. (2)		362		26,582
Walgreens Boots Alliance, Inc.		2,520		106,823
				3,366,506
Energy — 1.7%
Antero Resources Corp. (2)		1,119		2,842
Apache Corp.		298		4,023
Ardmore Shipping Corp.		2,318		10,060
Baker Hughes Co.		7,947		122,304
Bonanza Creek Energy, Inc. (2)		353		5,231
Cabot Oil & Gas Corp.		1,772		30,443
Cactus, Inc.		1,259		25,973
California Resources Corp. (2)(3)		3,505		4,276
Centennial Resource Developmen (2)		425		378
Chaparral Energy, Inc. (2)		614		398
Chesapeake Energy Corp. (2)		146		715
Chevron Corp. (5)		8,813		786,384
CNX Resources Corp. (2)		1,689		14,610
Concho Resources, Inc.		1,637		84,306
ConocoPhillips		9,123		383,348
CONSOL Energy, Inc. (2)		275		1,394
Contango Oil & Gas Co. (2)		1,528		3,499
Continental Resources, Inc./OK (2)		821		14,392
Delek US Holdings, Inc.		591		10,289
DHT Holdings, Inc.		584		2,996
EOG Resources, Inc. (5)		3,910		198,081
EQT Corp.		1,752		20,849
Exterran Corp. (2)		526		2,835
Extraction Oil & Gas, Inc. (2)		1,049		127
Helmerich & Payne, Inc.		1,411		27,529

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 21

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Hess Corp.		280		14,507
HollyFrontier Corp.		1,783		52,064
International Seaways, Inc.		423		6,912
ION Geophysical Corp. (2)		2,321		5,431
Kinder Morgan, Inc.		2,127		32,267
Laredo Petroleum, Inc. (2)		278		3,853
Marathon Oil Corp.		11,376		69,621
Matador Resources Co. (2)		730		6,205
Matrix Service Co. (2)		974		9,467
Nabors Industries, Ltd.		101		3,739
NexTier Oilfield Solutions, Inc. (2)		4,037		9,891
Nine Energy Service, Inc. (2)		188		367
Nordic American Tankers, Ltd.		1,435		5,826
Oasis Petroleum, Inc. (2)		1,404		1,053
Oceaneering International, Inc. (2)		1,070		6,837
Overseas Shipholding Group, Inc. (2)		1,952		3,631
Par Pacific Holdings, Inc. (2)		812		7,300
Patterson-UTI Energy, Inc.		315		1,093
PDC Energy, Inc. (2)		1,154		14,356
Peabody Energy Corp.		3,216		9,262
Penn Virginia Corp. (2)		556		5,299
Phillips 66		4,029		289,685
Pioneer Natural Resources Co.		1,411		137,855
ProPetro Holding Corp. (2)		1,396		7,175
Range Resources Corp.		1,546		8,704
Renewable Energy Group, Inc. (2)		255		6,319
Schlumberger, Ltd.		8,659		159,239
Scorpio Tankers, Inc.		139		1,781
SilverBow Resources, Inc. (2)		318		1,021
Southwestern Energy Co. (2)		4,080		10,445
Talos Energy, Inc. (2)		812		7,470
Teekay Corp. (2)		1,555		3,732
Teekay Tankers, Ltd. (2)		130		1,667
Valero Energy Corp.		3,970		233,515
W&T Offshore, Inc. (2)		739		1,685
Whiting Petroleum Corp. (2)		904		1,022
Williams Cos., Inc./The		898		17,080
World Fuel Services Corp.		1,043		26,868
WPX Energy, Inc. (2)		3,228		20,595
				2,962,121
Financials — 7.1%
ACNB Corp.		330		8,639
AGNC Investment Corp.		10,764		138,856
Allstate Corp./The		7,047		683,489
American Express Co.		2,918		277,794
Ameriprise Financial, Inc.		1,072		160,843

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Artisan Partners Asset Managem		2,120		68,900
Auburn National BanCorp, Inc.		51		2,912
Bank of America Corp. (5)		55,370		1,315,038
Bank of Commerce Holdings		2,858		21,664
Berkshire Hathaway, Inc. Class B (2)(5)		14,485		2,585,717
C&F Financial Corp.		494		16,426
Cannae Holdings, Inc. (2)		1,710		70,281
Capital Bancorp, Inc. (2)		1,243		13,300
Central Valley Community Banco		698		10,742
Charles Schwab Corp./The		145		4,892
Citigroup, Inc.		767		39,194
Citizens Financial Group, Inc.		1,233		31,121
Civista Bancshares, Inc.		3,590		55,286
CNO Financial Group, Inc.		252		3,924
Coastal Financial Corp./WA (2)		143		2,076
Community Bankers Trust Corp.		2,348		12,914
Community Financial Corp./The		317		7,735
Crawford & Co. Class B (2)		890		6,257
Cullen/Frost Bankers, Inc.		997		74,486
Curo Group Holdings Corp.		3,891		31,789
Diamond Hill Investment Group		188		21,370
East West Bancorp, Inc.		793		28,738
eHealth, Inc. (2)		201		19,746
Enova International, Inc. (2)		661		9,829
Enterprise Bancorp, Inc./MA		500		11,910
Equitable Holdings, Inc.		508		9,799
Esquire Financial Holdings, Inc. (2)		283		4,783
Essent Group, Ltd.		163		5,912
Evans Bancorp, Inc.		218		5,071
Farmers National Banc Corp.		321		3,807
Fifth Third Bancorp		7,757		149,555
Financial Institutions, Inc.		230		4,280
First Business Financial Services, Inc.		1,514		24,905
First Choice Bancorp		1,232		20,180
First Financial Corp./IN		4,046		149,055
First Guaranty Bancshares, Inc.		163		1,993
First Republic Bank/CA		41		4,346
FirstCash, Inc.		2,221		149,873
FNCB Bancorp, Inc.		221		1,271
Franklin Financial Services Co.		95		2,461
FS Bancorp, Inc.		81		3,124
Glacier Bancorp, Inc.		1,716		60,558
Great Ajax Corp.		1,384		12,733
Great Southern Bancorp, Inc.		716		28,898
GWG Holdings, Inc. (2)		1,060		8,130
Hartford Financial Services Group, Inc.		1,350		52,043
HBT Financial, Inc.		3,805		50,721

The accompanying notes are an integral part of these financial statements

Page 22 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Hilltop Holdings, Inc.		1,649		30,424
Home Bancorp, Inc.		349		9,336
HomeStreet, Inc.		118		2,904
Houlihan Lokey, Inc.		1,248		69,439
INTL. FCStone, Inc. (2)		822		45,210
Invesco, Ltd.		1,162		12,503
Investors Title Co.		43		5,217
JPMorgan Chase & Co. (5)		18,738		1,762,496
Kinsale Capital Group, Inc.		39		6,053
KKR Real Estate Finance Trust		2,606		43,207
Ladder Capital Corp.		2,957		23,952
LPL Financial Holdings, Inc.		30		2,352
Luther Burbank Corp.		531		5,310
M&T Bank Corp.		288		29,943
Macatawa Bank Corp.		5,911		46,224
Mackinac Financial Corp.		1,005		10,422
MarketAxess Holdings, Inc.		628		314,578
Metrocity Bankshares, Inc.		300		4,299
Mid Penn Bancorp, Inc.		74		1,364
MMA Capital Holdings, Inc. (2)		697		16,115
MSCI, Inc.		519		173,253
MVB Financial Corp.		1,668		22,184
National Bankshares, Inc.		634		18,132
National General Holdings Corp.		80		1,729
Navient Corp.		1,878		13,202
NewStar Financial Contingent Value Rights (2)(8)		95		—
Northrim BanCorp, Inc.		2,613		65,691
OP Bancorp		662		4,568
Orrstown Financial Services In		373		5,502
Pacific Premier Bancorp, Inc.		2,530		54,850
Park National Corp.		402		28,293
PennyMac Financial Services, Inc. - Class A		1,580		66,028
Peoples Bancorp of North Carol		143		2,527
People’s United Financial, Inc.		182		2,106
PJT Partners, Inc.		518		26,594
PNC Financial Services Group I		474		49,870
Popular, Inc.		5,842		217,147
Premier Financial Bancorp, Inc.		1,577		20,217
Progressive Corp./The		7,914		633,991
ProSight Global, Inc. (2)		115		1,024
Prosperity Bancshares, Inc.		1,057		62,765
Provident Financial Holdings, Inc.		634		8,502
Prudential Financial, Inc.		7,877		479,709
Pzena Investment Management In		3,069		16,695
QCR Holdings, Inc.		2,165		67,505
Radian Group, Inc.		2,035		31,563

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
RBB Bancorp		4,740		64,701
Regions Financial Corp.		20,895		232,352
Republic Bancorp, Inc./KY		1,067		34,902
Shore Bancshares, Inc.		2,143		23,766
Sierra Bancorp		1,527		28,830
Signature Bank/New York NY		1,243		132,902
Silvercrest Asset Management Group, Inc.		233		2,961
Simmons First National Corp.		512		8,760
South State Corp.		308		14,679
Southern Missouri Bancorp, Inc.		63		1,531
Southern National Bancorp of Virginia, Inc.		385		3,731
State Street Corp.		3,547		225,412
Stewart Information Services C		2,393		77,796
Summit Financial Group, Inc.		826		13,612
SVB Financial Group (2)		412		88,798
TCF Financial Corp.		106		3,119
TriCo Bancshares		1,136		34,591
Truist Financial Corp.		6,260		235,063
TrustCo Bank Corp. NY		2,624		16,610
United Community Banks, Inc./GA		143		2,877
United Security Bancshares/Fresno		1,045		6,991
Valley National Bancorp		4,633		36,230
Wells Fargo & Co.		5,357		137,139
Western Alliance Bancorp		669		25,335
				12,457,049
Healthcare — 16.8%
Abbott Laboratories (5)		4,724		431,915
AbbVie, Inc. (5)		10,453		1,026,276
Acceleron Pharma, Inc. (2)		722		68,785
Accuray, Inc. (2)		2,091		4,245
Addus HomeCare Corp. (2)		11		1,018
Aduro Biotech, Inc. (2)		4,741		10,952
Adverum Biotechnologies, Inc. (2)		410		8,561
Affimed NV (2)		3,729		17,209
Agilent Technologies, Inc.		1,774		156,768
Akcea Therapeutics, Inc. (2)		122		1,671
Akebia Therapeutics, Inc. (2)		1,580		21,456
Alector, Inc. (2)		679		16,595
Alexion Pharmaceuticals, Inc. (2)		2,986		335,149
Align Technology, Inc. (2)		201		55,162
Alnylam Pharmaceuticals, Inc. (2)		764		113,156
Amedisys, Inc. (2)		101		20,053
AmerisourceBergen Corp.		1,466		147,729
Amgen, Inc. (5)		5,358		1,263,738
Amicus Therapeutics, Inc. (2)		1,337		20,162
Amneal Pharmaceuticals, Inc. (2)		3,851		18,331

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 23

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Anthem, Inc.		2,337		614,584
Apellis Pharmaceuticals, Inc. (2)		649		21,196
Applied Therapeutics, Inc. (2)		165		5,965
Aptinyx, Inc. (2)		2,191		9,136
Arcus Biosciences, Inc. (2)		698		17,269
Arena Pharmaceuticals, Inc. (2)		394		24,802
Arrowhead Pharmaceuticals, Inc. (2)		559		24,143
Arvinas, Inc. (2)		684		22,941
Athersys, Inc. (2)		2,413		6,660
AtriCure, Inc. (2)		30		1,349
Atrion Corp.		3		1,911
Avantor, Inc. (2)		6,260		106,420
Avrobio, Inc. (2)		438		7,643
Axsome Therapeutics, Inc. (2)		253		20,817
Baxter International, Inc.		5,891		507,215
Becton Dickinson and Co.		1		239
Beyondspring, Inc. (2)		255		3,845
BioDelivery Sciences Internati (2)		1,345		5,864
Biogen, Inc. (2)		2,828		756,631
BioMarin Pharmaceutical, Inc. (2)		2,255		278,132
Bio-Rad Laboratories, Inc. - Class A (2)		137		61,854
Bio-Techne Corp.		575		151,840
Bioxcel Therapeutics, Inc. (2)		956		50,678
Blueprint Medicines Corp. (2)		293		22,854
Bridgebio Pharma, Inc. (2)		248		8,087
Bristol-Myers Squibb Co. (5)		16,365		962,262
Cardinal Health, Inc.		8,053		420,286
CASI Pharmaceuticals, Inc. (2)		1,242		3,105
Catalent, Inc. (2)		2,503		183,470
Catalyst Pharmaceuticals, Inc. (2)		2,184		10,090
Centene Corp. (2)		4,442		282,289
Centogene NV (2)		259		5,926
Cerecor, Inc. (2)		2,019		5,249
Cerner Corp.		9,319		638,817
Charles River Laboratories Int (2)		426		74,273
Checkpoint Therapeutics, Inc. (2)		915		1,812
Chemed Corp.		285		128,555
ChemoCentryx, Inc. (2)		443		25,490
Coherus Biosciences, Inc. (2)		868		15,502
Computer Programs and Systems		797		18,164
Constellation Pharmaceuticals (2)		382		11,479
Cortexyme, Inc. (2)		43		1,991
Corvus Pharmaceuticals, Inc. (2)		608		1,654
Cue Biopharma, Inc. (2)		2,009		49,241
CVS Health Corp.		8,346		542,240
CytomX Therapeutics, Inc. (2)		194		1,616
DaVita, Inc. (2)		255		20,181

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Deciphera Pharmaceuticals, Inc. (2)		83		4,957
Denali Therapeutics, Inc. (2)		30		725
DexCom, Inc. (2)		490		198,646
Dynavax Technologies Corp. (2)		863		7,655
Edwards Lifesciences Corp. (2)		864		59,711
Elanco Animal Health, Inc. Contingent Value Rights (2)(8)		2,012		—
Eli Lilly and Co. (5)		9,856		1,618,158
Emergent BioSolutions, Inc. (2)		217		17,160
Endo International PLC (2)		3,626		12,437
Ensign Group, Inc./The		159		6,654
Exact Sciences Corp. (2)		825		71,726
Exelixis, Inc. (2)		3,351		79,553
Fate Therapeutics, Inc. (2)		689		23,640
Five Star Senior Living, Inc. (2)		1,043		4,068
Fortress Biotech, Inc. (2)		2,533		6,788
Fulcrum Therapeutics, Inc. (2)		381		6,968
GenMark Diagnostics, Inc. (2)		365		5,369
Gilead Sciences, Inc. (5)		7,987		614,520
HealthStream, Inc. (2)		307		6,794
Hill-Rom Holdings, Inc.		1,919		210,668
HMS Holdings Corp. (2)		1,561		50,561
Horizon Therapeutics Plc (2)		875		48,633
Humana, Inc.		1,624		629,706
Idera Pharmaceuticals, Inc. (2)		4,755		8,511
Illumina, Inc. (2)		136		50,368
Immunic, Inc. (2)		267		3,236
ImmunoGen, Inc. (2)		1,633		7,512
Immunomedics, Inc. (2)		1,096		38,842
Inovio Pharmaceuticals, Inc. (2)		661		17,814
Insmed, Inc. (2)		40		1,102
Intellia Therapeutics, Inc. (2)		500		10,510
Invitae Corp. (2)		219		6,634
Iovance Biotherapeutics, Inc. (2)		1,058		29,042
iRhythm Technologies, Inc. (2)		160		18,542
Johnson & Johnson (5)		22,218		3,124,517
Jounce Therapeutics, Inc. (2)		373		2,574
Kala Pharmaceuticals, Inc. (2)(3)		310		3,258
Kiniksa Pharmaceuticals, Ltd. (2)		221		5,631
Kodiak Sciences, Inc. (2)		171		9,255
Kura Oncology, Inc. (2)		658		10,725
LHC Group, Inc. (2)		150		26,148
Livongo Health, Inc. (2)		296		22,256
Lumos Pharma, Inc. (2)		240		3,958
MacroGenics, Inc. (2)		358		9,995
Mallinckrodt PLC (2)		2,967		7,952
Marinus Pharmaceuticals, Inc. (2)		1,326		3,368

The accompanying notes are an integral part of these financial statements

Page 24 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Masimo Corp. (2)		1,199		273,360
McKesson Corp.		1,618		248,234
Medtronic PLC (5)		12,952		1,187,698
Merck & Co., Inc. (5)		29,145		2,253,783
Meridian Bioscience, Inc. (2)		416		9,689
Mersana Therapeutics, Inc. (2)		2,139		50,053
Moderna, Inc. (2)		2,133		136,960
Molecular Templates, Inc. (2)		897		12,370
Molina Healthcare, Inc. (2)		518		92,194
Momenta Pharmaceuticals, Inc. (2)		706		23,489
Mylan NV (2)		3,495		56,200
MyoKardia, Inc. (2)		281		27,150
Myriad Genetics, Inc. (2)		547		6,203
Natera, Inc. (2)		444		22,138
National Research Corp.		62		3,609
Neurocrine Biosciences, Inc. (2)		1,384		168,848
NextGen Healthcare, Inc. (2)		679		7,455
Novavax, Inc. (2)		175		14,586
Odonate Therapeutics, Inc. (2)		169		7,155
Oncocyte Corp. (2)		905		1,729
Oncternal Therapeutics, Inc. (2)		750		2,130
OPKO Health, Inc. (2)		10,642		36,289
OraSure Technologies, Inc. (2)		2,008		23,353
Osmotica Pharmaceuticals PLC (2)		1,812		12,195
Otonomy, Inc. (2)		2,774		10,042
Owens & Minor, Inc.		920		7,010
Perrigo Co. PLC		1,968		108,771
Pfenex, Inc. (2)		84		701
Pfizer, Inc. (5)		32,875		1,075,013
Phibro Animal Health Corp. - Class A		1,097		28,818
Pieris Pharmaceuticals, Inc. (2)		646		2,003
PRA Health Sciences, Inc. (2)		777		75,594
Precigen, Inc. (2)(3)		983		4,905
Principia Biopharma, Inc. (2)		390		23,318
PTC Therapeutics, Inc. (2)		459		23,290
Puma Biotechnology, Inc. (2)		255		2,660
Quest Diagnostics, Inc.		332		37,835
Quidel Corp. (2)		230		51,460
Reata Pharmaceuticals, Inc. - Class A (2)		46		7,177
Regeneron Pharmaceuticals, Inc. (2)		465		289,997
Replimune Group, Inc. (2)		148		3,678
ResMed, Inc.		527		101,184
Rigel Pharmaceuticals, Inc. (2)		6,204		11,353
Sangamo Therapeutics, Inc. (2)		437		3,916
Seattle Genetics, Inc. (2)		670		113,846
Sorrento Therapeutics, Inc. (2)(3)		935		5,872
STERIS PLC		707		108,482

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Strongbridge Biopharma PLC (2)		2,287		8,645
Sutro Biopharma, Inc. (2)		170		1,319
Tandem Diabetes Care, Inc. (2)		779		77,059
Teladoc Health, Inc. (2)		437		83,397
Tenet Healthcare Corp. (2)		1,661		30,081
TG Therapeutics, Inc. (2)		630		12,272
Theravance Biopharma, Inc. (2)		8		168
Thermo Fisher Scientific, Inc.		1,496		542,061
Translate Bio, Inc. (2)		570		10,214
Turning Point Therapeutics, Inc. (2)		171		11,045
Ultragenyx Pharmaceutical, Inc. (2)		163		12,750
United Therapeutics Corp. (2)		747		90,387
UnitedHealth Group, Inc. (5)		8,641		2,548,663
Utah Medical Products, Inc.		16		1,418
Vanda Pharmaceuticals, Inc. (2)		546		6,246
Veeva Systems, Inc. (2)		1,547		362,648
Veracyte, Inc. (2)		171		4,429
Vertex Pharmaceuticals, Inc. (2)		2,789		809,675
West Pharmaceutical Services, Inc.		235		53,385
Xencor, Inc. (2)		896		29,021
Zimmer Biomet Holdings, Inc.		1,745		208,283
Zoetis, Inc.		4,432		607,361
Zynex, Inc. (2)		2,917		72,546
				29,338,413
Industrials — 6.1%
3M Co.		2,299		358,621
ACCO Brands Corp.		2,569		18,240
Allison Transmission Holdings		7,947		292,291
Alpha Pro Tech, Ltd. (2)		79		1,398
ArcBest Corp.		446		11,823
Arcosa, Inc.		486		20,509
ASGN, Inc. (2)		315		21,004
Atkore International Group, Inc. (2)		990		27,077
Atlas Air Worldwide Holdings, Inc. (2)		566		24,355
Avis Budget Group, Inc. (2)		228		5,219
Axon Enterprise, Inc. (2)		268		26,299
AZZ, Inc.		963		33,050
BG Staffing, Inc.		481		5,445
BMC Stock Holdings, Inc. (2)		1,740		43,744
Builders FirstSource, Inc. (2)		996		20,617
Caterpillar, Inc.		1,501		189,877
Comfort Systems USA, Inc.		1,344		54,768
Commercial Vehicle Group, Inc. (2)		2,087		6,031
CompX International, Inc. - Class A		200		2,764
Copart, Inc. (2)		40		3,331
CoreLogic, Inc./United States		53		3,563

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 25

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
CSX Corp. (5)		6,288		438,525
Cummins, Inc.		8,661		1,500,605
Curtiss-Wright Corp.		874		78,031
Donaldson Co., Inc.		1,174		54,614
Eaton Corp. PLC		8,459		739,993
Echo Global Logistics, Inc. (2)		1,795		38,808
Emerson Electric Co.		7,408		459,518
Encore Wire Corp.		36		1,758
EnerSys		854		54,981
Expeditors International of Wa		234		17,793
Fastenal Co.		2,548		109,156
Federal Signal Corp.		3,382		100,547
Fortune Brands Home & Security		90		5,754
Graco, Inc.		200		9,598
GrafTech International, Ltd.		904		7,214
Herman Miller, Inc.		637		15,040
Hertz Global Holdings, Inc. (2)		492		694
HNI Corp.		131		4,005
Hub Group, Inc. - Class A (2)		1,255		60,064
Hubbell, Inc.		999		125,235
Huntington Ingalls Industries		1,357		236,783
Kimball International, Inc. - Class B		2,417		27,941
L B Foster Co. - Class A (2)		67		856
Lawson Products, Inc./DE (2)		177		5,710
Lincoln Electric Holdings, Inc.		900		75,816
Lockheed Martin Corp.		2,477		903,907
Manitowoc Co., Inc./The (2)		607		6,604
ManpowerGroup, Inc.		2,999		206,181
Masco Corp.		1,542		77,424
Matson, Inc.		761		22,145
Meritor, Inc. (2)		2,857		56,569
Miller Industries, Inc./TN		2,261		67,310
MRC Global, Inc. (2)		280		1,655
MSC Industrial Direct Co., Inc.		1,808		131,640
MYR Group, Inc. (2)		231		7,371
NL Industries, Inc.		2,276		7,761
Nordson Corp.		1,142		216,649
Norfolk Southern Corp.		136		23,878
Northrop Grumman Corp.		1,356		416,889
Old Dominion Freight Line, Inc.		1,467		248,789
PACCAR, Inc.		10,318		772,302
Primoris Services Corp.		648		11,508
Regal Beloit Corp.		1,428		124,693
Resources Connection, Inc.		2,374		28,417
Rexnord Corp.		1,028		29,966
RR Donnelley & Sons Co.		3,957		4,709
Saia, Inc. (2)		121		13,453

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Schneider National, Inc. - Class B		760		18,749
Shyft Group, Inc./The		1,134		19,097
SkyWest, Inc.		683		22,279
Southwest Airlines Co.		22,099		755,344
Standex International Corp.		442		25,437
Steelcase, Inc. - Class A		273		3,292
Systemax, Inc.		563		11,564
Timken Co./The		2,714		123,460
Trex Co., Inc. (2)		210		27,315
Triton International, Ltd./Bermu		2,831		85,609
Tutor Perini Corp. (2)		369		4,494
Uber Technologies, Inc. (2)		3,678		114,312
UFP Industries, Inc.		240		11,882
United Parcel Service, Inc. - Class B		2,065		229,587
Vectrus, Inc. (2)		1,322		64,950
Veritiv Corp. (2)		139		2,357
WESCO International, Inc. (2)		8		281
WESCO International, Inc. Series A Variable Preferred (2)(9)		198		5,251
WW Grainger, Inc.		1,049		329,554
YRC Worldwide, Inc. (2)		2,750		5,088
				10,578,787
Information Technology — 23.3%
A10 Networks, Inc. (2)		1,280		8,717
Adobe, Inc. (2)		3,241		1,410,840
Advanced Micro Devices, Inc. (2)		4,285		225,434
Alliance Data Systems Corp.		270		12,182
Amdocs, Ltd.		1,057		64,350
American Software, Inc./GA		623		9,818
Amkor Technology, Inc. (2)		5,076		62,486
Apple, Inc. (5)		22,808		8,320,358
Applied Materials, Inc.		2,767		167,265
Arrow Electronics, Inc. (2)		2,715		186,493
AstroNova, Inc.		530		4,219
Autodesk, Inc. (2)		739		176,761
Avaya Holdings Corp. (2)		2,231		27,575
Avnet, Inc.		4,145		115,583
Benchmark Electronics, Inc.		1,486		32,098
Booz Allen Hamilton Holding Co.		214		16,647
Box, Inc. (2)		872		18,103
Broadcom, Inc. (5)		1,945		613,861
Cadence Design Systems, Inc. (2)		8,697		834,564
Calix, Inc. (2)		2,382		35,492
Cambium Networks Corp. (2)		1,971		14,507
CDK Global, Inc.		3,072		127,242
Cerence, Inc. (2)		422		17,234

The accompanying notes are an integral part of these financial statements

Page 26 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
ChannelAdvisor Corp. (2)		1,861		29,478
Ciena Corp. (2)		2,677		144,986
Cirrus Logic, Inc. (2)		886		54,737
Cisco Systems, Inc. (5)		27,240		1,270,474
Citrix Systems, Inc.		1,844		272,746
Cognex Corp.		640		38,221
Cognizant Technology Solutions		6,681		379,614
Coupa Software, Inc. (2)		156		43,218
Dell Technologies, Inc. - Class C (2)		1,222		67,137
Diebold Nixdorf, Inc. (2)		915		5,545
Diodes, Inc. (2)		259		13,131
DocuSign, Inc. (2)		1,666		286,902
Dropbox, Inc. (2)		2,113		46,000
DXC Technology Co.		3,493		57,635
Ebix, Inc.		945		21,130
Enphase Energy, Inc. (2)		593		28,209
F5 Networks, Inc. (2)		276		38,496
Fabrinet (2)		1,103		68,849
Five9, Inc. (2)		702		77,690
Fortinet, Inc. (2)		1,516		208,101
Hackett Group, Inc./The		1,867		25,279
Hewlett Packard Enterprise Co.		15,565		151,447
HP, Inc.		37,035		645,520
II-VI, Inc. (2)		219		10,341
Information Services Group, Inc. (2)		3,086		6,388
Inphi Corp. (2)		317		37,248
Intel Corp. (5)		23,006		1,376,449
Intevac, Inc. (2)		316		1,725
Intuit, Inc. (5)		6,089		1,803,501
J2 Global, Inc. (2)		1,392		87,988
Jabil, Inc.		2,546		81,676
Juniper Networks, Inc.		5,145		117,615
KBR, Inc.		59		1,330
Kimball Electronics, Inc. (2)		750		10,155
Lam Research Corp.		784		253,593
Limelight Networks, Inc. (2)		145		1,067
Lumentum Holdings, Inc. (2)		243		19,787
Majesco (2)		246		1,934
Manhattan Associates, Inc. (2)		816		76,867
ManTech International Corp./VA		160		10,958
Mastercard, Inc.		5,805		1,716,539
Maxim Integrated Products, Inc.		2,598		157,465
MAXIMUS, Inc.		380		26,771
Methode Electronics, Inc.		58		1,813
Micron Technology, Inc. (2)		5,489		282,793
Microsoft Corp. (5)		42,339		8,616,410
Mitek Systems, Inc. (2)		2,186		21,007

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
MoneyGram International, Inc. (2)		2,970		9,534
National Instruments Corp.		1,254		48,542
NCR Corp. (2)		427		7,396
NeoPhotonics Corp. (2)		1,229		10,914
NIC, Inc.		2,078		47,711
NortonLifeLock, Inc.		7,276		144,283
NVIDIA Corp.		3,792		1,440,619
Okta, Inc. (2)		53		10,612
ON Semiconductor Corp. (2)		335		6,640
OneSpan, Inc. (2)		690		19,272
Oracle Corp. (5)		17,518		968,220
PagerDuty, Inc. (2)		306		8,758
Paycom Software, Inc. (2)		269		83,317
PayPal Holdings, Inc. (2)		1,972		343,582
PC Connection, Inc.		36		1,669
Perspecta, Inc.		903		20,977
Photronics, Inc. (2)		6,430		71,566
Plantronics, Inc.		156		2,290
Progress Software Corp.		3,232		125,240
Pure Storage, Inc. (2)		3,396		58,853
QAD, Inc. - Class A		47		1,940
Qorvo, Inc. (2)		984		108,762
QUALCOMM, Inc.		11,076		1,010,242
Qualys, Inc. (2)		1,124		116,918
Rimini Street, Inc. (2)		790		4,069
RingCentral, Inc. - Class A (2)		436		124,264
Rosetta Stone, Inc. (2)		640		10,790
salesforce.com, Inc. (2)		4,014		751,943
Sanmina Corp. (2)		2,041		51,107
ScanSource, Inc. (2)		1,482		35,701
Science Applications Internati		1,138		88,400
ServiceNow, Inc. (2)		1,049		424,908
Skyworks Solutions, Inc.		2,185		279,374
Slack Technologies, Inc. (2)		2,154		66,968
Smartsheet, Inc. (2)		440		22,405
Splunk, Inc. (2)		120		23,844
SPS Commerce, Inc. (2)		950		71,364
SS&C Technologies Holdings, Inc.		11,123		628,227
StarTek, Inc. (2)		410		2,083
Sykes Enterprises, Inc. (2)		1,818		50,286
SYNNEX Corp.		967		115,818
Telenav, Inc. (2)		1,226		6,731
Tenable Holdings, Inc. (2)		201		5,992
Texas Instruments, Inc.		4,314		547,749
Trimble, Inc. (2)		1,811		78,217
TTEC Holdings, Inc.		93		4,330
Twilio, Inc. (2)		579		127,044

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 27

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)(1)
Common Stocks - Long — continued
Ultra Clean Holdings, Inc. (2)		1,214			27,473
Verint Systems, Inc. (2)		2,783			125,736
Veritone, Inc. (2)		443			6,583
VirnetX Holding Corp.		824			5,356
Visa, Inc.		2,312			446,609
Vishay Intertechnology, Inc.		725			11,071
Workday, Inc. (2)		811			151,949
Xerox Holdings Corp.		5,936			90,761
Xperi Holding Corp.		1,030			15,203
Zebra Technologies Corp. - Class A (2)		457			116,969
Zoom Video Communications, Inc. (2)		83			21,044
Zscaler, Inc. (2)		581			63,620
					40,469,639
Materials — 1.7%
AdvanSix, Inc. (2)		214			2,512
Air Products and Chemicals, Inc.		2,180			526,383
Boise Cascade Co.		1,389			52,240
Clearwater Paper Corp. (2)		122			4,408
Coeur Mining, Inc. (2)		319			1,621
Dow, Inc.		2,629			107,158
Eastman Chemical Co.		2,224			154,879
Ferroglobe PLC Contingent Value Rights (2)(8)(10)		(2,326	)		—
FMC Corp.		151			15,043
FutureFuel Corp.		1,446			17,280
Hawkins, Inc.		171			7,281
Huntsman Corp.		45			809
Linde PLC		644			136,599
LyondellBasell Industries NV		2,385			156,742
NewMarket Corp.		28			11,213
Newmont Corp.		8,193			505,836
Novagold Resources, Inc. (2)		1,303			11,962
Olin Corp.		158			1,815
Olympic Steel, Inc.		1,579			18,553
Packaging Corp. of America		397			39,621
PolyOne Corp.		87			2,282
Ramaco Resources, Inc. (2)		3,318			7,101
Reliance Steel & Aluminum Co.		2,401			227,927
Royal Gold, Inc.		498			61,911
Ryerson Holding Corp. (2)		629			3,541
Scotts Miracle-Gro Co./The		1,161			156,120
Sherwin-Williams Co./The		680			392,938
Steel Dynamics, Inc.		1,372			35,795
Stepan Co.		876			85,060
SunCoke Energy, Inc.		2,561			7,581
Tredegar Corp.		2,508			38,623

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Tronox Holdings PLC		235		1,697
UFP Technologies, Inc. (2)		140		6,168
United States Lime & Minerals		243		20,519
Westrock Co.		2,831		80,004
				2,899,222
Real Estate Investment Trust — 2.9%
Alexandria Real Estate Equitie		45		7,301
Altisource Portfolio Solutions (2)		1,254		18,484
American Tower Corp.		3,628		937,983
Apple Hospitality REIT, Inc.		298		2,879
AvalonBay Communities, Inc.		633		97,887
CareTrust REIT, Inc.		678		11,634
CatchMark Timber Trust, Inc.		5,866		51,914
Clipper Realty, Inc.		2,259		18,298
CoreCivic, Inc.		933		8,733
CorePoint Lodging, Inc.		2,168		9,127
Corporate Office Properties Tr		2,587		65,555
CyrusOne, Inc.		2,146		156,122
Diversified Healthcare Trust		2,608		11,540
Equinix, Inc.		713		500,740
Essex Property Trust, Inc.		2,134		489,049
Extra Space Storage, Inc.		69		6,374
Forestar Group, Inc. (2)		591		8,912
Gaming and Leisure Properties		2,541		87,919
GEO Group, Inc./The		1,082		12,800
Healthcare Realty Trust, Inc.		1,794		52,546
Highwoods Properties, Inc.		3,978		148,499
Host Hotels & Resorts, Inc.		5,633		60,780
Iron Mountain, Inc.		956		24,952
Lamar Advertising Co.		3,467		231,457
LTC Properties, Inc.		1,383		52,098
Macerich Co./The		480		4,306
Maui Land & Pineapple Co., Inc. (2)		559		6,205
National Health Investors, Inc.		1,516		92,052
National Storage Affiliates Trust		52		1,490
New Senior Investment Group In		4,487		16,243
Paramount Group, Inc.		3,441		26,530
Piedmont Office Realty Trust, Inc.		7,550		125,406
PS Business Parks, Inc.		1,149		152,128
Public Storage		1,425		273,443
Rafael Holdings, Inc. - Class B (2)		1,213		17,431
Realogy Holdings Corp.		1,412		10,463
Realty, Income Corp.		161		9,580
Regency Centers Corp.		427		19,595
Retail Properties of America, Inc.		1,969		14,413
SBA Communications Corp.		1,559		464,457

The accompanying notes are an integral part of these financial statements

Page 28 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks - Long — continued
Service Properties Trust		4,231		29,998
Simon Property Group, Inc.		8,979		613,984
Tanger Factory Outlet Centers (3)		1,105		7,879
Trinity Place Holdings, Inc. (2)		3,358		4,634
Uniti Group, Inc.		2,627		24,562
Urstadt Biddle Properties, Inc.		2,121		25,197
				5,013,579
Utilities — 1.2%
American Water Works Co., Inc.		2,785		358,318
Atlantic Power Corp. (2)		8,848		17,696
Consolidated Water Co., Ltd.		192		2,771
Dominion Energy, Inc.		10,675		866,601
Evergy, Inc.		100		5,929
MDU Resources Group, Inc.		4,942		109,614
NextEra Energy, Inc.		1,136		272,833
NorthWestern Corp.		1,883		102,661
PPL Corp.		7,438		192,198
Vistra Energy Corp.		4,696		87,440
WEC Energy Group, Inc.		1,516		132,852
				2,148,913
Total Common Stocks - Long (Cost $116,470,820)				141,836,258
Money Market Registered Investment Companies — 16.1%
Meeder Institutional Prime Money Market Fund, 0.30% (6)		28,035,856		28,049,874
Morgan Stanley Government Institutional Fund, 0.05% (4)		35,885		35,885
Total Money Market Registered Investment Companies (Cost $28,071,530)				28,085,759
Total Investments - Long — 97.4% (Cost $144,542,350)				169,922,017
Other Assets less Liabilities — 2.6%				4,620,395
Total Net Assets — 100.0%				174,542,412
Trustee Deferred Compensation (7)
Meeder Balanced Fund - Retail Class		496		5,580
Meeder Dynamic Allocation Fund - Retail Class		1,155		13,086
Meeder Muirfield Fund - Retail Class		1,363		9,459
Meeder Conservative Allocation Fund - Retail Class		154		3,423
Total Trustee Deferred Compensation (Cost $31,960)				31,548

Spectrum Fund
	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		80			9/18/2020		7,113,600			(55,629	)
Mini MSCI Emerging Markets Index Futures		41			9/18/2020		2,020,685			13,599
Russell 2000 Mini Index Futures		(21	)		9/18/2020		(1,509,480	)		(27,470	)
Standard & Poors 500 Mini Futures		(154	)		9/18/2020		(23,794,540	)		(139,453	)
E-mini Standard & Poors MidCap 400 Futures		(27	)		9/18/2020		(4,803,570	)		(107,348	)
Total Futures Contracts		(81	)				(20,973,305	)		(316,301	)

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (11)
Level 1 - Quoted Prices	$	169,922,017	$	(316,301	)
Level 2 - Other Significant Observable Inputs		—		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	169,922,017	$	(316,301	)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

(2) Represents non-income producing securities.

(3) All or a portion of the security is on loan.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 29

Schedule of Investments
June 30, 2020 (unaudited)

(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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, 2020 was $42,334,115.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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) Preferred stock.

(10) Short security.

(11) 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.

The accompanying notes are an integral part of these financial statements

Page 30 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 44.7%
Communication Services — 4.0%
Activision Blizzard, Inc.		1,356		102,920
Alphabet, Inc. - Class A (2)		62		87,919
Alphabet, Inc. - Class C (2)		268		378,847
AMC Entertainment Holdings, Inc.		93		399
AT&T, Inc.		6,688		202,178
Cable One, Inc.		1		1,775
Cinemark Holdings, Inc.		119		1,374
Comcast Corp. - Class A		1,185		46,191
Cumulus Media, Inc. (2)		93		367
DHI Group, Inc. (2)		155		326
Electronic Arts, Inc. (2)		506		66,817
EverQuote, Inc. (2)		3		174
Facebook, Inc. (2)		1,219		276,798
Fluent, Inc. (2)		29		52
Frontier Communications Corp. (2)		547		53
Glu Mobile, Inc. (2)		248		2,299
Gray Television, Inc. (2)		110		1,535
IMAX Corp. (2)		24		269
Lee Enterprises, Inc. (2)		235		230
Liberty TripAdvisor Holdings, Inc. (2)		499		1,063
Lions Gate Entertainment Corp. Class A (2)		89		659
Marcus Corp./The		248		3,291
MDC Partners, Inc. (2)		158		329
National CineMedia, Inc.		33		98
Netflix, Inc. (2)		130		59,155
Pinterest, Inc. (2)		206		4,567
Spotify Technology SA (2)		88		22,721
Telephone and Data Systems, Inc.		345		6,859
T-Mobile US, Inc.		1,422		148,101
Tribune Publishing Co.		13		130
Verizon Communications, Inc.		3,385		186,615
Yelp, Inc. (2)		1		23
				1,604,134
Consumer Discretionary — 6.8%
1-800-Flowers.com, Inc. (2)		132		2,643
Amazon.com, Inc. (2)		253		697,981
American Eagle Outfitters, Inc.		33		360
Aramark		216		4,875
AutoZone, Inc. (2)		14		15,794
Bassett Furniture Industries, Inc.		65		478
BBX Capital Corp.		366		930
Best Buy Co., Inc.		925		80,725
Big Lots, Inc.		88		3,696
BorgWarner, Inc.		132		4,660
Boyd Gaming Corp.		117		2,445

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Brinker International, Inc.		100		2,400
Caleres, Inc.		89		742
Camping World Holdings, Inc.		54		1,467
Capri Holdings, Ltd. (2)		146		2,282
Chipotle Mexican Grill, Inc. (2)		9		9,471
Collectors Universe, Inc.		1		34
Crocs, Inc. (2)		79		2,909
Dave & Buster’s Entertainment		53		706
Deckers Outdoor Corp. (2)		125		24,549
Designer Brands, Inc.		41		278
Dollar General Corp.		295		56,200
Dollar Tree, Inc. (2)		101		9,361
Domino’s Pizza, Inc.		70		25,861
DR Horton, Inc.		841		46,633
Duluth Holdings, Inc. - Class B (2)		257		1,894
eBay, Inc.		1,051		55,125
El Pollo Loco Holdings, Inc. (2)		4		59
Everi Holdings, Inc. (2)		242		1,249
Extended Stay America, Inc.		219		2,451
Fiesta Restaurant Group, Inc. (2)		97		619
Ford Motor Co.		1,434		8,719
Fox Factory Holding Corp. (2)		31		2,561
Garmin, Ltd.		319		31,103
General Motors Co.		3,967		100,365
Gentex Corp.		457		11,777
G-III Apparel Group, Ltd. (2)		19		253
Green Brick Partners, Inc. (2)		52		616
Greenlane Holdings, Inc. (2)		24		96
Hanesbrands, Inc.		202		2,281
Harley-Davidson, Inc.		1,084		25,767
Home Depot, Inc./The		1,163		291,343
Installed Building Products In (2)		14		963
International Game Technology		558		4,966
KB Home		462		14,174
Kirkland’s, Inc. (2)		347		940
Lands’ End, Inc. (2)		88		708
Las Vegas Sands Corp.		345		15,711
LCI Industries		4		460
Lear Corp.		114		12,428
Lennar Corp.		485		29,886
LKQ Corp. (2)		452		11,842
Lowe’s Cos., Inc.		1,295		174,980
Lululemon Athletica, Inc. (2)		102		31,825
Malibu Boats, Inc. (2)		153		7,948
MarineMax, Inc. (2)		91		2,037
Marriott International, Inc./MD		29	��	2,486
McDonald’s Corp.		775		142,964

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 31

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Meritage Homes Corp. (2)		16		1,218
MGM Resorts International		342		5,746
Murphy USA, Inc. (2)		48		5,404
NIKE, Inc. - Class B		1,585		155,409
NVR, Inc. (2)		9		29,329
Office Depot, Inc.		577		1,356
O’Reilly Automotive, Inc. (2)		19		8,012
Papa John’s International, Inc.		10		794
Party City Holdco, Inc. (2)		86		128
Penn National Gaming, Inc. (2)		125		3,818
PetMed Express, Inc.		39		1,390
Pool Corp.		3		816
PulteGroup, Inc.		1,435		48,833
Purple Innovation, Inc. (2)		178		3,204
Qurate Retail, Inc. (2)		333		3,164
Ralph Lauren Corp.		175		12,691
RCI Hospitality Holdings, Inc.		66		915
Red Robin Gourmet Burgers, Inc. (2)		126		1,285
Red Rock Resorts, Inc.		120		1,309
Rent-A-Center, Inc./TX		1,141		31,743
RH (2)		50		12,445
Ross Stores, Inc.		162		13,809
Rubicon Project, Inc./The (2)		39		260
Signet Jewelers, Ltd.		4		41
Sleep Number Corp. (2)		34		1,416
Sportsman’s Warehouse Holdings (2)		214		3,050
Stamps.com, Inc. (2)		24		4,409
Starbucks Corp.		44		3,238
Stoneridge, Inc. (2)		42		868
Sturm Ruger & Co., Inc.		16		1,216
Tapestry, Inc.		28		372
Target Corp.		568		68,120
Tesla, Inc. (2)		116		125,258
Texas Roadhouse, Inc.		83		4,363
Thor Industries, Inc.		318		33,877
Tile Shop Holdings, Inc.		80		104
Tilly’s, Inc. - Class A		34		193
TopBuild Corp. (2)		46		5,233
Town Sports International Holdings, Inc. (2)		378		204
Tractor Supply Co.		19		2,504
Tupperware Brands Corp.		51		242
Vista Outdoor, Inc. (2)		19		275
Waitr Holdings, Inc. (2)		112		295
Wendy’s Co./The		63		1,372
Williams-Sonoma, Inc.		120		9,841
Wingstop, Inc.		128		17,788
Winnebago Industries, Inc.		477		31,778

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Yum China Holdings, Inc.		327		15,719
Yum! Brands, Inc.		237		20,598
Zumiez, Inc. (2)		128		3,505
				2,687,033
Consumer Staples — 0.6%
Alico, Inc.		15		467
Coca-Cola Co./The		1,308		58,441
Conagra Brands, Inc.		237		8,335
General Mills, Inc.		787		48,519
Ingredion, Inc.		40		3,320
John B Sanfilippo & Son, Inc.		18		1,536
Kroger Co./The		907		30,702
Molson Coors Beverage Co. - Class B		680		23,365
Nu Skin Enterprises, Inc.		37		1,415
Oil-Dri Corp. of America		1		35
PepsiCo, Inc.		469		62,030
Performance Food Group Co. (2)		89		2,593
Rite Aid Corp. (2)		24		409
Seneca Foods Corp. (2)		3		101
SpartanNash Co.		72		1,530
Tyson Foods, Inc.		42		2,508
United Natural Foods, Inc. (2)		49		892
				246,198
Energy — 0.9%
Altus Midstream Co. (2)		139		88
Amplify Energy Corp.		312		384
Antero Resources Corp. (2)		211		536
Apache Corp.		84		1,134
Arch Resources, Inc.		36		1,023
Archrock, Inc.		123		798
Ardmore Shipping Corp.		326		1,415
Baker Hughes Co.		644		9,911
Bonanza Creek Energy, Inc. (2)		13		193
Cabot Oil & Gas Corp.		291		4,999
Cactus, Inc.		206		4,250
California Resources Corp. (2)(3)		215		262
Centennial Resource Development (2)		37		33
Chaparral Energy, Inc. (2)		93		60
Chesapeake Energy Corp. (2)		25		123
Chevron Corp.		1,113		99,313
Cimarex Energy Co.		13		357
CNX Resources Corp. (2)		105		908
Concho Resources, Inc.		220		11,330
ConocoPhillips		1,091		45,844
CONSOL Energy, Inc. (2)		10		51

The accompanying notes are an integral part of these financial statements

Page 32 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Continental Resources, Inc./OK (2)		93		1,630
Delek US Holdings, Inc.		67		1,166
DHT Holdings, Inc.		174		893
Diamondback Energy, Inc.		29		1,213
Dorian LPG, Ltd. (2)		13		101
EOG Resources, Inc.		432		21,885
EQT Corp.		227		2,701
Exterran Corp. (2)		68		367
Extraction Oil & Gas, Inc. (2)		166		20
Frank’s International NV (2)		113		252
Helmerich & Payne, Inc.		201		3,922
Hess Corp.		60		3,109
HollyFrontier Corp.		247		7,212
International Seaways, Inc.		68		1,111
Kinder Morgan, Inc.		920		13,956
Laredo Petroleum, Inc. (2)		22		305
Matador Resources Co. (2)		79		672
Matrix Service Co. (2)		3		29
Montage Resources Corp. (2)		8		32
Nabors Industries, Ltd.		12		444
National Oilwell Varco, Inc.		240		2,940
NexTier Oilfield Solutions, Inc. (2)		189		463
Nine Energy Service, Inc. (2)		35		68
Nordic American Tankers, Ltd.		118		479
Oasis Petroleum, Inc. (2)		156		117
Oceaneering International, Inc. (2)		138		882
Overseas Shipholding Group, Inc. (2)		30		56
Pacific Ethanol, Inc. (2)		350		248
Par Pacific Holdings, Inc. (2)		144		1,295
Patterson-UTI Energy, Inc.		166		576
PDC Energy, Inc. (2)		128		1,592
Peabody Energy Corp.		118		340
Penn Virginia Corp. (2)		92		877
Phillips 66		604		43,428
Pioneer Natural Resources Co.		173		16,902
ProPetro Holding Corp. (2)		255		1,311
Range Resources Corp.		167		940
Renewable Energy Group, Inc. (2)		60		1,487
Schlumberger, Ltd.		657		12,082
Scorpio Tankers, Inc.		14		179
SilverBow Resources, Inc. (2)		63		202
Southwestern Energy Co. (2)		363		929
Superior Energy Services, Inc. (2)		47		54
Talos Energy, Inc. (2)		75		690
Teekay Corp. (2)		121		290
Teekay Tankers, Ltd. (2)		11		141
TETRA Technologies, Inc. (2)		91		49

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Valero Energy Corp.		553		32,527
W&T Offshore, Inc. (2)		72		164
Westmoreland Coal Co. (2)(8)		539		—
Whiting Petroleum Corp. (2)		163		184
Williams Cos., Inc./The		215		4,089
World Fuel Services Corp.		191		4,920
WPX Energy, Inc. (2)		447		2,852
				377,385
Financials — 3.9%
AGNC Investment Corp.		366		4,721
Allstate Corp./The		1,312		127,251
American Equity Investment Life		13		321
American Express Co.		569		54,169
Ameriprise Financial, Inc.		135		20,255
Artisan Partners Asset Managem		329		10,693
Associated Banc-Corp		29		397
Bank of America Corp.		7,271		172,686
BCB Bancorp, Inc.		167		1,550
Berkshire Hathaway, Inc. Class B (2)		1,801		321,497
Blackstone Mortgage Trust, Inc.		67		1,614
Cannae Holdings, Inc. (2)		225		9,248
Cathay General Bancorp		102		2,683
Charles Schwab Corp./The		12		405
Citigroup, Inc.		172		8,789
Citizens Financial Group, Inc.		173		4,367
CNO Financial Group, Inc.		124		1,931
Colony Credit Real Estate, Inc.		13		91
Cullen/Frost Bankers, Inc.		126		9,413
Curo Group Holdings Corp.		52		425
CVB Financial Corp.		34		637
Diamond Hill Investment Group		2		227
East West Bancorp, Inc.		158		5,726
eHealth, Inc. (2)		16		1,572
Elevate Credit, Inc. (2)		248		367
Ellington Financial, Inc.		161		1,897
Encore Capital Group, Inc. (2)		23		786
Enova International, Inc. (2)		28		416
Enterprise Bancorp, Inc./MA		4		95
Enterprise Financial Services		17		529
Equitable Holdings, Inc.		657		12,674
Esquire Financial Holdings, Inc. (2)		8		135
Essent Group, Ltd.		136		4,933
Farmers National Banc Corp.		50		593
Fidelity National Financial, Inc.		102		3,127
Fifth Third Bancorp		1,107		21,343
First American Financial Corp.		414		19,880

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 33

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
First Choice Bancorp		21		344
First Financial Corp./IN		45		1,658
First Interstate BancSystem In		130		4,025
First Republic Bank/CA		15		1,590
FirstCash, Inc.		297		20,042
FNB Corp./PA		569		4,268
FNCB Bancorp, Inc.		3		17
Glacier Bancorp, Inc.		211		7,446
Great Ajax Corp.		518		4,766
HBT Financial, Inc.		64		853
Heritage Commerce Corp.		96		720
Hilltop Holdings, Inc.		329		6,070
HomeStreet, Inc.		81		1,993
Houlihan Lokey, Inc.		116		6,454
INTL. FCStone, Inc. (2)		109		5,995
Invesco, Ltd.		178		1,915
JPMorgan Chase & Co.		2,395		225,274
Kinsale Capital Group, Inc.		43		6,674
KKR Real Estate Finance Trust		418		6,930
Ladder Capital Corp.		444		3,596
Lakeland Bancorp, Inc.		70		800
LPL Financial Holdings, Inc.		30		2,352
M&T Bank Corp.		28		2,911
MarketAxess Holdings, Inc.		39		19,536
Medley Management, Inc. - Class A (2)		146		113
MetLife, Inc.		10		365
Metrocity Bankshares, Inc.		145		2,078
MMA Capital Holdings, Inc. (2)		61		1,410
MSCI, Inc.		110		36,720
National General Holdings Corp.		34		735
NewStar Financial Contingent Value Rights (2)(8)		34		—
NI Holdings, Inc. (2)		1		15
Nicolet Bankshares, Inc. (2)		4		219
Northrim BanCorp, Inc.		75		1,886
OceanFirst Financial Corp.		121		2,133
Ocwen Financial Corp. (2)		145		96
Oppenheimer Holdings, Inc.		263		5,731
Pacific Premier Bancorp, Inc.		392		8,499
Park National Corp.		1		70
PennyMac Financial Services, Inc. - Class A		348		14,543
People’s United Financial, Inc.		48		555
PNC Financial Services Group I		90		9,469
Popular, Inc.		685		25,461
ProSight Global, Inc. (2)		66		587
Prosperity Bancshares, Inc.		168		9,976
Prudential Financial, Inc.		1,010		61,509

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Pzena Investment Management In		268		1,458
QCR Holdings, Inc.		88		2,744
Radian Group, Inc.		336		5,211
RBB Bancorp		257		3,508
Regions Financial Corp.		2,732		30,380
Signature Bank/New York NY		195		20,849
Silvercrest Asset Management Group, Inc.		74		941
Simmons First National Corp.		218		3,730
South State Corp.		32		1,525
Starwood Property Trust, Inc.		8		120
State Street Corp.		271		17,222
Stewart Information Services C		407		13,232
SVB Financial Group (2)		55		11,854
TCF Financial Corp.		17		500
TriCo Bancshares		103		3,136
Truist Financial Corp.		805		30,228
United Community Banks, Inc./GA		43		865
Unity Bancorp, Inc.		5		72
Valley National Bancorp		915		7,155
Walker & Dunlop, Inc.		30		1,524
Wells Fargo & Co.		985		25,216
Western Alliance Bancorp		175		6,627
Wins Finance Holdings, Inc. (2)		37		1,465
				1,535,404
Healthcare — 8.9%
Abbott Laboratories		456		41,692
AbbVie, Inc.		1,907		187,229
Abeona Therapeutics, Inc. (2)		8		23
ACADIA Pharmaceuticals, Inc. (2)		1		48
Acceleron Pharma, Inc. (2)		83		7,907
Accuray, Inc. (2)		112		227
AcelRx Pharmaceuticals, Inc. (2)		414		501
Addus HomeCare Corp. (2)		19		1,759
Aduro Biotech, Inc. (2)		160		370
Adverum Biotechnologies, Inc. (2)		51		1,065
Affimed NV (2)		387		1,786
AgeX Therapeutics, Inc. (2)		13		12
Agilent Technologies, Inc.		723		63,892
Agios Pharmaceuticals, Inc. (2)		27		1,444
Akcea Therapeutics, Inc. (2)		11		151
Akebia Therapeutics, Inc. (2)		140		1,901
Akorn, Inc. (2)		307		86
Alector, Inc. (2)		78		1,906
Alexion Pharmaceuticals, Inc. (2)		341		38,274
Align Technology, Inc. (2)		30		8,233
Alkermes PLC (2)		338		6,559

The accompanying notes are an integral part of these financial statements

Page 34 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Alnylam Pharmaceuticals, Inc. (2)		107		15,848
Amedisys, Inc. (2)		29		5,758
AmerisourceBergen Corp.		408		41,114
Amgen, Inc.		861		203,075
Amicus Therapeutics, Inc. (2)		203		3,061
Amneal Pharmaceuticals, Inc. (2)		340		1,618
Anthem, Inc.		65		17,094
Apellis Pharmaceuticals, Inc. (2)		78		2,547
Applied Therapeutics, Inc. (2)		21		759
Arcus Biosciences, Inc. (2)		45		1,113
Ardelyx, Inc. (2)		101		699
Arena Pharmaceuticals, Inc. (2)		35		2,203
Arrowhead Pharmaceuticals, Inc. (2)		57		2,462
Arvinas, Inc. (2)		75		2,516
Assembly Biosciences, Inc. (2)		1		23
Assertio Holdings, Inc. (2)		530		454
Atreca, Inc. (2)		3		64
Avantor, Inc. (2)		146		2,482
Avrobio, Inc. (2)		49		855
Axsome Therapeutics, Inc. (2)		31		2,551
Baxter International, Inc.		345		29,705
Beyondspring, Inc. (2)		36		543
BioDelivery Sciences Internati (2)		595		2,594
Biogen, Inc. (2)		442		118,257
BioMarin Pharmaceutical, Inc. (2)		338		41,689
Bio-Rad Laboratories, Inc. - Class A (2)		22		9,933
BioSpecifics Technologies Corp. (2)		40		2,451
Bioxcel Therapeutics, Inc. (2)		15		795
Blueprint Medicines Corp. (2)		48		3,744
Bridgebio Pharma, Inc. (2)		36		1,174
Bristol-Myers Squibb Co.		2,289		134,593
Cardinal Health, Inc.		400		20,876
Catalent, Inc. (2)		269		19,718
Catalyst Pharmaceuticals, Inc. (2)		308		1,423
cbdMD, Inc. (2)		34		65
Celcuity, Inc. (2)		1		7
Centene Corp. (2)		310		19,701
Centogene NV (2)		13		297
Cerecor, Inc. (2)		100		260
Cerner Corp.		1,034		70,881
Chemed Corp.		54		24,358
ChemoCentryx, Inc. (2)		57		3,280
Cigna Corp.		124		23,269
Coherus Biosciences, Inc. (2)		104		1,857
Collegium Pharmaceutical, Inc. (2)		71		1,243
Computer Programs and Systems		34		775
Conformis, Inc. (2)		10		8

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Constellation Pharmaceuticals (2)		41		1,232
Cortexyme, Inc. (2)		8		370
Cue Biopharma, Inc. (2)		266		6,520
CVS Health Corp.		706		45,869
CytomX Therapeutics, Inc. (2)		48		400
DaVita, Inc. (2)		229		18,123
Deciphera Pharmaceuticals, Inc. (2)		28		1,672
Denali Therapeutics, Inc. (2)		21		508
DexCom, Inc. (2)		51		20,675
Dynavax Technologies Corp. (2)		97		860
Editas Medicine, Inc. (2)		5		148
Edwards Lifesciences Corp. (2)		276		19,074
Elanco Animal Health, Inc. Contingent Value Rights (2)(8)		99		—
Eli Lilly and Co.		822		134,956
Eloxx Pharmaceuticals, Inc. (2)		26		79
Emergent BioSolutions, Inc. (2)		89		7,038
Encompass Health Corp.		129		7,989
Endo International PLC (2)		422		1,447
Enochian Biosciences, Inc. (2)		22		93
Ensign Group, Inc./The		44		1,841
Exact Sciences Corp. (2)		108		9,390
Exelixis, Inc. (2)		372		8,831
Fate Therapeutics, Inc. (2)		85		2,916
Fulcrum Therapeutics, Inc. (2)		8		146
GenMark Diagnostics, Inc. (2)		61		897
Gilead Sciences, Inc.		1,449		111,486
Guardant Health, Inc. (2)		3		243
Harvard Bioscience, Inc. (2)		26		81
Hill-Rom Holdings, Inc.		208		22,834
HMS Holdings Corp. (2)		203		6,575
Horizon Therapeutics Plc (2)		289		16,063
Humana, Inc.		308		119,427
Illumina, Inc. (2)		23		8,518
ImmunoGen, Inc. (2)		215		989
Immunomedics, Inc. (2)		145		5,139
Inovio Pharmaceuticals, Inc. (2)		85		2,291
Insmed, Inc. (2)		51		1,405
Intellia Therapeutics, Inc. (2)		64		1,345
Invitae Corp. (2)		48		1,454
Iovance Biotherapeutics, Inc. (2)		133		3,651
iRhythm Technologies, Inc. (2)		19		2,202
Jazz Pharmaceuticals PLC (2)		57		6,289
Johnson & Johnson		2,281		320,777
Jounce Therapeutics, Inc. (2)		57		393
Kadmon Holdings, Inc. (2)		229		1,172
Karyopharm Therapeutics, Inc. (2)		12		227

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 35

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Kezar Life Sciences, Inc. (2)		24		124
Kiniksa Pharmaceuticals, Ltd. (2)		16		408
Kodiak Sciences, Inc. (2)		22		1,191
Krystal Biotech, Inc. (2)		10		414
Kura Oncology, Inc. (2)		86		1,402
LHC Group, Inc. (2)		24		4,184
Livongo Health, Inc. (2)		66		4,963
MacroGenics, Inc. (2)		69		1,926
Mallinckrodt PLC (2)(3)		22		59
Marinus Pharmaceuticals, Inc. (2)		179		455
Masimo Corp. (2)		111		25,307
McKesson Corp.		143		21,939
Medtronic PLC		1,983		181,841
MEI Pharma, Inc. (2)		76		314
Merck & Co., Inc.		2,554		197,501
Meridian Bioscience, Inc. (2)		60		1,397
Mersana Therapeutics, Inc. (2)		163		3,814
Mirati Therapeutics, Inc. (2)		1		114
Moderna, Inc. (2)		216		13,869
Molecular Templates, Inc. (2)		79		1,089
Molina Healthcare, Inc. (2)		54		9,611
Momenta Pharmaceuticals, Inc. (2)		99		3,294
Morphic Holding, Inc. (2)		38		1,028
Mylan NV (2)		465		7,477
MyoKardia, Inc. (2)		38		3,672
Myriad Genetics, Inc. (2)		93		1,055
Natera, Inc. (2)		56		2,792
Neurocrine Biosciences, Inc. (2)		142		17,324
NextCure, Inc. (2)		1		21
NextGen Healthcare, Inc. (2)		170		1,867
Novavax, Inc. (2)		22		1,834
Odonate Therapeutics, Inc. (2)		36		1,524
Oncocyte Corp. (2)		95		181
Oncternal Therapeutics, Inc. (2)		4		11
OPKO Health, Inc. (2)		302		1,030
Organogenesis Holdings, Inc. (2)		70		269
Osmotica Pharmaceuticals PLC (2)		152		1,023
Owens & Minor, Inc.		71		541
Palatin Technologies, Inc. (2)		689		353
PDL BioPharma, Inc.		351		1,021
Perrigo Co. PLC		294		16,249
Pfenex, Inc. (2)		90		752
Pfizer, Inc.		3,860		126,222
Phibro Animal Health Corp. - Class A		148		3,888
Phreesia, Inc. (2)		77		2,178
Pieris Pharmaceuticals, Inc. (2)		276		856
PolarityTE, Inc. (2)		3		4

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
PRA Health Sciences, Inc. (2)		57		5,546
Precigen, Inc. (2)		128		639
Principia Biopharma, Inc. (2)		45		2,691
Providence Service Corp./The (2)		4		316
PTC Therapeutics, Inc. (2)		59		2,994
Puma Biotechnology, Inc. (2)		27		282
Quest Diagnostics, Inc.		95		10,826
Quidel Corp. (2)		29		6,488
Radius Health, Inc. (2)		26		354
Recro Pharma, Inc.		214		974
Regeneron Pharmaceuticals, Inc. (2)		77		48,021
ResMed, Inc.		185		35,520
Rigel Pharmaceuticals, Inc. (2)		587		1,074
Sangamo Therapeutics, Inc. (2)		107		959
Seattle Genetics, Inc. (2)		93		15,803
Seres Therapeutics, Inc. (2)		22		105
Simulations Plus, Inc.		68		4,068
Sorrento Therapeutics, Inc. (2)		111		697
STERIS PLC		237		36,365
Strongbridge Biopharma PLC (2)		139		525
Surgery Partners, Inc. (2)		6		69
Sutro Biopharma, Inc. (2)		33		256
Syndax Pharmaceuticals, Inc. (2)		10		148
Tandem Diabetes Care, Inc. (2)		101		9,991
Teladoc Health, Inc. (2)		55		10,496
Tenet Healthcare Corp. (2)		204		3,694
TG Therapeutics, Inc. (2)		84		1,636
Theravance Biopharma, Inc. (2)		12		252
Thermo Fisher Scientific, Inc.		64		23,190
Translate Bio, Inc. (2)		41		735
Turning Point Therapeutics, Inc. (2)		8		517
Twist Bioscience Corp. (2)		27		1,223
Ultragenyx Pharmaceutical, Inc. (2)		25		1,956
United Therapeutics Corp. (2)		97		11,737
UnitedHealth Group, Inc.		646		190,538
Vanda Pharmaceuticals, Inc. (2)		97		1,110
VBI Vaccines, Inc. (2)		112		347
Veeva Systems, Inc. (2)		237		55,558
Verrica Pharmaceuticals, Inc. (2)		38		418
Vertex Pharmaceuticals, Inc. (2)		145		42,095
WaVe Life Sciences, Ltd. (2)		5		52
West Pharmaceutical Services, Inc.		88		19,991
XBiotech, Inc. (2)		105		1,440
Xencor, Inc. (2)		118		3,822
Zimmer Biomet Holdings, Inc.		278		33,182

The accompanying notes are an integral part of these financial statements

Page 36 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Zoetis, Inc.		1,186		162,529
Zynex, Inc. (2)		72		1,791
				3,549,900
Industrials — 3.4%
3M Co.		345		53,817
Allison Transmission Holdings		395		14,528
Alpha Pro Tech, Ltd. (2)		7		124
Altra Industrial Motion Corp.		13		414
ArcBest Corp.		66		1,750
Arcosa, Inc.		96		4,051
ASGN, Inc. (2)		54		3,601
Astec Industries, Inc.		54		2,501
Atkore International Group, Inc. (2)		191		5,224
Atlas Air Worldwide Holdings, Inc. (2)		67		2,883
Avis Budget Group, Inc. (2)		3		69
Axon Enterprise, Inc. (2)		38		3,729
AZZ, Inc.		225		7,722
BG Staffing, Inc.		16		181
BlueLinx Holdings, Inc. (2)		17		146
BMC Stock Holdings, Inc. (2)		744		18,704
Builders FirstSource, Inc. (2)		159		3,291
BWX Technologies, Inc.		43		2,436
Caterpillar, Inc.		162		20,493
Columbus McKinnon Corp./NY		7		234
Comfort Systems USA, Inc.		385		15,689
Commercial Vehicle Group, Inc. (2)		153		442
Construction Partners, Inc. (2)		5		89
Copart, Inc. (2)		7		583
Costamare, Inc.		25		139
CSX Corp.		860		59,976
Cummins, Inc.		843		146,058
Curtiss-Wright Corp.		383		34,194
Donaldson Co., Inc.		70		3,256
Eaton Corp. PLC		711		62,198
Echo Global Logistics, Inc. (2)		245		5,297
EMCOR Group, Inc.		269		17,792
Encore Wire Corp.		54		2,636
EnerSys		132		8,498
Expeditors International of Wa		27		2,053
Federal Signal Corp.		216		6,422
Fortune Brands Home & Security		79		5,050
Generac Holdings, Inc. (2)		11		1,341
GMS, Inc. (2)		33		811
Graco, Inc.		117		5,615
GrafTech International, Ltd.		189		1,508
Herman Miller, Inc.		161		3,801

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Hertz Global Holdings, Inc. (2)		45		63
HNI Corp.		142		4,341
Hub Group, Inc. - Class A (2)		174		8,328
Hubbell, Inc.		688		86,248
Huntington Ingalls Industries		165		28,791
Illinois Tool Works, Inc.		101		17,660
JetBlue Airways Corp. (2)		26		283
Johnson Controls International		654		22,328
Kelly Services, Inc. - Class A		5		79
Kimball International, Inc. - Class B		179		2,069
L B Foster Co. - Class A (2)		70		894
Lincoln Electric Holdings, Inc.		144		12,131
Lockheed Martin Corp.		388		141,589
LSC Communications, Inc. (2)		522		29
Lyft, Inc. (2)		55		1,816
Manitowoc Co., Inc./The (2)		124		1,349
ManpowerGroup, Inc.		470		32,313
Marten Transport, Ltd.		19		478
Matson, Inc.		125		3,638
McGrath RentCorp		6		324
Meritor, Inc. (2)		414		8,197
Miller Industries, Inc./TN		254		7,562
MRC Global, Inc. (2)		93		550
Mueller Water Products, Inc.		171		1,613
MYR Group, Inc. (2)		67		2,138
Nordson Corp.		102		19,350
Norfolk Southern Corp.		16		2,809
Northwest Pipe Co. (2)		84		2,106
Old Dominion Freight Line, Inc.		158		26,795
Oshkosh Corp.		158		11,316
PACCAR, Inc.		947		70,883
Primoris Services Corp.		169		3,001
Quanta Services, Inc.		33		1,295
Regal Beloit Corp.		180		15,718
Rexnord Corp.		192		5,597
Rockwell Automation, Inc.		61		12,993
RR Donnelley & Sons Co.		416		495
Rush Enterprises, Inc.		6		249
Safe Bulkers, Inc. (2)		239		292
Saia, Inc. (2)		48		5,337
Schneider National, Inc. - Class B		47		1,159
Shyft Group, Inc./The		152		2,560
SkyWest, Inc.		44		1,435
Southwest Airlines Co.		3,589		122,672
Steelcase, Inc. - Class A		62		748
Teledyne Technologies, Inc. (2)		3		933
Timken Co./The		368		16,740

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 37

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Trex Co., Inc. (2)		36		4,683
Triton International, Ltd./Bermu		512		15,483
Tutor Perini Corp. (2)		48		585
Uber Technologies, Inc. (2)		430		13,364
UFP Industries, Inc.		54		2,674
Union Pacific Corp.		38		6,425
United Parcel Service, Inc. - Class B		249		27,684
Vectrus, Inc. (2)		46		2,260
Veritiv Corp. (2)		17		288
WESCO International, Inc. (2)		3		105
WESCO International, Inc. Series A Variable Preferred (2)(10)		81		2,148
Willis Lease Finance Corp. (2)		2		49
WW Grainger, Inc.		152		47,752
				1,362,140
Information Technology — 12.9%
ACI Worldwide, Inc. (2)		11		297
Adobe, Inc. (2)		432		188,054
Advanced Micro Devices, Inc. (2)		628		33,039
Alliance Data Systems Corp.		28		1,263
American Software, Inc./GA		14		221
Amkor Technology, Inc. (2)		714		8,789
Apple, Inc.		2,616		954,317
Applied Materials, Inc.		775		46,849
Arrow Electronics, Inc. (2)		278		19,096
AstroNova, Inc.		32		255
Autodesk, Inc. (2)		128		30,616
Avaya Holdings Corp. (2)		271		3,350
Avnet, Inc.		649		18,097
Benchmark Electronics, Inc.		4		86
Bottomline Technologies DE, Inc. (2)		10		508
Box, Inc. (2)		142		2,948
Broadcom, Inc.		120		37,873
CACI International, Inc. - Class A (2)		67		14,531
Cadence Design Systems, Inc. (2)		1,287		123,501
Cambium Networks Corp. (2)		275		2,024
Cerence, Inc. (2)		59		2,410
ChannelAdvisor Corp. (2)		214		3,390
Ciena Corp. (2)		359		19,443
Cirrus Logic, Inc. (2)		87		5,375
Cisco Systems, Inc.		2,965		138,288
Citrix Systems, Inc.		292		43,190
Cognex Corp.		105		6,271
Cognizant Technology Solutions		841		47,786
Coupa Software, Inc. (2)		36		9,973
Diebold Nixdorf, Inc. (2)		143		867

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Diodes, Inc. (2)		28		1,420
DocuSign, Inc. (2)		187		32,203
Dropbox, Inc. (2)		252		5,486
DXC Technology Co.		430		7,095
Ebix, Inc.		130		2,907
Enphase Energy, Inc. (2)		47		2,236
F5 Networks, Inc. (2)		36		5,021
Five9, Inc. (2)		76		8,411
FormFactor, Inc. (2)		29		851
Fortinet, Inc. (2)		151		20,728
Hackett Group, Inc./The		19		257
Hewlett Packard Enterprise Co.		2,791		27,156
HP, Inc.		1,674		29,178
IBM		533		64,370
II-VI, Inc. (2)		32		1,511
Information Services Group, Inc. (2)		45		93
Intel Corp.		3,521		210,661
Intuit, Inc.		582		172,383
J2 Global, Inc. (2)		49		3,097
Jabil, Inc.		610		19,569
Kimball Electronics, Inc. (2)		9		122
KLA Corp.		153		29,755
Lam Research Corp.		134		43,344
Leidos Holdings, Inc.		29		2,716
Lumentum Holdings, Inc. (2)		60		4,886
Majesco (2)		43		338
Manhattan Associates, Inc. (2)		119		11,210
ManTech International Corp./VA		88		6,027
Mastercard, Inc.		751		222,071
Maxim Integrated Products, Inc.		467		28,305
Methode Electronics, Inc.		20		625
Micron Technology, Inc. (2)		648		33,385
Microsoft Corp.		4,868		990,687
Motorola Solutions, Inc.		271		37,975
National Instruments Corp.		200		7,742
NCR Corp. (2)		118		2,044
NetScout Systems, Inc. (2)		159		4,064
NIC, Inc.		169		3,880
NortonLifeLock, Inc.		1,202		23,836
NVIDIA Corp.		520		197,553
Okta, Inc. (2)		14		2,803
ON Semiconductor Corp. (2)		80		1,586
OneSpan, Inc. (2)		144		4,022
Oracle Corp.		3,189		176,256
PagerDuty, Inc. (2)		44		1,259
Paycom Software, Inc. (2)		40		12,389
PayPal Holdings, Inc. (2)		143		24,915

The accompanying notes are an integral part of these financial statements

Page 38 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
PC Connection, Inc.		5		232
Perspecta, Inc.		144		3,345
Photronics, Inc. (2)		190		2,115
Plantronics, Inc.		43		631
Progress Software Corp.		417		16,159
Pure Storage, Inc. (2)		546		9,462
Qorvo, Inc. (2)		133		14,700
QUALCOMM, Inc.		1,837		167,553
Qualys, Inc. (2)		121		12,586
Rimini Street, Inc. (2)		42		216
RingCentral, Inc. - Class A (2)		58		16,531
salesforce.com, Inc. (2)		516		96,662
Sanmina Corp. (2)		155		3,881
ScanSource, Inc. (2)		45		1,084
SecureWorks Corp. (2)		10		114
ServiceNow, Inc. (2)		17		6,886
Skyworks Solutions, Inc.		257		32,860
Slack Technologies, Inc. (2)		252		7,835
SMART Global Holdings, Inc. (2)		58		1,576
Smartsheet, Inc. (2)		56		2,852
Sonim Technologies, Inc. (2)		194		155
Splunk, Inc. (2)		27		5,365
SPS Commerce, Inc. (2)		36		2,704
SS&C Technologies Holdings, Inc.		1,523		86,019
Stratasys, Ltd. (2)		46		730
Sykes Enterprises, Inc. (2)		316		8,741
SYNNEX Corp.		133		15,929
Synopsys, Inc. (2)		705		137,475
Tenable Holdings, Inc. (2)		122		3,637
TESSCO Technologies, Inc.		18		99
Texas Instruments, Inc.		519		65,897
Trimble, Inc. (2)		379		16,369
TTEC Holdings, Inc.		43		2,002
Twilio, Inc. (2)		74		16,237
Verint Systems, Inc. (2)		366		16,536
Veritone, Inc. (2)		41		609
VirnetX Holding Corp. (3)		349		2,269
Visa, Inc.		241		46,554
Vishay Intertechnology, Inc.		63		962
Workday, Inc. (2)		105		19,673
Xerox Holdings Corp.		844		12,905
Xperi Holding Corp.		314		4,635
Zebra Technologies Corp. - Class A (2)		74		18,940
Zoom Video Communications, Inc. (2)		22		5,578
Zscaler, Inc. (2)		72		7,884
				5,146,319

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Materials — 0.9%
AdvanSix, Inc. (2)		26		305
Air Products and Chemicals, Inc.		204		49,258
Boise Cascade Co.		204		7,672
Clearwater Paper Corp. (2)		18		650
Commercial Metals Co.		61		1,244
Dow, Inc.		310		12,636
Eastman Chemical Co.		147		10,237
Flotek Industries, Inc. (2)		27		32
FMC Corp.		171		17,035
Huntsman Corp.		15		270
Koppers Holdings, Inc. (2)		57		1,074
LyondellBasell Industries NV		331		21,753
Materion Corp.		29		1,783
NewMarket Corp.		3		1,201
Newmont Corp.		1,615		99,710
Novagold Resources, Inc. (2)		433		3,975
Olin Corp.		24		276
Olympic Steel, Inc.		37		435
Packaging Corp. of America		70		6,986
PolyOne Corp.		22		577
Reliance Steel & Aluminum Co.		322		30,567
Royal Gold, Inc.		125		15,540
Ryerson Holding Corp. (2)		245		1,379
Scotts Miracle-Gro Co./The		47		6,320
Sherwin-Williams Co./The		112		64,719
Steel Dynamics, Inc.		246		6,418
Stepan Co.		23		2,233
Trinseo SA		4		89
Tronox Holdings PLC		49		354
Westrock Co.		350		9,891
Worthington Industries, Inc.		40		1,492
				376,111
Real Estate Investment Trust — 1.6%
Altisource Portfolio Solutions (2)		101		1,489
American Homes 4 Rent		452		12,159
American Tower Corp.		671		173,480
Apple Hospitality REIT, Inc.		803		7,757
Ashford Hospitality Trust, Inc.		299		216
AvalonBay Communities, Inc.		90		13,918
CareTrust REIT, Inc.		145		2,488
CatchMark Timber Trust, Inc.		163		1,443
CBL & Associates Properties In (2)		792		216
Clipper Realty, Inc.		91		737
Colony Capital, Inc.		257		617
CoreCivic, Inc.		111		1,039

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 39

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
CorEnergy Infrastructure Trust		80		732
CorePoint Lodging, Inc.		357		1,503
Corporate Office Properties Tr		339		8,590
CyrusOne, Inc.		164		11,931
Equinix, Inc.		48		33,710
Essex Property Trust, Inc.		252		57,751
Gaming and Leisure Properties		729		25,223
Getty Realty Corp.		28		831
Healthcare Realty Trust, Inc.		478		14,001
Highwoods Properties, Inc.		307		11,460
Host Hotels & Resorts, Inc.		141		1,521
Lamar Advertising Co.		512		34,181
LTC Properties, Inc.		470		17,705
Maui Land & Pineapple Co., Inc. (2)		8		89
National Health Investors, Inc.		14		850
National Storage Affiliates Trust		146		4,184
Paramount Group, Inc.		325		2,506
Piedmont Office Realty Trust, Inc.		542		9,003
PS Business Parks, Inc.		163		21,581
Public Storage		101		19,381
QTS Realty Trust, Inc.		26		1,666
RAIT Financial Trust (2)(8)		287		—
Regency Centers Corp.		103		4,727
Ryman Hospitality Properties, Inc.		22		761
SBA Communications Corp.		78		23,238
Service Properties Trust		800		5,672
Simon Property Group, Inc.		1,483		101,408
Spirit MTA Reit Liquidating Trust (2)(8)		385		—
Tanger Factory Outlet Centers (3)		67		478
Trinity Place Holdings, Inc. (2)		331		457
Uniti Group, Inc.		132		1,234
Xenia Hotels & Resorts, Inc.		172		1,605
				633,538
Utilities — 0.8%
American Water Works Co., Inc.		289		37,183
Atlantic Power Corp. (2)		432		864
Dominion Energy, Inc.		1,379		111,947
Evergy, Inc.		21		1,245
MDU Resources Group, Inc.		944		20,938
NextEra Energy, Inc.		133		31,943
NorthWestern Corp.		637		34,729
NRG Energy, Inc.		286		9,312
PPL Corp.		1,012		26,150
RGC Resources, Inc.		1		24
Southwest Gas Holdings, Inc.		346		23,891
WEC Energy Group, Inc.		192		16,829

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
York Water Co./The		38		1,816
				316,871
Total Common Stocks (Cost $14,554,936)				17,835,033
Registered Investment Companies — 16.0%
Baird Core Plus Bond Fund - Class I		20,858		251,752
Dodge & Cox Income Fund		14,822		215,362
DoubleLine Total Return Bond Fund - Class I		14,043		150,537
Guggenheim Total Return Bond Fund - Class I		3,924		114,502
iShares Core MSCI EAFE ETF (9)		42,298		2,417,756
iShares Core MSCI Emerging Markets ETF (9)		12,312		586,051
iShares Core U.S. Aggregate Bond ETF (9)		3,264		385,837
iShares JP Morgan USD Emerging Markets Bond ETF (9)		2,824		308,437
Lord Abbett High Yield Fund - Class I		17,102		115,437
Payden Emerging Markets Bond Fund - Class I		3,419		44,032
PGIM Total Return Bond Fund - Class R6		15,559		229,032
Pioneer Bond Fund - Class Y		15,655		154,831
Segall Bryant & Hamill Plus Bond Fund - Class I		14,981		166,438
SPDR Bloomberg Barclays High Yield Bond ETF (9)		1,092		110,467
TCW Emerging Markets Income Fund - Class I		10,029		77,826
Vanguard Intermediate-Term Corporate Bond ETF (9)		1,213		115,405
Vanguard Short-Term Bond ETF (9)		1,565		130,083
Vanguard Total Bond Market ETF (9)		4,147		366,346
Xtrackers USD High Yield Corporate Bond ETF (9)		8,799		411,353
Total Registered Investment Companies (Cost $5,901,586)				6,351,484
Money Market Registered Investment Companies — 32.6%
Meeder Institutional Prime Money Market Fund, 0.30% (5)		12,957,885		12,964,364
Morgan Stanley Government Institutional Fund, 0.05% (4)		2,284		2,284
Total Money Market Registered Investment Companies (Cost $12,958,479)				12,966,648

The accompanying notes are an integral part of these financial statements

Page 40 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Bank Obligations — 1.9%
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6)		247,160		247,160
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6)		247,312		247,312
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6)		246,790		246,790
Total Bank Obligations (Cost $741,262)				741,262
U.S. Government Obligations — 1.2%
U.S. Treasury Note, 2.25%, due 1/31/2024		149,500	$	160,432
U.S. Treasury Note, 2.625%, due 2/15/2029		70,400		82,495
U.S. Treasury Note, 1.50%, due 8/15/2026		52,600		56,046
U.S. Treasury Note, 2.25%, due 11/15/2025		95,300		104,990
U.S. Treasury Note, 2.125%, due 12/31/2022		57,800		60,616
Total U.S. Government Obligations (Cost $425,967)				464,579
Total Investments — 96.4% (Cost $34,582,230)				38,359,006
Other Assets less Liabilities — 3.6%				1,430,440
Total Net Assets — 100.0%				39,789,446
Trustee Deferred Compensation (7)
Meeder Balanced Fund - Retail Class		1,747		19,654
Meeder Dynamic Allocation Fund - Retail Class		4,416		50,033
Meeder Muirfield Fund - Retail Class		1,982		13,755
Meeder Conservative Allocation Fund - Retail Class		502		11,159
Total Trustee Deferred Compensation (Cost $88,123)				94,601

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		76			9/18/2020		6,757,920			(24,436	)
Mini MSCI Emerging Markets Index Futures		32			9/18/2020		1,577,120			15,563
Russell 2000 Mini Index Futures		(4	)		9/18/2020		(287,520	)		(1,010	)
Standard & Poors 500 Mini Futures		(7	)		9/18/2020		(1,081,570	)		(26,591	)
E-mini Standard & Poors MidCap 400 Futures		(2	)		9/18/2020		(355,820	)		(12,175	)
Total Futures Contracts		95					6,610,130			(48,649	)

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (11)
Level 1 - Quoted Prices	$	37,153,165	$	(48,649	)
Level 2 - Other Significant Observable Inputs		1,205,841		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	38,359,006	$	(48,649	)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

(2) Represents non-income producing securities.

(3) All or a portion of this security is on loan.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 41

Schedule of Investments
June 30, 2020 (unaudited)

(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(9) Exchange-traded fund.

(10) Preferred stock.

(11) 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.

The accompanying notes are an integral part of these financial statements

Page 42 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 53.8%
Communication Services — 4.5%
Activision Blizzard, Inc.		4,796		364,016
Alphabet, Inc. - Class A (2)		613		869,265
Alphabet, Inc. - Class C (2)		2,972		4,201,249
AMC Entertainment Holdings, Inc.		1,264		5,423
AT&T, Inc.		62,090		1,876,981
Cable One, Inc.		8		14,199
Cinemark Holdings, Inc.		1,481		17,106
Comcast Corp. - Class A		23,409		912,483
Cumulus Media, Inc. (2)		115		454
Electronic Arts, Inc. (2)		5,419		715,579
Entravision Communications Corp. - Class A		948		1,356
EverQuote, Inc. (2)		68		3,955
Facebook, Inc. (2)		14,586		3,312,043
Frontier Communications Corp. (2)(3)		4,619		450
Glu Mobile, Inc. (2)		1,417		13,136
Gray Television, Inc. (2)		1,207		16,838
Lee Enterprises, Inc. (2)		366		359
Liberty TripAdvisor Holdings, Inc. (2)		4,316		9,193
Lions Gate Entertainment Corp. Class A (2)		978		7,247
Marcus Corp./The		3,174		42,119
MDC Partners, Inc. (2)		146		304
National CineMedia, Inc.		951		2,824
Netflix, Inc. (2)		1,741		792,225
Pinterest, Inc. (2)		1,803		39,973
Spotify Technology SA (2)		928		239,600
Telephone and Data Systems, Inc.		3,397		67,532
T-Mobile US, Inc.		11,334		1,180,436
Tribune Publishing Co.		373		3,726
Verizon Communications, Inc.		35,205		1,940,852
				16,650,923
Consumer Discretionary — 8.2%
1-800-Flowers.com, Inc. (2)		1,394		27,908
Amazon.com, Inc. (2)		2,750		7,586,755
Aptiv PLC		55		4,286
Aramark		2,271		51,256
AutoNation, Inc. (2)		12		451
AutoZone, Inc. (2)		117		131,990
Best Buy Co., Inc.		8,544		745,635
Big Lots, Inc.		1,290		54,180
Boyd Gaming Corp.		767		16,030
Brinker International, Inc.		1,154		27,696
Caleres, Inc.		1,096		9,141
Camping World Holdings, Inc.		3,479		94,490

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Capri Holdings, Ltd. (2)		157		2,454
Chipotle Mexican Grill, Inc. (2)		443		466,195
Collectors Universe, Inc.		4		137
Crocs, Inc. (2)		1,413		52,027
Dana, Inc.		2,321		28,293
Dave & Buster’s Entertainment		699		9,318
Deckers Outdoor Corp. (2)		1,724		338,576
Designer Brands, Inc.		541		3,663
Dollar General Corp.		4,563		869,297
Dollar Tree, Inc. (2)		1,243		115,201
Domino’s Pizza, Inc.		657		242,722
DR Horton, Inc.		9,056		502,155
Duluth Holdings, Inc. - Class B (2)		3,078		22,685
eBay, Inc.		10,634		557,753
Everi Holdings, Inc. (2)		2,108		10,877
Extended Stay America, Inc.		2,280		25,513
Fiesta Restaurant Group, Inc. (2)		1,360		8,677
Ford Motor Co.		3,794		23,068
Fox Factory Holding Corp. (2)		335		27,674
Garmin, Ltd.		5,369		523,478
General Motors Co.		42,142		1,066,193
Gentex Corp.		5,705		147,018
Greenlane Holdings, Inc. (2)		106		422
Hanesbrands, Inc.		2,689		30,359
Harley-Davidson, Inc.		15,817		375,970
Home Depot, Inc./The		12,914		3,235,086
Installed Building Products In (2)		53		3,645
International Game Technology		5,487		48,834
KB Home		4,609		141,404
Kirkland’s, Inc. (2)		3,219		8,723
Lands’ End, Inc. (2)		1,128		9,069
Las Vegas Sands Corp.		2,894		131,793
LCI Industries		1,306		150,164
Lear Corp.		1,663		181,300
Lennar Corp.		7,467		460,117
LKQ Corp. (2)		8,630		226,106
Lowe’s Cos., Inc.		12,024		1,624,683
Lululemon Athletica, Inc. (2)		1,167		364,116
Malibu Boats, Inc. (2)		770		40,002
McDonald’s Corp.		10,138		1,870,157
Meritage Homes Corp. (2)		477		36,309
MGM Resorts International		2,223		37,346
Murphy USA, Inc. (2)		661		74,422
NIKE, Inc. - Class B		17,941		1,759,115
NVR, Inc. (2)		106		345,428
Office Depot, Inc.		6,650		15,628

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 43

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
O’Reilly Automotive, Inc. (2)		503		212,100
Papa John’s International, Inc.		190		15,088
Party City Holdco, Inc. (2)		1,229		1,831
Penn National Gaming, Inc. (2)		1,550		47,337
PetMed Express, Inc.		183		6,522
Pool Corp.		55		14,953
PulteGroup, Inc.		10,055		342,172
Purple Innovation, Inc. (2)		86		1,548
Qurate Retail, Inc. (2)		3,256		30,932
Ralph Lauren Corp.		2,104		152,582
RCI Hospitality Holdings, Inc.		748		10,367
Red Robin Gourmet Burgers, Inc. (2)		1,140		11,628
Red Rock Resorts, Inc.		1,289		14,063
Rent-A-Center, Inc./TX		11,458		318,762
RH (2)		1,205		299,925
Ross Stores, Inc.		1,298		110,642
Rubicon Project, Inc./The (2)		90		600
Sleep Number Corp. (2)		481		20,029
Sportsman’s Warehouse Holdings (2)		892		12,711
Stamps.com, Inc. (2)		287		52,719
Starbucks Corp.		1,645		121,056
Stoneridge, Inc. (2)		686		14,173
Sturm Ruger & Co., Inc.		269		20,444
Target Corp.		5,710		684,800
Tesla, Inc. (2)		1,094		1,181,312
Texas Roadhouse, Inc.		474		24,918
Thor Industries, Inc.		4,051		431,553
Tile Shop Holdings, Inc.		1,899		2,469
Tilly’s, Inc. - Class A		41		232
TopBuild Corp. (2)		552		62,801
Town Sports International Holdings, Inc. (2)		1,777		960
Tractor Supply Co.		125		16,474
Tupperware Brands Corp.		661		3,140
Urban Outfitters, Inc. (2)		131		1,994
Vista Outdoor, Inc. (2)		185		2,673
Waitr Holdings, Inc. (2)		1,307		3,437
Wendy’s Co./The		485		10,563
Williams-Sonoma, Inc.		1,722		141,221
Wingstop, Inc.		426		59,201
Winnebago Industries, Inc.		3,488		232,371
Yum China Holdings, Inc.		4,353		209,249
Yum! Brands, Inc.		4,254		369,715
Zumiez, Inc. (2)		1,654		45,287
				30,279,544

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Consumer Staples — 1.1%
Alico, Inc.		96		2,991
Coca-Cola Co./The		16,722		747,139
Conagra Brands, Inc.		1,488		52,333
Costco Wholesale Corp.		395		119,768
Fresh Del Monte Produce, Inc.		27		665
General Mills, Inc.		22,032		1,358,273
Kraft Heinz Co./The		1,927		61,452
Kroger Co./The		5,707		193,182
Molson Coors Beverage Co. - Class B		8,313		285,635
Nu Skin Enterprises, Inc.		542		20,721
Oil-Dri Corp. of America		92		3,192
PepsiCo, Inc.		5,109		675,716
Performance Food Group Co. (2)		1,104		32,171
Philip Morris International, Inc.		4,399		308,194
Rite Aid Corp. (2)		405		6,909
SpartanNash Co.		1,270		26,988
Tyson Foods, Inc.		605		36,125
United Natural Foods, Inc. (2)		682		12,419
Walgreens Boots Alliance, Inc.		1,192		50,529
				3,994,402
Energy — 1.4%
Amplify Energy Corp.		2,885		3,549
Antero Resources Corp. (2)		967		2,456
Apache Corp.		1,635		22,073
Arch Resources, Inc.		218		6,193
Archrock, Inc.		1,170		7,593
Ardmore Shipping Corp.		2,009		8,719
Baker Hughes Co.		10,505		161,672
Bonanza Creek Energy, Inc. (2)		94		1,393
Brigham Minerals, Inc.		633		7,818
Cabot Oil & Gas Corp.		3,603		61,900
Cactus, Inc.		2,297		47,387
California Resources Corp. (2)(3)		1,926		2,350
Centennial Resource Developmen (2)		391		348
Chaparral Energy, Inc. (2)		1,252		812
Chesapeake Energy Corp. (2)		283		1,387
Chevron Corp.		15,544		1,386,991
CNX Resources Corp. (2)		387		3,348
Concho Resources, Inc.		2,158		111,137
ConocoPhillips		11,974		503,147
Continental Resources, Inc./OK (2)		1,016		17,810
Delek US Holdings, Inc.		631		10,986
DHT Holdings, Inc.		1,006		5,161
Diamondback Energy, Inc.		315		13,173

The accompanying notes are an integral part of these financial statements

Page 44 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Dorian LPG, Ltd. (2)		610		4,721
EOG Resources, Inc.		4,689		237,545
EQT Corp.		1,338		15,922
Exterran Corp. (2)		779		4,199
Extraction Oil & Gas, Inc. (2)		1,822		220
Exxon Mobil Corp.		6,801		304,141
Frank’s International NV (2)		4,557		10,162
Hallador Energy Co.		1,603		1,050
Helmerich & Payne, Inc.		4,283		83,561
Hess Corp.		689		35,697
HollyFrontier Corp.		2,851		83,249
International Seaways, Inc.		864		14,118
Kinder Morgan, Inc.		8,426		127,822
Laredo Petroleum, Inc. (2)		141		1,954
Matador Resources Co. (2)		445		3,783
Nabors Industries, Ltd.		138		5,109
National Oilwell Varco, Inc.		821		10,057
NexTier Oilfield Solutions, Inc. (2)		1,321		3,236
Nine Energy Service, Inc. (2)		312		608
Nordic American Tankers, Ltd.		354		1,437
Oasis Petroleum, Inc. (2)		1,975		1,481
Oceaneering International, Inc. (2)		1,125		7,189
Par Pacific Holdings, Inc. (2)		1,350		12,137
PDC Energy, Inc. (2)		1,460		18,162
Peabody Energy Corp.		925		2,664
Penn Virginia Corp. (2)		1,590		15,153
Phillips 66		6,429		462,245
Pioneer Natural Resources Co.		1,841		179,866
ProPetro Holding Corp. (2)		3,901		20,051
Range Resources Corp.		1,699		9,565
Renewable Energy Group, Inc. (2)		707		17,519
Rosehill Resources, Inc. (2)(3)		856		618
Schlumberger, Ltd.		7,454		137,079
Southwestern Energy Co. (2)		3,598		9,211
Superior Energy Services, Inc. (2)		475		542
Talos Energy, Inc. (2)		436		4,011
Teekay Corp. (2)		1,504		3,610
Teekay Tankers, Ltd. (2)		12		154
Valero Energy Corp.		8,563		503,676
Whiting Petroleum Corp. (2)		1,079		1,219
Williams Cos., Inc./The		7,615		144,837
World Fuel Services Corp.		2,182		56,208
WPX Energy, Inc. (2)		5,592		35,677
				4,978,868

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Financials — 5.0%
AGNC Investment Corp.		4,446		57,353
Allstate Corp./The		15,029		1,457,663
American Equity Investment Life		82		2,026
American Express Co.		6,748		642,410
Ameriprise Financial, Inc.		1,472		220,859
Artisan Partners Asset Managem		4,373		142,123
Bank of America Corp.		85,213		2,023,809
Berkshire Hathaway, Inc. Class B (2)		19,797		3,533,962
Blackstone Mortgage Trust, Inc.		1,493		35,966
Cannae Holdings, Inc. (2)		2,344		96,338
Capital Bancorp, Inc. (2)		130		1,391
Cathay General Bancorp		546		14,360
Charles Schwab Corp./The		136		4,589
Citigroup, Inc.		1,417		72,409
Citizens Financial Group, Inc.		1,103		27,840
Civista Bancshares, Inc.		212		3,265
CNO Financial Group, Inc.		963		14,994
Cullen/Frost Bankers, Inc.		1,428		106,686
Curo Group Holdings Corp.		3,047		24,894
CVB Financial Corp.		711		13,324
Diamond Hill Investment Group		20		2,273
Donegal Group, Inc.		50		711
East West Bancorp, Inc.		940		34,066
Encore Capital Group, Inc. (2)		226		7,725
Enterprise Financial Services		319		9,927
Equitable Holdings, Inc.		5,110		98,572
Esquire Financial Holdings, Inc. (2)		16		270
ESSA Bancorp, Inc.		88		1,225
Essent Group, Ltd.		731		26,513
Farmers National Banc Corp.		255		3,024
Fidelity National Financial, Inc.		9,633		295,348
Fifth Third Bancorp		12,293		237,009
First American Financial Corp.		5,706		274,002
First Financial Corp./IN		1,424		52,460
First Guaranty Bancshares, Inc.		33		404
First Interstate BancSystem In		1,709		52,911
First Republic Bank/CA		58		6,147
FirstCash, Inc.		3,555		239,891
FNB Corp./PA		4,863		36,473
FNCB Bancorp, Inc.		298		1,714
Glacier Bancorp, Inc.		2,097		74,003
Goosehead Insurance, Inc. (2)		625		46,975
Great Ajax Corp.		2,240		20,608
GWG Holdings, Inc. (2)		235		1,802
HBT Financial, Inc.		1,352		18,022

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 45

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Heritage Commerce Corp.		1,159		8,698
Hilltop Holdings, Inc.		5,040		92,988
HomeStreet, Inc.		662		16,292
International Bancshares Corp.		1,300		41,626
INTL. FCStone, Inc. (2)		1,238		68,090
Invesco, Ltd.		525		5,649
James River Group Holdings, Ltd.		191		8,595
JPMorgan Chase & Co.		28,051		2,638,477
Kinsale Capital Group, Inc.		672		104,301
KKR Real Estate Finance Trust		3,770		62,507
Ladder Capital Corp.		5,517		44,688
Lakeland Bancorp, Inc.		454		5,189
LCNB Corp.		57		910
LPL Financial Holdings, Inc.		44		3,450
M&T Bank Corp.		222		23,081
MarketAxess Holdings, Inc.		498		249,458
Medley Management, Inc. - Class A (2)		1,010		780
MetLife, Inc.		6,095		222,589
Metrocity Bankshares, Inc.		1,616		23,157
Mid Penn Bancorp, Inc.		25		461
MMA Capital Holdings, Inc. (2)		162		3,745
MSCI, Inc.		965		322,136
National General Holdings Corp.		1,102		23,814
NI Holdings, Inc. (2)		54		798
Nicolet Bankshares, Inc. (2)		75		4,110
Northrim BanCorp, Inc.		1,264		31,777
Oak Valley Bancorp		180		2,282
OceanFirst Financial Corp.		531		9,362
Oppenheimer Holdings, Inc.		3,460		75,393
Pacific Premier Bancorp, Inc.		3,571		77,419
Park National Corp.		202		14,217
PCB Bancorp		38		391
PennyMac Financial Services, Inc. - Class A		6,576		274,811
People’s United Financial, Inc.		187		2,164
PJT Partners, Inc.		1,254		64,380
PNC Financial Services Group I		917		96,478
Popular, Inc.		10,171		378,056
Progressive Corp./The		1,602		128,336
ProSight Global, Inc. (2)		328		2,919
Prosperity Bancshares, Inc.		1,676		99,521
Prudential Financial, Inc.		12,333		751,080
Pzena Investment Management In		3,249		17,675
QCR Holdings, Inc.		696		21,701
Radian Group, Inc.		2,760		42,808
RBB Bancorp		4,086		55,774
Regions Financial Corp.		30,665		340,995

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Shore Bancshares, Inc.		113		1,253
Signature Bank/New York NY		2,401		256,715
Silvercrest Asset Management Group, Inc.		283		3,597
Simmons First National Corp.		1,893		32,389
South State Corp.		131		6,243
Starwood Property Trust, Inc.		1,417		21,198
State Street Corp.		4,530		287,882
Stewart Information Services C		6,018		195,645
Stifel Financial Corp.		227		10,767
Summit Financial Group, Inc.		273		4,499
SVB Financial Group (2)		565		121,774
TriCo Bancshares		1,273		38,763
Truist Financial Corp.		8,603		323,043
United Community Banks, Inc./GA		203		4,084
Valley National Bancorp		6,832		53,426
Walker & Dunlop, Inc.		837		42,528
Wells Fargo & Co.		11,357		290,739
Western Alliance Bancorp		1,774		67,181
				18,263,190
Healthcare — 10.5%
Abbott Laboratories		7,500		685,725
AbbVie, Inc.		19,706		1,934,735
ACADIA Pharmaceuticals, Inc. (2)		111		5,380
Acceleron Pharma, Inc. (2)		1,126		107,274
AcelRx Pharmaceuticals, Inc. (2)		3,182		3,850
Addus HomeCare Corp. (2)		230		21,289
Aduro Biotech, Inc. (2)		1,542		3,562
Adverum Biotechnologies, Inc. (2)		558		11,651
Affimed NV (2)		2,019		9,318
Agilent Technologies, Inc.		7,087		626,278
Akebia Therapeutics, Inc. (2)		2,160		29,333
Alector, Inc. (2)		982		24,000
Alexion Pharmaceuticals, Inc. (2)		3,957		444,134
Align Technology, Inc. (2)		537		147,374
Alkermes PLC (2)		2,906		56,391
Alnylam Pharmaceuticals, Inc. (2)		1,268		187,803
Amedisys, Inc. (2)		285		56,584
AmerisourceBergen Corp.		3,662		369,020
Amgen, Inc.		7,719		1,820,603
Amicus Therapeutics, Inc. (2)		2,737		41,274
Amneal Pharmaceuticals, Inc. (2)		3,911		18,616
Anthem, Inc.		1,881		494,665
Apellis Pharmaceuticals, Inc. (2)		905		29,557
Applied Therapeutics, Inc. (2)		277		10,014
Arcus Biosciences, Inc. (2)		330		8,164

The accompanying notes are an integral part of these financial statements

Page 46 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Ardelyx, Inc. (2)		1,303		9,017
Arena Pharmaceuticals, Inc. (2)		349		21,970
Arrowhead Pharmaceuticals, Inc. (2)		466		20,127
Arvinas, Inc. (2)		1,178		39,510
Assembly Biosciences, Inc. (2)		147		3,428
Assertio Holdings, Inc. (2)		2,907		2,491
Avantor, Inc. (2)		4,619		78,523
Avrobio, Inc. (2)		571		9,964
Axsome Therapeutics, Inc. (2)		332		27,317
Baxter International, Inc.		4,533		390,291
Becton Dickinson and Co.		1,088		260,326
Beyondspring, Inc. (2)		415		6,258
BioDelivery Sciences Internati (2)		6,505		28,362
Biogen, Inc. (2)		1,448		387,412
BioMarin Pharmaceutical, Inc. (2)		2,856		352,259
Bio-Rad Laboratories, Inc. - Class A (2)		128		57,791
BioSpecifics Technologies Corp. (2)		305		18,690
Bioxcel Therapeutics, Inc. (2)		230		12,192
Bridgebio Pharma, Inc. (2)		293		9,555
Bristol-Myers Squibb Co.		23,449		1,378,801
Cardinal Health, Inc.		2,776		144,879
Catalent, Inc. (2)		4,341		318,195
Catalyst Pharmaceuticals, Inc. (2)		2,831		13,079
Celcuity, Inc. (2)		180		1,247
Centene Corp. (2)		3,588		228,017
Centogene NV (2)		602		13,774
Cerecor, Inc. (2)		511		1,329
Cerner Corp.		11,664		799,567
Chemed Corp.		597		269,289
ChemoCentryx, Inc. (2)		812		46,722
Cigna Corp.		2,073		388,998
Coherus Biosciences, Inc. (2)		639		11,413
Collegium Pharmaceutical, Inc. (2)		635		11,113
Constellation Pharmaceuticals (2)		534		16,047
Cortexyme, Inc. (2)		65		3,010
Cue Biopharma, Inc. (2)		1,588		38,922
CVS Health Corp.		9,082		590,058
CytomX Therapeutics, Inc. (2)		634		5,281
DaVita, Inc. (2)		2,462		194,843
Deciphera Pharmaceuticals, Inc. (2)		338		20,185
Denali Therapeutics, Inc. (2)		126		3,047
DexCom, Inc. (2)		602		244,051
Dynavax Technologies Corp. (2)		952		8,444
Edwards Lifesciences Corp. (2)		5,559		384,182
Elanco Animal Health, Inc. Contingent Value Rights (2)(8)		1,792		—

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Eli Lilly and Co.		10,420		1,710,756
Eloxx Pharmaceuticals, Inc. (2)		329		997
Emergent BioSolutions, Inc. (2)		1,148		90,784
Encompass Health Corp.		1,830		113,332
Endo International PLC (2)		3,930		13,480
Enochian Biosciences, Inc. (2)		99		417
Ensign Group, Inc./The		357		14,940
Exact Sciences Corp. (2)		1,139		99,025
Exelixis, Inc. (2)		4,116		97,714
Fate Therapeutics, Inc. (2)		956		32,800
Fulcrum Therapeutics, Inc. (2)		556		10,169
GenMark Diagnostics, Inc. (2)		737		10,841
Gilead Sciences, Inc.		14,866		1,143,790
Harpoon Therapeutics, Inc. (2)		125		2,075
Hill-Rom Holdings, Inc.		2,922		320,777
HMS Holdings Corp. (2)		3,020		97,818
Horizon Therapeutics Plc (2)		1,698		94,375
Humana, Inc.		2,815		1,091,516
Illumina, Inc. (2)		35		12,962
ImmunoGen, Inc. (2)		2,339		10,759
Immunomedics, Inc. (2)		1,644		58,263
Inovio Pharmaceuticals, Inc. (2)		985		26,546
Insmed, Inc. (2)		95		2,616
Intellia Therapeutics, Inc. (2)		732		15,387
Invitae Corp. (2)		405		12,267
Iovance Biotherapeutics, Inc. (2)		1,496		41,065
iRhythm Technologies, Inc. (2)		172		19,933
Jazz Pharmaceuticals PLC (2)		474		52,301
Johnson & Johnson		22,730		3,196,520
Jounce Therapeutics, Inc. (2)		759		5,237
Kadmon Holdings, Inc. (2)		2,460		12,595
Karuna Therapeutics, Inc. (2)		19		2,118
Kiniksa Pharmaceuticals, Ltd. (2)		85		2,166
Kodiak Sciences, Inc. (2)		333		18,022
Krystal Biotech, Inc. (2)		118		4,888
Kura Oncology, Inc. (2)		943		15,371
LHC Group, Inc. (2)		254		44,277
MacroGenics, Inc. (2)		801		22,364
Marinus Pharmaceuticals, Inc. (2)		1,790		4,547
Masimo Corp. (2)		799		182,164
McKesson Corp.		1,552		238,108
Medtronic PLC		21,743		1,993,833
Merck & Co., Inc.		28,777		2,225,325
Meridian Bioscience, Inc. (2)		488		11,366
Mersana Therapeutics, Inc. (2)		1,351		31,613
Moderna, Inc. (2)		1,833		117,697

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 47

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Molecular Templates, Inc. (2)		1,030		14,204
Molina Healthcare, Inc. (2)		376		66,920
Momenta Pharmaceuticals, Inc. (2)		1,330		44,249
Morphic Holding, Inc. (2)		177		4,788
Mylan NV (2)		1,507		24,233
MyoKardia, Inc. (2)		411		39,711
Myriad Genetics, Inc. (2)		695		7,881
Natera, Inc. (2)		855		42,630
Neurocrine Biosciences, Inc. (2)		1,746		213,012
NextGen Healthcare, Inc. (2)		1,617		17,755
Novavax, Inc. (2)		272		22,671
Odonate Therapeutics, Inc. (2)		299		12,660
Oncocyte Corp. (2)		328		626
Oncternal Therapeutics, Inc. (2)		303		861
OPKO Health, Inc. (2)		3,947		13,459
Organogenesis Holdings, Inc. (2)		529		2,031
Osmotica Pharmaceuticals PLC (2)		2,064		13,891
Owens & Minor, Inc.		1,109		8,451
Palatin Technologies, Inc. (2)		3,025		1,549
PDL BioPharma, Inc.		4,086		11,890
Perrigo Co. PLC		4,083		225,667
Pfenex, Inc. (2)		872		7,281
Pfizer, Inc.		45,082		1,474,181
Phibro Animal Health Corp. - Class A		2,032		53,381
Phreesia, Inc. (2)		659		18,637
PRA Health Sciences, Inc. (2)		616		59,931
Precigen, Inc. (2)(3)		1,765		8,807
Principia Biopharma, Inc. (2)		538		32,167
PTC Therapeutics, Inc. (2)		736		37,345
Puma Biotechnology, Inc. (2)		224		2,336
Quest Diagnostics, Inc.		1,426		162,507
Quidel Corp. (2)		241		53,921
Recro Pharma, Inc.		2,000		9,100
Regeneron Pharmaceuticals, Inc. (2)		622		387,910
Replimune Group, Inc. (2)		182		4,523
ResMed, Inc.		2,221		426,432
Rigel Pharmaceuticals, Inc. (2)		1,715		3,138
Sangamo Therapeutics, Inc. (2)		806		7,222
Scholar Rock Holding Corp. (2)		729		13,275
Seattle Genetics, Inc. (2)		1,468		249,443
Seres Therapeutics, Inc. (2)		59		281
Simulations Plus, Inc.		176		10,528
Sorrento Therapeutics, Inc. (2)(3)		1,475		9,263
STERIS PLC		2,085		319,922
Strongbridge Biopharma PLC (2)		2,193		8,290
Stryker Corp.		560		100,906

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Surgery Partners, Inc. (2)		71		821
Sutro Biopharma, Inc. (2)		554		4,299
Syndax Pharmaceuticals, Inc. (2)		29		430
Tandem Diabetes Care, Inc. (2)		910		90,017
Teladoc Health, Inc. (2)		637		121,565
Tenet Healthcare Corp. (2)		2,277		41,236
TG Therapeutics, Inc. (2)		1,068		20,805
Theravance Biopharma, Inc. (2)		135		2,834
Thermo Fisher Scientific, Inc.		2,152		779,756
Translate Bio, Inc. (2)		490		8,781
Turning Point Therapeutics, Inc. (2)		127		8,203
Ultragenyx Pharmaceutical, Inc. (2)		146		11,420
United Therapeutics Corp. (2)		1,404		169,884
UnitedHealth Group, Inc.		6,840		2,017,458
Vanda Pharmaceuticals, Inc. (2)		838		9,587
Veeva Systems, Inc. (2)		2,175		509,864
Verrica Pharmaceuticals, Inc. (2)		70		771
Vertex Pharmaceuticals, Inc. (2)		2,828		820,997
Vir Biotechnology, Inc. (2)		31		1,270
WaVe Life Sciences, Ltd. (2)		68		708
West Pharmaceutical Services, Inc.		834		189,460
XBiotech, Inc. (2)		1,196		16,397
Xencor, Inc. (2)		1,699		55,031
Y-mAbs Therapeutics, Inc. (2)		372		16,070
Zimmer Biomet Holdings, Inc.		3,254		388,397
Zoetis, Inc.		11,283		1,546,222
Zynex, Inc. (2)		815		20,269
				38,444,904
Industrials — 4.0%
3M Co.		4,232		660,150
Allison Transmission Holdings		9,721		357,538
Altra Industrial Motion Corp.		384		12,234
ArcBest Corp.		526		13,944
Arcosa, Inc.		1,911		80,644
ASGN, Inc. (2)		768		51,210
Astec Industries, Inc.		617		28,573
Atkore International Group, Inc. (2)		2,531		69,223
Atlas Air Worldwide Holdings, Inc. (2)		781		33,606
Avis Budget Group, Inc. (2)		120		2,747
Axon Enterprise, Inc. (2)		393		38,565
AZZ, Inc.		2,997		102,857
BMC Stock Holdings, Inc. (2)		8,759		220,201
Builders FirstSource, Inc. (2)		1,596		33,037
Caterpillar, Inc.		2,232		282,348
Comfort Systems USA, Inc.		3,341		136,146

The accompanying notes are an integral part of these financial statements

Page 48 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Copart, Inc. (2)		91		7,578
CoreLogic, Inc./United States		342		22,989
CSX Corp.		9,789		682,685
Cummins, Inc.		9,343		1,618,768
Curtiss-Wright Corp.		3,247		289,892
Delta Air Lines, Inc.		178		4,993
Eaton Corp. PLC		6,083		532,141
Echo Global Logistics, Inc. (2)		3,162		68,362
EMCOR Group, Inc.		2,734		180,827
Emerson Electric Co.		1,264		78,406
Encore Wire Corp.		798		38,958
EnerSys		1,474		94,896
Expeditors International of Wa		214		16,273
Federal Signal Corp.		2,175		64,663
Fortune Brands Home & Security		1,411		90,205
Generac Holdings, Inc. (2)		195		23,776
GMS, Inc. (2)		343		8,434
Graco, Inc.		830		39,832
GrafTech International, Ltd.		1,598		12,752
Herman Miller, Inc.		1,143		26,986
Hertz Global Holdings, Inc. (2)		485		684
HNI Corp.		1,609		49,187
Hub Group, Inc. - Class A (2)		1,840		88,062
Hubbell, Inc.		4,337		543,686
Huntington Ingalls Industries		1,672		291,747
Illinois Tool Works, Inc.		2,468		431,530
JetBlue Airways Corp. (2)		4,147		45,202
Johnson Controls International		7,435		253,831
Kelly Services, Inc. - Class A		85		1,344
Kimball International, Inc. - Class B		1,903		21,999
L B Foster Co. - Class A (2)		212		2,707
Lincoln Electric Holdings, Inc.		804		67,729
Lockheed Martin Corp.		4,054		1,479,386
LSC Communications, Inc. (2)		4,516		255
Lyft, Inc. (2)		669		22,084
Manitowoc Co., Inc./The (2)		1,047		11,391
ManpowerGroup, Inc.		6,148		422,675
Marten Transport, Ltd.		3,337		83,959
Matson, Inc.		2,195		63,875
McGrath RentCorp		107		5,779
Meritor, Inc. (2)		3,486		69,023
Miller Industries, Inc./TN		1,780		52,991
MRC Global, Inc. (2)		982		5,804
Mueller Water Products, Inc.		1,247		11,759
MYR Group, Inc. (2)		1,015		32,389
NL Industries, Inc.		197		672

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Nordson Corp.		1,369		259,713
Norfolk Southern Corp.		174		30,549
Northrop Grumman Corp.		101		31,051
Northwest Pipe Co. (2)		548		13,738
Old Dominion Freight Line, Inc.		1,390		235,730
Oshkosh Corp.		1,178		84,368
PACCAR, Inc.		9,434		706,135
Primoris Services Corp.		1,399		24,846
Regal Beloit Corp.		2,169		189,397
Rexnord Corp.		3,737		108,934
Rockwell Automation, Inc.		1,201		255,813
RR Donnelley & Sons Co.		5,502		6,547
Rush Enterprises, Inc.		1,170		48,508
Safe Bulkers, Inc. (2)		1,521		1,856
Saia, Inc. (2)		634		70,488
Schneider National, Inc. - Class B		420		10,361
Shyft Group, Inc./The		1,809		30,464
SkyWest, Inc.		949		30,956
Southwest Airlines Co.		30,960		1,058,213
Steelcase, Inc. - Class A		888		10,709
Sterling Construction Co., Inc. (2)		302		3,162
Teledyne Technologies, Inc. (2)		83		25,809
Timken Co./The		3,628		165,038
Trex Co., Inc. (2)		281		36,550
Triton International, Ltd./Bermu		5,144		155,555
Tutor Perini Corp. (2)		541		6,589
Uber Technologies, Inc. (2)		4,067		126,402
UFP Industries, Inc.		2,133		105,605
Union Pacific Corp.		333		56,300
United Parcel Service, Inc. - Class B		2,242		249,266
Vectrus, Inc. (2)		631		31,001
Veritiv Corp. (2)		231		3,918
Werner Enterprises, Inc.		120		5,224
WESCO International, Inc. (2)		42		1,475
WESCO International, Inc. Series A Variable Preferred (2)(10)		994		26,361
WW Grainger, Inc.		1,632		512,709
				14,805,529
Information Technology — 14.9%
ACI Worldwide, Inc. (2)		64		1,727
Adobe, Inc. (2)		4,585		1,995,896
Advanced Micro Devices, Inc. (2)		6,895		362,746
Alliance Data Systems Corp.		209		9,430
American Software, Inc./GA		251		3,956
Amkor Technology, Inc. (2)		6,551		80,643

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 49

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Apple, Inc.		28,920		10,550,016
Applied Materials, Inc.		5,354		323,649
Arrow Electronics, Inc. (2)		3,257		223,723
AstroNova, Inc.		565		4,497
Autodesk, Inc. (2)		1,408		336,780
Avaya Holdings Corp. (2)		3,722		46,004
Avnet, Inc.		7,484		208,691
Benchmark Electronics, Inc.		1,340		28,944
Booz Allen Hamilton Holding Co.		466		36,250
Bottomline Technologies DE, Inc. (2)		39		1,980
Box, Inc. (2)		1,244		25,825
Broadcom, Inc.		1,587		500,873
CACI International, Inc. - Class A (2)		110		23,857
Cadence Design Systems, Inc. (2)		6,057		581,230
Calix, Inc. (2)		503		7,495
Cambium Networks Corp. (2)		3,835		28,226
CDK Global, Inc.		2,880		119,290
Cerence, Inc. (2)		1,510		61,668
ChannelAdvisor Corp. (2)		3,325		52,668
Ciena Corp. (2)		4,068		220,323
Cirrus Logic, Inc. (2)		1,527		94,338
Cisco Systems, Inc.		31,882		1,486,976
Citrix Systems, Inc.		3,167		468,431
Cognex Corp.		1,066		63,662
Cognizant Technology Solutions		11,101		630,759
Coupa Software, Inc. (2)		262		72,584
Diebold Nixdorf, Inc. (2)		2,004		12,144
Diodes, Inc. (2)		928		47,050
DocuSign, Inc. (2)		2,354		405,382
Dropbox, Inc. (2)		2,267		49,353
DXC Technology Co.		5,166		85,239
Ebix, Inc.		1,386		30,991
Enphase Energy, Inc. (2)		904		43,003
F5 Networks, Inc. (2)		210		29,291
Five9, Inc. (2)		408		45,153
Fortinet, Inc. (2)		1,314		180,373
Hackett Group, Inc./The		221		2,992
Hewlett Packard Enterprise Co.		30,747		299,168
HP, Inc.		19,166		334,063
IBM		6,099		736,576
II-VI, Inc. (2)		177		8,358
Intel Corp.		36,731		2,197,616
Intuit, Inc.		5,570		1,649,778
J2 Global, Inc. (2)		896		56,636
Jabil, Inc.		9,116		292,441
KLA Corp.		1,126		218,984

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Lam Research Corp.		1,038		335,751
Leidos Holdings, Inc.		1,367		128,047
Lumentum Holdings, Inc. (2)		496		40,389
Majesco (2)		67		527
Manhattan Associates, Inc. (2)		1,406		132,445
ManTech International Corp./VA		1,582		108,351
Mastercard, Inc.		9,042		2,673,719
Maxim Integrated Products, Inc.		3,267		198,013
Methode Electronics, Inc.		198		6,189
Micron Technology, Inc. (2)		7,753		399,435
Microsoft Corp.		53,925		10,974,180
MKS Instruments, Inc.		269		30,462
Motorola Solutions, Inc.		3,076		431,040
National Instruments Corp.		1,485		57,484
NCR Corp. (2)		1,191		20,628
NetApp, Inc.		579		25,690
NetScout Systems, Inc. (2)		857		21,905
NIC, Inc.		2,173		49,892
NortonLifeLock, Inc.		12,103		240,002
NVIDIA Corp.		4,521		1,717,573
ON Semiconductor Corp. (2)		4		79
OneSpan, Inc. (2)		1,754		48,989
Oracle Corp.		34,107		1,885,094
PagerDuty, Inc. (2)		354		10,131
Paycom Software, Inc. (2)		466		144,334
PayPal Holdings, Inc. (2)		3,049		531,227
PC Connection, Inc.		83		3,848
Perspecta, Inc.		5,482		127,347
Photronics, Inc. (2)		2,536		28,226
Plantronics, Inc.		294		4,316
Progress Software Corp.		5,385		208,669
Pure Storage, Inc. (2)		6,064		105,089
Qorvo, Inc. (2)		1,208		133,520
QUALCOMM, Inc.		14,364		1,310,140
Qualys, Inc. (2)		851		88,521
Rimini Street, Inc. (2)		430		2,215
RingCentral, Inc. - Class A (2)		610		173,856
salesforce.com, Inc. (2)		5,501		1,030,502
Sanmina Corp. (2)		1,985		49,704
ScanSource, Inc. (2)		685		16,502
Science Applications Internati		62		4,816
ServiceNow, Inc. (2)		1,315		532,654
Skyworks Solutions, Inc.		3,045		389,334
Slack Technologies, Inc. (2)		2,409		74,896
SMART Global Holdings, Inc. (2)		800		21,744
Smartsheet, Inc. (2)		320		16,294

The accompanying notes are an integral part of these financial statements

Page 50 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
SPS Commerce, Inc. (2)		970		72,866
SS&C Technologies Holdings, Inc.		13,241		747,852
Stratasys, Ltd. (2)		656		10,404
Sykes Enterprises, Inc. (2)		1,533		42,403
SYNNEX Corp.		1,724		206,483
Synopsys, Inc. (2)		5,595		1,091,025
Tenable Holdings, Inc. (2)		708		21,105
TESSCO Technologies, Inc.		343		1,887
Texas Instruments, Inc.		6,737		855,397
Trimble, Inc. (2)		3,807		164,424
TTEC Holdings, Inc.		631		29,379
Twilio, Inc. (2)		756		165,882
Verint Systems, Inc. (2)		4,460		201,503
Veritone, Inc. (2)		171		2,541
VirnetX Holding Corp. (3)		4,120		26,780
Visa, Inc.		3,894		752,204
Vishay Intertechnology, Inc.		526		8,032
Workday, Inc. (2)		1,333		249,751
Xerox Holdings Corp.		9,505		145,331
Xperi Holding Corp.		2,827		41,727
Zebra Technologies Corp. - Class A (2)		950		243,153
Zoom Video Communications, Inc. (2)		208		52,736
Zscaler, Inc. (2)		780		85,410
				55,129,772
Materials — 1.3%
Air Products and Chemicals, Inc.		2,970		717,136
Boise Cascade Co.		4,989		187,636
Clearwater Paper Corp. (2)		255		9,213
Commercial Metals Co.		390		7,956
Dow, Inc.		3,234		131,818
Eastman Chemical Co.		2,233		155,506
FMC Corp.		2,159		215,080
Hawkins, Inc.		96		4,088
Huntsman Corp.		84		1,509
Linde PLC		2,225		471,945
LyondellBasell Industries NV		3,849		252,956
Newmont Corp.		14,872		918,197
Novagold Resources, Inc. (2)		2,821		25,897
Olin Corp.		267		3,068
Olympic Steel, Inc.		903		10,610
Packaging Corp. of America		623		62,175
Ramaco Resources, Inc. (2)		859		1,838
Reliance Steel & Aluminum Co.		3,287		312,035
Royal Gold, Inc.		1,776		220,792
RPM International, Inc.		1,698		127,452

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Ryerson Holding Corp. (2)		2,706		15,235
Scotts Miracle-Gro Co./The		1,177		158,271
Sherwin-Williams Co./The		909		525,266
Steel Dynamics, Inc.		3,098		80,827
Stepan Co.		324		31,460
Tredegar Corp.		1,357		20,898
Tronox Holdings PLC		583		4,209
Verso Corp.		857		10,250
Westrock Co.		3,788		107,049
Worthington Industries, Inc.		528		19,694
				4,810,066
Real Estate Investment Trust — 1.9%
Altisource Portfolio Solutions (2)		1,014		14,946
American Homes 4 Rent		4,302		115,724
American Tower Corp.		5,969		1,543,225
Apple Hospitality REIT, Inc.		12,382		119,610
Ashford Hospitality Trust, Inc.		4,513		3,261
AvalonBay Communities, Inc.		1,639		253,455
CareTrust REIT, Inc.		1,335		22,909
CatchMark Timber Trust, Inc.		529		4,682
CBL & Associates Properties In (2)		7,569		2,063
Clipper Realty, Inc.		61		494
Colony Capital, Inc.		609		1,462
CoreCivic, Inc.		2,624		24,561
CorEnergy Infrastructure Trust		862		7,887
CorePoint Lodging, Inc.		4,249		17,888
Corporate Office Properties Trust		3,465		87,803
CyrusOne, Inc.		1,543		112,253
Equinix, Inc.		423		297,073
Essex Property Trust, Inc.		3,217		737,240
Extra Space Storage, Inc.		46		4,249
Farmland Partners, Inc.		432		2,959
Gaming and Leisure Properties		10,330		357,418
Getty Realty Corp.		1,105		32,796
Gladstone Commercial Corp.		62		1,163
Healthcare Realty Trust, Inc.		5,150		150,844
Highwoods Properties, Inc.		3,028		113,035
Host Hotels & Resorts, Inc.		625		6,744
Lamar Advertising Co.		6,338		423,125
LTC Properties, Inc.		10,171		383,142
National Health Investors, Inc.		2,560		155,443
National Storage Affiliates Trust		837		23,988
Paramount Group, Inc.		207		1,596
Piedmont Office Realty Trust, Inc.		7,090		117,765
PS Business Parks, Inc.		1,357		179,667

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 51

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Public Storage		1,215		233,146
Regency Centers Corp.		1,871		85,860
Ryman Hospitality Properties, Inc.		32		1,107
SBA Communications Corp.		900		268,128
Service Properties Trust		12,659		89,752
Simon Property Group, Inc.		13,501		923,198
Spirit MTA Reit Liquidating Trust (2)(8)		3,461		—
Tanger Factory Outlet Centers (3)		1,775		12,656
Uniti Group, Inc.		866		8,097
Urstadt Biddle Properties, Inc.		2,168		25,756
Xenia Hotels & Resorts, Inc.		2,477		23,110
				6,991,280
Utilities — 1.0%
American Water Works Co., Inc.		3,822		491,739
Consolidated Water Co., Ltd.		1,199		17,302
Dominion Energy, Inc.		14,246		1,156,490
Evergy, Inc.		181		10,731
Exelon Corp.		5,711		207,252
MDU Resources Group, Inc.		17,427		386,531
NextEra Energy, Inc.		1,417		340,321
NorthWestern Corp.		4,357		237,544
NRG Energy, Inc.		6,517		212,194
PPL Corp.		10,120		261,501
RGC Resources, Inc.		57		1,378
Southern Co./The		2,098		108,781
Southwest Gas Holdings, Inc.		1,473		101,711
Spark Energy, Inc. - Class A		128		905
Vistra Energy Corp.		13		242
WEC Energy Group, Inc.		2,002		175,479
				3,710,101
Total Common Stocks (Cost $160,407,172)				198,058,579

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
Registered Investment Companies — 25.7%
Baird Core Plus Bond Fund - Class I		588,183		7,099,365
Dodge & Cox Income Fund		405,446		5,891,127
DoubleLine Total Return Bond Fund - Class I		406,034		4,352,680
Guggenheim Total Return Bond Fund - Class I		113,421		3,309,620
iShares Core U.S. Aggregate Bond ETF (9)		90,485		10,696,232
iShares JP Morgan USD Emerging Markets Bond ETF (9)		79,079		8,637,008
Lord Abbett High Yield Fund - Class I		470,020		3,172,632
Payden Emerging Markets Bond Fund - Class I		85,466		1,100,802
PGIM Total Return Bond Fund - Class R6		446,279		6,569,223
Pioneer Bond Fund - Class Y		442,944		4,380,718
Segall Bryant & Hamill Plus Bond Fund - Class I		441,014		4,899,663
SPDR Bloomberg Barclays High Yield Bond ETF (9)		31,642		3,200,905
TCW Emerging Markets Income Fund - Class I		278,015		2,157,397
Vanguard Intermediate-Term Corporate Bond ETF (9)		33,283		3,166,545
Vanguard Short-Term Bond ETF (9)		44,377		3,688,616
Vanguard Total Bond Market ETF (9)		115,217		10,178,270
Xtrackers USD High Yield Corporate Bond ETF (9)		250,214		11,697,505
Total Registered Investment Companies (Cost $89,381,462)				94,198,308
Money Market Registered Investment Companies — 15.3%
Meeder Institutional Prime Money Market Fund, 0.30% (5)		55,959,100		55,987,079
Morgan Stanley Government Institutional Fund, 0.05% (4)		63,028		63,028
Total Money Market Registered Investment Companies (Cost $56,010,435)				56,050,107
Bank Obligations — 0.2%
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6)		247,160		247,160
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6)		247,312		247,312
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6)		246,790		246,790
Total Bank Obligations (Cost $741,262)				741,262

The accompanying notes are an integral part of these financial statements

Page 52 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)(1)
U.S. Government Obligations — 3.6%
U.S. Treasury Note, 2.25%, due 1/31/2024		4,399,400		4,721,106
U.S. Treasury Note, 2.625%, due 2/15/2029		1,883,800		2,207,431
U.S. Treasury Note, 1.50%, due 8/15/2026		1,511,300		1,610,302
U.S. Treasury Note, 2.25%, due 11/15/2025		2,790,300		3,074,017
U.S. Treasury Note, 2.125%, due 12/31/2022		1,509,300		1,582,819
Total U.S. Government Obligations (Cost $12,186,929)				13,195,675
Total Investments — 98.6% (Cost $318,727,260)				362,243,931
Other Assets less Liabilities — 1.4%				4,992,106
Total Net Assets — 100.0%				367,236,037
Trustee Deferred Compensation (7)
Meeder Balanced Fund - Retail Class		2,670		30,038
Meeder Dynamic Allocation Fund - Retail Class		6,632		75,141
Meeder Muirfield Fund - Retail Class		4,197		29,127
Meeder Conservative Allocation Fund - Retail Class		783		17,406
Total Trustee Deferred Compensation (Cost $144,647)				151,712

Balanced Fund
	Net Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		125			9/18/2020		11,115,000			(66,213	)
Mini MSCI Emerging Markets Index Futures		48			9/18/2020		2,365,680			15,867
Russell 2000 Mini Index Futures		(25	)		9/18/2020		(1,797,000	)		(26,888	)
Standard & Poors 500 Mini Futures		(164	)		9/18/2020		(25,339,640	)		(83,559	)
E-mini Standard & Poors MidCap 400 Futures		(33	)		9/18/2020		(5,871,030	)		(165,095	)
Total Futures Contracts		(49	)				(19,526,990	)		(325,888	)

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (11)
Level 1 - Quoted Prices	$	348,306,994	$	(325,888	)
Level 2 - Other Significant Observable Inputs		13,936,937		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	362,243,931	$	(325,888	)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

(2) Represents non-income producing securities.

(3) All or a portion of this security is on loan.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 53

Schedule of Investments
June 30, 2020 (unaudited)

(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(9) Exchange-traded fund.

(10) Preferred stock.

(11) 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.

The accompanying notes are an integral part of these financial statements

Page 54 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 36.9%
Communication Services — 3.2%
Activision Blizzard, Inc.		4,103		311,418
Alphabet, Inc. - Class A (2)		189		268,011
Alphabet, Inc. - Class C (2)		907		1,282,144
AMC Entertainment Holdings, Inc.		375		1,609
AT&T, Inc.		19,176		579,690
Cinemark Holdings, Inc.		410		4,736
Comcast Corp. - Class A		4,270		166,445
Cumulus Media, Inc. (2)		12		47
Electronic Arts, Inc. (2)		1,607		212,204
Facebook, Inc. (2)		4,098		930,533
Frontier Communications Corp. (2)		1,310		128
Glu Mobile, Inc. (2)		772		7,156
Gray Television, Inc. (2)		437		6,096
IMAX Corp. (2)		93		1,043
Lee Enterprises, Inc. (2)		1,275		1,250
Liberty TripAdvisor Holdings, Inc. (2)		2,128		4,533
Lions Gate Entertainment Corp. Class A (2)		303		2,245
Marcus Corp./The		816		10,828
MDC Partners, Inc. (2)		390		811
National CineMedia, Inc.		437		1,298
Netflix, Inc. (2)		444		202,038
Pinterest, Inc. (2)		735		16,295
Spotify Technology SA (2)		313		80,813
Telephone and Data Systems, Inc.		942		18,727
T-Mobile US, Inc.		4,819		501,899
Tribune Publishing Co.		109		1,089
Verizon Communications, Inc.		12,298		677,989
Yelp, Inc. (2)		17		393
				5,291,468
Consumer Discretionary — 5.6%
1-800-Flowers.com, Inc. (2)		358		7,167
Amazon.com, Inc. (2)		838		2,311,891
American Eagle Outfitters, Inc.		31		338
American Public Education, Inc. (2)		12		355
Aptiv PLC		6		468
Aramark		701		15,822
AutoZone, Inc. (2)		42		47,381
BBX Capital Corp.		993		2,522
Best Buy Co., Inc.		2,822		246,276
Big Lots, Inc.		335		14,070
BorgWarner, Inc.		375		13,238
Boyd Gaming Corp.		453		9,468
Brinker International, Inc.		313		7,512
Caleres, Inc.		294		2,452
Camping World Holdings, Inc.		681		18,496

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Capri Holdings, Ltd. (2)		439		6,862
Centric Brands, Inc. (2)		349		24
Chipotle Mexican Grill, Inc. (2)		66		69,456
Crocs, Inc. (2)		573		21,098
Dana, Inc.		66		805
Dave & Buster’s Entertainment		196		2,613
Deckers Outdoor Corp. (2)		439		86,215
Designer Brands, Inc.		143		968
Dollar General Corp.		1,377		262,332
Dollar Tree, Inc. (2)		352		32,623
Domino’s Pizza, Inc.		232		85,710
DR Horton, Inc.		3,807		211,098
Duluth Holdings, Inc. - Class B (2)		899		6,626
eBay, Inc.		3,393		177,963
Everi Holdings, Inc. (2)		770		3,973
Extended Stay America, Inc.		99		1,108
Fiesta Restaurant Group, Inc. (2)		307		1,959
Fox Factory Holding Corp. (2)		113		9,335
Garmin, Ltd.		845		82,388
General Motors Co.		13,294		336,338
Gentex Corp.		1,149		29,610
G-III Apparel Group, Ltd. (2)		101		1,342
Green Brick Partners, Inc. (2)		26		308
Greenlane Holdings, Inc. (2)		90		358
Hanesbrands, Inc.		648		7,316
Harley-Davidson, Inc.		3,641		86,547
Home Depot, Inc./The		3,942		987,510
Installed Building Products In (2)		10		688
International Game Technology		2,023		18,005
KB Home		1,731		53,107
Kirkland’s, Inc. (2)		677		1,835
Lands’ End, Inc. (2)		334		2,685
Las Vegas Sands Corp.		1,104		50,276
Lear Corp.		481		52,439
Lennar Corp.		1,653		101,858
LKQ Corp. (2)		383		10,035
Lowe’s Cos., Inc.		4,367		590,069
Lululemon Athletica, Inc. (2)		326		101,715
Malibu Boats, Inc. (2)		312		16,208
MarineMax, Inc. (2)		273		6,112
McDonald’s Corp.		2,689		496,040
MDC Holdings, Inc.		136		4,855
Meritage Homes Corp. (2)		179		13,625
MGM Resorts International		1,041		17,489
Murphy USA, Inc. (2)		141		15,875
Nathan’s Famous, Inc.		23		1,294
NIKE, Inc. - Class B		5,998		588,104

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 55

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
NVR, Inc. (2)		28		91,245
Office Depot, Inc.		2,064		4,850
O’Reilly Automotive, Inc. (2)		116		48,914
Papa John’s International, Inc.		22		1,747
Party City Holdco, Inc. (2)		336		501
Penn National Gaming, Inc. (2)		421		12,857
PetMed Express, Inc.		198		7,057
PulteGroup, Inc.		3,964		134,895
Purple Innovation, Inc. (2)		494		8,892
Qurate Retail, Inc. (2)		1,250		11,875
Ralph Lauren Corp.		702		50,909
RCI Hospitality Holdings, Inc.		368		5,100
Red Robin Gourmet Burgers, Inc. (2)		364		3,713
Red Rock Resorts, Inc.		398		4,342
Rent-A-Center, Inc./TX		3,963		110,251
RH (2)		279		69,443
Ross Stores, Inc.		545		46,456
RTW Retailwinds, Inc. (2)		450		90
Sleep Number Corp. (2)		114		4,747
Sportsman’s Warehouse Holdings (2)		756		10,773
Stamps.com, Inc. (2)		82		15,063
Starbucks Corp.		198		14,571
Stoneridge, Inc. (2)		139		2,872
Sturm Ruger & Co., Inc.		63		4,788
Superior Industries Internatio		12		20
Tapestry, Inc.		67		890
Target Corp.		1,871		224,389
Tesla, Inc. (2)		369		398,450
Texas Roadhouse, Inc.		240		12,617
Thor Industries, Inc.		988		105,252
Tile Shop Holdings, Inc.		163		212
TopBuild Corp. (2)		120		13,652
Town Sports International Holdings, Inc. (2)		961		519
Tractor Supply Co.		19		2,504
Tupperware Brands Corp.		169		803
Vista Outdoor, Inc. (2)		161		2,326
Waitr Holdings, Inc. (2)		364		957
Wendy’s Co./The		197		4,291
Williams-Sonoma, Inc.		426		34,936
Wingstop, Inc.		422		58,645
Winnebago Industries, Inc.		1,274		84,874
Yum China Holdings, Inc.		1,481		71,192
Yum! Brands, Inc.		1,065		92,559
Zumiez, Inc. (2)		465		12,732
				9,140,026

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Consumer Staples — 0.7%
Alico, Inc.		21		654
Coca-Cola Co./The		4,400		196,592
Costco Wholesale Corp.		121		36,688
General Mills, Inc.		7,428		457,936
Ingredion, Inc.		111		9,213
John B Sanfilippo & Son, Inc.		2		171
Kroger Co./The		1,544		52,264
Molson Coors Beverage Co. - Class B		2,200		75,592
Nu Skin Enterprises, Inc.		142		5,429
PepsiCo, Inc.		1,669		220,742
Performance Food Group Co. (2)		324		9,441
Philip Morris International, Inc.		111		7,777
Rite Aid Corp. (2)		141		2,405
SpartanNash Co.		310		6,588
Sprouts Farmers Market, Inc. (2)		217		5,553
Tyson Foods, Inc.		217		12,957
United Natural Foods, Inc. (2)		187		3,405
Walgreens Boots Alliance, Inc.		455		19,287
				1,122,694
Energy — 0.8%
Altus Midstream Co. (2)		651		413
Amplify Energy Corp.		572		704
Antero Resources Corp. (2)		1,229		3,122
Apache Corp.		512		6,912
Arch Resources, Inc.		91		2,585
Archrock, Inc.		353		2,291
Ardmore Shipping Corp.		241		1,046
Baker Hughes Co.		2,044		31,457
Bonanza Creek Energy, Inc. (2)		14		207
Brigham Minerals, Inc.		325		4,014
Cabot Oil & Gas Corp.		1,110		19,070
Cactus, Inc.		725		14,957
California Resources Corp. (2)(3)		723		882
Centennial Resource Developmen (2)		131		117
Chaparral Energy, Inc. (2)		400		259
Chesapeake Energy Corp. (2)		86		421
Chevron Corp.		4,169		372,000
CNX Resources Corp. (2)		287		2,483
Concho Resources, Inc.		742		38,213
ConocoPhillips		3,548		149,087
CONSOL Energy, Inc. (2)		25		127
Continental Resources, Inc./OK (2)		323		5,662
Delek US Holdings, Inc.		224		3,900
DHT Holdings, Inc.		613		3,145
Diamondback Energy, Inc.		116		4,851

The accompanying notes are an integral part of these financial statements

Page 56 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Dorian LPG, Ltd. (2)		320		2,477
EOG Resources, Inc.		1,422		72,039
EQT Corp.		759		9,032
Exterran Corp. (2)		206		1,110
Extraction Oil & Gas, Inc. (2)		568		69
Frank’s International NV (2)		291		649
Gulfport Energy Corp. (2)		53		58
Hallador Energy Co.		121		79
Helmerich & Payne, Inc.		1,030		20,095
Hess Corp.		216		11,191
HollyFrontier Corp.		722		21,082
International Seaways, Inc.		314		5,131
Kinder Morgan, Inc.		4,287		65,034
KLX Energy Services Holdings I (2)		18		39
Laredo Petroleum, Inc. (2)		75		1,040
Matador Resources Co. (2)		267		2,270
Matrix Service Co. (2)		33		321
Montage Resources Corp. (2)		140		553
Nabors Industries, Ltd.		41		1,518
National Oilwell Varco, Inc.		836		10,241
NexTier Oilfield Solutions, Inc. (2)		354		867
Nine Energy Service, Inc. (2)		161		314
Noble Energy, Inc.		9		81
Nordic American Tankers, Ltd.		389		1,579
Oasis Petroleum, Inc. (2)		613		460
Oceaneering International, Inc. (2)		477		3,048
Overseas Shipholding Group, Inc. (2)		80		149
Pacific Ethanol, Inc. (2)		708		503
Par Pacific Holdings, Inc. (2)		485		4,360
Patterson-UTI Energy, Inc.		673		2,335
PDC Energy, Inc. (2)		474		5,897
Peabody Energy Corp.		408		1,175
Penn Virginia Corp. (2)		375		3,574
Phillips 66		1,994		143,369
Pioneer Natural Resources Co.		560		54,712
Profire Energy, Inc. (2)		11		9
ProPetro Holding Corp. (2)		942		4,842
Range Resources Corp.		577		3,249
Renewable Energy Group, Inc. (2)		152		3,767
Schlumberger, Ltd.		2,304		42,371
Scorpio Tankers, Inc.		20		256
SilverBow Resources, Inc. (2)		240		770
Southwestern Energy Co. (2)		1,303		3,336
Superior Energy Services, Inc. (2)		64		73
Talos Energy, Inc. (2)		203		1,868
Teekay Corp. (2)		502		1,205
Teekay Tankers, Ltd. (2)		18		231

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Valero Energy Corp.		1,869		109,935
W&T Offshore, Inc. (2)		276		629
Westmoreland Coal Co. (2)(8)		773		—
Whiting Petroleum Corp. (2)		512		579
Williams Cos., Inc./The		422		8,026
World Fuel Services Corp.		560		14,426
WPX Energy, Inc. (2)		1,399		8,926
				1,318,874
Financials — 3.2%
AGNC Investment Corp.		1,171		15,106
Allstate Corp./The		3,815		370,017
American Equity Investment Life		39		964
American Express Co.		1,937		184,402
Ameriprise Financial, Inc.		490		73,520
Artisan Partners Asset Managem		1,303		42,348
Associated Banc-Corp		97		1,327
Bank of America Corp.		25,512		605,910
BCB Bancorp, Inc.		339		3,146
Berkshire Hathaway, Inc. Class B (2)		6,080		1,085,341
Blackstone Mortgage Trust, Inc.		260		6,263
C&F Financial Corp.		65		2,161
Cannae Holdings, Inc. (2)		722		29,674
Cathay General Bancorp		549		14,439
Charles Schwab Corp./The		41		1,383
Citigroup, Inc.		526		26,879
Citizens Financial Group, Inc.		545		13,756
Civista Bancshares, Inc.		13		200
CNO Financial Group, Inc.		360		5,605
Colony Credit Real Estate, Inc.		30		211
Cullen/Frost Bankers, Inc.		413		30,855
Curo Group Holdings Corp.		950		7,762
CVB Financial Corp.		116		2,174
Diamond Hill Investment Group		3		341
Donegal Group, Inc.		69		981
East West Bancorp, Inc.		503		18,229
eHealth, Inc. (2)		36		3,537
Elevate Credit, Inc. (2)		771		1,141
Ellington Financial, Inc.		552		6,503
Encore Capital Group, Inc. (2)		26		889
Enova International, Inc. (2)		73		1,086
Enterprise Bancorp, Inc./MA		11		262
Enterprise Financial Services		89		2,770
Equitable Holdings, Inc.		1,720		33,179
Esquire Financial Holdings, Inc. (2)		69		1,166
ESSA Bancorp, Inc.		11		153
Essent Group, Ltd.		482		17,482

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 57

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Farmers National Banc Corp.		87		1,032
Fidelity National Financial, Inc.		882		27,042
Fifth Third Bancorp		4,031		77,718
First American Financial Corp.		1,806		86,724
First Financial Corp./IN		112		4,126
First Interstate BancSystem In		557		17,245
First Republic Bank/CA		59		6,253
FirstCash, Inc.		1,056		71,259
FNB Corp./PA		1,927		14,453
FNCB Bancorp, Inc.		124		713
Glacier Bancorp, Inc.		509		17,963
Goosehead Insurance, Inc. (2)		16		1,203
Great Ajax Corp.		1,594		14,665
HBT Financial, Inc.		215		2,866
Heritage Commerce Corp.		408		3,062
Hilltop Holdings, Inc.		1,236		22,804
HomeStreet, Inc.		403		9,918
Houlihan Lokey, Inc.		281		15,635
International Bancshares Corp.		162		5,187
INTL. FCStone, Inc. (2)		327		17,985
Invesco, Ltd.		780		8,393
JPMorgan Chase & Co.		7,884		741,569
Kinsale Capital Group, Inc.		72		11,175
KKR Real Estate Finance Trust		1,556		25,798
Ladder Capital Corp.		1,529		12,385
Lakeland Bancorp, Inc.		1,074		12,276
LPL Financial Holdings, Inc.		72		5,645
M&T Bank Corp.		111		11,541
MarketAxess Holdings, Inc.		202		101,186
Medley Management, Inc. - Class A (2)		271		209
MetLife, Inc.		891		32,539
Metrocity Bankshares, Inc.		599		8,584
Mid Penn Bancorp, Inc.		3		55
MSCI, Inc.		253		84,456
National General Holdings Corp.		164		3,544
NewStar Financial Contingent Value Rights (2)(8)		31		—
NI Holdings, Inc. (2)		30		443
Nicolet Bankshares, Inc. (2)		14		767
Northrim BanCorp, Inc.		388		9,754
OceanFirst Financial Corp.		169		2,979
Ocwen Financial Corp. (2)		240		159
Oppenheimer Holdings, Inc.		998		21,746
Pacific Premier Bancorp, Inc.		1,108		24,021
PennyMac Financial Services, Inc. - Class A		1,229		51,360
People’s United Financial, Inc.		122		1,412
PJT Partners, Inc.		121		6,212

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
PNC Financial Services Group I		278		29,248
Popular, Inc.		2,426		90,174
ProSight Global, Inc. (2)		372		3,311
Prosperity Bancshares, Inc.		517		30,699
Prudential Financial, Inc.		2,727		166,074
Pzena Investment Management In		929		5,054
QCR Holdings, Inc.		543		16,931
Radian Group, Inc.		972		15,076
RBB Bancorp		931		12,708
Regions Financial Corp.		8,527		94,820
Signature Bank/New York NY		704		75,272
Silvercrest Asset Management Group, Inc.		99		1,258
Simmons First National Corp.		658		11,258
South State Corp.		52		2,478
Starwood Property Trust, Inc.		204		3,052
State Street Corp.		1,082		68,761
Stewart Information Services C		1,873		60,891
Summit Financial Group, Inc.		96		1,582
SVB Financial Group (2)		185		39,873
TriCo Bancshares		170		5,177
Truist Financial Corp.		2,676		100,484
United Community Banks, Inc./GA		153		3,078
Unity Bancorp, Inc.		10		143
Valley National Bancorp		2,729		21,341
Walker & Dunlop, Inc.		43		2,185
Wells Fargo & Co.		3,657		93,619
Western Alliance Bancorp		563		21,321
				5,183,091
Healthcare — 7.3%
Abbott Laboratories		2,091		191,180
AbbVie, Inc.		7,908		776,407
Acceleron Pharma, Inc. (2)		291		27,724
AcelRx Pharmaceuticals, Inc. (2)		2,706		3,274
Addus HomeCare Corp. (2)		21		1,944
Aduro Biotech, Inc. (2)		411		949
Adverum Biotechnologies, Inc. (2)		166		3,466
Affimed NV (2)		1,225		5,653
AgeX Therapeutics, Inc. (2)		108		102
Agilent Technologies, Inc.		1,739		153,675
Akcea Therapeutics, Inc. (2)		35		480
Akebia Therapeutics, Inc. (2)		438		5,948
Akorn, Inc. (2)		513		144
Alector, Inc. (2)		235		5,743
Alexion Pharmaceuticals, Inc. (2)		1,173		131,658
Align Technology, Inc. (2)		102		27,993
Alkermes PLC (2)		935		18,144

The accompanying notes are an integral part of these financial statements

Page 58 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Alnylam Pharmaceuticals, Inc. (2)		414		61,318
Amedisys, Inc. (2)		87		17,273
AmerisourceBergen Corp.		1,161		116,994
Amgen, Inc.		2,598		612,764
Amicus Therapeutics, Inc. (2)		742		11,189
Amneal Pharmaceuticals, Inc. (2)		1,176		5,598
Anthem, Inc.		231		60,748
Apellis Pharmaceuticals, Inc. (2)		255		8,328
Applied Therapeutics, Inc. (2)		59		2,133
Arcus Biosciences, Inc. (2)		131		3,241
Ardelyx, Inc. (2)		516		3,571
Arena Pharmaceuticals, Inc. (2)		117		7,365
Arrowhead Pharmaceuticals, Inc. (2)		163		7,040
Arvinas, Inc. (2)		240		8,050
Assembly Biosciences, Inc. (2)		39		909
Assertio Holdings, Inc. (2)		874		749
AtriCure, Inc. (2)		140		6,293
Avantor, Inc. (2)		574		9,758
Avid Bioservices, Inc. (2)		90		591
Avrobio, Inc. (2)		161		2,809
Axsome Therapeutics, Inc. (2)		98		8,063
Baxter International, Inc.		1,631		140,429
Beyondspring, Inc. (2)		107		1,614
BioDelivery Sciences Internati (2)		1,905		8,306
Biogen, Inc. (2)		1,455		389,285
BioMarin Pharmaceutical, Inc. (2)		1,153		142,211
Bio-Rad Laboratories, Inc. - Class A (2)		8		3,612
BioSpecifics Technologies Corp. (2)		40		2,451
Bioxcel Therapeutics, Inc. (2)		83		4,400
Blueprint Medicines Corp. (2)		149		11,622
Bridgebio Pharma, Inc. (2)		110		3,587
Bristol-Myers Squibb Co.		6,446		379,025
Cardinal Health, Inc.		1,457		76,041
CASI Pharmaceuticals, Inc. (2)		90		225
Catalent, Inc. (2)		861		63,111
Catalyst Pharmaceuticals, Inc. (2)		1,537		7,101
cbdMD, Inc. (2)		755		1,442
Celcuity, Inc. (2)		82		568
Centene Corp. (2)		697		44,294
Centogene NV (2)		33		755
Cerecor, Inc. (2)		197		512
Cerner Corp.		2,980		204,279
Chemed Corp.		124		55,933
ChemoCentryx, Inc. (2)		188		10,818
Cigna Corp.		312		58,547
Coherus Biosciences, Inc. (2)		317		5,662
Collegium Pharmaceutical, Inc. (2)		234		4,095

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Computer Programs and Systems		83		1,892
Conformis, Inc. (2)		569		467
Constellation Pharmaceuticals (2)		122		3,666
Cortexyme, Inc. (2)		26		1,204
Cue Biopharma, Inc. (2)		1,235		30,270
CVS Health Corp.		5,576		362,273
CytomX Therapeutics, Inc. (2)		182		1,516
DaVita, Inc. (2)		781		61,808
Deciphera Pharmaceuticals, Inc. (2)		60		3,583
Denali Therapeutics, Inc. (2)		64		1,548
DexCom, Inc. (2)		153		62,026
Dynavax Technologies Corp. (2)		337		2,989
Edwards Lifesciences Corp. (2)		1,860		128,545
Elanco Animal Health, Inc. Contingent Value Rights (2)(8)		162		—
ElectroCore, Inc. (2)		30		25
Eli Lilly and Co.		2,940		482,689
Eloxx Pharmaceuticals, Inc. (2)		88		267
Emergent BioSolutions, Inc. (2)		345		27,283
Encompass Health Corp.		313		19,384
Endo International PLC (2)		1,184		4,061
Enochian Biosciences, Inc. (2)		37		156
Ensign Group, Inc./The		118		4,938
Exact Sciences Corp. (2)		349		30,342
Exelixis, Inc. (2)		1,291		30,648
Fate Therapeutics, Inc. (2)		288		9,881
Fulcrum Therapeutics, Inc. (2)		40		732
GenMark Diagnostics, Inc. (2)		216		3,177
Geron Corp. (2)		1,187		2,588
Gilead Sciences, Inc.		4,748		365,311
Guardant Health, Inc. (2)		16		1,298
Halozyme Therapeutics, Inc. (2)		153		4,102
Harvard Bioscience, Inc. (2)		12		37
HealthStream, Inc. (2)		2		44
Hill-Rom Holdings, Inc.		774		84,970
HMS Holdings Corp. (2)		701		22,705
Horizon Therapeutics Plc (2)		552		30,680
Humana, Inc.		1,140		442,035
Illumina, Inc. (2)		61		22,591
ImmunoGen, Inc. (2)		729		3,353
Immunomedics, Inc. (2)		489		17,330
Inovio Pharmaceuticals, Inc. (2)		268		7,223
Insmed, Inc. (2)		156		4,296
Intellia Therapeutics, Inc. (2)		214		4,498
Invitae Corp. (2)		219		6,634
Iovance Biotherapeutics, Inc. (2)		442		12,133
iRhythm Technologies, Inc. (2)		54		6,258

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 59

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Jazz Pharmaceuticals PLC (2)		83		9,158
Johnson & Johnson		7,082		995,942
Jounce Therapeutics, Inc. (2)		239		1,649
Kadmon Holdings, Inc. (2)		765		3,917
Kala Pharmaceuticals, Inc. (2)		246		2,585
Karyopharm Therapeutics, Inc. (2)		38		720
Kezar Life Sciences, Inc. (2)		36		186
Kiniksa Pharmaceuticals, Ltd. (2)		105		2,675
Kodiak Sciences, Inc. (2)		69		3,734
Krystal Biotech, Inc. (2)		17		704
Kura Oncology, Inc. (2)		331		5,395
LHC Group, Inc. (2)		69		12,028
Livongo Health, Inc. (2)		159		11,955
MacroGenics, Inc. (2)		252		7,036
Mallinckrodt PLC (2)(3)		30		80
MannKind Corp. (2)		564		987
Marinus Pharmaceuticals, Inc. (2)		544		1,382
Masimo Corp. (2)		231		52,666
McKesson Corp.		434		66,584
Medtronic PLC		6,583		603,661
MEI Pharma, Inc. (2)		82		339
Merck & Co., Inc.		8,948		691,949
Meridian Bioscience, Inc. (2)		232		5,403
Mersana Therapeutics, Inc. (2)		667		15,608
Moderna, Inc. (2)		586		37,627
Molecular Templates, Inc. (2)		266		3,668
Molina Healthcare, Inc. (2)		88		15,662
Momenta Pharmaceuticals, Inc. (2)		337		11,212
Morphic Holding, Inc. (2)		98		2,651
Mylan NV (2)		954		15,340
MyoKardia, Inc. (2)		117		11,305
Myriad Genetics, Inc. (2)		242		2,744
Natera, Inc. (2)		204		10,171
National Research Corp.		20		1,164
Neurocrine Biosciences, Inc. (2)		514		62,708
NextCure, Inc. (2)		6		129
NextGen Healthcare, Inc. (2)		534		5,863
Novavax, Inc. (2)		77		6,418
Odonate Therapeutics, Inc. (2)		93		3,938
Oncocyte Corp. (2)		240		458
Oncternal Therapeutics, Inc. (2)		138		392
OPKO Health, Inc. (2)		1,007		3,434
Organogenesis Holdings, Inc. (2)		140		538
Osmotica Pharmaceuticals PLC (2)		431		2,901
Owens & Minor, Inc.		292		2,225
Palatin Technologies, Inc. (2)		1,854		949
PDL BioPharma, Inc.		463		1,347

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Perrigo Co. PLC		998		55,159
Pfenex, Inc. (2)		230		1,921
Pfizer, Inc.		13,035		426,245
Phibro Animal Health Corp. - Class A		417		10,955
Phreesia, Inc. (2)		270		7,636
Pieris Pharmaceuticals, Inc. (2)		566		1,755
PolarityTE, Inc. (2)		252		312
PRA Health Sciences, Inc. (2)		189		18,388
Precigen, Inc. (2)(3)		481		2,400
Principia Biopharma, Inc. (2)		149		8,909
PTC Therapeutics, Inc. (2)		195		9,894
Puma Biotechnology, Inc. (2)		71		741
Quest Diagnostics, Inc.		434		49,459
Quidel Corp. (2)		115		25,730
Radius Health, Inc. (2)		45		613
Recro Pharma, Inc.		548		2,493
Regeneron Pharmaceuticals, Inc. (2)		263		164,020
REGENXBIO, Inc. (2)		16		589
Replimune Group, Inc. (2)		44		1,093
ResMed, Inc.		702		134,784
Rhythm Pharmaceuticals, Inc. (2)		51		1,137
Rigel Pharmaceuticals, Inc. (2)		1,749		3,201
Sangamo Therapeutics, Inc. (2)		282		2,527
Seattle Genetics, Inc. (2)		332		56,413
Senseonics Holdings, Inc. (2)		145		57
Sorrento Therapeutics, Inc. (2)(3)		390		2,449
STERIS PLC		590		90,530
Strongbridge Biopharma PLC (2)		715		2,703
Sutro Biopharma, Inc. (2)		91		706
Syndax Pharmaceuticals, Inc. (2)		2		30
Tandem Diabetes Care, Inc. (2)		337		33,336
Teladoc Health, Inc. (2)		197		37,595
Tenet Healthcare Corp. (2)		619		11,210
TG Therapeutics, Inc. (2)		291		5,669
Theravance Biopharma, Inc. (2)		30		630
Thermo Fisher Scientific, Inc.		142		51,452
TransEnterix, Inc. (2)		359		194
Translate Bio, Inc. (2)		123		2,204
Turning Point Therapeutics, Inc. (2)		39		2,519
Twist Bioscience Corp. (2)		74		3,352
Ultragenyx Pharmaceutical, Inc. (2)		84		6,570
United Therapeutics Corp. (2)		387		46,827
UnitedHealth Group, Inc.		2,007		591,965
Vanda Pharmaceuticals, Inc. (2)		241		2,757
Veeva Systems, Inc. (2)		794		186,129
Verrica Pharmaceuticals, Inc. (2)		92		1,013
Vertex Pharmaceuticals, Inc. (2)		926		268,827

The accompanying notes are an integral part of these financial statements

Page 60 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
WaVe Life Sciences, Ltd. (2)		30		312
West Pharmaceutical Services, Inc.		347		78,828
XBiotech, Inc. (2)		378		5,182
Xencor, Inc. (2)		424		13,733
Y-mAbs Therapeutics, Inc. (2)		147		6,350
Zimmer Biomet Holdings, Inc.		950		113,392
Zoetis, Inc.		2,745		376,175
Zynex, Inc. (2)		454		11,291
				11,882,197
Industrials — 2.8%
3M Co.		1,177		183,600
Allison Transmission Holdings		1,040		38,251
Alpha Pro Tech, Ltd. (2)		23		407
ArcBest Corp.		208		5,514
Arcosa, Inc.		660		27,852
ASGN, Inc. (2)		169		11,269
Astec Industries, Inc.		140		6,483
Atkore International Group, Inc. (2)		693		18,954
Atlas Air Worldwide Holdings, Inc. (2)		229		9,854
Avis Budget Group, Inc. (2)		58		1,328
Axon Enterprise, Inc. (2)		129		12,659
AZZ, Inc.		823		28,245
BG Staffing, Inc.		91		1,030
BlueLinx Holdings, Inc. (2)		16		137
BMC Stock Holdings, Inc. (2)		2,268		57,018
Builders FirstSource, Inc. (2)		455		9,419
BWX Technologies, Inc.		93		5,268
Caterpillar, Inc.		566		71,599
Columbus McKinnon Corp./NY		21		702
Comfort Systems USA, Inc.		1,363		55,542
Commercial Vehicle Group, Inc. (2)		848		2,451
Copart, Inc. (2)		25		2,082
CoreLogic, Inc./United States		33		2,218
CSX Corp.		2,907		202,734
Cummins, Inc.		2,856		494,831
Curtiss-Wright Corp.		1,257		112,225
Donaldson Co., Inc.		257		11,956
Eaton Corp. PLC		1,761		154,052
Echo Global Logistics, Inc. (2)		826		17,858
EMCOR Group, Inc.		969		64,090
Emerson Electric Co.		99		6,141
Encore Wire Corp.		183		8,934
EnerSys		420		27,040
Expeditors International of Wa		92		6,996
Federal Signal Corp.		1,388		41,265
Fortune Brands Home & Security		409		26,147

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Generac Holdings, Inc. (2)		27		3,292
GMS, Inc. (2)		109		2,680
Graco, Inc.		391		18,764
GrafTech International, Ltd.		489		3,902
Herman Miller, Inc.		509		12,017
Hertz Global Holdings, Inc. (2)		168		237
HNI Corp.		484		14,796
Hub Group, Inc. - Class A (2)		586		28,046
Hubbell, Inc.		2,048		256,737
Huntington Ingalls Industries		543		94,748
Illinois Tool Works, Inc.		732		127,990
JetBlue Airways Corp. (2)		93		1,014
Johnson Controls International		145		4,950
Kelly Services, Inc. - Class A		29		459
Kimball International, Inc. - Class B		536		6,196
L B Foster Co. - Class A (2)		137		1,749
Lincoln Electric Holdings, Inc.		409		34,454
Lockheed Martin Corp.		1,417		517,092
LSC Communications, Inc. (2)		1,143		65
Lyft, Inc. (2)		144		4,753
Manitowoc Co., Inc./The (2)		376		4,091
ManpowerGroup, Inc.		1,775		122,031
Marten Transport, Ltd.		65		1,635
Matson, Inc.		485		14,114
McGrath RentCorp		56		3,025
Meritor, Inc. (2)		1,163		23,027
Miller Industries, Inc./TN		443		13,188
MRC Global, Inc. (2)		270		1,596
Mueller Water Products, Inc.		458		4,319
MYR Group, Inc. (2)		173		5,520
Nordson Corp.		329		62,415
Norfolk Southern Corp.		57		10,007
Northwest Pipe Co. (2)		245		6,142
Old Dominion Freight Line, Inc.		537		91,070
Oshkosh Corp.		392		28,075
PACCAR, Inc.		3,764		281,735
Primoris Services Corp.		647		11,491
Quanta Services, Inc.		116		4,551
Regal Beloit Corp.		704		61,473
Rexnord Corp.		788		22,970
Rockwell Automation, Inc.		286		60,918
RR Donnelley & Sons Co.		897		1,067
Safe Bulkers, Inc. (2)		451		550
Saia, Inc. (2)		172		19,123
Schneider National, Inc. - Class B		120		2,960
Shyft Group, Inc./The		512		8,622
SkyWest, Inc.		190		6,198

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 61

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Southwest Airlines Co.		10,916		373,109
Steelcase, Inc. - Class A		356		4,293
Teledyne Technologies, Inc. (2)		26		8,085
Timken Co./The		1,185		53,906
Trex Co., Inc. (2)		86		11,186
Triton International, Ltd./Bermu		1,399		42,306
Tutor Perini Corp. (2)		159		1,937
Uber Technologies, Inc. (2)		1,497		46,527
UFP Industries, Inc.		151		7,476
United Parcel Service, Inc. - Class B		889		98,839
Vectrus, Inc. (2)		159		7,812
Veritiv Corp. (2)		56		950
Vicor Corp. (2)		12		863
WESCO International, Inc. (2)		11		386
WESCO International, Inc. Series A Variable Preferred (2)(10)		252		6,683
Willis Lease Finance Corp. (2)		4		97
WW Grainger, Inc.		771		242,217
				4,638,677
Information Technology — 10.5%
ACI Worldwide, Inc. (2)		30		810
Adobe, Inc. (2)		1,339		582,880
Advanced Micro Devices, Inc. (2)		1,830		96,276
Alliance Data Systems Corp.		132		5,956
American Software, Inc./GA		97		1,529
Amkor Technology, Inc. (2)		1,604		19,745
Apple, Inc.		8,891		3,243,437
Applied Materials, Inc.		3,302		199,606
Arrow Electronics, Inc. (2)		882		60,585
AstroNova, Inc.		279		2,221
Autodesk, Inc. (2)		481		115,050
Avaya Holdings Corp. (2)		837		10,345
Avid Technology, Inc. (2)		784		5,700
Avnet, Inc.		2,251		62,769
Benchmark Electronics, Inc.		34		734
Bottomline Technologies DE, Inc. (2)		1		51
Box, Inc. (2)		489		10,152
Broadcom, Inc.		361		113,935
CACI International, Inc. - Class A (2)		160		34,701
Cadence Design Systems, Inc. (2)		3,832		367,719
Calix, Inc. (2)		597		8,895
Cambium Networks Corp. (2)		685		5,042
CDK Global, Inc.		318		13,172
Cerence, Inc. (2)		282		11,517
ChannelAdvisor Corp. (2)		783		12,403
Ciena Corp. (2)		1,254		67,917

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Cirrus Logic, Inc. (2)		727		44,914
Cisco Systems, Inc.		9,856		459,684
Citrix Systems, Inc.		1,366		202,045
Cognex Corp.		346		20,663
Cognizant Technology Solutions		3,151		179,040
Coupa Software, Inc. (2)		120		33,245
Diebold Nixdorf, Inc. (2)		527		3,194
Digital Turbine, Inc. (2)		11		138
Diodes, Inc. (2)		74		3,752
DocuSign, Inc. (2)		695		119,686
Dropbox, Inc. (2)		853		18,570
DXC Technology Co.		1,453		23,975
Ebix, Inc.		417		9,324
Enphase Energy, Inc. (2)		193		9,181
F5 Networks, Inc. (2)		117		16,319
Five9, Inc. (2)		237		26,229
Fortinet, Inc. (2)		497		68,223
Hackett Group, Inc./The		155		2,099
Hewlett Packard Enterprise Co.		9,013		87,696
HP, Inc.		5,987		104,353
IBM		1,185		143,112
II-VI, Inc. (2)		104		4,911
Intel Corp.		13,340		798,132
Intuit, Inc.		1,969		583,198
J2 Global, Inc. (2)		359		22,692
Jabil, Inc.		2,293		73,559
Juniper Networks, Inc.		510		11,659
Kimball Electronics, Inc. (2)		23		311
KLA Corp.		233		45,314
Lam Research Corp.		479		154,937
Leidos Holdings, Inc.		103		9,648
Lumentum Holdings, Inc. (2)		226		18,403
Majesco (2)		78		613
Manhattan Associates, Inc. (2)		418		39,376
ManTech International Corp./VA		149		10,205
Mastercard, Inc.		2,810		830,917
Maxim Integrated Products, Inc.		980		59,398
Methode Electronics, Inc.		63		1,969
Micron Technology, Inc. (2)		2,166		111,592
Microsoft Corp.		16,644		3,387,220
MKS Instruments, Inc.		42		4,756
Motorola Solutions, Inc.		394		55,211
National Instruments Corp.		588		22,761
NCR Corp. (2)		345		5,975
NetScout Systems, Inc. (2)		401		10,250
NIC, Inc.		635		14,580
NortonLifeLock, Inc.		3,517		69,742

The accompanying notes are an integral part of these financial statements

Page 62 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
NVIDIA Corp.		1,643		624,192
Okta, Inc. (2)		48		9,611
ON Semiconductor Corp. (2)		293		5,807
OneSpan, Inc. (2)		530		14,803
Oracle Corp.		10,686		590,615
PagerDuty, Inc. (2)		157		4,493
Paycom Software, Inc. (2)		135		41,814
PayPal Holdings, Inc. (2)		249		43,383
PC Connection, Inc.		28		1,298
Perspecta, Inc.		590		13,706
Photronics, Inc. (2)		690		7,680
Plantronics, Inc.		132		1,938
Priority Technology Holdings, Inc. (2)		100		259
Progress Software Corp.		1,743		67,541
Pure Storage, Inc. (2)		1,765		30,587
Qorvo, Inc. (2)		353		39,017
QUALCOMM, Inc.		6,359		580,004
Qualys, Inc. (2)		365		37,967
RingCentral, Inc. - Class A (2)		197		56,147
salesforce.com, Inc. (2)		1,716		321,458
Sanmina Corp. (2)		586		14,673
ScanSource, Inc. (2)		229		5,517
ServiceNow, Inc. (2)		82		33,215
Skyworks Solutions, Inc.		848		108,425
Slack Technologies, Inc. (2)		857		26,644
SMART Global Holdings, Inc. (2)		143		3,887
Smartsheet, Inc. (2)		186		9,471
Sonim Technologies, Inc. (2)		372		298
Splunk, Inc. (2)		91		18,082
SPS Commerce, Inc. (2)		326		24,489
SS&C Technologies Holdings, Inc.		4,820		272,234
Stratasys, Ltd. (2)		116		1,840
Sykes Enterprises, Inc. (2)		746		20,634
SYNNEX Corp.		425		50,902
Synopsys, Inc. (2)		2,174		423,930
Tenable Holdings, Inc. (2)		294		8,764
TESSCO Technologies, Inc.		76		418
Texas Instruments, Inc.		1,676		212,802
Trimble, Inc. (2)		1,222		52,778
TTEC Holdings, Inc.		109		5,075
Twilio, Inc. (2)		249		54,636
Verint Systems, Inc. (2)		1,265		57,153
Veritone, Inc. (2)		151		2,244
VirnetX Holding Corp. (3)		1,342		8,723
Visa, Inc.		829		160,138
Vishay Intertechnology, Inc.		25		382
Workday, Inc. (2)		396		74,195

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Xerox Holdings Corp.		3,332		50,946
Xperi Holding Corp.		954		14,081
Zebra Technologies Corp. - Class A (2)		251		64,243
Zoom Video Communications, Inc. (2)		87		22,058
Zscaler, Inc. (2)		242		26,499
				17,297,614
Materials — 0.8%
AdvanSix, Inc. (2)		102		1,197
Air Products and Chemicals, Inc.		711		171,678
Boise Cascade Co.		614		23,093
Clearwater Paper Corp. (2)		64		2,312
Commercial Metals Co.		77		1,571
Dow, Inc.		961		39,170
Eastman Chemical Co.		517		36,004
Flotek Industries, Inc. (2)		965		1,158
FMC Corp.		496		49,412
FutureFuel Corp.		10		120
Hawkins, Inc.		22		937
Huntsman Corp.		47		845
Koppers Holdings, Inc. (2)		204		3,843
Linde PLC		75		15,908
LyondellBasell Industries NV		1,078		70,846
Marrone Bio Innovations, Inc. (2)		1,328		1,554
Materion Corp.		91		5,596
NewMarket Corp.		2		801
Newmont Corp.		5,204		321,295
Novagold Resources, Inc. (2)		1,616		14,835
Olin Corp.		78		896
Olympic Steel, Inc.		169		1,986
Packaging Corp. of America		249		24,850
PolyOne Corp.		38		997
Reliance Steel & Aluminum Co.		1,618		153,597
Royal Gold, Inc.		285		35,431
RPM International, Inc.		546		40,983
Ryerson Holding Corp. (2)		530		2,984
Scotts Miracle-Gro Co./The		339		45,585
Sherwin-Williams Co./The		364		210,337
Steel Dynamics, Inc.		754		19,672
Stepan Co.		58		5,632
Tredegar Corp.		526		8,100
Trinseo SA		1		22
Tronox Holdings PLC		22		159
Westrock Co.		1,178		33,290
Worthington Industries, Inc.		198		7,385
				1,354,081

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 63

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Real Estate Investment Trust — 1.3%
Altisource Portfolio Solutions (2)		347		5,115
American Homes 4 Rent		1,611		43,336
American Tower Corp.		2,089		540,090
Apple Hospitality REIT, Inc.		3,924		37,906
Ashford Hospitality Trust, Inc.		1,066		770
AvalonBay Communities, Inc.		329		50,877
CareTrust REIT, Inc.		380		6,521
CatchMark Timber Trust, Inc.		780		6,903
CBL & Associates Properties In (2)		1,741		475
Clipper Realty, Inc.		189		1,531
Colony Capital, Inc.		87		209
CoreCivic, Inc.		622		5,822
CorEnergy Infrastructure Trust		175		1,601
CorePoint Lodging, Inc.		1,529		6,437
Corporate Office Properties Tr		1,024		25,948
CyrusOne, Inc.		544		39,576
Equinix, Inc.		146		102,536
Essex Property Trust, Inc.		868		198,920
Gaming and Leisure Properties		2,647		91,586
Getty Realty Corp.		231		6,856
Gladstone Commercial Corp.		207		3,881
Global Medical REIT, Inc.		19		215
Healthcare Realty Trust, Inc.		1,600		46,864
Highwoods Properties, Inc.		964		35,986
Host Hotels & Resorts, Inc.		173		1,867
Lamar Advertising Co.		1,907		127,311
Life Storage, Inc.		158		15,002
LTC Properties, Inc.		1,206		45,430
National Health Investors, Inc.		291		17,670
National Storage Affiliates Trust		412		11,808
Piedmont Office Realty Trust, Inc.		2,163		35,927
PS Business Parks, Inc.		373		49,385
Public Storage		324		62,172
QTS Realty Trust, Inc.		72		4,614
RAIT Financial Trust (2)(3)(8)		751		—
Regency Centers Corp.		423		19,411
Ryman Hospitality Properties, Inc.		43		1,488
SBA Communications Corp.		321		95,632
Service Properties Trust		3,591		25,460
Simon Property Group, Inc.		5,087		347,849
Spirit MTA Reit Liquidating Trust (2)(8)		1,024		—
Tanger Factory Outlet Centers (3)		248		1,768
Trinity Place Holdings, Inc. (2)		645		890
Uniti Group, Inc.		292		2,730

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Urstadt Biddle Properties, Inc.		689		8,185
Xenia Hotels & Resorts, Inc.		548		5,113
				2,139,673
Utilities — 0.7%
American Water Works Co., Inc.		1,034		133,034
Atlantic Power Corp. (2)		810		1,620
Consolidated Water Co., Ltd.		81		1,169
Dominion Energy, Inc.		4,726		383,657
Evergy, Inc.		71		4,210
Exelon Corp.		46		1,669
MDU Resources Group, Inc.		2,810		62,326
NextEra Energy, Inc.		388		93,186
NorthWestern Corp.		2,273		123,924
NRG Energy, Inc.		1,376		44,803
PPL Corp.		3,320		85,789
Southwest Gas Holdings, Inc.		1,082		74,712
WEC Energy Group, Inc.		664		58,200
York Water Co./The		101		4,839
				1,073,138
Total Common Stocks (Cost $50,683,522)				60,441,533
Registered Investment Companies — 43.2%
Baird Core Plus Bond Fund - Class I		446,133		5,384,826
Dodge & Cox Income Fund		309,296		4,494,071
DoubleLine Total Return Bond Fund - Class I		307,225		3,293,450
Guggenheim Total Return Bond Fund - Class I		82,744		2,414,482
iShares Core U.S. Aggregate Bond ETF (9)		68,061		8,045,491
iShares JP Morgan USD Emerging Markets Bond ETF (9)		58,767		6,418,532
Lord Abbett High Yield Fund - Class I		358,543		2,420,162
Payden Emerging Markets Bond Fund - Class I		68,373		880,642
PGIM Total Return Bond Fund - Class R6		335,693		4,941,399
Pioneer Bond Fund - Class Y		326,963		3,233,663
Segall Bryant & Hamill Plus Bond Fund - Class I		328,505		3,649,689
SPDR Bloomberg Barclays High Yield Bond ETF (9)		23,689		2,396,379
TCW Emerging Markets Income Fund - Class I		206,270		1,600,656
Vanguard Intermediate-Term Corporate Bond ETF (9)		24,857		2,364,895
Vanguard Short-Term Bond ETF (9)		33,327		2,770,140

The accompanying notes are an integral part of these financial statements

Page 64 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Registered Investment Companies — continued
Vanguard Total Bond Market ETF (9)		86,819		7,669,590
Xtrackers USD High Yield Corporate Bond ETF (9)		188,400		8,807,701
Total Registered Investment Companies (Cost $67,257,454)				70,785,768
Money Market Registered Investment Companies — 12.7%
Meeder Institutional Prime Money Market Fund, 0.30% (5)		20,737,320		20,747,689
Morgan Stanley Government Institutional Fund, 0.05% (4)		18,703		18,703
Total Money Market Registered Investment Companies (Cost $20,750,091)				20,766,392
Bank Obligations — 0.2%
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6)		247,312		247,312
Total Bank Obligations (Cost $247,312)				247,312
U.S. Government Obligations — 6.1%
U.S. Treasury Note, 2.25%, due 1/31/2024		3,279,200		3,518,992
U.S. Treasury Note, 2.625%, due 2/15/2029		1,436,500		1,683,286
U.S. Treasury Note, 1.50%, due 8/15/2026		1,147,600		1,222,777
U.S. Treasury Note, 2.25%, due 11/15/2025		2,086,400		2,298,545
U.S. Treasury Note, 2.125%, due 12/31/2022		1,161,200		1,217,762
Total U.S. Government Obligations (Cost $9,173,559)				9,941,362
Total Investments — 99.1% (Cost $148,111,938)				162,182,367
Other Assets less Liabilities — 0.9%				1,542,172
Total Net Assets — 100.0%				163,724,539
Trustee Deferred Compensation (7)
Meeder Balanced Fund - Retail Class		313		3,521
Meeder Dynamic Allocation Fund - Retail Class		731		8,282
Meeder Muirfield Fund - Retail Class		1,053		7,308
Meeder Conservative Allocation Fund - Retail Class		99		2,201
Total Trustee Deferred Compensation (Cost $21,692)				21,312

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		42			9/18/2020		3,734,640			(23,729	)
Mini MSCI Emerging Markets Index Futures		14			9/18/2020		689,990			5,908
Russell 2000 Mini Index Futures		(6	)		9/18/2020		(431,280	)		(8,526	)
Standard & Poors 500 Mini Futures		(38	)		9/18/2020		(5,871,380	)		(33,115	)
E-mini Standard & Poors MidCap 400 Futures		(8	)		9/18/2020		(1,423,280	)		(41,965	)
Total Futures Contracts		4					(3,301,310	)		(101,427	)

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (11)
Level 1 - Quoted Prices	$	151,993,693	$	(101,427	)
Level 2 - Other Significant Observable Inputs		10,188,674		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	162,182,367	$	(101,427	)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

(2) Represents non-income producing securities.

(3) All or a portion of this security is on loan.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 65

Schedule of Investments
June 30, 2020 (unaudited)

(4) Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(9) Exchange-traded fund.

(10) Preferred stock.

(11) 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.

The accompanying notes are an integral part of these financial statements

Page 66 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 22.1%
Communication Services — 1.9%
Activision Blizzard, Inc.		2,181		165,538
Alphabet, Inc. - Class A (2)		91		129,043
Alphabet, Inc. - Class C (2)		441		623,402
AMC Entertainment Holdings, Inc.		161		691
AT&T, Inc.		9,146		276,484
Cinemark Holdings, Inc.		199		2,298
Comcast Corp. - Class A		1,838		71,645
Cumulus Media, Inc. (2)		188		743
Electronic Arts, Inc. (2)		712		94,020
Facebook, Inc. (2)		2,004		455,048
Frontier Communications Corp. (2)		606		59
Glu Mobile, Inc. (2)		375		3,476
Gray Television, Inc. (2)		211		2,943
IMAX Corp. (2)		52		583
Lee Enterprises, Inc. (2)		652		639
Liberty TripAdvisor Holdings, Inc. (2)		780		1,661
Lions Gate Entertainment Corp. Class A (2)		163		1,208
Marcus Corp./The		379		5,029
MDC Partners, Inc. (2)		181		376
National CineMedia, Inc.		223		662
Netflix, Inc. (2)		227		103,294
Pinterest, Inc. (2)		373		8,269
Spotify Technology SA (2)		147		37,954
Telephone and Data Systems, Inc.		475		9,443
T-Mobile US, Inc.		2,346		244,336
Tribune Publishing Co.		57		569
Verizon Communications, Inc.		5,753		317,163
Yelp, Inc. (2)		16		370
				2,556,946
Consumer Discretionary — 3.2%
1-800-Flowers.com, Inc. (2)		170		3,403
Amazon.com, Inc. (2)		409		1,128,357
American Eagle Outfitters, Inc.		48		523
American Public Education, Inc. (2)		37		1,095
Aptiv PLC		3		234
Aramark		336		7,584
AutoZone, Inc. (2)		21		23,691
BBX Capital Corp.		601		1,527
Best Buy Co., Inc.		1,316		114,847
Big Lots, Inc.		160		6,720
BorgWarner, Inc.		170		6,001
Boyd Gaming Corp.		219		4,577
Brinker International, Inc.		156		3,744
Caleres, Inc.		141		1,176
Camping World Holdings, Inc.		300		8,148

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Capri Holdings, Ltd. (2)		202		3,157
Chipotle Mexican Grill, Inc. (2)		22		23,152
Collectors Universe, Inc.		4		137
Crocs, Inc. (2)		202		7,438
Dave & Buster’s Entertainment		94		1,253
Deckers Outdoor Corp. (2)		218		42,813
Designer Brands, Inc.		73		494
Dollar General Corp.		694		132,214
Dollar Tree, Inc. (2)		180		16,682
Domino’s Pizza, Inc.		117		43,224
DR Horton, Inc.		1,596		88,498
Duluth Holdings, Inc. - Class B (2)		446		3,287
eBay, Inc.		1,655		86,805
Everi Holdings, Inc. (2)		380		1,961
Fiesta Restaurant Group, Inc. (2)		155		989
Fox Factory Holding Corp. (2)		54		4,461
Garmin, Ltd.		470		45,825
General Motors Co.		6,482		163,995
Gentex Corp.		550		14,174
G-III Apparel Group, Ltd. (2)		33		439
Green Brick Partners, Inc. (2)		5		59
Greenlane Holdings, Inc. (2)		54		215
Hanesbrands, Inc.		320		3,613
Harley-Davidson, Inc.		1,782		42,358
Home Depot, Inc./The		1,919		480,729
Installed Building Products In (2)		11		757
International Game Technology		1,004		8,936
KB Home		954		29,269
Kirkland’s, Inc. (2)		584		1,583
Lands’ End, Inc. (2)		160		1,286
Las Vegas Sands Corp.		557		25,366
Lear Corp.		249		27,146
Lennar Corp.		879		54,164
LKQ Corp. (2)		311		8,148
Lowe’s Cos., Inc.		2,040		275,645
Lululemon Athletica, Inc. (2)		160		49,922
Malibu Boats, Inc. (2)		150		7,793
MarineMax, Inc. (2)		133		2,978
Marriott International, Inc./MD		11		943
McDonald’s Corp.		1,306		240,918
MDC Holdings, Inc.		65		2,321
Meritage Homes Corp. (2)		3		228
MGM Resorts International		504		8,467
Murphy USA, Inc. (2)		61		6,868
NIKE, Inc. - Class B		2,908		285,129
NVR, Inc. (2)		14		45,623
Office Depot, Inc.		942		2,214

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 67

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
O’Reilly Automotive, Inc. (2)		31		13,072
Papa John’s International, Inc.		20		1,588
Party City Holdco, Inc. (2)		199		297
Penn National Gaming, Inc. (2)		204		6,230
PetMed Express, Inc.		58		2,067
PulteGroup, Inc.		2,038		69,353
Purple Innovation, Inc. (2)		272		4,896
Qurate Retail, Inc. (2)		616		5,852
Ralph Lauren Corp.		339		24,584
RCI Hospitality Holdings, Inc.		166		2,301
Red Robin Gourmet Burgers, Inc. (2)		188		1,918
Red Rock Resorts, Inc.		192		2,095
Rent-A-Center, Inc./TX		1,973		54,889
RH (2)		121		30,117
Ross Stores, Inc.		259		22,077
Rubicon Project, Inc./The (2)		168		1,121
Sleep Number Corp. (2)		57		2,373
Sportsman’s Warehouse Holdings (2)		409		5,828
Stamps.com, Inc. (2)		45		8,266
Starbucks Corp.		40		2,944
Stoneridge, Inc. (2)		61		1,260
Sturm Ruger & Co., Inc.		29		2,204
Tapestry, Inc.		34		452
Target Corp.		929		111,415
Tesla, Inc. (2)		179		193,286
Texas Roadhouse, Inc.		127		6,676
Thor Industries, Inc.		420		44,743
Tile Shop Holdings, Inc.		342		445
TopBuild Corp. (2)		64		7,281
Town Sports International Holdings, Inc. (2)		464		251
Tractor Supply Co.		20		2,636
Tupperware Brands Corp.		88		418
Vista Outdoor, Inc. (2)		78		1,127
Waitr Holdings, Inc. (2)		181		476
Wendy’s Co./The		82		1,786
Williams-Sonoma, Inc.		207		16,976
Wingstop, Inc.		235		32,658
Winnebago Industries, Inc.		653		43,503
Yum China Holdings, Inc.		646		31,053
Yum! Brands, Inc.		494		42,934
Zumiez, Inc. (2)		221		6,051
				4,414,802
Consumer Staples — 0.4%
Alico, Inc.		16		499
Coca-Cola Co./The		2,171		97,000
Costco Wholesale Corp.		61		18,496

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
General Mills, Inc.		3,621		223,235
Ingredion, Inc.		8		664
John B Sanfilippo & Son, Inc.		1		85
Kroger Co./The		937		31,717
Molson Coors Beverage Co. - Class B		1,282		44,050
Nu Skin Enterprises, Inc.		69		2,638
Oil-Dri Corp. of America		9		312
PepsiCo, Inc.		798		105,543
Performance Food Group Co. (2)		154		4,488
Philip Morris International, Inc.		30		2,102
Rite Aid Corp. (2)		70		1,194
SpartanNash Co.		155		3,294
Sprouts Farmers Market, Inc. (2)		139		3,557
Tyson Foods, Inc.		110		6,568
United Natural Foods, Inc. (2)		90		1,639
Walgreens Boots Alliance, Inc.		225		9,538
				556,619
Energy — 0.5%
Altus Midstream Co. (2)		37		23
Amplify Energy Corp.		442		544
Antero Resources Corp. (2)		204		518
Apache Corp.		220		2,970
Arch Resources, Inc.		42		1,193
Archrock, Inc.		209		1,356
Ardmore Shipping Corp.		467		2,027
Baker Hughes Co.		901		13,866
Berry Corp.		98		473
Bonanza Creek Energy, Inc. (2)		11		163
Brigham Minerals, Inc.		226		2,791
Cabot Oil & Gas Corp.		473		8,126
Cactus, Inc.		342		7,055
California Resources Corp. (2)(3)		351		428
Centennial Resource Developmen (2)		70		62
Chaparral Energy, Inc. (2)		199		129
Chesapeake Energy Corp. (2)		42		206
Chevron Corp.		2,089		186,401
CNX Resources Corp. (2)		177		1,531
Concho Resources, Inc.		374		19,261
ConocoPhillips		1,736		72,947
CONSOL Energy, Inc. (2)		17		86
Continental Resources, Inc./OK (2)		152		2,665
Delek US Holdings, Inc.		114		1,985
DHT Holdings, Inc.		204		1,047
Diamondback Energy, Inc.		54		2,258
Dorian LPG, Ltd. (2)		247		1,912
EOG Resources, Inc.		693		35,107

The accompanying notes are an integral part of these financial statements

Page 68 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
EQT Corp.		379		4,510
Exterran Corp. (2)		114		614
Extraction Oil & Gas, Inc. (2)		275		33
Frank’s International NV (2)		96		214
Hallador Energy Co.		217		142
Helmerich & Payne, Inc.		378		7,375
Hess Corp.		113		5,855
HollyFrontier Corp.		363		10,600
International Seaways, Inc.		122		1,993
Kinder Morgan, Inc.		1,817		27,564
KLX Energy Services Holdings I (2)		12		26
Laredo Petroleum, Inc. (2)		38		527
Matador Resources Co. (2)		131		1,114
Nabors Industries, Ltd.		20		740
National Oilwell Varco, Inc.		425		5,206
NexTier Oilfield Solutions, Inc. (2)		168		412
Nine Energy Service, Inc. (2)		80		156
Noble Energy, Inc.		9		81
Nordic American Tankers, Ltd.		184		747
Oasis Petroleum, Inc. (2)		297		223
Oceaneering International, Inc. (2)		238		1,521
Overseas Shipholding Group, Inc. (2)		54		100
Pacific Ethanol, Inc. (2)		394		280
Par Pacific Holdings, Inc. (2)		249		2,239
Patterson-UTI Energy, Inc.		357		1,239
PDC Energy, Inc. (2)		229		2,849
Peabody Energy Corp.		186		536
Penn Virginia Corp. (2)		119		1,134
Phillips 66		980		70,462
Pioneer Natural Resources Co.		274		26,770
Profire Energy, Inc. (2)		5		4
ProPetro Holding Corp. (2)		431		2,215
Range Resources Corp.		286		1,610
Renewable Energy Group, Inc. (2)		96		2,379
Rosehill Resources, Inc. (2)		82		59
Schlumberger, Ltd.		1,148		21,112
Scorpio Tankers, Inc.		10		128
SilverBow Resources, Inc. (2)		117		376
Southwestern Energy Co. (2)		606		1,551
Superior Energy Services, Inc. (2)		65		74
Talos Energy, Inc. (2)		104		957
Teekay Corp. (2)		254		610
Teekay Tankers, Ltd. (2)		12		154
Valero Energy Corp.		914		53,761
W&T Offshore, Inc. (2)		192		438
Westmoreland Coal Co. (2)(7)		410		—
Whiting Petroleum Corp. (2)		234		264

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Williams Cos., Inc./The		338		6,429
World Fuel Services Corp.		287		7,393
WPX Energy, Inc. (2)		660		4,211
				646,117
Financials — 1.9%
AGNC Investment Corp.		521		6,721
Allstate Corp./The		2,060		199,799
American Equity Investment Life		21		519
American Express Co.		941		89,583
Ameriprise Financial, Inc.		238		35,710
Artisan Partners Asset Managem		624		20,280
Associated Banc-Corp		49		670
Bank of America Corp.		12,490		296,638
BCB Bancorp, Inc.		342		3,174
Berkshire Hathaway, Inc. Class B (2)		2,961		528,568
Blackstone Mortgage Trust, Inc.		140		3,373
Cannae Holdings, Inc. (2)		349		14,344
Cathay General Bancorp		229		6,023
Charles Schwab Corp./The		20		675
Citigroup, Inc.		266		13,593
Citizens Financial Group, Inc.		264		6,663
Civista Bancshares, Inc.		19		293
CNO Financial Group, Inc.		187		2,912
Colony Credit Real Estate, Inc.		37		260
Cullen/Frost Bankers, Inc.		198		14,793
Curo Group Holdings Corp.		456		3,726
CVB Financial Corp.		56		1,049
Diamond Hill Investment Group		2		227
Donegal Group, Inc.		30		427
East West Bancorp, Inc.		256		9,277
eHealth, Inc. (2)		8		786
Elevate Credit, Inc. (2)		596		882
Ellington Financial, Inc.		275		3,240
Encore Capital Group, Inc. (2)		10		342
Enova International, Inc. (2)		35		520
Enterprise Financial Services		25		778
Equitable Holdings, Inc.		962		18,557
Esquire Financial Holdings, Inc. (2)		40		676
ESSA Bancorp, Inc.		10		139
Essent Group, Ltd.		229		8,306
Farmers National Banc Corp.		64		759
Fidelity National Financial, Inc.		292		8,953
Fifth Third Bancorp		1,827		35,225
First American Financial Corp.		925		44,419
First Financial Corp./IN		91		3,352
First Interstate BancSystem In		254		7,864

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 69

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
First Republic Bank/CA		32		3,392
FirstCash, Inc.		564		38,059
FNB Corp./PA		924		6,930
Glacier Bancorp, Inc.		293		10,340
Goosehead Insurance, Inc. (2)		7		526
Great Ajax Corp.		771		7,093
HBT Financial, Inc.		110		1,466
Heritage Commerce Corp.		151		1,133
Hilltop Holdings, Inc.		592		10,922
HomeStreet, Inc.		107		2,633
Houlihan Lokey, Inc.		172		9,570
International Bancshares Corp.		69		2,209
INTL. FCStone, Inc. (2)		153		8,415
Invesco, Ltd.		313		3,368
JPMorgan Chase & Co.		3,894		366,270
Kinsale Capital Group, Inc.		44		6,829
KKR Real Estate Finance Trust		740		12,269
Ladder Capital Corp.		746		6,043
Lakeland Bancorp, Inc.		328		3,749
LPL Financial Holdings, Inc.		44		3,450
M&T Bank Corp.		27		2,807
MarketAxess Holdings, Inc.		95		47,587
Medley Management, Inc. - Class A (2)		140		108
MetLife, Inc.		365		13,330
Metrocity Bankshares, Inc.		283		4,055
MMA Capital Holdings, Inc. (2)		66		1,526
MSCI, Inc.		124		41,394
National General Holdings Corp.		65		1,405
NewStar Financial Contingent Value Rights (2)(7)		8		—
NI Holdings, Inc. (2)		5		74
Nicolet Bankshares, Inc. (2)		7		384
Northrim BanCorp, Inc.		198		4,978
OceanFirst Financial Corp.		130		2,292
Ocwen Financial Corp. (2)		88		58
Oppenheimer Holdings, Inc.		489		10,655
Pacific Premier Bancorp, Inc.		598		12,965
Park National Corp.		8		563
PennyMac Financial Services, Inc. - Class A		600		25,074
People’s United Financial, Inc.		56		648
PJT Partners, Inc.		64		3,286
PNC Financial Services Group I		128		13,467
Popular, Inc.		1,142		42,448
ProSight Global, Inc. (2)		168		1,495
Prosperity Bancshares, Inc.		269		15,973
Prudential Financial, Inc.		1,581		96,283
Pzena Investment Management In		433		2,356

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
QCR Holdings, Inc.		130		4,053
Radian Group, Inc.		493		7,646
RBB Bancorp		348		4,750
Regions Financial Corp.		4,226		46,993
Signature Bank/New York NY		334		35,711
Silvercrest Asset Management Group, Inc.		73		928
Simmons First National Corp.		324		5,544
South State Corp.		41		1,954
Starwood Property Trust, Inc.		131		1,960
State Street Corp.		501		31,839
Stewart Information Services C		927		30,137
Summit Financial Group, Inc.		21		346
SVB Financial Group (2)		91		19,613
TCF Financial Corp.		2		59
TriCo Bancshares		140		4,263
Truist Financial Corp.		1,291		48,477
United Community Banks, Inc./GA		72		1,449
Unity Bancorp, Inc.		6		86
Valley National Bancorp		1,605		12,551
Walker & Dunlop, Inc.		26		1,321
Wells Fargo & Co.		1,717		43,955
Western Alliance Bancorp		277		10,490
				2,558,097
Healthcare — 4.3%
Abbott Laboratories		402		36,755
AbbVie, Inc.		3,793		372,397
Acceleron Pharma, Inc. (2)		145		13,814
AcelRx Pharmaceuticals, Inc. (2)		549		664
Addus HomeCare Corp. (2)		6		555
Aduro Biotech, Inc. (2)		208		480
Adverum Biotechnologies, Inc. (2)		83		1,733
Affimed NV (2)		541		2,497
Agilent Technologies, Inc.		799		70,608
Akcea Therapeutics, Inc. (2)		42		575
Akebia Therapeutics, Inc. (2)		254		3,449
Alector, Inc. (2)		121		2,957
Alexion Pharmaceuticals, Inc. (2)		559		62,742
Align Technology, Inc. (2)		49		13,448
Alkermes PLC (2)		429		8,325
Alnylam Pharmaceuticals, Inc. (2)		206		30,511
Amedisys, Inc. (2)		43		8,537
AmerisourceBergen Corp.		571		57,540
Amgen, Inc.		1,185		279,494
Amicus Therapeutics, Inc. (2)		340		5,127
Amneal Pharmaceuticals, Inc. (2)		592		2,818
Anthem, Inc.		112		29,454

The accompanying notes are an integral part of these financial statements

Page 70 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Apellis Pharmaceuticals, Inc. (2)		128		4,180
Applied Therapeutics, Inc. (2)		30		1,085
Arcus Biosciences, Inc. (2)		59		1,460
Ardelyx, Inc. (2)		248		1,716
Arena Pharmaceuticals, Inc. (2)		57		3,588
Arrowhead Pharmaceuticals, Inc. (2)		82		3,542
Arvinas, Inc. (2)		123		4,125
Assembly Biosciences, Inc. (2)		17		396
Assertio Holdings, Inc. (2)		1,068		915
AtriCure, Inc. (2)		65		2,922
Avantor, Inc. (2)		339		5,763
Avid Bioservices, Inc. (2)		113		742
Avrobio, Inc. (2)		80		1,396
Axsome Therapeutics, Inc. (2)		48		3,949
Baxter International, Inc.		702		60,442
Beyondspring, Inc. (2)		57		860
BioDelivery Sciences Internati (2)		970		4,229
Biogen, Inc. (2)		702		187,820
BioMarin Pharmaceutical, Inc. (2)		545		67,220
Bio-Rad Laboratories, Inc. - Class A (2)		6		2,709
BioSpecifics Technologies Corp. (2)		39		2,390
Bioxcel Therapeutics, Inc. (2)		42		2,226
Blueprint Medicines Corp. (2)		74		5,772
Bridgebio Pharma, Inc. (2)		55		1,794
Bristol-Myers Squibb Co.		3,000		176,400
Cardinal Health, Inc.		576		30,061
Catalent, Inc. (2)		458		33,571
Catalyst Pharmaceuticals, Inc. (2)		639		2,952
Celcuity, Inc. (2)		35		243
Centene Corp. (2)		344		21,861
Centogene NV (2)		36		824
Cerecor, Inc. (2)		91		237
Cerner Corp.		1,603		109,886
Chemed Corp.		73		32,928
ChemoCentryx, Inc. (2)		91		5,236
Cigna Corp.		141		26,459
Coherus Biosciences, Inc. (2)		157		2,804
Collegium Pharmaceutical, Inc. (2)		130		2,275
Computer Programs and Systems		110		2,507
Constellation Pharmaceuticals (2)		62		1,863
Cortexyme, Inc. (2)		14		648
Cue Biopharma, Inc. (2)		459		11,250
CVS Health Corp.		2,866		186,204
CytomX Therapeutics, Inc. (2)		88		733
DaVita, Inc. (2)		409		32,368
Deciphera Pharmaceuticals, Inc. (2)		26		1,553
Denali Therapeutics, Inc. (2)		45		1,088

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
DexCom, Inc. (2)		72		29,189
Dynavax Technologies Corp. (2)		160		1,419
Edwards Lifesciences Corp. (2)		1,002		69,248
Elanco Animal Health, Inc. Contingent Value Rights (2)(7)		32		—
Eli Lilly and Co.		1,694		278,121
Eloxx Pharmaceuticals, Inc. (2)		45		136
Emergent BioSolutions, Inc. (2)		175		13,839
Encompass Health Corp.		104		6,441
Endo International PLC (2)		585		2,007
Enochian Biosciences, Inc. (2)		15		63
Ensign Group, Inc./The		60		2,511
Exact Sciences Corp. (2)		174		15,128
Exelixis, Inc. (2)		642		15,241
Fate Therapeutics, Inc. (2)		139		4,769
Fulcrum Therapeutics, Inc. (2)		33		604
GenMark Diagnostics, Inc. (2)		100		1,471
Gilead Sciences, Inc.		2,324		178,809
Guardant Health, Inc. (2)		11		892
Halozyme Therapeutics, Inc. (2)		61		1,635
Hill-Rom Holdings, Inc.		292		32,056
HMS Holdings Corp. (2)		356		11,531
Horizon Therapeutics Plc (2)		234		13,006
Humana, Inc.		565		219,079
Illumina, Inc. (2)		38		14,073
ImmunoGen, Inc. (2)		411		1,891
Immunomedics, Inc. (2)		240		8,506
Inovio Pharmaceuticals, Inc. (2)		132		3,557
Insmed, Inc. (2)		75		2,066
Intellia Therapeutics, Inc. (2)		106		2,228
Invitae Corp. (2)		106		3,211
Iovance Biotherapeutics, Inc. (2)		211		5,792
iRhythm Technologies, Inc. (2)		30		3,477
Jazz Pharmaceuticals PLC (2)		43		4,745
Johnson & Johnson		3,274		460,423
Jounce Therapeutics, Inc. (2)		139		959
Kadmon Holdings, Inc. (2)		516		2,642
Karyopharm Therapeutics, Inc. (2)		21		398
Kezar Life Sciences, Inc. (2)		18		93
Kiniksa Pharmaceuticals, Ltd. (2)		46		1,172
Kodiak Sciences, Inc. (2)		35		1,894
Krystal Biotech, Inc. (2)		24		994
Kura Oncology, Inc. (2)		163		2,657
LHC Group, Inc. (2)		29		5,055
Livongo Health, Inc. (2)		102		7,669
MacroGenics, Inc. (2)		121		3,378
Mallinckrodt PLC (2)		20		54

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 71

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Marinus Pharmaceuticals, Inc. (2)		260		660
Masimo Corp. (2)		153		34,882
McKesson Corp.		194		29,763
Medtronic PLC		3,210		294,357
Merck & Co., Inc.		4,421		341,876
Meridian Bioscience, Inc. (2)		109		2,539
Mersana Therapeutics, Inc. (2)		316		7,394
Moderna, Inc. (2)		289		18,557
Molecular Templates, Inc. (2)		146		2,013
Molina Healthcare, Inc. (2)		35		6,229
Momenta Pharmaceuticals, Inc. (2)		165		5,490
Morphic Holding, Inc. (2)		24		649
Mylan NV (2)		368		5,917
MyoKardia, Inc. (2)		60		5,797
Myriad Genetics, Inc. (2)		133		1,508
Natera, Inc. (2)		100		4,986
National Research Corp.		28		1,630
Neurocrine Biosciences, Inc. (2)		256		31,232
NextGen Healthcare, Inc. (2)		251		2,756
Novavax, Inc. (2)		37		3,084
Odonate Therapeutics, Inc. (2)		39		1,651
Oncocyte Corp. (2)		100		191
Oncternal Therapeutics, Inc. (2)		4		11
OPKO Health, Inc. (2)		507		1,729
Organogenesis Holdings, Inc. (2)		64		246
Osmotica Pharmaceuticals PLC (2)		285		1,918
Owens & Minor, Inc.		145		1,105
Palatin Technologies, Inc. (2)		860		440
PDL BioPharma, Inc.		402		1,170
Perrigo Co. PLC		527		29,127
Pfenex, Inc. (2)		113		944
Pfizer, Inc.		6,528		213,466
Phibro Animal Health Corp. - Class A		287		7,539
Phreesia, Inc. (2)		131		3,705
Pieris Pharmaceuticals, Inc. (2)		144		446
PRA Health Sciences, Inc. (2)		90		8,756
Precigen, Inc. (2)(3)		227		1,133
Principia Biopharma, Inc. (2)		76		4,544
Providence Service Corp./The (2)		16		1,263
PTC Therapeutics, Inc. (2)		99		5,023
Puma Biotechnology, Inc. (2)		39		407
Quest Diagnostics, Inc.		229		26,097
Quidel Corp. (2)		55		12,306
Radius Health, Inc. (2)		39		532
Recro Pharma, Inc.		283		1,288
Regeneron Pharmaceuticals, Inc. (2)		151		94,171
REGENXBIO, Inc. (2)		13		479

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Replimune Group, Inc. (2)		20		497
ResMed, Inc.		343		65,856
Rhythm Pharmaceuticals, Inc. (2)		36		803
Rigel Pharmaceuticals, Inc. (2)		828		1,515
Sangamo Therapeutics, Inc. (2)		152		1,362
Seattle Genetics, Inc. (2)		175		29,736
Seres Therapeutics, Inc. (2)		15		71
Simulations Plus, Inc.		180		10,768
Sorrento Therapeutics, Inc. (2)(3)		189		1,187
STERIS PLC		269		41,275
Strongbridge Biopharma PLC (2)		339		1,281
Sutro Biopharma, Inc. (2)		56		435
Syndax Pharmaceuticals, Inc. (2)		18		267
Tandem Diabetes Care, Inc. (2)		160		15,827
Teladoc Health, Inc. (2)		95		18,130
Tenet Healthcare Corp. (2)		299		5,415
TG Therapeutics, Inc. (2)		144		2,805
Theravance Biopharma, Inc. (2)		27		567
Thermo Fisher Scientific, Inc.		94		34,060
Translate Bio, Inc. (2)		65		1,165
Turning Point Therapeutics, Inc. (2)		20		1,292
Twist Bioscience Corp. (2)		36		1,631
Ultragenyx Pharmaceutical, Inc. (2)		45		3,520
United Therapeutics Corp. (2)		206		24,926
UnitedHealth Group, Inc.		944		278,433
Vanda Pharmaceuticals, Inc. (2)		100		1,144
Veeva Systems, Inc. (2)		362		84,860
Verrica Pharmaceuticals, Inc. (2)		66		727
Vertex Pharmaceuticals, Inc. (2)		440		127,736
WaVe Life Sciences, Ltd. (2)		17		177
West Pharmaceutical Services, Inc.		140		31,804
XBiotech, Inc. (2)		186		2,550
Xencor, Inc. (2)		200		6,478
Y-mAbs Therapeutics, Inc. (2)		65		2,808
Zimmer Biomet Holdings, Inc.		503		60,038
Zoetis, Inc.		1,350		185,004
Zynex, Inc. (2)		232		5,770
				5,766,727
Industrials — 1.7%
3M Co.		584		91,098
Allison Transmission Holdings		653		24,017
Alpha Pro Tech, Ltd. (2)		12		212
Altra Industrial Motion Corp.		5		159
ArcBest Corp.		106		2,810
Arcosa, Inc.		152		6,414
ASGN, Inc. (2)		86		5,734

The accompanying notes are an integral part of these financial statements

Page 72 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Astec Industries, Inc.		79		3,658
Atkore International Group, Inc. (2)		324		8,861
Atlas Air Worldwide Holdings, Inc. (2)		113		4,862
Avis Budget Group, Inc. (2)		27		618
Axon Enterprise, Inc. (2)		63		6,182
AZZ, Inc.		397		13,625
BG Staffing, Inc.		37		419
BlueLinx Holdings, Inc. (2)		22		189
BMC Stock Holdings, Inc. (2)		1,151		28,936
Builders FirstSource, Inc. (2)		231		4,782
BWX Technologies, Inc.		23		1,303
Caterpillar, Inc.		282		35,673
Columbus McKinnon Corp./NY		17		569
Comfort Systems USA, Inc.		653		26,610
Construction Partners, Inc. (2)		3		53
Copart, Inc. (2)		12		999
CSX Corp.		1,423		99,240
Cummins, Inc.		1,390		240,831
Curtiss-Wright Corp.		585		52,229
Donaldson Co., Inc.		147		6,838
Eaton Corp. PLC		1,328		116,173
Echo Global Logistics, Inc. (2)		404		8,734
EMCOR Group, Inc.		467		30,887
Encore Wire Corp.		78		3,808
EnerSys		210		13,520
Expeditors International of Wa		39		2,966
Federal Signal Corp.		230		6,838
Fortune Brands Home & Security		162		10,357
Generac Holdings, Inc. (2)		14		1,707
GMS, Inc. (2)		60		1,475
Graco, Inc.		196		9,406
GrafTech International, Ltd.		245		1,955
Herman Miller, Inc.		257		6,068
Hertz Global Holdings, Inc. (2)		82		116
HNI Corp.		245		7,490
Hub Group, Inc. - Class A (2)		283		13,544
Hubbell, Inc.		1,012		126,864
Huntington Ingalls Industries		265		46,240
Illinois Tool Works, Inc.		355		62,072
JetBlue Airways Corp. (2)		528		5,755
Kelly Services, Inc. - Class A		12		190
Kimball International, Inc. - Class B		266		3,075
L B Foster Co. - Class A (2)		90		1,149
Lincoln Electric Holdings, Inc.		182		15,332
Lockheed Martin Corp.		672		245,226
LSC Communications, Inc. (2)		641		36
Lyft, Inc. (2)		73		2,410

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Manitowoc Co., Inc./The (2)		177		1,926
ManpowerGroup, Inc.		809		55,619
Marten Transport, Ltd.		2		50
Matson, Inc.		225		6,548
McGrath RentCorp		16		864
Meritor, Inc. (2)		616		12,197
Miller Industries, Inc./TN		386		11,491
MRC Global, Inc. (2)		139		821
Mueller Water Products, Inc.		233		2,197
MYR Group, Inc. (2)		110		3,510
NL Industries, Inc.		15		51
Nordson Corp.		157		29,784
Norfolk Southern Corp.		27		4,740
Northwest Pipe Co. (2)		137		3,435
Old Dominion Freight Line, Inc.		247		41,889
Oshkosh Corp.		142		10,170
PACCAR, Inc.		1,597		119,535
Primoris Services Corp.		308		5,470
Quanta Services, Inc.		148		5,806
Regal Beloit Corp.		323		28,204
Rexnord Corp.		298		8,687
Rockwell Automation, Inc.		117		24,921
RR Donnelley & Sons Co.		696		828
Rush Enterprises, Inc.		14		580
Safe Bulkers, Inc. (2)		244		298
Saia, Inc. (2)		83		9,228
Schneider National, Inc. - Class B		105		2,590
Shyft Group, Inc./The		264		4,446
SkyWest, Inc.		83		2,707
Southwest Airlines Co.		5,449		186,247
Steelcase, Inc. - Class A		195		2,352
Teledyne Technologies, Inc. (2)		6		1,866
Timken Co./The		576		26,202
Trex Co., Inc. (2)		51		6,634
Triton International, Ltd./Bermu		646		19,535
Tutor Perini Corp. (2)		78		950
Uber Technologies, Inc. (2)		760		23,621
UFP Industries, Inc.		69		3,416
Union Pacific Corp.		17		2,874
United Parcel Service, Inc. - Class B		432		48,030
Vectrus, Inc. (2)		101		4,962
Veritiv Corp. (2)		28		475
Werner Enterprises, Inc.		38		1,654
WESCO International, Inc. (2)		7		246

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 73

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
WESCO International, Inc. Series A Variable Preferred (2)(9)		153		4,058
WW Grainger, Inc.		331		103,987
				2,246,015
Information Technology — 6.5%
ACI Worldwide, Inc. (2)		19		513
Adobe, Inc. (2)		655		285,128
Advanced Micro Devices, Inc. (2)		942		49,559
Alliance Data Systems Corp.		57		2,572
American Software, Inc./GA		45		709
Amkor Technology, Inc. (2)		1,114		13,713
Apple, Inc.		4,331		1,579,949
Applied Materials, Inc.		1,443		87,229
Arrow Electronics, Inc. (2)		433		29,743
AstroNova, Inc.		133		1,059
Autodesk, Inc. (2)		225		53,818
Avaya Holdings Corp. (2)		402		4,969
Avid Technology, Inc. (2)		737		5,358
Avnet, Inc.		1,127		31,426
Benchmark Electronics, Inc.		79		1,706
Bottomline Technologies DE, Inc. (2)		3		152
Box, Inc. (2)		241		5,003
Broadcom, Inc.		183		57,757
CACI International, Inc. - Class A (2)		94		20,387
Cadence Design Systems, Inc. (2)		2,053		197,006
Calix, Inc. (2)		304		4,530
Cambium Networks Corp. (2)		539		3,967
CDK Global, Inc.		44		1,822
Cerence, Inc. (2)		123		5,023
ChannelAdvisor Corp. (2)		390		6,178
Ciena Corp. (2)		631		34,175
Cirrus Logic, Inc. (2)		160		9,885
Cisco Systems, Inc.		4,787		223,266
Citrix Systems, Inc.		504		74,547
Cognex Corp.		172		10,272
Cognizant Technology Solutions		1,743		99,037
Coupa Software, Inc. (2)		58		16,068
Diebold Nixdorf, Inc. (2)		263		1,594
Digital Turbine, Inc. (2)		30		377
Diodes, Inc. (2)		39		1,977
DocuSign, Inc. (2)		327		56,313
Dropbox, Inc. (2)		424		9,230
DXC Technology Co.		699		11,534
Ebix, Inc.		204		4,561
Enphase Energy, Inc. (2)		98		4,662
F5 Networks, Inc. (2)		66		9,206

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Five9, Inc. (2)		111		12,284
Fortinet, Inc. (2)		244		33,494
Hackett Group, Inc./The		62		839
Hewlett Packard Enterprise Co.		4,363		42,452
HP, Inc.		2,826		49,257
IBM		875		105,674
II-VI, Inc. (2)		55		2,597
Intel Corp.		6,218		372,023
Intuit, Inc.		958		283,750
J2 Global, Inc. (2)		200		12,642
Jabil, Inc.		1,177		37,758
Juniper Networks, Inc.		288		6,584
KLA Corp.		200		38,896
Lam Research Corp.		260		84,100
Leidos Holdings, Inc.		45		4,215
Lumentum Holdings, Inc. (2)		104		8,469
Majesco (2)		18		141
Manhattan Associates, Inc. (2)		205		19,311
ManTech International Corp./VA		51		3,493
Mastercard, Inc.		1,325		391,803
Maxim Integrated Products, Inc.		616		37,336
Methode Electronics, Inc.		34		1,063
Micron Technology, Inc. (2)		1,059		54,560
Microsoft Corp.		8,221		1,673,056
MKS Instruments, Inc.		23		2,605
Motorola Solutions, Inc.		195		27,325
National Instruments Corp.		291		11,265
NCR Corp. (2)		176		3,048
NetScout Systems, Inc. (2)		192		4,908
NIC, Inc.		270		6,199
NortonLifeLock, Inc.		1,700		33,711
NVIDIA Corp.		797		302,788
Okta, Inc. (2)		26		5,206
ON Semiconductor Corp. (2)		157		3,112
OneSpan, Inc. (2)		260		7,262
Oracle Corp.		5,174		285,967
PagerDuty, Inc. (2)		77		2,204
Paycom Software, Inc. (2)		65		20,132
PayPal Holdings, Inc. (2)		150		26,135
PC Connection, Inc.		13		603
Perspecta, Inc.		271		6,295
Photronics, Inc. (2)		364		4,051
Plantronics, Inc.		65		954
Progress Software Corp.		649		25,149
Pure Storage, Inc. (2)		861		14,921
Qorvo, Inc. (2)		170		18,790
QUALCOMM, Inc.		3,080		280,927

The accompanying notes are an integral part of these financial statements

Page 74 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Qualys, Inc. (2)		184		19,140
Rimini Street, Inc. (2)		83		427
RingCentral, Inc. - Class A (2)		96		27,361
salesforce.com, Inc. (2)		837		156,795
Sanmina Corp. (2)		282		7,061
ScanSource, Inc. (2)		108		2,602
ServiceNow, Inc. (2)		23		9,316
Skyworks Solutions, Inc.		424		54,213
Slack Technologies, Inc. (2)		418		12,996
SMART Global Holdings, Inc. (2)		106		2,881
Smartsheet, Inc. (2)		94		4,786
Sonim Technologies, Inc. (2)		265		212
Splunk, Inc. (2)		45		8,942
SPS Commerce, Inc. (2)		158		11,869
SS&C Technologies Holdings, Inc.		2,764		156,111
Stratasys, Ltd. (2)		54		856
Sykes Enterprises, Inc. (2)		423		11,700
SYNNEX Corp.		153		18,325
Synopsys, Inc. (2)		1,036		202,020
Telenav, Inc. (2)		12		66
Tenable Holdings, Inc. (2)		156		4,650
TESSCO Technologies, Inc.		32		176
Texas Instruments, Inc.		806		102,338
Trimble, Inc. (2)		604		26,087
TTEC Holdings, Inc.		68		3,166
Twilio, Inc. (2)		122		26,769
Verint Systems, Inc. (2)		624		28,192
Veritone, Inc. (2)		73		1,085
VirnetX Holding Corp. (3)		656		4,264
Visa, Inc.		409		79,007
Vishay Intertechnology, Inc.		146		2,229
Workday, Inc. (2)		196		36,723
Xerox Holdings Corp.		1,476		22,568
Xperi Holding Corp.		489		7,218
Zebra Technologies Corp. - Class A (2)		123		31,482
Zoom Video Communications, Inc. (2)		42		10,649
Zscaler, Inc. (2)		117		12,812
				8,492,428
Materials — 0.5%
AdvanSix, Inc. (2)		46		540
Air Products and Chemicals, Inc.		360		86,926
Boise Cascade Co.		313		11,772
Clearwater Paper Corp. (2)		33		1,192
Commercial Metals Co.		69		1,408
Dow, Inc.		465		18,953
Eastman Chemical Co.		231		16,087

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
FMC Corp.		266		26,499
Hawkins, Inc.		8		341
Huntsman Corp.		26		467
Koppers Holdings, Inc. (2)		102		1,922
Linde PLC		30		6,363
LyondellBasell Industries NV		530		34,832
Materion Corp.		63		3,874
Newmont Corp.		2,280		140,767
Novagold Resources, Inc. (2)		686		6,297
Olin Corp.		38		437
Olympic Steel, Inc.		142		1,669
Packaging Corp. of America		136		13,573
PolyOne Corp.		16		420
Reliance Steel & Aluminum Co.		466		44,237
Royal Gold, Inc.		132		16,410
RPM International, Inc.		308		23,118
Ryerson Holding Corp. (2)		528		2,973
Scotts Miracle-Gro Co./The		213		28,642
Sherwin-Williams Co./The		164		94,767
Steel Dynamics, Inc.		420		10,958
Stepan Co.		37		3,593
Tredegar Corp.		237		3,650
Trinseo SA		14		310
Tronox Holdings PLC		19		137
Verso Corp.		37		443
Westrock Co.		573		16,193
Worthington Industries, Inc.		102		3,805
				623,575
Real Estate Investment Trust — 0.8%
Altisource Portfolio Solutions (2)		199		2,933
American Homes 4 Rent		769		20,686
American Tower Corp.		1,082		279,740
Apple Hospitality REIT, Inc.		1,025		9,902
Ashford Hospitality Trust, Inc.		495		358
AvalonBay Communities, Inc.		178		27,526
CareTrust REIT, Inc.		232		3,981
CatchMark Timber Trust, Inc.		380		3,363
CBL & Associates Properties In (2)		1,071		292
Clipper Realty, Inc.		119		964
Colony Capital, Inc.		384		922
CoreCivic, Inc.		43		402
CorEnergy Infrastructure Trust		110		1,007
CorePoint Lodging, Inc.		750		3,158
Corporate Office Properties Tr		580		14,697
CyrusOne, Inc.		259		18,842
Equinix, Inc.		72		50,566

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 75

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Essex Property Trust, Inc.		431		98,772
Gaming and Leisure Properties		1,241		42,939
Getty Realty Corp.		86		2,552
Healthcare Realty Trust, Inc.		922		27,005
Highwoods Properties, Inc.		498		18,590
Host Hotels & Resorts, Inc.		130		1,403
Lamar Advertising Co.		905		60,418
Life Storage, Inc.		58		5,507
LTC Properties, Inc.		577		21,736
Maui Land & Pineapple Co., Inc. (2)		5		56
National Health Investors, Inc.		77		4,675
National Storage Affiliates Trust		309		8,856
Paramount Group, Inc.		654		5,042
Piedmont Office Realty Trust, Inc.		899		14,932
PS Business Parks, Inc.		123		16,285
Public Storage		190		36,459
QTS Realty Trust, Inc.		39		2,500
RAIT Financial Trust (2)(7)		368		—
Regency Centers Corp.		247		11,335
Ryman Hospitality Properties, Inc.		36		1,246
SBA Communications Corp.		120		35,750
Service Properties Trust		1,571		11,138
Simon Property Group, Inc.		2,362		161,514
Spirit MTA Reit Liquidating Trust (2)(7)		477		—
Tanger Factory Outlet Centers (3)		175		1,248
Trinity Place Holdings, Inc. (2)		367		506
Uniti Group, Inc.		155		1,449
Urstadt Biddle Properties, Inc.		395		4,693
Xenia Hotels & Resorts, Inc.		458		4,273
				1,040,218
Utilities — 0.4%
American Water Works Co., Inc.		486		62,529
Atlantic Power Corp. (2)		423		846
Consolidated Water Co., Ltd.		23		332
Dominion Energy, Inc.		2,330		189,149
Evergy, Inc.		35		2,075
Exelon Corp.		27		980
MDU Resources Group, Inc.		1,409		31,252
NextEra Energy, Inc.		190		45,632
NorthWestern Corp.		1,014		55,283
NRG Energy, Inc.		678		22,076
PPL Corp.		1,702		43,980
Southwest Gas Holdings, Inc.		466		32,177

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
WEC Energy Group, Inc.		313		27,434
York Water Co./The		56		2,673
				516,418
Total Common Stocks (Cost $24,792,609)				29,417,962
Registered Investment Companies — 61.0%
Baird Core Plus Bond Fund - Class I		499,657		6,030,859
Dodge & Cox Income Fund		350,710		5,095,815
DoubleLine Total Return Bond Fund - Class I		347,435		3,724,508
Guggenheim Total Return Bond Fund - Class I		97,569		2,847,062
iShares Core U.S. Aggregate Bond ETF (8)		77,748		9,190,591
iShares JP Morgan USD Emerging Markets Bond ETF (8)		67,638		7,387,422
Lord Abbett High Yield Fund - Class I		419,879		2,834,185
Payden Emerging Markets Bond Fund - Class I		76,919		990,722
PGIM Total Return Bond Fund - Class R6		380,806		5,605,459
Pioneer Bond Fund - Class Y		380,967		3,767,765
Segall Bryant & Hamill Plus Bond Fund - Class I		378,984		4,210,514
SPDR Bloomberg Barclays High Yield Bond ETF (8)		27,382		2,769,963
TCW Emerging Markets Income Fund - Class I		244,434		1,896,810
Vanguard Intermediate-Term Corporate Bond ETF (8)		28,502		2,711,680
Vanguard Short-Term Bond ETF (8)		38,211		3,176,098
Vanguard Total Bond Market ETF (8)		98,936		8,740,006
Xtrackers USD High Yield Corporate Bond ETF (8)		214,039		10,006,321
Total Registered Investment Companies (Cost $77,010,333)				80,985,780
Money Market Registered Investment Companies — 7.8%
Meeder Institutional Prime Money Market Fund, 0.30% (5)		10,368,275		10,373,460
Morgan Stanley Government Institutional Fund, 0.05% (4)		8,353		8,353
Total Money Market Registered Investment Companies (Cost $10,371,567)				10,381,813

The accompanying notes are an integral part of these financial statements

Page 76 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
U.S. Government Obligations — 8.5%
U.S. Treasury Note, 2.25%, due 1/31/2024		3,742,700		4,016,385
U.S. Treasury Note, 2.625%, due 2/15/2029		1,599,200		1,873,938
U.S. Treasury Note, 1.50%, due 8/15/2026		1,290,800		1,375,357
U.S. Treasury Note, 2.25%, due 11/15/2025		2,387,400		2,630,150
U.S. Treasury Note, 2.125%, due 12/31/2022		1,304,700		1,368,253
Total U.S. Government Obligations (Cost $10,417,900)				11,264,083
Total Investments — 99.4% (Cost $122,592,409)				132,049,638
Other Assets less Liabilities — 0.6%				828,860
Total Net Assets — 100.0%				132,878,498
Trustee Deferred Compensation (6)
Meeder Balanced Fund - Retail Class		1,089		12,251
Meeder Dynamic Allocation Fund - Retail Class		2,754		31,203
Meeder Muirfield Fund - Retail Class		1,635		11,347
Meeder Conservative Allocation Fund - Retail Class		318		7,069
Total Trustee Deferred Compensation (Cost $57,853)				61,870

	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		19			9/18/2020		1,689,480			(9,780	)
Mini MSCI Emerging Markets Index Futures		11			9/18/2020		542,135			3,513
Russell 2000 Mini Index Futures		(3	)		9/18/2020		(215,640	)		(4,246	)
Standard & Poors 500 Mini Futures		(17	)		9/18/2020		(2,626,670	)		(21,432	)
E-mini Standard & Poors MidCap 400 Futures		(5	)		9/18/2020		(889,550	)		(30,319	)
Total Futures Contracts		5					(1,500,245	)		(62,264	)

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (10)
Level 1 - Quoted Prices	$	120,785,555	$	(62,264	)
Level 2 - Other Significant Observable Inputs		11,264,083		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	132,049,638	$	(62,264	)

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, 2020.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(6) 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.

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

(8) Exchange-traded fund.

(9) Preferred stock.

(10) Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 77

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 79.4%
Communication Services — 6.8%
Activision Blizzard, Inc.		9,230		700,557
Alphabet, Inc. - Class A (2)		391		554,458
Alphabet, Inc. - Class C (2)		2,047		2,893,660
AMC Entertainment Holdings, Inc.		780		3,346
AT&T, Inc.		39,011		1,179,303
Cinemark Holdings, Inc.		933		10,776
Comcast Corp. - Class A		7,415		289,037
Cumulus Media, Inc. (2)		785		3,101
DHI Group, Inc. (2)		108		227
Electronic Arts, Inc. (2)		3,781		499,281
Facebook, Inc. (2)		9,292		2,109,934
Frontier Communications Corp. (2)		3,108		303
Glu Mobile, Inc. (2)		1,621		15,027
Gray Television, Inc. (2)		1,024		14,285
IMAX Corp. (2)		251		2,814
Lee Enterprises, Inc. (2)		2,570		2,519
Liberty TripAdvisor Holdings, Inc. (2)		3,939		8,390
Lions Gate Entertainment Corp. Class A (2)		777		5,758
Marcus Corp./The		1,648		21,869
MDC Partners, Inc. (2)		1,438		2,991
National CineMedia, Inc.		602		1,788
Netflix, Inc. (2)		965		439,114
Pinterest, Inc. (2)		1,847		40,948
Sinclair Broadcast Group, Inc.		135		2,492
Spotify Technology SA (2)		715		184,606
TEGNA, Inc.		36		401
Telephone and Data Systems, Inc.		2,215		44,034
T-Mobile US, Inc.		10,879		1,133,048
Verizon Communications, Inc.		28,619		1,577,765
Yelp, Inc. (2)		127		2,938
				11,744,770
Consumer Discretionary — 12.0%
1-800-Flowers.com, Inc. (2)		686		13,734
Amazon.com, Inc. (2)		1,863		5,139,682
Aptiv PLC		45		3,506
Aramark		1,562		35,254
AutoZone, Inc. (2)		81		91,378
BBX Capital Corp.		1,404		3,566
Best Buy Co., Inc.		6,546		571,269
Big Lots, Inc.		798		33,516
BorgWarner, Inc.		348		12,284
Boyd Gaming Corp.		998		20,858
Brinker International, Inc.		792		19,008
Caleres, Inc.		606		5,054
Camping World Holdings, Inc.		2,340		63,554

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Capri Holdings, Ltd. (2)		948		14,817
Chipotle Mexican Grill, Inc. (2)		224		235,729
Crocs, Inc. (2)		759		27,946
Dana, Inc.		1,032		12,580
Dave & Buster’s Entertainment		461		6,145
Deckers Outdoor Corp. (2)		1,042		204,638
Designer Brands, Inc.		374		2,532
Dollar General Corp.		2,868		546,383
Dollar Tree, Inc. (2)		911		84,431
Domino’s Pizza, Inc.		481		177,701
DR Horton, Inc.		7,237		401,292
Duluth Holdings, Inc. - Class B (2)		2,174		16,022
eBay, Inc.		7,682		402,921
Everi Holdings, Inc. (2)		1,814		9,360
Fiesta Restaurant Group, Inc. (2)		799		5,098
Ford Motor Co.		1,707		10,379
Fox Factory Holding Corp. (2)		255		21,066
Garmin, Ltd.		2,664		259,740
General Motors Co.		29,661		750,423
Gentex Corp.		2,979		76,769
G-III Apparel Group, Ltd. (2)		66		877
Green Brick Partners, Inc. (2)		146		1,730
Greenlane Holdings, Inc. (2)		190		756
Hanesbrands, Inc.		1,919		21,666
Harley-Davidson, Inc.		7,624		181,222
Home Depot, Inc./The		8,897		2,228,787
Installed Building Products In (2)		57		3,920
International Game Technology		4,848		43,147
KB Home		3,461		106,183
Kirkland’s, Inc. (2)		2,525		6,843
Lands’ End, Inc. (2)		748		6,014
Las Vegas Sands Corp.		2,257		102,784
LCI Industries		189		21,731
Lear Corp.		1,119		121,993
Lennar Corp.		5,539		341,313
LKQ Corp. (2)		2,461		64,478
Lowe’s Cos., Inc.		9,407		1,271,074
Lululemon Athletica, Inc. (2)		722		225,271
Malibu Boats, Inc. (2)		1,055		54,807
MarineMax, Inc. (2)		111		2,485
Marriott International, Inc./MD		100		8,573
McDonald’s Corp.		6,414		1,183,191
MDC Holdings, Inc.		148		5,284
MGM Resorts International		2,577		43,294
Murphy USA, Inc. (2)		280		31,525
NIKE, Inc. - Class B		14,244		1,396,624
NVR, Inc. (2)		63		205,301

The accompanying notes are an integral part of these financial statements

Page 78 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Office Depot, Inc.		3,903		9,172
Papa John’s International, Inc.		68		5,400
Party City Holdco, Inc. (2)		747		1,113
Penn National Gaming, Inc. (2)		952		29,074
PetMed Express, Inc.		292		10,407
PulteGroup, Inc.		9,151		311,409
Purple Innovation, Inc. (2)		722		12,996
Qurate Retail, Inc. (2)		2,866		27,227
Ralph Lauren Corp.		1,621		117,555
RCI Hospitality Holdings, Inc.		901		12,488
Red Robin Gourmet Burgers, Inc. (2)		821		8,374
Red Rock Resorts, Inc.		922		10,059
Rent-A-Center, Inc./TX		7,429		206,675
RH (2)		764		190,160
Ross Stores, Inc.		1,803		153,688
Rubicon Project, Inc./The (2)		496		3,308
Select Interior Concepts, Inc. (2)		67		235
Sleep Number Corp. (2)		263		10,951
Sportsman’s Warehouse Holdings (2)		1,681		23,954
Stamps.com, Inc. (2)		248		45,555
Starbucks Corp.		192		14,129
Stoneridge, Inc. (2)		294		6,074
Sturm Ruger & Co., Inc.		233		17,708
Tapestry, Inc.		194		2,576
Target Corp.		4,236		508,023
Tesla, Inc. (2)		823		888,684
Texas Roadhouse, Inc.		470		24,708
Thor Industries, Inc.		2,091		222,754
Tile Shop Holdings, Inc.		975		1,268
TopBuild Corp. (2)		316		35,951
Town Sports International Holdings, Inc. (2)		2,090		1,129
Tractor Supply Co.		79		10,411
Tupperware Brands Corp.		404		1,919
Urban Outfitters, Inc. (2)		1		15
Vista Outdoor, Inc. (2)		417		6,026
Waitr Holdings, Inc. (2)		891		2,343
Wendy’s Co./The		177		3,855
Williams-Sonoma, Inc.		1,007		82,584
Wingstop, Inc.		1,004		139,526
Winnebago Industries, Inc.		2,421		161,287
Yum China Holdings, Inc.		3,376		162,284
Yum! Brands, Inc.		2,510		218,144
Zumiez, Inc. (2)		834		22,835
				20,683,541
Consumer Staples — 1.5%
Alico, Inc.		22		686

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Coca-Cola Co./The		10,702		478,165
Costco Wholesale Corp.		164		49,726
General Mills, Inc.		16,743		1,032,206
Ingredion, Inc.		150		12,450
Kroger Co./The		4,146		140,342
Molson Coors Beverage Co. - Class B		5,059		173,827
Nu Skin Enterprises, Inc.		310		11,851
Oil-Dri Corp. of America		7		243
PepsiCo, Inc.		3,773		499,017
Performance Food Group Co. (2)		748		21,797
Rite Aid Corp. (2)		362		6,176
SpartanNash Co.		686		14,578
Sprouts Farmers Market, Inc. (2)		161		4,120
Tyson Foods, Inc.		570		34,035
United Natural Foods, Inc. (2)		425		7,739
Walgreens Boots Alliance, Inc.		903		38,278
				2,525,236
Energy — 1.8%
Altus Midstream Co. (2)		643		407
Amplify Energy Corp.		1,785		2,196
Antero Resources Corp. (2)		877		2,228
Apache Corp.		1,218		16,443
Arch Resources, Inc.		47		1,335
Archrock, Inc.		806		5,231
Ardmore Shipping Corp.		1,969		8,545
Baker Hughes Co.		4,869		74,934
Berry Corp.		370		1,787
Bonanza Creek Energy, Inc. (2)		24		356
Brigham Minerals, Inc.		209		2,581
Cabot Oil & Gas Corp.		2,196		37,727
Cactus, Inc.		1,562		32,224
California Resources Corp. (2)(3)		1,319		1,609
Centennial Resource Developmen (2)		248		221
Chaparral Energy, Inc. (2)		841		545
Chesapeake Energy Corp. (2)		200		980
Chevron Corp.		10,915		973,945
CNX Resources Corp. (2)		794		6,868
Concho Resources, Inc.		1,703		87,705
ConocoPhillips		8,053		338,387
CONSOL Energy, Inc. (2)		147		745
Continental Resources, Inc./OK (2)		709		12,429
Delek US Holdings, Inc.		555		9,663
DHT Holdings, Inc.		1,239		6,356
Diamondback Energy, Inc.		309		12,922
Dorian LPG, Ltd. (2)		509		3,940
EOG Resources, Inc.		3,222		163,227

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 79

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
EQT Corp.		1,698		20,206
Exterran Corp. (2)		527		2,841
Extraction Oil & Gas, Inc. (2)		1,270		154
Exxon Mobil Corp.		183		8,184
Frank’s International NV (2)		604		1,347
Gulfport Energy Corp. (2)		750		818
Hallador Energy Co.		131		86
Helmerich & Payne, Inc.		2,307		45,010
Hess Corp.		461		23,884
HollyFrontier Corp.		1,739		50,779
International Seaways, Inc.		593		9,690
Kinder Morgan, Inc.		7,466		113,259
Laredo Petroleum, Inc. (2)		198		2,744
Matador Resources Co. (2)		643		5,466
Nabors Industries, Ltd.		96		3,554
National Oilwell Varco, Inc.		1,629		19,955
NexTier Oilfield Solutions, Inc. (2)		1,356		3,322
Nine Energy Service, Inc. (2)		307		599
Nordic American Tankers, Ltd.		861		3,496
Oasis Petroleum, Inc. (2)		1,469		1,102
Oceaneering International, Inc. (2)		993		6,345
Overseas Shipholding Group, Inc. (2)		102		190
Par Pacific Holdings, Inc. (2)		1,217		10,941
Patterson-UTI Energy, Inc.		1,000		3,470
PDC Energy, Inc. (2)		1,027		12,776
Peabody Energy Corp.		1,125		3,240
Penn Virginia Corp. (2)		1,064		10,140
Phillips 66		4,460		320,674
Pioneer Natural Resources Co.		1,251		122,223
Profire Energy, Inc. (2)		11		9
ProPetro Holding Corp. (2)		1,612		8,286
Range Resources Corp.		1,399		7,876
Renewable Energy Group, Inc. (2)		511		12,663
Rosehill Resources, Inc. (2)(3)		367		265
Schlumberger, Ltd.		5,627		103,481
Scorpio Tankers, Inc.		47		602
SilverBow Resources, Inc. (2)		425		1,364
Southwestern Energy Co. (2)		2,813		7,201
Superior Energy Services, Inc. (2)		323		368
Talos Energy, Inc. (2)		528		4,858
Teekay Corp. (2)		1,125		2,700
Teekay Tankers, Ltd. (2)		94		1,205
Valero Energy Corp.		4,390		258,220
W&T Offshore, Inc. (2)		499		1,138
Whiting Petroleum Corp. (2)		854		965
Williams Cos., Inc./The		4,257		80,968
World Fuel Services Corp.		1,128		29,057

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
WPX Energy, Inc. (2)		3,072		19,599
				3,152,856
Financials — 7.1%
AGNC Investment Corp.		2,902		37,436
Allstate Corp./The		10,018		971,646
American Equity Investment Life		76		1,878
American Express Co.		4,590		436,968
Ameriprise Financial, Inc.		1,050		157,542
Artisan Partners Asset Managem		2,670		86,775
Associated Banc-Corp		320		4,378
Bank of America Corp.		57,581		1,367,549
BCB Bancorp, Inc.		1,043		9,679
Berkshire Hathaway, Inc. Class B (2)		13,618		2,430,949
Blackstone Mortgage Trust, Inc.		719		17,321
Brightsphere Investment Group		515		6,417
Cannae Holdings, Inc. (2)		1,526		62,719
Cathay General Bancorp		957		25,169
Charles Schwab Corp./The		100		3,374
Citigroup, Inc.		1,246		63,671
Citizens Financial Group, Inc.		1,090		27,512
Civista Bancshares, Inc.		103		1,586
CNO Financial Group, Inc.		662		10,307
Colony Credit Real Estate, Inc.		141		990
Cullen/Frost Bankers, Inc.		1,008		75,308
Curo Group Holdings Corp.		1,458		11,912
CVB Financial Corp.		480		8,995
Diamond Hill Investment Group		10		1,137
Donegal Group, Inc.		105		1,493
East West Bancorp, Inc.		1,226		44,430
Elevate Credit, Inc. (2)		2,328		3,445
Ellington Financial, Inc.		708		8,340
Enova International, Inc. (2)		210		3,123
Enterprise Financial Services		313		9,741
Equitable Holdings, Inc.		2,263		43,653
Esquire Financial Holdings, Inc. (2)		113		1,910
ESSA Bancorp, Inc.		12		167
Essent Group, Ltd.		1,073		38,918
Farmers National Banc Corp.		222		2,633
Fidelity National Financial, Inc.		5,053		154,925
Fifth Third Bancorp		8,919		171,958
First American Financial Corp.		3,555		170,711
First Financial Corp./IN		560		20,630
First Interstate BancSystem In		948		29,350
FirstCash, Inc.		2,579		174,031
FNB Corp./PA		3,477		26,078
Glacier Bancorp, Inc.		1,287		45,418

The accompanying notes are an integral part of these financial statements

Page 80 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Goosehead Insurance, Inc. (2)		64		4,810
Great Ajax Corp.		2,705		24,886
HBT Financial, Inc.		330		4,399
Heritage Commerce Corp.		1,187		8,908
Hilltop Holdings, Inc.		2,832		52,250
HomeStreet, Inc.		569		14,003
Houlihan Lokey, Inc.		884		49,186
International Bancshares Corp.		531		17,003
INTL. FCStone, Inc. (2)		728		40,040
Invesco, Ltd.		1,852		19,928
JPMorgan Chase & Co.		18,296		1,720,922
Kinsale Capital Group, Inc.		283		43,924
KKR Real Estate Finance Trust		2,956		49,010
Ladder Capital Corp.		3,502		28,366
Lakeland Bancorp, Inc.		1,595		18,231
LPL Financial Holdings, Inc.		35		2,744
M&T Bank Corp.		318		33,062
MarketAxess Holdings, Inc.		430		215,396
MetLife, Inc.		4,256		155,429
Metrocity Bankshares, Inc.		1,399		20,048
MSCI, Inc.		704		235,009
National General Holdings Corp.		313		6,764
NewStar Financial Contingent Value Rights (2)(8)		179		—
Nicolet Bankshares, Inc. (2)		35		1,918
Northrim BanCorp, Inc.		839		21,092
OceanFirst Financial Corp.		594		10,472
Ocwen Financial Corp. (2)		1,130		750
Oppenheimer Holdings, Inc.		2,182		47,546
Pacific Premier Bancorp, Inc.		2,382		51,642
Park National Corp.		83		5,842
PennyMac Financial Services, Inc. - Class A		3,216		134,397
People’s United Financial, Inc.		308		3,564
PJT Partners, Inc.		368		18,893
PNC Financial Services Group I		564		59,338
Popular, Inc.		5,386		200,198
ProSight Global, Inc. (2)		698		6,212
Prosperity Bancshares, Inc.		1,115		66,209
Prudential Financial, Inc.		7,444		453,340
Pzena Investment Management In		2,462		13,393
QCR Holdings, Inc.		1,544		48,142
Radian Group, Inc.		2,132		33,067
RBB Bancorp		1,137		15,520
Regions Financial Corp.		19,052		211,858
Signature Bank/New York NY		1,533		163,908
Simmons First National Corp.		1,826		31,243
South State Corp.		168		8,007

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Starwood Property Trust, Inc.		442		6,612
State Street Corp.		2,725		173,174
Stewart Information Services C		4,581		148,928
SVB Financial Group (2)		393		84,703
TCF Financial Corp.		216		6,355
TriCo Bancshares		828		25,213
Truist Financial Corp.		6,055		227,365
United Community Banks, Inc./GA		253		5,090
Unity Bancorp, Inc.		17		243
Valley National Bancorp		5,693		44,519
Walker & Dunlop, Inc.		239		12,144
Wells Fargo & Co.		8,090		207,104
Western Alliance Bancorp		1,225		46,391
				12,130,882
Healthcare — 15.5%
Abbott Laboratories		4,913		449,196
AbbVie, Inc.		16,267		1,597,094
Abeona Therapeutics, Inc. (2)		63		184
Acceleron Pharma, Inc. (2)		669		63,736
AcelRx Pharmaceuticals, Inc. (2)		3,655		4,423
Addus HomeCare Corp. (2)		95		8,793
Aduro Biotech, Inc. (2)		1,008		2,328
Adverum Biotechnologies, Inc. (2)		377		7,872
Affimed NV (2)		3,034		14,002
Agilent Technologies, Inc.		4,167		368,238
Akcea Therapeutics, Inc. (2)		338		4,631
Akebia Therapeutics, Inc. (2)		1,082		14,694
Alector, Inc. (2)		556		13,589
Alexion Pharmaceuticals, Inc. (2)		2,510		281,722
Align Technology, Inc. (2)		297		81,509
Alkermes PLC (2)		1,911		37,083
Alnylam Pharmaceuticals, Inc. (2)		812		120,265
Amedisys, Inc. (2)		232		46,061
AmerisourceBergen Corp.		2,665		268,552
Amgen, Inc.		6,437		1,518,231
Amicus Therapeutics, Inc. (2)		1,738		26,209
Amneal Pharmaceuticals, Inc. (2)		2,591		12,333
Anthem, Inc.		455		119,656
Apellis Pharmaceuticals, Inc. (2)		588		19,204
Applied Therapeutics, Inc. (2)		132		4,772
AquaBounty Technologies, Inc. (2)		1,524		4,907
Aquestive Therapeutics, Inc. (2)		1,276		6,201
Arcus Biosciences, Inc. (2)		173		4,280
Ardelyx, Inc. (2)		940		6,505
Arena Pharmaceuticals, Inc. (2)		270		16,997
Arrowhead Pharmaceuticals, Inc. (2)		361		15,592

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 81

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Arvinas, Inc. (2)		586		19,654
Assembly Biosciences, Inc. (2)		94		2,192
Assertio Holdings, Inc. (2)		4,595		3,938
AtriCure, Inc. (2)		122		5,484
Avantor, Inc. (2)		1,405		23,885
Avrobio, Inc. (2)		357		6,230
Axsome Therapeutics, Inc. (2)		230		18,924
Baxter International, Inc.		2,398		206,468
Beyondspring, Inc. (2)		253		3,815
BioDelivery Sciences Internati (2)		4,109		17,915
Biogen, Inc. (2)		3,149		842,515
BioMarin Pharmaceutical, Inc. (2)		2,522		311,063
Bio-Rad Laboratories, Inc. - Class A (2)		65		29,347
BioSpecifics Technologies Corp. (2)		168		10,295
Bioxcel Therapeutics, Inc. (2)		174		9,224
Blueprint Medicines Corp. (2)		354		27,612
Bridgebio Pharma, Inc. (2)		262		8,544
Bristol-Myers Squibb Co.		13,502		793,918
Cardinal Health, Inc.		3,377		176,246
Catalent, Inc. (2)		2,219		162,653
Catalyst Pharmaceuticals, Inc. (2)		2,747		12,691
Centene Corp. (2)		2,247		142,797
Centogene NV (2)		154		3,524
Cerecor, Inc. (2)		444		1,154
Cerner Corp.		8,242		564,989
Chemed Corp.		389		175,466
ChemoCentryx, Inc. (2)		490		28,195
Cigna Corp.		625		117,281
Coherus Biosciences, Inc. (2)		627		11,198
Collegium Pharmaceutical, Inc. (2)		511		8,943
Computer Programs and Systems		362		8,250
Constellation Pharmaceuticals (2)		262		7,873
Cortexyme, Inc. (2)		65		3,010
Cue Biopharma, Inc. (2)		2,171		53,211
CVS Health Corp.		9,838		639,175
CytomX Therapeutics, Inc. (2)		396		3,299
DaVita, Inc. (2)		1,655		130,977
Deciphera Pharmaceuticals, Inc. (2)		89		5,315
Denali Therapeutics, Inc. (2)		153		3,700
DexCom, Inc. (2)		340		137,836
Dynavax Technologies Corp. (2)		690		6,120
Edwards Lifesciences Corp. (2)		4,350		300,629
Elanco Animal Health, Inc. Contingent Value Rights (2)(8)		1,625		—
Eli Lilly and Co.		8,085		1,327,395
Eloxx Pharmaceuticals, Inc. (2)		235		712
Emergent BioSolutions, Inc. (2)		775		61,287

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Encompass Health Corp.		920		56,976
Endo International PLC (2)		2,767		9,491
Enochian Biosciences, Inc. (2)		66		278
Ensign Group, Inc./The		317		13,266
Exact Sciences Corp. (2)		790		68,683
Exelixis, Inc. (2)		3,005		71,339
Fate Therapeutics, Inc. (2)		653		22,404
Fulcrum Therapeutics, Inc. (2)		157		2,872
GenMark Diagnostics, Inc. (2)		512		7,532
Gilead Sciences, Inc.		10,139		780,095
Guardant Health, Inc. (2)		69		5,598
Harvard Bioscience, Inc. (2)		49		152
Hill-Rom Holdings, Inc.		1,430		156,985
HMS Holdings Corp. (2)		1,761		57,039
Horizon Therapeutics Plc (2)		1,122		62,361
Humana, Inc.		2,380		922,845
Illumina, Inc. (2)		155		57,404
ImmunoGen, Inc. (2)		1,558		7,167
Immunomedics, Inc. (2)		1,097		38,878
Inovio Pharmaceuticals, Inc. (2)		587		15,820
Insmed, Inc. (2)		421		11,594
Intellia Therapeutics, Inc. (2)		483		10,153
Invitae Corp. (2)		512		15,508
Iovance Biotherapeutics, Inc. (2)		961		26,379
iRhythm Technologies, Inc. (2)		135		15,645
Jazz Pharmaceuticals PLC (2)		213		23,502
Johnson & Johnson		14,083		1,980,492
Jounce Therapeutics, Inc. (2)		573		3,954
Kadmon Holdings, Inc. (2)		2,107		10,788
Karyopharm Therapeutics, Inc. (2)		48		909
Kezar Life Sciences, Inc. (2)		95		492
Kiniksa Pharmaceuticals, Ltd. (2)		216		5,504
Kodiak Sciences, Inc. (2)		154		8,334
Krystal Biotech, Inc. (2)		94		3,893
Kura Oncology, Inc. (2)		727		11,850
LHC Group, Inc. (2)		143		24,928
Livongo Health, Inc. (2)		333		25,038
MacroGenics, Inc. (2)		578		16,138
Mallinckrodt PLC (2)		92		247
Marinus Pharmaceuticals, Inc. (2)		1,233		3,132
Masimo Corp. (2)		619		141,126
McKesson Corp.		1,042		159,864
Medtronic PLC		14,954		1,371,282
MEI Pharma, Inc. (2)		1,169		4,828
Merck & Co., Inc.		19,987		1,545,595
Meridian Bioscience, Inc. (2)		409		9,526
Mersana Therapeutics, Inc. (2)		1,345		31,473

The accompanying notes are an integral part of these financial statements

Page 82 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Moderna, Inc. (2)		1,108		71,145
Molecular Templates, Inc. (2)		847		11,680
Molina Healthcare, Inc. (2)		253		45,029
Momenta Pharmaceuticals, Inc. (2)		765		25,452
Morphic Holding, Inc. (2)		106		2,867
Mylan NV (2)		1,759		28,285
MyoKardia, Inc. (2)		270		26,087
Myriad Genetics, Inc. (2)		524		5,942
Natera, Inc. (2)		452		22,537
Neurocrine Biosciences, Inc. (2)		1,211		147,742
NextCure, Inc. (2)		19		407
NextGen Healthcare, Inc. (2)		1,539		16,898
Novavax, Inc. (2)		175		14,586
Odonate Therapeutics, Inc. (2)		217		9,188
Oncocyte Corp. (2)		312		596
OPKO Health, Inc. (2)		2,275		7,758
Organogenesis Holdings, Inc. (2)		353		1,356
Osmotica Pharmaceuticals PLC (2)		1,397		9,402
Owens & Minor, Inc.		598		4,557
Palatin Technologies, Inc. (2)		4,629		2,370
Perrigo Co. PLC		2,344		129,553
Pfenex, Inc. (2)		327		2,730
Pfizer, Inc.		30,864		1,009,253
Phibro Animal Health Corp. - Class A		1,207		31,708
Phreesia, Inc. (2)		681		19,259
Pieris Pharmaceuticals, Inc. (2)		1,223		3,791
PRA Health Sciences, Inc. (2)		445		43,294
Precigen, Inc. (2)(3)		1,093		5,454
Principia Biopharma, Inc. (2)		340		20,329
Providence Service Corp./The (2)		80		6,313
PTC Therapeutics, Inc. (2)		492		24,964
Puma Biotechnology, Inc. (2)		199		2,076
Quest Diagnostics, Inc.		820		93,447
Quidel Corp. (2)		264		59,067
Radius Health, Inc. (2)		71		968
Regeneron Pharmaceuticals, Inc. (2)		851		530,726
REGENXBIO, Inc. (2)		35		1,289
Replimune Group, Inc. (2)		127		3,156
ResMed, Inc.		1,480		284,160
Rhythm Pharmaceuticals, Inc. (2)		208		4,638
Rigel Pharmaceuticals, Inc. (2)		3,986		7,294
Sangamo Therapeutics, Inc. (2)		805		7,213
Seattle Genetics, Inc. (2)		759		128,969
Simulations Plus, Inc.		866		51,804
Sorrento Therapeutics, Inc. (2)(3)		923		5,796
STERIS PLC		1,636		251,028
Strongbridge Biopharma PLC (2)		1,525		5,765

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Sutro Biopharma, Inc. (2)		273		2,118
Tandem Diabetes Care, Inc. (2)		777		76,861
Teladoc Health, Inc. (2)		451		86,069
Tenet Healthcare Corp. (2)		1,385		25,082
TG Therapeutics, Inc. (2)		658		12,818
Theravance Biopharma, Inc. (2)		136		2,855
Thermo Fisher Scientific, Inc.		693		251,102
Translate Bio, Inc. (2)		297		5,322
Turning Point Therapeutics, Inc. (2)		104		6,717
Twist Bioscience Corp. (2)		60		2,718
Ultragenyx Pharmaceutical, Inc. (2)		217		16,974
United Therapeutics Corp. (2)		825		99,825
UnitedHealth Group, Inc.		4,751		1,401,307
Veeva Systems, Inc. (2)		1,515		355,146
Verrica Pharmaceuticals, Inc. (2)		264		2,907
Vertex Pharmaceuticals, Inc. (2)		1,683		488,592
WaVe Life Sciences, Ltd. (2)		82		854
West Pharmaceutical Services, Inc.		741		168,333
XBiotech, Inc. (2)		808		11,078
Xencor, Inc. (2)		890		28,827
Y-mAbs Therapeutics, Inc. (2)		336		14,515
Zimmer Biomet Holdings, Inc.		2,354		280,973
Zoetis, Inc.		4,954		678,896
Zynex, Inc. (2)		998		24,820
				26,625,804
Industrials — 6.1%
3M Co.		2,864		446,755
Allison Transmission Holdings		4,921		180,994
Alpha Pro Tech, Ltd. (2)		45		797
ArcBest Corp.		514		13,626
Arcosa, Inc.		868		36,630
ASGN, Inc. (2)		417		27,806
Astec Industries, Inc.		303		14,032
Atkore International Group, Inc. (2)		1,611		44,061
Atlas Air Worldwide Holdings, Inc. (2)		516		22,203
Avis Budget Group, Inc. (2)		193		4,418
Axon Enterprise, Inc. (2)		299		29,341
AZZ, Inc.		1,971		67,645
BG Staffing, Inc.		246		2,785
BlueLinx Holdings, Inc. (2)		75		643
BMC Stock Holdings, Inc. (2)		5,119		128,692
Builders FirstSource, Inc. (2)		1,112		23,018
Caterpillar, Inc.		1,531		193,672
Charah Solutions, Inc. (2)		46		146
Comfort Systems USA, Inc.		2,135		87,001
Construction Partners, Inc. (2)		20		355

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 83

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Copart, Inc. (2)		54		4,497
Costamare, Inc.		7		39
CSX Corp.		6,379		444,871
Cummins, Inc.		6,435		1,114,928
Curtiss-Wright Corp.		1,822		162,668
Eaton Corp. PLC		4,538		396,984
Echo Global Logistics, Inc. (2)		1,917		41,446
EMCOR Group, Inc.		1,876		124,079
Emerson Electric Co.		840		52,105
Encore Wire Corp.		431		21,041
EnerSys		1,006		64,766
Expeditors International of Wa		92		6,996
Federal Signal Corp.		1,599		47,538
Fortune Brands Home & Security		745		47,628
Generac Holdings, Inc. (2)		63		7,682
Graco, Inc.		892		42,807
GrafTech International, Ltd.		1,157		9,233
Herman Miller, Inc.		1,046		24,696
Hertz Global Holdings, Inc. (2)		345		486
HNI Corp.		1,097		33,535
Hub Group, Inc. - Class A (2)		1,269		60,734
Hubbell, Inc.		3,927		492,289
Huntington Ingalls Industries		1,317		229,803
Illinois Tool Works, Inc.		567		99,140
JetBlue Airways Corp. (2)		1,258		13,712
Johnson Controls International		3,040		103,786
Kelly Services, Inc. - Class A		60		949
Kimball International, Inc. - Class B		1,373		15,872
L B Foster Co. - Class A (2)		502		6,411
Lincoln Electric Holdings, Inc.		804		67,729
Lockheed Martin Corp.		3,355		1,224,307
LSC Communications, Inc. (2)		2,952		167
Lyft, Inc. (2)		363		11,983
Manitowoc Co., Inc./The (2)		905		9,846
ManpowerGroup, Inc.		4,086		280,913
Marten Transport, Ltd.		493		12,404
Matson, Inc.		1,149		33,436
McGrath RentCorp		94		5,077
Meritor, Inc. (2)		2,554		50,569
Miller Industries, Inc./TN		1,798		53,526
MRC Global, Inc. (2)		543		3,209
MYR Group, Inc. (2)		663		21,156
NL Industries, Inc.		48		164
Nordson Corp.		838		158,977
Norfolk Southern Corp.		136		23,878
Northwest Pipe Co. (2)		724		18,151
Old Dominion Freight Line, Inc.		1,149		194,859

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Oshkosh Corp.		634		45,407
PACCAR, Inc.		8,572		641,614
Primoris Services Corp.		1,067		18,950
Quanta Services, Inc.		435		17,065
Regal Beloit Corp.		1,510		131,853
Rexnord Corp.		2,141		62,410
Rockwell Automation, Inc.		740		157,620
RR Donnelley & Sons Co.		3,258		3,877
Rush Enterprises, Inc.		78		3,234
Safe Bulkers, Inc. (2)		1,349		1,646
Saia, Inc. (2)		383		42,582
Schneider National, Inc. - Class B		154		3,799
Shyft Group, Inc./The		1,140		19,198
SkyWest, Inc.		380		12,396
Southwest Airlines Co.		29,898		1,021,914
Steelcase, Inc. - Class A		717		8,647
Teledyne Technologies, Inc. (2)		121		37,625
Timken Co./The		2,814		128,009
Trex Co., Inc. (2)		216		28,095
Triton International, Ltd./Bermu		3,664		110,799
Tutor Perini Corp. (2)		368		4,482
Uber Technologies, Inc. (2)		3,679		114,343
UFP Industries, Inc.		360		17,824
Union Pacific Corp.		222		37,534
United Parcel Service, Inc. - Class B		1,984		220,581
Vectrus, Inc. (2)		416		20,438
Veritiv Corp. (2)		133		2,256
Werner Enterprises, Inc.		70		3,047
WESCO International, Inc. (2)		26		913
WESCO International, Inc. Series A Variable Preferred (2)(10)		610		16,177
WW Grainger, Inc.		1,252		393,328
YRC Worldwide, Inc. (2)		196		363
				10,493,718
Information Technology — 22.6%
ACI Worldwide, Inc. (2)		103		2,780
Adobe, Inc. (2)		3,001		1,306,365
Advanced Micro Devices, Inc. (2)		4,112		216,332
Alliance Data Systems Corp.		209		9,430
American Software, Inc./GA		144		2,269
Amkor Technology, Inc. (2)		4,758		58,571
Apple, Inc.		20,075		7,323,360
Applied Materials, Inc.		5,607		338,943
Arrow Electronics, Inc. (2)		2,120		145,623
AstroNova, Inc.		482		3,837
Autodesk, Inc. (2)		1,046		250,193

The accompanying notes are an integral part of these financial statements

Page 84 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Avaya Holdings Corp. (2)		1,737		21,469
Avid Technology, Inc. (2)		3,515		25,554
Avnet, Inc.		5,026		140,150
Benchmark Electronics, Inc.		116		2,506
Bottomline Technologies DE, Inc. (2)		77		3,909
Box, Inc. (2)		1,154		23,957
Broadcom, Inc.		886		279,630
CACI International, Inc. - Class A (2)		60		13,013
Cadence Design Systems, Inc. (2)		8,206		787,448
Calix, Inc. (2)		1,449		21,590
Cambium Networks Corp. (2)		2,210		16,266
CDK Global, Inc.		1,543		63,911
Cerence, Inc. (2)		542		22,135
ChannelAdvisor Corp. (2)		1,489		23,586
Ciena Corp. (2)		2,613		141,520
Cirrus Logic, Inc. (2)		805		49,733
Cisco Systems, Inc.		22,025		1,027,246
Citrix Systems, Inc.		2,424		358,534
Cognex Corp.		825		49,269
Cognizant Technology Solutions		8,779		498,823
Coupa Software, Inc. (2)		277		76,740
Diebold Nixdorf, Inc. (2)		1,255		7,605
Digital Turbine, Inc. (2)		22		277
Diodes, Inc. (2)		145		7,352
DocuSign, Inc. (2)		1,482		255,215
Dropbox, Inc. (2)		2,064		44,933
DXC Technology Co.		3,216		53,064
Ebix, Inc.		993		22,203
Enphase Energy, Inc. (2)		456		21,692
F5 Networks, Inc. (2)		288		40,170
Five9, Inc. (2)		623		68,947
FormFactor, Inc. (2)		268		7,860
Fortinet, Inc. (2)		1,232		169,117
Hackett Group, Inc./The		369		4,996
Hewlett Packard Enterprise Co.		21,823		212,338
HP, Inc.		13,947		243,096
IBM		1,941		234,415
II-VI, Inc. (2)		276		13,033
Intel Corp.		28,081		1,680,086
Intuit, Inc.		4,437		1,314,195
J2 Global, Inc. (2)		754		47,660
Jabil, Inc.		6,187		198,479
KLA Corp.		745		144,888
Lam Research Corp.		1,165		376,831
Leidos Holdings, Inc.		208		19,483
Lumentum Holdings, Inc. (2)		580		47,229
Manhattan Associates, Inc. (2)		1,010		95,142

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
ManTech International Corp./VA		175		11,986
Mastercard, Inc.		6,425		1,899,873
Maxim Integrated Products, Inc.		2,605		157,889
Methode Electronics, Inc.		172		5,377
Micron Technology, Inc. (2)		4,947		254,869
Microsoft Corp.		37,998		7,732,973
MKS Instruments, Inc.		208		23,554
Motorola Solutions, Inc.		494		69,224
National Instruments Corp.		1,081		41,846
NCR Corp. (2)		797		13,804
NetScout Systems, Inc. (2)		710		18,148
NIC, Inc.		1,448		33,246
NortonLifeLock, Inc.		8,109		160,801
NVIDIA Corp.		3,568		1,355,519
Okta, Inc. (2)		128		25,629
ON Semiconductor Corp. (2)		673		13,339
OneSpan, Inc. (2)		1,186		33,125
Oracle Corp.		24,021		1,327,641
PagerDuty, Inc. (2)		360		10,303
Paycom Software, Inc. (2)		312		96,636
PayPal Holdings, Inc. (2)		805		140,255
PC Connection, Inc.		54		2,503
Perspecta, Inc.		965		22,417
Photronics, Inc. (2)		1,419		15,793
Plantronics, Inc.		307		4,507
Progress Software Corp.		3,585		138,919
Pure Storage, Inc. (2)		4,139		71,729
Qorvo, Inc. (2)		853		94,282
QUALCOMM, Inc.		15,756		1,437,105
Qualys, Inc. (2)		842		87,585
Rimini Street, Inc. (2)		310		1,597
RingCentral, Inc. - Class A (2)		447		127,399
salesforce.com, Inc. (2)		3,890		728,714
Sanmina Corp. (2)		1,393		34,881
ScanSource, Inc. (2)		461		11,105
Science Applications Internati		68		5,282
ServiceNow, Inc. (2)		17		6,886
Skyworks Solutions, Inc.		1,702		217,618
Slack Technologies, Inc. (2)		1,968		61,185
SMART Global Holdings, Inc. (2)		385		10,464
Smartsheet, Inc. (2)		437		22,252
Splunk, Inc. (2)		212		42,124
SPS Commerce, Inc. (2)		731		54,913
SS&C Technologies Holdings, Inc.		10,049		567,568
Stratasys, Ltd. (2)		359		5,694
Sykes Enterprises, Inc. (2)		1,591		44,007
SYNNEX Corp.		1,262		151,150

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 85

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Synopsys, Inc. (2)		4,042		788,190
Telenav, Inc. (2)		36		198
Tenable Holdings, Inc. (2)		742		22,119
TESSCO Technologies, Inc.		225		1,238
Texas Instruments, Inc.		3,997		507,499
Trimble, Inc. (2)		2,518		108,752
TTEC Holdings, Inc.		281		13,083
Twilio, Inc. (2)		565		123,972
Verint Systems, Inc. (2)		2,872		129,757
Veritone, Inc. (2)		308		4,577
VirnetX Holding Corp. (3)		2,874		18,681
Visa, Inc.		2,143		413,963
Vishay Intertechnology, Inc.		421		6,429
Workday, Inc. (2)		1,101		206,283
Xerox Holdings Corp.		6,943		106,158
Xperi Holding Corp.		1,998		29,490
Zebra Technologies Corp. - Class A (2)		546		139,749
Zoom Video Communications, Inc. (2)		202		51,215
Zscaler, Inc. (2)		546		59,787
				38,759,854
Materials — 1.8%
AdvanSix, Inc. (2)		207		2,430
Air Products and Chemicals, Inc.		1,424		343,839
Boise Cascade Co.		1,908		71,760
Clearwater Paper Corp. (2)		149		5,383
Commercial Metals Co.		493		10,057
Dow, Inc.		2,058		83,884
Eastman Chemical Co.		1,277		88,930
FMC Corp.		885		88,164
Hawkins, Inc.		64		2,725
Huntsman Corp.		57		1,024
Koppers Holdings, Inc. (2)		460		8,666
LyondellBasell Industries NV		2,400		157,728
Materion Corp.		73		4,489
Newmont Corp.		12,032		742,856
Novagold Resources, Inc. (2)		2,461		22,592
Olin Corp.		169		1,942
Olympic Steel, Inc.		544		6,392
Packaging Corp. of America		663		66,167
Reliance Steel & Aluminum Co.		2,149		204,005
Royal Gold, Inc.		903		112,261
RPM International, Inc.		505		37,905
Ryerson Holding Corp. (2)		2,328		13,107
Scotts Miracle-Gro Co./The		1,086		146,034
Sherwin-Williams Co./The		1,204		695,731
Steel Dynamics, Inc.		1,999		52,154

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Stepan Co.		324		31,460
SunCoke Energy, Inc.		346		1,024
Tredegar Corp.		1,033		15,908
Trinseo SA		3		66
Tronox Holdings PLC		35		253
Verso Corp.		56		670
Westrock Co.		2,672		75,511
Worthington Industries, Inc.		521		19,433
				3,114,550
Real Estate Investment Trust — 2.8%
Altisource Portfolio Solutions (2)		1,174		17,305
American Homes 4 Rent		3,526		94,849
American Tower Corp.		5,388		1,393,014
Apple Hospitality REIT, Inc.		10,194		98,474
Ashford Hospitality Trust, Inc.		2,908		2,101
AvalonBay Communities, Inc.		1,024		158,351
CareTrust REIT, Inc.		1,216		20,867
CatchMark Timber Trust, Inc.		1,488		13,169
CBL & Associates Properties In (2)		5,143		1,402
Clipper Realty, Inc.		439		3,556
Colony Capital, Inc.		1,827		4,385
CoreCivic, Inc.		3,074		28,773
CorEnergy Infrastructure Trust		616		5,636
CorePoint Lodging, Inc.		3,030		12,756
Corporate Office Properties Tr		2,658		67,354
CyrusOne, Inc.		883		64,238
Equinix, Inc.		358		251,423
Essential Properties Realty Trust,, Inc.		1		15
Essex Property Trust, Inc.		2,281		522,737
eXp World Holdings, Inc. (2)		294		5,013
Farmland Partners, Inc.		60		411
Forestar Group, Inc. (2)		875		13,195
Gaming and Leisure Properties		7,906		273,543
Getty Realty Corp.		501		14,870
Gladstone Commercial Corp.		1,484		27,825
Healthcare Realty Trust, Inc.		3,919		114,788
Highwoods Properties, Inc.		2,052		76,601
Host Hotels & Resorts, Inc.		2,049		22,109
Lamar Advertising Co.		5,891		393,283
Life Storage, Inc.		409		38,835
LTC Properties, Inc.		4,569		172,114
Maui Land & Pineapple Co., Inc. (2)		18		200
National Health Investors, Inc.		811		49,244
National Storage Affiliates Trust		2,329		66,749
Omega Healthcare Investors, Inc.		290		8,622
Paramount Group, Inc.		5,335		41,133

The accompanying notes are an integral part of these financial statements

Page 86 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Piedmont Office Realty Trust, Inc.		3,917		65,061
PotlatchDeltic Corp.		31		1,179
PS Business Parks, Inc.		849		112,408
Public Storage		704		135,091
RE/MAX Holdings, Inc. - Class A		159		4,997
Regency Centers Corp.		1,088		49,928
Ryman Hospitality Properties, Inc.		210		7,266
SBA Communications Corp.		771		229,696
Service Properties Trust		10,776		76,402
Spirit MTA Reit Liquidating Trust (2)(8)		3,134		—
Tanger Factory Outlet Centers (3)		1,487		10,602
Trinity Place Holdings, Inc. (2)		97		134
Uniti Group, Inc.		745		6,966
Urstadt Biddle Properties, Inc.		915		10,870
Xenia Hotels & Resorts, Inc.		3,472		32,394
				4,821,934
Utilities — 1.4%
American Water Works Co., Inc.		2,431		312,772
Consolidated Water Co., Ltd.		49		707
Dominion Energy, Inc.		10,656		865,055
Evergy, Inc.		132		7,826
Exelon Corp.		124		4,500
MDU Resources Group, Inc.		9,193		203,901
NextEra Energy, Inc.		957		229,843
NorthWestern Corp.		3,066		167,158
NRG Energy, Inc.		3,178		103,476
PPL Corp.		8,085		208,916
Southwest Gas Holdings, Inc.		1,473		101,711
WEC Energy Group, Inc.		1,318		115,523
York Water Co./The		300		14,375
				2,335,763
Total Common Stocks (Cost $110,230,992)				136,388,908
Registered Investment Companies — 5.1%
iShares Core MSCI EAFE ETF (9)		15,725		898,841
iShares JP Morgan USD Emerging Markets Bond ETF (9)		36,672		4,005,316
Xtrackers USD High Yield Corporate Bond ETF (9)		83,057		3,882,915
Total Registered Investment Companies (Cost $8,526,505)				8,787,072

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Money Market Registered Investment Companies — 8.4%
Meeder Institutional Prime Money Market Fund, 0.30% (5)		14,315,214		14,322,372
Morgan Stanley Government Institutional Fund, 0.05% (4)		44,159		44,159
Total Money Market Registered Investment Companies (Cost $14,356,571)				14,366,531
Bank Obligations — 0.4%
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6)		247,159		247,159
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6)		247,312		247,312	��
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6)		246,790		246,790
Total Bank Obligations (Cost $741,261)				741,261
Total Investments — 93.3% (Cost $133,855,329)				160,283,772
Other Assets less Liabilities — 6.7%				11,570,511
Total Net Assets — 100.0%				171,854,283
Trustee Deferred Compensation (7)
Meeder Balanced Fund - Retail Class		3,424		38,520
Meeder Dynamic Allocation Fund - Retail Class		8,776		99,432
Meeder Muirfield Fund - Retail Class		4,160		28,870
Meeder Conservative Allocation Fund - Retail Class		1,000		22,230
Total Trustee Deferred Compensation (Cost $174,255)				189,052

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 87

Schedule of Investments
June 30, 2020 (unaudited)

Dynamic 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		226		9/18/2020		20,095,920		(36,197	)
Mini MSCI Emerging Markets Index Futures		98		9/18/2020		4,829,930		51,049
Russell 2000 Mini Index Futures		1		9/18/2020		71,880		2,890
Standard & Poors 500 Mini Futures		7		9/18/2020		1,081,570		23,270
E-mini Standard & Poors MidCap 400 Futures		1		9/18/2020		177,910		2,499
Total Futures Contracts		333				26,257,210		43,511

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (11)
Level 1 - Quoted Prices	$	159,542,511	$	43,511
Level 2 - Other Significant Observable Inputs		741,261		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	160,283,772	$	43,511

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, 2020.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(7) 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.

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

(9) Exchange-traded fund.

(10) Preferred stock.

(11) 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.

The accompanying notes are an integral part of these financial statements

Page 88 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		��	Fair Value ($)(1)
Common Stocks — 91.6%
Communication Services — 2.1%
Interpublic Group of Cos., Inc./T		21,465			368,339
News Corp.		34,041			406,790
					775,129
Consumer Discretionary — 19.8%
Adtalem Global Education, Inc. (2)		7,719			240,447
BorgWarner, Inc.		11,318			399,525
Brinker International, Inc.		10,267			246,408
Capri Holdings, Ltd. (2)		10,591			165,537
Gap, Inc./The		25,935			327,300
H&R Block, Inc.		20,891			298,323
Hanesbrands, Inc.		26,397			298,022
Harley-Davidson, Inc.		12,656			300,833
Jack in the Box, Inc.		6,500			481,585
Kohl’s Corp.		8,158			169,442
Leggett & Platt, Inc.		9,475			333,046
Macy’s, Inc.		23,487			161,591
Mohawk Industries, Inc. (2)		3,541			360,332
Newell Brands, Inc.		23,970			380,644
Papa John’s International, Inc.		5,621			446,364
PulteGroup, Inc.		12,846			437,149
PVH Corp.		4,145			199,167
Ralph Lauren Corp.		4,186			303,569
Sally Beauty Holdings, Inc. (2)		24,696			309,441
Tapestry, Inc.		17,676			234,737
TRI Pointe Group, Inc. (2)		31,908			468,729
Visteon Corp. (2)		4,375			299,688
Whirlpool Corp.		3,419			442,863
					7,304,742
Consumer Staples — 3.3%
Edgewell Personal Care Co. (2)		11,566			360,397
Nu Skin Enterprises, Inc.		12,008			459,066
Sprouts Farmers Market, Inc. (2)		15,747			402,966
					1,222,429
Energy — 6.0%
Apache Corp.		16,151			218,039
Cabot Oil & Gas Corp.		16,129			277,096
Cimarex Energy Co.		8,287			227,810
CNX Resources Corp. (2)		35,159			304,125
Devon Energy Corp.		16,394			185,908
Helmerich & Payne, Inc.		9,623			187,745
HollyFrontier Corp.		9,482			276,874
Marathon Oil Corp.		29,702			181,776

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
National Oilwell Varco, Inc.		18,474		226,307
Patterson-UTI Energy, Inc.		29,462		102,233
				2,187,913
Financials — 6.7%
Assurant, Inc.		3,935		406,446
E*TRADE Financial Corp.		11,505		572,144
Genworth Financial, Inc. (2)		116,462		269,027
Green Dot Corp. - Class A (2)		7,044		345,720
Invesco, Ltd.		26,461		284,720
Unum Group		16,301		270,434
Wells Fargo & Co. (2)(6)		1		—
Zions Bancorp NA		9,370		318,580
				2,467,071
Healthcare — 11.1%
ABIOMED, Inc. (2)		2,144		517,905
Avanos Medical, Inc. (2)		11,182		328,639
DaVita, Inc. (2)		7,092		561,261
Ligand Pharmaceuticals, Inc. (2)		2,965		331,635
Mylan NV (2)		25,625		412,050
Patterson Cos., Inc.		15,098		332,156
PerkinElmer, Inc.		5,376		527,332
Perrigo Co. PLC		10,276		567,955
Prestige Consumer Healthcare, Inc. (2)		13,090		491,660
				4,070,593
Industrials — 14.4%
A O Smith Corp.		7,578		357,075
Alaska Air Group, Inc.		6,703		243,051
Deluxe Corp.		9,480		223,159
Flowserve Corp.		9,453		269,600
Fortune Brands Home & Security		7,664		489,960
Healthcare Services Group, Inc.		11,330		277,132
HNI Corp.		13,217		404,044
Huntington Ingalls Industries		2,046		357,007
Pentair PLC		10,942		415,687
Quanta Services, Inc.		12,758		500,496
Robert Half International, Inc.		7,754		409,644
Rollins, Inc.		8,470		359,043
Snap-on, Inc.		2,440		337,964
Terex Corp.		15,385		288,776
Textron, Inc.		11,005		362,175
				5,294,813

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 89

Schedule of Investments
June 30, 2020 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — continued
Information Technology — 10.4%
Alliance Data Systems Corp.		3,656		164,959
CommVault Systems, Inc. (2)		11,767		455,383
DXC Technology Co.		11,663		192,440
F5 Networks, Inc. (2)		3,742		521,934
FLIR Systems, Inc.		5,620		228,003
InterDigital, Inc.		7,311		414,022
IPG Photonics Corp. (2)		2,335		374,511
Juniper Networks, Inc.		21,409		489,410
NetScout Systems, Inc. (2)		12,594		321,903
Synaptics, Inc. (2)		7,974		479,397
Xerox Holdings Corp.		12,661		193,587
				3,835,549
Materials — 8.5%
Avery Dennison Corp.		3,945		450,085
Carpenter Technology Corp.		8,773		213,008
CF Industries Holdings, Inc.		10,202		287,084
Compass Minerals International		6,345		309,319
Eastman Chemical Co.		6,356		442,632
Greif, Inc. - Class A		8,865		305,045
Minerals Technologies, Inc.		8,642		405,569
Packaging Corp. of America		2,946		294,011
Worthington Industries, Inc.		11,473		427,943
				3,134,696
Real Estate Investment Trust — 6.6%
Alexander & Baldwin, Inc.		22,739		277,188
Apartment Investment and Manag		9,809		369,211
CoreCivic, Inc.		28,895		270,457
GEO Group, Inc./The		30,806		364,435
Kimco Realty Corp.		21,509		276,176
Regency Centers Corp.		6,230		285,895
Taubman Centers, Inc.		7,716		291,356
Urban Edge Properties		23,246		275,930
				2,410,648
Utilities — 2.7%
NiSource, Inc.		11,328		257,599
NRG Energy, Inc.		12,944		421,456
Pinnacle West Capital Corp.		4,207		308,325
				987,380
Total Common Stocks (Cost $39,207,996)				33,690,963

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Money Market Registered Investment Companies — 2.3%
Meeder Institutional Prime Money Market Fund, 0.30% (3)		827,592		828,006
Total Money Market Registered Investment Companies (Cost $827,426)				828,006
Bank Obligations — 2.0%
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (4)		247,159		247,159
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (4)		230,963		230,963
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (4)		246,790		246,790
Total Bank Obligations (Cost $724,912)				724,912
Total Investments — 95.9% (Cost $40,760,334)				35,243,881
Other Assets less Liabilities — 4.1%				1,496,054
Total Net Assets — 100.0%				36,739,935
Trustee Deferred Compensation (5)
Meeder Balanced Fund - Retail Class		1,015		11,419
Meeder Dynamic Allocation Fund - Retail Class		2,549		28,880
Meeder Muirfield Fund - Retail Class		1,327		9,209
Meeder Conservative Allocation Fund - Retail Class		296		6,580
Total Trustee Deferred Compensation (Cost $52,860)				56,088

	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		17		9/18/2020		3,024,470		42,492
Total Futures Contracts		17				3,024,470		42,492

(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 90 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (7)
Level 1 - Quoted Prices	$	34,518,969	$	42,492
Level 2 - Other Significant Observable Inputs		724,912		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	35,243,881	$	42,492

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, 2020.

(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, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) Assets of affiliates to the Quantex 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) 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.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 91

Schedule of Investments
June 30, 2020 (unaudited)

Total Return Bond Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Registered Investment Companies — 79.0%
Baird Core Plus Bond Fund - Class I		402,896		4,862,953
Dodge & Cox Income Fund		263,177		3,823,967
DoubleLine Total Return Bond Fund - Class I		238,512		2,556,851
Guggenheim Total Return Bond Fund - Class I		65,249		1,903,975
iShares Core U.S. Aggregate Bond ETF (4)		54,747		6,471,642
iShares JP Morgan USD Emerging Markets Bond ETF (4)		47,413		5,178,448
Lord Abbett High Yield Fund - Class I		93,306		629,819
Payden Emerging Markets Bond Fund - Class I		51,280		660,481
PGIM Total Return Bond Fund - Class R6		261,174		3,844,479
Pioneer Bond Fund - Class Y		290,764		2,875,653
Segall Bryant & Hamill Plus Bond Fund - Class I		294,756		3,274,743
SPDR Bloomberg Barclays High Yield Bond ETF (4)		9,556		966,685
TCW Emerging Markets Income Fund - Class I		166,533		1,292,297
Vanguard Intermediate-Term Corporate Bond ETF (4)		24,306		2,312,473
Vanguard Short-Term Bond ETF (4)		11,174		928,783
Vanguard Total Bond Market ETF (4)		69,861		6,171,521
Xtrackers USD High Yield Corporate Bond ETF (4)		65,985		3,084,798
Total Registered Investment Companies (Cost $47,773,905)				50,839,568
Money Market Registered Investment Companies — 3.1%
Meeder Institutional Prime Money Market Fund, 0.30% (2)		2,013,755		2,014,762
Total Money Market Registered Investment Companies (Cost $2,012,254)				2,014,762

Total Return Bond Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
U.S. Government Obligations — 17.8%
Government National Mortgage Association, 6.50%, due 7/20/2038		52,770		71,959
U.S. Treasury Note, 2.25%, due 1/31/2024		3,633,200		3,898,878
U.S. Treasury Note, 2.625%, due 2/15/2029		1,838,100		2,153,880
U.S. Treasury Note, 1.50%, due 8/15/2026		1,152,700		1,228,211
U.S. Treasury Note, 2.25%, due 11/15/2025		2,354,600		2,594,015
U.S. Treasury Note, 2.125%, due 12/31/2022		1,483,000		1,555,238
Total U.S. Government Obligations (Cost $10,681,199)				11,502,181
Total Investments — 99.9% (Cost $60,467,358)				64,356,511
Other Assets less Liabilities — 0.1%		59,376,119.25		92,441
Total Net Assets — 100.0%				64,448,952
Trustee Deferred Compensation (3)
Meeder Balanced Fund - Retail Class		1,139		12,814
Meeder Dynamic Allocation Fund - Retail Class		2,788		31,588
Meeder Muirfield Fund - Retail Class		1,527		10,597
Meeder Conservative Allocation Fund - Retail Class		338		7,514
Total Trustee Deferred Compensation (Cost $61,795)				62,513

(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 92 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (5)
Level 1 - Quoted Prices	$	52,854,330	$	—
Level 2 - Other Significant Observable Inputs		11,502,181		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	64,356,511	$	—

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020.

(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.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 93

Schedule of Investments
June 30, 2020 (unaudited)

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Bank Obligations — 4.7%
Bank Midwest Deposit Account		0.95	%(2)		07/01/20		245,198		245,198
CIBC Bank Deposit Account		0.25	%(2)		07/01/20		245,047		245,047
First Merchants Bank Deposit Account		0.75	%(2)		07/01/20		247,159		247,159
Metro City Bank Deposit Account		1.60	%(2)		07/01/20		245,333		245,333
Pacific Mercantile Bank Deposit Account		0.18	%(2)		07/01/20		246,790		246,790
State Bank of India Deposit Account		1.25	%(2)		07/01/20		245,236		245,236
TIAA Bank Deposit Account		1.00	%(2)		07/01/20		245,195		245,195
Total Bank Obligations (Cost $1,719,958)									1,719,958
Certificates of Deposit — 10.8%
American Express National Bank		0.95	%		03/24/21		245,000		244,955
Bank Hapoalim BM NY		0.90	%		02/22/21		245,000		245,000
Bank of Nova Scotia Yankee CD (Federal Funds Rate + 0.33%)		0.41	%(3)		07/29/20		250,000		250,037
BMW Bank North America		0.90	%		03/25/21	��	245,000		244,955
Capital One N.A.		0.90	%		03/25/21		245,000		244,955
Capital One Bank USA NA		0.90	%		03/25/21		245,000		244,955
Credit Suisse AG/New York, NY Yankee CD (Secured Overnight Financing Rate + 0.30%)		0.38	%(3)		07/08/20		500,000		500,000
Discover Bank		0.85	%		03/25/21		245,000		244,955
Fifth Third Bank N.A.		0.95	%		03/25/21		245,000		244,955
First Financial Bank		0.85	%		12/28/20		245,000		245,000
Goldman Sachs Bank USA/New York		0.90	%		03/25/21		245,000		244,955
Lakeland Bank		0.90	%		03/26/21		245,000		245,000
MUFG Bank LTD/New York, NY (Monthly U.S. LIBOR + 0.10%)		0.29	%(3)		07/23/20		500,000		500,000
Townebank/Portsmouth, VA		0.85	%		03/26/21		245,000		244,956
Total Certificates of Deposit (Cost $3,944,678)									3,944,678

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Commercial Paper — 22.0%
Anglesea Funding		0.25	%		07/01/20		1,250,000		1,250,000
Anglesea Funding		0.14	%		07/06/20		250,000		249,995
Anglesea Funding		0.20	%		07/31/20		250,000		249,958
BNP Paribas		0.21	%		09/04/20		250,000		249,905
Credit Suisse AG/New York, NY		1.01	%		07/07/20		1,000,000		999,831
Exxon Mobil Corp.		0.40	%		09/22/20		250,000		249,769
ING US Funding, LLC		0.93	%		07/08/20		250,000		249,955
ING US Funding, LLC		0.17	%		07/14/20		300,000		299,982
ING US Funding, LLC		1.82	%		07/20/20		250,000		249,763
JP Morgan Securities, LLC		0.41	%		02/05/21		250,000		249,376
JP Morgan Securities, LLC		1.71	%		07/10/20		250,000		249,894
Natixis SA/New York, NY		1.89	%		08/14/20		500,000		498,863
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.03%)		1.43	%(3)		07/08/20		250,000		249,817
Royal Bank of Canada (Secured Overnight Financing Rate + 0.28%)		0.43	%(3)		07/23/20		500,000		500,003
Santander UK PLC		0.07	%		07/01/20		1,000,000		1,000,000
Toronto Dominion Bank/New York, NY (Federal Funds Rate + 0.35%)		0.43	%(3)		08/03/20		250,000		250,045
Toyota Motor Puerto Rico		1.89	%		08/10/20		500,000		498,967
Toyota Motor Puerto Rico		0.79	%		12/01/20		250,000		249,171
USAA Capital Corp		0.13	%		08/05/20		250,000		249,969
Total Commercial Paper (Cost $8,045,263)									8,045,263
Corporate Obligations — 11.3%
Bank of Montreal		3.10	%		10/13/20		241,000		246,197
Mizuho Securities, LLC (Monthly U.S. LIBOR + 0.28%)		0.46	%(3)		07/14/20		500,000		500,000
Mizuho Securities, LLC		0.33	%		10/05/20		250,000		250,000
Paccar Financial Corp. (Quarterly U.S. LIBOR + 0.20%)		0.63	%(3)		08/13/20		309,000		309,200
State Street Corp. (Quarterly U.S. LIBOR + 0.90%)		1.29	%(3)		08/18/20		250,000		250,312
Toronto Dominion Bank/New York, NY		2.13	%		10/07/20		230,000		231,676

The accompanying notes are an integral part of these financial statements

Page 94 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Corporate Obligations — continued
Toronto Dominion Bank/New York, NY (Secured Overnight Financing Rate + 0.42%)		0.50	%(3)		09/30/20		250,000		250,000
Toronto Dominion Bank/New York, NY		2.50	%		12/14/20		250,000		251,493
Toyota Motor Credit Corp. (Secured Overnight Financing Rate + 0.40%)		0.48	%(3)		07/23/20		500,000		500,110
UBS AG Stamford, CT		4.88	%		08/04/20		250,000		250,647
Wells Fargo Bank N.A. (Monthly U.S. LIBOR + 0.22%)		0.40	%(3)		07/15/20		500,000		500,019
Westpac Banking Corp.		2.60	%		11/23/20		352,000		354,145
Westpac Banking Corp.		2.10	%		11/13/20		250,000		253,842
Total Corporate Obligations (Cost $4,147,641)									4,147,641
Repurchase Agreements — 17.8%
INTL FCStone (Collateralized by $1,443,407 Various Corporate Bonds, 3.19% - 3.75%, due 2/15/21 - 5/3/27, fair value $1,545,001) (proceeds $1,500,011) purchase date 06/30/20		0.26	%		07/01/20		1,500,000		1,500,000
South Street (Collateralized by $25,972,224 various FFCBs, FHLBs, FMACs, FNMAs, and GNMAs, 2.81% - 6.50%, due 6/11/21 - 12/15/59, fair value $5,100,000)(proceeds $5,000,018), purchase date 06/30/20		0.13	%		07/01/20		5,000,000		5,000,000
Total Repurchase Agreements (Cost $6,500,000)									6,500,000

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
U.S. Government and Agency Obligations — 15.7%
Federal Agricultural Mortgage Corp. (Secured Overnight Financing Rate + 0.09%)		0.17	%(3)		08/10/20		500,000		500,000
Federal Farm Credit Bank (Federal Funds Rate + 0.10%)		0.18	%(3)		09/16/20		500,000		500,000
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.05%)		0.13	%(3)		07/22/20		500,000		499,971
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.23%)		0.31	%(3)		07/13/20		500,000		500,000
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.12%)		0.20	%(3)		09/11/20		500,000		500,000
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.03%)		0.11	%(3)		08/05/20		500,000		499,909
United States Treasury Bill		0.12	%		07/14/20		250,000		249,989
United States Treasury Bill		0.14	%		07/30/20		250,000		249,972
United States Treasury Bill		0.18	%		09/29/20		250,000		249,891
United States Treasury Bill		0.13	%		10/06/20		250,000		249,912
United States Treasury Bill		0.14	%		10/13/20		250,000		249,903
United States Treasury Bill		0.15	%		10/20/20		250,000		249,888
United States Treasury Bill		0.17	%		11/03/20		250,000		249,852
United States Treasury Bill		0.15	%		11/12/20		250,000		249,860
United States Treasury Bill		0.18	%		11/17/20		250,000		249,826
United States Treasury Note		1.38	%		08/31/20		250,000		249,899
United States Treasury Note		1.38	%		09/15/20		250,000		249,886
Total U.S. Government and Agency Obligations (Cost $5,748,758)									5,748,758

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 95

Schedule of Investments
June 30, 2020 (unaudited)

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Variable Rate Demand Notes — 1.4%
Michigan State Finance Authority Revenue		0.17	%(2)		07/01/20		500,000		500,000
Total Variable Rate Demand Notes (Cost $500,000)									500,000
Money Market Registered Investment Companies — 16.3%
Morgan Stanley Government Institutional Fund, 0.05% (4)							5,946,230		5,946,230
Total Money Market Registered Investment Companies (Cost $5,946,230)									5,946,230
Total Investments — 100.0% (Cost $36,552,528)									36,552,528
Other Assets less Liabilities — 0.0%									14,818
Total Net Assets — 100.0%									36,567,346
Trustee Deferred Compensation (5)
Meeder Balanced Fund - Retail Class							677		7,616
Meeder Dynamic Allocation Fund - Retail Class							1,738		19,692
Meeder Muirfield Fund - Retail Class							756		5,247
Meeder Conservative Allocation Fund - Retail Class							195		4,335
Total Trustee Deferred Compensation (Cost $33,525)									36,890

(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, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (6)
Level 1 - Quoted Prices	$	5,946,230	$	—
Level 2 - Other Significant Observable Inputs		30,606,298		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	36,552,528	$	—

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, 2020. 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, 2020. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(4) 7-day yield as of June 30, 2020. 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.

The accompanying notes are an integral part of these financial statements

Page 96 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Bank Obligations — 0.6%
Bank Midwest Deposit Account		0.95	%(2)		07/01/20		245,198		245,198
CIBC Bank Deposit Account		0.25	%(2)		07/01/20		245,047		245,047
First Merchants Bank Deposit Account		0.75	%(2)		07/01/20		247,159		247,159
Metro City Bank Deposit Account		1.60	%(2)		07/01/20		245,333		245,333
Pacific Mercantile Bank Deposit Account		0.18	%(2)		07/01/20		246,790		246,790
State Bank of India Deposit Account		1.25	%(2)		07/01/20		245,236		245,236
TIAA Bank Deposit Account		1.00	%(2)		07/01/20		245,195		245,195
Total Bank Obligations (Cost $1,719,958)									1,719,958
Certificates of Deposit — 9.4%
American Express National Bank		0.95	%		03/24/21		245,000		246,481
Anderson Brothers Bank		0.95	%		07/22/20		245,000		246,130
Bank Hapoalim BM NY		0.90	%		02/22/21		245,000		246,239
Bank of Nova Scotia Yankee CD (Federal Funds Rate + 0.33%)		0.41	%(3)		07/29/20		2,250,000		2,250,151
Bank Ozk		0.75	%		07/15/20		245,000		245,702
BMW Bank North America		0.90	%		03/25/21		245,000		246,396
Capital One N.A.		0.90	%		03/25/21		245,000		246,396
Capital One Bank USA NA		0.90	%		03/25/21		245,000		246,396
Cathay Bank/Los Angeles, CA		1.10	%		04/16/21		245,000		246,893
Citizens Bank NA/Providence, RI		0.75	%		07/15/20		245,000		245,065
Credit Suisse AG/New York, NY Yankee CD (Secured Overnight Financing Rate + 0.28%)		0.36	%(3)		07/07/20		2,715,000		2,715,128
Credit Suisse AG/New York, NY Yankee CD (Secured Overnight Financing Rate + 0.30%)		0.38	%(3)		07/08/20		9,500,000		9,503,506
CresCom Bank		1.10	%		04/15/21		245,000		246,887
Discover Bank		0.85	%		03/25/21		245,000		246,304
Fifth Third Bank N.A.		0.95	%		03/25/21		245,000		246,487
First Financial Bank		0.85	%		12/28/20		245,000		245,892

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Certificates of Deposit — continued
First Foundation Bank		0.85	%		10/15/20		245,000		245,529
Goldman Sachs Bank USA/New York		0.90	%		03/25/21		245,000		246,396
IncredibleBank		0.75	%		07/16/20		245,000		245,069
Lakeland Bank		0.90	%		03/26/21		245,000		246,400
MetaBank		0.95	%		02/24/21		245,000		246,331
MidFirst Bank		0.50	%		07/15/20		245,000		245,039
MUFG Bank LTD/New York, NY (Monthly U.S. LIBOR + 0.10%)		0.29	%(3)		07/23/20		5,000,000		5,000,395
Peoples Security Bank and Trust Company		0.90	%		04/30/21		245,000		246,562
Pinnacle Bank/Nashville, TN		1.15	%		07/21/20		245,000		246,997
PlainsCapital Bank		0.95	%		01/15/21		245,000		246,114
Synovus Bank/Columbus, GA		0.95	%		11/23/20		245,000		245,820
TCF National Bank		1.10	%		04/15/21		245,000		246,887
Townebank/Portsmouth, VA		0.85	%		03/26/21		245,000		246,306
Total Certificates of Deposit (Cost $25,589,949)									25,623,898
Commercial Paper — 25.4%
Anglesea Funding		0.25	%		07/01/20		8,600,000		8,599,974
Anglesea Funding		0.14	%		07/06/20		2,000,000		1,999,960
Anglesea Funding		0.20	%		07/31/20		2,000,000		1,999,654
BNP Paribas		0.21	%		09/04/20		3,000,000		2,999,142
Credit Suisse AG/New York, NY		1.01	%		07/07/20		3,500,000		3,499,920
Exxon Mobil Corp.		0.15	%		07/22/20		1,000,000		999,914
Exxon Mobil Corp.		0.90	%		07/24/20		1,000,000		999,903
Exxon Mobil Corp.		0.54	%		08/10/20		1,000,000		999,826
Exxon Mobil Corp.		0.40	%		09/22/20		2,000,000		1,999,150
Exxon Mobil Corp.		0.25	%		10/02/20		1,250,000		1,249,390
ING US Funding, LLC		1.00	%		07/01/20		2,000,000		1,999,994
ING US Funding, LLC		0.93	%		07/08/20		3,000,000		2,999,886
ING US Funding, LLC		1.82	%		07/20/20		3,000,000		2,999,796
JP Morgan Securities, LLC		0.41	%		02/05/21		1,000,000		997,873
JP Morgan Securities, LLC		0.35	%		02/19/21		2,000,000		1,995,138
JP Morgan Securities, LLC		0.90	%		07/15/20		2,000,000		1,999,916
Natixis SA/New York, NY		1.89	%		08/14/20		1,500,000		1,499,784
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.03%)		1.43	%(3)		07/08/20		4,750,000		4,751,473

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 97

Schedule of Investments
June 30, 2020 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Commercial Paper — continued
Royal Bank of Canada (Secured Overnight Financing Rate + 0.28%)		0.43	%(3)		07/23/20		4,000,000		4,000,256
Santander UK PLC		0.07	%		07/01/20		9,000,000		8,999,973
Toronto Dominion Bank/New York, NY (Federal Funds Rate + 0.35%)		0.43	%(3)		08/03/20		1,750,000		1,750,156
Toyota Motor Credit Corp.		1.51	%		08/14/20		2,000,000		1,999,600
Toyota Motor Credit Corp.		1.71	%		10/13/20		2,000,000		1,998,804
Toyota Motor Puerto Rico		0.80	%		10/02/20		2,000,000		1,999,024
Toyota Motor Puerto Rico		0.78	%		12/01/20		2,000,000		1,997,518
USAA Capital Corp.		0.13	%		08/05/20		2,000,000		1,999,783
Total Commercial Paper (Cost $69,301,820)									69,335,807
Corporate Obligations — 16.2%
Bank of Montreal		3.10	%		10/13/20		3,500,000		3,575,975
John Deere Capital Corp. (Quarterly U.S. LIBOR + 0.42%)		1.73	%(3)		07/10/20		1,682,000		1,682,158
Mizuho Securities, LLC (Monthly U.S. LIBOR + 0.28%)		0.46	%(3)		07/14/20		5,000,000		5,000,115
Mizuho Securities, LLC		0.33	%		10/05/20		2,000,000		2,000,122
Paccar Financial Corp. (Quarterly U.S. LIBOR + 0.20%)		0.64	%(3)		08/13/20		5,000,000		5,002,505
State Street Corp. (Quarterly U.S. LIBOR + 0.90%)		1.29	%(3)		08/18/20		3,750,000		3,754,838
Toronto Dominion Bank/New York, NY		2.13	%		04/07/21		1,000,000		1,013,704
Toronto Dominion Bank/New York, NY		3.15	%		09/17/20		1,000,000		1,005,939
Toronto Dominion Bank/New York, NY		2.50	%		12/14/20		1,493,000		1,507,637
Toyota Motor Credit Corp. (Secured Overnight Financing Rate + 0.40%)		0.48	%(3)		07/23/20		6,500,000		6,499,935
UBS AG Stamford, CT		4.88	%		08/04/20		3,875,000		3,890,392
Wells Fargo Bank N.A. (Monthly U.S. LIBOR + 0.22%)		0.40	%(3)		07/15/20		5,000,000		4,999,905
Westpac Banking Corp.		2.60	%		11/23/20		1,000,000		1,008,472

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Corporate Obligations — continued
Westpac Banking Corp.		2.10	%		11/13/20		3,000,000		3,044,887
Total Corporate Obligations (Cost $43,967,435)									43,986,584
Repurchase Agreements — 18.4%
INTL FCStone (Collateralized by $18,960,674 various Corporate Bonds and FNMAs, 0.80% - 6.22%, due 2/15/21 - 9/15/56, fair value $20,599,616)(proceeds $20,000,144), purchase date 06/30/20		0.26	%		07/01/20		20,000,000		20,000,000
South Street (Collateralized by $25,972,224 various FFCBs, FHLBs, FMACs, FNMAs, and GNMAs, 2.81% - 6.50%, due 6/11/21 - 12/15/59, fair value $10,200,000)(proceeds $10,000,036), purchase date 06/30/20		0.13	%		07/01/20		10,000,000		10,000,000
South Street (Collateralized by $246,760,928 various FNMAs, FMACs, and GNMAs, 2.134% - 6.50%, due 11/1/22 - 8/15/59, fair value $20,400,000)(proceeds $20,000,061), purchase date 06/30/20		0.11	%		07/01/20		20,000,000		20,000,000
Total Repurchase Agreements (Cost $50,000,000)									50,000,000
U.S. Government and Agency Obligations — 21.7%
Federal Agricultural Mortgage Corp. (Secured Overnight Financing Rate + 0.09%)		0.17	%(3)		08/10/20		5,000,000		4,999,380

The accompanying notes are an integral part of these financial statements

Page 98 2020 Semiannual Report | June 30, 2020

Schedule of Investments
June 30, 2020 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
U.S. Government and Agency Obligations — continued
Federal Farm Credit Bank (Federal Funds Rate + 0.10%)		0.18	%(3)		09/16/20		5,000,000		4,999,535
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.05%)		0.13	%(3)		07/22/20		5,000,000		4,997,875
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.23%)		0.31	%(3)		07/13/20		5,000,000		5,003,644
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.12%)		0.20	%(3)		09/11/20		5,000,000		4,999,945
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.03%)		0.11	%(3)		08/05/20		5,000,000		4,996,905
United States Treasury Bill		0.12	%		07/14/20		2,000,000		1,999,922
United States Treasury Bill		0.14	%		07/30/20		2,000,000		1,999,786
United States Treasury Bill		0.11	%		09/08/20		2,000,000		1,999,482
United States Treasury Bill		0.18	%		09/29/20		3,000,000		2,998,914
United States Treasury Bill		0.13	%		10/06/20		2,000,000		1,999,272
United States Treasury Bill		0.14	%		10/13/20		2,000,000		1,999,076
United States Treasury Bill		0.15	%		10/20/20		2,000,000		1,999,076
United States Treasury Bill		0.14	%		10/27/20		2,000,000		1,999,082
United States Treasury Bill		0.17	%		11/03/20		2,000,000		1,998,784
United States Treasury Bill		0.15	%		11/12/20		2,000,000		1,998,790
United States Treasury Bill		0.18	%		11/17/20		2,000,000		1,998,648
United States Treasury Bill		0.15	%		11/19/20		2,000,000		1,998,766
United States Treasury Note		1.38	%		08/31/20		2,000,000		2,003,958
United States Treasury Note		1.38	%		09/15/20		2,000,000		2,004,932
Total U.S. Government and Agency Obligations (Cost $58,986,855)									58,995,772

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)(1)
Variable Rate Demand Notes — 1.7%
Michigan State Finance Authority Revenue		0.17	%(2)		07/01/20		4,500,000		4,500,000
Total Variable Rate Demand Notes (Cost $4,500,000)									4,500,000
Money Market Registered Investment Companies — 6.6%
Morgan Stanley Government Institutional Fund, 0.05% (4)							17,894,680		17,894,680
Total Money Market Registered Investment Companies (Cost $17,894,680)									17,894,680
Total Investments — 100.0% (Cost $271,960,697)									272,056,699
Other Assets less Liabilities — 0.0%									99,870
Total Net Assets — 100.0%									272,156,569
Trustee Deferred Compensation (5)
Meeder Balanced Fund - Retail Class							51		574
Meeder Dynamic Allocation Fund - Retail Class							120		1,360
Meeder Muirfield Fund - Retail Class							174		1,208
Meeder Conservative Allocation Fund - Retail Class							16		356
Total Trustee Deferred Compensation (Cost $3,599)									3,498

(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

2020 Semiannual Report | June 30, 2020 Page 99

Schedule of Investments
June 30, 2020 (unaudited)

The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value:

Valuation Inputs	Investments in Securities		Other Financial Instruments (6)
Level 1 - Quoted Prices	$	17,894,680	$	—
Level 2 - Other Significant Observable Inputs		254,162,019		—
Level 3 - Significant Unobservable Inputs		—		—
Total	$	272,056,699	$	—

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, 2020. 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, 2020. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(4) 7-day yield as of June 30, 2020. 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.

The accompanying notes are an integral part of these financial statements

Page 100 2020 Semiannual Report | June 30, 2020

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Statements of Assets & Liabilities June 30, 2020 (unaudited)
	Muirfield Fund			Spectrum Fund			Global Allocation Fund
Assets
Investments, at fair value (1)(2)	$	465,770,431		$	141,872,143		$	25,394,642
Repurchase agreements, at fair value (1)		—			—			—
Investments in affiliates, at fair value (1)		60,339,057			28,049,874			12,964,364
Trustee deferred compensation investments, at fair value		233,476			31,548			94,601
Cash		25,000			25,000			25,000
Deposits at broker for futures contracts (3)		14,200,105			3,867,185			1,410,639
Cash held at broker for collateral on securities sold short		—			1,036,798			—
Receivable for securities sold		10,913,643			2,870,941			342,785
Receivable for capital stock issued		571,546			205,910			3,972
Receivable from investment adviser		—			—			—
Interest and dividend receivable		423,403			113,050			23,603
Receivable from securities lending agent (See Note #5)		4			4			—
Prepaid expenses/other assets		51,176			27,279			25,438
Total Assets		552,527,841			178,099,732			40,285,044
Liabilities
Payable for securities purchased		6,992,304			2,946,054			330,884
Payable for collateral on securities loaned		154,363			35,885			2,284
Payable for Trustee Deferred Compensation Plan		233,476			31,548			94,601
Payable for capital stock redeemed		1,151,272			297,393			365
Dividends payable		26,079			—			—
Payable to investment adviser		291,458			105,576			24,184
Accrued distribution plan (12b-1) and shareholder service plan fees		197,860			61,697			10,994
Accrued transfer agent, fund accounting, CCO, and administrative fees		92,453			34,211			10,907
Accrued trustee fees		2,247			488			288
Other accrued liabilities		78,465			44,468			21,091
Total Liabilities		9,219,977			3,557,320			495,598
Net Assets	$	543,307,864		$	174,542,412		$	39,789,446
Net Assets
Capital	$	556,892,451		$	178,811,011		$	40,666,691
Distributable Earnings (Accumulated Deficit)		(13,584,587	)		(4,268,599	)		(877,245	)
Total Net Assets	$	543,307,864		$	174,542,412		$	39,789,446
Net Asset Value Per Share
Retail Class
Net Assets	$	137,936,532		$	36,976,911		$	8,307,879
Shares Outstanding		19,887,661			3,619,823			848,085
Net Asset Value, Offering and Redemption Price Per Share	$	6.94		$	10.22		$	9.80
Adviser Class
Net Assets	$	47,232,924		$	11,885,834		$	1,560,050
Shares Outstanding		6,757,587			1,153,238			158,485
Net Asset Value, Offering and Redemption Price Per Share	$	6.99		$	10.31		$	9.84
Institutional Class
Net Assets	$	358,138,408		$	125,679,667		$	29,921,517
Shares Outstanding		51,153,793			12,157,527			3,036,774
Net Asset Value, Offering and Redemption Price Per Share	$	7.00		$	10.34		$	9.85
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	$	436,368,207		$	144,542,350		$	34,582,230
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5)	$	156,957		$	36,400		$	2,320
(3) Required margin held as collateral for futures contracts	$	12,757,600		$	3,308,700		$	978,000

The accompanying notes are an integral part of these financial statements

Page 102 2020 Semiannual Report | June 30, 2020

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
$	306,256,852	$	141,434,678		$	121,676,178		145,961,400	$	34,415,875		$	62,341,749		$	30,052,528	$	222,056,699
	—		—			—		—		—			—			6,500,000		50,000,000
	55,987,079		20,747,689			10,373,460		14,322,372		828,006			2,014,762			—		—
	151,712		21,312			61,870		189,052		56,088			62,513			36,890		3,498
	25,000		25,000			25,000		25,000		25,000			—			—		—
	5,418,686		1,595,971			779,754		11,860,774		1,500,078			—			—		—
	—		—			—		—		—			—			—		—
	3,811,831		1,162,647			566,503		2,627,282		—			—			—		—
	334,586		149,473			164,548		45,290		9,496			117,974			—		—
	—		—			—		—		—			—			5,466		16,776
	338,471		166,912			155,250		112,561		27,847			103,889			23,736		210,656
	2		1			—		2		6			—			—		—
	36,639		34,050			31,463		30,516		27,945			32,382			13,886		7,850
	372,360,858		165,337,733			133,834,026		175,174,249		36,890,341			64,673,269			36,632,506		272,295,479
	3,810,647		1,133,085			551,518		2,563,131		—			—			—		—
	63,028		18,703			8,353		44,159		—			—			—		—
	151,712		21,312			61,870		189,052		56,088			62,513			36,890		3,498
	637,402		232,500			167,786		315,616		8,199			91,334			—		—
	9,831		4,749			3,545		1,314		8,289			1,119			23		55,935
	201,628		79,237			53,587		90,497		22,913			14,784			—		—
	127,447		55,537			47,882		46,273		16,913			20,165			33		53
	66,734		32,355			27,133		33,871		10,492			13,163			9,077		43,718
	844		261			214		561		639			122			—		—
	55,548		35,455			33,640		35,492		26,873			21,117			19,137		35,706
	5,124,821		1,613,194			955,528		3,319,966		150,406			224,317			65,160		138,910
$	367,236,037	$	163,724,539		$	132,878,498	$	171,854,283	$	36,739,935		$	64,448,952		$	36,567,346	$	272,156,569
$	364,282,659	$	163,775,327		$	132,630,553	$	153,088,565	$	42,542,070		$	72,511,103		$	36,567,346	$	272,063,643
	2,953,378		(50,788	)		247,945		18,765,718		(5,802,135	)		(8,062,151	)		—		92,926
$	367,236,037	$	163,724,539		$	132,878,498	$	171,854,283	$	36,739,935		$	64,448,952		$	36,567,346	$	272,156,569
$	77,051,594	$	31,828,995		$	30,264,207	$	35,489,903	$	16,430,101		$	11,751,837
	6,848,216		2,845,454			1,361,348		3,132,698		589,491			1,201,752
$	11.25	$	11.19		$	22.23	$	11.33	$	27.87		$	9.78
$	17,915,780	$	9,125,612		$	6,864,601	$	12,627,703	$	817,415		$	5,063,336
	1,580,449		814,620			304,863		1,110,504		29,244			517,318
$	11.34	$	11.20		$	22.52	$	11.37	$	27.95		$	9.79
$	272,268,663	$	122,769,932		$	95,749,690	$	123,736,677	$	19,492,419		$	47,633,779
	23,996,741		10,936,765			4,245,548		10,886,819		698,228			4,867,016
$	11.35	$	11.23		$	22.55	$	11.37	$	27.92		$	9.79
															$	36,567,346	$	272,156,569
																36,567,346		272,031,026
															$	1.00	$	1.0005
$	318,727,260	$	148,111,938		$	122,592,409	$	133,855,329	$	40,760,334		$	60,467,358		$	36,552,528	$	271,960,697
$	63,933	$	18,998		$	8,505	$	44,858	$	—		$	—		$	—	$	—
$	3,977,400	$	1,058,200		$	523,700	$	2,613,600	$	255,000		$	—		$	—	$	—

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 103

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Statements of Operations For the Six Months Ended June 30, 2020 (unaudited)
	Muirfield Fund			Spectrum Fund			Global Allocation Fund
Investment Income
Interest	$	4,583		$	—		$	11,441
Income from affiliates		569,160			42,882			81,314
Dividends		5,009,934			1,872,178			283,067
Total Investment Income		5,583,677			1,915,060			375,822
Fund Expenses
Investment adviser		1,914,036			688,146			162,784
Transfer agent - Retail Class		84,337			25,341			5,581
Transfer agent - Adviser Class		27,294			8,064			977
Transfer agent - Institutional Class		201,004			77,210			19,487
Transfer agent - Money Market Funds
Fund accounting		48,020			27,617			18,762
Administrative		218,154			78,716			21,673
Trustee		13,398			4,390			1,217
Audit		8,208			8,950			8,524
Legal		2,609			2,609			2,609
Custody		30,942			10,007			2,259
Printing		11,428			3,576			868
Distribution plan (12b-1) - Retail Class (1)		159,815			52,794			11,627
Distribution plan (12b-1) - Money Market Funds
Shareholder service plan - Retail Class		149,427			42,235			9,122
Shareholder service plan - Adviser Class		21,572			5,683			736
Shareholder service plan - Institutional Class		131,461			41,109			997
Postage		14,896			8,706			2
Registration and filing		32,824			25,867			22,839
Insurance		13,040			3,977			1,014
Chief Compliance Officer		3,391			3,391			3,391
Dividend expense on securities sold short		—			356,807			—
Other		20,067			14,644			12,359
Total Expenses Before Reductions		3,105,923			1,489,839			306,828
Expenses voluntarily reimbursed/waived by investment adviser (See Note #5)		—			—			—
Expenses contractually reimbursed/waived by investment adviser (See Note #5)		—			—			—
Securities lending credit (See Note #5)		(3,881	)		(2,614	)		(62	)
Net Expenses		3,102,042			1,487,225			306,766
Net Investment Income (Loss)		2,481,635			427,835			69,056
Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from unaffiliated investments		(19,661,157	)		(11,976,219	)		(283,562	)
Net realized gains (losses) from affiliated investments		(25,541	)		(3,409	)		11
Net realized gains (losses) from closed short positions		—			10,371,833			—
Net realized gains (losses) from futures contracts		(57,169,228	)		(19,935,505	)		(5,254,645	)
Distributions of long-term realized gains by other investment companies		—			—			394
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		(76,855,926	)		(21,543,300	)		(5,537,802	)
Net change in unrealized appreciation (depreciation) of unaffiliated investments		(5,416,546	)		(13,753,204	)		(1,130,980	)
Net change in unrealized appreciation (depreciation) of affiliated investments		23,119			14,222			6,699
Net change in unrealized appreciation (depreciation) of short positions		—			2,031,590			—
Net change in unrealized appreciation (depreciation) of futures contracts		(2,364,102	)		(1,028,992	)		(137,189	)
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts		(7,757,529	)		(12,736,384	)		(1,261,470	)
Net Realized and Unrealized Gain (Loss) from Investments		(84,613,455	)		(34,279,684	)		(6,799,272	)
Net Change in Net Assets Resulting from Operations	$	(82,131,820	)	$	(33,851,849	)	$	(6,730,216	)

(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 104 2020 Semiannual Report | June 30, 2020

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
$	167,125		$	122,294		$	132,070		$	4,919		$	3,177		$	103,476		$	205,697		$	1,929,258
	313,989			114,572			52,846			150,657			9,419			10,495			—			—
	3,397,608			1,630,594			1,447,302			1,509,394			560,368			678,219			—			—
	3,878,722			1,867,460			1,632,218			1,664,970			572,964			792,190			205,697			1,929,258
	1,263,050			496,210			330,302			648,990			167,859			123,944			71,734			486,457
	49,271			19,611			18,306			21,554			10,978			4,633
	11,120			5,685			4,113			7,195			529			1,791
	162,383			73,946			56,853			75,102			15,350			18,365
																			14,347			131,798
	36,963			26,669			25,005			27,053			18,897			20,618			18,007			34,874
	153,489			71,134			57,821			74,207			22,028			29,761			17,933			136,770
	8,329			3,818			3,043			4,146			1,347			1,513			531			531
	8,203			8,203			8,204			8,527			8,207			7,465			6,968			6,966
	2,609			2,609			2,609			2,608			2,609			2,609			2,610			2,608
	18,959			8,437			6,655			9,028			2,747			3,046			1,492			12,558
	6,929			3,040			2,369			3,376			1,059			1,068			606			5,612
	102,647			40,856			38,137			44,904			18,297			14,479
																			49			—
	82,118			32,064			27,846			34,945			485			11,438
	7,544			3,620			2,758			5,332			367			1,641
	97,320			43,041			33,492			15,968			6,421			13,351
	10,102			5,120			5,079			5,807			1,832			558			438			1,799
	28,911			25,790			24,989			26,004			22,878			23,782			11,058			1,735
	7,518			3,223			2,275			4,222			1,230			1,869			517			7,320
	3,391			3,391			3,391			3,391			3,391			3,391			3,391			3,391
	—			—			—			—			—			—			—			—
	16,665			14,004			13,590			14,413			13,085			12,679			15,116			19,569
	2,077,521			890,471			666,837			1,036,772			319,596			298,001			164,797			851,988
	—			—			—			—			—			—			(112,759	)		(611,925	)
	—			—			—			(86,542	)		—			(34,085	)		—			—
	(1,469	)		(332	)		(130	)		(696	)		(6,696	)		—			—			—
	2,076,052			890,139			666,707			949,534			312,900			263,916			52,038			240,063
	1,802,670			977,321			965,511			715,436			260,064			528,274			153,659			1,689,195
	(9,337,294	)		(3,484,183	)		(2,510,800	)		(4,671,585	)		891,823			(59,088	)		—			164
	(20,024	)		(6,388	)		(4,369	)		(8	)		1,342			(153	)		—			—
	—			—			—			—			—			—			—			—
	(25,527,856	)		(8,247,303	)		(3,831,374	)		(4,469,573	)		11,858			—			—			—
	10,773			8,218			9,601			—			—			6,993			—			—
	(34,874,401	)		(11,729,656	)		(6,336,942	)		(9,141,166	)		905,023			(52,248	)		—			164
	2,356,070			2,167,591			2,762,628			(326,170	)		(18,340,199	)		2,135,662			—			76,705
	31,442			12,882			8,953			5,635			572			2,434			—			—
	—			—			—			—			—			—			—			—
	(908,897	)		(307,592	)		(141,076	)		(189,065	)		26,795			—			—			—
	1,478,615			1,872,881			2,630,505			(509,600	)		(18,312,832	)		2,138,096			—			76,705
	(33,395,786	)		(9,856,775	)		(3,706,437	)		(9,650,766	)		(17,407,809	)		2,085,848			—			76,869
$	(31,593,116	)	$	(8,879,454	)	$	(2,740,926	)	$	(8,935,330	)	$	(17,147,745	)	$	2,614,122		$	153,659		$	1,766,064

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 105

Statements of Changes in Net Assets For the Six Months Ended June 30, 2020 (unaudited) and the Year Ended December 31, 2019
	Muirfield Fund						Spectrum Fund
	2020			2019			2020			2019
Operations
Net investment income (loss)	$	2,481,635		$	8,058,700		$	427,835		$	1,334,747
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		(76,855,926	)		(18,436,779	)		(21,543,300	)		(7,049,856	)
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		(7,757,529	)		95,704,417			(12,736,384	)		31,025,686
Net change in net assets resulting from operations		(82,131,820	)		85,326,338			(33,851,849	)		25,310,577
Distributions to Shareholders
Retail Class		(399,174	)		(5,010,444	)		—			(488,471	)
Adviser Class		(202,003	)		(1,635,066	)		—			(151,230	)
Institutional Class		(1,526,702	)		(11,891,386	)		—			(1,431,158	)
Money Market Funds
Net change in net assets resulting from distributions		(2,127,879	)		(18,536,896	)		—			(2,070,859	)
Capital Transactions:
Issued		73,318,887			197,324,991			20,789,960			51,986,998
Reinvested		2,101,745			18,362,502			—			2,059,900
Redeemed		(129,281,019	)		(212,058,081	)		(25,462,407	)		(46,954,317	)
Net change in net assets resulting from capital transactions		(53,860,387	)		3,629,412			(4,672,447	)		7,092,581
Total Change in Net Assets		(138,120,086	)		70,418,854			(38,524,296	)		30,332,299
Net Assets - Beginning of Year		681,427,950			611,009,096			213,066,708			182,734,409
Net Assets - End of Year	$	543,307,864		$	681,427,950		$	174,542,412		$	213,066,708
Share Transactions:
Issued		10,358,327			26,485,691			1,964,250			4,579,626
Reinvested		300,779			2,358,583			—			170,107
Redeemed		(18,402,964	)		(28,277,770	)		(2,386,793	)		(4,096,807	)
Net change in shares		(7,743,858	)		566,504			(422,543	)		652,926

The accompanying notes are an integral part of these financial statements

Page 106 2020 Semiannual Report | June 30, 2020

Global Allocation Fund						Balanced Fund						Moderate Allocation Fund						Conservative Allocation Fund
2020			2019			2020			2019			2020			2019			2020			2019
$	69,056		$	605,735		$	1,802,670		$	6,528,092		$	977,321		$	3,541,144		$	965,511		$	3,401,214
	(5,537,802	)		1,226,376			(34,874,401	)		(3,526,175	)		(11,729,656	)		261,456			(6,336,942	)		544,887
	(1,261,470	)		4,928,037			1,478,615			43,330,190			1,872,881			15,068,833			2,630,505			9,805,783
	(6,730,216	)		6,760,148			(31,593,116	)		46,332,107			(8,879,454	)		18,871,433			(2,740,926	)		13,751,884
	—			(242,208	)		(273,776	)		(1,368,254	)		(144,754	)		(571,424	)		(193,510	)		(689,225	)
	—			(38,283	)		(94,316	)		(326,176	)		(58,011	)		(194,767	)		(52,338	)		(160,298	)
	—			(940,057	)		(1,432,676	)		(4,882,547	)		(762,042	)		(2,678,105	)		(755,735	)		(2,525,999	)
	—			(1,220,548	)		(1,800,768	)		(6,576,977	)		(964,807	)		(3,444,296	)		(1,001,583	)		(3,375,522	)
	2,756,620			7,060,084			47,998,631			104,242,588			19,204,916			39,833,668			16,770,894			32,486,841
	—			1,220,307			1,790,935			6,544,647			956,858			3,422,617			995,179			3,357,881
	(7,660,489	)		(20,806,165	)		(57,356,670	)		(91,154,144	)		(24,633,075	)		(42,505,891	)		(19,076,937	)		(37,570,100	)
	(4,903,869	)		(12,525,774	)		(7,567,104	)		19,633,091			(4,471,301	)		750,394			(1,310,864	)		(1,725,378	)
	(11,634,085	)		(6,986,174	)		(40,960,988	)		59,388,221			(14,315,562	)		16,177,531			(5,053,373	)		8,650,984
	51,423,531			58,409,705			408,197,025			348,808,804			178,040,101			161,862,570			137,931,871			129,280,887
$	39,789,446		$	51,423,531		$	367,236,037		$	408,197,025		$	163,724,539		$	178,040,101		$	132,878,498		$	137,931,871
	272,860			662,661			4,233,509			9,007,314			1,713,874			3,527,952			752,484			1,456,459
	—			110,294			158,013			549,529			87,310			295,525			45,191			147,638
	(761,314	)		(1,946,833	)		(5,050,555	)		(7,799,068	)		(2,193,331	)		(3,730,284	)		(857,356	)		(1,669,810	)
	(488,454	)		(1,173,878	)		(659,033	)		1,757,775			(392,147	)		93,193			(59,681	)		(65,713	)

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 107

Statements of Changes in Net Assets For the Six Months Ended June 30, 2020 (unaudited) and the Year Ended December 31, 2019
	Dynamic Allocation Fund						Quantex Fund
	2020			2019			2020			2019
Operations
Net investment income (loss)	$	715,436		$	2,477,112		$	260,064		$	457,753
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		(9,141,166	)		10,767,864			905,023			(6,200	)
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		(509,600	)		28,083,219			(18,312,832	)		10,276,756
Net change in net assets resulting from operations		(8,935,330	)		41,328,195			(17,147,745	)		10,728,309
Distributions to Shareholders
Retail Class		(62,809	)		(913,644	)		(58,743	)		(180,584	)
Adviser Class		(44,550	)		(313,636	)		(3,202	)		(7,848	)
Institutional Class		(466,519	)		(3,749,086	)		(104,207	)		(333,427	)
Money Market Funds
Net change in net assets resulting from distributions		(573,878	)		(4,976,366	)		(166,152	)		(521,859	)
Capital Transactions:
Issued		17,251,424			34,492,243			5,083,689			12,115,546
Reinvested		572,559			4,969,211			157,863			409,937
Redeemed		(36,693,485	)		(49,475,357	)		(13,926,445	)		(24,649,606	)
Net change in net assets resulting from capital transactions		(18,869,502	)		(10,013,903	)		(8,684,893	)		(12,124,123	)
Total Change in Net Assets		(28,378,710	)		26,337,926			(25,998,790	)		(1,917,673	)
Net Assets - Beginning of Year		200,232,993			173,895,067			62,738,725			64,656,398
Net Assets - End of Year	$	171,854,283		$	200,232,993		$	36,739,935		$	62,738,725
Share Transactions:
Issued		1,609,080			3,147,990			192,335			338,751
Reinvested		50,376			428,100			5,659			11,297
Redeemed		(3,361,009	)		(4,466,355	)		(533,325	)		(702,095	)
Net change in shares		(1,701,553	)		(890,265	)		(335,331	)		(352,047	)

The accompanying notes are an integral part of these financial statements

Page 108 2020 Semiannual Report | June 30, 2020

Total Return Bond Fund						Prime Money Market Fund						Institutional Prime Money Market Fund
2020			2019			2020			2019			2020			2019
$	528,274		$	1,740,487		$	153,659		$	725,101		$	1,689,195		$	9,951,805
	(52,248	)		556,683			—			—			164			(20	)
	2,138,096			2,627,781			—			—			76,705			73,938
	2,614,122			4,924,951			153,659			725,101			1,766,064			10,025,723
	(92,692	)		(318,972	)
	(44,198	)		(105,786	)
	(447,352	)		(1,325,202	)
							(153,659	)		(725,101	)		(1,689,195	)		(9,951,803	)
	(584,242	)		(1,749,960	)		(153,659	)		(725,101	)		(1,689,195	)		(9,951,803	)
	13,075,312			16,660,352			12,027,231			21,752,554			246,497,772			337,972,181
	579,249			1,737,187			151,572			686,595			274,294			1,149,955
	(13,067,964	)		(26,679,180	)		(10,434,549	)		(28,496,871	)		(344,812,382	)		(440,678,548	)
	586,597			(8,281,641	)		1,744,254			(6,057,722	)		(98,040,316	)		(101,556,412	)
	2,616,477			(5,106,650	)		1,744,254			(6,057,722	)		(97,963,447	)		(101,482,492	)
	61,832,475			66,939,125			34,823,092			40,880,814			370,120,016			471,602,508
$	64,448,952		$	61,832,475		$	36,567,346		$	34,823,092		$	272,156,569		$	370,120,016
	1,361,932			1,785,878			12,027,231			21,752,554			246,506,523			337,937,146
	60,106			185,122			151,572			686,595			274,298			1,149,805
	(1,368,743	)		(2,847,058	)		(10,434,549	)		(28,496,871	)		(344,885,592	)		(440,622,456	)
	53,295			(876,058	)		1,744,254			(6,057,722	)		(98,104,771	)		(101,535,505	)

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 109

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2020 (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)
2020	$	7.91		0.02			(0.97	)		(0.95	)		(0.02	)		0.00			0.00			(0.02	)
2019	$	7.16		0.07			0.89			0.96			(0.03	)		(0.18	)		0.00			(0.21	)
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	)
Muirfield Fund - Adviser Class (1)(2)(3)(4)
2020	$	7.97		0.03			(0.98	)		(0.95	)		(0.03	)		0.00			0.00			(0.03	)
2019	$	7.20		0.09			0.90			0.99			(0.04	)		(0.18	)		0.00			(0.22	)
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)
2020	$	7.99		0.03			(0.99	)		(0.96	)		(0.03	)		0.00			0.00			(0.03	)
2019	$	7.21		0.10			0.90			1.00			(0.04	)		(0.18	)		0.00			(0.22	)
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)
2020	$	12.19		0.01			(1.98	)		(1.97	)		0.00			0.00			0.00			0.00
2019	$	10.89		0.04			1.38			1.42			(0.01	)		(0.11	)		0.00			(0.12	)
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)
2020	$	12.27		0.03			(1.99	)		(1.96	)		0.00			0.00			0.00			0.00
2019	$	10.95		0.07			1.37			1.44			(0.01	)		(0.11	)		0.00			(0.12	)
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)
2020	$	12.31		0.03			(2.00	)		(1.97	)		0.00			0.00			0.00			0.00
2019	$	10.96		0.09			1.38			1.47			(0.01	)		(0.11	)		0.00			(0.12	)
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	)

See footnotes on pages 118 and 119.

The accompanying notes are an integral part of these financial statements

Page 110 2020 Semiannual Report | June 30, 2020

					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
$	6.94		(12.01	%)	$	137,937		0.61	%		1.28	%		1.28	%		113	%
$	7.91		13.53	%	$	189,105		0.94	%		1.28	%		1.28	%		222	%
$	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	%
$	6.99		(11.92	%)	$	47,233		0.91	%		0.98	%		0.98	%		113	%
$	7.97		13.81	%	$	60,024		1.14	%		1.09	%		1.09	%		222	%
$	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	%
$	7.00		(12.02	%)	$	358,138		0.92	%		0.96	%		0.96	%		113	%
$	7.99		14.01	%	$	432,299		1.35	%		0.87	%		0.98	%		222	%
$	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	%
$	10.22		(16.16	%)	$	36,977		0.17	%		1.92	%		1.92	%		75	%
$	12.19		13.03	%	$	51,060		0.37	%		1.77	%		1.77	%		74	%
$	10.89		(3.97	%)	$	51,083		0.26	%		1.89	%		1.89	%		97	%
$	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	%
$	10.31		(15.97	%)	$	11,886		0.54	%		1.55	%		1.55	%		75	%
$	12.27		13.17	%	$	15,564		0.63	%		1.51	%		1.51	%		74	%
$	10.95		(3.67	%)	$	14,486		0.49	%		1.70	%		1.70	%		97	%
$	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	%
$	10.34		(16.00	%)	$	125,680		0.55	%		1.52	%		1.52	%		75	%
$	12.31		13.44	%	$	146,443		0.77	%		1.38	%		1.40	%		74	%
$	10.96		(3.51	%)	$	117,166		0.71	%		1.50	%		1.50	%		97	%
$	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	%

See footnotes on pages 118 and 119.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 111

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2020 (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
Global Allocation Fund - Retail Class (1)(2)(3)(4)
2020	$	11.32		(0.00	)		(1.52	)		(1.52	)		0.00			0.00			0.00		0.00
2019	$	10.22		0.08			1.26			1.34			(0.04	)		(0.20	)		0.00		(0.24	)
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	)
Global Allocation Fund - Adviser Class (1)(2)(3)(4)
2020	$	11.35		0.02			(1.53	)		(1.51	)		0.00			0.00			0.00		0.00
2019	$	10.24		0.11			1.25			1.36			(0.05	)		(0.20	)		0.00		(0.25	)
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)
2020	$	11.36		0.02			(1.53	)		(1.51	)		0.00			0.00			0.00		0.00
2019	$	10.24		0.13			1.26			1.39			(0.07	)		(0.20	)		0.00		(0.27	)
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	)
Balanced Fund - Retail Class (1)(2)(3)(4)
2020	$	12.26		0.04			(1.01	)		(0.97	)		(0.04	)		0.00			0.00		(0.04	)
2019	$	11.08		0.16			1.20			1.36			(0.09	)		(0.09	)		0.00		(0.18	)
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	)
Balanced Fund - Adviser Class (1)(2)(3)(4)
2020	$	12.35		0.06			(1.01	)		(0.95	)		(0.06	)		0.00			0.00		(0.06	)
2019	$	11.15		0.19			1.21			1.40			(0.11	)		(0.09	)		0.00		(0.20	)
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)
2020	$	12.36		0.06			(1.01	)		(0.95	)		(0.06	)		0.00			0.00		(0.06	)
2019	$	11.15		0.21			1.21			1.42			(0.12	)		(0.09	)		0.00		(0.21	)
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	)

See footnotes on pages 118 and 119.

The accompanying notes are an integral part of these financial statements

Page 112 2020 Semiannual Report | June 30, 2020

					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
$	9.80		(13.43	%)	$	8,308		(0.03	%)		1.76	%		1.76	%		93	%
$	11.32		13.17	%	$	11,154		0.76	%		1.68	%		1.68	%		185	%
$	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	%
$	9.84		(13.30	%)	$	1,560		0.33	%		1.40	%		1.40	%		93	%
$	11.35		13.34	%	$	1,772		1.01	%		1.45	%		1.45	%		185	%
$	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	%
$	9.85		(13.29	%)	$	29,922		0.42	%		1.32	%		1.32	%		93	%
$	11.36		13.66	%	$	38,497		1.19	%		1.25	%		1.25	%		185	%
$	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	%
$	11.25		(7.91	%)	$	77,052		0.68	%		1.41	%		1.41	%		103	%
$	12.26		12.29	%	$	92,815		1.34	%		1.41	%		1.41	%		180	%
$	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	%
$	11.34		(7.69	%)	$	17,916		1.05	%		1.04	%		1.04	%		103	%
$	12.35		12.59	%	$	20,182		1.61	%		1.14	%		1.14	%		180	%
$	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	%
$	11.35		(7.69	%)	$	272,269		1.05	%		1.04	%		1.04	%		103	%
$	12.36		12.77	%	$	295,200		1.79	%		0.96	%		1.04	%		180	%
$	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	%

See footnotes on pages 118 and 119.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 113

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2020 (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
Moderate Allocation Fund - Retail Class (1)(2)(3)(4)
2020	$	11.85		0.05			(0.66	)		(0.61	)		(0.05	)		0.00			0.00			(0.05	)
2019	$	10.84		0.20			1.00			1.20			(0.19	)		0.00			0.00			(0.19	)
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)
2020	$	11.86		0.07			(0.66	)		(0.59	)		(0.07	)		0.00			0.00			(0.07	)
2019	$	10.85		0.24			1.00			1.24			(0.23	)		0.00			0.00			(0.23	)
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)
2020	$	11.89		0.07			(0.66	)		(0.59	)		(0.07	)		0.00			0.00			(0.07	)
2019	$	10.88		0.25			1.00			1.25			(0.24	)		0.00			0.00			(0.24	)
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)
2020	$	22.85		0.13			(0.61	)		(0.48	)		(0.14	)		0.00			0.00			(0.14	)
2019	$	21.18		0.51			1.65			2.16			(0.49	)		0.00			0.00			(0.49	)
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	)
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4)
2020	$	23.13		0.17			(0.61	)		(0.44	)		(0.17	)		0.00			0.00			(0.17	)
2019	$	21.44		0.57			1.67			2.24			(0.55	)		0.00			0.00			(0.55	)
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)
2020	$	23.18		0.17			(0.62	)		(0.45	)		(0.18	)		0.00			0.00			(0.18	)
2019	$	21.49		0.59			1.68			2.27			(0.58	)		0.00			0.00			(0.58	)
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 118 and 119.

The accompanying notes are an integral part of these financial statements

Page 114 2020 Semiannual Report | June 30, 2020

					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		(5.14	%)	$	31,829		0.88	%		1.38	%		1.38	%		95	%
$	11.85		11.13	%	$	35,460		1.73	%		1.38	%		1.38	%		155	%
$	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	%
$	11.20		(4.96	%)	$	9,126		1.25	%		1.01	%		1.01	%		95	%
$	11.86		11.45	%	$	10,080		2.00	%		1.11	%		1.11	%		155	%
$	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	%
$	11.23		(4.95	%)	$	122,770		1.26	%		1.00	%		1.00	%		95	%
$	11.89		11.52	%	$	132,500		2.10	%		1.01	%		1.01	%		155	%
$	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	%
$	22.23		(2.09	%)	$	30,264		1.19	%		1.29	%		1.29	%		90	%
$	22.85		10.25	%	$	31,688		2.19	%		1.28	%		1.28	%		136	%
$	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	%
$	22.52		(1.89	%)	$	6,865		1.54	%		0.94	%		0.94	%		90	%
$	23.13		10.51	%	$	6,787		2.44	%		1.04	%		1.04	%		136	%
$	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	%
$	22.55		(1.92	%)	$	95,750		1.54	%		0.93	%		0.93	%		90	%
$	23.18		10.61	%	$	99,456		2.54	%		0.94	%		0.94	%		136	%
$	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 118 and 119.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 115

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2020 (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)
2020	$	11.87		0.03			(0.55	)		(0.52	)		(0.02	)		0.00			0.00		(0.02	)
2019	$	9.79		0.11			2.23			2.34			(0.08	)		(0.18	)		0.00		(0.26	)
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	)
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4)
2020	$	11.91		0.05			(0.55	)		(0.50	)		(0.04	)		0.00			0.00		(0.04	)
2019	$	9.82		0.13			2.24			2.37			(0.10	)		(0.18	)		0.00		(0.28	)
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)
2020	$	11.90		0.05			(0.54	)		(0.49	)		(0.04	)		0.00			0.00		(0.04	)
2019	$	9.82		0.15			2.23			2.38			(0.12	)		(0.18	)		0.00		(0.30	)
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)
2020	$	37.91		0.16			(10.10	)		(9.94	)		(0.10	)		0.00			0.00		(0.10	)
2019	$	32.22		0.19			5.75			5.94			(0.25	)		0.00			0.00		(0.25	)
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	)
Quantex Fund - Adviser Class (1)(2)(3)(4)
2020	$	38.01		0.17			(10.12	)		(9.95	)		(0.11	)		0.00			0.00		(0.11	)
2019	$	32.28		0.24			5.76			6.00			(0.27	)		0.00			0.00		(0.27	)
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)
2020	$	38.01		0.19			(10.13	)		(9.94	)		(0.15	)		0.00			0.00		(0.15	)
2019	$	32.29		0.29			5.77			6.06			(0.34	)		0.00			0.00		(0.34	)
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 118 and 119.

The accompanying notes are an integral part of these financial statements

Page 116 2020 Semiannual Report | June 30, 2020

					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
$	11.33		(4.38	%)	$	35,490		0.50	%		1.43	%		1.53	%		125	%
$	11.87		24.00	%	$	40,977		0.97	%		1.41	%		1.51	%		265	%
$	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	%
$	11.37		(4.20	%)	$	12,628		0.85	%		1.07	%		1.17	%		125	%
$	11.91		24.29	%	$	13,137		1.20	%		1.18	%		1.28	%		265	%
$	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	%
$	11.37		(4.09	%)	$	123,737		0.92	%		1.01	%		1.11	%		125	%
$	11.90		24.40	%	$	146,119		1.38	%		1.00	%		1.10	%		265	%
$	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	%
$	27.87		(26.22	%)	$	16,430		1.05	%		1.52	%		1.52	%		72	%
$	37.91		18.48	%	$	24,979		0.52	%		1.53	%		1.53	%		82	%
$	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	%
$	27.95		(26.18	%)	$	817		1.18	%		1.41	%		1.41	%		72	%
$	38.01		18.63	%	$	1,113		0.67	%		1.41	%		1.41	%		82	%
$	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	%
$	27.92		(26.15	%)	$	19,492		1.24	%		1.36	%		1.36	%		72	%
$	38.01		18.81	%	$	36,646		0.82	%		1.25	%		1.25	%		82	%
$	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 118 and 119.

The accompanying notes are an integral part of these financial statements

2020 Semiannual Report | June 30, 2020 Page 117

Financial Highlights For a Share Outstanding Through the Six Months Ended June 30, 2020 (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)
2020	$	9.46		0.07		0.33			0.40			(0.08	)		0.00		0.00		(0.08	)
2019	$	9.03		0.23		0.42			0.65			(0.22	)		0.00		0.00		(0.22	)
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	)
Total Return Bond Fund - Adviser Class (1)(2)(3)(4)
2020	$	9.47		0.08		0.33			0.41			(0.09	)		0.00		0.00		(0.09	)
2019	$	9.04		0.26		0.42			0.68			(0.25	)		0.00		0.00		(0.25	)
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)
2020	$	9.47		0.09		0.32			0.41			(0.09	)		0.00		0.00		(0.09	)
2019	$	9.04		0.27		0.42			0.69			(0.26	)		0.00		0.00		(0.26	)
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)
2020	$	1.00		0.004		N/A			0.004			(0.004	)		0.000		0.000		(0.004	)
2019	$	1.00		0.020		N/A			0.020			(0.020	)		0.000		0.000		(0.020	)
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	)
Institutional Prime Money Market Fund (1)(2)(3)(4)
2020	$	1.0000		0.0051		0.0004			0.0055			(0.0050	)		0.0000		0.0000		(0.0050	)
2019	$	0.9999		0.0231		0.0000			0.0231			(0.0230	)		0.0000		0.0000		(0.0230	)
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 118 2020 Semiannual Report | June 30, 2020

					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
$	9.78		4.20	%	$	11,752		1.40	%		1.17	%		1.28	%		59	%
$	9.46		7.24	%	$	11,137		2.27	%		1.14	%		1.25	%		95	%
$	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	%
$	9.79		4.38	%	$	5,063		1.76	%		0.79	%		0.90	%		59	%
$	9.47		7.54	%	$	4,205		2.64	%		0.88	%		0.99	%		95	%
$	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	%
$	9.79		4.38	%	$	47,634		1.78	%		0.78	%		0.89	%		59	%
$	9.47		7.67	%	$	46,490		2.72	%		0.76	%		0.87	%		95	%
$	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		0.43	%	$	36,567		0.86	%		0.29	%		0.92	%		N/A
$	1.00		2.06	%	$	34,823		2.05	%		0.36	%		0.95	%		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
$	1.0005		0.54	%	$	272,157		1.03	%		0.15	%		0.52	%		N/A
$	1.0000		2.31	%	$	370,120		2.30	%		0.13	%		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

2020 Semiannual Report | June 30, 2020 Page 119

Notes to Financial Statements
June 30, 2020 (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 Statements of Operations.

Page 120 2020 Semiannual Report | June 30, 2020

To the extent that a 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, 2020, 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, 2020.

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, 2020 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)	$	14,200,105	$	(1,282,009	)
Spectrum	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		3,867,185		(316,301	)
Global	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,410,639		(48,649	)
Balanced	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		5,418,686		(325,888	)
Moderate	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,595,971		(101,427	)
Conservative	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		779,754		(62,264	)
Dynamic	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		11,860,774		43,511
Quantex	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,500,078		42,492

2020 Semiannual Report | June 30, 2020 Page 121

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2020 and related activity was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Contracts as of December 31, 2019		Long and Short Contracts Opened During the Period			Long and Short Contracts Closed/ Expired During the Period			Contracts as of June 30, 2020			Statement of Operations Location	For the Six Months Ended June 30, 2020
Muirfield	Equity contracts		1,234		(3,695	)		(2,036	)		(425	)	Net realized gains (losses) from futures contracts	$	(57,169,228	)
Spectrum	Equity contracts		752		(579	)		254			(81	)	Net realized gains (losses) from futures contracts		(19,935,505	)
Global	Equity contracts		225		211			341			95		Net realized gains (losses) from futures contracts		(5,254,645	)
Balanced	Equity contracts		592		(1,214	)		(573	)		(49	)	Net realized gains (losses) from futures contracts		(25,527,856	)
Moderate	Equity contracts		196		(214	)		(22	)		4		Net realized gains (losses) from futures contracts		(8,247,303	)
Conservative	Equity contracts		81		(113	)		(37	)		5		Net realized gains (losses) from futures contracts		(3,831,374	)
Dynamic	Equity contracts		462		970			1,099			333		Net realized gains (losses) from futures contracts		(4,469,573	)
Quantex	Equity contracts		11		76			70			17		Net realized gains (losses) from futures contracts		11,858

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, 2020
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts	$	(2,364,103	)
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(1,028,993	)
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(137,189	)
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(908,897	)
Moderate	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(307,592	)
Conservative	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(141,076	)
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(189,065	)
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		26,795

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, 2016 through December 31, 2019) 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, 2020, 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 122 2020 Semiannual Report | June 30, 2020

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, 2019, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital		Distributable Earnings (Accumulated Deficit)
Muirfield	$	—	$	—
Spectrum		—		—
Global		9,189		(9,189	)
Balanced		—		—
Moderate		—		—
Conservative		—		—
Dynamic		979,534		(979,534	)
Quantex		693,876		(693,876	)
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, 2020 and the year ended December 31, 2019 were as follows:

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Six Months Ended June 30, 2020
Muirfield - Retail	$	8,132,444		1,146,835	$	396,027		57,064
Muirfield - Adviser		7,967,535		1,128,107		201,907		28,885
Muirfield - Institutional		57,218,908		8,083,385		1,503,811		214,830
Spectrum - Retail		2,132,848		203,368		—		—
Spectrum - Adviser		1,648,599		154,100		—		—
Spectrum - Institutional		17,008,513		1,606,782		—		—
Global - Retail		765,817		73,629		—		—
Global - Adviser		291,303		29,003		—		—
Global - Institutional		1,699,500		170,228		—		—
Balanced - Retail		4,806,371		429,577		273,419		24,304
Balanced - Adviser		1,950,942		172,802		94,316		8,317
Balanced - Institutional		41,241,318		3,631,130		1,423,200		125,392
Moderate - Retail		2,429,168		221,738		144,543		13,211
Moderate - Adviser		1,417,817		128,036		58,011		5,306
Moderate - Institutional		15,357,931		1,364,100		754,304		68,793
Conservative - Retail		2,780,686		128,420		192,519		8,843
Conservative - Adviser		1,242,222		55,847		52,338		2,372
Conservative - Institutional		12,747,986		568,217		750,322		33,976
Dynamic - Retail		2,808,363		265,686		62,791		5,542
Dynamic - Adviser		2,283,028		206,758		44,550		3,918
Dynamic - Institutional		12,160,033		1,136,636		465,218		40,916
Quantex - Retail		1,749,915		65,857		58,458		2,098
Quantex - Adviser		174,732		6,068		3,202		115
Quantex - Institutional		3,159,042		120,410		96,203		3,446
Bond - Retail		1,998,705		211,478		91,794		9,532
Bond - Adviser		2,558,949		265,695		44,198		4,584
Bond - Institutional		8,517,658		884,759		443,257		45,990
Prime Money Market		12,027,231		12,027,231		151,572		151,572
Institutional Prime Money Market		246,497,772		246,506,523		274,294		274,298

2020 Semiannual Report | June 30, 2020 Page 123

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Year Ended December 31, 2019
Muirfield - Retail	$	33,050,249		4,442,733	$	4,977,939		642,781
Muirfield - Adviser		19,959,892		2,672,639		1,634,444		209,658
Muirfield - Institutional		144,314,850		19,370,319		11,750,119		1,506,144
Spectrum - Retail		7,469,577		660,057		487,763		40,590
Spectrum - Adviser		3,597,497		315,554		151,231		12,488
Spectrum - Institutional		40,919,924		3,604,015		1,420,906		117,029
Global - Retail		1,332,331		125,389		242,185		21,882
Global - Adviser		480,969		44,348		38,283		3,449
Global - Institutional		5,246,784		492,924		939,839		84,963
Balanced - Retail		14,149,512		1,224,953		1,366,611		115,154
Balanced - Adviser		4,473,744		385,634		326,176		27,354
Balanced - Institutional		85,619,332		7,396,727		4,851,860		407,021
Moderate - Retail		6,078,494		535,812		569,700		49,224
Moderate - Adviser		2,059,946		182,460		194,767		16,811
Moderate - Institutional		31,695,228		2,809,680		2,658,150		229,490
Conservative - Retail		4,494,757		203,394		685,421		30,465
Conservative - Adviser		1,779,179		79,442		160,298		7,037
Conservative - Institutional		26,212,905		1,173,623		2,512,162		110,136
Dynamic - Retail		3,843,119		351,639		912,848		78,711
Dynamic - Adviser		3,221,800		289,708		313,636		26,922
Dynamic - Institutional		27,427,324		2,506,643		3,742,727		322,467
Quantex - Retail		4,513,460		124,634		179,660		4,955
Quantex - Adviser		358,998		9,903		7,848		216
Quantex - Institutional		7,243,250		204,214		222,429		6,126
Bond - Retail		1,961,968		209,895		315,086		33,629
Bond - Adviser		1,552,225		166,213		105,786		11,256
Bond - Institutional		13,146,159		1,409,770		1,316,315		140,237
Prime Money Market		21,752,554		21,752,554		686,595		686,595
Institutional Prime Money Market		337,972,181		337,937,146		1,149,955		1,149,805

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Six Months Ended June 30, 2020
Muirfield - Retail	$	(36,602,025	)		(5,210,508	)	$	(28,073,554	)		(4,006,609	)
Muirfield - Adviser		(13,551,993	)		(1,926,118	)		(5,382,551	)		(769,126	)
Muirfield - Institutional		(79,127,001	)		(11,266,338	)		(20,404,282	)		(2,968,123	)
Spectrum - Retail		(8,117,261	)		(772,777	)		(5,984,413	)		(569,409	)
Spectrum - Adviser		(2,782,449	)		(268,799	)		(1,133,850	)		(114,699	)
Spectrum - Institutional		(14,562,697	)		(1,345,217	)		2,445,816			261,565
Global - Retail		(2,122,549	)		(211,295	)		(1,356,732	)		(137,666	)
Global - Adviser		(259,204	)		(26,675	)		32,099			2,328
Global - Institutional		(5,278,736	)		(523,344	)		(3,579,236	)		(353,116	)
Balanced - Retail		(13,464,705	)		(1,176,006	)		(8,384,915	)		(722,125	)
Balanced - Adviser		(2,658,326	)		(234,712	)		(613,068	)		(53,593	)
Balanced - Institutional		(41,233,639	)		(3,639,837	)		1,430,879			116,685
Moderate - Retail		(4,329,624	)		(382,728	)		(1,755,913	)		(147,779	)
Moderate - Adviser		(1,878,857	)		(168,376	)		(403,029	)		(35,034	)
Moderate - Institutional		(18,424,594	)		(1,642,227	)		(2,312,359	)		(209,334	)
Conservative - Retail		(3,603,635	)		(162,812	)		(630,430	)		(25,549	)
Conservative - Adviser		(1,035,231	)		(46,778	)		259,329			11,441
Conservative - Institutional		(14,438,071	)		(647,766	)		(939,763	)		(45,573	)
Dynamic - Retail		(6,492,423	)		(591,872	)		(3,621,269	)		(320,644	)
Dynamic - Adviser		(2,143,404	)		(203,184	)		184,174			7,492

Page 124 2020 Semiannual Report | June 30, 2020

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Dynamic - Institutional	$	(28,057,658	)		(2,565,953	)	$	(15,432,407	)		(1,388,401	)
Quantex - Retail		(3,672,788	)		(137,350	)		(1,864,415	)		(69,395	)
Quantex - Adviser		(165,477	)		(6,233	)		12,457			(50	)
Quantex - Institutional		(10,088,180	)		(389,742	)		(6,832,935	)		(265,886	)
Bond - Retail		(1,876,239	)		(196,555	)		214,260			24,455
Bond - Adviser		(1,876,942	)		(197,160	)		726,205			73,119
Bond - Institutional		(9,314,783	)		(975,028	)		(353,868	)		(44,279	)
Prime Money Market		(10,434,549	)		(10,434,549	)		1,744,254			1,744,254
Institutional Prime Money Market		(344,812,382	)		(344,885,592	)		(98,040,316	)		(98,104,771	)
Year Ended December 31, 2019
Muirfield - Retail	$	(70,868,511	)		(9,580,884	)	$	(32,840,323	)		(4,495,370	)
Muirfield - Adviser		(28,851,525	)		(3,845,181	)		(7,257,189	)		(962,884	)
Muirfield - Institutional		(112,338,045	)		(14,851,705	)		43,726,924			6,024,758
Spectrum - Retail		(13,656,923	)		(1,200,248	)		(5,699,583	)		(499,601	)
Spectrum - Adviser		(4,388,936	)		(383,545	)		(640,208	)		(55,503	)
Spectrum - Institutional		(28,908,458	)		(2,513,014	)		13,432,372			1,208,030
Global - Retail		(5,487,892	)		(512,715	)		(3,913,376	)		(365,444	)
Global - Adviser		(540,172	)		(50,287	)		(20,920	)		(2,490	)
Global - Institutional		(14,778,101	)		(1,383,831	)		(8,591,478	)		(805,944	)
Balanced - Retail		(22,120,626	)		(1,902,554	)		(6,604,503	)		(562,447	)
Balanced - Adviser		(5,953,857	)		(509,453	)		(1,153,937	)		(96,465	)
Balanced - Institutional		(63,079,661	)		(5,387,061	)		27,391,531			2,416,687
Moderate - Retail		(6,716,666	)		(591,069	)		(68,472	)		(6,033	)
Moderate - Adviser		(2,538,479	)		(222,937	)		(283,766	)		(23,666	)
Moderate - Institutional		(33,250,746	)		(2,916,278	)		1,102,632			122,892
Conservative - Retail		(6,631,173	)		(298,972	)		(1,450,995	)		(65,113	)
Conservative - Adviser		(1,757,987	)		(77,982	)		181,490			8,497
Conservative - Institutional		(29,180,940	)		(1,292,856	)		(455,873	)		(9,097	)
Dynamic - Retail		(12,530,345	)		(1,137,172	)		(7,774,378	)		(706,822	)
Dynamic - Adviser		(3,913,271	)		(353,426	)		(377,835	)		(36,796	)
Dynamic - Institutional		(33,031,741	)		(2,975,757	)		(1,861,690	)		(146,647	)
Quantex - Retail		(12,066,011	)		(349,669	)		(7,372,891	)		(220,080	)
Quantex - Adviser		(334,676	)		(9,427	)		32,170			692
Quantex - Institutional		(12,248,919	)		(342,999	)		(4,783,240	)		(132,659	)
Bond - Retail		(6,762,369	)		(720,141	)		(4,485,315	)		(476,617	)
Bond - Adviser		(1,201,377	)		(128,206	)		456,634			49,263
Bond - Institutional		(18,715,434	)		(1,998,711	)		(4,252,960	)		(448,704	)
Prime Money Market		(28,496,871	)		(28,496,871	)		(6,057,722	)		(6,057,722	)
Institutional Prime Money Market		(440,678,548	)		(440,622,456	)		(101,556,412	)		(101,535,505	)

2020 Semiannual Report | June 30, 2020 Page 125

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, 2020.

								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	$	156,957	$	—	$	156,957		$	—		$	(156,957	)	$	—
Spectrum		36,400		—		36,400			—			(36,400	)		—
Global		2,320		—		2,320			—			(2,320	)		—
Balanced		63,933		—		63,933			—			(63,933	)		—
Moderate		18,998		—		18,998			—			(18,998	)		—
Conservative		8,505		—		8,505			—			(8,505	)		—
Dynamic		44,858		—		44,858			—			(44,858	)		—
Futures Contracts
Muirfield	$	299,859	$	1,581,868	$	(1,282,009	)	$	—		$	—		$	(1,282,009	)
Spectrum		92,020		408,321		(316,301	)		—			—			(316,301	)
Global		45,432		94,081		(48,649	)		—			—			(48,649	)
Balanced		156,458		482,346		(325,888	)		—			—			(325,888	)
Moderate		36,906		138,333		(101,427	)		—			—			(101,427	)
Conservative		17,412		79,676		(62,264	)		—			—			(62,264	)
Dynamic		177,290		133,779		43,511			—			—			43,511
Quantex		42,492		—		42,492			—			—			42,492
Repurchase Agreements
Prime Money Market	$	6,500,000	$	—	$	6,500,000		$	(6,500,000	)	$	—		$	—
Institutional Prime Money Market		50,000,000		—		50,000,000			(50,000,000	)		—			—
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.

New Accounting Pronouncements. In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC Topic 820 (“ASC 820”), “Fair Value Measurement.” ASU 2018-13 includes new, eliminated, and modified disclosure requirements for ASC 820. In addition, ASU 2018-13 clarifies that materiality is an appropriate consideration when evaluating disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted, and the Fund adopted ASU 2018-13 with the December 31, 2019 financial statements.

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.

Page 126 2020 Semiannual Report | June 30, 2020

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 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.

2020 Semiannual Report | June 30, 2020 Page 127

For the six months ended June 30, 2020, 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. The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of June 30, 2020.

Muirfield - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	464,874,806		$	—	$	—	$	464,874,806
Money market registered investment companies		60,493,420			—		—		60,493,420
Bank obligations		—			741,262		—		741,262
Total	$	525,368,226		$	741,262	$	—	$	526,109,488
Trustee deferred compensation***	$	233,476		$	—	$	—	$	233,476
Futures contracts**	$	(1,282,009	)	$	—	$	—	$	(1,282,009	)

Spectrum - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	141,836,258		$	—	$	—	$	141,836,258
Money market registered investment companies		28,085,759			—		—		28,085,759
Total	$	169,922,017		$	—	$	—	$	169,922,017
Trustee deferred compensation***	$	31,548		$	—	$	—	$	31,548
Futures contracts**	$	(316,301	)	$	—	$	—	$	(316,301	)

Global - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	17,835,033		$	—	$	—	$	17,835,033
Registered investment companies		6,351,484			—		—		6,351,484
Money market registered investment companies		12,966,648			—		—		12,966,648
Bank obligations		—			741,262		—		741,262
U.S. government obligations		—			464,579		—		464,579
Total	$	37,153,165		$	1,205,841	$	—	$	38,359,006
Trustee deferred compensation***	$	94,601		$	—	$	—	$	94,601
Futures contracts**	$	(48,649	)	$	—	$	—	$	(48,649	)

Balanced - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	198,058,579		$	—	$	—	$	198,058,579
Registered investment companies		94,198,308			—		—		94,198,308
Money market registered investment companies		56,050,107			—		—		56,050,107
Bank obligations		—			741,262		—		741,262
U.S. government obligations		—			13,195,675		—		13,195,675
Total	$	348,306,994		$	13,936,937	$	—	$	362,243,931
Trustee deferred compensation***	$	151,712		$	—	$	—	$	151,712
Futures contracts**	$	(325,888	)	$	—	$	—	$	(325,888	)

Moderate - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	60,441,533		$	—	$	—	$	60,441,533
Registered investment companies		70,785,768			—		—		70,785,768
Money market registered investment companies		20,766,392			—		—		20,766,392
Bank obligations		—			247,312		—		247,312
U.S. government obligations		—			9,941,362		—		9,941,362
Total	$	151,993,693		$	10,188,674	$	—	$	162,182,367
Trustee deferred compensation***	$	21,312		$	—	$	—	$	21,312
Futures contracts**	$	(101,427	)	$	—	$	—	$	(101,427	)

Page 128 2020 Semiannual Report | June 30, 2020

Conservative - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	29,417,962		$	—	$	—	$	29,417,962
Registered investment companies		80,985,780			—		—		80,985,780
Money market registered investment companies		10,381,813			—		—		10,381,813
U.S. government obligations		—			11,264,083		—		11,264,083
Total	$	120,785,555		$	11,264,083	$	—	$	132,049,638
Trustee deferred compensation***	$	61,870		$	—	$	—	$	61,870
Futures contracts**	$	(62,264	)	$	—	$	—	$	(62,264	)

Dynamic - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	136,388,908	$	—	$	—	$	136,388,908
Registered investment companies		8,787,072		—		—		8,787,072
Money market registered investment companies		14,366,531		—		—		14,366,531
Bank obligations		—		741,261		—		741,261
Total	$	159,542,511	$	741,261	$	—	$	160,283,772
Trustee deferred compensation***	$	189,052	$	—	$	—	$	189,052
Futures contracts**	$	43,511	$	—	$	—	$	43,511

Quantex - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	33,690,963	$	—	$	—	$	33,690,963
Money market registered investment companies		828,006		—		—		828,006
Bank obligations		—		724,912		—		724,912
Total	$	34,518,969	$	724,912	$	—	$	35,243,881
Trustee deferred compensation***	$	56,088	$	—	$	—	$	56,088
Futures contracts**	$	42,492	$	—	$	—	$	42,492

Bond - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	50,839,568	$	—	$	—	$	50,839,568
Money market registered investment companies		2,014,762		—		—		2,014,762
U.S. government obligations		—		11,502,181		—		11,502,181
Total	$	52,854,330	$	11,502,181	$	—	$	64,356,511
Trustee deferred compensation***	$	62,513	$	—	$	—	$	62,513

Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	1,719,958	$	—	$	1,719,958
Certificates of deposit		—		3,944,678		—		3,944,678
Commercial paper		—		8,045,263		—		8,045,263
Corporate obligations		—		4,147,641		—		4,147,641
Repurchase agreements		—		6,500,000		—		6,500,000
U.S. government and agency obligations		—		5,748,758		—		5,748,758
Variable rate demand notes		—		500,000		—		500,000
Money market registered investment companies		5,946,230		—		—		5,946,230
Total	$	5,946,230	$	30,606,298	$	—	$	36,552,528
Trustee deferred compensation***	$	36,890	$	—	$	—	$	36,890

2020 Semiannual Report | June 30, 2020 Page 129

Institutional Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	1,719,958	$	—	$	1,719,958
Certificates of deposit		—		25,623,898		—		25,623,898
Commercial paper		—		69,335,807		—		69,335,807
Corporate obligations		—		43,986,584		—		43,986,584
Repurchase agreements		—		50,000,000		—		50,000,000
U.S. government and agency obligations		—		58,995,772		—		58,995,772
Variable rate demand notes		—		4,500,000		—		4,500,000
Money market registered investment companies		17,894,680		—		—		17,894,680
Total	$	17,894,680	$	254,162,019	$	—	$	272,056,699
Trustee deferred compensation***	$	3,498	$	—	$	—	$	3,498

* See schedules of investments for industry classifications.

** Futures contracts include unrealized gain/loss on contracts open at June 30, 2020.

*** 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, 2020, 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	$	515,432,328	$	563,845,248
Spectrum		120,911,177		162,654,198
Global		23,060,416		28,226,172
Balanced		295,408,658		314,782,522
Moderate		125,049,788		132,866,227
Conservative		100,038,718		103,950,801
Dynamic		170,159,660		175,631,494
Quantex		30,778,876		39,816,101
Bond		31,936,932		33,273,757

For the six months ended June 30, 2020, 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	$	272,736	$	442,400
Balanced		8,129,172		10,253,264
Moderate		5,702,471		7,031,566
Conservative		7,000,714		7,994,830
Bond		3,678,526		1,688,658

Page 130 2020 Semiannual Report | June 30, 2020

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.

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, 2020, $86,542 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, 2020, $34,085 of investment advisory fees were waived in Bond.

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 up to $500 Million			Percentage of Average Daily Net Assets Exceeding $500 Million
Muirfield	$	4,000		0.12	%		0.03	%
Spectrum		4,000		0.12	%		0.03	%
Global		4,000		0.12	%		0.03	%
Balanced		4,000		0.12	%		0.03	%
Moderate		4,000		0.12	%		0.03	%
Conservative		4,000		0.12	%		0.03	%
Dynamic		4,000		0.12	%		0.03	%
Quantex		4,000		0.12	%		0.03	%
Bond		4,000		0.08	%		0.03	%
Prime Money Market		4,000		0.08	%		0.03	%
Institutional Prime Money Market		4,000		0.08	%		0.03	%

Prior to January 1, 2020, for fixed income Funds (Bond, Prime Money Market, and Institutional Prime Money Market) that were subject to an expense cap and which were above the expense cap, the basis point fee was reduced by 0.02%. Effective January 1, 2020 there is no such reduction. Management may voluntarily waive fees for any Fund. During the six months ended June 30, 2020, there were no transfer agent fees waived.

2020 Semiannual Report | June 30, 2020 Page 131

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 up to $500 Million	Percentage of Average Daily Net Assets Exceeding $500 Million
Muirfield	0.10%	0.08%	0.03%
Spectrum	0.10%	0.08%	0.03%
Global	0.10%	0.08%	0.03%
Balanced	0.10%	0.08%	0.03%
Moderate	0.10%	0.08%	0.03%
Conservative	0.10%	0.08%	0.03%
Dynamic	0.10%	0.08%	0.03%
Quantex	0.10%	0.08%	0.03%
Bond	0.10%	0.08%	0.03%
Prime Money Market	0.10%	0.08%	0.03%
Institutional Prime Money Market	0.10%	0.08%	0.03%

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, 2020, MAM and MFSCo agreed to voluntarily waive and/or reimburse investment advisory fees and/or transfer agent fees, respectively. The cumulative amounts voluntarily waived and/or reimbursed and the impact to the net expense ratio (excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses) for each Fund are as follows:

	Voluntary Expense Reimbursements		Impact of Voluntary Waivers to Average Net Assets			Impact of Voluntary Waivers to Average Net Assets - Retail Class		Impact of Voluntary Waivers to Average Net Assets - Adviser Class		Impact of Voluntary Waivers to Average Net Assets - Institutional Class
Muirfield	$	—		N/A			N/A		N/A		N/A
Spectrum		—		N/A			N/A		N/A		N/A
Global		—		N/A			N/A		N/A		N/A
Balanced		—		N/A			N/A		N/A		N/A
Moderate		—		N/A			N/A		N/A		N/A
Conservative		—		N/A			N/A		N/A		N/A
Dynamic		—		N/A			N/A		N/A		N/A
Quantex		—		N/A			N/A		N/A		N/A
Bond		—		N/A			N/A		N/A		N/A
Prime Money Market		112,759		0.63	%		N/A		N/A		N/A
Institutional Prime Money Market		611,925		0.37	%		N/A		N/A		N/A

Page 132 2020 Semiannual Report | June 30, 2020

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, 2020, Muirfield, Spectrum, Global, Balanced, Moderate, Conservative, and Dynamic 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, 2020, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	3,881
Spectrum		2,614
Global		62
Balanced		1,469
Moderate		332
Conservative		130
Dynamic		696
Quantex		6,696

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. For the six months ended June 30, 2020, total 12b-1 plan expense payments made to the Funds’ affiliated distributor was $42,779. The annual adopted 12b-1 plan maximum limitations for the six months ended June 30, 2020, 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	$20,631
Spectrum	N/A	0.25%	N/A	N/A	1,288
Global	N/A	0.25%	N/A	N/A	1,224
Balanced	N/A	0.25%	N/A	N/A	2,889
Moderate	N/A	0.25%	N/A	N/A	438
Conservative	N/A	0.25%	N/A	N/A	3,775
Dynamic	N/A	0.25%	N/A	N/A	3,912
Quantex	N/A	0.20%	N/A	N/A	7,412
Bond	N/A	0.25%	N/A	N/A	1,210
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

2020 Semiannual Report | June 30, 2020 Page 133

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, 2020 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, 2020, 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 0.30% on June 30, 2020, were as follows:

	12/31/19 Fair Value		Purchases		Sales			Realized Gains (Losses)			6/30/20 Cost		Change in Unrealized			Income		6/30/20 Fair Value
Muirfield	$	131,391,282	$	47,486,283	$	(118,536,087	)	$	(25,541	)	$	60,300,142	$	23,120		$	569,160	$	60,339,057
Spectrum		5,987,102		59,452,024		(37,400,065	)		(3,409	)		28,035,646		14,222			42,882		28,049,874
Global		16,954,500		6,287,478		(10,284,324	)		11			12,956,195		6,699			81,314		12,964,364
Balanced		67,392,229		56,174,946		(67,591,513	)		(20,024	)		55,947,406		31,441			313,989		55,987,079
Moderate		23,031,540		32,341,149		(34,631,494	)		(6,388	)		20,731,388		12,882			114,572		20,747,689
Conservative		9,379,205		32,433,437		(31,443,766	)		(4,369	)		10,363,214		8,953			52,846		10,373,460
Dynamic		40,107,913		8,610,488		(34,401,657	)		(8	)		14,312,412		5,636			150,657		14,322,372
Quantex		1,503,598		10,009,260		(10,685,424	)		1,342			827,426		(770	)		9,419		828,006
Bond		2,171,908		14,756,421		(14,916,001	)		(153	)		2,012,254		2,587			10,495		2,014,762

Page 134 2020 Semiannual Report | June 30, 2020

6.    Federal Tax Information

The following information is computed on a tax basis for each item as of December 31, 2019:

	Tax Cost of Portfolio Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Muirfield	$	582,492,556	$	98,761,380	$	(10,383,131	)	$	88,378,249
Spectrum		109,404,340		45,507,927		(10,862,557	)		34,645,370
Global		44,449,095		5,051,765		(396,330	)		4,655,435
Balanced		363,864,994		42,802,913		(4,412,379	)		38,390,534
Moderate		163,881,958		12,492,276		(1,399,698	)		11,092,578
Conservative		129,438,396		7,115,526		(819,141	)		6,296,385
Dynamic		171,684,610		27,516,340		(2,624,063	)		24,892,277
Quantex		51,060,234		14,021,563		(1,331,283	)		12,690,280
Bond		60,218,608		1,806,908		(210,860	)		1,596,048
Prime Money Market		34,789,924		—		—			—
Institutional Prime Money Market		369,937,729		46,398		(27,101	)		19,297

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2019 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Total Dividends Paid*
Muirfield	$	3,218,545	$	—	$	15,318,351	$	18,536,896
Spectrum		143,754		—		1,927,105		2,070,859
Global		326,800		279,432		614,316		1,220,548
Balanced		3,766,194		—		2,810,783		6,576,977
Moderate		3,444,296		—		—		3,444,296
Conservative		3,375,522		—		—		3,375,522
Dynamic		1,941,019		—		3,035,347		4,976,366
Quantex		521,859		—		—		521,859
Bond		1,749,960		—		—		1,749,960
Prime Money Market		725,101		—		—		725,101
Institutional Prime Money Market		9,951,803		—		—		9,951,803

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

2020 Semiannual Report | June 30, 2020 Page 135

As of December 31, 2019, the components of distributable earnings/(accumulated deficit) on a tax basis for the Funds were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital and Other Gains and (Losses)			Unrealized Appreciation/ (Depreciation)**		Total Distributable Earnings/ (Accumulated Deficit)
Muirfield	$	4,846,891	$	—	$	(22,550,028	)	$	88,378,249	$	70,675,112
Spectrum		1,378,978		—		(6,441,098	)		34,645,370		29,583,250
Global		585,460		689,687		(86,800	)		4,655,435		5,843,782
Balanced		3,266,299		—		(5,309,571	)		38,390,534		36,347,262
Moderate		187,398		—		(1,486,503	)		11,092,578		9,793,473
Conservative		181,653		—		(2,487,584	)		6,296,385		3,990,454
Dynamic		1,179,110		3,372,405		(170,236	)		24,892,277		29,273,556
Quantex		22,803		—		(398,299	)		12,690,280		12,314,784
Bond		10,674		—		(11,698,753	)		1,596,048		(10,092,031	)
Institutional Prime Money Market		3,145		—		(6,385	)		19,297		16,057

* 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, 2019, 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
Muirfield	$	11,699,298	$	10,641,087	$	—
Spectrum		6,375,172		—		—
Balanced		2,552,595		2,620,278		—
Moderate		1,333,092		135,295		—
Conservative		2,298,420		134,386		—
Bond		8,982,216		2,656,435		497,518
Institutional Prime Money Market		1,841		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, 2019:

	Short-Term Post-October Loss Deferral		Long-Term Post-October Loss Deferral		Total Late Year Loss Deferral
Quantex	$	218,672	$	127,932	$	346,604

Page 136 2020 Semiannual Report | June 30, 2020

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, 2020, there were no beneficial owners that held more than 25% of the voting securities of the Funds.

8.    Contingencies and Commitments

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

9.    Subsequent Events

Management evaluated subsequent events through the date these financial statements were issued and concluded no subsequent events required recognition or disclosure in these financial statements.

Other Information

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.

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.

2020 Semiannual Report | June 30, 2020 Page 137

Shareholder Expense Analysis (unaudited)

Shareholders of mutual funds pay ongoing expenses, such as advisory fees, distribution and service fees and other fund operating 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 are based on an investment of $1,000 invested for the period of time indicated in the table below.

The Actual Expense example provides information about actual account values and actual expenses. You may use the information in this line, together 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.

The Hypothetical Expense example provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return of any Fund. 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 December 31, 2019				Ending Account Value June 30, 2020				Expenses Paid During Period1				Net Expense Ratio2
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Muirfield Fund
Retail Class	$	1,000.00	$	1,000.00	$	879.90	$	1,018.50	$	5.98	$	6.42		1.28	%
Adviser Class		1,000.00		1,000.00		880.80		1,019.99		4.58		4.92		0.98	%
Institutional Class		1,000.00		1,000.00		879.80		1,020.09		4.49		4.82		0.96	%
Spectrum Fund
Retail Class		1,000.00		1,000.00		838.40		1,015.32		8.78		9.62		1.92	%
Adviser Class		1,000.00		1,000.00		840.30		1,017.16		7.09		7.77		1.55	%
Institutional Class		1,000.00		1,000.00		840.00		1,017.30		6.95		7.62		1.52	%
Global Allocation Fund
Retail Class		1,000.00		1,000.00		865.70		1,016.11		8.16		8.82		1.76	%
Adviser Class		1,000.00		1,000.00		867.00		1,017.90		6.50		7.02		1.40	%
Institutional Class		1,000.00		1,000.00		867.10		1,018.30		6.13		6.62		1.32	%
Balanced Fund
Retail Class		1,000.00		1,000.00		920.90		1,017.85		6.73		7.07		1.41	%
Adviser Class		1,000.00		1,000.00		923.10		1,019.69		4.97		5.22		1.04	%
Institutional Class		1,000.00		1,000.00		923.10		1,019.69		4.97		5.22		1.04	%
Moderate Allocation Fund
Retail Class		1,000.00		1,000.00		948.60		1,018.00		6.69		6.92		1.38	%
Adviser Class		1,000.00		1,000.00		950.40		1,019.84		4.90		5.07		1.01	%
Institutional Class		1,000.00		1,000.00		950.50		1,019.89		4.85		5.02		1.00	%
Conservative Allocation Fund
Retail Class		1,000.00		1,000.00		979.10		1,018.45		6.35		6.47		1.29	%
Adviser Class		1,000.00		1,000.00		981.10		1,020.19		4.63		4.72		0.94	%
Institutional Class		1,000.00		1,000.00		980.80		1,020.24		4.58		4.67		0.93	%
Dynamic Allocation Fund
Retail Class		1,000.00		1,000.00		956.20	��	1,017.75		6.96		7.17		1.43	%
Adviser Class		1,000.00		1,000.00		958.00		1,019.54		5.21		5.37		1.07	%
Institutional Class		1,000.00		1,000.00		959.10		1,019.84		4.92		5.07		1.01	%

Page 138 2020 Semiannual Report | June 30, 2020

	Beginning Account Value December 31, 2019				Ending Account Value June 30, 2020				Expenses Paid During Period1				Net Expense Ratio2
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Quantex Fund
Retail Class	$	1,000.00	$	1,000.00	$	737.80	$	1,017.30	$	6.57	$	7.62		1.52	%
Adviser Class		1,000.00		1,000.00		738.20		1,017.85		6.09		7.07		1.41	%
Institutional Class		1,000.00		1,000.00		738.50		1,018.10		5.88		6.82		1.36	%
Total Return Bond Fund
Retail Class		1,000.00		1,000.00		1,042.00		1,019.05		5.94		5.87		1.17	%
Adviser Class		1,000.00		1,000.00		1,043.80		1,020.93		4.01		3.97		0.79	%
Institutional Class		1,000.00		1,000.00		1,043.80		1,020.98		3.96		3.92		0.78	%
Prime Money Market Fund		1,000.00		1,000.00		1,004.30		1,023.42		1.45		1.46		0.29	%
Institutional Prime Money Market Fund		1,000.00		1,000.00		1,005.40		1,024.12		0.75		0.75		0.15	%

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 each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by the number of days in the fiscal year (to reflect the one-half year period).

² Annualized net expense ratio reflects contractual or voluntary waivers and reimbursements of expenses by the investment adviser and transfer agent.

2020 Semiannual Report | June 30, 2020 Page 139

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, Meeder Distribution Services, Inc. (f.k.a. Adviser Dealer Services, Inc.) and Mutual Funds Service Company.

QUESTIONS

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

Page 140 2020 Semiannual Report | June 30, 2020

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

Meeder Distribution Services, Inc. (f.k.a. 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:

	2020		2019
Audit Fees	$	119,400	$	123,400
Audit-Related Fees		0		300
Tax Fees		43,500		51,000
All Other Fees		2,239		1,971

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 $37,000 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 4, 2020

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 4, 2020
By:	/s/ Robert S. Meeder, Jr.
	Robert S. Meeder, Jr., President
Date:	September 4, 2020