Meeder Funds NCSR Certified 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: December 31, 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.

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
Fund Summaries (Unaudited)
Muirfield Fund	4
Spectrum Fund	6
Global Allocation Fund	8
Balanced Fund	10
Moderate Allocation Fund	12
Conservative Allocation Fund	14
Dynamic Allocation Fund	16
Quantex Fund	18
Total Return Bond Fund	20
Prime Money Market Fund	22
Institutional Prime Money Market Fund	24
Financial Statements
Schedules of Investments	27
Statements of Assets & Liabilities	118
Statements of Operations	120
Statements of Changes in Net Assets	122
Financial Highlights	126
Notes to Financial Statements	136
Report of Independent Registered Public Accounting Firm	155
Shareholder Expense Analysis	156
Management of the Trust	158
Other Items	159

This Annual 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 December 31, 2020

CAPITAL MARKETS UPDATE: Q4: 2020

For many, the year 2020 could not end quickly enough. The U.S. election and quest to find a COVID-19 vaccine dominated the headlines throughout the year. As scientists learned more about the transmission of the virus, state governments formulated various strategies and companies across the U.S. gradually reopened. Positive news on vaccine advances helped GDP in the 3rd quarter rebound by more than +33%, up from its worst-ever drop of -31.4% in the prior quarter. At the end of December, the FDA approved two different COVID-19 vaccines for emergency use. These events provided a renewed hope that the global economy could reopen sooner than previously expected and helped the Dow Jones Industrial Average, S&P 500, and Russell 2000 Indices reach new all-time highs. Small-cap stocks were the best performing U.S, market cap index for the quarter, followed by mid and large-caps, respectively. WTI oil also reached a 9-month high of $50 a barrel as the world reached another step closer to the global economy reopening.

While it seemed like things were moving back to normal economically, the disconnect between strong stock market performance and a weak economic recovery continues as significant economic problems remain The U.S. unemployment rate remains stagnant at 6.7% as many workers still attempt to regain their footing after being displaced due to the pandemic. Unfortunately, U.S. Non-farm payrolls lost 140,000 jobs in December, making it the first loss since the economy shed almost an unthinkable 21 million jobs in April alone. The continued trend of slowing growth even compelled Congress to pass a stimulus relief bill for those impacted the most by the pandemic. The new administration is also considering an additional stimulus bill for Americans early in 2021.

COVID-19

The FDA approved a COVID-19 vaccine for emergency use developed through a collaboration between Pfizer and BioNTech. The U.S. government provided resources to vaccine manufacturers to begin proactively producing vaccine candidates. Thus, manufacturers created an inventory and began shipping the premade doses around the U.S. within hours of the FDA’s formal approval. The next day, medical facilities received and began administering the vaccine to front-line workers and those in assisted living facilities. Ironically, on the first day of vaccinations, the U.S. crossed 300,000 fatalities from COVID-19, as the country averages roughly 200,000 new contractions each day. On a positive note, Moderna’s COVID-19 vaccine was the second to be approved for emergency use by the FDA. This vaccination provides an efficacy rate of up to 95%. Oxford-AstraZeneca’s vaccine candidate may delay submission for FDA review in the spring of 2021, but is currently being used in the U.K. These vaccines will help provide the medical community with a portfolio of available medicines that fight the virus differently. To date, the virus is responsible for the deaths of more than 368,000 Americans and 1,900,000 lives worldwide.

FEDERAL RESERVE

The Federal Open Market Committee held its meeting in December and kept interest rates near zero. The committee also committed to purchasing a minimum of $120 billion of bonds each month until the economy reaches full employment and inflation expectations. They issued a statement saying, “these asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.” The Federal Reserve (Fed) stated that they would consider many items when determining their outlook, including the global pandemic, labor markets, inflation, and international events. As it stands, a survey of Fed officials revealed the group is committed to keeping rates near zero through 2023.

ELECTION 2020

Joe Biden will be inaugurated as the 46th President of the United States as the electoral college officially certified their votes, providing him with more than the 270 votes needed. Democrats will maintain control of the House of Representatives, but their majority decreased from 38 seats to 10. On January 5, Democrats won both of Georgia’s runoff races. These seats now split the Senate in a 50-50 tie between both parties but gives the incoming Democratic Vice President the tie-breaking majority. Stock market returns have historically been higher with a split Congress, which usually leads to less sweeping policy changes. However, performance of the S&P 500 Index when Democrats have maintained control of the White House and Congress are still above average.

There was a record amount of money spent during this election cycle. The nonpartisan Center of Responsive Politics estimates that the Congressional and Presidential campaigns for the November 2020 elections spent $10.8 billion. Campaigns allocated more than $1 billion to television campaign ads, with $882 million of the total directed to six key battleground states. Despite the record amounts spent by both campaigns, expected market volatility followed a somewhat similar pattern to past elections and rose significantly. This year, the CBOE Volatility Index (VIX) spiked more than 50% during the three months ahead of the election.

BREXIT TRADE DEAL OFFICIAL

In 2016, citizens of Great Britain voted to leave the European Union. Since then, details and logistics of the move prevented this transition from occurring. The event was officially ratified on January 31, 2020; however, Britain agreed to adhere to the E.U.’s terms to finalize the agreement until December 31, 2020. Citizens of Great Britain who travel to the European Union will now need to provide similar documentation as Americans. From a business perspective, the most critical detail in the agreement is that the two entities established a trade deal with no tariffs and no quotas. Thankfully, this resolution is one less thing that investors need to worry about in 2021.

2020 Annual Report | December 31, 2020

Page 1

HOW IS THIS IMPACTING PORTFOLIOS?

At Meeder, we manage investment solutions across different risk profiles and time horizons. Meeder manages strategies using a systematic approach that guides us in the allocation of our portfolios. Many of these solutions employ one or more of our core investment strategies: Growth, Defensive Equity and Fixed Income.

GROWTH

Investment portfolios comprised of the Growth Strategy maintain a more aggressive objective and typically remain invested in the stock market. In the fourth quarter, investors got significantly more clarity about the future. Certified election results provided investors with a better idea of what they might expect regarding future policy shifts. At the end of December, the FDA approved two different COVID-19 vaccines for emergency use. This renewed hope that the global economy might be reopening sooner than previously expected helped major indices like the Dow Jones, S&P 500, and Russell 2000 Indices reach new all-time highs. Small-cap stocks were the best performing market cap for the quarter, followed by mid and large-caps, respectively. Those investors that remained invested in the Growth Strategy portfolios, despite the market volatility in the fourth quarter, received the highest returns of all our risk-based portfolios.

DEFENSIVE EQUITY

Portfolios that utilize the Defensive Equity Strategy follow a rules-based and data-driven approach using the Meeder Investment Positioning System (IPS) model. This model is used to determine the risk relative to reward in the marketplace and identifies when we should be increasing or decreasing the portfolio’s target equity exposure.

At the beginning of the fourth quarter, the IPS model indicated that we should have an equity target exposure of 86%. Short-term trends were robust as many stocks participated in the stock market rally. The IPS guided us to gradually increase our target equity exposure to 100% by the middle of October. As the U.S. election drew near, the stock market’s expected volatility climbed to its highest level since early June. During higher periods of volatility, historically, there are increased odds of equity drawdowns and this is one reason the IPS guided us to reduce the target equity exposure to 88%. After the U.S. election occurred, market risk declined significantly as investors gained clarity about potential future policy shifts.

The long-term model’s score continued to improve as the broad strength of the underlying trend of many sectors and industries. This caused us to gradually increase our target equity exposure to 100% in the middle of November. In December, bullish option activity was extremely high and was near an optimistic extreme. Since we view this from a contrarian perspective, this was a detractor from the intermediate-term model score. The IPS also identified a decline in the percentage of world markets in uptrends, but neither of these events was significant enough to reduce our equity exposure. The Defensive Equity strategy remained 100% invested through the end of 2020.

FIXED INCOME

The Meeder Fixed Income Strategy tactically shifts portfolio exposure utilizing our proprietary investment models. These models are designed to actively monitor factors to guide us in determining the credit quality, emerging market debt exposure, and the portfolio’s U.S. Treasury duration. Our quantitative model signaled strength in momentum, volatility, and macroeconomic factors in high-yield and emerging market debt sectors in the fourth quarter. This risk-on signal led us to increase the allocation and ultimately overweight these sectors while underweighting investment-grade bonds and U.S. Treasuries for the majority of the quarter. High-yield bonds led the risk-on rally to substantially outperform their investment-grade peers, as yields reached a record low of 4.18% at the end of the year. The overweight allocation to emerging market bonds also contributed to portfolio performance, as the sector benefited from the U.S. dollar’s weakness in December. The Meeder fixed income strategy maintained a duration in line with its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

A NEW YEAR

The events of 2020 made history for our country and in the markets that we will likely not forget. Despite all the twists and turns, I want to take a moment to congratulate everyone for navigating through one of the most turbulent market environments ever. It is essential to reflect on what an historic year it has been and all that we have accomplished together in such an unusual time. On behalf of all of us at Meeder Investment Management, I would like to wish each of you a happy, healthy, and prosperous new year.

Sincerely,

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

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2020 Annual Report | December 31, 2020

2020 Annual Report
Fund Summaries

Muirfield Fund

The Meeder Muirfield Fund Institutional Class returned 4.66% for the year ended December 31, 2020, compared to the Morningstar Moderate Target Risk Index benchmark return of 12.82%. This fund maintains exposure to the Meeder Defensive Equity Strategy.

The Meeder Defensive Equity Strategy follows a rules-based and data-driven approach using the Meeder Investment Positioning System (IPS) model. This model is used to determine the risk relative to reward in the marketplace and identifies when we should be increasing or decreasing the portfolio’s target equity exposure. The Defensive Equity tactical portfolio began the first quarter with a target of 100% exposure to the stock market since our investment model’s reward value was higher than the risk value. The S&P 500 Index plummeted -34% 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% at the end of March. 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 led us to increase the target exposure to the stock market to 62%. The intermediate-term model improved, as significant fund flow activity demonstrated an increase in institutional demand causing us to increase our equity target to as high as 91%. With the Fed remaining extremely accommodative and stating they will keep interest rates near zero until at least 2023, the long-term model score significantly improved this quarter. Institutional demand factors in our intermediate-term model continued to show a lack of significant fund flow activity during September. After the U.S. election in November, market risk declined significantly as investors gained clarity about potential future policy shifts. The long-term model’s score continued to improve as the broad strength of the underlying trend of many sectors and industries. This caused us to gradually increase our target equity exposure to 100% in mid-November and remained there through the end of 2020.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets contributed to performance relative to the benchmark in 2020.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2020, securities with strong fundamentals, such as strong profitability, contributed to performance. In addition, the fund’s investment in companies with low leverage also contributed to performance. The fund’s exposure to companies with low valuations detracted from performance in 2020.

In the portfolio, we will often use equity index derivatives in the fund, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the fund. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the fund’s relative performance. The use of stock index futures to manage equity exposure of the fund had a negative impact on the performance of the fund relative to the benchmark index during 2020.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year	Share Class Inception Date
Muirfield Fund Retail Class	4.36%	7.74%	7.62%	8/10/88
Muirfield Fund Institutional Class	4.66%	8.09%	7.80%	10/31/16
Muirfield Fund Adviser Class	4.67%	7.98%	7.74%	10/31/16
Morningstar Moderate Target Risk Index	12.82%	9.75%	7.77%	—
Blended Index	11.77%	9.69%	8.62%	—

Top 10 Holdings
as of December 31, 2020

1.	Apple, Inc.	4.8%
2.	Microsoft Corp.	4.1%
3.	Amazon.com, Inc.	2.8%
4.	Facebook, Inc.	1.6%
5.	Berkshire Hathaway, Inc. - Class B	1.5%
6.	Johnson & Johnson	1.5%
7.	Alphabet, Inc. - Class C	1.4%
8.	Tesla, Inc.	1.2%
9.	Merck & Co., Inc.	0.9%
10.	Alphabet, Inc. - Class A	0.9%

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

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2020 Annual Report | December 31, 2020

Growth of $10,000
as of December 31, 2020

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmarks. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Sector Concentration
as of December 31, 2020

Information Technology	28.7%
Healthcare	18.9%
Consumer Discretionary	12.7%
Communication Services	10.1%
Financials	8.9%
Industrials	8.7%
Real Estate Investment Trust	3.1%
Materials	3.0%
Consumer Staples	2.7%
Utilities	2.2%
Energy	1.0%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	79.9%
Money Market Registered Investment Companies	18.1%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	1.9%
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.

The Blended Index is comprised 60% of the S&P 500 Index and 40% of 90-day T-bills.

2020 Annual Report | December 31, 2020

Page 5

Spectrum Fund

The Meeder Spectrum Fund Institutional Class returned 0.25% for the year ended December 31, 2020, compared to the Morningstar Moderate Target Risk Index benchmark return of 12.82%. This fund maintains exposure to the Meeder Defensive Equity Strategy.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	Since Inception	Share Class Inception Date
Spectrum Fund Retail Class	-0.23%	6.68%	5.33%	1/1/15
Spectrum Fund Institutional Class	0.25%	7.07%	5.65%	10/31/16
Spectrum Fund Adviser Class	0.18%	6.94%	5.54%	10/31/16
Morningstar Moderate Target Risk Index	12.82%	9.75%	7.75%	—
Blended Index	11.77%	9.69%	8.21%	—

Top 10 Holdings
as of December 31, 2020

1.	Apple, Inc.	5.5%
2.	Microsoft Corp.	4.7%
3.	Amazon.com, Inc.	2.8%
4.	Johnson & Johnson	1.9%
5.	Facebook, Inc.	1.7%
6.	Berkshire Hathaway, Inc. - Class B	1.5%
7.	Alphabet, Inc. - Class C	1.4%
8.	Tesla, Inc.	1.3%
9.	Merck & Co., Inc.	1.3%
10.	Intuit, Inc.	1.2%

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

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2020 Annual Report | December 31, 2020

Growth of $10,000
as of December 31, 2020

Sector Concentration
as of December 31, 2020

Information Technology	30.7%
Healthcare	19.3%
Consumer Discretionary	12.5%
Communication Services	9.6%
Financials	8.6%
Industrials	7.9%
Real Estate Investment Trust	3.1%
Materials	3.0%
Consumer Staples	2.9%
Utilities	1.5%
Energy	0.9%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	81.6%
Money Market Registered Investment Companies	15.8%
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.

The Blended Index is comprised 60% of the S&P 500 Index and 40% of 90-day T-bills.

2020 Annual Report | December 31, 2020

Page 7

Global Allocation Fund

The Meeder Global Allocation Fund Institutional Class returned 3.43% for the year ended December 31, 2020, compared to the Morningstar Global Allocation Index benchmark return of 13.55%. This fund maintains exposure to both the Meeder Defensive Equity Strategy and to the Meeder Fixed Income Strategy. It invests in domestic equity markets but will generally hold securities in emerging market and developed international equities as well. We alter the allocation to the international markets based on indications from our quantitative models. Additionally, the strategy can reduce equity exposure when it is deemed to be a high-risk market environment.

The Meeder Fixed Income Strategy tactically shifts portfolio exposure utilizing quantitative models designed to actively monitor the credit quality, emerging market bond exposure, and the U.S. Treasury duration of the portfolio. Our fixed income models added significant value during the coronavirus-driven drawdown. 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 before the market meltdown in March. The Federal Reserve stepped in to provide liquidity by reducing short-term interest rates to zero, as well as providing other quantitative easing measures to calm fixed income markets. During this period, our portfolio maintained a high-quality bias, which contributed to its overall performance during this market volatility. In early April, momentum and volatility factors showed strength in high-yield bonds, while macroeconomic factors signaled potential weakness. All model factors related to emerging market bonds were uniformly positive. In response to our models signaling an improvement in market conditions, we increased exposure to high-yield bonds and emerging market bonds in our tactical portfolio over the first few weeks of the second quarter. This risk-on signal led us to ultimately overweight these sectors while reducing exposure to U.S. investment-grade bonds and U.S. Treasuries. Since then, high-yield bonds led the risk-on rally to substantially outperform their investment-grade peers. The overweight allocation to emerging market bonds also contributed to portfolio performance, as the sector benefited from the U.S. dollar’s weakness. At the end of the year, the Meeder fixed income strategy maintained a duration in line with its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

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2020 Annual Report | December 31, 2020

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year	Share Class Inception Date
Global Allocation Fund Retail Class	2.96%	6.55%	5.65%	1/31/06
Global Allocation Fund Institutional Class	3.43%	6.98%	5.86%	10/31/16
Global Allocation Fund Adviser Class	3.42%	6.84%	5.79%	10/31/16
Morningstar Global Allocation Index	13.55%	9.76%	7.22%	—
Blended Index	10.29%	7.67%	5.73%	—

Growth of $10,000
as of December 31, 2020

Top 10 Holdings
as of December 31, 2020

1.	iShares Core MSCI EAFE ETF	6.4%
2.	Apple, Inc.	2.4%
3.	Microsoft Corp.	2.0%
4.	iShares Core MSCI Emerging Markets ETF	1.7%
5.	Amazon.com, Inc.	1.4%
6.	iShares JP Morgan USD Emerging Markets Bond ETF	1.4%
7.	Xtrackers USD High Yield Corporate Bond ETF	1.3%
8.	SPDR Bloomberg Barclays High Yield Bond ETF	1.0%
9.	Facebook, Inc.	0.9%
10.	Alphabet, Inc. - Class C	0.8%

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

Sector Concentration
as of December 31, 2020

Information Technology	28.9%
Healthcare	18.7%
Consumer Discretionary	12.8%
Communication Services	10.8%
Financials	8.6%
Industrials	8.6%
Real Estate Investment Trust	3.1%
Materials	3.0%
Consumer Staples	2.9%
Utilities	1.7%
Energy	0.9%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	39.9%
Equity Registered Investment Companies	8.1%
Fixed Income Registered Investment Companies	9.5%
Money Market Registered Investment Companies	34.4%
Bank Obligations	1.6%
Other Assets/Liabilities (Net)	6.5%
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.

The Blended Index is comprised of 54% MSCI ACWI, 36% of 90 day T-Bills and 10% Bloomberg Barclays US Aggregate Bond Index.

2020 Annual Report | December 31, 2020

Page 9

Balanced Fund

The Meeder Balanced Fund Institutional Class returned 5.71% for the year ended December 31, 2020, compared to the Morningstar Moderate Target Risk Index benchmark return of 12.82%. This fund maintains exposure to both the Meeder Defensive Equity Strategy and to the Meeder Fixed Income Strategy.

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2020 Annual Report | December 31, 2020

Investment Objective

The investment objective of the Fund is to provide income and long-term capital appreciation.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year	Share Class Inception Date
Balanced Fund Retail Class	5.27%	6.59%	6.07%	1/31/06
Balanced Fund Institutional Class	5.71%	6.97%	6.26%	10/31/16
Balanced Fund Adviser Class	5.66%	6.87%	6.21%	10/31/16
Morningstar Moderate Target Risk Index	12.82%	9.75%	7.77%	—
Blended Index	10.66%	8.20%	7.26%	—

Growth of $10,000
as of December 31, 2020

Top 10 Holdings
as of December 31, 2020

1.	iShares JP Morgan USD Emerging Markets Bond ETF	4.4%
2.	Xtrackers USD High Yield Corporate Bond ETF	4.2%
3.	Apple, Inc.	3.3%
4.	SPDR Bloomberg Barclays High Yield Bond ETF	3.0%
5.	Microsoft Corp.	2.8%
6.	iShares Core U.S. Aggregate Bond ETF	2.6%
7.	Vanguard Total Bond Market ETF	2.2%
8.	Amazon.com, Inc.	2.0%
9.	Baird Core Plus Bond Fund - Class I	1.9%
10.	Lord Abbett High Yield Fund - Class I	1.8%

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

Sector Concentration
as of December 31, 2020

Information Technology	28.4%
Healthcare	18.9%
Consumer Discretionary	12.9%
Communication Services	10.0%
Financials	8.8%
Industrials	8.8%
Real Estate Investment Trust	3.1%
Materials	3.0%
Consumer Staples	2.9%
Utilities	2.1%
Energy	1.1%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	55.3%
Fixed Income Registered Investment Companies	29.6%
Money Market Registered Investment Companies	13.0%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	1.9%
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.

The Blended Index is comprised 42% of the S&P 500 Index, 28% of the average 90-day T-bills, and 30% of the Bloomberg Barclays US Aggregate Bond Index.

2020 Annual Report | December 31, 2020

Page 11

Moderate Allocation Fund

The Meeder Moderate Allocation Fund Institutional Class returned 6.02% compared to the Morningstar Moderate Conservative Target Risk Index benchmark return of 11.86%. This fund maintains exposure to the Meeder Defensive Equity Strategy and to the Meeder Fixed Income Strategy.

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2020 Annual Report | December 31, 2020

Investment Objective

The investment objective of the Fund is to provide total return, including capital appreciation, and current income.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	Since Inception	Share Class Inception Date
Moderate Allocation Fund Retail Class	5.55%	8.23%	6.62%	6/30/15
Moderate Allocation Fund Institutional Class	6.02%	8.61%	6.96%	10/31/16
Moderate Allocation Fund Adviser Class	6.04%	8.51%	6.88%	10/31/16
Morningstar Moderate Conservative Target Risk Index	11.86%	8.17%	7.07%	—
Blended Index	9.86%	7.16%	6.58%	—

Growth of $10,000
as of December 31, 2020

Top 10 Holdings
as of December 31, 2020

1.	iShares JP Morgan USD Emerging Markets Bond ETF	7.3%
2.	Xtrackers USD High Yield Corporate Bond ETF	7.0%
3.	SPDR Bloomberg Barclays High Yield Bond ETF	4.9%
4.	iShares Core U.S. Aggregate Bond ETF	4.2%
5.	Vanguard Total Bond Market ETF	3.6%
6.	Baird Core Plus Bond Fund - Class I	3.1%
7.	Lord Abbett High Yield Fund - Class I	3.0%
8.	PGIM Total Return Bond Fund - Class R6	2.6%
9.	Dodge & Cox Income Fund	2.6%
10.	Segall Bryant & Hamill Plus Bond Fund - Class I	2.2%

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

Sector Concentration
as of December 31, 2020

Information Technology	29.0%
Healthcare	18.7%
Consumer Discretionary	13.1%
Communication Services	10.3%
Industrials	8.9%
Financials	8.3%
Real Estate Investment Trust	3.1%
Materials	3.0%
Consumer Staples	3.0%
Utilities	1.7%
Energy	0.9%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	36.4%
Fixed Income Registered Investment Companies	49.3%
Money Market Registered Investment Companies	12.3%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	1.9%
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.

The Blended Index is comprised 30% of the S&P 500 Index, 20% of the average 90-day T-bills, and 50% of the Bloomberg Barclays US Aggregate Bond Index.

2020 Annual Report | December 31, 2020

Page 13

Conservative Allocation Fund

The Meeder Conservative Allocation Fund Institutional Class returned 6.68% compared to the Morningstar Conservative Target Risk Index return of 9.75%. This fund maintains exposure to the Meeder Defensive Equity Strategy and to the Meeder Fixed Income Strategy.

Page 14

2020 Annual Report | December 31, 2020

Investment Objective

The investment objective of the Fund is to provide income and long-term capital appreciation.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year	Share Class Inception Date
Conservative Allocation Fund Retail Class	6.28%	8.04%	6.18%	6/21/95
Conservative Allocation Fund Institutional Class	6.68%	8.38%	6.34%	10/31/16
Conservative Allocation Fund Adviser Class	6.69%	8.29%	6.30%	10/31/16
Morningstar Conservative Target Risk Index	9.75%	6.20%	4.79%	—
Blended Index	8.98%	6.09%	5.34%	—

Growth of $10,000
as of December 31, 2020

Top 10 Holdings
as of December 31, 2020

1.	iShares JP Morgan USD Emerging Markets Bond ETF	10.2%
2.	Xtrackers USD High Yield Corporate Bond ETF	9.7%
3.	SPDR Bloomberg Barclays High Yield Bond ETF	6.9%
4.	iShares Core U.S. Aggregate Bond ETF	5.9%
5.	Vanguard Total Bond Market ETF	5.0%
6.	Baird Core Plus Bond Fund - Class I	4.3%
7.	Lord Abbett High Yield Fund - Class I	4.3%
8.	PGIM Total Return Bond Fund - Class R6	3.7%
9.	Dodge & Cox Income Fund	3.6%
10.	Segall Bryant & Hamill Plus Bond Fund - Class I	3.1%

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

Sector Concentration
as of December 31, 2020

Information Technology	28.9%
Healthcare	18.6%
Consumer Discretionary	12.8%
Communication Services	10.7%
Industrials	8.9%
Financials	8.5%
Real Estate Investment Trust	3.1%
Materials	3.0%
Consumer Staples	2.9%
Utilities	1.7%
Energy	0.9%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	22.1%
Fixed Income Registered Investment Companies	69.2%
Money Market Registered Investment Companies	7.4%
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.

The Blended Index is comprised 18% of the S&P 500 Index, 12% of the average 90-day T-bills, and 70% of the Bloomberg Barclays US Aggregate Bond Index.

2020 Annual Report | December 31, 2020

Page 15

Dynamic Allocation Fund

The Meeder Dynamic Allocation Fund Institutional Class returned 15.94% for the year ended December 31, 2020, compared to the Morningstar Aggressive Target Risk Index benchmark return of 13.26%. This fund maintains exposure to both the Meeder Growth Strategy and to the Meeder Fixed Income Strategy.

The Meeder Growth Strategy maintains a more aggressive objective and typically remains invested in the stock market. Therefore, investors experienced significant volatility as the market declined from its all-time high on February 19th. The S&P 500 experienced more than a 30% decline before the end of the first quarter. The stock market reversed course from the lows experienced on March 23rd and moved higher to capture significant gains, ultimately reaching a new all-time high in August. Certified election results provided investors with a better idea of what they might expect regarding future policy shifts. At the end of December, the FDA approved two different COVID-19 vaccines for emergency use. The renewed hope that the global economy might be reopening sooner than previously expected helped major indices like the Dow Jones, S&P 500, and Russell 2000 Indices reach new all-time highs. Investors that remained invested in the Growth Strategy despite the market volatility, received the highest returns of all our risk-based portfolios.

We maintain at least a 5% allocation to the Meeder Fixed Income Strategy in the fund. The Meeder Fixed Income Strategy tactically shifts portfolio exposure utilizing quantitative models designed to actively monitor the credit quality, emerging market bond exposure, and the U.S. Treasury duration of the portfolio. Our fixed income models added significant value during the coronavirus-driven drawdown. 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 before the market meltdown in March. The Federal Reserve stepped in to provide liquidity by reducing short-term interest rates to zero, as well as providing other quantitative easing measures to calm fixed income markets. During this period, our portfolio maintained a high-quality bias, which contributed to its overall performance during this market volatility. In early April, momentum and volatility factors showed strength in high-yield bonds, while macroeconomic factors signaled potential weakness. All model factors related to emerging market bonds were uniformly positive. In response to our models signaling an improvement in market conditions, we increased exposure to high-yield bonds and emerging market bonds in our tactical portfolio over the first few weeks of the second quarter. This risk-on signal led us to ultimately overweight these sectors while reducing exposure to U.S. investment-grade bonds and U.S. Treasuries. Since then, high-yield bonds led the risk-on rally to substantially outperform their investment-grade peers. The overweight allocation to emerging market bonds also contributed to portfolio performance, as the sector benefited from the U.S. dollar’s weakness. At the end of the year, the Meeder fixed income strategy maintained a duration in line with its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

In the portfolio, we will often use equity index derivatives in the fund, such as stock index futures, to efficiently equitize our cash positions. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the fund’s relative performance.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year	Share Class Inception Date
Dynamic Allocation Fund Retail Class	15.37%	10.79%	9.97%	2/29/00
Dynamic Allocation Fund Institutional Class	15.94%	11.16%	10.15%	10/31/16
Dynamic Allocation Fund Adviser Class	15.85%	11.04%	10.09%	10/31/16
Morningstar Aggressive Target Risk Index	13.26%	12.20%	9.76%	—
Blended Index	16.08%	13.17%	11.17%	—

Top 10 Holdings
as of December 31, 2020

1.	Apple, Inc.	4.7%
2.	Microsoft Corp.	3.8%
3.	Amazon.com, Inc.	2.6%
4.	iShares JP Morgan USD Emerging Markets Bond ETF	2.3%
5.	Xtrackers USD High Yield Corporate Bond ETF	2.3%
6.	Facebook, Inc.	1.5%
7.	Alphabet, Inc. - Class C	1.4%
8.	Berkshire Hathaway, Inc. - Class B	1.4%
9.	Johnson & Johnson	1.4%
10.	Tesla, Inc.	1.2%

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

Page 16

2020 Annual Report | December 31, 2020

Sector Concentration
as of December 31, 2020

Information Technology	29.5%
Healthcare	18.9%
Consumer Discretionary	12.9%
Communication Services	10.0%
Financials	8.5%
Industrials	8.4%
Real Estate Investment Trust	3.1%
Consumer Staples	3.1%
Materials	2.9%
Utilities	1.8%
Energy	0.9%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	74.1%
Money Market Registered Investment Companies	18.4%
Fixed Income Registered Investment Companies	4.6%
Equity Registered Investment Companies	0.6%
Bank Obligations	0.4%
Other Assets/Liabilities (Net)	1.9%
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.

Growth of $10,000
as of December 31, 2020

The Blended Index is comprised of 70% S&P 500 Index, 25% MSCI ACWI ex USA Index, and 5% Bloomberg Barclays US Aggregate Bond Index.

2020 Annual Report | December 31, 2020

Page 17

Quantex Fund

The Meeder Quantex Fund Institutional Class returned -5.22% for the year ended December 31, 2020, compared to the benchmark return of the S&P Mid-Cap 400 Index 13.66% and the Russell 2000 Index return of 19.96%.

We use a quantitative model to identify the capitalization ranges that incorporate our ideal portfolio of small- and mid-capitalization companies with strong growth potential each calendar year. Individual securities for the portfolio are equally weighted at the beginning of the year. Securities are then monitored on an ongoing basis and screened based on various momentum, profitability, and value characteristics.

The portfolio’s performance was driven by a combination of sector selection and individual security selection. Consumer Discretionary, Health Care, and Materials were the largest overweight sectors relative to the benchmark, while our largest underweights relative to the benchmark were in Financials, Utilities, and Real Estate. The largest sector contributors were Health Care and Financials, while the biggest individual contributors to performance were L Brands, Abiomed, and Green Dot. Noble Energy, Dilliards, and Patterson-Uti Energy were the largest individual detractors to performance.

In the portfolio, we will often use equity index derivatives in the fund, such as stock index futures, to efficiently equitize our cash. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the fund’s relative performance.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year	Share Class Inception Date
Quantex Fund Retail Class	-5.36%	6.37%	8.13%	3/20/85
Quantex Fund Institutional Class	-5.22%	6.63%	8.26%	10/31/16
Quantex Fund Adviser Class	-5.25%	6.51%	8.21%	10/31/16
S&P MidCap 400 Index	13.66%	12.35%	11.51%	—
Russell 2000 Index	19.96%	13.26%	11.20%	—
Blended Index	16.82%	12.83%	11.39%	—

Top 10 Holdings
as of December 31, 2020

1.	Quanta Services, Inc.	2.3%
2.	DaVita, Inc.	2.1%
3.	PerkinElmer, Inc.	1.9%
4.	Allscripts Healthcare Solutions, Inc.	1.8%
5.	ABIOMED, Inc.	1.7%
6.	Fortune Brands Home & Security, Inc.	1.6%
7.	Nu Skin Enterprises, Inc.	1.6%
8.	Eastman Chemical Co.	1.6%
9.	Whirlpool Corp.	1.5%
10.	Avery Dennison Corp.	1.5%

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

Page 18

2020 Annual Report | December 31, 2020

Growth of $10,000
as of December 31, 2020

Sector Concentration
as of December 31, 2020

Consumer Discretionary	20.3%
Industrials	19.3%
Healthcare	13.9%
Materials	12.2%
Information Technology	10.2%
Financials	9.0%
Communication Services	4.3%
Consumer Staples	3.7%
Utilities	2.8%
Energy	2.4%
Real Estate Investment Trust	1.9%
Total	100.0%

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

Asset Allocation
as of December 31, 2020

Common Stocks	90.4%
Money Market Registered Investment Companies	2.2%
Other Assets/Liabilities (Net)	7.4%
Total	100.0%

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

The Blended Index consists of 50% of the Russell 2000 Index and 50% of the S&P MidCap 400 Index.

2020 Annual Report | December 31, 2020

Page 19

Total Return Bond Fund

The Meeder Total Return Bond Fund Institutional Class return was 7.86% for the year compared to the Bloomberg Barclays U.S. Aggregate Bond Index benchmark return of 7.51%. This fund maintains exposure to the Meeder Fixed Income Strategy.

Investment Objective

The investment objective of the Fund is to provide total return, consisting of income and capital growth, consistent with minimizing the risk of loss of capital.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	Since Inception	Share Class Inception Date
Total Return Bond Fund Retail Class	7.46%	4.20%	2.96%	6/30/11
Total Return Bond Fund Institutional Class	7.86%	4.56%	3.15%	10/31/16
Total Return Bond Fund Adviser Class	7.86%	4.47%	3.10%	10/31/16
Bloomberg Barclays U.S. Aggregate Bond Index	7.51%	4.44%	3.75%	—

Top 10 Holdings
as of December 31, 2020

1.	iShares JP Morgan USD Emerging Markets Bond ETF	10.5%
2.	iShares Core U.S. Aggregate Bond ETF	9.8%
3.	Vanguard Total Bond Market ETF	8.4%
4.	Baird Core Plus Bond Fund - Class I	7.1%
5.	Xtrackers USD High Yield Corporate Bond ETF	7.0%
6.	Dodge & Cox Income Fund	6.0%
7.	PGIM Total Return Bond Fund - Class R6	6.0%
8.	Segall Bryant & Hamill Plus Bond Fund - Class I	5.2%
9.	SPDR Bloomberg Barclays High Yield Bond ETF	5.0%
10.	Pioneer Bond Fund - Class Y	4.5%

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

Page 20

2020 Annual Report | December 31, 2020

Growth of $10,000
as of December 31, 2020

Fixed Income Sector Concentration
as of December 31, 2020

Core Intermediate-Term	60.1%
High-Yield	15.6%
Emerging Markets Debt	14.1%
U.S. Government	10.2%
Total	100.0%

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

2020 Annual Report | December 31, 2020

Page 21

Prime Money Market Fund

The Meeder Prime Money Market Fund is a constant net asset value (CNAV) fund offered only to natural persons. The objective of this fund is to maintain a CNAV at $1.00 per share while offering a competitive return to shareholders. The adviser to the Fund accomplishes the objective by investing in short-term, high-quality money market debt obligations. Money market debt obligations may be offered by the U.S. Government and its agencies but may also include obligations of fundamentally sound corporate issuers.

Over the years, investors have demonstrated confidence in the money market funds industry because of a couple key features. Safety and liquidity are at the core of money fund investment strategy. Safety is expressed through the selection of investments which are anticipated to provide minimal principal volatility, while liquidity is generated by maintaining ample funds to accommodate investor requests to redeem shares.

Fund providers have faced many obstacles challenging this philosophy. Zero bound interest rates, regulatory changes and financial crisis have all confronted fund providers. Regardless of the event, money fund managers analyzed the environment before them and marched ahead.

The past year started out as a rather normal year. Interest rates in the fixed income markets were respectable. Speculation of a domestic economic slowdown was debated but market participants remained optimistic growth would persist. However, as the year unfolded, 2020 would be remembered for a new challenge to the industry. The Covid-19 pandemic invaded the U.S. throughout the year causing unanticipated headwinds. From capital market disarray to a race for a vaccine, participants in every sector of the capital markets waged a battle not faced before.

The year began with the Federal Open Market Committee (FOMC) in a less restrictive stance versus the previous year. However, discussions surrounding global trade and economic instability emerged with the onset of a complex virus. By the beginning of March ramifications of a global pause prompted FOMC Chairperson, Jerome Powell, to act in favor of supporting domestic growth. An agreement to lower the target rate by 0.50% to a range of 1.00% to 1.25% was enacted to support employment and price stability goals. Needless to say, this would be insufficient. In less than two weeks the committee would meet again to discuss escalation of the virus to the point of pandemic. Fearing destruction of the global economy would eventually infiltrate the U.S. economy, the FOMC acted again. This time the committee took the target rate to a range of 0.00% to 0.25% in hopes of mitigating economic calamity.

Factoring in data at hand and weighing expectations for the year that lay ahead, the advisor fine-tuned tactical strategy targeting investment opportunities which may outperform in a zero bound interest rate environment. Government securities and high-quality corporate obligations warranted priority in an unstable environment. The Fund was also structured to bolster liquidity which enhanced portfolio safety. Investments which were short-term, including but not limited to collateralized investment, provided the necessary portfolio stability. Eventually in the second half of the year, when markets stabilized, liquid resources were ample to deploy in longer dated investments. As expectations escalated that short-term interest rates may stagnate at the lower bound, the team engaged more corporate obligations in an effort support shareholder value. During the year, the portfolio management team targeted a weighted average maturity that accommodated the divergent environment. This strategy allowed the management team opportunity to alter investments as conditions changed.

Currently, we believe the FOMC will continue to remain vigilant to aid economic resurgence. We expect the committee will maintain its current rate stance well into next year. We do anticipate the following interest rate cycle may also be elongated with potentially several meetings to pass with no action. Our sector allocation favors an overweight to high-quality liquid investments. Depending on market opportunities we will continue to explore investment alternatives in short-term, high-quality corporate debt products without adding undo risk.

As we completed 2020, our belief is that the Fund should be positioned to maintain strong performance into 2021. In the event FOMC policy changes, we believe the portfolio is positioned to perform in the resulting environment. We will continuously monitor strategy relative to market opportunities and act in the best interest of our shareholders.

Investment Objective

The investment objective of the Fund is to provide current income while maintaining a stable share price of $1.00.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year
Prime Money Market Fund	0.45%	1.01%	0.55%

Yields
as of December 31, 2020

	7-Day Subsidized Yield	7-Day Unsubsidized Yield
Prime Money Market Fund	0.03%	-0.65%

Top 10 Holdings
as of December 31, 2020

1.	South Street Repo, 0.10%, due 1/4/2021	14.5%
2.	Federated Hermes Government Obligations Fund, 0.01%	9.8%
3.	INTL FCStone Repo, 0.23%, due 1/4/2021	5.8%
4.	Caterpillar Financial Power Investment Floating Rate Demand Note, 0.30%	5.1%
5.	Anglesea Funding, 0.22%, 1/19/2021	2.9%
6.	Banque et Caisse d’Epargne de l’Etat, 0.23%, 3/4/2021	1.5%
7.	Federal Agricultural Mortgage Corp., 0.18%, 2/10/2021	1.4%
8.	Federal Home Loan Bank, 0.32%, 4/13/2021	1.4%
9.	Sumitomo Mitsui Trust Bank LTD/New York, NY, 0.23%, 3/25/2021	1.4%
10.	Toronto Dominion Bank/New York, NY, 0.35%, 8/31/2021	1.4%

As a percentage of total net assets.

Page 22

2020 Annual Report | December 31, 2020

The Fund operates as a retail money market fund and is limited to accounts beneficially owned by natural persons. Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. The subsidized 7-day current yield is the current annualized net yield of the Fund. The unsubsidized 7-day current yield does not reflect the effect of any fee waivers or expense reimbursements made by the Fund’s investment adviser. The 7-day current yield more closely reflects the current earnings of the Fund than total return.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Sector Concentration
as of December 31, 2020

Commercial Paper	28.6%
Repurchase Agreements	20.2%
Variable Rate Demand Notes	14.2%
Certificates of Deposit	10.7%
Money Market Registered Investment Companies	9.8%
Corporate Obligations	6.4%
U.S. Government and Agency Obligations	5.8%
Bank Obligations	4.3%
Total	100.0%

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

2020 Annual Report | December 31, 2020

Page 23

Institutional Prime Money Market Fund

The Meeder Institutional Prime Money Market Fund offers a floating net asset value (FNAV). An FNAV fund is characterized by a net asset value which could vary incrementally above or below $1.00 per share. The objective of this fund is to maintain a FNAV near $1.00 per share while offering a competitive return to shareholders. The adviser to the Fund accomplishes the objective by investing in short-term, high-quality money market debt obligations. Money market debt obligations may be offered by the U.S. Government and its agencies but may also include obligations of fundamentally sound corporate issuers.

Investment Objective

The investment objective of the Fund is to provide current income consistent with liquidity and the preservation of capital.

Average Annual Total Returns
as of December 31, 2020

	1 Year	5 Year	10 Year
Institutional Prime Money Market Fund	0.57%	1.22%	0.68%

Yields
as of December 31, 2020

	7-Day Subsidized Yield	7-Day Unsubsidized Yield
Institutional Prime Money Market Fund	0.08%	-0.28%

Top 10 Holdings
as of December 31, 2020

1.	South Street Repo, 0.08%, due 1/4/2021	11.9%
2.	INTL FCStone Repo, 0.23%, due 1/4/2021	8.9%
3.	Caterpillar Financial Power Investment Floating Rate Demand Note, 0.30%	4.5%
4.	Federated Hermes Government Obligations Fund, 0.01%	4.2%
5.	South Street Repo, 0.10%, due 1/4/2021	3.0%
6.	Anglesea Funding, 0.21%, 2/1/2021	2.2%
7.	Metropolitan Transportation Authority of New York, 0.04%, 1/7/2021	1.6%
8.	Ohio State Department of Rehabilitation & Correction, 0.09%, 1/6/2021	1.6%
9.	State of California, 0.07%, 1/7/2021	1.6%
10.	State of Wisconsin, 0.09%, 1/7/2021	1.6%

As a percentage of total net assets.

Page 24

2020 Annual Report | December 31, 2020

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s performance prior to October 7, 2016 reflects the performance of a predecessor fund, the Institutional Class of the Meeder Prime Money Market Fund, which was distributed and transferred to the Institutional Prime Money Market Fund upon its inception. The subsidized 7-day current yield is the current annualized net yield of the Fund. The unsubsidized 7-day current yield does not reflect the effect of any fee waivers or expense reimbursements made by the Fund’s investment adviser. The 7-day current yield more closely reflects the current earnings of the Fund than total return.

Sector Concentration
as of December 31, 2020

Commercial Paper	38.6%
Repurchase Agreements	23.8%
Variable Rate Demand Notes	14.3%
Corporate Obligations	8.1%
U.S. Government and Agency Obligations	5.9%
Certificates of Deposit	4.7%
Money Market Registered Investment Companies	4.2%
Bank Obligations	0.4%
Total	100.0%

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

2020 Annual Report | December 31, 2020

Page 25

2020 Annual Report
Fund Holdings & Financial Statements

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — 79.9%
Communication Services — 8.1%
Activision Blizzard, Inc.		17,490		1,623,947
Alphabet, Inc. - Class A ⁽¹⁾		3,076		5,391,121
Alphabet, Inc. - Class C ⁽¹⁾		4,662		8,167,265
AMC Entertainment Holdings, Inc. - Class A ⁽²⁾		2,647		5,612
AT&T, Inc.		12,829		368,962
Cable One, Inc.		49		109,158
Cinemark Holdings, Inc.		1,662		28,935
Comcast Corp. - Class A		86,159		4,514,732
DISH Network Corp. ⁽¹⁾		3,717		120,208
Electronic Arts, Inc.		12,880		1,849,568
EW Scripps Co./The		355		5,428
Facebook, Inc. ⁽¹⁾		34,277		9,363,105
Fluent, Inc. ⁽¹⁾		1,228		6,521
Frontier Communications Corp. ⁽¹⁾		13,822		1,237
Glu Mobile, Inc. ⁽¹⁾		3,604		32,472
Gogo, Inc. ⁽¹⁾		1,165		11,219
Gray Television, Inc. ⁽¹⁾		4,944		88,448
IDT Corp. - Class B ⁽¹⁾		1,445		17,860
Interpublic Group of Cos., Inc./The		52,835		1,242,679
Lee Enterprises, Inc. ⁽¹⁾		8,976		11,310
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		1,759		7,634
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		3,800		43,206
Meredith Corp.		1,069		20,525
Netflix, Inc. ⁽¹⁾		5,254		2,840,995
News Corp.		8,727		156,824
Nexstar Media Group, Inc.		2,480		270,791
Omnicom Group, Inc.		15,239		950,456
Pinterest, Inc. - Class A ⁽¹⁾		5,542		365,218
Roku, Inc. - Class A ⁽¹⁾		1,885		625,858
Spotify Technology SA ⁽¹⁾		2,492		784,133
Take-Two Interactive Software, Inc. ⁽¹⁾		367		76,259
TechTarget, Inc. ⁽¹⁾		2,131		125,963
TEGNA, Inc.		4,778		66,653
Telephone and Data Systems, Inc.		4,926		91,476
Tribune Publishing Co.		804		11,015
Twitter, Inc. ⁽¹⁾		2,844		154,003
Verizon Communications, Inc.		87,131		5,118,946
Walt Disney Co./The		8,215		1,488,394
World Wrestling Entertainment, Inc. - Class A		3,856		185,281
Yelp, Inc. ⁽¹⁾		670		21,889
				46,365,306

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Consumer Discretionary — 10.1%
Abercrombie & Fitch Co.		418		8,510
Amazon.com, Inc. ⁽¹⁾		4,956		16,141,345
Aramark		2,599		100,010
At Home Group, Inc. ⁽¹⁾		990		15,305
AutoNation, Inc. ⁽¹⁾		676		47,178
Best Buy Co., Inc.		11,872		1,184,707
Big Lots, Inc.		736		31,596
BorgWarner, Inc.		3,923		151,585
Boyd Gaming Corp.		1,786		76,655
Brinker International, Inc.		1,347		76,200
Brunswick Corp./DE		1,664		126,863
Buckle, Inc./The		680		19,856
Caleres, Inc.		1,414		22,129
Camping World Holdings, Inc.		5,426		141,347
Capri Holdings, Ltd. ⁽¹⁾		1,861		78,162
CarParts.com, Inc. ⁽¹⁾		2,952		36,575
Carvana Co. ⁽¹⁾		110		26,349
Chipotle Mexican Grill, Inc. ⁽¹⁾		1,259		1,745,868
Churchill Downs, Inc.		322		62,722
Container Store Group, Inc./The ⁽¹⁾		738		7,041
Cooper Tire & Rubber Co.		690		27,945
Cracker Barrel Old Country Store, Inc.		1,947		256,848
Crocs, Inc. ⁽¹⁾		9,979		625,284
Dana, Inc.		4,437		86,610
Darden Restaurants, Inc.		3,124		372,131
Dave & Buster’s Entertainment, Inc.		375		11,258
Deckers Outdoor Corp. ⁽¹⁾		329		94,351
Del Taco Restaurants, Inc.		4,503		40,797
Designer Brands, Inc. - Class A		1,643		12,569
Dillard’s, Inc. - Class A		121		7,629
Dollar Tree, Inc. ⁽¹⁾		3,406		367,984
Domino’s Pizza, Inc.		1,074		411,836
DR Horton, Inc.		10,420		718,146
Duluth Holdings, Inc. - Class B ⁽¹⁾		502		5,301
eBay, Inc.		9,323		468,481
Etsy, Inc. ⁽¹⁾		1,291		229,682
Everi Holdings, Inc. ⁽¹⁾		611		8,438
Extended Stay America, Inc.		7,524		111,430
Fiesta Restaurant Group, Inc. ⁽¹⁾		945		10,773
Ford Motor Co.		1		9
Fossil Group, Inc. ⁽¹⁾		1,273		11,037
Fox Factory Holding Corp. ⁽¹⁾		192		20,296
Franchise Group, Inc.		622		18,940
Gap, Inc./The		80		1,615
General Motors Co.		33,730		1,404,517

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 27

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Genesco, Inc. ⁽¹⁾		449		13,510
GoPro, Inc. ⁽¹⁾		406		3,362
Greenlane Holdings, Inc. ⁽¹⁾		963		3,813
Group 1 Automotive, Inc.		345		45,243
GrowGeneration Corp. ⁽¹⁾		1,120		45,046
Guess?, Inc.		682		15,427
Hanesbrands, Inc.		3,606		52,575
Harley-Davidson, Inc.		4,813		176,637
Hibbett Sports, Inc. ⁽¹⁾		1,585		73,195
Houghton Mifflin Harcourt Co. ⁽¹⁾		1,829		6,091
International Game Technology PLC		3,633		61,543
Kohl’s Corp.		2,663		108,357
L Brands, Inc.		3,094		115,066
Lakeland Industries, Inc. ⁽¹⁾		3,065		83,521
Lands’ End, Inc. ⁽¹⁾		667		14,387
Las Vegas Sands Corp.		2,882		171,767
LCI Industries		826		107,116
Lear Corp.		822		130,723
Lennar Corp. - Class A		3,816		290,894
Liquidity Services, Inc. ⁽¹⁾		210		3,341
Lovesac Co./The ⁽¹⁾		159		6,851
Lowe’s Cos., Inc.		25,316		4,063,471
Lululemon Athletica, Inc. ⁽¹⁾		1,627		566,245
Lumber Liquidators Holdings, Inc. ⁽¹⁾		949		29,172
M/I Homes, Inc. ⁽¹⁾		2,310		102,310
Malibu Boats, Inc. ⁽¹⁾		3,195		199,496
Marriott International, Inc./MD		1,882		248,273
McDonald’s Corp.		20,078		4,308,337
Meritage Homes Corp. ⁽¹⁾		2,039		168,870
MGM Resorts International		84		2,647
Modine Manufacturing Co. ⁽¹⁾		3,203		40,230
Nautilus, Inc. ⁽¹⁾		1,078		19,555
NIKE, Inc. - Class B		15,988		2,261,822
Nordstrom, Inc.		237		7,397
ODP Corp./The		1,801		52,769
Overstock.com, Inc. ⁽¹⁾		631		30,269
Party City Holdco, Inc. ⁽¹⁾		1,959		12,048
Penn National Gaming, Inc. ⁽¹⁾		2,502		216,098
Polaris, Inc.		1,148		109,381
Pool Corp.		836		311,410
PulteGroup, Inc.		29,363		1,266,133
Purple Innovation, Inc. ⁽¹⁾		3,074		101,258
Qurate Retail, Inc. - Class A		10,394		114,022
Red Rock Resorts, Inc.		1,905		47,701
Rent-A-Center, Inc./TX		26,665		1,021,003
Scientific Games Corp. ⁽¹⁾		1,216		50,452

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Sleep Number Corp. ⁽¹⁾		485		39,702
Sonic Automotive, Inc.		2,822		108,845
Starbucks Corp.		23,199		2,481,829
Tapestry, Inc.		1,789		55,602
Target Corp.		9,553		1,686,391
Tesla, Inc. ⁽¹⁾		9,950		7,021,417
Texas Roadhouse, Inc.		1,771		138,421
Thor Industries, Inc.		2,774		257,954
Tilly’s, Inc. - Class A		748		6,104
TopBuild Corp. ⁽¹⁾		398		73,264
Town Sports International Holdings, Inc. ⁽¹⁾		4,612		1,153
Tupperware Brands Corp. ⁽¹⁾		590		19,110
Urban Outfitters, Inc. ⁽¹⁾		945		24,192
Vista Outdoor, Inc. ⁽¹⁾		738		17,535
VOXX International Corp. ⁽¹⁾		998		12,734
Waitr Holdings, Inc. ⁽¹⁾		1,473		4,095
Wayfair, Inc. ⁽¹⁾		147		33,194
Wendy’s Co./The		2,796		61,288
Williams-Sonoma, Inc.		890		90,638
Wingstop, Inc.		1,250		165,688
Winnebago Industries, Inc.		10,390		622,777
Wyndham Destinations, Inc.		9,380		420,787
Yum China Holdings, Inc.		3,849		219,739
Yum! Brands, Inc.		20,505		2,226,023
Zumiez, Inc. ⁽¹⁾		1		37
				58,091,263

Consumer Staples — 2.2%
Andersons, Inc./The		1,307		32,035
BJ’s Wholesale Club Holdings, Inc. ⁽¹⁾		870		32,434
Bunge, Ltd.		18,974		1,244,315
Conagra Brands, Inc.		10,350		375,291
Costco Wholesale Corp.		354		133,380
Darling Ingredients, Inc. ⁽¹⁾		15,851		914,286
General Mills, Inc.		51,057		3,002,152
Ingredion, Inc.		125		9,834
Kroger Co./The		16,967		538,872
Molson Coors Beverage Co. - Class B		15,790		713,550
Natural Grocers by Vitamin Cottage, Inc.		743		10,209
Nu Skin Enterprises, Inc.		420		22,945
PepsiCo, Inc.		15,604		2,314,073
Performance Food Group Co. ⁽¹⁾		2,057		97,934
Rite Aid Corp. ⁽¹⁾		870		13,772
SpartanNash Co.		1,545		26,898
Tyson Foods, Inc.		4,786		308,410
United Natural Foods, Inc. ⁽¹⁾		1,376		21,975

The accompanying notes are an integral part of these financial statements

Page 28

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Walgreens Boots Alliance, Inc.		1,002		39,960
Walmart, Inc.		17,390		2,506,769
				12,359,094

Energy — 0.8%
Amplify Energy Corp.		7,061		9,250
Antero Resources Corp. ⁽¹⁾		8,096		44,123
Apache Corp.		3,496		49,608
Archrock, Inc.		4,408		38,173
Ardmore Shipping Corp.		3,596		11,759
Aspen Aerogels, Inc. ⁽¹⁾		1,900		31,711
Bonanza Creek Energy, Inc. ⁽¹⁾		1,656		32,010
Brigham Minerals, Inc.		2,883		31,684
Cabot Oil & Gas Corp.		8,982		146,227
Cactus, Inc. - Class A		3,705		96,589
Centennial Resource Development, Inc./DE - Class A ⁽¹⁾		7,019		10,529
Chaparral Energy, Inc. A Warrants ⁽¹⁾⁽⁷⁾		7		0
Chaparral Energy, Inc. B Warrants ⁽¹⁾⁽⁷⁾		7		0
Chesapeake Energy Corp. ⁽¹⁾		778		1,183
Chevron Corp.		4,716		398,266
Cimarex Energy Co.		6,865		257,506
Clean Energy Fuels Corp. ⁽¹⁾		5,277		41,477
CNX Resources Corp. ⁽¹⁾		2,623		28,328
Concho Resources, Inc.		5,945		346,891
ConocoPhillips		22,076		882,819
CONSOL Energy, Inc. ⁽¹⁾		746		5,379
Continental Resources, Inc./OK		1,691		27,563
Delek US Holdings, Inc.		577		9,272
DHT Holdings, Inc.		2,432		12,719
Diamondback Energy, Inc.		832		40,269
DMC Global, Inc.		47		2,033
Dorian LPG, Ltd. ⁽¹⁾		2,050		24,990
Earthstone Energy, Inc. - Class A ⁽¹⁾		1,433		7,638
EOG Resources, Inc.		10,182		507,776
EQT Corp.		6,023		76,552
Exterran Corp. ⁽¹⁾		409		1,808
Extraction Oil & Gas, Inc. ⁽¹⁾		4,625		131
Frank’s International NV ⁽¹⁾		5,882		16,117
Golar LNG, Ltd.		502		4,839
Hallador Energy Co.		6,197		9,110
Hess Corp.		1,132		59,758
International Seaways, Inc.		1,840		30,047
Laredo Petroleum, Inc. ⁽¹⁾		2,192		43,182
Liberty Oilfield Services, Inc. - Class A		4,321		44,550
Matador Resources Co. ⁽¹⁾		3,384		40,811

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Nabors Industries, Ltd.		485		28,242
NextDecade Corp. ⁽¹⁾		1,106		2,312
NexTier Oilfield Solutions, Inc. ⁽¹⁾		4,369		15,029
Nine Energy Service, Inc. ⁽¹⁾		3,274		8,905
Nordic American Tankers, Ltd.		1,043		3,077
NOV, Inc. ⁽¹⁾		3,676		50,471
Oasis Petroleum, Inc. Warrants ⁽¹⁾⁽⁷⁾		23		0
Oceaneering International, Inc. ⁽¹⁾		4,673		37,150
Parsley Energy, Inc.		3,406		48,365
Patterson-UTI Energy, Inc.		2,712		14,265
PDC Energy, Inc. ⁽¹⁾		2,776		56,991
Peabody Energy Corp.		2,730		6,579
Penn Virginia Corp. ⁽¹⁾		1		10
Phillips 66		2,772		193,874
Pioneer Natural Resources Co.		2,337		266,161
Profire Energy, Inc. ⁽¹⁾		100		85
ProPetro Holding Corp. ⁽¹⁾		11,987		88,584
Range Resources Corp.		4,098		27,457
Renewable Energy Group, Inc. ⁽¹⁾		924		65,438
Schlumberger NV		5,766		125,872
Scorpio Tankers, Inc.		321		3,592
Southwestern Energy Co. ⁽¹⁾		11,421		34,035
Superior Energy Services, Inc. ⁽¹⁾		1,242		57
Talos Energy, Inc. ⁽¹⁾		301		2,480
Teekay Corp. ⁽¹⁾		3,537		7,605
W&T Offshore, Inc. ⁽¹⁾		5,610		12,174
Whiting Petroleum Corp. ⁽¹⁾		260		6,500
Whiting Petroleum Corporation A Warrants ⁽¹⁾		127		222
Whiting Petroleum Corporation B Warrants ⁽¹⁾⁽²⁾		63		120
World Fuel Services Corp.		3,727		116,133
WPX Energy, Inc. ⁽¹⁾		3,447		28,093
				4,672,555

Financials — 7.1%
AGNC Investment Corp.		23,051		359,596
Allstate Corp./The		3,156		346,939
Ally Financial, Inc.		24,356		868,535
American Equity Investment Life Holding Co.		3,328		92,052
American Express Co.		3,050		368,776
Ameriprise Financial, Inc.		1,900		369,227
Ameris Bancorp		5,511		209,804
Apollo Commercial Real Estate Finance, Inc.		199		2,223
Arbor Realty Trust, Inc.		1,979		28,062

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 29

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Artisan Partners Asset Management, Inc. - Class A		7,959		400,656
Associated Banc-Corp		15,405		262,655
Axos Financial, Inc. ⁽¹⁾		2,296		86,169
BancorpSouth Bank		4,700		128,968
Bank of America Corp.		116,786		3,539,784
Bank of NT Butterfield & Son, Ltd./The		3,350		104,386
BankUnited, Inc.		6,256		217,584
Banner Corp.		215		10,017
Bar Harbor Bankshares		306		6,913
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		36,159		8,384,187
Capital Bancorp, Inc. ⁽¹⁾		236		3,287
Charles Schwab Corp./The		2,479		131,486
Chimera Investment Corp.		235		2,409
Citigroup, Inc.		16,541		1,019,918
Citizens Financial Group, Inc.		10,591		378,734
Civista Bancshares, Inc.		1,421		24,910
CNO Financial Group, Inc.		9,588		213,141
Columbia Banking System, Inc.		893		32,059
Comerica, Inc.		472		26,366
Cowen, Inc.		1,502		39,037
Curo Group Holdings Corp.		6,958		99,708
Customers Bancorp, Inc. ⁽¹⁾		3,475		63,176
East West Bancorp, Inc.		5,243		265,873
Eaton Vance Corp.		2,421		164,459
Ellington Residential Mortgage REIT		1,608		20,968
Enova International, Inc. ⁽¹⁾		3,004		74,409
Esquire Financial Holdings, Inc. ⁽¹⁾		21		403
Evercore, Inc. - Class A		2,358		258,531
Farmers National Banc Corp.		298		3,954
Fifth Third Bancorp		32,307		890,704
First Citizens BancShares, Inc./NC - Class A		277		159,073
First Financial Bancorp		4,016		70,400
First Financial Corp./IN		1,848		71,795
First Foundation, Inc.		1,176		23,520
First Horizon Corp.		1,367		17,443
First Interstate BancSystem, Inc.		735		29,966
First Republic Bank/CA		4,265		626,656
FNCB Bancorp, Inc.		134		858
Goosehead Insurance, Inc.		1,424		177,658
Great Ajax Corp.		4,942		51,693
GWG Holdings, Inc. ⁽¹⁾		358		2,502
Hartford Financial Services Group, Inc./The		1,977		96,833
HBT Financial, Inc.		2,869		43,465
Heartland Financial USA, Inc.		2,418		97,615
Hilltop Holdings, Inc.		9,563		263,078
Houlihan Lokey, Inc. - Class A		1,121		75,365

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Huntington Bancshares, Inc./OH		15,004		189,501
Independent Bank Group, Inc.		178		11,129
James River Group Holdings, Ltd.		2,746		134,966
JPMorgan Chase & Co.		24,011		3,051,078
KeyCorp		6,693		109,832
Kinsale Capital Group, Inc.		2,121		424,476
Lakeland Financial Corp.		555		29,737
LPL Financial Holdings, Inc.		1,127		117,456
M&T Bank Corp.		1,272		161,926
Marsh & McLennan Cos., Inc.		1,612		188,604
Medley Management, Inc.		234		1,870
Meta Financial Group, Inc.		767		28,042
MetLife, Inc.		16,901		793,502
Metrocity Bankshares, Inc.		3,706		53,441
MMA Capital Holdings, Inc. ⁽¹⁾		353		8,684
Morgan Stanley		24,148		1,654,862
Mr Cooper Group, Inc. ⁽¹⁾		5,005		155,305
Northrim BanCorp, Inc.		3,133		106,365
Old Republic International Corp.		6,399		126,124
OneMain Holdings, Inc.		3,230		155,557
Oppenheimer Holdings, Inc.		3,852		121,068
PennyMac Financial Services, Inc.		9,995		655,872
PennyMac Mortgage Investment Trust		4,152		73,034
People’s United Financial, Inc.		5,521		71,387
Pinnacle Financial Partners, Inc.		461		29,688
PJT Partners, Inc.		6,534		491,684
PNC Financial Services Group, Inc./The		4,837		720,713
Popular, Inc.		2,656		149,586
Progressive Corp./The		8,207		811,508
Prudential Financial, Inc.		8,339		651,026
Pzena Investment Management, Inc. - Class A		8,002		58,415
QCR Holdings, Inc.		1,569		62,117
RBB Bancorp		9,372		144,141
Ready Capital Corp.		5,253		65,400
Regions Financial Corp.		38,503		620,668
Sandy Spring Bancorp, Inc.		477		15,355
Shore Bancshares, Inc.		251		3,665
Siebert Financial Corp. ⁽¹⁾		626		2,629
Signature Bank/New York NY		1,673		226,340
Silvercrest Asset Management Group, Inc.		155		2,153
Simmons First National Corp.		759		16,387
SLM Corp.		6,257		77,524
South State Corp.		410		29,643
State Street Corp.		10,099		735,005
Stewart Information Services Corp.		13,933		673,800

The accompanying notes are an integral part of these financial statements

Page 30

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
StoneX Group, Inc. ⁽¹⁾		893		51,705
Summit Financial Group, Inc.		567		12,519
SVB Financial Group ⁽¹⁾		1,200		465,396
Synchrony Financial		48,877		1,696,521
Synovus Financial Corp.		921		29,813
Truist Financial Corp.		24,211		1,160,433
UMB Financial Corp.		3,228		222,700
United Community Banks, Inc./GA		4,757		135,289
Unum Group		9,347		214,420
Valley National Bancorp		8,559		83,450
Veritex Holdings, Inc.		1,697		43,545
Virtu Financial, Inc.		7,529		189,505
Virtus Investment Partners, Inc.		1,265		274,505
Walker & Dunlop, Inc.		2,942		270,723
Wells Fargo & Co.		5,631		169,944
Western Alliance Bancorp		3,833		229,788
WSFS Financial Corp.		483		21,677
				40,591,183

Healthcare — 15.1%
89bio, Inc. ⁽¹⁾		138		3,363
Abbott Laboratories		16,344		1,789,505
AbbVie, Inc.		45,997		4,928,579
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		9,000		11,160
Affimed NV ⁽¹⁾		4,733		27,546
Agilent Technologies, Inc.		15,306		1,813,608
Albireo Pharma, Inc. ⁽¹⁾		104		3,901
Alexion Pharmaceuticals, Inc. ⁽¹⁾		7,095		1,108,523
Align Technology, Inc. ⁽¹⁾		1,273		680,266
Alkermes PLC ⁽¹⁾		8,387		167,321
Allakos, Inc. ⁽¹⁾		458		64,120
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		2,593		37,443
Alnylam Pharmaceuticals, Inc. ⁽¹⁾		1,199		155,834
AmerisourceBergen Corp.		1,273		124,448
Amgen, Inc.		14,081		3,237,504
Amicus Therapeutics, Inc. ⁽¹⁾		1,028		23,737
Amneal Pharmaceuticals, Inc. - Class A ⁽¹⁾		7,549		34,499
Anthem, Inc.		500		160,545
Apellis Pharmaceuticals, Inc. ⁽¹⁾		906		51,823
Applied Therapeutics, Inc. ⁽¹⁾		213		4,688
Arcturus Therapeutics Holdings, Inc. ⁽¹⁾		247		10,715
Arcutis Biotherapeutics, Inc. ⁽¹⁾		516		14,515
Arena Pharmaceuticals, Inc. ⁽¹⁾		1,157		88,892
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		1,361		104,430
Assembly Biosciences, Inc. ⁽¹⁾		783		4,737
Assertio Holdings, Inc. ⁽¹⁾		14,489		5,181

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Atara Biotherapeutics, Inc. ⁽¹⁾		965		18,943
Avantor, Inc. ⁽¹⁾		3,368		94,809
Axsome Therapeutics, Inc. ⁽¹⁾		271		22,078
Baxter International, Inc.		1,258		100,942
Beam Therapeutics, Inc. ⁽¹⁾		820		66,945
Becton Dickinson and Co.		2,626		657,078
Beyondspring, Inc. ⁽¹⁾		251		3,062
BioDelivery Sciences International, Inc. ⁽¹⁾		8,214		34,499
Bio-Rad Laboratories, Inc. ⁽¹⁾		595		346,849
Bioxcel Therapeutics, Inc. ⁽¹⁾		865		39,963
Blueprint Medicines Corp. ⁽¹⁾		1,053		118,094
Bridgebio Pharma, Inc. ⁽¹⁾		700		49,777
Bristol-Myers Squibb Co.		63,774		3,955,901
Calyxt, Inc. ⁽¹⁾		374		1,578
Cardinal Health, Inc.		18,719		1,002,590
CareDx, Inc. ⁽¹⁾		1,149		83,245
CASI Pharmaceuticals, Inc. ⁽¹⁾		1,514		4,466
Castle Biosciences, Inc. ⁽¹⁾		706		47,408
Catalent, Inc. ⁽¹⁾		5,069		527,531
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		8,336		27,842
Celcuity, Inc. ⁽¹⁾		720		6,595
Centene Corp. ⁽¹⁾		6,349		381,130
Centogene NV ⁽¹⁾		818		8,818
Cerecor, Inc. ⁽¹⁾		1,721		4,543
Cerner Corp.		28,215		2,214,313
Charles River Laboratories International, Inc. ⁽¹⁾		1,151		287,589
Chemed Corp.		920		490,001
ChemoCentryx, Inc. ⁽¹⁾		1,729		107,060
Co-Diagnostics, Inc. ⁽¹⁾		547		5,087
Community Health Systems, Inc. ⁽¹⁾		3,818		28,368
Constellation Pharmaceuticals, Inc. ⁽¹⁾		554		15,955
Corcept Therapeutics, Inc. ⁽¹⁾		1,162		30,398
Cross Country Healthcare, Inc. ⁽¹⁾		576		5,109
CVS Health Corp.		25,310		1,728,673
Cymabay Therapeutics, Inc. ⁽¹⁾		4,427		25,411
Danaher Corp.		4,014		891,670
Deciphera Pharmaceuticals, Inc. ⁽¹⁾		594		33,900
Denali Therapeutics, Inc. ⁽¹⁾		966		80,912
DENTSPLY SIRONA, Inc.		6,862		359,294
Editas Medicine, Inc. ⁽¹⁾		612		42,907
Edwards Lifesciences Corp. ⁽¹⁾		7,900		720,717
Eidos Therapeutics, Inc. ⁽¹⁾		208		27,369
Elanco Animal Health, Inc. Contingent Value Rights ⁽¹⁾⁽⁷⁾		3,328		0
Eli Lilly and Co.		13,528		2,284,068

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 31

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		1,370		5,453
Emergent BioSolutions, Inc. ⁽¹⁾		1,331		119,258
Endo International PLC ⁽¹⁾		9,873		70,888
Enochian Biosciences, Inc. ⁽¹⁾		367		1,083
Ensign Group, Inc./The		916		66,795
Evelo Biosciences, Inc. ⁽¹⁾		772		9,333
Exact Sciences Corp. ⁽¹⁾		1,895		251,069
Exelixis, Inc. ⁽¹⁾		8,117		162,908
Fate Therapeutics, Inc. ⁽¹⁾		1,157		105,206
Five Prime Therapeutics, Inc. ⁽¹⁾		1,125		19,136
Fulgent Genetics, Inc. ⁽¹⁾		345		17,975
Gilead Sciences, Inc.		32,568		1,897,412
Globus Medical, Inc. ⁽¹⁾		1,144		74,612
HCA Healthcare, Inc.		3,131		514,924
Hill-Rom Holdings, Inc.		2,308		226,115
Hologic, Inc. ⁽¹⁾		2,384		173,627
Horizon Therapeutics Plc ⁽¹⁾		6,527		477,450
Humana, Inc.		3,361		1,378,917
IGM Biosciences, Inc. ⁽¹⁾		114		10,065
Illumina, Inc. ⁽¹⁾		1,153		426,610
ImmunoGen, Inc. ⁽¹⁾		4,087		26,361
Immunovant, Inc. ⁽¹⁾		113		5,219
Inogen, Inc. ⁽¹⁾		337		15,057
Inovio Pharmaceuticals, Inc. ⁽¹⁾		1,746		15,452
Insmed, Inc. ⁽¹⁾		1,220		40,614
Insulet Corp. ⁽¹⁾		502		128,326
Intellia Therapeutics, Inc. ⁽¹⁾		1,211		65,878
Intersect ENT, Inc. ⁽¹⁾		1,135		25,992
Intra-Cellular Therapies, Inc. ⁽¹⁾		117		3,721
Invitae Corp. ⁽¹⁾		1,536		64,220
Iovance Biotherapeutics, Inc. ⁽¹⁾		2,594		120,362
iRhythm Technologies, Inc. ⁽¹⁾		310		73,535
Johnson & Johnson		53,046		8,348,379
Jounce Therapeutics, Inc. ⁽¹⁾		809		5,663
Kodiak Sciences, Inc. ⁽¹⁾		603		88,587
Kura Oncology, Inc. ⁽¹⁾		2,121		69,272
LHC Group, Inc. ⁽¹⁾		28		5,973
MacroGenics, Inc. ⁽¹⁾		1,916		43,800
Marinus Pharmaceuticals, Inc. ⁽¹⁾		782		9,540
McKesson Corp.		5,118		890,123
Medtronic PLC		43,760		5,126,046
Merck & Co., Inc.		66,113		5,408,043
Mersana Therapeutics, Inc. ⁽¹⁾		3,775		100,453
Mettler-Toledo International, Inc. ⁽¹⁾		21		23,933
Mirati Therapeutics, Inc. ⁽¹⁾		744		163,412
Moderna, Inc. ⁽¹⁾		4,964		518,589

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
ModivCare, Inc. ⁽¹⁾		58		8,041
Morphic Holding, Inc. ⁽¹⁾		485		16,272
Myriad Genetics, Inc. ⁽¹⁾		68		1,345
NantKwest, Inc. ⁽¹⁾		2,019		26,913
Natera, Inc. ⁽¹⁾		1,230		122,410
National HealthCare Corp.		169		11,223
Neurocrine Biosciences, Inc. ⁽¹⁾		855		81,952
NextGen Healthcare, Inc. ⁽¹⁾		4,937		90,051
Novavax, Inc. ⁽¹⁾		867		96,679
Novocure, Ltd. ⁽¹⁾		126		21,803
Ocular Therapeutix, Inc. ⁽¹⁾		3,598		74,479
Oncocyte Corp. ⁽¹⁾		1,734		4,144
Organogenesis Holdings, Inc. ⁽¹⁾		1,572		11,837
Osmotica Pharmaceuticals PLC ⁽¹⁾		5,073		20,901
Owens & Minor, Inc.		1,976		53,451
Pacific Biosciences of California, Inc. ⁽¹⁾		2,998		77,768
Palatin Technologies, Inc. ⁽¹⁾		15,630		10,563
PerkinElmer, Inc.		2,072		297,332
Perrigo Co. PLC		12,650		565,708
Pfizer, Inc.		99,536		3,663,920
Phreesia, Inc. ⁽¹⁾		202		10,961
PRA Health Sciences, Inc. ⁽¹⁾		2,015		252,762
Precigen, Inc. ⁽¹⁾⁽²⁾		1,826		18,625
Quest Diagnostics, Inc.		35		4,171
Quidel Corp. ⁽¹⁾		272		48,865
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		3,093		1,494,259
Replimune Group, Inc. ⁽¹⁾		608		23,195
ResMed, Inc.		1,292		274,628
REVOLUTION Medicines, Inc. ⁽¹⁾		557		22,052
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		2,288		68,022
Rigel Pharmaceuticals, Inc. ⁽¹⁾		1,164		4,074
Rocket Pharmaceuticals, Inc. ⁽¹⁾		795		43,598
Sangamo Therapeutics, Inc. ⁽¹⁾		2,194		34,237
Scholar Rock Holding Corp. ⁽¹⁾		581		28,196
Seagen, Inc. ⁽¹⁾		2,323		406,850
Seres Therapeutics, Inc. ⁽¹⁾		1,083		26,534
SIGA Technologies, Inc. ⁽¹⁾		496		3,606
Simulations Plus, Inc.		143		10,285
Solid Biosciences, Inc. ⁽¹⁾		1,261		9,558
Sorrento Therapeutics, Inc. ⁽¹⁾		3,427		23,389
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		877		2,991
SpringWorks Therapeutics, Inc. ⁽¹⁾		317		22,989
STERIS PLC		6,433		1,219,311
Stryker Corp.		7,906		1,937,286
Supernus Pharmaceuticals, Inc. ⁽¹⁾		1,208		30,393
Surgery Partners, Inc. ⁽¹⁾		600		17,406

The accompanying notes are an integral part of these financial statements

Page 32

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Sutro Biopharma, Inc. ⁽¹⁾		798		17,325
Syros Pharmaceuticals, Inc. ⁽¹⁾		2,752		29,859
Teladoc Health, Inc. ⁽¹⁾		946		189,162
Tenet Healthcare Corp. ⁽¹⁾		2,578		102,940
TG Therapeutics, Inc. ⁽¹⁾		1,999		103,988
Thermo Fisher Scientific, Inc.		5,032		2,343,805
Translate Bio, Inc. ⁽¹⁾		1,167		21,508
Travere Therapeutics, Inc. ⁽¹⁾		383		10,439
Turning Point Therapeutics, Inc. ⁽¹⁾		932		113,564
Twist Bioscience Corp. ⁽¹⁾		808		114,162
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		774		107,145
United Therapeutics Corp. ⁽¹⁾		3,674		557,676
UnitedHealth Group, Inc.		13,107		4,596,363
Universal Health Services, Inc. - Class B		1,872		257,400
Vanda Pharmaceuticals, Inc. ⁽¹⁾		2,852		37,475
Veeva Systems, Inc. ⁽¹⁾		2,406		655,034
Veracyte, Inc. ⁽¹⁾		1,880		92,007
Vertex Pharmaceuticals, Inc. ⁽¹⁾		5,616		1,327,285
Viatris, Inc. ⁽¹⁾		17,586		329,562
Viela Bio, Inc. ⁽¹⁾		68		2,446
Viemed Healthcare, Inc. ⁽¹⁾		302		2,344
West Pharmaceutical Services, Inc.		2,427		687,593
XBiotech, Inc. ⁽¹⁾		2,832		44,321
Xencor, Inc. ⁽¹⁾		948		41,361
Zimmer Biomet Holdings, Inc.		10,795		1,663,402
ZIOPHARM Oncology, Inc. ⁽¹⁾		3,797		9,568
Zoetis, Inc. - Class A		17,735		2,935,143
				86,723,668

Industrials — 6.9%
3M Co.		12,601		2,202,529
ABM Industries, Inc.		965		36,516
AGCO Corp.		3,497		360,506
Allegiant Travel Co.		2,818		533,278
Allison Transmission Holdings, Inc.		72		3,105
Alpha Pro Tech, Ltd. ⁽¹⁾		1,555		17,338
Altra Industrial Motion Corp.		1,402		77,713
ArcBest Corp.		2,806		119,732
Arcosa, Inc.		5,985		328,756
Argan, Inc.		654		29,096
ASGN, Inc. ⁽¹⁾		884		73,841
Astec Industries, Inc.		1,019		58,980
Atkore International Group, Inc. ⁽¹⁾		5,601		230,257
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		370		20,180
Axon Enterprise, Inc. ⁽¹⁾		720		88,222
AZZ, Inc.		1,216		57,687

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
BG Staffing, Inc.		348		4,695
BMC Stock Holdings, Inc. ⁽¹⁾		2,862		153,632
Boise Cascade Co.		8,578		410,028
CAI International, Inc.		203		6,342
Caterpillar, Inc.		4,874		887,165
Chart Industries, Inc. ⁽¹⁾		42		4,947
Cintas Corp.		3,555		1,256,550
Comfort Systems USA, Inc.		3,839		202,162
Copart, Inc. ⁽¹⁾		8,135		1,035,179
CoreCivic, Inc.		8,652		56,671
CoreLogic, Inc./United States		3,827		295,904
Costamare, Inc.		396		3,279
Covenant Logistics Group, Inc. ⁽¹⁾		1,527		22,615
CSX Corp.		4,811		436,598
Cummins, Inc.		15,888		3,608,165
Deere & Co.		5,518		1,484,618
Eaton Corp. PLC		10,598		1,273,244
EMCOR Group, Inc.		1,185		108,380
Emerson Electric Co.		4,754		382,079
EnerSys		832		69,106
Fastenal Co.		8,474		413,785
FedEx Corp.		3,026		785,610
FuelCell Energy, Inc. ⁽¹⁾		631		7,048
Generac Holdings, Inc. ⁽¹⁾		656		149,181
General Electric Co.		14,004		151,243
GrafTech International, Ltd.		6,054		64,536
H&E Equipment Services, Inc.		1,510		45,013
HEICO Corp.		1,340		177,416
Herc Holdings, Inc. ⁽¹⁾		771		51,202
Herman Miller, Inc.		1,548		52,322
Hertz Global Holdings, Inc. ⁽¹⁾		3,055		3,910
HNI Corp.		1,610		55,481
Hubbell, Inc.		3,328		521,797
Huntington Ingalls Industries, Inc.		1,473		251,117
JB Hunt Transport Services, Inc.		519		70,921
Kelly Services, Inc. - Class A		2,420		49,779
Kforce, Inc.		810		34,093
Kimball International, Inc. - Class B		3,107		37,129
L B Foster Co. - Class A ⁽¹⁾		446		6,712
Lawson Products, Inc./DE ⁽¹⁾		67		3,411
Lockheed Martin Corp.		10,323		3,664,459
LSC Communications, Inc. ⁽¹⁾		11,648		233
Manitowoc Co., Inc./The ⁽¹⁾		529		7,041
ManpowerGroup, Inc.		15,805		1,425,295
Matson, Inc.		2,018		114,965
Maxar Technologies, Inc.		1,354		52,251

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 33

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
McGrath RentCorp		351		23,552
Meritor, Inc. ⁽¹⁾		920		25,677
Miller Industries, Inc./TN		4,972		189,035
Moog, Inc.		4,024		319,103
MSC Industrial Direct Co., Inc.		3,883		327,686
Mueller Industries, Inc.		2,663		93,498
MYR Group, Inc. ⁽¹⁾		759		45,616
National Presto Industries, Inc.		162		14,326
NL Industries, Inc.		280		1,338
Norfolk Southern Corp.		157		37,305
Old Dominion Freight Line, Inc.		2,815		549,432
PACCAR, Inc.		35,665		3,077,176
PAE, Inc. ⁽¹⁾		2,378		21,830
Parker-Hannifin Corp.		5,319		1,448,949
Plug Power, Inc. ⁽¹⁾		5,867		198,950
Primoris Services Corp.		8,021		221,460
Quanta Services, Inc.		22,986		1,655,452
Regal Beloit Corp.		3,567		438,063
Resideo Technologies, Inc. ⁽¹⁾		3,376		71,774
Rexnord Corp.		1,902		75,110
RR Donnelley & Sons Co.		14,233		32,167
Rush Enterprises, Inc.		7,174		297,147
Ryder System, Inc.		2,402		148,348
Safe Bulkers, Inc. ⁽¹⁾		7,327		9,525
Saia, Inc. ⁽¹⁾		1,273		230,158
Shyft Group, Inc./The		2,019		57,299
SkyWest, Inc.		290		11,690
Steelcase, Inc.		3,832		51,924
Textainer Group Holdings, Ltd. ⁽¹⁾		3,130		60,033
Timken Co./The		5,153		398,636
Titan Machinery, Inc. ⁽¹⁾		442		8,641
TPI Composites, Inc. ⁽¹⁾		991		52,305
Triton International, Ltd./Bermuda		8,040		390,020
Tutor Perini Corp. ⁽¹⁾		197		2,551
Uber Technologies, Inc. ⁽¹⁾		9,837		501,687
United Parcel Service, Inc. - Class B		8,716		1,467,774
Vectrus, Inc. ⁽¹⁾		1,259		62,597
Veritiv Corp. ⁽¹⁾		968		20,125
Waste Management, Inc.		21,764		2,566,629
Watsco, Inc.		392		88,808
WESCO International, Inc. ⁽¹⁾		2,277		178,745
WESCO International, Inc. Series A Variable Preferred ⁽⁸⁾		2,612		81,625
				39,688,811

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Information Technology — 22.9%
8x8, Inc. ⁽¹⁾		800		27,576
Accenture PLC - Class A		2,982		778,928
ACI Worldwide, Inc. ⁽¹⁾		4,022		154,565
Adobe, Inc. ⁽¹⁾		7,689		3,845,423
ADTRAN, Inc.		1		15
Advanced Micro Devices, Inc. ⁽¹⁾		16,194		1,485,152
Alarm.com Holdings, Inc. ⁽¹⁾		442		45,725
Alliance Data Systems Corp.		1,174		86,993
Amkor Technology, Inc.		9,469		142,793
Amphenol Corp.		1,243		162,547
Apple, Inc.		205,891		27,319,677
Applied Materials, Inc.		20,396		1,760,175
Arrow Electronics, Inc. ⁽¹⁾		9,080		883,484
AstroNova, Inc.		1,469		15,645
Autodesk, Inc. ⁽¹⁾		4,151		1,267,466
Automatic Data Processing, Inc.		12		2,114
Avaya Holdings Corp. ⁽¹⁾		3,631		69,534
Avid Technology, Inc. ⁽¹⁾		3,156		50,086
Avnet, Inc.		15,671		550,209
Bill.com Holdings, Inc. ⁽¹⁾		321		43,817
Broadcom, Inc.		4,693		2,054,830
CACI International, Inc. - Class A ⁽¹⁾		2,967		739,762
Cadence Design Systems, Inc. ⁽¹⁾		21,461		2,927,924
Calix, Inc. ⁽¹⁾		10,373		308,700
Cambium Networks Corp. ⁽¹⁾		790		19,813
CDK Global, Inc.		15,405		798,441
CDW Corp./DE		7,483		986,185
Cerence, Inc. ⁽¹⁾		1,210		121,581
ChannelAdvisor Corp. ⁽¹⁾		6,248		99,843
Ciena Corp. ⁽¹⁾		1,702		89,951
Cisco Systems, Inc.		61,354		2,745,592
Cloudera, Inc. ⁽¹⁾		1,097		15,259
Cloudflare, Inc. ⁽¹⁾		3,096		235,265
Cognex Corp.		2,017		161,935
Cognizant Technology Solutions Corp.		14,670		1,202,207
Concentrix Corp. ⁽¹⁾		4,427		436,945
Conduent, Inc. ⁽¹⁾		10,760		51,648
Corning, Inc.		14,909		536,724
Coupa Software, Inc. ⁽¹⁾		659		223,342
Crowdstrike Holdings, Inc. ⁽¹⁾		2,043		432,748
Dell Technologies, Inc. - Class C ⁽¹⁾		1,852		135,733
Diebold Nixdorf, Inc. ⁽¹⁾		2,052		21,874
Digital Turbine, Inc. ⁽¹⁾		3,651		206,501
DocuSign, Inc. ⁽¹⁾		2,836		630,443
Dolby Laboratories, Inc.		1,290		125,298

The accompanying notes are an integral part of these financial statements

Page 34

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Dropbox, Inc. - Class A ⁽¹⁾		2,358		52,324
DXC Technology Co.		8,511		219,158
Eastman Kodak Co. ⁽¹⁾		794		6,463
Ebix, Inc.		1,619		61,473
Elastic NV ⁽¹⁾		42		6,137
Enphase Energy, Inc. ⁽¹⁾		1,546		271,277
F5 Networks, Inc. ⁽¹⁾		537		94,480
Fastly, Inc. ⁽¹⁾		726		63,431
FormFactor, Inc. ⁽¹⁾		1,001		43,063
Fortinet, Inc. ⁽¹⁾		1,215		180,464
Hewlett Packard Enterprise Co.		40,388		478,598
HP, Inc.		47,689		1,172,673
HubSpot, Inc. ⁽¹⁾		656		260,065
II-VI, Inc. ⁽¹⁾		751		57,046
Insight Enterprises, Inc. ⁽¹⁾		1,280		97,395
Intel Corp.		65,271		3,251,801
International Business Machines Corp.		3,105		390,857
Intuit, Inc.		11,908		4,523,254
Jabil, Inc.		11,753		499,855
KBR, Inc.		3,125		96,656
KLA Corp.		3,124		808,835
Lam Research Corp.		3,719		1,756,372
Littelfuse, Inc.		132		33,615
Marvell Technology Group, Ltd.		1		48
Mastercard, Inc.		8,051		2,873,724
Maxim Integrated Products, Inc.		2,663		236,075
Methode Electronics, Inc.		2,873		109,978
Microchip Technology, Inc.		325		44,886
Micron Technology, Inc. ⁽¹⁾		9,645		725,111
Microsoft Corp.		105,462		23,456,858
MicroStrategy, Inc. ⁽¹⁾		953		370,288
MKS Instruments, Inc.		969		145,786
MoneyGram International, Inc. ⁽¹⁾		3,700		20,221
Monolithic Power Systems, Inc.		307		112,433
NCR Corp. ⁽¹⁾		3,201		120,262
NETGEAR, Inc. ⁽¹⁾		151		6,135
NortonLifeLock, Inc.		21,365		443,965
NVIDIA Corp.		7,606		3,971,853
ON Semiconductor Corp. ⁽¹⁾		1,115		36,494
Oracle Corp.		52,545		3,399,136
PagerDuty, Inc. ⁽¹⁾		505		21,059
Palo Alto Networks, Inc. ⁽¹⁾		676		240,244
Paychex, Inc.		680		63,362
Paycom Software, Inc. ⁽¹⁾		613		277,229
PayPal Holdings, Inc. ⁽¹⁾		327		76,583
Photronics, Inc. ⁽¹⁾		5,043		56,280

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Plantronics, Inc.		655		17,705
Priority Technology Holdings, Inc. ⁽¹⁾		1,600		11,264
Progress Software Corp.		9,307		420,583
Qorvo, Inc. ⁽¹⁾		3,261		542,206
QUALCOMM, Inc.		27,959		4,259,274
Rimini Street, Inc. ⁽¹⁾		778		3,447
RingCentral, Inc. - Class A ⁽¹⁾		649		245,952
salesforce.com, Inc. ⁽¹⁾		10,795		2,402,211
Sanmina Corp. ⁽¹⁾		3,381		107,820
Sapiens International Corp. NV		2,199		67,311
ServiceNow, Inc. ⁽¹⁾		1,106		608,776
Skyworks Solutions, Inc.		3,746		572,688
Slack Technologies, Inc. - Class A ⁽¹⁾		726		30,666
Smartsheet, Inc. ⁽¹⁾		584		40,465
SolarEdge Technologies, Inc. ⁽¹⁾		49		15,637
SPS Commerce, Inc. ⁽¹⁾		3,200		347,488
Square, Inc. - Class A ⁽¹⁾		7,404		1,611,407
SS&C Technologies Holdings, Inc.		38,960		2,834,340
StarTek, Inc. ⁽¹⁾		1		8
StoneCo, Ltd. ⁽¹⁾		2,058		172,707
Stratasys, Ltd. ⁽¹⁾		1,740		36,053
Sykes Enterprises, Inc. ⁽¹⁾		3,260		122,804
SYNNEX Corp.		4,458		363,060
Tenable Holdings, Inc. ⁽¹⁾		2,794		146,014
Teradyne, Inc.		5,642		676,419
Texas Instruments, Inc.		13,867		2,275,991
Trade Desk, Inc./The ⁽¹⁾		637		510,237
Trimble, Inc. ⁽¹⁾		8,895		593,919
TTEC Holdings, Inc.		1,489		108,593
Twilio, Inc. - Class A ⁽¹⁾		1,779		602,192
Ultra Clean Holdings, Inc. ⁽¹⁾		1,206		37,567
Verint Systems, Inc. ⁽¹⁾		3,082		207,049
Veritone, Inc. ⁽¹⁾		310		8,820
VirnetX Holding Corp. ⁽²⁾		10,134		51,075
Visa, Inc.		13,160		2,878,487
Vishay Intertechnology, Inc.		9,661		200,079
Vontier Corp. ⁽¹⁾		1,162		38,811
Xerox Holdings Corp.		20,795		482,236
Xilinx, Inc.		4,061		575,728
Xperi Holding Corp.		7,679		160,491
Zebra Technologies Corp. - Class A ⁽¹⁾		1,599		614,544
Zoom Video Communications, Inc.- Class A ⁽¹⁾		2,249		758,633
Zscaler, Inc. ⁽¹⁾		865		172,749
				131,167,276

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 35

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Materials — 2.4%
Avery Dennison Corp.		2,940		456,023
Avient Corp.		627		25,256
Cabot Corp.		83		3,725
Caledonia Mining Corp. PLC		2,451		38,922
Celanese Corp.		873		113,438
Chemours Co./The		684		16,956
Coeur Mining, Inc. ⁽¹⁾		500		5,175
Commercial Metals Co.		2,002		41,121
Corteva, Inc.		9,534		369,156
Dow, Inc.		9,658		536,019
Eastman Chemical Co.		10,096		1,012,427
Freeport-McMoRan, Inc. - Class B		19,639		511,007
Hawkins, Inc.		331		17,315
Huntsman Corp.		16,340		410,788
Koppers Holdings, Inc. ⁽¹⁾		763		23,775
Linde PLC		5,133		1,352,597
Louisiana-Pacific Corp.		7,671		285,131
LyondellBasell Industries NV - Class A		4,748		435,202
Minerals Technologies, Inc.		209		12,983
Mosaic Co./The		1,746		40,175
Newmont Corp.		34,523		2,067,582
Nucor Corp.		5,744		305,523
O-I Glass, Inc.		4,048		48,171
Olin Corp.		827		20,311
Olympic Steel, Inc.		1,341		17,876
Packaging Corp. of America		2,562		353,325
PPG Industries, Inc.		7,081		1,021,222
Ramaco Resources, Inc. ⁽¹⁾		1,378		3,969
Rayonier Advanced Materials, Inc. ⁽¹⁾		2,611		17,024
Reliance Steel & Aluminum Co.		8,305		994,524
Royal Gold, Inc.		1		106
Ryerson Holding Corp. ⁽¹⁾		2,904		39,611
Scotts Miracle-Gro Co./The		7,227		1,439,185
Sherwin-Williams Co./The		1,788		1,314,019
Steel Dynamics, Inc.		4,213		155,333
Stepan Co.		1,058		126,241
SunCoke Energy, Inc.		961		4,180
Tredegar Corp.		2,649		44,238
Trinseo SA		218		11,164
Tronox Holdings PLC		2,351		34,372
Westlake Chemical Corp.		1,413		115,301
Westrock Co.		2,118		92,197
				13,932,665

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Real Estate Investment Trust — 2.5%
Altisource Portfolio Solutions SA ⁽¹⁾		2,089		26,906
American Homes 4 Rent - Class A		11,868		356,040
American Tower Corp.		8,451		1,896,911
Ashford Hospitality Trust, Inc.		2,131		5,519
AvalonBay Communities, Inc.		796		127,702
Camden Property Trust		107		10,691
CareTrust REIT, Inc.		2,448		54,297
CatchMark Timber Trust, Inc.		1,689		15,809
CBL & Associates Properties, Inc. ⁽¹⁾⁽²⁾		19,529		810
Columbia Property Trust, Inc.		9,023		129,390
CorEnergy Infrastructure Trust, Inc.		4,118		28,208
Corporate Office Properties Trust		8,820		230,026
CubeSmart		17,651		593,250
DiamondRock Hospitality Co.		1,437		11,855
EastGroup Properties, Inc.		415		57,295
Equinix, Inc.		954		681,328
Essex Property Trust, Inc.		2,599		617,055
Extra Space Storage, Inc.		8,349		967,315
Gaming and Leisure Properties, Inc.		13,353		566,167
Getty Realty Corp.		2,529		69,649
Gladstone Commercial Corp.		1,484		26,712
Healthcare Realty Trust, Inc.		15,836		468,746
Healthcare Trust of America, Inc. - Class A		11,864		326,735
Hersha Hospitality Trust		25		197
Highwoods Properties, Inc.		3,475		137,714
Host Hotels & Resorts, Inc.		4,342		63,523
Iron Mountain, Inc.		7,001		206,389
Lamar Advertising Co. - Class A		15,544		1,293,572
Life Storage, Inc.		464		55,397
LTC Properties, Inc.		22,302		867,771
National Health Investors, Inc.		4,314		298,399
National Storage Affiliates Trust		2,751		99,119
Newmark Group, Inc.		2,216		16,155
Omega Healthcare Investors, Inc.		4,478		162,641
Paramount Group, Inc.		22		199
Park Hotels & Resorts, Inc.		3,628		62,220
Piedmont Office Realty Trust, Inc.		15,878		257,700
PotlatchDeltic Corp.		1,491		74,580
PS Business Parks, Inc.		2,510		333,504
Public Storage		4,143		956,743
Retail Opportunity Investments Corp.		6,562		87,865
Ryman Hospitality Properties, Inc.		88		5,963
Sabra Health Care REIT, Inc.		2,023		35,140
SBA Communications Corp.		793		223,729
Service Properties Trust		17,033		195,709

The accompanying notes are an integral part of these financial statements

Page 36

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Simon Property Group, Inc.		14,325		1,221,636
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁷⁾		9,151		0
Tanger Factory Outlet Centers, Inc. ⁽²⁾		4,113		40,965
Universal Health Realty Income Trust		29		1,864
Urstadt Biddle Properties, Inc. - Class A		809		11,431
Welltower, Inc.		4,232		273,472
				14,252,013

Utilities — 1.8%
Alliant Energy Corp.		1,725		88,889
American Water Works Co., Inc.		8,325		1,277,638
Eversource Energy		2,864		247,765
MDU Resources Group, Inc.		46,004		1,211,745
NextEra Energy, Inc.		35,113		2,708,969
NorthWestern Corp.		4,407		256,972
NRG Energy, Inc.		15,560		584,278
Public Service Enterprise Group, Inc.		22,064		1,286,331
Southwest Gas Holdings, Inc.		3,083		187,292
UGI Corp.		16,493		576,595
Vistra Corp.		10,110		198,763
WEC Energy Group, Inc.		5,304		488,127
Xcel Energy, Inc.		17,763		1,184,246
				10,297,610

Total Common Stocks (Cost $323,196,508)				458,141,444

Money Market Registered Investment Companies — 18.1%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁴⁾		103,857,223		103,888,380
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		94,106		94,106
Total Money Market Registered Investment Companies (Cost $103,958,116)				103,982,486

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 0.75%, 1/4/2021 ⁽⁵⁾		248,088		248,088
Metro City Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		248,220		248,220
Pacific Mercantile Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		246,825		246,825
Total Bank Obligations (Cost $743,133)				743,133
Total Investments — 98.1% (Cost $427,897,757)				562,867,063
Other Assets less Liabilities — 1.9%				10,957,951
Total Net Assets — 100.0%				573,825,014

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		4,194		53,767
Meeder Dynamic Allocation Fund - Retail Class		10,647		142,563
Meeder Muirfield Fund - Retail Class		7,212		59,138
Meeder Conservative Allocation Fund - Retail Class		1,257		30,055
Total Trustee Deferred Compensation (Cost $235,611)				285,523

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 37

Schedule of Investments
December 31, 2020

	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		482		3/19/2021		51,352,280		832,931
Mini MSCI Emerging Markets Index Futures		223		3/19/2021		14,363,430		449,588
Russell 2000 Mini Index Futures		46		3/19/2021		4,542,040		128,519
Standard & Poors 500 Mini Futures		198		3/19/2021		37,113,120		1,082,140
E-mini Standard & Poors MidCap 400 Futures		42		3/19/2021		9,674,700		298,351
Total Futures Contracts		991				117,045,570		2,791,529

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(5)

Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are 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 December 31, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(8)	Preferred stock.

The accompanying notes are an integral part of these financial statements

Page 38

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — 81.6%
Communication Services — 7.8%
Activision Blizzard, Inc.		8,171		758,677
Alphabet, Inc. - Class A ⁽¹⁾		1,045		1,831,509
Alphabet, Inc. - Class C ⁽¹⁾		1,511		2,647,091
AMC Entertainment Holdings, Inc. - Class A ⁽²⁾		864		1,832
Cable One, Inc.		215		478,960
CenturyLink, Inc.		10,285		100,279
Cinemark Holdings, Inc.		529		9,210
Comcast Corp. - Class A		27,386		1,435,026
Cumulus Media, Inc. ⁽¹⁾		3,754		32,735
DHI Group, Inc. ⁽¹⁾		1,719		3,816
DISH Network Corp. ⁽¹⁾		1,057		34,183
Electronic Arts, Inc.		1,934		277,722
Entravision Communications Corp.		5,597		15,392
EW Scripps Co./The		96		1,468
Facebook, Inc. ⁽¹⁾		11,613		3,172,207
Fluent, Inc. ⁽¹⁾		2,081		11,050
Glu Mobile, Inc. ⁽¹⁾		885		7,974
Gogo, Inc. ⁽¹⁾		316		3,043
Gray Television, Inc. ⁽¹⁾		1,608		28,767
IDT Corp. - Class B ⁽¹⁾		388		4,796
Interpublic Group of Cos., Inc./The		7,457		175,389
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		518		2,248
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		1,256		14,281
Netflix, Inc. ⁽¹⁾		1,785		965,203
News Corp.		2,394		43,020
Nexstar Media Group, Inc.		914		99,800
Omnicom Group, Inc.		5,143		320,769
Pinterest, Inc. - Class A ⁽¹⁾		1,728		113,875
Roku, Inc. - Class A ⁽¹⁾		638		211,829
Spotify Technology SA ⁽¹⁾		845		265,888
Take-Two Interactive Software, Inc. ⁽¹⁾		226		46,961
TechTarget, Inc. ⁽¹⁾		674		39,840
TEGNA, Inc.		1,525		21,274
Tribune Publishing Co.		1,171		16,043
Twitter, Inc. ⁽¹⁾		936		50,684
Verizon Communications, Inc.		20,424		1,199,910
WideOpenWest, Inc. ⁽¹⁾		501		5,346
World Wrestling Entertainment, Inc. - Class A		1,122		53,912
Yelp, Inc. ⁽¹⁾		182		5,946
				14,507,955

Consumer Discretionary — 10.2%
Abercrombie & Fitch Co.		118		2,402
Adient PLC ⁽¹⁾		61		2,121

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Amazon.com, Inc. ⁽¹⁾		1,594		5,191,546
American Eagle Outfitters, Inc.		105		2,107
Aramark		941		36,210
At Home Group, Inc. ⁽¹⁾		364		5,627
Barnes & Noble Education, Inc. ⁽¹⁾		1,061		4,934
Best Buy Co., Inc.		6,414		640,053
Big Lots, Inc.		248		10,647
Biglari Holdings, Inc. - Class B ⁽¹⁾		2		222
BorgWarner, Inc.		1,172		45,286
Boyd Gaming Corp.		709		30,430
Brinker International, Inc.		393		22,232
Buckle, Inc./The		181		5,285
Caleres, Inc.		545		8,529
Camping World Holdings, Inc.		2,926		76,222
Capri Holdings, Ltd. ⁽¹⁾		583		24,486
CarParts.com, Inc. ⁽¹⁾		3,354		41,556
Carvana Co. ⁽¹⁾		25		5,989
Chipotle Mexican Grill, Inc. ⁽¹⁾		497		689,195
Churchill Downs, Inc.		50		9,740
Container Store Group, Inc./The ⁽¹⁾		260		2,480
Cooper Tire & Rubber Co.		409		16,565
Core-Mark Holding Co., Inc.		77		2,261
Cracker Barrel Old Country Store, Inc.		363		47,887
Crocs, Inc. ⁽¹⁾		1,322		82,837
Dana, Inc.		1,277		24,927
Darden Restaurants, Inc.		618		73,616
Dave & Buster’s Entertainment, Inc.		128		3,843
Del Taco Restaurants, Inc.		80		725
Designer Brands, Inc. - Class A		716		5,477
Dillard’s, Inc. - Class A		63		3,972
Dollar Tree, Inc. ⁽¹⁾		1,107		119,600
Domino’s Pizza, Inc.		331		126,925
DR Horton, Inc.		4,651		320,547
Duluth Holdings, Inc. - Class B ⁽¹⁾		44		465
eBay, Inc.		3,078		154,670
Etsy, Inc. ⁽¹⁾		398		70,808
Everi Holdings, Inc. ⁽¹⁾		223		3,080
Extended Stay America, Inc.		6,187		91,629
Fiesta Restaurant Group, Inc. ⁽¹⁾		259		2,953
Fossil Group, Inc. ⁽¹⁾		470		4,075
Fox Factory Holding Corp. ⁽¹⁾		96		10,148
Franchise Group, Inc.		201		6,120
Gap, Inc./The		323		6,521
General Motors Co.		10,171		423,520
Genesco, Inc. ⁽¹⁾		138		4,152
GoPro, Inc. ⁽¹⁾		452		3,743
Greenlane Holdings, Inc. ⁽¹⁾		412		1,632

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 39

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Group 1 Automotive, Inc.		131		17,179
GrowGeneration Corp. ⁽¹⁾		401		16,128
Guess?, Inc.		191		4,320
Hanesbrands, Inc.		1,282		18,692
Harley-Davidson, Inc.		714		26,204
Hibbett Sports, Inc. ⁽¹⁾		518		23,921
Houghton Mifflin Harcourt Co. ⁽¹⁾		523		1,742
International Game Technology PLC		1,099		18,617
Kohl’s Corp.		1,015		41,300
L Brands, Inc.		941		34,996
Lakeland Industries, Inc. ⁽¹⁾		905		24,661
Lands’ End, Inc. ⁽¹⁾		231		4,983
Las Vegas Sands Corp.		938		55,905
Lear Corp.		290		46,119
Lennar Corp. - Class A		1,296		98,794
Lovesac Co./The ⁽¹⁾		51		2,198
Lowe’s Cos., Inc.		11,422		1,833,345
Lululemon Athletica, Inc. ⁽¹⁾		541		188,284
Lumber Liquidators Holdings, Inc. ⁽¹⁾		492		15,124
M/I Homes, Inc. ⁽¹⁾		246		10,895
Malibu Boats, Inc. ⁽¹⁾		347		21,667
MarineMax, Inc. ⁽¹⁾		211		7,391
Marriott International, Inc./MD		506		66,752
McDonald’s Corp.		5,663		1,215,167
Meritage Homes Corp. ⁽¹⁾		377		31,223
Modine Manufacturing Co. ⁽¹⁾		708		8,892
Nathan’s Famous, Inc.		42		2,319
Nautilus, Inc. ⁽¹⁾		322		5,841
NIKE, Inc. - Class B		4,136		585,120
Nordstrom, Inc.		181		5,649
ODP Corp./The		623		18,254
OneWater Marine, Inc. ⁽¹⁾		865		25,163
Overstock.com, Inc. ⁽¹⁾		213		10,218
Penn National Gaming, Inc. ⁽¹⁾		791		68,319
Polaris, Inc.		291		27,726
Pool Corp.		28		10,430
PulteGroup, Inc.		10,864		468,456
Purple Innovation, Inc. ⁽¹⁾		87		2,866
Qurate Retail, Inc. - Class A		5,475		60,061
Red Rock Resorts, Inc.		626		15,675
Rent-A-Center, Inc./TX		4,373		167,442
Scientific Games Corp. ⁽¹⁾		337		13,982
Select Interior Concepts, Inc. ⁽¹⁾		13		93
Sleep Number Corp. ⁽¹⁾		166		13,589
Smith & Wesson Brands, Inc.		320		5,680
Starbucks Corp.		7,399		791,545
Sturm Ruger & Co., Inc.		30		1,952

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Tapestry, Inc.		985		30,614
Target Corp.		2,988		527,472
Tesla, Inc. ⁽¹⁾		3,532		2,492,426
Texas Roadhouse, Inc.		477		37,282
Thor Industries, Inc.		1,741		161,896
TopBuild Corp. ⁽¹⁾		140		25,771
Tupperware Brands Corp. ⁽¹⁾		195		6,316
Urban Outfitters, Inc. ⁽¹⁾		307		7,859
Vista Outdoor, Inc. ⁽¹⁾		76		1,806
VOXX International Corp. ⁽¹⁾		321		4,096
Waitr Holdings, Inc. ⁽¹⁾		412		1,145
Wayfair, Inc. ⁽¹⁾		53		11,968
Wendy’s Co./The		837		18,347
Williams-Sonoma, Inc.		246		25,053
Wingstop, Inc.		683		90,532
Winnebago Industries, Inc.		3,347		200,619
Wyndham Destinations, Inc.		2,383		106,901
Yum China Holdings, Inc.		2,966		169,329
Yum! Brands, Inc.		3,281		356,185
				18,880,493

Consumer Staples — 2.3%
Andersons, Inc./The		361		8,848
BJ’s Wholesale Club Holdings, Inc. ⁽¹⁾		400		14,912
Bunge, Ltd.		10,217		670,031
Conagra Brands, Inc.		3,148		114,146
Costco Wholesale Corp.		283		106,629
Darling Ingredients, Inc. ⁽¹⁾		5,668		326,930
Flowers Foods, Inc.		5,883		133,132
General Mills, Inc.		17,541		1,031,411
Kroger Co./The		7,807		247,950
Natural Grocers by Vitamin Cottage, Inc.		82		1,127
Nature’s Sunshine Products, Inc. ⁽¹⁾		247		3,693
Nu Skin Enterprises, Inc.		164		8,959
PepsiCo, Inc.		4,412		654,300
Performance Food Group Co. ⁽¹⁾		642		30,566
Rite Aid Corp. ⁽¹⁾		346		5,477
SpartanNash Co.		495		8,618
Tyson Foods, Inc.		1,483		95,565
United Natural Foods, Inc. ⁽¹⁾		404		6,452
Walgreens Boots Alliance, Inc.		385		15,354
Walmart, Inc.		5,951		857,837
				4,341,937

Energy — 0.7%
Antero Resources Corp. ⁽¹⁾		2,755		15,015
Apache Corp.		1,130		16,035

The accompanying notes are an integral part of these financial statements

Page 40

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Archrock, Inc.		1,641		14,211
Ardmore Shipping Corp.		2,318		7,580
Aspen Aerogels, Inc. ⁽¹⁾		802		13,385
Bonanza Creek Energy, Inc. ⁽¹⁾		584		11,289
Cabot Oil & Gas Corp.		1,772		28,848
Cactus, Inc. - Class A		1,144		29,824
Centennial Resource Development, Inc./DE - Class A ⁽¹⁾		2,480		3,720
Chaparral Energy, Inc. A Warrants ⁽¹⁾⁽⁷⁾		1		0
Chaparral Energy, Inc. B Warrants ⁽¹⁾⁽⁷⁾		1		0
Chesapeake Energy Corp. ⁽¹⁾		197		299
Cimarex Energy Co.		2,046		76,745
Clean Energy Fuels Corp. ⁽¹⁾		1,859		14,612
CNX Resources Corp. ⁽¹⁾		987		10,660
Concho Resources, Inc.		1,678		97,911
ConocoPhillips		5,758		230,262
CONSOL Energy, Inc. ⁽¹⁾		474		3,418
Contango Oil & Gas Co. ⁽¹⁾		1,528		3,499
Continental Resources, Inc./OK		644		10,497
Delek US Holdings, Inc.		328		5,271
DHT Holdings, Inc.		584		3,054
Diamondback Energy, Inc.		394		19,070
DMC Global, Inc.		12		519
Earthstone Energy, Inc. - Class A ⁽¹⁾		611		3,257
EOG Resources, Inc.		3,340		166,566
EQT Corp.		1,852		23,539
Exterran Corp. ⁽¹⁾		230		1,017
Extraction Oil & Gas, Inc. ⁽¹⁾		1,049		30
Frank’s International NV ⁽¹⁾		734		2,011
Golar LNG, Ltd.		319		3,075
Hess Corp.		644		33,997
International Seaways, Inc.		423		6,908
ION Geophysical Corp. ⁽¹⁾		2,321		5,640
Laredo Petroleum, Inc. ⁽¹⁾		702		13,829
Liberty Oilfield Services, Inc. - Class A		1,305		13,455
Marathon Oil Corp.		11,014		73,463
Matador Resources Co. ⁽¹⁾		987		11,903
Nabors Industries, Ltd.		159		9,259
NextDecade Corp. ⁽¹⁾		423		884
NexTier Oilfield Solutions, Inc. ⁽¹⁾		4,037		13,887
Nine Energy Service, Inc. ⁽¹⁾		1,098		2,987
Nordic American Tankers, Ltd.		1,435		4,233
NOV, Inc. ⁽¹⁾		1,743		23,931
Oasis Petroleum, Inc. Warrants ⁽¹⁾⁽⁷⁾		7		0
Oceaneering International, Inc. ⁽¹⁾		1,457		11,583
Overseas Shipholding Group, Inc. ⁽¹⁾		720		1,541
Parsley Energy, Inc.		1,258		17,864

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Patterson-UTI Energy, Inc.		315		1,657
PDC Energy, Inc. ⁽¹⁾		981		20,140
Peabody Energy Corp.		1,910		4,603
Penn Virginia Corp. ⁽¹⁾		34		345
Phillips 66		302		21,122
Pioneer Natural Resources Co.		814		92,706
ProPetro Holding Corp. ⁽¹⁾		3,917		28,947
Range Resources Corp.		1,372		9,192
Renewable Energy Group, Inc. ⁽¹⁾		274		19,405
Schlumberger NV		2,004		43,747
Scorpio Tankers, Inc.		378		4,230
SilverBow Resources, Inc. ⁽¹⁾		448		2,379
Southwestern Energy Co. ⁽¹⁾		4,016		11,968
Talos Energy, Inc. ⁽¹⁾		255		2,101
Teekay Corp. ⁽¹⁾		1,555		3,343
W&T Offshore, Inc. ⁽¹⁾		2,465		5,349
Whiting Petroleum Corp. ⁽¹⁾		80		2,000
Whiting Petroleum Corporation A Warrants ⁽¹⁾⁽²⁾		47		82
Whiting Petroleum Corporation B Warrants ⁽¹⁾⁽²⁾		23		44
World Fuel Services Corp.		1,244		38,763
WPX Energy, Inc. ⁽¹⁾		1,626		13,252
				1,385,958

Financials — 7.0%
AGNC Investment Corp.		7,902		123,271
Ally Financial, Inc.		7,657		273,049
American Equity Investment Life Holding Co.		845		23,373
American Express Co.		1,089		131,671
Ameriprise Financial, Inc.		581		112,906
Ameris Bancorp		1,816		69,135
Artisan Partners Asset Management, Inc. - Class A		2,120		106,721
Associated Banc-Corp		6,299		107,398
Axos Financial, Inc. ⁽¹⁾		671		25,183
BancorpSouth Bank		1,808		49,612
Bank of America Corp.		38,600		1,169,966
Bank of Commerce Holdings		1,918		18,988
Bank of NT Butterfield & Son, Ltd./The		888		27,670
BankUnited, Inc.		2,026		70,464
Bar Harbor Bankshares		152		3,434
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		11,904		2,760,180
Capital Bancorp, Inc. ⁽¹⁾		1,243		17,315
Capstead Mortgage Corp.		511		2,969
Chimera Investment Corp.		144		1,476

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 41

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Citigroup, Inc.		5,521		340,425
Citizens Financial Group, Inc.		3,625		129,630
Civista Bancshares, Inc.		1,856		32,536
CNO Financial Group, Inc.		1,271		28,254
Coastal Financial Corp./WA ⁽¹⁾		143		3,003
Columbia Banking System, Inc.		91		3,267
Comerica, Inc.		133		7,429
Crawford & Co. - Class B		890		6,408
Curo Group Holdings Corp.		3,891		55,758
Customers Bancorp, Inc. ⁽¹⁾		1,235		22,452
East West Bancorp, Inc.		1,807		91,633
Eaton Vance Corp.		861		58,488
Ellington Residential Mortgage REIT		2,219		28,936
Enova International, Inc. ⁽¹⁾		925		22,912
Esquire Financial Holdings, Inc. ⁽¹⁾		283		5,431
Evercore, Inc. - Class A		286		31,357
Farmers National Banc Corp.		259		3,437
Fifth Third Bancorp		10,124		279,119
First Business Financial Services, Inc.		1,414		26,032
First Choice Bancorp		157		2,903
First Citizens BancShares, Inc./NC - Class A		89		51,110
First Financial Bancorp		2,463		43,176
First Financial Corp./IN		1,045		40,598
First Foundation, Inc.		206		4,120
First Horizon Corp.		600		7,656
First Republic Bank/CA		908		133,412
FNCB Bancorp, Inc.		221		1,414
Franklin Financial Services Corp.		95		2,568
Goosehead Insurance, Inc.		234		29,194
Great Ajax Corp.		1,384		14,477
GWG Holdings, Inc. ⁽¹⁾⁽²⁾		935		6,536
Hartford Financial Services Group, Inc./The		1,350		66,123
HBT Financial, Inc.		3,805		57,646
Heartland Financial USA, Inc.		1,029		41,541
Hilltop Holdings, Inc.		2,684		73,837
Houlihan Lokey, Inc. - Class A		1,846		124,107
Huntington Bancshares, Inc./OH		3,500		44,205
Independent Bank Corp./MI		63		1,164
Invesco, Ltd.		114		1,987
Investors Title Co.		43		6,579
James River Group Holdings, Ltd.		712		34,995
JPMorgan Chase & Co.		7,660		973,356
KeyCorp		2,158		35,413
Kinsale Capital Group, Inc.		529		105,869
Lakeland Financial Corp.		52		2,786
LendingClub Corp. ⁽¹⁾		295		3,115
M&T Bank Corp.		329		41,882

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Mackinac Financial Corp.		1,005		12,824
Meta Financial Group, Inc.		289		10,566
MetLife, Inc.		1,496		70,237
Metrocity Bankshares, Inc.		391		5,638
Mid Penn Bancorp, Inc.		74		1,621
MMA Capital Holdings, Inc. ⁽¹⁾		697		17,146
Morgan Stanley		7,022		481,218
Mr Cooper Group, Inc. ⁽¹⁾		1,593		49,431
MVB Financial Corp.		1,668		37,830
NewStar Financial Contingent Value Rights ⁽¹⁾⁽⁷⁾		95		0
Northrim BanCorp, Inc.		1,376		46,715
OneMain Holdings, Inc.		1,192		57,407
OP Bancorp		662		5,097
Oppenheimer Holdings, Inc.		1,655		52,017
PennyMac Financial Services, Inc.		1,580		103,680
PennyMac Mortgage Investment Trust		260		4,573
People’s United Financial, Inc.		1,827		23,623
Pinnacle Financial Partners, Inc.		61		3,928
PJT Partners, Inc.		1,297		97,599
PNC Financial Services Group, Inc./The		1,605		239,145
Premier Financial Bancorp, Inc.		677		8,997
Progressive Corp./The		9,026		892,491
ProSight Global, Inc. ⁽¹⁾		8		103
Prudential Financial, Inc.		1,925		150,285
Pzena Investment Management, Inc. - Class A		3,069		22,404
QCR Holdings, Inc.		625		24,744
RBB Bancorp		4,073		62,643
Ready Capital Corp.		1,775		22,099
Regions Financial Corp.		12,340		198,921
SB Financial Group, Inc.		568		10,383
Shore Bancshares, Inc.		1,196		17,462
Siebert Financial Corp. ⁽¹⁾		214		899
Signature Bank/New York NY		513		69,404
Silvercrest Asset Management Group, Inc.		233		3,236
Simmons First National Corp.		253		5,462
SLM Corp.		2,151		26,651
South State Corp.		154		11,134
State Street Corp.		2,447		178,093
Stewart Information Services Corp.		2,427		117,370
StoneX Group, Inc. ⁽¹⁾		279		16,154
Summit Financial Group, Inc.		224		4,946
SVB Financial Group ⁽¹⁾		390		151,254
Synchrony Financial		14,195		492,708
Synovus Financial Corp.		395		12,786
Triumph Bancorp, Inc. ⁽¹⁾		85		4,127

The accompanying notes are an integral part of these financial statements

Page 42

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Truist Financial Corp.		7,638		366,089
UMB Financial Corp.		1,117		77,062
United Community Banks, Inc./GA		1,595		45,362
Unum Group		5,847		134,130
Valley National Bancorp		2,764		26,949
Veritex Holdings, Inc.		972		24,942
Virtu Financial, Inc.		2,134		53,713
Virtus Investment Partners, Inc.		335		72,695
Walker & Dunlop, Inc.		253		23,281
Wells Fargo & Co.		1,504		45,391
Western Alliance Bancorp		1,264		75,777
				12,993,499

Healthcare — 15.8%
89bio, Inc. ⁽¹⁾		37		902
Abbott Laboratories		4,724		517,231
AbbVie, Inc.		13,025		1,395,629
Affimed NV ⁽¹⁾		1,150		6,693
Agilent Technologies, Inc.		2,495		295,633
Akebia Therapeutics, Inc. ⁽¹⁾		655		1,834
Akero Therapeutics, Inc. ⁽¹⁾		22		568
Albireo Pharma, Inc. ⁽¹⁾		41		1,538
Alexion Pharmaceuticals, Inc. ⁽¹⁾		2,313		361,383
Align Technology, Inc. ⁽¹⁾		393		210,011
Alkermes PLC ⁽¹⁾		882		17,596
Allakos, Inc. ⁽¹⁾		157		21,980
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		632		9,126
Alnylam Pharmaceuticals, Inc. ⁽¹⁾		558		72,523
Amedisys, Inc. ⁽¹⁾		15		4,400
Amgen, Inc.		4,678		1,075,566
Amicus Therapeutics, Inc. ⁽¹⁾		222		5,126
Amneal Pharmaceuticals, Inc. - Class A ⁽¹⁾		2,196		10,036
Anthem, Inc.		816		262,009
Apellis Pharmaceuticals, Inc. ⁽¹⁾		345		19,734
Applied Therapeutics, Inc. ⁽¹⁾		43		946
Arcturus Therapeutics Holdings, Inc. ⁽¹⁾		127		5,509
Arcutis Biotherapeutics, Inc. ⁽¹⁾		160		4,501
Arena Pharmaceuticals, Inc. ⁽¹⁾		422		32,422
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		441		33,838
Assembly Biosciences, Inc. ⁽¹⁾		51		309
Atara Biotherapeutics, Inc. ⁽¹⁾		310		6,085
Avantor, Inc. ⁽¹⁾		1,346		37,890
Axsome Therapeutics, Inc. ⁽¹⁾		74		6,029
Baxter International, Inc.		429		34,423
Beam Therapeutics, Inc. ⁽¹⁾		260		21,226
Becton Dickinson and Co.		1		250
Beyondspring, Inc. ⁽¹⁾		221		2,696

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
BioDelivery Sciences International, Inc. ⁽¹⁾		1,345		5,649
Bio-Rad Laboratories, Inc. ⁽¹⁾		160		93,270
Bio-Techne Corp.		575		182,591
Bioxcel Therapeutics, Inc. ⁽¹⁾		1,345		62,139
Blueprint Medicines Corp. ⁽¹⁾		326		36,561
Bridgebio Pharma, Inc. ⁽¹⁾		226		16,071
Bristol-Myers Squibb Co.		16,365		1,015,121
Calyxt, Inc. ⁽¹⁾		26		110
Cardinal Health, Inc.		9,562		512,141
CareDx, Inc. ⁽¹⁾		338		24,488
CASI Pharmaceuticals, Inc. ⁽¹⁾		1,242		3,664
Castle Biosciences, Inc. ⁽¹⁾		3		201
Catalent, Inc. ⁽¹⁾		1,473		153,295
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		2,184		7,295
Centene Corp. ⁽¹⁾		3,317		199,120
Centogene NV ⁽¹⁾		120		1,294
Cerecor, Inc. ⁽¹⁾		1,799		4,749
Cerner Corp.		9,319		731,355
Charles River Laboratories International, Inc. ⁽¹⁾		499		124,680
Checkpoint Therapeutics, Inc. ⁽¹⁾		915		2,425
Chemed Corp.		250		133,153
ChemoCentryx, Inc. ⁽¹⁾		532		32,941
Co-Diagnostics, Inc. ⁽¹⁾		182		1,693
Community Health Systems, Inc. ⁽¹⁾		1,040		7,727
Computer Programs and Systems, Inc.		797		21,391
Concert Pharmaceuticals, Inc. ⁽¹⁾		24		303
Constellation Pharmaceuticals, Inc. ⁽¹⁾		131		3,773
Corcept Therapeutics, Inc. ⁽¹⁾		181		4,735
Corvus Pharmaceuticals, Inc. ⁽¹⁾		645		2,296
Cross Country Healthcare, Inc. ⁽¹⁾		166		1,472
CVS Health Corp.		6,274		428,514
Cymabay Therapeutics, Inc. ⁽¹⁾		1,196		6,865
Danaher Corp.		2,331		517,808
Deciphera Pharmaceuticals, Inc. ⁽¹⁾		92		5,250
Denali Therapeutics, Inc. ⁽¹⁾		275		23,034
DENTSPLY SIRONA, Inc.		1,152		60,319
Editas Medicine, Inc. ⁽¹⁾		311		21,804
Edwards Lifesciences Corp. ⁽¹⁾		864		78,823
Eidos Therapeutics, Inc. ⁽¹⁾		66		8,684
Elanco Animal Health, Inc. Contingent Value Rights ⁽¹⁾⁽⁷⁾		2,012		0
Eli Lilly and Co.		4,192		707,777
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		481		1,914
Emergent BioSolutions, Inc. ⁽¹⁾		694		62,182
Endo International PLC ⁽¹⁾		3,626		26,035
Ensign Group, Inc./The		299		21,803

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 43

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Evelo Biosciences, Inc. ⁽¹⁾		297		3,591
Exact Sciences Corp. ⁽¹⁾		633		83,866
Exelixis, Inc. ⁽¹⁾		2,522		50,617
Fate Therapeutics, Inc. ⁽¹⁾		377		34,281
Five Prime Therapeutics, Inc. ⁽¹⁾		284		4,831
Five Star Senior Living, Inc. ⁽¹⁾		1,043		7,197
Fulgent Genetics, Inc. ⁽¹⁾		66		3,439
Gilead Sciences, Inc.		8,279		482,335
Globus Medical, Inc. ⁽¹⁾		428		27,914
HCA Healthcare, Inc.		1,029		169,229
Hill-Rom Holdings, Inc.		1,919		188,004
Hologic, Inc. ⁽¹⁾		1,412		102,836
Horizon Therapeutics Plc ⁽¹⁾		5,689		416,150
Humana, Inc.		907		372,115
ICU Medical, Inc. ⁽¹⁾		4		858
Idera Pharmaceuticals, Inc. ⁽¹⁾		2,510		9,212
IDEXX Laboratories, Inc. ⁽¹⁾		74		36,990
IGM Biosciences, Inc. ⁽¹⁾		32		2,825
Illumina, Inc. ⁽¹⁾		322		119,140
ImmunoGen, Inc. ⁽¹⁾		1,338		8,630
InfuSystem Holdings, Inc. ⁽¹⁾		1,886		35,419
Inogen, Inc. ⁽¹⁾		183		8,176
Inovio Pharmaceuticals, Inc. ⁽¹⁾		567		5,018
Insmed, Inc. ⁽¹⁾		435		14,481
Insulet Corp. ⁽¹⁾		169		43,201
Intellia Therapeutics, Inc. ⁽¹⁾		393		21,379
Intersect ENT, Inc. ⁽¹⁾		332		7,603
Invitae Corp. ⁽¹⁾		495		20,696
Iovance Biotherapeutics, Inc. ⁽¹⁾		833		38,651
iRhythm Technologies, Inc. ⁽¹⁾		107		25,381
Ironwood Pharmaceuticals, Inc. ⁽¹⁾		1,332		15,171
Johnson & Johnson		22,348		3,517,128
Jounce Therapeutics, Inc. ⁽¹⁾		358		2,506
Karuna Therapeutics, Inc. ⁽¹⁾		3		305
Kodiak Sciences, Inc. ⁽¹⁾		193		28,354
Kura Oncology, Inc. ⁽¹⁾		698		22,797
LHC Group, Inc. ⁽¹⁾		50		10,666
Lumos Pharma, Inc. ⁽¹⁾		119		4,249
MacroGenics, Inc. ⁽¹⁾		447		10,218
Mallinckrodt PLC ⁽¹⁾		2,967		596
Marinus Pharmaceuticals, Inc. ⁽¹⁾		235		2,867
McKesson Corp.		1,618		281,403
Medtronic PLC		12,952		1,517,197
Merck & Co., Inc.		29,145		2,384,061
Mersana Therapeutics, Inc. ⁽¹⁾		2,139		56,919
Mettler-Toledo International, Inc. ⁽¹⁾		50		56,984
Mirati Therapeutics, Inc. ⁽¹⁾		217		47,662

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Moderna, Inc. ⁽¹⁾		2,133		222,835
Molina Healthcare, Inc. ⁽¹⁾		266		56,573
Myriad Genetics, Inc. ⁽¹⁾		396		7,831
NantKwest, Inc. ⁽¹⁾		664		8,851
Natera, Inc. ⁽¹⁾		396		39,410
National HealthCare Corp.		64		4,250
Neurocrine Biosciences, Inc. ⁽¹⁾		270		25,880
NextGen Healthcare, Inc. ⁽¹⁾		1,247		22,745
Novavax, Inc. ⁽¹⁾		286		31,892
Novocure, Ltd. ⁽¹⁾		129		22,322
Ocular Therapeutix, Inc. ⁽¹⁾		1,319		27,303
Oncocyte Corp. ⁽¹⁾		905		2,163
Osmotica Pharmaceuticals PLC ⁽¹⁾		1,812		7,465
Otonomy, Inc. ⁽¹⁾		2,774		17,948
Owens & Minor, Inc.		734		19,855
Pacific Biosciences of California, Inc. ⁽¹⁾		1,045		27,107
PerkinElmer, Inc.		621		89,114
Perrigo Co. PLC		3,660		163,675
Pfizer, Inc.		32,875		1,210,129
PRA Health Sciences, Inc. ⁽¹⁾		550		68,992
Precigen, Inc. ⁽¹⁾⁽²⁾		620		6,324
Quest Diagnostics, Inc.		42		5,005
Quidel Corp. ⁽¹⁾		137		24,612
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		1,345		649,783
Replimune Group, Inc. ⁽¹⁾		237		9,042
ResMed, Inc.		409		86,937
REVOLUTION Medicines, Inc. ⁽¹⁾		177		7,007
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		684		20,335
Rigel Pharmaceuticals, Inc. ⁽¹⁾		1,848		6,468
Rocket Pharmaceuticals, Inc. ⁽¹⁾		249		13,655
Sangamo Therapeutics, Inc. ⁽¹⁾		779		12,156
Scholar Rock Holding Corp. ⁽¹⁾		109		5,290
Seagen, Inc. ⁽¹⁾		670		117,344
Seres Therapeutics, Inc. ⁽¹⁾		333		8,159
Solid Biosciences, Inc. ⁽¹⁾		433		3,282
Sorrento Therapeutics, Inc. ⁽¹⁾		1,034		7,057
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		1,247		4,252
SpringWorks Therapeutics, Inc. ⁽¹⁾		110		7,977
STERIS PLC		707		134,005
Stryker Corp.		2,954		723,848
Supernus Pharmaceuticals, Inc. ⁽¹⁾		525		13,209
Surgery Partners, Inc. ⁽¹⁾		168		4,874
Sutro Biopharma, Inc. ⁽¹⁾		252		5,471
Syros Pharmaceuticals, Inc. ⁽¹⁾		969		10,514
Teladoc Health, Inc. ⁽¹⁾		322		64,387
Tenet Healthcare Corp. ⁽¹⁾		788		31,465
TG Therapeutics, Inc. ⁽¹⁾		675		35,114

The accompanying notes are an integral part of these financial statements

Page 44

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Thermo Fisher Scientific, Inc.		1,774		826,294
Translate Bio, Inc. ⁽¹⁾		349		6,432
Travere Therapeutics, Inc. ⁽¹⁾		96		2,616
Turning Point Therapeutics, Inc. ⁽¹⁾		325		39,601
Twist Bioscience Corp. ⁽¹⁾		280		39,561
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		227		31,424
United Therapeutics Corp. ⁽¹⁾		1,150		174,559
UnitedHealth Group, Inc.		4,231		1,483,727
Universal Health Services, Inc. - Class B		519		71,363
Utah Medical Products, Inc.		16		1,349
Vanda Pharmaceuticals, Inc. ⁽¹⁾		1,314		17,266
Veeva Systems, Inc. ⁽¹⁾		852		231,957
Veracyte, Inc. ⁽¹⁾		635		31,077
Vertex Pharmaceuticals, Inc. ⁽¹⁾		2,471		583,996
Viatris, Inc. ⁽¹⁾		6,481		121,454
Viemed Healthcare, Inc. ⁽¹⁾		26		202
West Pharmaceutical Services, Inc.		235		66,578
Xencor, Inc. ⁽¹⁾		294		12,827
Zimmer Biomet Holdings, Inc.		3,184		490,623
Zoetis, Inc. - Class A		4,432		733,496
				29,195,619

Industrials — 6.4%
3M Co.		3,788		662,105
AGCO Corp.		1,048		108,038
Allegiant Travel Co.		462		87,429
Alpha Pro Tech, Ltd. ⁽¹⁾		506		5,642
Altra Industrial Motion Corp.		448		24,833
ArcBest Corp.		856		36,526
Arcosa, Inc.		486		26,696
Argan, Inc.		174		7,741
ASGN, Inc. ⁽¹⁾		224		18,711
Astec Industries, Inc.		132		7,640
Atkore International Group, Inc. ⁽¹⁾		1,745		71,737
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		45		2,454
Axon Enterprise, Inc. ⁽¹⁾		233		28,549
AZZ, Inc.		892		42,316
BG Staffing, Inc.		73		985
BMC Stock Holdings, Inc. ⁽¹⁾		925		49,654
Boise Cascade Co.		1,389		66,394
CAI International, Inc.		94		2,937
Caterpillar, Inc.		1,814		330,184
Cintas Corp.		647		228,689
Comfort Systems USA, Inc.		733		38,600
Commercial Vehicle Group, Inc. ⁽¹⁾		1,206		10,432
CompX International, Inc. - Class A		200		2,846
Copart, Inc. ⁽¹⁾		2,418		307,691

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
CoreCivic, Inc.		933		6,111
CoreLogic, Inc./United States		1,067		82,500
Covenant Logistics Group, Inc. ⁽¹⁾		725		10,737
CSX Corp.		1,690		153,368
Cummins, Inc.		8,661		1,966,913
Deere & Co.		887		238,647
Eaton Corp. PLC		2,186		262,626
Emerson Electric Co.		3,218		258,631
EnerSys		256		21,263
Fastenal Co.		3,296		160,944
FedEx Corp.		1,021		265,072
FuelCell Energy, Inc. ⁽¹⁾		262		2,927
Generac Holdings, Inc. ⁽¹⁾		311		70,725
General Electric Co.		6,781		73,235
GrafTech International, Ltd.		1,620		17,269
Greenbrier Cos., Inc./The		60		2,183
HEICO Corp.		294		38,926
Herc Holdings, Inc. ⁽¹⁾		248		16,470
Herman Miller, Inc.		421		14,230
Hertz Global Holdings, Inc. ⁽¹⁾		1,132		1,449
HNI Corp.		554		19,091
Huntington Ingalls Industries, Inc.		444		75,693
JB Hunt Transport Services, Inc.		166		22,684
Kelly Services, Inc. - Class A		747		15,366
Kforce, Inc.		231		9,723
Kimball International, Inc. - Class B		2,417		28,883
L B Foster Co. - Class A ⁽¹⁾		291		4,380
Lawson Products, Inc./DE ⁽¹⁾		83		4,226
Lockheed Martin Corp.		2,477		879,285
Manitowoc Co., Inc./The ⁽¹⁾		192		2,556
ManpowerGroup, Inc.		2,999		270,450
Matson, Inc.		625		35,606
Maxar Technologies, Inc.		419		16,169
Meritor, Inc. ⁽¹⁾		558		15,574
Miller Industries, Inc./TN		2,261		85,963
Moog, Inc.		908		72,004
MSC Industrial Direct Co., Inc.		3,800		320,682
Mueller Industries, Inc.		1,746		61,302
MYR Group, Inc. ⁽¹⁾		138		8,294
NL Industries, Inc.		1,691		8,083
Norfolk Southern Corp.		49		11,643
Old Dominion Freight Line, Inc.		973		189,910
PACCAR, Inc.		9,186		792,568
PAE, Inc. ⁽¹⁾		745		6,839
Parker-Hannifin Corp.		1,205		328,254
Plug Power, Inc. ⁽¹⁾		1,809		61,343
Primoris Services Corp.		1,690		46,661

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 45

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Quad/Graphics, Inc. - Class A		365		1,394
Quanta Services, Inc.		8,098		583,218
Regal Beloit Corp.		1,428		175,373
Resideo Technologies, Inc. ⁽¹⁾		1,129		24,003
Rexnord Corp.		648		25,590
RR Donnelley & Sons Co.		3,957		8,943
Ryder System, Inc.		720		44,467
Saia, Inc. ⁽¹⁾		350		63,280
Shyft Group, Inc./The		544		15,439
SkyWest, Inc.		124		4,998
Steelcase, Inc.		799		10,826
Textainer Group Holdings, Ltd. ⁽¹⁾		856		16,418
Timken Co./The		2,200		170,192
TPI Composites, Inc. ⁽¹⁾		415		21,904
Triton International, Ltd./Bermuda		2,475		120,062
Tutor Perini Corp. ⁽¹⁾		208		2,694
Uber Technologies, Inc. ⁽¹⁾		3,561		181,611
United Parcel Service, Inc. - Class B		2,930		493,412
United Rentals, Inc. ⁽¹⁾		51		11,827
Vectrus, Inc. ⁽¹⁾		1,322		65,730
Veritiv Corp. ⁽¹⁾		377		7,838
Waste Management, Inc.		4,573		539,294
WESCO International, Inc. ⁽¹⁾		1,106		86,821
WESCO International, Inc. Series A Variable Preferred ⁽⁸⁾		198		6,188
YRC Worldwide, Inc. ⁽¹⁾		553		2,450
				11,910,259

Information Technology — 25.1%
8x8, Inc. ⁽¹⁾		304		10,479
Accenture PLC - Class A		557		145,494
ACI Worldwide, Inc. ⁽¹⁾		1,250		48,038
Adobe, Inc. ⁽¹⁾		2,582		1,291,310
ADTRAN, Inc.		205		3,028
Advanced Micro Devices, Inc. ⁽¹⁾		5,109		468,546
Alarm.com Holdings, Inc. ⁽¹⁾		98		10,138
Alliance Data Systems Corp.		325		24,083
Amkor Technology, Inc.		2,819		42,511
Apple, Inc. ⁽⁴⁾		77,412		10,271,798
Applied Materials, Inc.		7,958		686,775
Arista Networks, Inc. ⁽¹⁾		67		19,468
Arrow Electronics, Inc. ⁽¹⁾		2,715		264,170
AstroNova, Inc.		530		5,645
Autodesk, Inc. ⁽¹⁾		1,250		381,675
Avaya Holdings Corp. ⁽¹⁾		958		18,346
Avnet, Inc.		4,145		145,531
Bill.com Holdings, Inc. ⁽¹⁾		129		17,609

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Broadcom, Inc.		1,945		851,618
CACI International, Inc. - Class A ⁽¹⁾		1,170		291,716
Cadence Design Systems, Inc. ⁽¹⁾		13,835		1,887,509
Calix, Inc. ⁽¹⁾		4,472		133,087
Cambium Networks Corp. ⁽¹⁾		232		5,819
CDK Global, Inc.		2,563		132,840
CDW Corp./DE		1,576		207,701
Cerence, Inc. ⁽¹⁾		342		34,364
ChannelAdvisor Corp. ⁽¹⁾		1,646		26,303
Ciena Corp. ⁽¹⁾		524		27,693
Cisco Systems, Inc.		20,253		906,322
Cloudera, Inc. ⁽¹⁾		40		556
Cloudflare, Inc. ⁽¹⁾		786		59,728
Cognex Corp.		540		43,354
Cognizant Technology Solutions Corp.		4,449		364,596
Concentrix Corp. ⁽¹⁾		967		95,443
Conduent, Inc. ⁽¹⁾		3,442		16,522
Corning, Inc.		4,723		170,028
Coupa Software, Inc. ⁽¹⁾		207		70,154
Crowdstrike Holdings, Inc. ⁽¹⁾		694		147,003
Diebold Nixdorf, Inc. ⁽¹⁾		588		6,268
Digital Turbine, Inc. ⁽¹⁾		1,500		84,840
DocuSign, Inc. ⁽¹⁾		914		203,182
Dropbox, Inc. - Class A ⁽¹⁾		1,149		25,496
DXC Technology Co.		2,832		72,924
Eastman Kodak Co. ⁽¹⁾		275		2,239
Ebix, Inc.		539		20,466
Elastic NV ⁽¹⁾		46		6,722
Enphase Energy, Inc. ⁽¹⁾		482		84,577
F5 Networks, Inc. ⁽¹⁾		206		36,244
Fabrinet ⁽¹⁾		1,103		85,582
Fastly, Inc. ⁽¹⁾		279		24,376
FormFactor, Inc. ⁽¹⁾		1		43
Fortinet, Inc. ⁽¹⁾		336		49,906
Hewlett Packard Enterprise Co.		4,115		48,763
HP, Inc.		24,417		600,414
HubSpot, Inc. ⁽¹⁾		176		69,773
II-VI, Inc. ⁽¹⁾		308		23,396
Information Services Group, Inc. ⁽¹⁾		3,086		10,122
Insight Enterprises, Inc. ⁽¹⁾		261		19,859
Intel Corp.		23,006		1,146,159
Intevac, Inc. ⁽¹⁾		316		2,278
Intuit, Inc.		6,089		2,312,907
Jabil, Inc.		3,864		164,336
KBR, Inc.		1,100		34,023
Kimball Electronics, Inc. ⁽¹⁾		750		11,993
KLA Corp.		1,701		440,406

The accompanying notes are an integral part of these financial statements

Page 46

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Lam Research Corp.		1,140		538,388
Littelfuse, Inc.		21		5,348
Mastercard, Inc.		2,736		976,588
Maxim Integrated Products, Inc.		775		68,704
Methode Electronics, Inc.		211		8,077
Microchip Technology, Inc.		66		9,115
Micron Technology, Inc. ⁽¹⁾		3,081		231,630
Microsoft Corp.		38,945		8,662,147
MicroStrategy, Inc. ⁽¹⁾		417		162,025
MKS Instruments, Inc.		431		64,844
MoneyGram International, Inc. ⁽¹⁾		993		5,427
Monolithic Power Systems, Inc.		60		21,974
NCR Corp. ⁽¹⁾		999		37,532
NETGEAR, Inc. ⁽¹⁾		130		5,282
NIC, Inc.		24		620
NortonLifeLock, Inc.		7,276		151,195
NVIDIA Corp.		2,446		1,277,301
ON Semiconductor Corp. ⁽¹⁾		271		8,870
Oracle Corp.		15,975		1,033,423
PagerDuty, Inc. ⁽¹⁾		175		7,298
Palo Alto Networks, Inc. ⁽¹⁾		118		41,936
Paycom Software, Inc. ⁽¹⁾		224		101,304
Photronics, Inc. ⁽¹⁾		3,361		37,509
Plantronics, Inc.		216		5,838
Priority Technology Holdings, Inc. ⁽¹⁾		739		5,203
Progress Software Corp.		1,823		82,381
Qorvo, Inc. ⁽¹⁾		778		129,358
QUALCOMM, Inc.		9,926		1,512,127
Rimini Street, Inc. ⁽¹⁾		790		3,500
RingCentral, Inc. - Class A ⁽¹⁾		199		75,415
salesforce.com, Inc. ⁽¹⁾		3,562		792,652
Sanmina Corp. ⁽¹⁾		1,208		38,523
Skyworks Solutions, Inc.		1,283		196,145
Slack Technologies, Inc. - Class A ⁽¹⁾		156		6,589
Smartsheet, Inc. ⁽¹⁾		225		15,590
SPS Commerce, Inc. ⁽¹⁾		950		103,161
Square, Inc. - Class A ⁽¹⁾		1,739		378,476
SS&C Technologies Holdings, Inc.		13,107		953,534
StarTek, Inc. ⁽¹⁾		410		3,083
StoneCo, Ltd. ⁽¹⁾		688		57,737
Sykes Enterprises, Inc. ⁽¹⁾		808		30,437
SYNNEX Corp.		1,425		116,052
Tenable Holdings, Inc. ⁽¹⁾		1,065		55,657
Teradyne, Inc.		1,994		239,061
Texas Instruments, Inc.		3,937		646,180
Trade Desk, Inc./The ⁽¹⁾		207		165,807
Trimble, Inc. ⁽¹⁾		2,757		184,085

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Long — continued
TTEC Holdings, Inc.		435			31,725
Twilio, Inc. - Class A ⁽¹⁾		602			203,777
Ultra Clean Holdings, Inc. ⁽¹⁾		180			5,607
Verint Systems, Inc. ⁽¹⁾		593			39,838
Veritone, Inc. ⁽¹⁾		141			4,011
VirnetX Holding Corp.		2,266			11,421
Visa, Inc.		4,641			1,015,126
Vishay Intertechnology, Inc.		2,050			42,456
Vontier Corp. ⁽¹⁾		338			11,289
Xerox Holdings Corp.		5,936			137,656
Xilinx, Inc.		1,239			175,653
Xperi Holding Corp.		2,138			44,684
Zebra Technologies Corp. - Class A ⁽¹⁾		504			193,702
Zoom Video Communications, Inc.- Class A ⁽¹⁾		724			244,220
Zscaler, Inc. ⁽¹⁾		276			55,120
					46,383,707

Materials — 2.4%
Avery Dennison Corp.		1,729			268,185
Avient Corp.		402			16,193
Caledonia Mining Corp. PLC		834			13,244
Celanese Corp.		276			35,863
Chemours Co./The		332			8,230
Coeur Mining, Inc. ⁽¹⁾		729			7,545
Commercial Metals Co.		478			9,818
Corteva, Inc.		3,365			130,293
Dow, Inc.		3,156			175,158
Eastman Chemical Co.		2,760			276,773
Ferroglobe PLC Contingent Value Rights ^(1)(7)(9)		(2,326	)		0
Freeport-McMoRan, Inc. - Class B		6,190			161,064
FutureFuel Corp.		1,446			18,364
Hawkins, Inc.		116			6,068
Huntsman Corp.		5,331			134,021
Koppers Holdings, Inc. ⁽¹⁾		167			5,204
Louisiana-Pacific Corp.		3,394			126,155
LyondellBasell Industries NV - Class A		1,478			135,473
Minerals Technologies, Inc.		107			6,647
Mosaic Co./The		655			15,072
Newmont Corp.		11,678			699,395
Nucor Corp.		1,665			88,561
O-I Glass, Inc.		1,524			18,136
Olin Corp.		444			10,905
Olympic Steel, Inc.		261			3,479
Packaging Corp. of America		290			39,994
PPG Industries, Inc.		2,406			346,993

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 47

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Ramaco Resources, Inc. ⁽¹⁾		996		2,868
Rayonier Advanced Materials, Inc. ⁽¹⁾		879		5,731
Reliance Steel & Aluminum Co.		2,359		282,490
Royal Gold, Inc.		117		12,444
Ryerson Holding Corp. ⁽¹⁾		729		9,944
Scotts Miracle-Gro Co./The		3,425		682,055
Sherwin-Williams Co./The		602		442,416
Steel Dynamics, Inc.		1,526		56,264
Stepan Co.		876		104,524
SunCoke Energy, Inc.		1,442		6,273
Tredegar Corp.		1,414		23,614
Trinseo SA		126		6,452
Tronox Holdings PLC		1,113		16,272
United States Lime & Minerals, Inc.		243		27,702
Westlake Chemical Corp.		519		42,350
Westrock Co.		778		33,866
				4,512,098

Real Estate Investment Trust — 2.6%
Altisource Portfolio Solutions SA ⁽¹⁾		1,218		15,688
American Homes 4 Rent - Class A		3,301		99,030
American Tower Corp.		3,228		724,557
CareTrust REIT, Inc.		863		19,141
CatchMark Timber Trust, Inc.		5,866		54,906
Clipper Realty, Inc.		2,259		15,926
Columbia Property Trust, Inc.		2,155		30,903
CorEnergy Infrastructure Trust, Inc.		1,477		10,117
CorePoint Lodging, Inc.		283		1,947
Corporate Office Properties Trust		2,587		67,469
CubeSmart		7,290		245,017
CyrusOne, Inc.		305		22,311
DiamondRock Hospitality Co.		680		5,610
Diversified Healthcare Trust		2,608		10,745
EastGroup Properties, Inc.		339		46,802
Equinix, Inc.		502		358,518
Essex Property Trust, Inc.		562		133,430
Extra Space Storage, Inc.		3,204		371,215
Gaming and Leisure Properties, Inc.		33		1,399
GEO Group, Inc./The		1,082		9,587
Healthcare Realty Trust, Inc.		9,436		279,306
Healthcare Trust of America, Inc. - Class A		5,604		154,334
Host Hotels & Resorts, Inc.		1,662		24,315

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Iron Mountain, Inc.		342		10,082
Lamar Advertising Co. - Class A		3,905		324,974
Life Storage, Inc.		168		20,058
LTC Properties, Inc.		1,573		61,205
Maui Land & Pineapple Co., Inc. ⁽¹⁾		559		6,445
National Health Investors, Inc.		1,489		102,994
National Storage Affiliates Trust		67		2,414
New Senior Investment Group, Inc.		328		1,699
Newmark Group, Inc.		1,327		9,674
Omega Healthcare Investors, Inc.		1,926		69,952
Park Hotels & Resorts, Inc.		1,790		30,699
Piedmont Office Realty Trust, Inc.		7,550		122,537
PotlatchDeltic Corp.		593		29,662
PS Business Parks, Inc.		1,163		154,528
Public Storage		1,697		391,888
Rafael Holdings, Inc. - Class B ⁽¹⁾		1,213		28,287
Realogy Holdings Corp. ⁽¹⁾		510		6,691
Retail Opportunity Investments Corp.		2,070		27,717
Retail Properties of America, Inc. - Class A		1,969		16,855
Ryman Hospitality Properties, Inc.		76		5,150
Sabra Health Care REIT, Inc.		1,370		23,797
SBA Communications Corp.		453		127,805
Service Properties Trust		4,217		48,453
Simon Property Group, Inc.		3,264		278,354
Tanger Factory Outlet Centers, Inc. ⁽²⁾		1,609		16,026
Trinity Place Holdings, Inc. ⁽¹⁾		3,358		4,198
Urstadt Biddle Properties, Inc. - Class A		103		1,455
Welltower, Inc.		1,548		100,032
				4,725,904
Utilities — 1.3%
American Water Works Co., Inc.		2,362		362,496
Atlantic Power Corp. ⁽¹⁾		8,848		18,581
MDU Resources Group, Inc.		4,942		130,172
NextEra Energy, Inc.		9,189		708,931
Public Service Enterprise Group, Inc.		6,270		365,541
UGI Corp.		2,014		70,409
Vistra Corp.		4,696		92,323
WEC Energy Group, Inc.		1,570		144,487
Xcel Energy, Inc.		6,664		444,276
				2,337,216

Total Common Stocks - Long (Cost $107,992,193)				151,174,645

The accompanying notes are an integral part of these financial statements

Page 48

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 15.8%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁵⁾		29,275,431		29,284,214
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		22,605		22,605
Total Money Market Registered Investment Companies (Cost $29,298,014)				29,306,819
Total Investments - Long — 97.4% (Cost $137,290,207)				180,481,464
Other Assets less Liabilities — 2.6%				4,797,089
Total Net Assets — 100.0%				185,278,553

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		540		6,923
Meeder Dynamic Allocation Fund - Retail Class		1,273		17,045
Meeder Muirfield Fund - Retail Class		1,558		12,776
Meeder Conservative Allocation Fund - Retail Class		169		4,041
Total Trustee Deferred Compensation (Cost $35,882)				40,785

	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		155		3/19/2021		16,513,700		268,851
Mini MSCI Emerging Markets Index Futures		72		3/19/2021		4,637,520		145,158
Russell 2000 Mini Index Futures		11		3/19/2021		1,086,140		35,377
Standard & Poors 500 Mini Futures		50		3/19/2021		9,372,000		273,268
E-mini Standard & Poors MidCap 400 Futures		11		3/19/2021		2,533,850		78,139
Total Futures Contracts		299				34,143,210		800,793

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	All or a portion of the security is held as collateral for securities sold short. The total fair value of this collateral on December 31, 2020 was $8,536,213.

(5)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

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

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

(8)	Preferred stock.

(9)	Short security.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 49

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 39.9%
Communication Services — 4.3%
Activision Blizzard, Inc.		1,356		125,905
Alphabet, Inc. - Class A ⁽¹⁾		94		164,748
Alphabet, Inc. - Class C ⁽¹⁾		213		373,150
AMC Entertainment Holdings, Inc. - Class A ⁽²⁾		106		225
Cable One, Inc.		1		2,228
Cinemark Holdings, Inc.		62		1,079
Comcast Corp. - Class A		3,388		177,531
Cumulus Media, Inc. ⁽¹⁾		93		811
DISH Network Corp. ⁽¹⁾		124		4,010
Electronic Arts, Inc.		506		72,662
EW Scripps Co./The		17		260
Facebook, Inc. ⁽¹⁾		1,412		385,702
Fluent, Inc. ⁽¹⁾		29		154
Frontier Communications Corp. ⁽¹⁾		547		49
Glu Mobile, Inc. ⁽¹⁾		167		1,505
Gogo, Inc. ⁽¹⁾		43		414
Gray Television, Inc. ⁽¹⁾		217		3,882
IDT Corp. - Class B ⁽¹⁾		48		593
Interpublic Group of Cos., Inc./The		3,842		90,364
Lee Enterprises, Inc. ⁽¹⁾		235		296
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		84		365
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		183		2,081
Meredith Corp.		12		230
Netflix, Inc. ⁽¹⁾		211		114,094
News Corp.		266		4,780
Nexstar Media Group, Inc.		127		13,867
Omnicom Group, Inc.		1,999		124,678
Pinterest, Inc. - Class A ⁽¹⁾		217		14,300
Roku, Inc. - Class A ⁽¹⁾		75		24,902
Spotify Technology SA ⁽¹⁾		92		28,949
Take-Two Interactive Software, Inc. ⁽¹⁾		62		12,883
TechTarget, Inc. ⁽¹⁾		98		5,793
TEGNA, Inc.		196		2,734
Telephone and Data Systems, Inc.		207		3,844
Tribune Publishing Co.		13		178
Twitter, Inc. ⁽¹⁾		119		6,444
Verizon Communications, Inc.		3,385		198,869
World Wrestling Entertainment, Inc. - Class A		122		5,862
Yelp, Inc. ⁽¹⁾		33		1,078
				1,971,499

Consumer Discretionary — 5.1%
Adient PLC ⁽¹⁾		12		417
Amazon.com, Inc. ⁽¹⁾		199		648,129

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
American Public Education, Inc. ⁽¹⁾		2		61
Aramark		106		4,079
At Home Group, Inc. ⁽¹⁾		37		572
Best Buy Co., Inc.		723		72,148
Big Lots, Inc.		22		944
BorgWarner, Inc.		115		4,444
Boyd Gaming Corp.		66		2,833
Brinker International, Inc.		48		2,715
Buckle, Inc./The		25		730
Caleres, Inc.		64		1,002
Camping World Holdings, Inc.		188		4,897
Capri Holdings, Ltd. ⁽¹⁾		80		3,360
CarParts.com, Inc. ⁽¹⁾		292		3,618
Carvana Co. ⁽¹⁾		4		958
Chipotle Mexican Grill, Inc. ⁽¹⁾		67		92,910
Churchill Downs, Inc.		12		2,337
Container Store Group, Inc./The ⁽¹⁾		25		239
Cooper Tire & Rubber Co.		32		1,296
Cracker Barrel Old Country Store, Inc.		62		8,179
Crocs, Inc. ⁽¹⁾		209		13,096
Dana, Inc.		142		2,772
Darden Restaurants, Inc.		98		11,674
Dave & Buster’s Entertainment, Inc.		15		450
Del Taco Restaurants, Inc.		36		326
Designer Brands, Inc. - Class A		84		643
Dillard’s, Inc. - Class A		7		441
Dollar General Corp.		100		21,030
Dollar Tree, Inc. ⁽¹⁾		134		14,477
Domino’s Pizza, Inc.		42		16,105
DR Horton, Inc.		624		43,006
Duluth Holdings, Inc. - Class B ⁽¹⁾		4		42
eBay, Inc.		417		20,954
Etsy, Inc. ⁽¹⁾		55		9,785
Everi Holdings, Inc. ⁽¹⁾		23		318
Extended Stay America, Inc.		228		3,377
Fiesta Restaurant Group, Inc. ⁽¹⁾		35		399
Fossil Group, Inc. ⁽¹⁾		51		442
Fox Factory Holding Corp. ⁽¹⁾		13		1,374
Franchise Group, Inc.		19		579
Gap, Inc./The		11		222
General Motors Co.		1,317		54,840
Genesco, Inc. ⁽¹⁾		15		451
GoPro, Inc. ⁽¹⁾		23		190
Greenlane Holdings, Inc. ⁽¹⁾		49		194
Group 1 Automotive, Inc.		15		1,967
GrowGeneration Corp. ⁽¹⁾		37		1,488
Guess?, Inc.		26		588

The accompanying notes are an integral part of these financial statements

Page 50

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Hanesbrands, Inc.		143		2,085
Harley-Davidson, Inc.		128		4,698
Hibbett Sports, Inc. ⁽¹⁾		62		2,863
Houghton Mifflin Harcourt Co. ⁽¹⁾		73		243
International Game Technology PLC		129		2,185
Kohl’s Corp.		92		3,743
L Brands, Inc.		122		4,537
Lakeland Industries, Inc. ⁽¹⁾		126		3,434
Lands’ End, Inc. ⁽¹⁾		24		518
Las Vegas Sands Corp.		129		7,688
Lear Corp.		34		5,407
Lennar Corp. - Class A		131		9,986
Lovesac Co./The ⁽¹⁾		5		215
Lowe’s Cos., Inc.		1,091		175,116
Lululemon Athletica, Inc. ⁽¹⁾		67		23,318
Lumber Liquidators Holdings, Inc. ⁽¹⁾		47		1,445
M/I Homes, Inc. ⁽¹⁾		70		3,100
Malibu Boats, Inc. ⁽¹⁾		35		2,185
MarineMax, Inc. ⁽¹⁾		6		210
Marriott International, Inc./MD		8		1,055
McDonald’s Corp.		723		155,141
Meritage Homes Corp. ⁽¹⁾		81		6,708
MGM Resorts International		27		851
Modine Manufacturing Co. ⁽¹⁾		77		967
Nautilus, Inc. ⁽¹⁾		40		726
NIKE, Inc. - Class B		545		77,101
Nordstrom, Inc.		18		562
ODP Corp./The		70		2,051
OneWater Marine, Inc. ⁽¹⁾		11		320
Overstock.com, Inc. ⁽¹⁾		24		1,151
Party City Holdco, Inc. ⁽¹⁾		69		424
Penn National Gaming, Inc. ⁽¹⁾		93		8,032
Polaris, Inc.		33		3,144
Pool Corp.		19		7,078
PulteGroup, Inc.		1,435		61,877
Purple Innovation, Inc. ⁽¹⁾		42		1,383
Qurate Retail, Inc. - Class A		480		5,266
Red Rock Resorts, Inc.		74		1,853
Rent-A-Center, Inc./TX		1,141		43,689
Scientific Games Corp. ⁽¹⁾		46		1,909
Sleep Number Corp. ⁽¹⁾		19		1,555
Sonic Automotive, Inc.		88		3,394
Starbucks Corp.		894		95,640
Sturm Ruger & Co., Inc.		20		1,301
Tapestry, Inc.		64		1,989
Target Corp.		363		64,080
Tesla, Inc. ⁽¹⁾		398		280,857

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Texas Roadhouse, Inc.		62		4,846
Thor Industries, Inc.		220		20,458
Tilly’s, Inc. - Class A		34		277
TopBuild Corp. ⁽¹⁾		10		1,841
Town Sports International Holdings, Inc. ⁽¹⁾		378		95
Tractor Supply Co.		5		703
Tupperware Brands Corp. ⁽¹⁾		24		777
Urban Outfitters, Inc. ⁽¹⁾		31		794
VOXX International Corp. ⁽¹⁾		44		561
Waitr Holdings, Inc. ⁽¹⁾		53		147
Wayfair, Inc. ⁽¹⁾		8		1,806
Wendy’s Co./The		106		2,324
Williams-Sonoma, Inc.		36		3,666
Wingstop, Inc.		73		9,676
Winnebago Industries, Inc.		516		30,929
Wyndham Destinations, Inc.		372		16,688
XPEL, Inc. ⁽¹⁾		20		1,031
Yum China Holdings, Inc.		256		14,615
Yum! Brands, Inc.		452		49,069
				2,320,481

Consumer Staples — 1.1%
Andersons, Inc./The		48		1,176
BJ’s Wholesale Club Holdings, Inc. ⁽¹⁾		45		1,678
Bunge, Ltd.		1,670		109,519
Conagra Brands, Inc.		471		17,078
Costco Wholesale Corp.		14		5,275
Darling Ingredients, Inc. ⁽¹⁾		617		35,589
General Mills, Inc.		1,954		114,895
Ingredion, Inc.		40		3,147
Kroger Co./The		907		28,806
Natural Grocers by Vitamin Cottage, Inc.		13		179
Nu Skin Enterprises, Inc.		33		1,803
PepsiCo, Inc.		538		79,785
Performance Food Group Co. ⁽¹⁾		83		3,952
Rite Aid Corp. ⁽¹⁾		44		697
SpartanNash Co.		65		1,132
Tyson Foods, Inc.		183		11,793
United Natural Foods, Inc. ⁽¹⁾		46		735
Walgreens Boots Alliance, Inc.		26		1,037
Walmart, Inc.		702		101,193
				519,469

Energy — 0.4%
Amplify Energy Corp.		338		443
Antero Resources Corp. ⁽¹⁾		335		1,826
Apache Corp.		126		1,788

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 51

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks — continued
Archrock, Inc.		185			1,602
Ardmore Shipping Corp.		143			468
Aspen Aerogels, Inc. ⁽¹⁾		122			2,036
Bonanza Creek Energy, Inc. ⁽¹⁾		74			1,430
Cabot Oil & Gas Corp.		291			4,737
Cactus, Inc. - Class A		141			3,676
Centennial Resource Development, Inc./DE - Class A ⁽¹⁾		312			468
Chesapeake Energy Corp. ⁽¹⁾		17			26
Cimarex Energy Co.		252			9,453
Clean Energy Fuels Corp. ⁽¹⁾		221			1,737
CNX Resources Corp. ⁽¹⁾		92			994
Concho Resources, Inc.		244			14,237
ConocoPhillips		744			29,753
CONSOL Energy, Inc. ⁽¹⁾		42			303
Continental Resources, Inc./OK		85			1,386
Delek US Holdings, Inc.		32			514
DHT Holdings, Inc.		174			910
Diamondback Energy, Inc.		41			1,984
DMC Global, Inc.		7			303
Dorian LPG, Ltd. ⁽¹⁾		13			158
Earthstone Energy, Inc. - Class A ⁽¹⁾		44			235
EOG Resources, Inc.		402			20,048
EQT Corp.		235			2,987
Exterran Corp. ⁽¹⁾		25			111
Extraction Oil & Gas, Inc. ⁽¹⁾		166			5
Frank’s International NV ⁽¹⁾		113			310
Golar LNG, Ltd.		46			443
Hess Corp.		67			3,537
International Seaways, Inc.		14			229
Laredo Petroleum, Inc. ⁽¹⁾		87			1,714
Liberty Oilfield Services, Inc. - Class A		188			1,938
Matador Resources Co. ⁽¹⁾		136			1,640
Nabors Industries, Ltd.		20			1,165
NextDecade Corp. ⁽¹⁾		48			100
NexTier Oilfield Solutions, Inc. ⁽¹⁾		189			650
Nine Energy Service, Inc. ⁽¹⁾		131			356
Nordic American Tankers, Ltd.		118			348
NOV, Inc. ⁽¹⁾		213			2,924
Oceaneering International, Inc. ⁽¹⁾		216			1,717
Pacific Ethanol,, Inc. ⁽¹⁾		1			5
Parsley Energy, Inc.		253			3,593
Patterson-UTI Energy, Inc.		82			431
PDC Energy, Inc. ⁽¹⁾		119			2,443
Peabody Energy Corp.		118			284
Phillips 66		74	��		5,176
Pioneer Natural Resources Co.		105			11,958

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
ProPetro Holding Corp. ⁽¹⁾		448		3,311
Range Resources Corp.		159		1,065
Renewable Energy Group, Inc. ⁽¹⁾		29		2,054
Schlumberger NV		180		3,929
Scorpio Tankers, Inc.		27		302
SilverBow Resources, Inc. ⁽¹⁾		55		292
Southwestern Energy Co. ⁽¹⁾		444		1,323
Superior Energy Services, Inc. ⁽¹⁾		47		2
Talos Energy, Inc. ⁽¹⁾		33		272
Teekay Corp. ⁽¹⁾		121		260
TETRA Technologies, Inc. ⁽¹⁾		91		78
W&T Offshore, Inc. ⁽¹⁾		311		675
Westmoreland Coal Co. ⁽¹⁾⁽⁷⁾		539		0
Whiting Petroleum Corp. ⁽¹⁾		10		250
Whiting Petroleum Corporation A Warrants ⁽¹⁾		9		16
Whiting Petroleum Corporation B Warrants ⁽¹⁾		7		13
World Fuel Services Corp.		147		4,581
WPX Energy, Inc. ⁽¹⁾		227		1,850
				164,852

Financials — 3.4%
AGNC Investment Corp.		756		11,794
Allstate Corp./The		88		9,674
Ally Financial, Inc.		878		31,309
American Equity Investment Life Holding Co.		87		2,406
American Express Co.		128		15,476
Ameriprise Financial, Inc.		77		14,963
Ameris Bancorp		223		8,490
Arbor Realty Trust, Inc.		74		1,049
Artisan Partners Asset Management, Inc. - Class A		282		14,196
Associated Banc-Corp		766		13,060
Axos Financial, Inc. ⁽¹⁾		69		2,590
BancorpSouth Bank		213		5,845
Bank of America Corp.		4,645		140,790
Bank of NT Butterfield & Son, Ltd./The		113		3,521
BankUnited, Inc.		236		8,208
Bar Harbor Bankshares		7		158
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		1,431		331,806
Charles Schwab Corp./The		17		902
Chimera Investment Corp.		40		410
Citigroup, Inc.		703		43,347
Citizens Financial Group, Inc.		443		15,842
Civista Bancshares, Inc.		147		2,577

The accompanying notes are an integral part of these financial statements

Page 52

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
CNO Financial Group, Inc.		488		10,848
Columbia Banking System, Inc.		55		1,975
Comerica, Inc.		18		1,005
Cowen, Inc.		3		78
Curo Group Holdings Corp.		52		745
Customers Bancorp, Inc. ⁽¹⁾		131		2,382
East West Bancorp, Inc.		213		10,801
Eaton Vance Corp.		77		5,231
Elevate Credit, Inc. ⁽¹⁾		248		990
Ellington Residential Mortgage REIT		183		2,386
Enova International, Inc. ⁽¹⁾		111		2,749
Esquire Financial Holdings, Inc. ⁽¹⁾		8		154
Evercore, Inc. - Class A		74		8,113
Farmers National Banc Corp.		43		571
Fifth Third Bancorp		1,226		33,801
First Citizens BancShares, Inc./NC - Class A		10		5,743
First Financial Bancorp		332		5,820
First Horizon Corp.		70		893
First Interstate BancSystem, Inc.		19		775
First Republic Bank/CA		138		20,276
FNCB Bancorp, Inc.		3		19
Goosehead Insurance, Inc.		46		5,739
Great Ajax Corp.		518		5,418
Hartford Financial Services Group, Inc./The		92		4,506
HBT Financial, Inc.		64		970
Heartland Financial USA, Inc.		135		5,450
Hilltop Holdings, Inc.		277		7,620
Houlihan Lokey, Inc. - Class A		118		7,933
Huntington Bancshares, Inc./OH		358		4,522
JPMorgan Chase & Co.		948		120,462
KeyCorp		407		6,679
Kinsale Capital Group, Inc.		65		13,008
Lakeland Financial Corp.		13		697
LendingClub Corp. ⁽¹⁾		17		180
LPL Financial Holdings, Inc.		62		6,462
M&T Bank Corp.		33		4,201
Medley Management, Inc.		14		112
Meta Financial Group, Inc.		34		1,243
MetLife, Inc.		10		470
Metrocity Bankshares, Inc.		33		476
MMA Capital Holdings, Inc. ⁽¹⁾		61		1,501
Morgan Stanley		814		55,783
Mr Cooper Group, Inc. ⁽¹⁾		271		8,409
NewStar Financial Contingent Value Rights ⁽¹⁾⁽⁷⁾		34		0
Northrim BanCorp, Inc.		125		4,244
OneMain Holdings, Inc.		113		5,442

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Oppenheimer Holdings, Inc.		260		8,172
PennyMac Financial Services, Inc.		279		18,308
PennyMac Mortgage Investment Trust		50		880
People’s United Financial, Inc.		191		2,470
Pinnacle Financial Partners, Inc.		45		2,898
PJT Partners, Inc.		45		3,386
PNC Financial Services Group, Inc./The		198		29,502
Popular, Inc.		90		5,069
Progressive Corp./The		991		97,990
Prudential Financial, Inc.		316		24,670
Pzena Investment Management, Inc. - Class A		268		1,956
QCR Holdings, Inc.		91		3,603
RBB Bancorp		257		3,953
Ready Capital Corp.		249		3,100
Regions Financial Corp.		1,393		22,455
Sandy Spring Bancorp, Inc.		17		547
Siebert Financial Corp. ⁽¹⁾		33		139
Signature Bank/New York NY		65		8,794
Silvercrest Asset Management Group, Inc.		74		1,028
Simmons First National Corp.		34		734
SLM Corp.		233		2,887
South State Corp.		16		1,157
State Street Corp.		368		26,783
Stewart Information Services Corp.		407		19,683
StoneX Group, Inc. ⁽¹⁾		36		2,084
SVB Financial Group ⁽¹⁾		45		17,452
Synchrony Financial		2,215		76,883
Synovus Financial Corp.		30		971
Triumph Bancorp, Inc. ⁽¹⁾		5		243
Truist Financial Corp.		915		43,856
UMB Financial Corp.		115		7,934
United Community Banks, Inc./GA		198		5,631
Valley National Bancorp		390		3,803
Veritex Holdings, Inc.		2		51
Virtu Financial, Inc.		356		8,961
Virtus Investment Partners, Inc.		41		8,897
Walker & Dunlop, Inc.		175		16,104
Wells Fargo & Co.		284		8,571
Western Alliance Bancorp		147		8,813
Wins Finance Holdings, Inc. ⁽¹⁾		37		222
WSFS Financial Corp.		6		269
				1,566,204

Healthcare — 7.5%
89bio, Inc. ⁽¹⁾		5		122
Abbott Laboratories		456		49,927

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 53

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
AbbVie, Inc.		1,907		204,335
Abeona Therapeutics, Inc. ⁽¹⁾		8		13
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		414		513
Affimed NV ⁽¹⁾		182		1,059
AgeX Therapeutics, Inc. ⁽¹⁾		13		20
Agilent Technologies, Inc.		723		85,668
Akebia Therapeutics, Inc. ⁽¹⁾		4		11
Alexion Pharmaceuticals, Inc. ⁽¹⁾		293		45,778
Align Technology, Inc. ⁽¹⁾		50		26,719
Alkermes PLC ⁽¹⁾		338		6,743
Allakos, Inc. ⁽¹⁾		19		2,660
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		120		1,733
Alnylam Pharmaceuticals, Inc. ⁽¹⁾		58		7,538
AmerisourceBergen Corp.		77		7,528
Amgen, Inc.		608		139,791
Amicus Therapeutics, Inc. ⁽¹⁾		43		993
Amneal Pharmaceuticals, Inc. - Class A ⁽¹⁾		288		1,316
Apellis Pharmaceuticals, Inc. ⁽¹⁾		40		2,288
Applied Therapeutics, Inc. ⁽¹⁾		11		242
Arcturus Therapeutics Holdings, Inc. ⁽¹⁾		17		737
Arcutis Biotherapeutics, Inc. ⁽¹⁾		21		591
Arena Pharmaceuticals, Inc. ⁽¹⁾		28		2,151
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		54		4,143
Assembly Biosciences, Inc. ⁽¹⁾		26		157
Assertio Holdings, Inc. ⁽¹⁾		530		190
Atara Biotherapeutics, Inc. ⁽¹⁾		40		785
Avantor, Inc. ⁽¹⁾		146		4,110
Axsome Therapeutics, Inc. ⁽¹⁾		13		1,059
Baxter International, Inc.		45		3,611
Beam Therapeutics, Inc. ⁽¹⁾		34		2,776
Beyondspring, Inc. ⁽¹⁾		3		37
BioDelivery Sciences International, Inc. ⁽¹⁾		595		2,499
Bio-Rad Laboratories, Inc. ⁽¹⁾		22		12,825
Bio-Techne Corp.		24		7,621
Bioxcel Therapeutics, Inc. ⁽¹⁾		33		1,525
Blueprint Medicines Corp. ⁽¹⁾		40		4,486
Bridgebio Pharma, Inc. ⁽¹⁾		27		1,920
Bristol-Myers Squibb Co.		2,289		141,987
Calyxt, Inc. ⁽¹⁾		9		38
Cardinal Health, Inc.		829		44,401
CareDx, Inc. ⁽¹⁾		46		3,333
CASI Pharmaceuticals, Inc. ⁽¹⁾		17		50
Castle Biosciences, Inc. ⁽¹⁾		21		1,410
Catalent, Inc. ⁽¹⁾		199		20,710
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		308		1,029
cbdMD, Inc. ⁽¹⁾		7		21
Celcuity, Inc. ⁽¹⁾		1		9

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Centene Corp. ⁽¹⁾		240		14,407
Centogene NV ⁽¹⁾		27		291
Cerecor, Inc. ⁽¹⁾		100		264
Cerner Corp.		1,034		81,148
Charles River Laboratories International, Inc. ⁽¹⁾		51		12,743
Chemed Corp.		7		3,728
ChemoCentryx, Inc. ⁽¹⁾		67		4,149
Co-Diagnostics, Inc. ⁽¹⁾		23		214
Community Health Systems, Inc. ⁽¹⁾		132		981
Computer Programs and Systems, Inc.		34		913
Concert Pharmaceuticals, Inc. ⁽¹⁾		6		76
Conformis, Inc. ⁽¹⁾		10		7
Constellation Pharmaceuticals, Inc. ⁽¹⁾		18		518
Corcept Therapeutics, Inc. ⁽¹⁾		54		1,413
Cortexyme, Inc. ⁽¹⁾		1		28
Cross Country Healthcare, Inc. ⁽¹⁾		27		239
CVS Health Corp.		737		50,337
Cymabay Therapeutics, Inc. ⁽¹⁾		157		901
Danaher Corp.		251		55,757
Deciphera Pharmaceuticals, Inc. ⁽¹⁾		21		1,198
Denali Therapeutics, Inc. ⁽¹⁾		38		3,183
DENTSPLY SIRONA, Inc.		149		7,802
Editas Medicine, Inc. ⁽¹⁾		38		2,664
Edwards Lifesciences Corp. ⁽¹⁾		276		25,179
Eidos Therapeutics, Inc. ⁽¹⁾		11		1,447
Elanco Animal Health, Inc. Contingent Value Rights ⁽¹⁾⁽⁷⁾		99		0
Eli Lilly and Co.		524		88,472
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		75		299
Emergent BioSolutions, Inc. ⁽¹⁾		96		8,602
Endo International PLC ⁽¹⁾		422		3,030
Ensign Group, Inc./The		35		2,552
Evelo Biosciences, Inc. ⁽¹⁾		38		459
Exact Sciences Corp. ⁽¹⁾		76		10,069
Exelixis, Inc. ⁽¹⁾		322		6,463
Fate Therapeutics, Inc. ⁽¹⁾		46		4,183
Five Prime Therapeutics, Inc. ⁽¹⁾		36		612
Fulgent Genetics, Inc. ⁽¹⁾		8		417
Gilead Sciences, Inc.		1,261		73,466
Globus Medical, Inc. ⁽¹⁾		55		3,587
HCA Healthcare, Inc.		122		20,064
Hill-Rom Holdings, Inc.		198		19,398
Hologic, Inc. ⁽¹⁾		50		3,642
Horizon Therapeutics Plc ⁽¹⁾		525		38,404
Humana, Inc.		111		45,540
ICU Medical, Inc. ⁽¹⁾		2		429

The accompanying notes are an integral part of these financial statements

Page 54

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
IGM Biosciences, Inc. ⁽¹⁾		4		353
Illumina, Inc. ⁽¹⁾		51		18,870
ImmunoGen, Inc. ⁽¹⁾		121		780
Immunovant, Inc. ⁽¹⁾		3		139
Inogen, Inc. ⁽¹⁾		20		894
Inovio Pharmaceuticals, Inc. ⁽¹⁾		67		593
Insmed, Inc. ⁽¹⁾		34		1,132
Insulet Corp. ⁽¹⁾		15		3,834
Intellia Therapeutics, Inc. ⁽¹⁾		49		2,666
Intersect ENT, Inc. ⁽¹⁾		12		275
Invitae Corp. ⁽¹⁾		57		2,383
Iovance Biotherapeutics, Inc. ⁽¹⁾		102		4,733
iRhythm Technologies, Inc. ⁽¹⁾		12		2,847
Jazz Pharmaceuticals PLC ⁽¹⁾		52		8,583
Johnson & Johnson		2,102		330,813
Jounce Therapeutics, Inc. ⁽¹⁾		24		168
Kodiak Sciences, Inc. ⁽¹⁾		24		3,526
Kura Oncology, Inc. ⁽¹⁾		86		2,809
LHC Group, Inc. ⁽¹⁾		5		1,067
MacroGenics, Inc. ⁽¹⁾		51		1,166
Mallinckrodt PLC ⁽¹⁾⁽²⁾		22		4
Marinus Pharmaceuticals, Inc. ⁽¹⁾		29		354
McKesson Corp.		173		30,088
Medtronic PLC		1,681		196,912
MEI Pharma, Inc. ⁽¹⁾		76		201
Merck & Co., Inc.		2,769		226,504
Mersana Therapeutics, Inc. ⁽¹⁾		163		4,337
Mettler-Toledo International, Inc. ⁽¹⁾		1		1,140
Mirati Therapeutics, Inc. ⁽¹⁾		25		5,491
Moderna, Inc. ⁽¹⁾		216		22,566
ModivCare, Inc. ⁽¹⁾		4		555
Molina Healthcare, Inc. ⁽¹⁾		14		2,978
Morphic Holding, Inc. ⁽¹⁾		38		1,275
Myriad Genetics, Inc. ⁽¹⁾		39		771
NantKwest, Inc. ⁽¹⁾		85		1,133
Natera, Inc. ⁽¹⁾		51		5,076
National HealthCare Corp.		10		664
Neurocrine Biosciences, Inc. ⁽¹⁾		28		2,684
NextGen Healthcare, Inc. ⁽¹⁾		164		2,991
Novavax, Inc. ⁽¹⁾		34		3,791
Novocure, Ltd. ⁽¹⁾		10		1,730
Ocular Therapeutix, Inc. ⁽¹⁾		163		3,374
Oncocyte Corp. ⁽¹⁾		95		227
Organogenesis Holdings, Inc. ⁽¹⁾		70		527
Osmotica Pharmaceuticals PLC ⁽¹⁾		152		626
Owens & Minor, Inc.		71		1,921
Pacific Biosciences of California, Inc. ⁽¹⁾		115		2,983

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Palatin Technologies, Inc. ⁽¹⁾		689		466
PerkinElmer, Inc.		85		12,198
Perrigo Co. PLC		540		24,149
Pfizer, Inc.		3,860		142,087
Phreesia, Inc. ⁽¹⁾		7		380
PolarityTE, Inc. ⁽¹⁾		3		2
PRA Health Sciences, Inc. ⁽¹⁾		29		3,638
Precigen, Inc. ⁽¹⁾		76		775
Quest Diagnostics, Inc.		26		3,098
Quidel Corp. ⁽¹⁾		3		539
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		112		54,108
Replimune Group, Inc. ⁽¹⁾		19		725
ResMed, Inc.		50		10,628
REVOLUTION Medicines, Inc. ⁽¹⁾		21		831
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		97		2,884
Rocket Pharmaceuticals, Inc. ⁽¹⁾		32		1,755
Sangamo Therapeutics, Inc. ⁽¹⁾		93		1,451
Scholar Rock Holding Corp. ⁽¹⁾		21		1,019
Seagen, Inc. ⁽¹⁾		93		16,288
Seres Therapeutics, Inc. ⁽¹⁾		41		1,005
SIGA Technologies, Inc. ⁽¹⁾		57		414
Simulations Plus, Inc.		68		4,891
Solid Biosciences, Inc. ⁽¹⁾		54		409
Sorrento Therapeutics, Inc. ⁽¹⁾		133		908
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		133		454
SpringWorks Therapeutics, Inc. ⁽¹⁾		12		870
STERIS PLC		237		44,921
Stryker Corp.		305		74,737
Supernus Pharmaceuticals, Inc. ⁽¹⁾		76		1,912
Surgery Partners, Inc. ⁽¹⁾		22		638
Sutro Biopharma, Inc. ⁽¹⁾		30		651
Syros Pharmaceuticals, Inc. ⁽¹⁾		119		1,291
Teladoc Health, Inc. ⁽¹⁾		36		7,199
Tenet Healthcare Corp. ⁽¹⁾		100		3,993
TG Therapeutics, Inc. ⁽¹⁾		80		4,162
Thermo Fisher Scientific, Inc.		134		62,415
Translate Bio, Inc. ⁽¹⁾		46		848
Travere Therapeutics, Inc. ⁽¹⁾		2		55
Turning Point Therapeutics, Inc. ⁽¹⁾		39		4,752
Twist Bioscience Corp. ⁽¹⁾		32		4,521
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		27		3,738
United Therapeutics Corp. ⁽¹⁾		132		20,036
UnitedHealth Group, Inc.		534		187,263
Universal Health Services, Inc. - Class B		81		11,138
Vanda Pharmaceuticals, Inc. ⁽¹⁾		157		2,063
Veeva Systems, Inc. ⁽¹⁾		78		21,236
Veracyte, Inc. ⁽¹⁾		79		3,866

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 55

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Vertex Pharmaceuticals, Inc. ⁽¹⁾		226		53,413
Viatris, Inc. ⁽¹⁾		721		13,512
Viela Bio, Inc. ⁽¹⁾		3		108
West Pharmaceutical Services, Inc.		88		24,931
XBiotech, Inc. ⁽¹⁾		101		1,581
Xencor, Inc. ⁽¹⁾		38		1,658
Zimmer Biomet Holdings, Inc.		355		54,702
ZIOPHARM Oncology, Inc. ⁽¹⁾		150		378
Zoetis, Inc. - Class A		854		141,337
				3,396,044

Industrials — 3.5%
3M Co.		503		87,919
AGCO Corp.		124		12,783
Allegiant Travel Co.		38		7,191
Alpha Pro Tech, Ltd. ⁽¹⁾		66		736
Altra Industrial Motion Corp.		53		2,938
ArcBest Corp.		104		4,438
Arcosa, Inc.		96		5,273
Argan, Inc.		22		979
ASGN, Inc. ⁽¹⁾		40		3,341
Astec Industries, Inc.		31		1,794
Atkore International Group, Inc. ⁽¹⁾		222		9,126
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		8		436
Axon Enterprise, Inc. ⁽¹⁾		31		3,798
AZZ, Inc.		76		3,605
BG Staffing, Inc.		18		243
BMC Stock Holdings, Inc. ⁽¹⁾		115		6,173
Boise Cascade Co.		204		9,751
CAI International, Inc.		9		281
Caterpillar, Inc.		215		39,134
Cintas Corp.		116		41,001
Comfort Systems USA, Inc.		187		9,847
Commercial Vehicle Group, Inc. ⁽¹⁾		149		1,289
Construction Partners, Inc. ⁽¹⁾		5		146
Copart, Inc. ⁽¹⁾		317		40,338
CoreCivic, Inc.		111		727
CoreLogic, Inc./United States		148		11,443
Costamare, Inc.		25		207
Covenant Logistics Group, Inc. ⁽¹⁾		49		726
CSX Corp.		230		20,873
Cummins, Inc.		662		150,340
Deere & Co.		53		14,260
Eaton Corp. PLC		489		58,748
EMCOR Group, Inc.		269		24,603
Emerson Electric Co.		154		12,377
EnerSys		23		1,910

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Fastenal Co.		394		19,239
FedEx Corp.		121		31,414
FuelCell Energy, Inc. ⁽¹⁾		20		223
Generac Holdings, Inc. ⁽¹⁾		26		5,913
General Electric Co.		758		8,186
GrafTech International, Ltd.		191		2,036
HEICO Corp.		59		7,812
Herc Holdings, Inc. ⁽¹⁾		33		2,192
Herman Miller, Inc.		62		2,096
Hertz Global Holdings, Inc. ⁽¹⁾		141		180
HNI Corp.		66		2,274
Hubbell, Inc.		101		15,836
Huntington Ingalls Industries, Inc.		66		11,252
JB Hunt Transport Services, Inc.		28		3,826
Kelly Services, Inc. - Class A		93		1,913
Kforce, Inc.		31		1,305
Kimball International, Inc. - Class B		179		2,139
L B Foster Co. - Class A ⁽¹⁾		39		587
Lawson Products, Inc./DE ⁽¹⁾		6		305
Lockheed Martin Corp.		388		137,732
LSC Communications, Inc. ⁽¹⁾		522		10
ManpowerGroup, Inc.		470		42,385
Matson, Inc.		77		4,387
Maxar Technologies, Inc.		57		2,200
Meritor, Inc. ⁽¹⁾		36		1,005
Miller Industries, Inc./TN		254		9,657
Moog, Inc.		115		9,120
MSC Industrial Direct Co., Inc.		164		13,840
Mueller Industries, Inc.		173		6,074
MYR Group, Inc. ⁽¹⁾		38		2,284
National Presto Industries, Inc.		6		531
Norfolk Southern Corp.		6		1,426
Old Dominion Freight Line, Inc.		121		23,617
PACCAR, Inc.		1,486		128,212
PAE, Inc. ⁽¹⁾		139		1,276
Parker-Hannifin Corp.		170		46,310
Plug Power, Inc. ⁽¹⁾		227		7,698
Primoris Services Corp.		614		16,953
Quad/Graphics, Inc. - Class A		29		111
Quanta Services, Inc.		1,185		85,344
Regal Beloit Corp.		180		22,106
Resideo Technologies, Inc. ⁽¹⁾		136		2,891
Rexnord Corp.		43		1,698
RR Donnelley & Sons Co.		416		940
Rush Enterprises, Inc.		196		8,118
Ryder System, Inc.		80		4,941
Safe Bulkers, Inc. ⁽¹⁾		239		311

The accompanying notes are an integral part of these financial statements

Page 56

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Saia, Inc. ⁽¹⁾		42		7,594
Shyft Group, Inc./The		78		2,214
SkyWest, Inc.		20		806
Steelcase, Inc.		132		1,789
Textainer Group Holdings, Ltd. ⁽¹⁾		122		2,340
Timken Co./The		286		22,125
TPI Composites, Inc. ⁽¹⁾		48		2,533
Triton International, Ltd./Bermuda		337		16,348
Tutor Perini Corp. ⁽¹⁾		10		130
Uber Technologies, Inc. ⁽¹⁾		413		21,063
United Parcel Service, Inc. - Class B		352		59,277
United Rentals, Inc. ⁽¹⁾		5		1,160
Vectrus, Inc. ⁽¹⁾		46		2,287
Veritiv Corp. ⁽¹⁾		43		894
Waste Management, Inc.		1,116		131,610
WESCO International, Inc. ⁽¹⁾		129		10,127
WESCO International, Inc. Series A Variable Preferred ⁽⁹⁾		81		2,531
				1,573,507

Information Technology — 11.5%
8x8, Inc. ⁽¹⁾		36		1,241
Accenture PLC - Class A		99		25,860
ACI Worldwide, Inc. ⁽¹⁾		170		6,533
Adobe, Inc. ⁽¹⁾		312		156,037
ADTRAN, Inc.		41		606
Advanced Micro Devices, Inc. ⁽¹⁾		696		63,830
Alarm.com Holdings, Inc. ⁽¹⁾		26		2,690
Alliance Data Systems Corp.		49		3,631
Amkor Technology, Inc.		316		4,765
Apple, Inc.		8,375		1,111,279
Applied Materials, Inc.		756		65,243
Arista Networks, Inc. ⁽¹⁾		8		2,325
Arrow Electronics, Inc. ⁽¹⁾		349		33,958
AstroNova, Inc.		32		341
Autodesk, Inc. ⁽¹⁾		157		47,938
Avaya Holdings Corp. ⁽¹⁾		134		2,566
Avnet, Inc.		649		22,786
Bill.com Holdings, Inc. ⁽¹⁾		16		2,184
Broadcom, Inc.		169		73,997
CACI International, Inc. - Class A ⁽¹⁾		92		22,938
Cadence Design Systems, Inc. ⁽¹⁾		1,136		154,984
Calix, Inc. ⁽¹⁾		297		8,839
Cambium Networks Corp. ⁽¹⁾		34		853
CDK Global, Inc.		775		40,168
CDW Corp./DE		241		31,761
Cerence, Inc. ⁽¹⁾		47		4,723

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
ChannelAdvisor Corp. ⁽¹⁾		219		3,500
Ciena Corp. ⁽¹⁾		119		6,289
Cisco Systems, Inc.		2,450		109,638
Cloudera, Inc. ⁽¹⁾		2		28
Cloudflare, Inc. ⁽¹⁾		94		7,143
Cognex Corp.		82		6,583
Cognizant Technology Solutions Corp.		590		48,351
Concentrix Corp. ⁽¹⁾		133		13,127
Conduent, Inc. ⁽¹⁾		476		2,285
Corning, Inc.		592		21,312
Coupa Software, Inc. ⁽¹⁾		26		8,812
Crowdstrike Holdings, Inc. ⁽¹⁾		84		17,793
Dell Technologies, Inc. - Class C ⁽¹⁾		42		3,078
Diebold Nixdorf, Inc. ⁽¹⁾		82		874
Digital Turbine, Inc. ⁽¹⁾		164		9,276
DocuSign, Inc. ⁽¹⁾		125		27,788
Dolby Laboratories, Inc.		12		1,166
Dropbox, Inc. - Class A ⁽¹⁾		73		1,620
DXC Technology Co.		344		8,858
Eastman Kodak Co. ⁽¹⁾		15		122
Ebix, Inc.		65		2,468
Elastic NV ⁽¹⁾		8		1,169
Enphase Energy, Inc. ⁽¹⁾		67		11,756
F5 Networks, Inc. ⁽¹⁾		25		4,399
Fair Isaac Corp. ⁽¹⁾		11		5,621
Fastly, Inc. ⁽¹⁾		30		2,621
FormFactor, Inc. ⁽¹⁾		36		1,549
Fortinet, Inc. ⁽¹⁾		68		10,100
Hewlett Packard Enterprise Co.		1,561		18,498
HP, Inc.		1,674		41,164
HubSpot, Inc. ⁽¹⁾		23		9,118
II-VI, Inc. ⁽¹⁾		33		2,507
Information Services Group, Inc. ⁽¹⁾		45		148
Insight Enterprises, Inc. ⁽¹⁾		33		2,511
Intel Corp.		2,837		141,339
Intuit, Inc.		472		179,289
Jabil, Inc.		611		25,986
KBR, Inc.		125		3,866
Kimball Electronics, Inc. ⁽¹⁾		9		144
KLA Corp.		119		30,810
Lam Research Corp.		168		79,341
Mastercard, Inc.		347		123,858
Maxim Integrated Products, Inc.		94		8,333
Methode Electronics, Inc.		80		3,062
Microchip Technology, Inc.		17		2,348
Micron Technology, Inc. ⁽¹⁾		365		27,441
Microsoft Corp.		4,190		931,940

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 57

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
MicroStrategy, Inc. ⁽¹⁾		41		15,931
MKS Instruments, Inc.		42		6,319
MoneyGram International, Inc. ⁽¹⁾		193		1,055
Monolithic Power Systems, Inc.		4		1,465
NCR Corp. ⁽¹⁾		145		5,448
NETGEAR, Inc. ⁽¹⁾		14		569
NortonLifeLock, Inc.		714		14,837
NVIDIA Corp.		302		157,704
ON Semiconductor Corp. ⁽¹⁾		67		2,193
Oracle Corp.		2,005		129,703
PagerDuty, Inc. ⁽¹⁾		19		792
Palo Alto Networks, Inc. ⁽¹⁾		2		711
Paycom Software, Inc. ⁽¹⁾		28		12,663
PayPal Holdings, Inc. ⁽¹⁾		19		4,450
Photronics, Inc. ⁽¹⁾		190		2,120
Plantronics, Inc.		24		649
Priority Technology Holdings, Inc. ⁽¹⁾		60		422
Progress Software Corp.		260		11,749
Qorvo, Inc. ⁽¹⁾		132		21,948
QUALCOMM, Inc.		1,311		199,718
Rimini Street, Inc. ⁽¹⁾		42		186
RingCentral, Inc. - Class A ⁽¹⁾		28		10,611
salesforce.com, Inc. ⁽¹⁾		431		95,910
Sanmina Corp. ⁽¹⁾		149		4,752
ServiceNow, Inc. ⁽¹⁾		17		9,357
Skyworks Solutions, Inc.		148		22,626
Slack Technologies, Inc. - Class A ⁽¹⁾		23		972
Smartsheet, Inc. ⁽¹⁾		36		2,494
SolarEdge Technologies, Inc. ⁽¹⁾		11		3,510
Sonim Technologies, Inc. ⁽¹⁾		194		140
SPS Commerce, Inc. ⁽¹⁾		36		3,909
Square, Inc. - Class A ⁽¹⁾		195		42,440
SS&C Technologies Holdings, Inc.		1,873		136,261
StoneCo, Ltd. ⁽¹⁾		81		6,798
Stratasys, Ltd. ⁽¹⁾		62		1,285
Sykes Enterprises, Inc. ⁽¹⁾		124		4,671
SYNNEX Corp.		154		12,542
Tenable Holdings, Inc. ⁽¹⁾		125		6,533
Teradyne, Inc.		201		24,098
TESSCO Technologies, Inc.		26		162
Texas Instruments, Inc.		536		87,974
Trade Desk, Inc./The ⁽¹⁾		25		20,025
Trimble, Inc. ⁽¹⁾		344		22,969
TTEC Holdings, Inc.		71		5,178
Twilio, Inc. - Class A ⁽¹⁾		72		24,372
Ultra Clean Holdings, Inc. ⁽¹⁾		12		374
Verint Systems, Inc. ⁽¹⁾		74		4,971

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Veritone, Inc. ⁽¹⁾		17		484
VirnetX Holding Corp. ⁽²⁾		349		1,759
Visa, Inc.		561		122,708
Vishay Intertechnology, Inc.		402		8,325
Vontier Corp. ⁽¹⁾		37		1,236
Xerox Holdings Corp.		844		19,572
Xilinx, Inc.		158		22,400
Xperi Holding Corp.		268		5,601
Zebra Technologies Corp. - Class A ⁽¹⁾		63		24,213
Zoom Video Communications, Inc.- Class A ⁽¹⁾		91		30,696
Zscaler, Inc. ⁽¹⁾		36		7,190
				5,250,855

Materials — 1.2%
Avery Dennison Corp.		194		30,091
Avient Corp.		49		1,974
Caledonia Mining Corp. PLC		104		1,652
Celanese Corp.		20		2,599
Chemours Co./The		49		1,215
Commercial Metals Co.		92		1,890
Corteva, Inc.		421		16,301
Dow, Inc.		382		21,201
Eastman Chemical Co.		377		37,806
Flotek Industries, Inc. ⁽¹⁾		182		384
Freeport-McMoRan, Inc. - Class B		757		19,697
Hawkins, Inc.		1		52
Huntsman Corp.		696		17,497
Koppers Holdings, Inc. ⁽¹⁾		40		1,246
Louisiana-Pacific Corp.		362		13,456
LyondellBasell Industries NV - Class A		185		16,957
Minerals Technologies, Inc.		25		1,553
Mosaic Co./The		70		1,611
Newmont Corp.		1,433		85,822
Nucor Corp.		232		12,340
O-I Glass, Inc.		186		2,213
Olin Corp.		57		1,400
Olympic Steel, Inc.		11		147
Packaging Corp. of America		30		4,137
PPG Industries, Inc.		290		41,824
Rayonier Advanced Materials, Inc. ⁽¹⁾		107		698
Reliance Steel & Aluminum Co.		315		37,721
Royal Gold, Inc.		13		1,383
Ryerson Holding Corp. ⁽¹⁾		177		2,414
Scotts Miracle-Gro Co./The		444		88,418
Sherwin-Williams Co./The		83		60,998
Steel Dynamics, Inc.		182		6,710

The accompanying notes are an integral part of these financial statements

Page 58

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Stepan Co.		23		2,744
SunCoke Energy, Inc.		59		257
Tredegar Corp.		64		1,069
Trinseo SA		13		666
Tronox Holdings PLC		133		1,944
Westlake Chemical Corp.		63		5,141
Westrock Co.		100		4,353
				549,581

Real Estate Investment Trust — 1.2%
Altisource Portfolio Solutions SA ⁽¹⁾		101		1,301
American Homes 4 Rent - Class A		421		12,630
American Tower Corp.		423		94,947
Ashford Hospitality Trust, Inc.		79		205
CareTrust REIT, Inc.		77		1,708
CatchMark Timber Trust, Inc.		163		1,526
CBL & Associates Properties, Inc. ⁽¹⁾⁽²⁾		792		33
Clipper Realty, Inc.		91		642
Columbia Property Trust, Inc.		492		7,055
CorEnergy Infrastructure Trust, Inc.		164		1,123
Corporate Office Properties Trust		352		9,180
CubeSmart		668		22,451
CyrusOne, Inc.		33		2,414
DiamondRock Hospitality Co.		81		668
EastGroup Properties, Inc.		58		8,007
Equinix, Inc.		62		44,279
Essex Property Trust, Inc.		64		15,195
Extra Space Storage, Inc.		289		33,484
Gaming and Leisure Properties, Inc.		556		23,574
Getty Realty Corp.		87		2,396
Healthcare Realty Trust, Inc.		484		14,326
Healthcare Trust of America, Inc. - Class A		356		9,804
Hersha Hospitality Trust		25		197
Host Hotels & Resorts, Inc.		135		1,975
Iron Mountain, Inc.		605		17,835
Lamar Advertising Co. - Class A		578		48,101
Life Storage, Inc.		18		2,149
LTC Properties, Inc.		501		19,494
Maui Land & Pineapple Co., Inc. ⁽¹⁾		8		92
National Health Investors, Inc.		14		968
National Storage Affiliates Trust		162		5,837
Newmark Group, Inc.		125		911
Omega Healthcare Investors, Inc.		179		6,501
Park Hotels & Resorts, Inc.		157		2,693
Piedmont Office Realty Trust, Inc.		542		8,797
PotlatchDeltic Corp.		51		2,551
PS Business Parks, Inc.		163		21,658

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Public Storage		159		36,718
RAIT Financial Trust ⁽¹⁾⁽⁷⁾		287		0
Ryman Hospitality Properties, Inc.		10		678
Sabra Health Care REIT, Inc.		98		1,702
SBA Communications Corp.		59		16,646
Service Properties Trust		615		7,066
Simon Property Group, Inc.		551		46,989
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁷⁾		385		0
Tanger Factory Outlet Centers, Inc. ⁽²⁾		157		1,564
Trinity Place Holdings, Inc. ⁽¹⁾		331		414
Welltower, Inc.		156		10,081
				568,565

Utilities — 0.7%
Alliant Energy Corp.		92		4,741
American Water Works Co., Inc.		300		46,040
Atlantic Power Corp. ⁽¹⁾		432		907
MDU Resources Group, Inc.		944		24,865
NextEra Energy, Inc.		1,263		97,440
NRG Energy, Inc.		286		10,739
Public Service Enterprise Group, Inc.		806		46,990
UGI Corp.		462		16,152
WEC Energy Group, Inc.		218		20,063
Xcel Energy, Inc.		670		44,654
				312,591

Total Common Stocks (Cost $13,079,046)				18,193,648

Registered Investment Companies — 17.6%
Baird Core Plus Bond Fund - Class I		22,245		270,052
Dodge & Cox Income Fund		15,635		229,046
DoubleLine Total Return Bond Fund - Class I		14,505		155,199
Guggenheim Total Return Bond Fund - Class I		3,574		106,134
iShares Core MSCI EAFE ETF ⁽⁸⁾		42,298		2,922,369
iShares Core MSCI Emerging Markets ETF ⁽⁸⁾		12,312		763,836
iShares Core U.S. Aggregate Bond ETF ⁽⁸⁾		3,136		370,644
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁸⁾		5,483		635,535
Lord Abbett High Yield Fund - Class I		34,859		259,696
Payden Emerging Markets Bond Fund - Class I		4,771		66,273
PGIM Total Return Bond Fund - Class R6		15,499		234,189
Pioneer Bond Fund - Class Y		17,257		174,812

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 59

Schedule of Investments
December 31, 2020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
Segall Bryant & Hamill Plus Bond Fund - Class I		17,195		191,549
SPDR Bloomberg Barclays High Yield Bond ETF ⁽⁸⁾		3,990		434,671
TCW Emerging Markets Income Fund - Class I		13,926		118,507
Vanguard Intermediate-Term Corporate Bond ETF ⁽⁸⁾		1,625		157,853
Vanguard Total Bond Market ETF ⁽⁸⁾		3,555		313,515
Xtrackers USD High Yield Corporate Bond ETF ⁽⁸⁾		12,001		601,128
Total Registered Investment Companies (Cost $6,767,177)				8,005,008

Money Market Registered Investment Companies — 34.4%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁴⁾		15,659,121		15,663,819
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		1,024		1,024
Total Money Market Registered Investment Companies (Cost $15,659,621)				15,664,843

Bank Obligations — 1.6%
First Merchants Bank Deposit Account, 0.75%, 1/4/2021 ⁽⁵⁾		248,088		248,088
Metro City Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		248,220		248,220
Pacific Mercantile Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		246,825		246,825
Total Bank Obligations (Cost $743,133)				743,133
Total Investments — 93.5% (Cost $36,248,977)				42,606,632
Other Assets less Liabilities — 6.5%				2,975,301
Total Net Assets — 100.0%				45,581,933

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		1,765		22,627
Meeder Dynamic Allocation Fund - Retail Class		4,535		60,724
Meeder Muirfield Fund - Retail Class		2,043		16,753
Meeder Conservative Allocation Fund - Retail Class		510		12,194
Total Trustee Deferred Compensation (Cost $90,572)				112,298

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		120		3/19/2021		12,784,800		195,325
Mini MSCI Emerging Markets Index Futures		52		3/19/2021		3,349,320		99,500
Russell 2000 Mini Index Futures		3		3/19/2021		296,220		7,224
Standard & Poors 500 Mini Futures		11		3/19/2021		2,061,840		60,119
E-mini Standard & Poors MidCap 400 Futures		3		3/19/2021		691,050		21,311
Total Futures Contracts		189				19,183,230		383,479

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(5)

(6)	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.

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

(8)	Exchange-traded fund.

(9)	Preferred stock.

The accompanying notes are an integral part of these financial statements

Page 60

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — 55.3%
Communication Services — 5.5%
Activision Blizzard, Inc.		7,824		726,458
Alphabet, Inc. - Class A ⁽¹⁾		1,132		1,983,988
Alphabet, Inc. - Class C ⁽¹⁾		2,571		4,504,083
AMC Entertainment Holdings, Inc. - Class A ⁽²⁾		1,174		2,489
AT&T, Inc.		3,767		108,339
Cable One, Inc.		8		17,822
Cinemark Holdings, Inc.		767		13,353
Comcast Corp. - Class A		40,782		2,136,977
Cumulus Media, Inc. ⁽¹⁾		115		1,003
DISH Network Corp. ⁽¹⁾		1,572		50,838
Electronic Arts, Inc.		5,419		778,168
Entravision Communications Corp.		948		2,607
EW Scripps Co./The		76		1,162
Facebook, Inc. ⁽¹⁾		16,613		4,538,007
Fluent, Inc. ⁽¹⁾		460		2,443
Frontier Communications Corp. ⁽¹⁾		4,619		413
Glu Mobile, Inc. ⁽¹⁾		1,417		12,767
Gogo, Inc. ⁽¹⁾		559		5,383
Gray Television, Inc. ⁽¹⁾		2,246		40,181
IDT Corp. - Class B ⁽¹⁾		729		9,010
Interpublic Group of Cos., Inc./The		30,179		709,810
Lee Enterprises, Inc. ⁽¹⁾		366		461
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		705		3,060
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		1,943		22,092
Meredith Corp.		465		8,928
Netflix, Inc. ⁽¹⁾		2,550		1,378,862
News Corp.		4,606		82,770
Nexstar Media Group, Inc.		1,495		163,239
Omnicom Group, Inc.		10,209		636,735
Pinterest, Inc. - Class A ⁽¹⁾		2,660		175,294
Roku, Inc. - Class A ⁽¹⁾		885		293,838
Spotify Technology SA ⁽¹⁾		1,221		384,200
Take-Two Interactive Software, Inc. ⁽¹⁾		114		23,688
TechTarget, Inc. ⁽¹⁾		1,501		88,724
TEGNA, Inc.		2,365		32,992
Telephone and Data Systems, Inc.		3,397		63,082
Tribune Publishing Co.		373		5,110
Twitter, Inc. ⁽¹⁾		1,244		67,363
Verizon Communications, Inc.		35,205		2,068,294
Walt Disney Co./The		3,181		576,334
World Wrestling Entertainment, Inc. - Class A		1,782		85,625
Yelp, Inc. ⁽¹⁾		319		10,422
				21,816,414

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Consumer Discretionary — 7.1%
Abercrombie & Fitch Co.		86		1,751
Amazon.com, Inc. ⁽¹⁾		2,371		7,722,181
American Eagle Outfitters, Inc.		94		1,887
Aramark		1,196		46,022
At Home Group, Inc. ⁽¹⁾		478		7,390
AutoNation, Inc. ⁽¹⁾		458		31,964
Best Buy Co., Inc.		5,522		551,040
Big Lots, Inc.		367		15,755
BorgWarner, Inc.		2,333		90,147
Boyd Gaming Corp.		733		31,460
Brinker International, Inc.		643		36,375
Brunswick Corp./DE		444		33,851
Buckle, Inc./The		323		9,432
Caleres, Inc.		654		10,235
Camping World Holdings, Inc.		3,479		90,628
Capri Holdings, Ltd. ⁽¹⁾		884		37,128
CarParts.com, Inc. ⁽¹⁾		542		6,715
Carvana Co. ⁽¹⁾		46		11,019
Chipotle Mexican Grill, Inc. ⁽¹⁾		595		825,092
Churchill Downs, Inc.		147		28,634
Container Store Group, Inc./The ⁽¹⁾		382		3,644
Cooper Tire & Rubber Co.		269		10,895
Cracker Barrel Old Country Store, Inc.		873		115,166
Crocs, Inc. ⁽¹⁾		4,215		264,112
Dana, Inc.		1,980		38,650
Darden Restaurants, Inc.		1,307		155,690
Dave & Buster’s Entertainment, Inc.		180		5,404
Deckers Outdoor Corp. ⁽¹⁾		29		8,317
Del Taco Restaurants, Inc.		1,134		10,274
Designer Brands, Inc. - Class A		646		4,942
Dillard’s, Inc. - Class A		46		2,900
Dollar General Corp.		3,072		646,042
Dollar Tree, Inc. ⁽¹⁾		1,632		176,321
Domino’s Pizza, Inc.		487		186,745
DR Horton, Inc.		5,873		404,767
Duluth Holdings, Inc. - Class B ⁽¹⁾		197		2,080
eBay, Inc.		4,477		224,969
Etsy, Inc. ⁽¹⁾		721		128,273
Everi Holdings, Inc. ⁽¹⁾		254		3,508
Extended Stay America, Inc.		4,362		64,601
Fiesta Restaurant Group, Inc. ⁽¹⁾		456		5,198
Fossil Group, Inc. ⁽¹⁾		581		5,037
Fox Factory Holding Corp. ⁽¹⁾		101		10,677
Franchise Group, Inc.		212		6,455
General Motors Co.		15,927		663,200

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 61

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Genesco, Inc. ⁽¹⁾		170		5,115
GoPro, Inc. ⁽¹⁾		106		878
Greenlane Holdings, Inc. ⁽¹⁾		449		1,778
Group 1 Automotive, Inc.		161		21,114
GrowGeneration Corp. ⁽¹⁾		473		19,024
Guess?, Inc.		295		6,673
Hanesbrands, Inc.		1,617		23,576
Harley-Davidson, Inc.		1,992		73,106
Hibbett Sports, Inc. ⁽¹⁾		794		36,667
Houghton Mifflin Harcourt Co. ⁽¹⁾		797		2,654
International Game Technology PLC		1,521		25,766
Kohl’s Corp.		1,488		60,547
L Brands, Inc.		1,460		54,297
Lakeland Industries, Inc. ⁽¹⁾		1,410		38,423
Lands’ End, Inc. ⁽¹⁾		308		6,644
Las Vegas Sands Corp.		1,474		87,850
LCI Industries		505		65,488
Lear Corp.		448		71,245
Lennar Corp. - Class A		1,923		146,590
Liquidity Services, Inc. ⁽¹⁾		200		3,182
Lovesac Co./The ⁽¹⁾		73		3,146
Lowe’s Cos., Inc.		12,821		2,057,899
Lululemon Athletica, Inc. ⁽¹⁾		757		263,459
Lumber Liquidators Holdings, Inc. ⁽¹⁾		520		15,985
M/I Homes, Inc. ⁽¹⁾		613		27,150
Malibu Boats, Inc. ⁽¹⁾		1,704		106,398
MarineMax, Inc. ⁽¹⁾		187		6,551
Marriott International, Inc./MD		866		114,243
McDonald’s Corp.		9,714		2,084,430
Meritage Homes Corp. ⁽¹⁾		846		70,066
Modine Manufacturing Co. ⁽¹⁾		1,348		16,931
Nautilus, Inc. ⁽¹⁾		537		9,741
NIKE, Inc. - Class B		7,517		1,063,430
Nordstrom, Inc.		125		3,901
ODP Corp./The		824		24,143
Overstock.com, Inc. ⁽¹⁾		344		16,502
Party City Holdco, Inc. ⁽¹⁾		922		5,670
Penn National Gaming, Inc. ⁽¹⁾		1,218		105,199
Polaris, Inc.		476		45,353
Pool Corp.		333		124,043
PulteGroup, Inc.		10,055		433,572
Purple Innovation, Inc. ⁽¹⁾		1,539		50,695
Qurate Retail, Inc. - Class A		4,824		52,919
Red Rock Resorts, Inc.		858		21,484
Rent-A-Center, Inc./TX		11,458		438,727
Scientific Games Corp. ⁽¹⁾		594		24,645

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Sleep Number Corp. ⁽¹⁾		225		18,419
Smith & Wesson Brands, Inc.		106		1,882
Sonic Automotive, Inc.		1,324		51,067
Starbucks Corp.		11,280		1,206,734
Sturm Ruger & Co., Inc.		49		3,188
Tapestry, Inc.		1,144		35,556
Target Corp.		4,479		790,678
Tesla, Inc. ⁽¹⁾		4,750		3,351,933
Texas Roadhouse, Inc.		800		62,528
Thor Industries, Inc.		1,445		134,371
Tilly’s, Inc. - Class A		41		335
TopBuild Corp. ⁽¹⁾		178		32,766
Town Sports International Holdings, Inc. ⁽¹⁾		1,777		444
Tupperware Brands Corp. ⁽¹⁾		292		9,458
Urban Outfitters, Inc. ⁽¹⁾		381		9,754
Vista Outdoor, Inc. ⁽¹⁾		443		10,526
VOXX International Corp. ⁽¹⁾		352		4,492
Waitr Holdings, Inc. ⁽¹⁾		695		1,932
Wayfair, Inc. ⁽¹⁾		62		14,000
Wendy’s Co./The		1,197		26,238
Williams-Sonoma, Inc.		417		42,467
Wingstop, Inc.		430		56,997
Winnebago Industries, Inc.		3,834		229,810
Wyndham Destinations, Inc.		5,365		240,674
Yum China Holdings, Inc.		2,657		151,688
Yum! Brands, Inc.		9,669		1,049,667
				28,211,076

Consumer Staples — 1.6%
Andersons, Inc./The		708		17,353
BJ’s Wholesale Club Holdings, Inc. ⁽¹⁾		343		12,787
Bunge, Ltd.		12,251		803,421
Conagra Brands, Inc.		4,881		176,985
Costco Wholesale Corp.		70		26,375
Darling Ingredients, Inc. ⁽¹⁾		9,323		537,751
General Mills, Inc.		26,625		1,565,550
Kroger Co./The		7,863		249,729
Molson Coors Beverage Co. - Class B		7,827		353,702
Natural Grocers by Vitamin Cottage, Inc.		343		4,713
Nu Skin Enterprises, Inc.		181		9,888
PepsiCo, Inc.		7,732		1,146,656
Performance Food Group Co. ⁽¹⁾		1,009		48,038
Rite Aid Corp. ⁽¹⁾		509		8,057
SpartanNash Co.		767		13,353
Tyson Foods, Inc.		2,284		147,181
United Natural Foods, Inc. ⁽¹⁾		661		10,556

The accompanying notes are an integral part of these financial statements

Page 62

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Walgreens Boots Alliance, Inc.		191		7,617
Walmart, Inc.		8,649		1,246,753
				6,386,465

Energy — 0.6%
Amplify Energy Corp.		2,959		3,876
Antero Resources Corp. ⁽¹⁾		4,003		21,816
Apache Corp.		1,676		23,782
Archrock, Inc.		2,249		19,476
Ardmore Shipping Corp.		2,009		6,569
Aspen Aerogels, Inc. ⁽¹⁾		1,109		18,509
Bonanza Creek Energy, Inc. ⁽¹⁾		753		14,555
Brigham Minerals, Inc.		633		6,957
Cabot Oil & Gas Corp.		3,603		58,657
Cactus, Inc. - Class A		1,885		49,142
Centennial Resource Development, Inc./DE - Class A ⁽¹⁾		3,626		5,439
Chaparral Energy, Inc. A Warrants ⁽¹⁾⁽⁷⁾		3		0
Chaparral Energy, Inc. B Warrants ⁽¹⁾⁽⁷⁾		3		0
Chesapeake Energy Corp. ⁽¹⁾		341		518
Chevron Corp.		3,338		281,894
Cimarex Energy Co.		3,261		122,320
Clean Energy Fuels Corp. ⁽¹⁾		2,688		21,128
CNX Resources Corp. ⁽¹⁾		1,270		13,716
Concho Resources, Inc.		2,880		168,048
ConocoPhillips		11,015		440,490
CONSOL Energy, Inc. ⁽¹⁾		392		2,826
Continental Resources, Inc./OK		820		13,366
Delek US Holdings, Inc.		262		4,210
DHT Holdings, Inc.		1,006		5,261
Diamondback Energy, Inc.		442		21,393
Dorian LPG, Ltd. ⁽¹⁾		610		7,436
Earthstone Energy, Inc. - Class A ⁽¹⁾		592		3,155
EOG Resources, Inc.		4,894		244,064
EQT Corp.		2,861		36,363
Exterran Corp. ⁽¹⁾		193		853
Extraction Oil & Gas, Inc. ⁽¹⁾		1,822		52
Frank’s International NV ⁽¹⁾		2,752		7,540
Golar LNG, Ltd.		306		2,950
Hallador Energy Co.		1,603		2,356
Hess Corp.		576		30,407
International Seaways, Inc.		864		14,109
Laredo Petroleum, Inc. ⁽¹⁾		1,085		21,375
Liberty Oilfield Services, Inc. - Class A		2,330		24,022
Matador Resources Co. ⁽¹⁾		1,642		19,803
Nabors Industries, Ltd.		239		13,917

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
NextDecade Corp. ⁽¹⁾		575		1,202
NexTier Oilfield Solutions, Inc. ⁽¹⁾		1,321		4,544
Nine Energy Service, Inc. ⁽¹⁾		1,567		4,262
Nordic American Tankers, Ltd.		354		1,044
NOV, Inc. ⁽¹⁾		1,865		25,606
Oasis Petroleum, Inc. Warrants ⁽¹⁾⁽⁷⁾		9		0
Oceaneering International, Inc. ⁽¹⁾		2,179		17,323
Parsley Energy, Inc.		1,631		23,160
PDC Energy, Inc. ⁽¹⁾		1,435		29,461
Peabody Energy Corp.		925		2,229
Phillips 66		1,050		73,437
Pioneer Natural Resources Co.		1,147		130,632
ProPetro Holding Corp. ⁽¹⁾		5,461		40,357
Range Resources Corp.		2,001		13,407
Renewable Energy Group, Inc. ⁽¹⁾		432		30,594
Schlumberger NV		2,956		64,529
Scorpio Tankers, Inc.		117		1,309
Southwestern Energy Co. ⁽¹⁾		5,456		16,259
Superior Energy Services, Inc. ⁽¹⁾		475		22
Talos Energy, Inc. ⁽¹⁾		200		1,648
Teekay Corp. ⁽¹⁾		1,504		3,234
W&T Offshore, Inc. ⁽¹⁾		2,729		5,922
Whiting Petroleum Corp. ⁽¹⁾		123		3,075
Whiting Petroleum Corporation A Warrants ⁽¹⁾		56		98
Whiting Petroleum Corporation B Warrants ⁽¹⁾⁽²⁾		27		51
World Fuel Services Corp.		1,736		54,094
WPX Energy, Inc. ⁽¹⁾		1,347		10,978
				2,310,827

Financials — 4.8%
AGNC Investment Corp.		10,765		167,934
Allstate Corp./The		1,947		214,034
Ally Financial, Inc.		11,328		403,956
American Equity Investment Life Holding Co.		1,220		33,745
American Express Co.		1,377		166,493
Ameriprise Financial, Inc.		944		183,448
Ameris Bancorp		2,801		106,634
Apollo Commercial Real Estate Finance, Inc.		149		1,664
Arbor Realty Trust, Inc.		1,990		28,218
Artisan Partners Asset Management, Inc. - Class A		4,004		201,561
Associated Banc-Corp		8,534		145,505
Axos Financial, Inc. ⁽¹⁾		1,249		46,875

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 63

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
BancorpSouth Bank		2,170		59,545
Bank of America Corp.		56,285		1,705,998
Bank of NT Butterfield & Son, Ltd./The		2,903		90,457
BankUnited, Inc.		3,220		111,992
Banner Corp.		125		5,824
Bar Harbor Bankshares		267		6,032
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		17,303		4,012,047
Capital Bancorp, Inc. ⁽¹⁾		130		1,811
Charles Schwab Corp./The		1,227		65,080
Chimera Investment Corp.		1,042		10,681
Citigroup, Inc.		8,025		494,822
Citizens Financial Group, Inc.		5,004		178,943
Civista Bancshares, Inc.		1,385		24,279
CNO Financial Group, Inc.		4,940		109,816
Columbia Banking System, Inc.		394		14,145
Comerica, Inc.		5		279
Cowen, Inc.		567		14,736
Curo Group Holdings Corp.		3,701		53,035
Customers Bancorp, Inc. ⁽¹⁾		1,609		29,252
East West Bancorp, Inc.		2,602		131,947
Eaton Vance Corp.		1,249		84,845
Ellington Residential Mortgage REIT		923		12,036
Enova International, Inc. ⁽¹⁾		1,454		36,016
Esquire Financial Holdings, Inc. ⁽¹⁾		16		307
Evercore, Inc. - Class A		1,141		125,099
Farmers National Banc Corp.		255		3,384
Fifth Third Bancorp		15,429		425,378
First American Financial Corp.		2,298		118,646
First Choice Bancorp		22		407
First Citizens BancShares, Inc./NC - Class A		131		75,229
First Financial Bancorp		2,122		37,199
First Foundation, Inc.		841		16,820
First Horizon Corp.		176		2,246
First Interstate BancSystem, Inc.		166		6,768
First Republic Bank/CA		2,101		308,700
FNCB Bancorp, Inc.		298		1,907
Goosehead Insurance, Inc.		384		47,908
Great Ajax Corp.		2,240		23,430
GWG Holdings, Inc. ⁽¹⁾		208		1,454
Hartford Financial Services Group, Inc./The		1,009		49,421
HBT Financial, Inc.		1,352		20,483
Heartland Financial USA, Inc.		1,521		61,403
Hilltop Holdings, Inc.		4,392		120,824
Houlihan Lokey, Inc. - Class A		82		5,513
Huntington Bancshares, Inc./OH		6,183		78,091
James River Group Holdings, Ltd.		734		36,076

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
JPMorgan Chase & Co.		10,757		1,366,892
KeyCorp		2,665		43,733
Kinsale Capital Group, Inc.		672		134,487
Lakeland Financial Corp.		22		1,179
LPL Financial Holdings, Inc.		700		72,954
M&T Bank Corp.		425		54,103
Medley Management, Inc.		101		807
Meta Financial Group, Inc.		381		13,929
MetLife, Inc.		6,095		286,160
Metrocity Bankshares, Inc.		1,456		20,996
Mid Penn Bancorp, Inc.		8		175
MMA Capital Holdings, Inc. ⁽¹⁾		162		3,985
Morgan Stanley		10,888		746,155
Mr Cooper Group, Inc. ⁽¹⁾		2,498		77,513
Northrim BanCorp, Inc.		1,346		45,697
Old Republic International Corp.		3,496		68,906
OneMain Holdings, Inc.		1,556		74,937
Oppenheimer Holdings, Inc.		2,072		65,123
PennyMac Financial Services, Inc.		4,688		307,627
PennyMac Mortgage Investment Trust		2,154		37,889
People’s United Financial, Inc.		2,024		26,170
Pinnacle Financial Partners, Inc.		451		29,044
PJT Partners, Inc.		2,411		181,428
PNC Financial Services Group, Inc./The		2,327		346,723
Popular, Inc.		1,341		75,525
Progressive Corp./The		3,364		332,632
ProSight Global, Inc. ⁽¹⁾		81		1,039
Prudential Financial, Inc.		4,136		322,898
Pzena Investment Management, Inc. - Class A		3,249		23,718
QCR Holdings, Inc.		773		30,603
RBB Bancorp		4,086		62,843
Ready Capital Corp.		2,948		36,703
Regions Financial Corp.		18,968		305,764
Sandy Spring Bancorp, Inc.		402		12,940
Shore Bancshares, Inc.		92		1,343
Siebert Financial Corp. ⁽¹⁾		341		1,432
Signature Bank/New York NY		817		110,532
Silvercrest Asset Management Group, Inc.		283		3,931
Simmons First National Corp.		500		10,795
SLM Corp.		2,879		35,671
South State Corp.		172		12,436
State Street Corp.		4,787		348,398
Stewart Information Services Corp.		6,018		291,030
StoneX Group, Inc. ⁽¹⁾		365		21,134
Summit Financial Group, Inc.		114		2,517

The accompanying notes are an integral part of these financial statements

Page 64

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
SVB Financial Group ⁽¹⁾		567		219,900
Synchrony Financial		25,050		869,486
Synovus Financial Corp.		440		14,243
Truist Financial Corp.		11,550		553,592
UMB Financial Corp.		1,529		105,486
United Community Banks, Inc./GA		2,683		76,305
Unum Group		7,078		162,369
Valley National Bancorp		4,768		46,488
Veritex Holdings, Inc.		1,157		29,689
Virtu Financial, Inc.		2,999		75,485
Virtus Investment Partners, Inc.		571		123,907
W R Berkley Corp.		1,031		68,479
Walker & Dunlop, Inc.		725		66,715
Wells Fargo & Co.		2,474		74,665
Western Alliance Bancorp		1,864		111,747
WSFS Financial Corp.		165		7,405
				19,176,835

Healthcare — 10.5%
89bio, Inc. ⁽¹⁾		47		1,145
Abbott Laboratories		7,500		821,175
AbbVie, Inc.		19,706		2,111,498
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		3,182		3,946
Affimed NV ⁽¹⁾		2,019		11,751
Agilent Technologies, Inc.		7,087		839,739
Albireo Pharma, Inc. ⁽¹⁾		28		1,050
Alexion Pharmaceuticals, Inc. ⁽¹⁾		3,427		535,434
Align Technology, Inc. ⁽¹⁾		594		317,422
Alkermes PLC ⁽¹⁾		2,906		57,975
Allakos, Inc. ⁽¹⁾		225		31,500
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		1,340		19,350
Alnylam Pharmaceuticals, Inc. ⁽¹⁾		826		107,355
AmerisourceBergen Corp.		529		51,715
Amgen, Inc.		7,165		1,647,377
Amicus Therapeutics, Inc. ⁽¹⁾		599		13,831
Amneal Pharmaceuticals, Inc. - Class A ⁽¹⁾		3,656		16,708
Anthem, Inc.		1,116		358,336
Apellis Pharmaceuticals, Inc. ⁽¹⁾		403		23,052
Applied Therapeutics, Inc. ⁽¹⁾		103		2,267
Arcturus Therapeutics Holdings, Inc. ⁽¹⁾		106		4,598
Arcutis Biotherapeutics, Inc. ⁽¹⁾		254		7,145
Arena Pharmaceuticals, Inc. ⁽¹⁾		540		41,488
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		655		50,258
Assembly Biosciences, Inc. ⁽¹⁾		2		12
Assertio Holdings, Inc. ⁽¹⁾		2,907		1,040
Atara Biotherapeutics, Inc. ⁽¹⁾		448		8,794

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Avantor, Inc. ⁽¹⁾		3,915		110,207
Axsome Therapeutics, Inc. ⁽¹⁾		145		11,813
Baxter International, Inc.		682		54,724
Beam Therapeutics, Inc. ⁽¹⁾		416		33,962
Becton Dickinson and Co.		1,088		272,239
BioDelivery Sciences International, Inc. ⁽¹⁾		4,471		18,778
Bio-Rad Laboratories, Inc. ⁽¹⁾		128		74,616
Bioxcel Therapeutics, Inc. ⁽¹⁾		237		10,949
Blueprint Medicines Corp. ⁽¹⁾		477		53,496
Bridgebio Pharma, Inc. ⁽¹⁾		317		22,542
Bristol-Myers Squibb Co.		23,449		1,454,541
Calyxt, Inc. ⁽¹⁾		18		76
Cardinal Health, Inc.		8,952		479,469
CareDx, Inc. ⁽¹⁾		478		34,631
CASI Pharmaceuticals, Inc. ⁽¹⁾		685		2,021
Castle Biosciences, Inc. ⁽¹⁾		317		21,287
Catalent, Inc. ⁽¹⁾		2,543		264,650
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		2,831		9,456
Celcuity, Inc. ⁽¹⁾		180		1,649
Centene Corp. ⁽¹⁾		3,588		215,388
Centogene NV ⁽¹⁾		363		3,913
Cerecor, Inc. ⁽¹⁾		511		1,349
Cerner Corp.		11,664		915,391
Charles River Laboratories International, Inc. ⁽¹⁾		578		144,419
Chemed Corp.		597		317,968
ChemoCentryx, Inc. ⁽¹⁾		771		47,740
Co-Diagnostics, Inc. ⁽¹⁾		279		2,595
Community Health Systems, Inc. ⁽¹⁾		1,808		13,433
Constellation Pharmaceuticals, Inc. ⁽¹⁾		257		7,402
Corcept Therapeutics, Inc. ⁽¹⁾		586		15,330
Cortexyme, Inc. ⁽¹⁾		4		111
Cross Country Healthcare, Inc. ⁽¹⁾		314		2,785
CVS Health Corp.		12,280		838,724
Cymabay Therapeutics, Inc. ⁽¹⁾		2,138		12,272
Danaher Corp.		3,238		719,289
Deciphera Pharmaceuticals, Inc. ⁽¹⁾		306		17,463
Denali Therapeutics, Inc. ⁽¹⁾		462		38,697
DENTSPLY SIRONA, Inc.		4,945		258,920
Editas Medicine, Inc. ⁽¹⁾		248		17,387
Edwards Lifesciences Corp. ⁽¹⁾		4,406		401,959
Eidos Therapeutics, Inc. ⁽¹⁾		125		16,448
Elanco Animal Health, Inc. Contingent Value Rights ⁽¹⁾⁽⁷⁾		1,792		0
Eli Lilly and Co.		7,107		1,199,946
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		605		2,408

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 65

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Emergent BioSolutions, Inc. ⁽¹⁾		677		60,659
Endo International PLC ⁽¹⁾		4,683		33,624
Enochian Biosciences, Inc. ⁽¹⁾		99		292
Ensign Group, Inc./The		420		30,626
Evelo Biosciences, Inc. ⁽¹⁾		353		4,268
Exact Sciences Corp. ⁽¹⁾		903		119,638
Exelixis, Inc. ⁽¹⁾		3,773		75,724
Fate Therapeutics, Inc. ⁽¹⁾		553		50,284
Five Prime Therapeutics, Inc. ⁽¹⁾		572		9,730
Fulgent Genetics, Inc. ⁽¹⁾		168		8,753
Gilead Sciences, Inc.		14,866		866,093
Globus Medical, Inc. ⁽¹⁾		518		33,784
HCA Healthcare, Inc.		1,394		229,257
Hill-Rom Holdings, Inc.		1,607		157,438
Hologic, Inc. ⁽¹⁾		1,003		73,048
Horizon Therapeutics Plc ⁽¹⁾		2,831		207,088
Humana, Inc.		1,688		692,536
IGM Biosciences, Inc. ⁽¹⁾		68		6,004
Illumina, Inc. ⁽¹⁾		571		211,270
ImmunoGen, Inc. ⁽¹⁾		1,710		11,030
Immunovant, Inc. ⁽¹⁾		120		5,543
Inogen, Inc. ⁽¹⁾		161		7,193
Inovio Pharmaceuticals, Inc. ⁽¹⁾		846		7,487
Insmed, Inc. ⁽¹⁾		494		16,445
Insulet Corp. ⁽¹⁾		201		51,382
Intellia Therapeutics, Inc. ⁽¹⁾		580		31,552
Intersect ENT, Inc. ⁽¹⁾		475		10,878
Intra-Cellular Therapies, Inc. ⁽¹⁾		3		95
Invitae Corp. ⁽¹⁾		702		29,351
Iovance Biotherapeutics, Inc. ⁽¹⁾		1,227		56,933
iRhythm Technologies, Inc. ⁽¹⁾		146		34,633
Johnson & Johnson		25,338		3,987,694
Jounce Therapeutics, Inc. ⁽¹⁾		495		3,465
Kodiak Sciences, Inc. ⁽¹⁾		290		42,604
Kura Oncology, Inc. ⁽¹⁾		943		30,798
LHC Group, Inc. ⁽¹⁾		30		6,400
MacroGenics, Inc. ⁽¹⁾		602		13,762
Marinus Pharmaceuticals, Inc. ⁽¹⁾		360		4,392
McKesson Corp.		2,284		397,233
Medtronic PLC		20,914		2,449,866
Merck & Co., Inc.		30,637		2,506,107
Mersana Therapeutics, Inc. ⁽¹⁾		1,351		35,950
Mettler-Toledo International, Inc. ⁽¹⁾		18		20,514
Mirati Therapeutics, Inc. ⁽¹⁾		345		75,776
Moderna, Inc. ⁽¹⁾		2,111		220,536
Molina Healthcare, Inc. ⁽¹⁾		193		41,047

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Morphic Holding, Inc. ⁽¹⁾		177		5,938
NantKwest, Inc. ⁽¹⁾		957		12,757
Natera, Inc. ⁽¹⁾		558		55,532
National HealthCare Corp.		151		10,028
Neurocrine Biosciences, Inc. ⁽¹⁾		312		29,905
NextGen Healthcare, Inc. ⁽¹⁾		2,087		38,067
Novavax, Inc. ⁽¹⁾		411		45,831
Novocure, Ltd. ⁽¹⁾		56		9,690
Ocular Therapeutix, Inc. ⁽¹⁾		1,686		34,900
Oncocyte Corp. ⁽¹⁾		328		784
Organogenesis Holdings, Inc. ⁽¹⁾		529		3,983
Osmotica Pharmaceuticals PLC ⁽¹⁾		2,064		8,504
Owens & Minor, Inc.		1,059		28,646
Pacific Biosciences of California, Inc. ⁽¹⁾		1,468		38,080
Palatin Technologies, Inc. ⁽¹⁾		3,025		2,044
PerkinElmer, Inc.		764		109,634
Perrigo Co. PLC		5,856		261,880
Pfizer, Inc.		45,082		1,659,468
Phreesia, Inc. ⁽¹⁾		17		922
PRA Health Sciences, Inc. ⁽¹⁾		616		77,271
Precigen, Inc. ⁽¹⁾⁽²⁾		878		8,956
Quest Diagnostics, Inc.		173		20,616
Quidel Corp. ⁽¹⁾		163		29,283
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		1,173		566,688
Replimune Group, Inc. ⁽¹⁾		398		15,184
ResMed, Inc.		971		206,396
REVOLUTION Medicines, Inc. ⁽¹⁾		249		9,858
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		1,155		34,338
Rigel Pharmaceuticals, Inc. ⁽¹⁾		1,713		5,996
Rocket Pharmaceuticals, Inc. ⁽¹⁾		396		21,717
Sangamo Therapeutics, Inc. ⁽¹⁾		1,051		16,401
Scholar Rock Holding Corp. ⁽¹⁾		266		12,909
Seagen, Inc. ⁽¹⁾		1,205		211,044
Seres Therapeutics, Inc. ⁽¹⁾		523		12,814
SIGA Technologies, Inc. ⁽¹⁾		570		4,144
Simulations Plus, Inc.		176		12,658
Solid Biosciences, Inc. ⁽¹⁾		599		4,540
Sorrento Therapeutics, Inc. ⁽¹⁾		1,599		10,913
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		47		160
SpringWorks Therapeutics, Inc. ⁽¹⁾		146		10,588
STERIS PLC		2,085		395,191
Stryker Corp.		4,106		1,006,134
Supernus Pharmaceuticals, Inc. ⁽¹⁾		668		16,807
Surgery Partners, Inc. ⁽¹⁾		281		8,152
Sutro Biopharma, Inc. ⁽¹⁾		367		7,968
Syros Pharmaceuticals, Inc. ⁽¹⁾		1,184		12,846

The accompanying notes are an integral part of these financial statements

Page 66

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Teladoc Health, Inc. ⁽¹⁾		424		84,783
Tenet Healthcare Corp. ⁽¹⁾		1,231		49,154
TG Therapeutics, Inc. ⁽¹⁾		955		49,679
Thermo Fisher Scientific, Inc.		2,152		1,002,359
Translate Bio, Inc. ⁽¹⁾		557		10,266
Travere Therapeutics, Inc. ⁽¹⁾		157		4,279
Turning Point Therapeutics, Inc. ⁽¹⁾		425		51,786
Twist Bioscience Corp. ⁽¹⁾		374		52,842
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		346		47,897
United Therapeutics Corp. ⁽¹⁾		2,101		318,911
UnitedHealth Group, Inc.		6,657		2,334,477
Universal Health Services, Inc. - Class B		922		126,775
Vanda Pharmaceuticals, Inc. ⁽¹⁾		1,711		22,483
Veeva Systems, Inc. ⁽¹⁾		1,073		292,124
Veracyte, Inc. ⁽¹⁾		893		43,703
Vertex Pharmaceuticals, Inc. ⁽¹⁾		2,570		607,394
Viatris, Inc. ⁽¹⁾		8,305		155,636
Viela Bio, Inc. ⁽¹⁾		21		755
Viemed Healthcare, Inc. ⁽¹⁾		172		1,335
West Pharmaceutical Services, Inc.		834		236,281
XBiotech, Inc. ⁽¹⁾		1,196		18,717
Xencor, Inc. ⁽¹⁾		416		18,150
Zimmer Biomet Holdings, Inc.		5,162		795,413
ZIOPHARM Oncology, Inc. ⁽¹⁾		1,965		4,952
Zoetis, Inc. - Class A		10,196		1,687,438
				41,310,940

Industrials — 4.8%
3M Co.		5,958		1,041,399
ABM Industries, Inc.		445		16,839
AGCO Corp.		1,433		147,728
Allegiant Travel Co.		1,681		318,112
Alpha Pro Tech, Ltd. ⁽¹⁾		760		8,474
Altra Industrial Motion Corp.		634		35,143
ArcBest Corp.		1,331		56,794
Arcosa, Inc.		1,911		104,971
Argan, Inc.		298		13,258
ASGN, Inc. ⁽¹⁾		459		38,340
Astec Industries, Inc.		547		31,660
Atkore International Group, Inc. ⁽¹⁾		2,910		119,630
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		156		8,508
Axon Enterprise, Inc. ⁽¹⁾		348		42,640
AZZ, Inc.		790		37,478
BG Staffing, Inc.		179		2,415
BMC Stock Holdings, Inc. ⁽¹⁾		1,316		70,643
Boise Cascade Co.		4,989		238,474

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
CAI International, Inc.		65		2,031
Caterpillar, Inc.		2,314		421,194
Chart Industries, Inc. ⁽¹⁾		24		2,827
Cintas Corp.		1,567		553,872
Comfort Systems USA, Inc.		2,133		112,324
Copart, Inc. ⁽¹⁾		3,911		497,675
CoreCivic, Inc.		2,624		17,187
CoreLogic, Inc./United States		1,868		144,434
Covenant Logistics Group, Inc. ⁽¹⁾		701		10,382
CSX Corp.		2,540		230,505
Cummins, Inc.		7,985		1,813,394
Deere & Co.		2,207		593,793
Eaton Corp. PLC		5,235		628,933
EMCOR Group, Inc.		1,562		142,861
Emerson Electric Co.		1,995		160,338
EnerSys		329		27,327
Fastenal Co.		3,055		149,176
FedEx Corp.		1,431		371,516
FuelCell Energy, Inc. ⁽¹⁾		134		1,497
Generac Holdings, Inc. ⁽¹⁾		258		58,672
General Electric Co.		8,411		90,839
GrafTech International, Ltd.		2,558		27,268
H&E Equipment Services, Inc.		381		11,358
HEICO Corp.		459		60,772
Herc Holdings, Inc. ⁽¹⁾		264		17,532
Herman Miller, Inc.		813		27,479
Hertz Global Holdings, Inc. ⁽¹⁾		1,454		1,861
HNI Corp.		788		27,154
Hubbell, Inc.		1,550		243,025
Huntington Ingalls Industries, Inc.		692		117,972
JB Hunt Transport Services, Inc.		273		37,305
Kelly Services, Inc. - Class A		1,139		23,429
Kforce, Inc.		465		19,572
Kimball International, Inc. - Class B		1,090		13,026
L B Foster Co. - Class A ⁽¹⁾		119		1,791
Lawson Products, Inc./DE ⁽¹⁾		11		560
Lockheed Martin Corp.		4,120		1,462,518
LSC Communications, Inc. ⁽¹⁾		4,516		90
Manitowoc Co., Inc./The ⁽¹⁾		292		3,887
ManpowerGroup, Inc.		6,874		619,897
Matson, Inc.		1,002		57,084
Maxar Technologies, Inc.		634		24,466
McGrath RentCorp		288		19,325
Meritor, Inc. ⁽¹⁾		249		6,950
Miller Industries, Inc./TN		1,780		67,676
Moog, Inc.		1,935		153,446

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 67

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
MSC Industrial Direct Co., Inc.		3,298		278,318
Mueller Industries, Inc.		2,008		70,501
MYR Group, Inc. ⁽¹⁾		422		25,362
National Presto Industries, Inc.		70		6,190
NL Industries, Inc.		197		942
Norfolk Southern Corp.		82		19,484
Northrop Grumman Corp.		101		30,777
Old Dominion Freight Line, Inc.		1,379		269,153
PACCAR, Inc.		17,888		1,543,377
PAE, Inc. ⁽¹⁾		1,151		10,566
Parker-Hannifin Corp.		2,564		698,459
Plug Power, Inc. ⁽¹⁾		2,772		93,999
Primoris Services Corp.		2,946		81,339
Quanta Services, Inc.		10,522		757,794
Regal Beloit Corp.		2,169		266,375
Resideo Technologies, Inc. ⁽¹⁾		1,614		34,314
Rexnord Corp.		625		24,681
RR Donnelley & Sons Co.		5,502		12,435
Rush Enterprises, Inc.		3,339		138,301
Ryder System, Inc.		998		61,636
Safe Bulkers, Inc. ⁽¹⁾		1,521		1,977
Saia, Inc. ⁽¹⁾		585		105,768
Shyft Group, Inc./The		983		27,898
SkyWest, Inc.		53		2,136
Steelcase, Inc.		1,270		17,209
Textainer Group Holdings, Ltd. ⁽¹⁾		1,448		27,773
Timken Co./The		2,848		220,321
Titan Machinery, Inc. ⁽¹⁾		51		997
TPI Composites, Inc. ⁽¹⁾		458		24,173
Triton International, Ltd./Bermuda		4,705		228,240
Tutor Perini Corp. ⁽¹⁾		89		1,153
Uber Technologies, Inc. ⁽¹⁾		4,437		226,287
United Parcel Service, Inc. - Class B		4,139		697,008
Vectrus, Inc. ⁽¹⁾		631		31,373
Veritiv Corp. ⁽¹⁾		451		9,376
Waste Management, Inc.		13,233		1,560,568
Watsco, Inc.		110		24,921
WESCO International, Inc. ⁽¹⁾		1,285		100,873
WESCO International, Inc. Series A Variable Preferred ⁽⁹⁾		994		31,063
				19,171,843

Information Technology — 15.9%
8x8, Inc. ⁽¹⁾		395		13,616
Accenture PLC - Class A		1,503		392,599
ACI Worldwide, Inc. ⁽¹⁾		1,880		72,248

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Adobe, Inc. ⁽¹⁾		3,608		1,804,433
ADTRAN, Inc.		1		15
Advanced Micro Devices, Inc. ⁽¹⁾		8,066		739,733
Alarm.com Holdings, Inc. ⁽¹⁾		262		27,104
Alliance Data Systems Corp.		548		40,607
Amkor Technology, Inc.		4,627		69,775
Amphenol Corp.		226		29,554
Apple, Inc.		99,250		13,169,385
Applied Materials, Inc.		12,109		1,045,007
Arrow Electronics, Inc. ⁽¹⁾		3,762		366,043
AstroNova, Inc.		565		6,017
Autodesk, Inc. ⁽¹⁾		1,934		590,528
Avaya Holdings Corp. ⁽¹⁾		1,400		26,810
Avid Technology, Inc. ⁽¹⁾		2,742		43,516
Avnet, Inc.		7,484		262,763
Bill.com Holdings, Inc. ⁽¹⁾		151		20,612
Broadcom, Inc.		2,155		943,567
CACI International, Inc. - Class A ⁽¹⁾		1,203		299,944
Cadence Design Systems, Inc. ⁽¹⁾		11,162		1,522,832
Calix, Inc. ⁽¹⁾		4,389		130,617
Cambium Networks Corp. ⁽¹⁾		376		9,430
CDK Global, Inc.		8,374		434,024
CDW Corp./DE		3,085		406,572
Cerence, Inc. ⁽¹⁾		564		56,671
ChannelAdvisor Corp. ⁽¹⁾		2,956		47,237
Ciena Corp. ⁽¹⁾		1,077		56,919
Cisco Systems, Inc.		29,173		1,305,492
Cloudera, Inc. ⁽¹⁾		335		4,660
Cloudflare, Inc. ⁽¹⁾		1,494		113,529
Cognex Corp.		1,004		80,606
Cognizant Technology Solutions Corp.		6,932		568,077
Concentrix Corp. ⁽¹⁾		1,724		170,159
Conduent, Inc. ⁽¹⁾		5,154		24,739
Corning, Inc.		7,272		261,792
Coupa Software, Inc. ⁽¹⁾		296		100,317
Crowdstrike Holdings, Inc. ⁽¹⁾		982		208,007
Dell Technologies, Inc. - Class C ⁽¹⁾		783		57,386
Diebold Nixdorf, Inc. ⁽¹⁾		981		10,457
Digital Turbine, Inc. ⁽¹⁾		1,743		98,584
DocuSign, Inc. ⁽¹⁾		1,344		298,771
Dolby Laboratories, Inc.		1,290		125,298
Dropbox, Inc. - Class A ⁽¹⁾		2,178		48,330
DXC Technology Co.		4,139		106,579
Eastman Kodak Co. ⁽¹⁾		370		3,012
Ebix, Inc.		789		29,958
Elastic NV ⁽¹⁾		17		2,484

The accompanying notes are an integral part of these financial statements

Page 68

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Enphase Energy, Inc. ⁽¹⁾		723		126,865
F5 Networks, Inc. ⁽¹⁾		256		45,041
Fair Isaac Corp. ⁽¹⁾		79		40,372
Fastly, Inc. ⁽¹⁾		356		31,104
FormFactor, Inc. ⁽¹⁾		561		24,134
Fortinet, Inc. ⁽¹⁾		618		91,792
Hewlett Packard Enterprise Co.		15,977		189,327
HP, Inc.		19,818		487,325
HubSpot, Inc. ⁽¹⁾		291		115,364
II-VI, Inc. ⁽¹⁾		357		27,118
Insight Enterprises, Inc. ⁽¹⁾		447		34,012
Intel Corp.		30,777		1,533,310
Intuit, Inc.		5,570		2,115,765
Jabil, Inc.		6,659		283,207
KBR, Inc.		1,935		59,850
KLA Corp.		1,282		331,923
Lam Research Corp.		1,797		848,669
Littelfuse, Inc.		42		10,696
Marvell Technology Group, Ltd.		55		2,615
Mastercard, Inc.		3,849		1,373,862
Maxim Integrated Products, Inc.		1,619		143,524
Methode Electronics, Inc.		1,238		47,391
Microchip Technology, Inc.		102		14,087
Micron Technology, Inc. ⁽¹⁾		4,647		349,361
Microsoft Corp.		50,418		11,213,972
MicroStrategy, Inc. ⁽¹⁾		456		177,179
MKS Instruments, Inc.		466		70,110
MoneyGram International, Inc. ⁽¹⁾		1,732		9,465
Monolithic Power Systems, Inc.		170		62,259
NCR Corp. ⁽¹⁾		1,659		62,329
NETGEAR, Inc. ⁽¹⁾		44		1,788
NIC, Inc.		347		8,963
NortonLifeLock, Inc.		12,103		251,500
NVIDIA Corp.		3,619		1,889,842
ON Semiconductor Corp. ⁽¹⁾		680		22,256
Oracle Corp.		25,192		1,629,670
PagerDuty, Inc. ⁽¹⁾		211		8,799
Palo Alto Networks, Inc. ⁽¹⁾		257		91,335
Paycom Software, Inc. ⁽¹⁾		286		129,344
PayPal Holdings, Inc. ⁽¹⁾		580		135,836
Photronics, Inc. ⁽¹⁾		2,536		28,302
Plantronics, Inc.		303		8,190
Priority Technology Holdings, Inc. ⁽¹⁾		944		6,646
Progress Software Corp.		3,995		180,534
Qorvo, Inc. ⁽¹⁾		1,430		237,766
QUALCOMM, Inc.		13,551		2,064,359

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Rimini Street, Inc. ⁽¹⁾		430		1,905
RingCentral, Inc. - Class A ⁽¹⁾		302		114,449
salesforce.com, Inc. ⁽¹⁾		5,176		1,151,815
Sanmina Corp. ⁽¹⁾		1,716		54,723
Sapiens International Corp. NV		884		27,059
ServiceNow, Inc. ⁽¹⁾		596		328,056
Skyworks Solutions, Inc.		1,732		264,788
Slack Technologies, Inc. - Class A ⁽¹⁾		307		12,968
Smartsheet, Inc. ⁽¹⁾		269		18,639
SolarEdge Technologies, Inc. ⁽¹⁾		67		21,381
SPS Commerce, Inc. ⁽¹⁾		2,195		238,355
Square, Inc. - Class A ⁽¹⁾		3,295		717,124
SS&C Technologies Holdings, Inc.		18,271		1,329,215
StarTek, Inc. ⁽¹⁾		4		30
StoneCo, Ltd. ⁽¹⁾		947		79,472
Stratasys, Ltd. ⁽¹⁾		819		16,970
Sykes Enterprises, Inc. ⁽¹⁾		1,564		58,916
SYNNEX Corp.		2,110		171,838
Tenable Holdings, Inc. ⁽¹⁾		1,474		77,031
Teradyne, Inc.		2,994		358,951
TESSCO Technologies, Inc.		709		4,424
Texas Instruments, Inc.		6,420		1,053,715
Trade Desk, Inc./The ⁽¹⁾		299		239,499
Trimble, Inc. ⁽¹⁾		4,204		280,701
TTEC Holdings, Inc.		817		59,584
Twilio, Inc. - Class A ⁽¹⁾		853		288,741
Ultra Clean Holdings, Inc. ⁽¹⁾		418		13,021
Verint Systems, Inc. ⁽¹⁾		1,223		82,161
Veritone, Inc. ⁽¹⁾		140		3,983
VirnetX Holding Corp. ⁽²⁾		4,120		20,765
Visa, Inc.		6,189		1,353,720
Vishay Intertechnology, Inc.		4,560		94,438
Vontier Corp. ⁽¹⁾		464		15,498
Xerox Holdings Corp.		10,145		235,263
Xilinx, Inc.		1,980		280,705
Xperi Holding Corp.		3,666		76,619
Zebra Technologies Corp. - Class A ⁽¹⁾		755		290,169
Zoom Video Communications, Inc.- Class A ⁽¹⁾		1,062		358,234
Zscaler, Inc. ⁽¹⁾		435		86,874
				62,745,372

Materials — 1.6%
Avery Dennison Corp.		2,107		326,817
Avient Corp.		270		10,876
Caledonia Mining Corp. PLC		985		15,642

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 69

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Celanese Corp.		233		30,276
Chemours Co./The		386		9,569
Coeur Mining, Inc. ⁽¹⁾		365		3,778
Commercial Metals Co.		281		5,772
Corteva, Inc.		4,854		187,947
Dow, Inc.		4,378		242,979
Eastman Chemical Co.		4,983		499,695
Freeport-McMoRan, Inc. - Class B		9,428		245,317
Hawkins, Inc.		202		10,567
Huntsman Corp.		7,534		189,405
Koppers Holdings, Inc. ⁽¹⁾		285		8,881
Linde PLC		2,225		586,310
Louisiana-Pacific Corp.		4,503		167,377
LyondellBasell Industries NV - Class A		2,281		209,076
Minerals Technologies, Inc.		81		5,032
Mosaic Co./The		580		13,346
Newmont Corp.		15,691		939,734
Nucor Corp.		2,818		149,889
O-I Glass, Inc.		1,933		23,003
Olin Corp.		360		8,842
Olympic Steel, Inc.		732		9,758
Packaging Corp. of America		1,369		188,799
PPG Industries, Inc.		3,373		486,454
Ramaco Resources, Inc. ⁽¹⁾		699		2,013
Rayonier Advanced Materials, Inc. ⁽¹⁾		1,319		8,600
Reliance Steel & Aluminum Co.		3,287		393,618
Ryerson Holding Corp. ⁽¹⁾		1,955		26,666
Scotts Miracle-Gro Co./The		2,999		597,221
Sherwin-Williams Co./The		844		620,264
Steel Dynamics, Inc.		2,302		84,875
Stepan Co.		324		38,660
SunCoke Energy, Inc.		327		1,422
Tredegar Corp.		1,090		18,203
Trinseo SA		105		5,377
Tronox Holdings PLC		1,114		16,287
Westlake Chemical Corp.		726		59,242
Westrock Co.		999		43,486
				6,491,075

Real Estate Investment Trust — 1.7%
Altisource Portfolio Solutions SA ⁽¹⁾		1,011		13,022
American Homes 4 Rent - Class A		4,867		146,010
American Tower Corp.		4,213		945,650
Ashford Hospitality Trust, Inc.		1,018		2,637
AvalonBay Communities, Inc.		493		79,092
CareTrust REIT, Inc.		1,332		29,544

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
CatchMark Timber Trust, Inc.		529		4,951
CBL & Associates Properties, Inc. ⁽¹⁾		7,569		314
Clipper Realty, Inc.		61		430
Columbia Property Trust, Inc.		5,462		78,325
Community Healthcare Trust, Inc.		350		16,489
CorEnergy Infrastructure Trust, Inc.		1,927		13,200
CorePoint Lodging, Inc.		547		3,763
Corporate Office Properties Trust		3,465		90,367
CubeSmart		8,711		292,777
DiamondRock Hospitality Co.		545		4,496
EastGroup Properties, Inc.		476		65,717
Equinix, Inc.		549		392,085
Essex Property Trust, Inc.		1,135		269,472
Extra Space Storage, Inc.		3,755		435,054
Gaming and Leisure Properties, Inc.		3,525		149,460
Getty Realty Corp.		1,105		30,432
Gladstone Commercial Corp.		62		1,116
Healthcare Realty Trust, Inc.		8,727		258,319
Healthcare Trust of America, Inc. - Class A		5,435		149,680
Hersha Hospitality Trust		1,175		9,271
Highwoods Properties, Inc.		3,028		120,000
Host Hotels & Resorts, Inc.		2,429		35,536
Iron Mountain, Inc.		2,157		63,588
Lamar Advertising Co. - Class A		6,366		529,779
Life Storage, Inc.		240		28,654
LTC Properties, Inc.		10,596		412,290
National Health Investors, Inc.		2,560		177,075
National Storage Affiliates Trust		837		30,157
Newmark Group, Inc.		830		6,051
Omega Healthcare Investors, Inc.		2,079		75,509
Paramount Group, Inc.		207		1,871
Park Hotels & Resorts, Inc.		2,596		44,521
Piedmont Office Realty Trust, Inc.		7,090		115,071
PotlatchDeltic Corp.		651		32,563
PS Business Parks, Inc.		1,147		152,402
Public Storage		1,899		438,536
Retail Opportunity Investments Corp.		5,535		74,114
Ryman Hospitality Properties, Inc.		114		7,725
Sabra Health Care REIT, Inc.		892		15,494
SBA Communications Corp.		405		114,263
Service Properties Trust		8,279		95,126
Simon Property Group, Inc.		7,151		609,837
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁷⁾		3,461		0
Tanger Factory Outlet Centers, Inc. ⁽²⁾		1,830		18,227
Universal Health Realty Income Trust		62		3,985
Urstadt Biddle Properties, Inc. - Class A		1,152		16,278

The accompanying notes are an integral part of these financial statements

Page 70

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Welltower, Inc.		1,941		125,427
				6,825,752
Utilities — 1.2%
Alliant Energy Corp.		850		43,801
American Water Works Co., Inc.		3,787		581,191
Eversource Energy		1,479		127,948
MDU Resources Group, Inc.		17,427		459,027
NextEra Energy, Inc.		16,950		1,307,693
NorthWestern Corp.		1,149		66,998
NRG Energy, Inc.		6,517		244,713
Public Service Enterprise Group, Inc.		10,137		590,987
Southwest Gas Holdings, Inc.		1,466		89,060
UGI Corp.		8,228		287,651
Vistra Corp.		3,912		76,910
WEC Energy Group, Inc.		2,499		229,983
Xcel Energy, Inc.		7,648		509,865
				4,615,827

Total Common Stocks (Cost $155,542,551)				219,062,426

Registered Investment Companies — 29.6%
Baird Core Plus Bond Fund - Class I		603,061		7,321,166
Dodge & Cox Income Fund		410,758		6,017,609
DoubleLine Total Return Bond Fund - Class I		378,262		4,047,401
Guggenheim Total Return Bond Fund - Class I		103,257		3,066,728
iShares Core U.S. Aggregate Bond ETF ⁽⁸⁾		85,529		10,108,673
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁸⁾		149,108		17,283,108
Lord Abbett High Yield Fund - Class I		942,922		7,024,770
Payden Emerging Markets Bond Fund - Class I		128,895		1,790,352
PGIM Total Return Bond Fund - Class R6		408,384		6,170,681
Pioneer Bond Fund - Class Y		468,946		4,750,421
Segall Bryant & Hamill Plus Bond Fund - Class I		468,317		5,217,049
SPDR Bloomberg Barclays High Yield Bond ETF ⁽⁸⁾		108,057		11,771,730
TCW Emerging Markets Income Fund - Class I		388,820		3,308,862
Vanguard Intermediate-Term Corporate Bond ETF ⁽⁸⁾		44,109		4,284,748
Vanguard Total Bond Market ETF ⁽⁸⁾		98,676		8,702,236

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
Xtrackers USD High Yield Corporate Bond ETF ⁽⁸⁾		328,677		16,463,432
Total Registered Investment Companies (Cost $109,536,724)				117,328,966

Money Market Registered Investment Companies — 13.0%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁴⁾		51,618,916		51,634,402
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		33,506		33,506
Total Money Market Registered Investment Companies (Cost $51,641,272)				51,667,908

Bank Obligations — 0.2%
First Merchants Bank Deposit Account, 0.75%, 1/4/2021 ⁽⁵⁾		248,088		248,088
Metro City Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		248,220		248,220
Pacific Mercantile Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		246,825		246,825
Total Bank Obligations (Cost $743,133)				743,133
Total Investments — 98.1% (Cost $317,463,680)				388,802,433
Other Assets less Liabilities — 1.9%				7,695,540
Total Net Assets — 100.0%				396,497,973

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		2,766		35,460
Meeder Dynamic Allocation Fund - Retail Class		6,962		93,221
Meeder Muirfield Fund - Retail Class		4,603		37,745
Meeder Conservative Allocation Fund - Retail Class		819		19,582
Total Trustee Deferred Compensation (Cost $154,070)				186,008

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 71

Schedule of Investments
December 31, 2020

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		231		3/19/2021		24,610,740		396,268
Mini MSCI Emerging Markets Index Futures		107		3/19/2021		6,891,870		206,974
Russell 2000 Mini Index Futures		24		3/19/2021		2,369,760		63,440
Standard & Poors 500 Mini Futures		103		3/19/2021		19,306,320		553,409
E-mini Standard & Poors MidCap 400 Futures		22		3/19/2021		5,067,700		156,279
Total Futures Contracts		487				58,246,390		1,376,370

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(5)

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

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

(8)	Exchange-traded fund.

(9)	Preferred stock.

The accompanying notes are an integral part of these financial statements

Page 72

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 36.4%
Communication Services — 3.7%
Activision Blizzard, Inc.		4,103		380,964
Alphabet, Inc. - Class A ⁽¹⁾		286		501,255
Alphabet, Inc. - Class C ⁽¹⁾		761		1,333,181
AMC Entertainment Holdings, Inc. - Class A ⁽²⁾		379		803
Cinemark Holdings, Inc.		228		3,969
Comcast Corp. - Class A		11,888		622,931
Cumulus Media, Inc. ⁽¹⁾		12		105
DISH Network Corp. ⁽¹⁾		460		14,876
Electronic Arts, Inc.		1,607		230,765
EW Scripps Co./The		43		657
Facebook, Inc. ⁽¹⁾		5,017		1,370,444
Fluent, Inc. ⁽¹⁾		66		350
Frontier Communications Corp. ⁽¹⁾		1,310		117
Glu Mobile, Inc. ⁽¹⁾		581		5,235
Gogo, Inc. ⁽¹⁾		150		1,445
Gray Television, Inc. ⁽¹⁾		754		13,489
IDT Corp. - Class B ⁽¹⁾		184		2,274
Interpublic Group of Cos., Inc./The		9,319		219,183
Lee Enterprises, Inc. ⁽¹⁾		1,275		1,607
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		300		1,302
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		684		7,777
Meredith Corp.		97		1,862
Netflix, Inc. ⁽¹⁾		760		410,955
News Corp.		1,268		22,786
Nexstar Media Group, Inc.		438		47,825
Omnicom Group, Inc.		5,011		312,536
Pinterest, Inc. - Class A ⁽¹⁾		761		50,150
Roku, Inc. - Class A ⁽¹⁾		265		87,985
Spotify Technology SA ⁽¹⁾		326		102,579
Take-Two Interactive Software, Inc. ⁽¹⁾		160		33,246
TechTarget, Inc. ⁽¹⁾		379		22,403
TEGNA, Inc.		637		8,886
Telephone and Data Systems, Inc.		718		13,333
Tribune Publishing Co.		109		1,493
Twitter, Inc. ⁽¹⁾		404		21,877
Verizon Communications, Inc.		12,298		722,508
World Wrestling Entertainment, Inc. - Class A		462		22,199
Yelp, Inc. ⁽¹⁾		138		4,508
				6,599,860

Consumer Discretionary — 4.8%
Abercrombie & Fitch Co.		39		794
Adient PLC ⁽¹⁾		27		939
Amazon.com, Inc. ⁽¹⁾		691		2,250,539

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
American Public Education, Inc. ⁽¹⁾		12		366
Aramark		386		14,853
Aspen Group, Inc./CO ⁽¹⁾		9		100
At Home Group, Inc. ⁽¹⁾		138		2,133
AutoNation, Inc. ⁽¹⁾		63		4,397
Best Buy Co., Inc.		2,318		231,313
Big Lots, Inc.		66		2,833
BorgWarner, Inc.		357		13,794
Boyd Gaming Corp.		259		11,116
Brinker International, Inc.		173		9,787
Buckle, Inc./The		85		2,482
Caleres, Inc.		224		3,506
Camping World Holdings, Inc.		689		17,948
Capri Holdings, Ltd. ⁽¹⁾		289		12,138
CarParts.com, Inc. ⁽¹⁾		832		10,308
Carvana Co. ⁽¹⁾		12		2,874
Chipotle Mexican Grill, Inc. ⁽¹⁾		230		318,943
Churchill Downs, Inc.		51		9,934
Container Store Group, Inc./The ⁽¹⁾		94		897
Cooper Tire & Rubber Co.		99		4,010
Cracker Barrel Old Country Store, Inc.		199		26,252
Crocs, Inc. ⁽¹⁾		1,821		114,104
Dana, Inc.		468		9,135
Darden Restaurants, Inc.		240		28,589
Dave & Buster’s Entertainment, Inc.		57		1,711
Del Taco Restaurants, Inc.		111		1,006
Designer Brands, Inc. - Class A		186		1,423
Dillard’s, Inc. - Class A		27		1,702
Dollar General Corp.		1,377		289,583
Dollar Tree, Inc. ⁽¹⁾		481		51,967
Domino’s Pizza, Inc.		146		55,985
DR Horton, Inc.		2,355		162,307
eBay, Inc.		1,525		76,631
Etsy, Inc. ⁽¹⁾		198		35,226
Everi Holdings, Inc. ⁽¹⁾		57		787
Extended Stay America, Inc.		872		12,914
Fiesta Restaurant Group, Inc. ⁽¹⁾		132		1,505
Fossil Group, Inc. ⁽¹⁾		176		1,526
Fox Factory Holding Corp. ⁽¹⁾		40		4,228
Franchise Group, Inc.		63		1,918
Gap, Inc./The		93		1,878
General Motors Co.		4,910		204,452
Genesco, Inc. ⁽¹⁾		38		1,143
GoPro, Inc. ⁽¹⁾		84		696
Greenlane Holdings, Inc. ⁽¹⁾		175		693
Group 1 Automotive, Inc.		59		7,737
GrowGeneration Corp. ⁽¹⁾		151		6,073

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 73

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Guess?, Inc.		113		2,556
Hanesbrands, Inc.		499		7,275
Harley-Davidson, Inc.		339		12,441
Hibbett Sports, Inc. ⁽¹⁾		242		11,176
Houghton Mifflin Harcourt Co. ⁽¹⁾		245		816
International Game Technology PLC		426		7,216
Kohl’s Corp.		316		12,858
L Brands, Inc.		420		15,620
Lakeland Industries, Inc. ⁽¹⁾		409		11,145
Lands’ End, Inc. ⁽¹⁾		100		2,157
Las Vegas Sands Corp.		462		27,535
Lear Corp.		156		24,809
Lennar Corp. - Class A		336		25,613
Lovesac Co./The ⁽¹⁾		23		991
Lowe’s Cos., Inc.		3,857		619,087
Lululemon Athletica, Inc. ⁽¹⁾		240		83,527
Lumber Liquidators Holdings, Inc. ⁽¹⁾		201		6,179
M/I Homes, Inc. ⁽¹⁾		198		8,769
Malibu Boats, Inc. ⁽¹⁾		126		7,867
MarineMax, Inc. ⁽¹⁾		84		2,943
Marriott International, Inc./MD		31		4,090
McDonald’s Corp.		2,701		579,581
Meritage Homes Corp. ⁽¹⁾		290		24,018
MGM Resorts International		240		7,562
Modine Manufacturing Co. ⁽¹⁾		301		3,781
Nathan’s Famous, Inc.		23		1,270
Nautilus, Inc. ⁽¹⁾		144		2,612
NIKE, Inc. - Class B		1,918		271,339
Nordstrom, Inc.		57		1,779
ODP Corp./The		249		7,296
Overstock.com, Inc. ⁽¹⁾		84		4,029
Party City Holdco, Inc. ⁽¹⁾		244		1,501
Penn National Gaming, Inc. ⁽¹⁾		348		30,057
Polaris, Inc.		112		10,671
Pool Corp.		34		12,665
PulteGroup, Inc.		3,964		170,928
Purple Innovation, Inc. ⁽¹⁾		244		8,037
Qurate Retail, Inc. - Class A		1,756		19,263
Red Rock Resorts, Inc.		271		6,786
Rent-A-Center, Inc./TX		3,572		136,772
RTW Retailwinds, Inc. ⁽¹⁾		450		6
Scientific Games Corp. ⁽¹⁾		156		6,472
Sleep Number Corp. ⁽¹⁾		68		5,566
Sonic Automotive, Inc.		171		6,595
Starbucks Corp.		3,277		350,573
Sturm Ruger & Co., Inc.		105		6,832
Superior Industries International, Inc. ⁽¹⁾		416		1,701

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Tapestry, Inc.		236		7,335
Target Corp.		1,207		213,072
Tesla, Inc. ⁽¹⁾		1,399		987,232
Texas Roadhouse, Inc.		204		15,945
Thor Industries, Inc.		776		72,160
TopBuild Corp. ⁽¹⁾		31		5,706
Town Sports International Holdings, Inc. ⁽¹⁾		961		240
Tupperware Brands Corp. ⁽¹⁾		91		2,947
Urban Outfitters, Inc. ⁽¹⁾		114		2,918
Vista Outdoor, Inc. ⁽¹⁾		59		1,402
VOXX International Corp. ⁽¹⁾		110		1,404
Waitr Holdings, Inc. ⁽¹⁾		190		528
Wayfair, Inc. ⁽¹⁾		27		6,097
Wendy’s Co./The		442		9,689
Williams-Sonoma, Inc.		112		11,406
Wingstop, Inc.		292		38,705
Winnebago Industries, Inc.		1,618		96,983
Wyndham Destinations, Inc.		1,121		50,288
XPEL, Inc. ⁽¹⁾		68		3,506
Yum China Holdings, Inc.		986		56,291
Yum! Brands, Inc.		1,652		179,341
				8,362,732

Consumer Staples — 1.1%
Andersons, Inc./The		166		4,069
BJ’s Wholesale Club Holdings, Inc. ⁽¹⁾		54		2,013
Bunge, Ltd.		5,023		329,408
Conagra Brands, Inc.		982		35,607
Costco Wholesale Corp.		117		44,083
Darling Ingredients, Inc. ⁽¹⁾		2,004		115,591
General Mills, Inc.		6,879		404,485
Ingredion, Inc.		111		8,732
Kroger Co./The		2,338		74,255
Molson Coors Beverage Co. - Class B		2,199		99,373
Natural Grocers by Vitamin Cottage, Inc.		83		1,140
Nu Skin Enterprises, Inc.		142		7,757
PepsiCo, Inc.		2,103		311,875
Performance Food Group Co. ⁽¹⁾		292		13,902
Rite Aid Corp. ⁽¹⁾		156		2,469
SpartanNash Co.		237		4,126
Tyson Foods, Inc.		640		41,242
United Natural Foods, Inc. ⁽¹⁾		169		2,699
Walgreens Boots Alliance, Inc.		93		3,709
Walmart, Inc.		2,766		398,719
				1,905,254

The accompanying notes are an integral part of these financial statements

Page 74

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Energy — 0.3%
Amplify Energy Corp.		719		942
Antero Resources Corp. ⁽¹⁾		1,230		6,704
Apache Corp.		437		6,201
Archrock, Inc.		672		5,820
Ardmore Shipping Corp.		241		788
Aspen Aerogels, Inc. ⁽¹⁾		282		4,707
Bonanza Creek Energy, Inc. ⁽¹⁾		236		4,562
Brigham Minerals, Inc.		325		3,572
Cabot Oil & Gas Corp.		1,110		18,071
Cactus, Inc. - Class A		502		13,087
Centennial Resource Development, Inc./DE - Class A ⁽¹⁾		1,087		1,631
Chaparral Energy, Inc. A Warrants ⁽¹⁾⁽⁷⁾		1		0
Chaparral Energy, Inc. B Warrants ⁽¹⁾⁽⁷⁾		1		0
Chesapeake Energy Corp. ⁽¹⁾		54		82
Cimarex Energy Co.		896		33,609
Clean Energy Fuels Corp. ⁽¹⁾		804		6,319
CNX Resources Corp. ⁽¹⁾		340		3,672
Concho Resources, Inc.		849		49,539
ConocoPhillips		3,121		124,809
CONSOL Energy, Inc. ⁽¹⁾		161		1,161
Continental Resources, Inc./OK		284		4,629
Delek US Holdings, Inc.		103		1,655
DHT Holdings, Inc.		613		3,206
Diamondback Energy, Inc.		140		6,776
DMC Global, Inc.		20		865
Dorian LPG, Ltd. ⁽¹⁾		320		3,901
Earthstone Energy, Inc. - Class A ⁽¹⁾		40		213
EOG Resources, Inc.		1,398		69,718
EQT Corp.		889		11,299
Exterran Corp. ⁽¹⁾		92		407
Extraction Oil & Gas, Inc. ⁽¹⁾		568		16
Frank’s International NV ⁽¹⁾		352		964
Golar LNG, Ltd.		157		1,513
Gulfport Energy Corp. ⁽¹⁾		53		2
Hallador Energy Co.		121		178
Hess Corp.		215		11,350
International Seaways, Inc.		104		1,698
KLX Energy Services Holdings, Inc. ⁽¹⁾		127		820
Laredo Petroleum, Inc. ⁽¹⁾		304		5,989
Liberty Oilfield Services, Inc. - Class A		717		7,392
Matador Resources Co. ⁽¹⁾		444		5,355
Nabors Industries, Ltd.		71		4,134
NextDecade Corp. ⁽¹⁾		179		374
NexTier Oilfield Solutions, Inc. ⁽¹⁾		354		1,218
Nine Energy Service, Inc. ⁽¹⁾		483		1,314

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Nordic American Tankers, Ltd.		389		1,148
NOV, Inc. ⁽¹⁾		722		9,913
Oasis Petroleum, Inc. Warrants ⁽¹⁾⁽⁷⁾		3		0
Oceaneering International, Inc. ⁽¹⁾		732		5,819
Pacific Ethanol,, Inc. ⁽¹⁾		2		11
Parsley Energy, Inc.		947		13,447
Patterson-UTI Energy, Inc.		304		1,599
PDC Energy, Inc. ⁽¹⁾		409		8,397
Peabody Energy Corp.		408		983
Phillips 66		351		24,549
Pioneer Natural Resources Co.		315		35,875
Profire Energy, Inc. ⁽¹⁾		11		9
ProPetro Holding Corp. ⁽¹⁾		1,536		11,351
Range Resources Corp.		497		3,330
Renewable Energy Group, Inc. ⁽¹⁾		104		7,365
Schlumberger NV		724		15,805
Scorpio Tankers, Inc.		57		638
SilverBow Resources, Inc. ⁽¹⁾		218		1,158
Southwestern Energy Co. ⁽¹⁾		1,586		4,726
Superior Energy Services, Inc. ⁽¹⁾		64		3
Talos Energy, Inc. ⁽¹⁾		63		519
Teekay Corp. ⁽¹⁾		502		1,079
W&T Offshore, Inc. ⁽¹⁾		1,085		2,354
Westmoreland Coal Co. ⁽¹⁾⁽⁷⁾		773		0
Whiting Petroleum Corp. ⁽¹⁾		35		875
Whiting Petroleum Corporation A Warrants ⁽¹⁾		26		46
Whiting Petroleum Corporation B Warrants ⁽¹⁾⁽²⁾		12		23
World Fuel Services Corp.		500		15,580
WPX Energy, Inc. ⁽¹⁾		794		6,471
				603,335

Financials — 3.0%
AGNC Investment Corp.		2,535		39,546
Allstate Corp./The		138		15,170
Ally Financial, Inc.		3,147		112,222
American Equity Investment Life Holding Co.		220		6,085
American Express Co.		429		51,870
Ameriprise Financial, Inc.		274		53,246
Ameris Bancorp		787		29,961
Arbor Realty Trust, Inc.		246		3,488
Artisan Partners Asset Management, Inc. - Class A		1,037		52,203
Associated Banc-Corp		3,073		52,395
Axos Financial, Inc. ⁽¹⁾		341		12,798
BancorpSouth Bank		718		19,702

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 75

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Bank of America Corp.		16,248		492,477
Bank of NT Butterfield & Son, Ltd./The		492		15,331
BankUnited, Inc.		846		29,424
Bar Harbor Bankshares		24		542
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		5,127		1,188,797
Charles Schwab Corp./The		201		10,661
Chimera Investment Corp.		214		2,194
Citigroup, Inc.		2,393		147,552
Citizens Financial Group, Inc.		1,490		53,282
Civista Bancshares, Inc.		499		8,747
CNO Financial Group, Inc.		1,485		33,012
Columbia Banking System, Inc.		144		5,170
Comerica, Inc.		83		4,636
Curo Group Holdings Corp.		950		13,614
Customers Bancorp, Inc. ⁽¹⁾		478		8,690
East West Bancorp, Inc.		779		39,503
Eaton Vance Corp.		314		21,330
Elevate Credit, Inc. ⁽¹⁾		771		3,076
Ellington Residential Mortgage REIT		1,041		13,575
Enova International, Inc. ⁽¹⁾		374		9,264
Esquire Financial Holdings, Inc. ⁽¹⁾		69		1,324
Evercore, Inc. - Class A		154		16,885
Farmers National Banc Corp.		70		929
Fifth Third Bancorp		4,349		119,902
First Citizens BancShares, Inc./NC - Class A		37		21,248
First Financial Bancorp		899		15,759
First Horizon Corp.		187		2,386
First Republic Bank/CA		442		64,943
FNCB Bancorp, Inc.		124		794
Goosehead Insurance, Inc.		148		18,464
Great Ajax Corp.		1,645		17,207
Hartford Financial Services Group, Inc./The		230		11,265
HBT Financial, Inc.		215		3,257
Heartland Financial USA, Inc.		452		18,247
Hilltop Holdings, Inc.		1,114		30,646
Houlihan Lokey, Inc. - Class A		441		29,648
Huntington Bancshares, Inc./OH		1,477		18,655
JPMorgan Chase & Co.		3,129		397,602
KeyCorp		1,415		23,220
Kinsale Capital Group, Inc.		264		52,834
Lakeland Financial Corp.		3		161
LendingClub Corp. ⁽¹⁾		85		898
LPL Financial Holdings, Inc.		316		32,934
M&T Bank Corp.		132		16,804
Medley Management, Inc.		27		216
Meta Financial Group, Inc.		127		4,643
MetLife, Inc.		891		41,832

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Metrocity Bankshares, Inc.		317		4,571
Mid Penn Bancorp, Inc.		3		66
Morgan Stanley		2,781		190,582
Mr Cooper Group, Inc. ⁽¹⁾		941		29,199
NewStar Financial Contingent Value Rights ⁽¹⁾⁽⁷⁾		31		0
Northrim BanCorp, Inc.		388		13,173
OneMain Holdings, Inc.		426		20,516
Oppenheimer Holdings, Inc.		851		26,747
PennyMac Financial Services, Inc.		855		56,105
PennyMac Mortgage Investment Trust		615		10,818
People’s United Financial, Inc.		647		8,366
Pinnacle Financial Partners, Inc.		163		10,497
PJT Partners, Inc.		481		36,195
PNC Financial Services Group, Inc./The		676		100,724
Popular, Inc.		297		16,727
Progressive Corp./The		1,622		160,383
ProSight Global, Inc. ⁽¹⁾		16		205
Prudential Financial, Inc.		1,119		87,360
Pzena Investment Management, Inc. - Class A		929		6,782
QCR Holdings, Inc.		252		9,977
RBB Bancorp		509		7,828
Ready Capital Corp.		750		9,338
Regions Financial Corp.		6,024		97,107
Sandy Spring Bancorp, Inc.		7		225
Siebert Financial Corp. ⁽¹⁾		123		517
Signature Bank/New York NY		234		31,658
Silvercrest Asset Management Group, Inc.		99		1,375
Simmons First National Corp.		159		3,433
SLM Corp.		816		10,110
South State Corp.		54		3,904
State Street Corp.		1,271		92,503
Stewart Information Services Corp.		1,873		90,578
StoneX Group, Inc. ⁽¹⁾		110		6,369
SVB Financial Group ⁽¹⁾		160		62,053
Synchrony Financial		5,868		203,678
Synovus Financial Corp.		62		2,007
Truist Financial Corp.		3,229		154,766
UMB Financial Corp.		412		28,424
United Community Banks, Inc./GA		867		24,657
Valley National Bancorp		1,343		13,094
Veritex Holdings, Inc.		1		26
Virtu Financial, Inc.		1,300		32,721
Virtus Investment Partners, Inc.		145		31,465
Walker & Dunlop, Inc.		611		56,224
Wells Fargo & Co.		917		27,675

The accompanying notes are an integral part of these financial statements

Page 76

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Western Alliance Bancorp		530		31,774
				5,324,768

Healthcare — 6.9%
89bio, Inc. ⁽¹⁾		15		366
Abbott Laboratories		2,091		228,944
AbbVie, Inc.		6,814		730,120
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		2,706		3,355
Affimed NV ⁽¹⁾		628		3,655
AgeX Therapeutics, Inc. ⁽¹⁾		108		164
Agilent Technologies, Inc.		1,739		206,054
Albireo Pharma, Inc. ⁽¹⁾		2		75
Alexion Pharmaceuticals, Inc. ⁽¹⁾		990		154,678
Align Technology, Inc. ⁽¹⁾		176		94,051
Alkermes PLC ⁽¹⁾		935		18,653
Allakos, Inc. ⁽¹⁾		68		9,520
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		372		5,372
Alnylam Pharmaceuticals, Inc. ⁽¹⁾		212		27,554
Amgen, Inc.		2,164		497,547
Amicus Therapeutics, Inc. ⁽¹⁾		224		5,172
Amneal Pharmaceuticals, Inc. - Class A ⁽¹⁾		1,005		4,593
Anthem, Inc.		510		163,756
Apellis Pharmaceuticals, Inc. ⁽¹⁾		144		8,237
Applied Therapeutics, Inc. ⁽¹⁾		42		924
Arcturus Therapeutics Holdings, Inc. ⁽¹⁾		56		2,429
Arcutis Biotherapeutics, Inc. ⁽¹⁾		77		2,166
Arena Pharmaceuticals, Inc. ⁽¹⁾		118		9,066
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		187		14,349
Assembly Biosciences, Inc. ⁽¹⁾		161		974
Assertio Holdings, Inc. ⁽¹⁾		874		313
Atara Biotherapeutics, Inc. ⁽¹⁾		139		2,729
Avantor, Inc. ⁽¹⁾		574		16,158
Axsome Therapeutics, Inc. ⁽¹⁾		29		2,363
Baxter International, Inc.		124		9,950
Beam Therapeutics, Inc. ⁽¹⁾		121		9,878
Beyondspring, Inc. ⁽¹⁾		32		390
BioDelivery Sciences International, Inc. ⁽¹⁾		1,905		8,001
Biogen, Inc. ⁽¹⁾		7		1,714
Bio-Rad Laboratories, Inc. ⁽¹⁾		8		4,664
Bio-Techne Corp.		100		31,755
Bioxcel Therapeutics, Inc. ⁽¹⁾		83		3,835
Blueprint Medicines Corp. ⁽¹⁾		128		14,355
Bridgebio Pharma, Inc. ⁽¹⁾		99		7,040
Bristol-Myers Squibb Co.		6,446		399,845
Calyxt, Inc. ⁽¹⁾		27		114
Cardinal Health, Inc.		2,988		160,037
CareDx, Inc. ⁽¹⁾		153		11,085

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
CASI Pharmaceuticals, Inc. ⁽¹⁾		102		301
Castle Biosciences, Inc. ⁽¹⁾		69		4,633
Catalent, Inc. ⁽¹⁾		645		67,125
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		1,537		5,134
cbdMD, Inc. ⁽¹⁾		26		77
Celcuity, Inc. ⁽¹⁾		82		751
Centene Corp. ⁽¹⁾		751		45,083
Centogene NV ⁽¹⁾		95		1,024
Cerecor, Inc. ⁽¹⁾		197		520
Cerner Corp.		3,008		236,068
Charles River Laboratories International, Inc. ⁽¹⁾		215		53,720
Chemed Corp.		114		60,718
ChemoCentryx, Inc. ⁽¹⁾		237		14,675
Co-Diagnostics, Inc. ⁽¹⁾		92		856
Community Health Systems, Inc. ⁽¹⁾		451		3,351
Computer Programs and Systems, Inc.		83		2,228
Concert Pharmaceuticals, Inc. ⁽¹⁾		27		341
Conformis, Inc. ⁽¹⁾		569		376
Constellation Pharmaceuticals, Inc. ⁽¹⁾		75		2,160
Corcept Therapeutics, Inc. ⁽¹⁾		146		3,819
Cross Country Healthcare, Inc. ⁽¹⁾		64		568
CVS Health Corp.		4,664		318,551
Cymabay Therapeutics, Inc. ⁽¹⁾		649		3,725
Danaher Corp.		954		211,922
Deciphera Pharmaceuticals, Inc. ⁽¹⁾		107		6,106
Denali Therapeutics, Inc. ⁽¹⁾		125		10,470
DENTSPLY SIRONA, Inc.		961		50,318
Editas Medicine, Inc. ⁽¹⁾		126		8,834
Edwards Lifesciences Corp. ⁽¹⁾		1,372		125,168
Eidos Therapeutics, Inc. ⁽¹⁾		39		5,132
Elanco Animal Health, Inc. Contingent Value Rights ⁽¹⁾⁽⁷⁾		162		0
ElectroCore, Inc. ⁽¹⁾		30		47
Eli Lilly and Co.		1,846		311,679
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		121		482
Emergent BioSolutions, Inc. ⁽¹⁾		341		30,554
Endo International PLC ⁽¹⁾		1,274		9,147
Enochian Biosciences, Inc. ⁽¹⁾		37		109
Ensign Group, Inc./The		112		8,167
Evelo Biosciences, Inc. ⁽¹⁾		103		1,245
Exact Sciences Corp. ⁽¹⁾		264		34,977
Exelixis, Inc. ⁽¹⁾		1,142		22,920
Fate Therapeutics, Inc. ⁽¹⁾		160		14,549
Five Prime Therapeutics, Inc. ⁽¹⁾		106		1,803
Fulgent Genetics, Inc. ⁽¹⁾		24		1,250
Geron Corp. ⁽¹⁾		381		606

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 77

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Gilead Sciences, Inc.		4,062		236,652
Globus Medical, Inc. ⁽¹⁾		180		11,740
HCA Healthcare, Inc.		414		68,086
Hill-Rom Holdings, Inc.		765		74,947
Horizon Therapeutics Plc ⁽¹⁾		1,699		124,282
Humana, Inc.		414		169,852
IGM Biosciences, Inc. ⁽¹⁾		12		1,059
Illumina, Inc. ⁽¹⁾		164		60,680
ImmunoGen, Inc. ⁽¹⁾		407		2,625
Immunovant, Inc. ⁽¹⁾		54		2,494
Inogen, Inc. ⁽¹⁾		64		2,860
Inovio Pharmaceuticals, Inc. ⁽¹⁾		215		1,903
Insmed, Inc. ⁽¹⁾		112		3,728
Insulet Corp. ⁽¹⁾		29		7,413
Intellia Therapeutics, Inc. ⁽¹⁾		171		9,302
Intersect ENT, Inc. ⁽¹⁾		16		366
Invitae Corp. ⁽¹⁾		214		8,947
Iovance Biotherapeutics, Inc. ⁽¹⁾		343		15,915
iRhythm Technologies, Inc. ⁽¹⁾		42		9,963
Jazz Pharmaceuticals PLC ⁽¹⁾		83		13,699
Johnson & Johnson		7,381		1,161,622
Jounce Therapeutics, Inc. ⁽¹⁾		107		749
Kodiak Sciences, Inc. ⁽¹⁾		82		12,047
Kura Oncology, Inc. ⁽¹⁾		331		10,810
LHC Group, Inc. ⁽¹⁾		5		1,067
MacroGenics, Inc. ⁽¹⁾		196		4,481
Mallinckrodt PLC ⁽¹⁾⁽²⁾		30		6
MannKind Corp. ⁽¹⁾		564		1,765
Marinus Pharmaceuticals, Inc. ⁽¹⁾		99		1,208
McKesson Corp.		571		99,308
Medtronic PLC		5,903		691,477
MEI Pharma, Inc. ⁽¹⁾		82		216
Merck & Co., Inc.		9,640		788,552
Mersana Therapeutics, Inc. ⁽¹⁾		667		17,749
Mettler-Toledo International, Inc. ⁽¹⁾		11		12,536
Mirati Therapeutics, Inc. ⁽¹⁾		99		21,744
Moderna, Inc. ⁽¹⁾		595		62,160
Molina Healthcare, Inc. ⁽¹⁾		29		6,168
Morphic Holding, Inc. ⁽¹⁾		98		3,288
Myriad Genetics, Inc. ⁽¹⁾		116		2,294
NantKwest, Inc. ⁽¹⁾		307		4,092
Natera, Inc. ⁽¹⁾		172		17,117
National HealthCare Corp.		9		598
Neurocrine Biosciences, Inc. ⁽¹⁾		104		9,968
NextGen Healthcare, Inc. ⁽¹⁾		540		9,850
Novavax, Inc. ⁽¹⁾		120		13,381
Novocure, Ltd. ⁽¹⁾		41		7,095

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Ocular Therapeutix, Inc. ⁽¹⁾		551		11,406
Oncocyte Corp. ⁽¹⁾		240		574
Organogenesis Holdings, Inc. ⁽¹⁾		140		1,054
Osmotica Pharmaceuticals PLC ⁽¹⁾		431		1,776
Owens & Minor, Inc.		292		7,899
Pacific Biosciences of California, Inc. ⁽¹⁾		394		10,220
Palatin Technologies, Inc. ⁽¹⁾		1,854		1,253
PerkinElmer, Inc.		348		49,938
Perrigo Co. PLC		1,684		75,308
Pfizer, Inc.		13,035		479,818
PolarityTE, Inc. ⁽¹⁾		252		171
PRA Health Sciences, Inc. ⁽¹⁾		189		23,708
Precigen, Inc. ⁽¹⁾⁽²⁾		267		2,723
Quest Diagnostics, Inc.		324		38,611
Quidel Corp. ⁽¹⁾		5		898
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		458		221,264
Replimune Group, Inc. ⁽¹⁾		73		2,785
ResMed, Inc.		167		35,498
REVOLUTION Medicines, Inc. ⁽¹⁾		48		1,900
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		323		9,603
Rocket Pharmaceuticals, Inc. ⁽¹⁾		114		6,252
Sangamo Therapeutics, Inc. ⁽¹⁾		327		5,103
Scholar Rock Holding Corp. ⁽¹⁾		71		3,446
Seagen, Inc. ⁽¹⁾		332		58,146
Senseonics Holdings, Inc. ⁽¹⁾		145		126
Seres Therapeutics, Inc. ⁽¹⁾		149		3,651
Solid Biosciences, Inc. ⁽¹⁾		167		1,266
Sorrento Therapeutics, Inc. ⁽¹⁾		459		3,133
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		378		1,289
SpringWorks Therapeutics, Inc. ⁽¹⁾		42		3,046
STERIS PLC		590		111,829
Stryker Corp.		1,090		267,094
Supernus Pharmaceuticals, Inc. ⁽¹⁾		246		6,189
Surgery Partners, Inc. ⁽¹⁾		65		1,886
Sutro Biopharma, Inc. ⁽¹⁾		105		2,280
Syros Pharmaceuticals, Inc. ⁽¹⁾		365		3,960
Teladoc Health, Inc. ⁽¹⁾		114		22,795
Tenet Healthcare Corp. ⁽¹⁾		346		13,816
TG Therapeutics, Inc. ⁽¹⁾		286		14,878
Thermo Fisher Scientific, Inc.		433		201,683
TransEnterix, Inc. ⁽¹⁾		359		224
Translate Bio, Inc. ⁽¹⁾		163		3,004
Turning Point Therapeutics, Inc. ⁽¹⁾		132		16,084
Twist Bioscience Corp. ⁽¹⁾		111		15,683
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		96		13,289
United Therapeutics Corp. ⁽¹⁾		458		69,520
UnitedHealth Group, Inc.		1,817		637,186

The accompanying notes are an integral part of these financial statements

Page 78

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Universal Health Services, Inc. - Class B		251		34,513
Vanda Pharmaceuticals, Inc. ⁽¹⁾		600		7,884
Veeva Systems, Inc. ⁽¹⁾		237		64,523
Veracyte, Inc. ⁽¹⁾		263		12,871
Vertex Pharmaceuticals, Inc. ⁽¹⁾		971		229,486
Viatris, Inc. ⁽¹⁾		2,434		45,613
Viela Bio, Inc. ⁽¹⁾		7		252
West Pharmaceutical Services, Inc.		347		98,309
XBiotech, Inc. ⁽¹⁾		378		5,916
Xencor, Inc. ⁽¹⁾		131		5,716
Zimmer Biomet Holdings, Inc.		1,312		202,166
ZIOPHARM Oncology, Inc. ⁽¹⁾		370		932
Zoetis, Inc. - Class A		2,745		454,298
				11,970,894

Industrials — 3.2%
3M Co.		1,839		321,439
AGCO Corp.		429		44,226
Allegiant Travel Co.		142		26,872
Alpha Pro Tech, Ltd. ⁽¹⁾		231		2,576
Altra Industrial Motion Corp.		202		11,197
ArcBest Corp.		369		15,745
Arcosa, Inc.		660		36,254
Argan, Inc.		79		3,515
ASGN, Inc. ⁽¹⁾		137		11,444
Astec Industries, Inc.		105		6,077
Atkore International Group, Inc. ⁽¹⁾		803		33,011
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		21		1,145
Axon Enterprise, Inc. ⁽¹⁾		108		13,233
AZZ, Inc.		337		15,987
BG Staffing, Inc.		65		877
BMC Stock Holdings, Inc. ⁽¹⁾		387		20,774
Boise Cascade Co.		919		43,928
CAI International, Inc.		25		781
Caterpillar, Inc.		764		139,063
Cintas Corp.		412		145,626
Comfort Systems USA, Inc.		538		28,331
Commercial Vehicle Group, Inc. ⁽¹⁾		591		5,112
Copart, Inc. ⁽¹⁾		1,120		142,520
CoreCivic, Inc.		622		4,074
CoreLogic, Inc./United States		531		41,057
Covenant Logistics Group, Inc. ⁽¹⁾		194		2,873
CSX Corp.		770		69,878
Cummins, Inc.		2,329		528,916
Deere & Co.		351		94,437
Eaton Corp. PLC		1,175		141,165
EMCOR Group, Inc.		957		87,527

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Emerson Electric Co.		659		52,964
EnerSys		111		9,220
Fastenal Co.		1,427		69,680
FedEx Corp.		422		109,560
Generac Holdings, Inc. ⁽¹⁾		103		23,423
General Electric Co.		2,535		27,378
GrafTech International, Ltd.		686		7,313
Greenbrier Cos., Inc./The		11		400
HEICO Corp.		147		19,463
Herc Holdings, Inc. ⁽¹⁾		123		8,168
Herman Miller, Inc.		216		7,301
Hertz Global Holdings, Inc. ⁽¹⁾		407		521
HNI Corp.		250		8,615
Huntington Ingalls Industries, Inc.		234		39,892
JB Hunt Transport Services, Inc.		74		10,112
Kelly Services, Inc. - Class A		331		6,809
Kforce, Inc.		86		3,620
Kimball International, Inc. - Class B		536		6,405
L B Foster Co. - Class A ⁽¹⁾		85		1,279
Lawson Products, Inc./DE ⁽¹⁾		27		1,375
Lockheed Martin Corp.		1,417		503,007
LSC Communications, Inc. ⁽¹⁾		1,143		23
Manitowoc Co., Inc./The ⁽¹⁾		18		240
ManpowerGroup, Inc.		1,775		160,070
Matson, Inc.		280		15,952
Maxar Technologies, Inc.		192		7,409
McGrath RentCorp		41		2,751
Meritor, Inc. ⁽¹⁾		150		4,187
Miller Industries, Inc./TN		443		16,843
Moog, Inc.		530		42,029
MSC Industrial Direct Co., Inc.		707		59,664
Mueller Industries, Inc.		704		24,717
MYR Group, Inc. ⁽¹⁾		132		7,933
National Presto Industries, Inc.		30		2,653
Norfolk Southern Corp.		22		5,227
Old Dominion Freight Line, Inc.		420		81,976
PACCAR, Inc.		5,218		450,209
PAE, Inc. ⁽¹⁾		485		4,452
Parker-Hannifin Corp.		616		167,805
Plug Power, Inc. ⁽¹⁾		787		26,687
Primoris Services Corp.		1,261		34,816
Quad/Graphics, Inc. - Class A		153		584
Quanta Services, Inc.		4,191		301,836
Regal Beloit Corp.		704		86,458
Resideo Technologies, Inc. ⁽¹⁾		490		10,417
Rexnord Corp.		213		8,411
RR Donnelley & Sons Co.		897		2,027

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 79

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Rush Enterprises, Inc.		574		23,775
Ryder System, Inc.		269		16,613
Safe Bulkers, Inc. ⁽¹⁾		451		586
Saia, Inc. ⁽¹⁾		140		25,312
Shyft Group, Inc./The		196		5,562
SkyWest, Inc.		75		3,023
Steelcase, Inc.		429		5,813
Textainer Group Holdings, Ltd. ⁽¹⁾		430		8,247
Timken Co./The		930		71,945
TPI Composites, Inc. ⁽¹⁾		155		8,181
Triton International, Ltd./Bermuda		1,096		53,167
Tutor Perini Corp. ⁽¹⁾		38		492
Uber Technologies, Inc. ⁽¹⁾		1,426		72,726
United Parcel Service, Inc. - Class B		1,231		207,300
Vectrus, Inc. ⁽¹⁾		159		7,905
Verisk Analytics, Inc.		513		106,494
Veritiv Corp. ⁽¹⁾		147		3,056
Waste Management, Inc.		4,643		547,549
Watsco, Inc.		15		3,398
WESCO International, Inc. ⁽¹⁾		397		31,165
WESCO International, Inc. Series A Variable Preferred ⁽⁹⁾		252		7,875
				5,691,725

Information Technology — 10.6%
8x8, Inc. ⁽¹⁾		126		4,343
Accenture PLC - Class A		279		72,878
ACI Worldwide, Inc. ⁽¹⁾		596		22,904
Adobe, Inc. ⁽¹⁾		1,108		554,133
Advanced Micro Devices, Inc. ⁽¹⁾		2,355		215,977
Alarm.com Holdings, Inc. ⁽¹⁾		80		8,276
Alliance Data Systems Corp.		171		12,671
Amkor Technology, Inc.		1,095		16,513
Amphenol Corp.		6		785
Apple, Inc.		29,098		3,861,014
Applied Materials, Inc.		2,977		256,915
Arista Networks, Inc. ⁽¹⁾		33		9,589
Arrow Electronics, Inc. ⁽¹⁾		1,165		113,355
AstroNova, Inc.		279		2,971
Autodesk, Inc. ⁽¹⁾		562		171,601
Avaya Holdings Corp. ⁽¹⁾		488		9,345
Avnet, Inc.		2,163		75,943
Bill.com Holdings, Inc. ⁽¹⁾		47		6,416
Broadcom, Inc.		597		261,396
CACI International, Inc. - Class A ⁽¹⁾		409		101,976
Cadence Design Systems, Inc. ⁽¹⁾		3,991		544,492
Calix, Inc. ⁽¹⁾		1,236		36,783

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Cambium Networks Corp. ⁽¹⁾		123		3,085
CDK Global, Inc.		2,437		126,310
CDW Corp./DE		878		115,712
Cerence, Inc. ⁽¹⁾		174		17,484
ChannelAdvisor Corp. ⁽¹⁾		856		13,679
Ciena Corp. ⁽¹⁾		353		18,656
Cisco Systems, Inc.		8,427		377,108
Cloudera, Inc. ⁽¹⁾		5		70
Cloudflare, Inc. ⁽¹⁾		324		24,621
Cognex Corp.		292		23,443
Cognizant Technology Solutions Corp.		2,038		167,014
Concentrix Corp. ⁽¹⁾		425		41,948
Conduent, Inc. ⁽¹⁾		1,534		7,363
Corning, Inc.		2,044		73,584
Coupa Software, Inc. ⁽¹⁾		84		28,468
Crowdstrike Holdings, Inc. ⁽¹⁾		294		62,275
Dell Technologies, Inc. - Class C ⁽¹⁾		91		6,669
Diebold Nixdorf, Inc. ⁽¹⁾		311		3,315
Digital Turbine, Inc. ⁽¹⁾		564		31,900
DocuSign, Inc. ⁽¹⁾		425		94,478
Dolby Laboratories, Inc.		139		13,501
Dropbox, Inc. - Class A ⁽¹⁾		288		6,391
DXC Technology Co.		1,209		31,132
Eastman Kodak Co. ⁽¹⁾		104		847
Ebix, Inc.		236		8,961
Elastic NV ⁽¹⁾		14		2,046
Enphase Energy, Inc. ⁽¹⁾		233		40,885
F5 Networks, Inc. ⁽¹⁾		59		10,380
Fair Isaac Corp. ⁽¹⁾		102		52,126
Fastly, Inc. ⁽¹⁾		107		9,349
FormFactor, Inc. ⁽¹⁾		143		6,152
Fortinet, Inc. ⁽¹⁾		223		33,122
Hewlett Packard Enterprise Co.		5,174		61,312
HP, Inc.		5,987		147,220
HubSpot, Inc. ⁽¹⁾		75		29,733
II-VI, Inc. ⁽¹⁾		121		9,191
Insight Enterprises, Inc. ⁽¹⁾		111		8,446
Intel Corp.		9,068		451,768
Intuit, Inc.		1,659		630,171
Jabil, Inc.		2,342		99,605
KBR, Inc.		514		15,898
Kimball Electronics, Inc. ⁽¹⁾		23		368
KLA Corp.		687		177,871
Lam Research Corp.		591		279,112
Mastercard, Inc.		1,065		380,141
Maxim Integrated Products, Inc.		474		42,020
Methode Electronics, Inc.		266		10,182

The accompanying notes are an integral part of these financial statements

Page 80

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Microchip Technology, Inc.		67		9,253
Micron Technology, Inc. ⁽¹⁾		1,344		101,042
Microsoft Corp.		14,725		3,275,135
MicroStrategy, Inc. ⁽¹⁾		168		65,276
MKS Instruments, Inc.		162		24,373
MoneyGram International, Inc. ⁽¹⁾		666		3,640
Monolithic Power Systems, Inc.		47		17,213
NCR Corp. ⁽¹⁾		524		19,687
NETGEAR, Inc. ⁽¹⁾		77		3,129
NIC, Inc.		18		465
NortonLifeLock, Inc.		2,802		58,226
NVIDIA Corp.		1,020		532,644
ON Semiconductor Corp. ⁽¹⁾		249		8,150
Oracle Corp.		6,601		427,019
PagerDuty, Inc. ⁽¹⁾		76		3,169
Palo Alto Networks, Inc. ⁽¹⁾		115		40,870
Paycom Software, Inc. ⁽¹⁾		89		40,250
PayPal Holdings, Inc. ⁽¹⁾		219		51,290
Photronics, Inc. ⁽¹⁾		690		7,700
Plantronics, Inc.		83		2,243
Power Integrations, Inc.		9		737
Priority Technology Holdings, Inc. ⁽¹⁾		198		1,394
Progress Software Corp.		1,030		46,546
Qorvo, Inc. ⁽¹⁾		481		79,976
QUALCOMM, Inc.		4,394		669,382
RingCentral, Inc. - Class A ⁽¹⁾		98		37,139
salesforce.com, Inc. ⁽¹⁾		1,508		335,575
Sanmina Corp. ⁽¹⁾		521		16,615
ServiceNow, Inc. ⁽¹⁾		82		45,135
Skyworks Solutions, Inc.		489		74,758
Slack Technologies, Inc. - Class A ⁽¹⁾		90		3,802
Smartsheet, Inc. ⁽¹⁾		82		5,682
Sonim Technologies, Inc. ⁽¹⁾		372		269
SPS Commerce, Inc. ⁽¹⁾		326		35,400
Square, Inc. - Class A ⁽¹⁾		869		189,129
SS&C Technologies Holdings, Inc.		5,836		424,569
StoneCo, Ltd. ⁽¹⁾		285		23,917
Stratasys, Ltd. ⁽¹⁾		204		4,227
Sykes Enterprises, Inc. ⁽¹⁾		412		15,520
SYNNEX Corp.		616		50,167
Tenable Holdings, Inc. ⁽¹⁾		452		23,622
Teradyne, Inc.		801		96,032
TESSCO Technologies, Inc.		90		562
Texas Instruments, Inc.		1,897		311,355
Trade Desk, Inc./The ⁽¹⁾		90		72,090
Trimble, Inc. ⁽¹⁾		1,213		80,992
TTEC Holdings, Inc.		261		19,035

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Twilio, Inc. - Class A ⁽¹⁾		252		85,302
Ultra Clean Holdings, Inc. ⁽¹⁾		110		3,427
Verint Systems, Inc. ⁽¹⁾		296		19,885
Veritone, Inc. ⁽¹⁾		45		1,280
VirnetX Holding Corp. ⁽²⁾		1,342		6,764
Visa, Inc.		1,897		414,931
Vishay Intertechnology, Inc.		1,342		27,793
Vontier Corp. ⁽¹⁾		98		3,273
Xerox Holdings Corp.		3,332		77,269
Xilinx, Inc.		585		82,935
Xperi Holding Corp.		963		20,127
Zebra Technologies Corp. - Class A ⁽¹⁾		225		86,474
Zoom Video Communications, Inc.- Class A ⁽¹⁾		322		108,617
Zscaler, Inc. ⁽¹⁾		141		28,159
				18,476,025

Materials — 1.1%
Avery Dennison Corp.		688		106,716
Avient Corp.		160		6,445
Caledonia Mining Corp. PLC		374		5,939
Celanese Corp.		51		6,627
Century Aluminum Co. ⁽¹⁾		18		199
Chemours Co./The		162		4,016
Commercial Metals Co.		172		3,533
Corteva, Inc.		1,431		55,408
Dow, Inc.		1,285		71,318
Eastman Chemical Co.		1,378		138,186
Flotek Industries, Inc. ⁽¹⁾		592		1,249
Freeport-McMoRan, Inc. - Class B		2,633		68,511
FutureFuel Corp.		10		127
Hawkins, Inc.		2		105
Huntsman Corp.		2,144		53,900
Ingevity Corp. ⁽¹⁾		38		2,878
Linde PLC		75		19,763
Louisiana-Pacific Corp.		1,194		44,381
LyondellBasell Industries NV - Class A		688		63,062
Marrone Bio Innovations, Inc. ⁽¹⁾		1,062		1,328
Minerals Technologies, Inc.		88		5,467
Mosaic Co./The		187		4,303
Newmont Corp.		5,173		309,811
Nucor Corp.		702		37,339
O-I Glass, Inc.		658		7,830
Olin Corp.		140		3,438
Olympic Steel, Inc.		30		400
Packaging Corp. of America		377		51,992
PPG Industries, Inc.		988		142,489

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 81

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Rayonier Advanced Materials, Inc. ⁽¹⁾		389		2,536
Reliance Steel & Aluminum Co.		1,534		183,697
Royal Gold, Inc.		101		10,742
Ryerson Holding Corp. ⁽¹⁾		409		5,579
Scotts Miracle-Gro Co./The		898		178,828
Sherwin-Williams Co./The		304		223,413
Steel Dynamics, Inc.		537		19,799
Stepan Co.		58		6,921
SunCoke Energy, Inc.		48		209
Tredegar Corp.		192		3,206
Trinseo SA		46		2,356
Tronox Holdings PLC		399		5,833
Westlake Chemical Corp.		231		18,850
Westrock Co.		346		15,061
				1,893,790

Real Estate Investment Trust — 1.1%
Altisource Portfolio Solutions SA ⁽¹⁾		347		4,469
American Homes 4 Rent - Class A		1,223		36,690
American Tower Corp.		1,468		329,507
Ashford Hospitality Trust, Inc.		280		725
Camden Property Trust		8		799
CareTrust REIT, Inc.		304		6,743
CatchMark Timber Trust, Inc.		780		7,301
CBL & Associates Properties, Inc. ⁽¹⁾⁽²⁾		1,741		72
Clipper Realty, Inc.		189		1,332
Columbia Property Trust, Inc.		1,888		27,074
Community Healthcare Trust, Inc.		120		5,653
CorEnergy Infrastructure Trust, Inc.		552		3,781
Corporate Office Properties Trust		1,164		30,357
CubeSmart		2,640		88,730
CyrusOne, Inc.		51		3,731
DiamondRock Hospitality Co.		328		2,706
EastGroup Properties, Inc.		229		31,616
Equinix, Inc.		185		132,123
Essential Properties Realty Trust, Inc.		5		106
Essex Property Trust, Inc.		233		55,319
Extra Space Storage, Inc.		1,145		132,660
Gaming and Leisure Properties, Inc.		1,225		51,940
Getty Realty Corp.		739		20,352
Gladstone Commercial Corp.		207		3,726
Healthcare Realty Trust, Inc.		2,761		81,726
Healthcare Trust of America, Inc. - Class A		1,990		54,805
Hersha Hospitality Trust		286		2,257
Host Hotels & Resorts, Inc.		660		9,656
Iron Mountain, Inc.		1,074		31,662
Lamar Advertising Co. - Class A		1,988		165,441

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Life Storage, Inc.		174		20,774
LTC Properties, Inc.		1,454		56,575
National Health Investors, Inc.		291		20,128
National Storage Affiliates Trust		413		14,880
Newmark Group, Inc.		534		3,893
Omega Healthcare Investors, Inc.		650		23,608
Park Hotels & Resorts, Inc.		480		8,232
Piedmont Office Realty Trust, Inc.		2,163		35,105
PotlatchDeltic Corp.		207		10,354
PS Business Parks, Inc.		373		49,561
Public Storage		609		140,636
RAIT Financial Trust ^(1)(2)(7)		751		0
Retail Opportunity Investments Corp.		23		308
Ryman Hospitality Properties, Inc.		64		4,337
Sabra Health Care REIT, Inc.		502		8,720
SBA Communications Corp.		212		59,812
Service Properties Trust		2,144		24,635
Simon Property Group, Inc.		1,691		144,208
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁷⁾		1,024		0
Tanger Factory Outlet Centers, Inc. ⁽²⁾		644		6,414
Trinity Place Holdings, Inc. ⁽¹⁾		645		806
Welltower, Inc.		627		40,517
				1,996,562

Utilities — 0.6%
Alliant Energy Corp.		322		16,593
American Water Works Co., Inc.		1,073		164,673
Atlantic Power Corp. ⁽¹⁾		810		1,701
Eversource Energy		136		11,765
MDU Resources Group, Inc.		2,810		74,015
NextEra Energy, Inc.		4,809		371,015
NRG Energy, Inc.		1,376		51,669
Public Service Enterprise Group, Inc.		2,683		156,419
UGI Corp.		1,525		53,314
Vistra Corp.		264		5,190
WEC Energy Group, Inc.		725		66,722
Xcel Energy, Inc.		2,165		144,345
				1,117,421

Total Common Stocks (Cost $46,864,087)				63,942,366

Registered Investment Companies — 49.3%
Baird Core Plus Bond Fund - Class I		449,427		5,456,040
Dodge & Cox Income Fund		308,019		4,512,480

The accompanying notes are an integral part of these financial statements

Page 82

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
DoubleLine Total Return Bond Fund - Class I		282,200		3,019,536
Guggenheim Total Return Bond Fund - Class I		77,896		2,313,514
iShares Core U.S. Aggregate Bond ETF ⁽⁸⁾		62,474		7,383,802
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁸⁾		110,486		12,806,432
Lord Abbett High Yield Fund - Class I		703,327		5,239,785
Payden Emerging Markets Bond Fund - Class I		96,183		1,335,987
PGIM Total Return Bond Fund - Class R6		304,631		4,602,973
Pioneer Bond Fund - Class Y		351,699		3,562,715
Segall Bryant & Hamill Plus Bond Fund - Class I		348,219		3,879,156
SPDR Bloomberg Barclays High Yield Bond ETF ⁽⁸⁾		79,662		8,678,378
TCW Emerging Markets Income Fund - Class I		290,835		2,475,010
Vanguard Intermediate-Term Corporate Bond ETF ⁽⁸⁾		31,979		3,106,440
Vanguard Total Bond Market ETF ⁽⁸⁾		71,766		6,329,044
Xtrackers USD High Yield Corporate Bond ETF ⁽⁸⁾		245,095		12,276,808
Total Registered Investment Companies (Cost $81,215,895)				86,978,100

Money Market Registered Investment Companies — 12.3%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁴⁾		21,690,617		21,697,124
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		9,746		9,746
Total Money Market Registered Investment Companies (Cost $21,696,235)				21,706,870

Bank Obligations — 0.1%
Metro City Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		248,220		248,220
Total Bank Obligations (Cost $248,220)				248,220
Total Investments — 98.1% (Cost $150,024,437)				172,875,556
Other Assets less Liabilities — 1.9%				3,389,186
Total Net Assets — 100.0%				176,264,742

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		354		4,538
Meeder Dynamic Allocation Fund - Retail Class		835		11,181
Meeder Muirfield Fund - Retail Class		1,238		10,152
Meeder Conservative Allocation Fund - Retail Class		113		2,702
Total Trustee Deferred Compensation (Cost $25,290)				28,573

	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		74		3/19/2021		7,883,960		129,142
Mini MSCI Emerging Markets Index Futures		34		3/19/2021		2,189,940		64,850
Russell 2000 Mini Index Futures		12		3/19/2021		1,184,880		38,593
Standard & Poors 500 Mini Futures		53		3/19/2021		9,934,320		289,664
E-mini Standard & Poors MidCap 400 Futures		11		3/19/2021		2,533,850		78,139
Total Futures Contracts		184				23,726,950		600,388

(1)	Represents non-income producing securities.

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

(3)	Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(5)

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 83

Schedule of Investments
December 31, 2020

(6)	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.

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

(8)	Exchange-traded fund.

(9)	Preferred stock.

The accompanying notes are an integral part of these financial statements

Page 84

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 22.1%
Communication Services — 2.4%
Activision Blizzard, Inc.		2,181		202,506
Alphabet, Inc. - Class A ⁽¹⁾		185		324,238
Alphabet, Inc. - Class C ⁽¹⁾		338		592,135
AMC Entertainment Holdings, Inc. - Class A ⁽²⁾		181		384
Cinemark Holdings, Inc.		107		1,863
Comcast Corp. - Class A		5,743		300,933
Cumulus Media, Inc. ⁽¹⁾		188		1,639
DISH Network Corp. ⁽¹⁾		203		6,565
Electronic Arts, Inc.		712		102,243
EW Scripps Co./The		28		428
Facebook, Inc. ⁽¹⁾		2,548		696,012
Fluent, Inc. ⁽¹⁾		93		494
Frontier Communications Corp. ⁽¹⁾		606		54
Glu Mobile, Inc. ⁽¹⁾		284		2,559
Gogo, Inc. ⁽¹⁾		73		703
Gray Television, Inc. ⁽¹⁾		365		6,530
IDT Corp. - Class B ⁽¹⁾		85		1,051
Interpublic Group of Cos., Inc./The		6,071		142,790
Lee Enterprises, Inc. ⁽¹⁾		652		822
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		141		612
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		324		3,684
Meredith Corp.		19		365
Netflix, Inc. ⁽¹⁾		364		196,826
News Corp.		472		8,482
Nexstar Media Group, Inc.		224		24,459
Omnicom Group, Inc.		3,353		209,127
Pinterest, Inc. - Class A ⁽¹⁾		370		24,383
Roku, Inc. - Class A ⁽¹⁾		128		42,499
Spotify Technology SA ⁽¹⁾		168		52,863
Take-Two Interactive Software, Inc. ⁽¹⁾		50		10,390
TechTarget, Inc. ⁽¹⁾		196		11,586
TEGNA, Inc.		325		4,534
Telephone and Data Systems, Inc.		358		6,648
Tribune Publishing Co.		57		781
Twitter, Inc. ⁽¹⁾		194		10,505
Verizon Communications, Inc.		5,753		337,989
World Wrestling Entertainment, Inc. - Class A		224		10,763
Yelp, Inc. ⁽¹⁾		40		1,307
				3,341,752

Consumer Discretionary — 2.7%
Abercrombie & Fitch Co.		11		224
Adient PLC ⁽¹⁾		14		487
Amazon.com, Inc. ⁽¹⁾		338		1,100,842

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
American Public Education, Inc. ⁽¹⁾		13		396
Aramark		182		7,003
At Home Group, Inc. ⁽¹⁾		67		1,036
Best Buy Co., Inc.		1,282		127,931
Big Lots, Inc.		45		1,932
BorgWarner, Inc.		194		7,496
Boyd Gaming Corp.		115		4,936
Brinker International, Inc.		83		4,695
Buckle, Inc./The		41		1,197
Caleres, Inc.		106		1,659
Camping World Holdings, Inc.		309		8,049
Capri Holdings, Ltd. ⁽¹⁾		138		5,796
CarParts.com, Inc. ⁽¹⁾		439		5,439
Carvana Co. ⁽¹⁾		7		1,677
Chipotle Mexican Grill, Inc. ⁽¹⁾		110		152,538
Churchill Downs, Inc.		20		3,896
Container Store Group, Inc./The ⁽¹⁾		44		420
Cooper Tire & Rubber Co.		34		1,377
Cracker Barrel Old Country Store, Inc.		95		12,532
Crocs, Inc. ⁽¹⁾		544		34,087
Dana, Inc.		228		4,451
Darden Restaurants, Inc.		120		14,294
Dave & Buster’s Entertainment, Inc.		28		841
Del Taco Restaurants, Inc.		49		444
Designer Brands, Inc. - Class A		120		918
Dillard’s, Inc. - Class A		11		694
Dollar General Corp.		314		66,034
Dollar Tree, Inc. ⁽¹⁾		232		25,065
Domino’s Pizza, Inc.		65		24,925
DR Horton, Inc.		1,069		73,675
Duluth Holdings, Inc. - Class B ⁽¹⁾		9		95
eBay, Inc.		715		35,929
Etsy, Inc. ⁽¹⁾		93		16,546
Everi Holdings, Inc. ⁽¹⁾		38		525
Extended Stay America, Inc.		377		5,583
Fiesta Restaurant Group, Inc. ⁽¹⁾		62		707
Fossil Group, Inc. ⁽¹⁾		86		746
Fox Factory Holding Corp. ⁽¹⁾		21		2,220
Franchise Group, Inc.		22		670
General Motors Co.		2,331		97,063
Genesco, Inc. ⁽¹⁾		18		542
GoPro, Inc. ⁽¹⁾		40		331
Greenlane Holdings, Inc. ⁽¹⁾		82		325
Group 1 Automotive, Inc.		25		3,279
GrowGeneration Corp. ⁽¹⁾		58		2,333
Guess?, Inc.		50		1,131
Hanesbrands, Inc.		247		3,601

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 85

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Harley-Davidson, Inc.		166		6,092
Hibbett Sports, Inc. ⁽¹⁾		108		4,987
Houghton Mifflin Harcourt Co. ⁽¹⁾		128		426
International Game Technology PLC		218		3,693
Kohl’s Corp.		159		6,470
L Brands, Inc.		207		7,698
Lakeland Industries, Inc. ⁽¹⁾		194		5,287
Lands’ End, Inc. ⁽¹⁾		42		906
Las Vegas Sands Corp.		215		12,814
Lear Corp.		79		12,563
Lennar Corp. - Class A		192		14,636
Lovesac Co./The ⁽¹⁾		10		431
Lowe’s Cos., Inc.		1,885		302,561
Lululemon Athletica, Inc. ⁽¹⁾		116		40,371
Lumber Liquidators Holdings, Inc. ⁽¹⁾		91		2,797
M/I Homes, Inc. ⁽¹⁾		98		4,340
Malibu Boats, Inc. ⁽¹⁾		54		3,372
MarineMax, Inc. ⁽¹⁾		29		1,016
Marriott International, Inc./MD		14		1,847
McDonald’s Corp.		1,303		279,598
Meritage Homes Corp. ⁽¹⁾		153		12,671
MGM Resorts International		37		1,166
Modine Manufacturing Co. ⁽¹⁾		147		1,846
Nautilus, Inc. ⁽¹⁾		69		1,252
NIKE, Inc. - Class B		901		127,464
Nordstrom, Inc.		28		874
ODP Corp./The		118		3,457
OneWater Marine, Inc. ⁽¹⁾		57		1,658
Overstock.com, Inc. ⁽¹⁾		41		1,967
Party City Holdco, Inc. ⁽¹⁾		120		738
Penn National Gaming, Inc. ⁽¹⁾		165		14,251
Polaris, Inc.		51		4,859
Pool Corp.		42		15,645
PulteGroup, Inc.		2,038		87,879
Purple Innovation, Inc. ⁽¹⁾		93		3,063
Qurate Retail, Inc. - Class A		849		9,314
Red Rock Resorts, Inc.		127		3,180
Rent-A-Center, Inc./TX		1,973		75,546
Scientific Games Corp. ⁽¹⁾		77		3,195
Sleep Number Corp. ⁽¹⁾		32		2,620
Sonic Automotive, Inc.		139		5,361
Starbucks Corp.		1,524		163,038
Sturm Ruger & Co., Inc.		55		3,579
Tapestry, Inc.		139		4,320
Target Corp.		636		112,273
Tesla, Inc. ⁽¹⁾		685		483,384
Texas Roadhouse, Inc.		99		7,738

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Thor Industries, Inc.		387		35,987
TopBuild Corp. ⁽¹⁾		20		3,682
Town Sports International Holdings, Inc. ⁽¹⁾		464		116
Tupperware Brands Corp. ⁽¹⁾		40		1,296
Urban Outfitters, Inc. ⁽¹⁾		50		1,280
VOXX International Corp. ⁽¹⁾		50		638
Waitr Holdings, Inc. ⁽¹⁾		94		261
Wayfair, Inc. ⁽¹⁾		15		3,387
Wendy’s Co./The		172		3,770
Williams-Sonoma, Inc.		53		5,398
Wingstop, Inc.		116		15,376
Winnebago Industries, Inc.		738		44,236
Wyndham Destinations, Inc.		724		32,479
XPEL, Inc. ⁽¹⁾		54		2,784
Yum China Holdings, Inc.		478		27,289
Yum! Brands, Inc.		760		82,506
				3,993,340

Consumer Staples — 0.6%
Andersons, Inc./The		83		2,034
BJ’s Wholesale Club Holdings, Inc. ⁽¹⁾		84		3,132
Bunge, Ltd.		2,929		192,084
Conagra Brands, Inc.		565		20,487
Costco Wholesale Corp.		56		21,100
Darling Ingredients, Inc. ⁽¹⁾		1,212		69,908
General Mills, Inc.		3,239		190,453
Ingredion, Inc.		8		629
Kroger Co./The		1,119		35,539
Medifast, Inc.		18		3,534
Natural Grocers by Vitamin Cottage, Inc.		36		495
Nu Skin Enterprises, Inc.		61		3,332
PepsiCo, Inc.		951		141,033
Performance Food Group Co. ⁽¹⁾		144		6,856
Rite Aid Corp. ⁽¹⁾		83		1,314
SpartanNash Co.		118		2,054
Tyson Foods, Inc.		306		19,719
United Natural Foods, Inc. ⁽¹⁾		82		1,310
Walgreens Boots Alliance, Inc.		62		2,473
Walmart, Inc.		1,216		175,286
				892,772

Energy — 0.2%
Amplify Energy Corp.		528		692
Antero Resources Corp. ⁽¹⁾		580		3,161
Apache Corp.		258		3,661
Archrock, Inc.		323		2,797
Ardmore Shipping Corp.		71		232

The accompanying notes are an integral part of these financial statements

Page 86

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Aspen Aerogels, Inc. ⁽¹⁾		176		2,937
Berry Corp.		98		361
Bonanza Creek Energy, Inc. ⁽¹⁾		125		2,416
Brigham Minerals, Inc.		226		2,484
Cabot Oil & Gas Corp.		473		7,700
Cactus, Inc. - Class A		241		6,283
Centennial Resource Development, Inc./DE - Class A ⁽¹⁾		531		797
Chesapeake Energy Corp. ⁽¹⁾		25		38
Cimarex Energy Co.		431		16,167
Clean Energy Fuels Corp. ⁽¹⁾		380		2,987
CNX Resources Corp. ⁽¹⁾		159		1,717
Concho Resources, Inc.		399		23,282
ConocoPhillips		1,338		53,507
CONSOL Energy, Inc. ⁽¹⁾		78		562
Continental Resources, Inc./OK		138		2,249
Delek US Holdings, Inc.		50		804
DHT Holdings, Inc.		204		1,067
Diamondback Energy, Inc.		74		3,582
DMC Global, Inc.		9		389
Dorian LPG, Ltd. ⁽¹⁾		247		3,011
Earthstone Energy, Inc. - Class A ⁽¹⁾		102		544
EOG Resources, Inc.		681		33,961
EQT Corp.		415		5,275
Exterran Corp. ⁽¹⁾		46		203
Extraction Oil & Gas, Inc. ⁽¹⁾		275		8
Frank’s International NV ⁽¹⁾		170		466
Golar LNG, Ltd.		77		742
Hallador Energy Co.		217		319
Hess Corp.		114		6,018
International Seaways, Inc.		46		751
KLX Energy Services Holdings, Inc. ⁽¹⁾		65		420
Laredo Petroleum, Inc. ⁽¹⁾		149		2,935
Liberty Oilfield Services, Inc. - Class A		344		3,547
Matador Resources Co. ⁽¹⁾		229		2,762
Nabors Industries, Ltd.		34		1,980
NextDecade Corp. ⁽¹⁾		85		178
NexTier Oilfield Solutions, Inc. ⁽¹⁾		168		578
Nine Energy Service, Inc. ⁽¹⁾		230		626
Nordic American Tankers, Ltd.		184		543
NOV, Inc. ⁽¹⁾		377		5,176
Oasis Petroleum, Inc. Warrants ⁽¹⁾⁽⁶⁾		1		0
Oceaneering International, Inc. ⁽¹⁾		350		2,783
Pacific Ethanol,, Inc. ⁽¹⁾		5		27
Parsley Energy, Inc.		452		6,418
Patterson-UTI Energy, Inc.		323		1,699
PDC Energy, Inc. ⁽¹⁾		209		4,291

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Peabody Energy Corp.		186		448
Phillips 66		118		8,253
Pioneer Natural Resources Co.		168		19,134
Profire Energy, Inc. ⁽¹⁾		5		4
ProPetro Holding Corp. ⁽¹⁾		779		5,757
Range Resources Corp.		245		1,642
Renewable Energy Group, Inc. ⁽¹⁾		50		3,541
Schlumberger NV		339		7,400
Scorpio Tankers, Inc.		31		347
SilverBow Resources, Inc. ⁽¹⁾		101		536
Southwestern Energy Co. ⁽¹⁾		763		2,274
Superior Energy Services, Inc. ⁽¹⁾		65		3
Talos Energy, Inc. ⁽¹⁾		43		354
Teekay Corp. ⁽¹⁾		254		546
W&T Offshore, Inc. ⁽¹⁾		530		1,150
Westmoreland Coal Co. ⁽¹⁾		410		0
Whiting Petroleum Corp. ⁽¹⁾		17		425
Whiting Petroleum Corporation A Warrants ⁽¹⁾		12		21
Whiting Petroleum Corporation B Warrants ⁽¹⁾⁽²⁾		6		11
World Fuel Services Corp.		248		7,728
WPX Energy, Inc. ⁽¹⁾		381		3,105
				287,812

Financials — 1.9%
AGNC Investment Corp.		1,327		20,701
Allstate Corp./The		60		6,596
Ally Financial, Inc.		1,585		56,521
American Equity Investment Life Holding Co.		141		3,900
American Express Co.		213		25,754
Ameriprise Financial, Inc.		134		26,040
Ameris Bancorp		386		14,695
Arbor Realty Trust, Inc.		192		2,723
Artisan Partners Asset Management, Inc. - Class A		516		25,975
Associated Banc-Corp		1,295		22,080
Axos Financial, Inc. ⁽¹⁾		140		5,254
BancorpSouth Bank		343		9,412
Bank of America Corp.		7,919		240,025
Bank of NT Butterfield & Son, Ltd./The		233		7,260
BankUnited, Inc.		414		14,399
Bar Harbor Bankshares		12		271
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		2,462		570,864
Charles Schwab Corp./The		56		2,970
Chimera Investment Corp.		67		687

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 87

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Citigroup, Inc.		1,201		74,054
Citizens Financial Group, Inc.		767		27,428
Civista Bancshares, Inc.		238		4,172
CNO Financial Group, Inc.		694		15,428
Columbia Banking System, Inc.		86		3,087
Comerica, Inc.		27		1,508
Curo Group Holdings Corp.		456		6,534
Customers Bancorp, Inc. ⁽¹⁾		241		4,381
East West Bancorp, Inc.		380		19,270
Eaton Vance Corp.		141		9,578
Elevate Credit, Inc. ⁽¹⁾		596		2,378
Ellington Residential Mortgage REIT		623		8,124
Enova International, Inc. ⁽¹⁾		199		4,929
Esquire Financial Holdings, Inc. ⁽¹⁾		40		768
Evercore, Inc. - Class A		97		10,635
Farmers National Banc Corp.		81		1,075
Fifth Third Bancorp		2,087		57,539
First Choice Bancorp		7		129
First Citizens BancShares, Inc./NC - Class A		18		10,337
First Financial Bancorp		572		10,027
First Horizon Corp.		119		1,518
First Interstate BancSystem, Inc.		31		1,264
First Republic Bank/CA		239		35,116
Goosehead Insurance, Inc.		73		9,107
Great Ajax Corp.		771		8,065
Hartford Financial Services Group, Inc./The		114		5,584
HBT Financial, Inc.		110		1,667
Heartland Financial USA, Inc.		245		9,891
Hilltop Holdings, Inc.		495		13,617
Houlihan Lokey, Inc. - Class A		191		12,841
Huntington Bancshares, Inc./OH		701		8,854
Independent Bank Corp./MI		19		351
JPMorgan Chase & Co.		1,579		200,644
KeyCorp		643		10,552
Kinsale Capital Group, Inc.		117		23,415
Lakeland Financial Corp.		9		482
LendingClub Corp. ⁽¹⁾		41		433
LPL Financial Holdings, Inc.		87		9,067
M&T Bank Corp.		58		7,383
Medley Management, Inc.		14		112
Meta Financial Group, Inc.		60		2,194
MetLife, Inc.		365		17,137
Metrocity Bankshares, Inc.		134		1,932
MMA Capital Holdings, Inc. ⁽¹⁾		66		1,624
Morgan Stanley		1,309		89,706
Mr Cooper Group, Inc. ⁽¹⁾		457		14,181

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
NewStar Financial Contingent Value Rights ⁽¹⁾⁽⁶⁾		8		0
Northrim BanCorp, Inc.		202		6,858
OneMain Holdings, Inc.		203		9,776
Oppenheimer Holdings, Inc.		437		13,735
PennyMac Financial Services, Inc.		600		39,372
PennyMac Mortgage Investment Trust		120		2,111
People’s United Financial, Inc.		322		4,163
Pinnacle Financial Partners, Inc.		74		4,766
PJT Partners, Inc.		179		13,470
PNC Financial Services Group, Inc./The		343		51,107
Popular, Inc.		219		12,334
Progressive Corp./The		1,465		144,859
Prudential Financial, Inc.		501		39,113
Pzena Investment Management, Inc. - Class A		433		3,161
QCR Holdings, Inc.		158		6,255
RBB Bancorp		348		5,352
Ready Capital Corp.		429		5,341
Regions Financial Corp.		2,467		39,768
Sandy Spring Bancorp, Inc.		30		966
Siebert Financial Corp. ⁽¹⁾		66		277
Signature Bank/New York NY		115		15,558
Silvercrest Asset Management Group, Inc.		73		1,014
Simmons First National Corp.		68		1,468
SLM Corp.		344		4,262
South State Corp.		28		2,024
State Street Corp.		609		44,323
Stewart Information Services Corp.		927		44,830
StoneX Group, Inc. ⁽¹⁾		55		3,185
SVB Financial Group ⁽¹⁾		77		29,863
Synchrony Financial		3,136		108,851
Synovus Financial Corp.		44		1,424
Triumph Bancorp, Inc. ⁽¹⁾		12		583
Truist Financial Corp.		1,570		75,250
UMB Financial Corp.		197		13,591
United Community Banks, Inc./GA		391		11,120
Valley National Bancorp		622		6,065
Veritex Holdings, Inc.		80		2,053
Virtu Financial, Inc.		590		14,850
Virtus Investment Partners, Inc.		70		15,190
Walker & Dunlop, Inc.		296		27,238
Wells Fargo & Co.		500		15,090
Western Alliance Bancorp		255		15,287
WSFS Financial Corp.		21		942
				2,671,090

The accompanying notes are an integral part of these financial statements

Page 88

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Healthcare — 4.1%
89bio, Inc. ⁽¹⁾		8		195
Abbott Laboratories		415		45,438
AbbVie, Inc.		3,550		380,383
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		549		681
Affimed NV ⁽¹⁾		289		1,682
Agilent Technologies, Inc.		799		94,674
Akero Therapeutics, Inc. ⁽¹⁾		3		77
Alexion Pharmaceuticals, Inc. ⁽¹⁾		493		77,026
Align Technology, Inc. ⁽¹⁾		81		43,285
Alkermes PLC ⁽¹⁾		429		8,559
Allakos, Inc. ⁽¹⁾		32		4,480
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		174		2,513
Alnylam Pharmaceuticals, Inc. ⁽¹⁾		117		15,206
AmerisourceBergen Corp.		96		9,385
Amgen, Inc.		1,044		240,036
Amicus Therapeutics, Inc. ⁽¹⁾		65		1,501
Amneal Pharmaceuticals, Inc. - Class A ⁽¹⁾		500		2,285
Apellis Pharmaceuticals, Inc. ⁽¹⁾		70		4,004
Applied Therapeutics, Inc. ⁽¹⁾		12		264
Arcturus Therapeutics Holdings, Inc. ⁽¹⁾		31		1,345
Arcutis Biotherapeutics, Inc. ⁽¹⁾		35		985
Arena Pharmaceuticals, Inc. ⁽¹⁾		53		4,072
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		92		7,059
Assembly Biosciences, Inc. ⁽¹⁾		96		581
Assertio Holdings, Inc. ⁽¹⁾		1,068		382
Atara Biotherapeutics, Inc. ⁽¹⁾		67		1,315
Avantor, Inc. ⁽¹⁾		339		9,543
Axsome Therapeutics, Inc. ⁽¹⁾		19		1,548
Baxter International, Inc.		67		5,376
Beam Therapeutics, Inc. ⁽¹⁾		57		4,653
Beyondspring, Inc. ⁽¹⁾		4		49
BioDelivery Sciences International, Inc. ⁽¹⁾		970		4,074
Bio-Rad Laboratories, Inc. ⁽¹⁾		23		13,408
Bio-Techne Corp.		42		13,337
Bioxcel Therapeutics, Inc. ⁽¹⁾		42		1,940
Blueprint Medicines Corp. ⁽¹⁾		70		7,851
Bridgebio Pharma, Inc. ⁽¹⁾		50		3,556
Bristol-Myers Squibb Co.		3,000		186,090
Calyxt, Inc. ⁽¹⁾		13		55
Cardinal Health, Inc.		1,485		79,537
CareDx, Inc. ⁽¹⁾		77		5,579
CASI Pharmaceuticals, Inc. ⁽¹⁾		44		130
Castle Biosciences, Inc. ⁽¹⁾		9		604
Catalent, Inc. ⁽¹⁾		328		34,135
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		639		2,134
Celcuity, Inc. ⁽¹⁾		35		321

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Centene Corp. ⁽¹⁾		372		22,331
Centogene NV ⁽¹⁾		40		431
Cerecor, Inc. ⁽¹⁾		91		240
Cerner Corp.		1,603		125,803
Charles River Laboratories International, Inc. ⁽¹⁾		106		26,485
Chemed Corp.		73		38,881
ChemoCentryx, Inc. ⁽¹⁾		114		7,059
Co-Diagnostics, Inc. ⁽¹⁾		45		419
Community Health Systems, Inc. ⁽¹⁾		224		1,664
Computer Programs and Systems, Inc.		110		2,952
Concert Pharmaceuticals, Inc. ⁽¹⁾		4		51
Constellation Pharmaceuticals, Inc. ⁽¹⁾		33		950
Corcept Therapeutics, Inc. ⁽¹⁾		75		1,962
Cortexyme, Inc. ⁽¹⁾		1		28
Cross Country Healthcare, Inc. ⁽¹⁾		38		337
CVS Health Corp.		1,387		94,732
Cymabay Therapeutics, Inc. ⁽¹⁾		260		1,492
Danaher Corp.		529		117,512
Deciphera Pharmaceuticals, Inc. ⁽¹⁾		29		1,655
Denali Therapeutics, Inc. ⁽¹⁾		64		5,361
DENTSPLY SIRONA, Inc.		638		33,406
Editas Medicine, Inc. ⁽¹⁾		55		3,856
Edwards Lifesciences Corp. ⁽¹⁾		660		60,212
Eidos Therapeutics, Inc. ⁽¹⁾		20		2,632
Elanco Animal Health, Inc. Contingent Value Rights ⁽¹⁾⁽⁶⁾		32		0
Eli Lilly and Co.		952		160,736
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		111		442
Emergent BioSolutions, Inc. ⁽¹⁾		169		15,142
Endo International PLC ⁽¹⁾		631		4,531
Enochian Biosciences, Inc. ⁽¹⁾		7		21
Ensign Group, Inc./The		56		4,084
Evelo Biosciences, Inc. ⁽¹⁾		64		774
Exact Sciences Corp. ⁽¹⁾		130		17,224
Exelixis, Inc. ⁽¹⁾		557		11,179
Fate Therapeutics, Inc. ⁽¹⁾		79		7,183
Five Prime Therapeutics, Inc. ⁽¹⁾		61		1,038
Fulgent Genetics, Inc. ⁽¹⁾		13		677
Gilead Sciences, Inc.		2,324		135,396
Globus Medical, Inc. ⁽¹⁾		82		5,348
HCA Healthcare, Inc.		214		35,194
Hill-Rom Holdings, Inc.		292		28,607
Hologic, Inc. ⁽¹⁾		180		13,109
Horizon Therapeutics Plc ⁽¹⁾		850		62,178
Humana, Inc.		211		86,567
IDEXX Laboratories, Inc. ⁽¹⁾		4		1,999

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 89

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
IGM Biosciences, Inc. ⁽¹⁾		7		618
Illumina, Inc. ⁽¹⁾		85		31,450
ImmunoGen, Inc. ⁽¹⁾		202		1,303
Immunovant, Inc. ⁽¹⁾		10		462
Inogen, Inc. ⁽¹⁾		32		1,430
Inovio Pharmaceuticals, Inc. ⁽¹⁾		114		1,009
Insmed, Inc. ⁽¹⁾		82		2,730
Insulet Corp. ⁽¹⁾		26		6,646
Intellia Therapeutics, Inc. ⁽¹⁾		84		4,570
Intra-Cellular Therapies, Inc. ⁽¹⁾		10		318
Invitae Corp. ⁽¹⁾		107		4,474
Iovance Biotherapeutics, Inc. ⁽¹⁾		171		7,934
iRhythm Technologies, Inc. ⁽¹⁾		21		4,981
Jazz Pharmaceuticals PLC ⁽¹⁾		43		7,097
Johnson & Johnson		3,619		569,558
Jounce Therapeutics, Inc. ⁽¹⁾		42		294
Kodiak Sciences, Inc. ⁽¹⁾		40		5,876
Kura Oncology, Inc. ⁽¹⁾		163		5,324
LHC Group, Inc. ⁽¹⁾		3		640
MacroGenics, Inc. ⁽¹⁾		91		2,080
Mallinckrodt PLC ⁽¹⁾		20		4
Marinus Pharmaceuticals, Inc. ⁽¹⁾		48		586
McKesson Corp.		280		48,698
Medtronic PLC		2,975		348,492
Merck & Co., Inc.		4,762		389,532
Mersana Therapeutics, Inc. ⁽¹⁾		316		8,409
Mettler-Toledo International, Inc. ⁽¹⁾		4		4,559
Mirati Therapeutics, Inc. ⁽¹⁾		46		10,103
Moderna, Inc. ⁽¹⁾		295		30,819
ModivCare, Inc. ⁽¹⁾		16		2,218
Molina Healthcare, Inc. ⁽¹⁾		26		5,530
Morphic Holding, Inc. ⁽¹⁾		24		805
Myriad Genetics, Inc. ⁽¹⁾		57		1,127
NantKwest, Inc. ⁽¹⁾		148		1,973
Natera, Inc. ⁽¹⁾		85		8,459
National HealthCare Corp.		12		797
Neurocrine Biosciences, Inc. ⁽¹⁾		48		4,601
NextGen Healthcare, Inc. ⁽¹⁾		251		4,578
Novavax, Inc. ⁽¹⁾		59		6,579
Novocure, Ltd. ⁽¹⁾		15		2,596
Ocular Therapeutix, Inc. ⁽¹⁾		285		5,900
Oncocyte Corp. ⁽¹⁾		100		239
Organogenesis Holdings, Inc. ⁽¹⁾		64		482
Osmotica Pharmaceuticals PLC ⁽¹⁾		285		1,174
Owens & Minor, Inc.		145		3,922
Pacific Biosciences of California, Inc. ⁽¹⁾		213		5,525
Palatin Technologies, Inc. ⁽¹⁾		860		581

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
PerkinElmer, Inc.		153		21,956
Perrigo Co. PLC		874		39,085
Pfizer, Inc.		6,528		240,296
Phreesia, Inc. ⁽¹⁾		3		163
PRA Health Sciences, Inc. ⁽¹⁾		90		11,290
Precigen, Inc. ⁽¹⁾⁽²⁾		130		1,326
Quest Diagnostics, Inc.		69		8,223
Quidel Corp. ⁽¹⁾		6		1,078
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		221		106,767
Replimune Group, Inc. ⁽¹⁾		18		687
ResMed, Inc.		122		25,932
REVOLUTION Medicines, Inc. ⁽¹⁾		33		1,306
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		172		5,114
Rigel Pharmaceuticals, Inc. ⁽¹⁾		237		830
Rocket Pharmaceuticals, Inc. ⁽¹⁾		57		3,126
Sangamo Therapeutics, Inc. ⁽¹⁾		159		2,481
Scholar Rock Holding Corp. ⁽¹⁾		37		1,796
Seagen, Inc. ⁽¹⁾		166		29,073
Seres Therapeutics, Inc. ⁽¹⁾		70		1,715
SIGA Technologies, Inc. ⁽¹⁾		115		836
Simulations Plus, Inc.		180		12,946
Solid Biosciences, Inc. ⁽¹⁾		92		697
Sorrento Therapeutics, Inc. ⁽¹⁾		226		1,542
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		279		951
SpringWorks Therapeutics, Inc. ⁽¹⁾		21		1,523
STERIS PLC		269		50,986
Stryker Corp.		534		130,851
Supernus Pharmaceuticals, Inc. ⁽¹⁾		104		2,617
Surgery Partners, Inc. ⁽¹⁾		34		986
Sutro Biopharma, Inc. ⁽¹⁾		52		1,129
Syros Pharmaceuticals, Inc. ⁽¹⁾		199		2,159
Teladoc Health, Inc. ⁽¹⁾		62		12,398
Tenet Healthcare Corp. ⁽¹⁾		170		6,788
TG Therapeutics, Inc. ⁽¹⁾		140		7,283
Thermo Fisher Scientific, Inc.		242		112,719
Translate Bio, Inc. ⁽¹⁾		78		1,438
Turning Point Therapeutics, Inc. ⁽¹⁾		66		8,042
Twist Bioscience Corp. ⁽¹⁾		55		7,771
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		49		6,783
United Therapeutics Corp. ⁽¹⁾		236		35,822
UnitedHealth Group, Inc.		926		324,730
Universal Health Services, Inc. - Class B		135		18,563
Vanda Pharmaceuticals, Inc. ⁽¹⁾		291		3,824
Veeva Systems, Inc. ⁽¹⁾		125		34,031
Veracyte, Inc. ⁽¹⁾		129		6,313
Vertex Pharmaceuticals, Inc. ⁽¹⁾		447		105,644
Viatris, Inc. ⁽¹⁾		1,185		22,207

The accompanying notes are an integral part of these financial statements

Page 90

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Viela Bio, Inc. ⁽¹⁾		3		108
West Pharmaceutical Services, Inc.		140		39,663
XBiotech, Inc. ⁽¹⁾		186		2,911
Xencor, Inc. ⁽¹⁾		60		2,618
Zimmer Biomet Holdings, Inc.		579		89,218
ZIOPHARM Oncology, Inc. ⁽¹⁾		228		575
Zoetis, Inc. - Class A		1,350		223,425
				5,802,636

Industrials — 2.0%
3M Co.		868		151,718
AGCO Corp.		198		20,412
Allegiant Travel Co.		56		10,597
Alpha Pro Tech, Ltd. ⁽¹⁾		110		1,227
Altra Industrial Motion Corp.		98		5,432
ArcBest Corp.		182		7,766
Arcosa, Inc.		152		8,349
Argan, Inc.		51		2,269
ASGN, Inc. ⁽¹⁾		63		5,262
Astec Industries, Inc.		52		3,010
Atkore International Group, Inc. ⁽¹⁾		389		15,992
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		11		600
Axon Enterprise, Inc. ⁽¹⁾		52		6,372
AZZ, Inc.		150		7,116
BG Staffing, Inc.		30		405
BMC Stock Holdings, Inc. ⁽¹⁾		199		10,682
Boise Cascade Co.		313		14,961
CAI International, Inc.		16		500
Caterpillar, Inc.		368		66,983
Cintas Corp.		208		73,520
Comfort Systems USA, Inc.		328		17,272
Construction Partners, Inc. ⁽¹⁾		3		87
Copart, Inc. ⁽¹⁾		525		66,806
CoreCivic, Inc.		43		282
CoreLogic, Inc./United States		252		19,485
Covenant Logistics Group, Inc. ⁽¹⁾		98		1,451
CSX Corp.		385		34,939
Cummins, Inc.		1,139		258,667
Deere & Co.		217		58,384
Eaton Corp. PLC		771		92,628
EMCOR Group, Inc.		371		33,932
Emerson Electric Co.		275		22,102
EnerSys		41		3,405
Fastenal Co.		520		25,392
FedEx Corp.		207		53,741
FuelCell Energy, Inc. ⁽¹⁾		19		212
Generac Holdings, Inc. ⁽¹⁾		42		9,551

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
General Electric Co.		1,380		14,904
GrafTech International, Ltd.		312		3,326
HEICO Corp.		89		11,784
Herc Holdings, Inc. ⁽¹⁾		66		4,383
Herman Miller, Inc.		100		3,380
Hertz Global Holdings, Inc. ⁽¹⁾		230		294
HNI Corp.		122		4,204
Hubbell, Inc.		103		16,149
Huntington Ingalls Industries, Inc.		108		18,412
JB Hunt Transport Services, Inc.		44		6,013
Kelly Services, Inc. - Class A		151		3,106
Kforce, Inc.		62		2,610
Kimball International, Inc. - Class B		266		3,179
L B Foster Co. - Class A ⁽¹⁾		50		753
Lawson Products, Inc./DE ⁽¹⁾		11		560
Lockheed Martin Corp.		672		238,547
LSC Communications, Inc. ⁽¹⁾		641		13
Manitowoc Co., Inc./The ⁽¹⁾		30		399
ManpowerGroup, Inc.		809		72,956
Matson, Inc.		132		7,520
Maxar Technologies, Inc.		98		3,782
McGrath RentCorp		56		3,758
Meritor, Inc. ⁽¹⁾		66		1,842
Miller Industries, Inc./TN		386		14,676
Moog, Inc.		212		16,812
MSC Industrial Direct Co., Inc.		612		51,647
Mueller Industries, Inc.		313		10,989
MYR Group, Inc. ⁽¹⁾		62		3,726
National Presto Industries, Inc.		13		1,150
NL Industries, Inc.		15		72
Norfolk Southern Corp.		12		2,851
Old Dominion Freight Line, Inc.		197		38,450
PACCAR, Inc.		2,562		221,049
PAE, Inc. ⁽¹⁾		236		2,166
Parker-Hannifin Corp.		302		82,268
Plug Power, Inc. ⁽¹⁾		391		13,259
Primoris Services Corp.		858		23,689
Quad/Graphics, Inc. - Class A		64		244
Quanta Services, Inc.		2,085		150,162
Regal Beloit Corp.		323		39,668
Resideo Technologies, Inc. ⁽¹⁾		230		4,890
Rexnord Corp.		73		2,883
RR Donnelley & Sons Co.		696		1,573
Rush Enterprises, Inc.		246		10,189
Ryder System, Inc.		133		8,214
Safe Bulkers, Inc. ⁽¹⁾		244		317
Saia, Inc. ⁽¹⁾		70		12,656

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 91

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Shyft Group, Inc./The		107		3,037
SkyWest, Inc.		33		1,330
Steelcase, Inc.		216		2,927
Textainer Group Holdings, Ltd. ⁽¹⁾		218		4,181
Timken Co./The		514		39,763
TPI Composites, Inc. ⁽¹⁾		85		4,486
Triton International, Ltd./Bermuda		602		29,203
Tutor Perini Corp. ⁽¹⁾		16		207
Uber Technologies, Inc. ⁽¹⁾		720		36,720
United Parcel Service, Inc. - Class B		601		101,208
Vectrus, Inc. ⁽¹⁾		101		5,022
Veritiv Corp. ⁽¹⁾		72		1,497
Waste Management, Inc.		2,326		274,305
Watsco, Inc.		35		7,929
WESCO International, Inc. ⁽¹⁾		211		16,564
WESCO International, Inc. Series A Variable Preferred ⁽⁸⁾		153		4,781
				2,780,143

Information Technology — 6.4%
8x8, Inc. ⁽¹⁾		62		2,137
Accenture PLC - Class A		150		39,182
ACI Worldwide, Inc. ⁽¹⁾		288		11,068
Adobe, Inc. ⁽¹⁾		533		266,564
ADTRAN, Inc.		56		827
Advanced Micro Devices, Inc. ⁽¹⁾		1,128		103,449
Alarm.com Holdings, Inc. ⁽¹⁾		44		4,552
Alliance Data Systems Corp.		81		6,002
Amkor Technology, Inc.		517		7,796
Apple, Inc.		14,313		1,899,192
Applied Materials, Inc.		1,883		162,503
Arista Networks, Inc. ⁽¹⁾		14		4,068
Arrow Electronics, Inc. ⁽¹⁾		572		55,656
AstroNova, Inc.		133		1,416
Autodesk, Inc. ⁽¹⁾		267		81,526
Avaya Holdings Corp. ⁽¹⁾		239		4,577
Avnet, Inc.		975		34,232
Bill.com Holdings, Inc. ⁽¹⁾		27		3,686
Broadcom, Inc.		279		122,160
CACI International, Inc. - Class A ⁽¹⁾		168		41,887
Cadence Design Systems, Inc. ⁽¹⁾		1,951		266,175
Calix, Inc. ⁽¹⁾		730		21,725
Cambium Networks Corp. ⁽¹⁾		58		1,455
CDK Global, Inc.		1,515		78,522
CDW Corp./DE		403		53,111
Cerence, Inc. ⁽¹⁾		85		8,541
ChannelAdvisor Corp. ⁽¹⁾		415		6,632

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Ciena Corp. ⁽¹⁾		195		10,306
Cisco Systems, Inc.		4,194		187,682
Cloudera, Inc. ⁽¹⁾		2		28
Cloudflare, Inc. ⁽¹⁾		161		12,234
Cognex Corp.		144		11,561
Cognizant Technology Solutions Corp.		983		80,557
Concentrix Corp. ⁽¹⁾		193		19,049
Conduent, Inc. ⁽¹⁾		808		3,878
Corning, Inc.		981		35,316
Coupa Software, Inc. ⁽¹⁾		45		15,251
Crowdstrike Holdings, Inc. ⁽¹⁾		144		30,502
Dell Technologies, Inc. - Class C ⁽¹⁾		74		5,423
Diebold Nixdorf, Inc. ⁽¹⁾		148		1,578
Digital Turbine, Inc. ⁽¹⁾		262		14,819
DocuSign, Inc. ⁽¹⁾		210		46,683
Dropbox, Inc. - Class A ⁽¹⁾		135		2,996
DXC Technology Co.		585		15,064
Eastman Kodak Co. ⁽¹⁾		42		342
Ebix, Inc.		109		4,139
Elastic NV ⁽¹⁾		12		1,754
Enphase Energy, Inc. ⁽¹⁾		106		18,600
F5 Networks, Inc. ⁽¹⁾		41		7,214
Fastly, Inc. ⁽¹⁾		50		4,369
FormFactor, Inc. ⁽¹⁾		37		1,592
Fortinet, Inc. ⁽¹⁾		108		16,041
Hewlett Packard Enterprise Co.		2,497		29,589
HP, Inc.		2,826		69,491
HubSpot, Inc. ⁽¹⁾		38		15,065
II-VI, Inc. ⁽¹⁾		60		4,558
Insight Enterprises, Inc. ⁽¹⁾		55		4,185
Intel Corp.		4,916		244,915
Intuit, Inc.		814		309,198
Jabil, Inc.		1,030		43,806
KBR, Inc.		216		6,681
KLA Corp.		348		90,101
Lam Research Corp.		273		128,930
Mastercard, Inc.		578		206,311
Maxim Integrated Products, Inc.		208		18,439
Methode Electronics, Inc.		137		5,244
Microchip Technology, Inc.		25		3,453
Micron Technology, Inc. ⁽¹⁾		618		46,461
Microsoft Corp.		7,198		1,600,979
MicroStrategy, Inc. ⁽¹⁾		71		27,587
MKS Instruments, Inc.		67		10,080
MoneyGram International, Inc. ⁽¹⁾		330		1,803
Monolithic Power Systems, Inc.		8		2,930
NCR Corp. ⁽¹⁾		254		9,543

The accompanying notes are an integral part of these financial statements

Page 92

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
NETGEAR, Inc. ⁽¹⁾		41		1,666
NortonLifeLock, Inc.		1,549		32,188
NVIDIA Corp.		515		268,933
ON Semiconductor Corp. ⁽¹⁾		98		3,208
Oracle Corp.		3,574		231,202
PagerDuty, Inc. ⁽¹⁾		34		1,418
Palo Alto Networks, Inc. ⁽¹⁾		4		1,422
Paycom Software, Inc. ⁽¹⁾		46		20,804
PayPal Holdings, Inc. ⁽¹⁾		89		20,844
Photronics, Inc. ⁽¹⁾		364		4,062
Plantronics, Inc.		42		1,135
Priority Technology Holdings, Inc. ⁽¹⁾		171		1,204
Progress Software Corp.		447		20,200
Qorvo, Inc. ⁽¹⁾		211		35,083
QUALCOMM, Inc.		2,198		334,843
Rimini Street, Inc. ⁽¹⁾		83		368
RingCentral, Inc. - Class A ⁽¹⁾		48		18,191
salesforce.com, Inc. ⁽¹⁾		735		163,560
Sanmina Corp. ⁽¹⁾		246		7,845
Sapiens International Corp. NV		38		1,163
ServiceNow, Inc. ⁽¹⁾		23		12,660
Skyworks Solutions, Inc.		239		36,538
Slack Technologies, Inc. - Class A ⁽¹⁾		38		1,605
Smartsheet, Inc. ⁽¹⁾		55		3,811
SolarEdge Technologies, Inc. ⁽¹⁾		8		2,553
Sonim Technologies, Inc. ⁽¹⁾		265		192
SPS Commerce, Inc. ⁽¹⁾		158		17,157
Square, Inc. - Class A ⁽¹⁾		326		70,951
SS&C Technologies Holdings, Inc.		2,769		201,445
StoneCo, Ltd. ⁽¹⁾		143		12,001
Stratasys, Ltd. ⁽¹⁾		125		2,590
Sykes Enterprises, Inc. ⁽¹⁾		199		7,496
SYNNEX Corp.		262		21,337
Tenable Holdings, Inc. ⁽¹⁾		216		11,288
Teradyne, Inc.		355		42,561
TESSCO Technologies, Inc.		42		262
Texas Instruments, Inc.		954		156,580
Trade Desk, Inc./The ⁽¹⁾		43		34,443
Trimble, Inc. ⁽¹⁾		588		39,261
TTEC Holdings, Inc.		121		8,825
Twilio, Inc. - Class A ⁽¹⁾		124		41,974
Ultra Clean Holdings, Inc. ⁽¹⁾		30		935
Verint Systems, Inc. ⁽¹⁾		128		8,599
Veritone, Inc. ⁽¹⁾		28		797
VirnetX Holding Corp. ⁽²⁾		656		3,306
Visa, Inc.		943		206,262
Vishay Intertechnology, Inc.		633		13,109

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Vontier Corp. ⁽¹⁾		71		2,371
Xerox Holdings Corp.		1,476		34,228
Xilinx, Inc.		270		38,278
Xperi Holding Corp.		459		9,593
Zebra Technologies Corp. - Class A ⁽¹⁾		106		40,739
Zoom Video Communications, Inc.- Class A ⁽¹⁾		156		52,622
Zscaler, Inc. ⁽¹⁾		63		12,582
				9,033,258

Materials — 0.7%
Avery Dennison Corp.		306		47,464
Avient Corp.		76		3,061
Caledonia Mining Corp. PLC		163		2,588
Celanese Corp.		32		4,158
Century Aluminum Co. ⁽¹⁾		12		132
Chemours Co./The		88		2,182
Coeur Mining, Inc. ⁽¹⁾		17		176
Commercial Metals Co.		117		2,403
Corteva, Inc.		716		27,724
Dow, Inc.		651		36,131
Eastman Chemical Co.		627		62,876
Freeport-McMoRan, Inc. - Class B		1,344		34,971
Hawkins, Inc.		34		1,779
Huntsman Corp.		1,126		28,308
Koppers Holdings, Inc. ⁽¹⁾		73		2,275
Linde PLC		30		7,905
Louisiana-Pacific Corp.		634		23,566
LyondellBasell Industries NV - Class A		311		28,506
Minerals Technologies, Inc.		40		2,485
Mosaic Co./The		108		2,485
Newmont Corp.		2,374		142,179
Nucor Corp.		387		20,585
O-I Glass, Inc.		317		3,772
Olin Corp.		88		2,161
Olympic Steel, Inc.		76		1,013
Packaging Corp. of America		86		11,860
PPG Industries, Inc.		489		70,524
Rayonier Advanced Materials, Inc. ⁽¹⁾		189		1,232
Reliance Steel & Aluminum Co.		466		55,804
Royal Gold, Inc.		30		3,191
Ryerson Holding Corp. ⁽¹⁾		338		4,610
Scotts Miracle-Gro Co./The		703		139,995
Sherwin-Williams Co./The		145		106,562
Steel Dynamics, Inc.		327		12,056
Stepan Co.		37		4,415
SunCoke Energy, Inc.		84		365

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 93

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Tredegar Corp.		237		3,958
Trinseo SA		24		1,229
Tronox Holdings PLC		219		3,202
Westlake Chemical Corp.		117		9,547
Westrock Co.		167		7,270
				926,705

Real Estate Investment Trust — 0.7%
Altisource Portfolio Solutions SA ⁽¹⁾		205		2,640
American Homes 4 Rent - Class A		752		22,560
American Tower Corp.		679		152,408
Ashford Hospitality Trust, Inc.		141		365
CareTrust REIT, Inc.		142		3,150
CatchMark Timber Trust, Inc.		380		3,557
CBL & Associates Properties, Inc. ⁽¹⁾⁽²⁾		1,071		44
Clipper Realty, Inc.		119		839
Columbia Property Trust, Inc.		919		13,178
Community Healthcare Trust, Inc.		32		1,508
CorEnergy Infrastructure Trust, Inc.		277		1,897
CorePoint Lodging, Inc.		268		1,844
Corporate Office Properties Trust		580		15,126
CubeSmart		1,179		39,626
CyrusOne, Inc.		53		3,877
DiamondRock Hospitality Co.		145		1,196
EastGroup Properties, Inc.		107		14,772
Equinix, Inc.		98		69,990
Essex Property Trust, Inc.		131		31,102
Extra Space Storage, Inc.		510		59,089
Gaming and Leisure Properties, Inc.		776		32,902
Getty Realty Corp.		277		7,629
Healthcare Realty Trust, Inc.		895		26,492
Healthcare Trust of America, Inc. - Class A		606		16,689
Hersha Hospitality Trust		123		970
Highwoods Properties, Inc.		24		951
Host Hotels & Resorts, Inc.		349		5,106
Iron Mountain, Inc.		1,432		42,215
Lamar Advertising Co. - Class A		1,008		83,886
Life Storage, Inc.		67		7,999
LTC Properties, Inc.		673		26,186
Maui Land & Pineapple Co., Inc. ⁽¹⁾		5		58
National Health Investors, Inc.		77		5,326
National Storage Affiliates Trust		338		12,178
Newmark Group, Inc.		236		1,720
Omega Healthcare Investors, Inc.		313		11,368
Park Hotels & Resorts, Inc.		268		4,596
Piedmont Office Realty Trust, Inc.		899		14,591
PotlatchDeltic Corp.		91		4,552

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
PS Business Parks, Inc.		123		16,343
Public Storage		283		65,353
RAIT Financial Trust ⁽¹⁾⁽⁶⁾		368		0
Ryman Hospitality Properties, Inc.		32		2,168
Sabra Health Care REIT, Inc.		176		3,057
SBA Communications Corp.		102		28,777
Service Properties Trust		1,004		11,536
Simon Property Group, Inc.		932		79,481
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁶⁾		477		0
Tanger Factory Outlet Centers, Inc. ⁽²⁾		304		3,028
Trinity Place Holdings, Inc. ⁽¹⁾		367		459
Urstadt Biddle Properties, Inc. - Class A		376		5,313
Welltower, Inc.		275		17,771
				977,468

Utilities — 0.4%
Alliant Energy Corp.		108		5,565
American Water Works Co., Inc.		523		80,265
Atlantic Power Corp. ⁽¹⁾		423		888
Eversource Energy		19		1,644
MDU Resources Group, Inc.		1,409		37,113
NextEra Energy, Inc.		2,318		178,831
NRG Energy, Inc.		678		25,459
Public Service Enterprise Group, Inc.		1,374		80,104
UGI Corp.		753		26,325
Vistra Corp.		34		668
WEC Energy Group, Inc.		364		33,499
Xcel Energy, Inc.		1,093		72,851
				543,212

Total Common Stocks (Cost $23,056,620)				31,250,188

Registered Investment Companies — 69.2%
Baird Core Plus Bond Fund - Class I		501,827		6,092,177
Dodge & Cox Income Fund		350,828		5,139,623
DoubleLine Total Return Bond Fund - Class I		320,390		3,428,176
Guggenheim Total Return Bond Fund - Class I		87,805		2,607,821
iShares Core U.S. Aggregate Bond ETF ⁽⁷⁾		70,037		8,277,673
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁷⁾		124,818		14,467,654
Lord Abbett High Yield Fund - Class I		807,499		6,015,867
Payden Emerging Markets Bond Fund - Class I		108,674		1,509,478
PGIM Total Return Bond Fund - Class R6		346,631		5,237,598

The accompanying notes are an integral part of these financial statements

Page 94

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
Pioneer Bond Fund - Class Y		394,545		3,996,743
Segall Bryant & Hamill Plus Bond Fund - Class I		397,349		4,426,469
SPDR Bloomberg Barclays High Yield Bond ETF ⁽⁷⁾		90,085		9,813,860
TCW Emerging Markets Income Fund - Class I		329,551		2,804,481
Vanguard Intermediate-Term Corporate Bond ETF ⁽⁷⁾		34,995		3,399,414
Vanguard Total Bond Market ETF ⁽⁷⁾		80,350		7,086,067
Xtrackers USD High Yield Corporate Bond ETF ⁽⁷⁾		274,322		13,740,787
Total Registered Investment Companies (Cost $91,532,633)				98,043,888

Money Market Registered Investment Companies — 7.4%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁴⁾		10,425,301		10,428,429
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		4,870		4,870
Total Money Market Registered Investment Companies (Cost $10,426,324)				10,433,299
Total Investments — 98.7% (Cost $125,015,577)				139,727,375
Other Assets less Liabilities — 1.3%				1,791,175
Total Net Assets — 100.0%				141,518,550

Trustee Deferred Compensation ⁽⁵⁾
Meeder Balanced Fund - Retail Class		1,125		14,423
Meeder Dynamic Allocation Fund - Retail Class		2,884		38,617
Meeder Muirfield Fund - Retail Class		1,790		14,678
Meeder Conservative Allocation Fund - Retail Class		332		7,938
Total Trustee Deferred Compensation (Cost $61,505)				75,656

Conservative Allocation
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		35		3/19/2021		3,728,900		59,330
Mini MSCI Emerging Markets Index Futures		16		3/19/2021		1,030,560		32,257
Russell 2000 Mini Index Futures		7		3/19/2021		691,180		14,035
Standard & Poors 500 Mini Futures		23		3/19/2021		4,311,120		125,703
E-mini Standard & Poors MidCap 400 Futures		5		3/19/2021		1,151,750		35,519
Total Futures Contracts		86				10,913,510		266,844

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(5)	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.

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

(7)	Exchange-traded fund.

(8)	Preferred stock.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 95

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 74.1%
Communication Services — 7.4%
Activision Blizzard, Inc.		9,907		919,865
Alphabet, Inc. - Class A ⁽¹⁾		915		1,603,666
Alphabet, Inc. - Class C ⁽¹⁾		1,597		2,797,752
AMC Entertainment Holdings, Inc. - Class A ⁽²⁾		816		1,730
Cinemark Holdings, Inc.		528		9,192
Comcast Corp. - Class A		28,511		1,493,976
Cumulus Media, Inc. ⁽¹⁾		785		6,845
DHI Group, Inc. ⁽¹⁾		108		240
DISH Network Corp. ⁽¹⁾		1,226		39,649
Electronic Arts, Inc.		3,781		542,952
EW Scripps Co./The		216		3,303
Facebook, Inc. ⁽¹⁾		10,912		2,980,722
Fluent, Inc. ⁽¹⁾		895		4,752
Frontier Communications Corp. ⁽¹⁾		3,108		278
Glu Mobile, Inc. ⁽¹⁾		1,144		10,307
Gogo, Inc. ⁽¹⁾		330		3,178
Gray Television, Inc. ⁽¹⁾		1,628		29,125
IDT Corp. - Class B ⁽¹⁾		398		4,919
Interpublic Group of Cos., Inc./The		12,842		302,044
Lee Enterprises, Inc. ⁽¹⁾		2,570		3,238
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		547		2,374
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		1,336		15,190
Meredith Corp.		222		4,262
Netflix, Inc. ⁽¹⁾		1,709		924,108
News Corp.		3,084		55,419
Nexstar Media Group, Inc.		997		108,862
Omnicom Group, Inc.		4,641		289,459
Pinterest, Inc. - Class A ⁽¹⁾		1,772		116,775
Roku, Inc. - Class A ⁽¹⁾		623		206,848
Sinclair Broadcast Group, Inc.		135		4,300
Spotify Technology SA ⁽¹⁾		889		279,733
Take-Two Interactive Software, Inc. ⁽¹⁾		343		71,272
TechTarget, Inc. ⁽¹⁾		859		50,775
TEGNA, Inc.		1,874		26,142
Telephone and Data Systems, Inc.		1,239		23,008
Twitter, Inc. ⁽¹⁾		976		52,850
Verizon Communications, Inc.		28,619		1,681,366
World Wrestling Entertainment, Inc. - Class A		1,217		58,477
Yelp, Inc. ⁽¹⁾		64		2,091
				14,731,044

Consumer Discretionary — 9.5%
Abercrombie & Fitch Co.		53		1,079
Adient PLC ⁽¹⁾		85		2,955

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Amazon.com, Inc. ⁽¹⁾		1,607		5,233,887
American Eagle Outfitters, Inc.		46		923
Aramark		950		36,556
At Home Group, Inc. ⁽¹⁾		296		4,576
AutoNation, Inc. ⁽¹⁾		199		13,888
Best Buy Co., Inc.		5,333		532,180
Big Lots, Inc.		299		12,836
BorgWarner, Inc.		832		32,148
Boyd Gaming Corp.		623		26,739
Brinker International, Inc.		394		22,289
Brunswick Corp./DE		474		36,138
Buckle, Inc./The		190		5,548
Caleres, Inc.		481		7,528
Camping World Holdings, Inc.		2,340		60,957
Capri Holdings, Ltd. ⁽¹⁾		619		25,998
CarParts.com, Inc. ⁽¹⁾		824		10,209
Carvana Co. ⁽¹⁾		57		13,654
Chipotle Mexican Grill, Inc. ⁽¹⁾		500		693,355
Churchill Downs, Inc.		91		17,726
Container Store Group, Inc./The ⁽¹⁾		212		2,022
Cooper Tire & Rubber Co.		345		13,973
Cracker Barrel Old Country Store, Inc.		501		66,092
Crocs, Inc. ⁽¹⁾		3,358		210,412
Dana, Inc.		1,295		25,278
Darden Restaurants, Inc.		904		107,684
Dave & Buster’s Entertainment, Inc.		127		3,813
Del Taco Restaurants, Inc.		208		1,884
Designer Brands, Inc. - Class A		505		3,863
Dillard’s, Inc. - Class A		52		3,279
Dollar General Corp.		2,574		541,312
Dollar Tree, Inc. ⁽¹⁾		862		93,130
Domino’s Pizza, Inc.		321		123,091
DR Horton, Inc.		4,279		294,909
Duluth Holdings, Inc. - Class B ⁽¹⁾		89		940
eBay, Inc.		3,310		166,328
Etsy, Inc. ⁽¹⁾		495		88,065
Everi Holdings, Inc. ⁽¹⁾		257		3,549
Extended Stay America, Inc.		1,752		25,947
Fiesta Restaurant Group, Inc. ⁽¹⁾		265		3,021
Fossil Group, Inc. ⁽¹⁾		413		3,581
Fox Factory Holding Corp. ⁽¹⁾		99		10,465
Franchise Group, Inc.		113		3,441
Gap, Inc./The		198		3,998
General Motors Co.		10,173		423,604
Genesco, Inc. ⁽¹⁾		93		2,798
GoPro, Inc. ⁽¹⁾		301		2,492
Greenlane Holdings, Inc. ⁽¹⁾		370		1,465

The accompanying notes are an integral part of these financial statements

Page 96

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Group 1 Automotive, Inc.		121		15,868
GrowGeneration Corp. ⁽¹⁾		418		16,812
Guess?, Inc.		225		5,090
Hanesbrands, Inc.		1,124		16,388
Harley-Davidson, Inc.		1,208		44,334
Hibbett Sports, Inc. ⁽¹⁾		501		23,136
Houghton Mifflin Harcourt Co. ⁽¹⁾		495		1,648
International Game Technology PLC		1,113		18,854
Kohl’s Corp.		1,009		41,056
L Brands, Inc.		915		34,029
Lakeland Industries, Inc. ⁽¹⁾		961		26,187
Lands’ End, Inc. ⁽¹⁾		217		4,681
Las Vegas Sands Corp.		1,010		60,196
Lear Corp.		328		52,162
Lennar Corp. - Class A		1,351		102,987
Lovesac Co./The ⁽¹⁾		61		2,628
Lowe’s Cos., Inc.		9,039		1,450,850
Lululemon Athletica, Inc. ⁽¹⁾		542		188,632
Lumber Liquidators Holdings, Inc. ⁽¹⁾		552		16,968
M/I Homes, Inc. ⁽¹⁾		296		13,110
Malibu Boats, Inc. ⁽¹⁾		226		14,111
MarineMax, Inc. ⁽¹⁾		170		5,955
Marriott International, Inc./MD		459		60,551
McDonald’s Corp.		6,146		1,318,809
Meritage Homes Corp. ⁽¹⁾		579		47,953
MGM Resorts International		49		1,544
Modine Manufacturing Co. ⁽¹⁾		908		11,404
Nautilus, Inc. ⁽¹⁾		333		6,041
NIKE, Inc. - Class B		4,443		628,551
Nordstrom, Inc.		105		3,277
ODP Corp./The		596		17,463
OneWater Marine, Inc. ⁽¹⁾		315		9,163
Overstock.com, Inc. ⁽¹⁾		218		10,457
Party City Holdco, Inc. ⁽¹⁾		552		3,395
Penn National Gaming, Inc. ⁽¹⁾		805		69,528
Polaris, Inc.		283		26,964
Pool Corp.		74		27,565
PulteGroup, Inc.		9,151		394,591
Purple Innovation, Inc. ⁽¹⁾		634		20,884
Qurate Retail, Inc. - Class A		3,927		43,079
Red Rock Resorts, Inc.		585		14,648
Rent-A-Center, Inc./TX		7,429		284,456
Scientific Games Corp. ⁽¹⁾		348		14,439
Select Interior Concepts, Inc. ⁽¹⁾		2		14
Sleep Number Corp. ⁽¹⁾		159		13,016
Smith & Wesson Brands, Inc.		90		1,598
Sonic Automotive, Inc.		487		18,784

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Starbucks Corp.		6,451		690,128
Tapestry, Inc.		790		24,553
Target Corp.		3,094		546,184
Tesla, Inc. ⁽¹⁾		3,288		2,320,243
Texas Roadhouse, Inc.		503		39,314
Thor Industries, Inc.		1,782		165,708
TopBuild Corp. ⁽¹⁾		124		22,826
Town Sports International Holdings, Inc. ⁽¹⁾		2,090		523
Tupperware Brands Corp. ⁽¹⁾		179		5,798
Urban Outfitters, Inc. ⁽¹⁾		258		6,605
Vista Outdoor, Inc. ⁽¹⁾		144		3,421
VOXX International Corp. ⁽¹⁾		212		2,705
Waitr Holdings, Inc. ⁽¹⁾		351		976
Wayfair, Inc. ⁽¹⁾		48		10,839
Wendy’s Co./The		920		20,166
Williams-Sonoma, Inc.		265		26,988
Wingstop, Inc.		330		43,742
Winnebago Industries, Inc.		2,421		145,115
Wyndham Destinations, Inc.		2,925		131,216
Yum China Holdings, Inc.		2,658		151,745
Yum! Brands, Inc.		3,969		430,875
				19,015,131

Consumer Staples — 2.3%
Andersons, Inc./The		403		9,878
BJ’s Wholesale Club Holdings, Inc. ⁽¹⁾		232		8,649
Bunge, Ltd.		11,188		733,709
Conagra Brands, Inc.		2,979		108,019
Costco Wholesale Corp.		276		103,991
Darling Ingredients, Inc. ⁽¹⁾		6,419		370,248
General Mills, Inc.		16,731		983,783
Ingredion, Inc.		150		11,801
Kroger Co./The		4,980		158,165
Molson Coors Beverage Co. - Class B		5,058		228,571
Natural Grocers by Vitamin Cottage, Inc.		302		4,149
Nu Skin Enterprises, Inc.		211		11,527
PepsiCo, Inc.		5,712		847,090
Performance Food Group Co. ⁽¹⁾		658		31,327
Rite Aid Corp. ⁽¹⁾		358		5,667
SpartanNash Co.		524		9,123
Tyson Foods, Inc.		1,230		79,261
United Natural Foods, Inc. ⁽¹⁾		394		6,292
Walgreens Boots Alliance, Inc.		334		13,320
Walmart, Inc.		6,321		911,172
				4,635,742

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 97

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Energy — 0.7%
Amplify Energy Corp.		2,487		3,258
Antero Resources Corp. ⁽¹⁾		2,712		14,780
Apache Corp.		1,048		14,871
Archrock, Inc.		1,573		13,622
Ardmore Shipping Corp.		1,930		6,311
Aspen Aerogels, Inc. ⁽¹⁾		959		16,006
Berry Corp.		370		1,362
Bonanza Creek Energy, Inc. ⁽¹⁾		583		11,269
Brigham Minerals, Inc.		209		2,297
Cabot Oil & Gas Corp.		2,196		35,751
Cactus, Inc. - Class A		1,243		32,405
Centennial Resource Development, Inc./DE - Class A ⁽¹⁾		2,532		3,798
Chaparral Energy, Inc. A Warrants ⁽¹⁾⁽⁷⁾		2		0
Chaparral Energy, Inc. B Warrants ⁽¹⁾⁽⁷⁾		2		0
Chesapeake Energy Corp. ⁽¹⁾		238		362
Cimarex Energy Co.		2,105		78,959
Clean Energy Fuels Corp. ⁽¹⁾		1,815		14,266
CNX Resources Corp. ⁽¹⁾		836		9,029
Concho Resources, Inc.		1,615		94,235
ConocoPhillips		6,190		247,538
CONSOL Energy, Inc. ⁽¹⁾		410		2,956
Continental Resources, Inc./OK		708		11,540
Delek US Holdings, Inc.		319		5,126
DHT Holdings, Inc.		1,239		6,480
Diamondback Energy, Inc.		387		18,731
DMC Global, Inc.		70		3,028
Dorian LPG, Ltd. ⁽¹⁾		509		6,205
Earthstone Energy, Inc. - Class A ⁽¹⁾		897		4,781
EOG Resources, Inc.		3,357		167,414
EQT Corp.		1,991		25,306
Exterran Corp. ⁽¹⁾		226		999
Extraction Oil & Gas, Inc. ⁽¹⁾		1,270		36
Frank’s International NV ⁽¹⁾		845		2,315
Golar LNG, Ltd.		408		3,933
Gulfport Energy Corp. ⁽¹⁾		750		31
Hallador Energy Co.		131		193
Hess Corp.		559		29,510
International Seaways, Inc.		593		9,684
Laredo Petroleum, Inc. ⁽¹⁾		790		15,563
Liberty Oilfield Services, Inc. - Class A		1,572		16,207
Matador Resources Co. ⁽¹⁾		979		11,807
Nabors Industries, Ltd.		162		9,433
NextDecade Corp. ⁽¹⁾		414		865
NexTier Oilfield Solutions, Inc. ⁽¹⁾		1,356		4,665
Nine Energy Service, Inc. ⁽¹⁾		1,075		2,924

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Nordic American Tankers, Ltd.		861		2,540
NOV, Inc. ⁽¹⁾		1,596		21,913
Oasis Petroleum, Inc. Warrants ⁽¹⁾⁽⁷⁾		7		0
Oceaneering International, Inc. ⁽¹⁾		1,320		10,494
Overseas Shipholding Group, Inc. ⁽¹⁾		38		81
Parsley Energy, Inc.		1,293		18,361
Patterson-UTI Energy, Inc.		1,000		5,260
PDC Energy, Inc. ⁽¹⁾		1,006		20,653
Peabody Energy Corp.		1,125		2,711
Phillips 66		812		56,791
Pioneer Natural Resources Co.		770		87,695
Profire Energy, Inc. ⁽¹⁾		11		9
ProPetro Holding Corp. ⁽¹⁾		3,756		27,757
Range Resources Corp.		1,131		7,578
Renewable Energy Group, Inc. ⁽¹⁾		254		17,988
Schlumberger NV		2,017		44,031
SCorp.io Tankers, Inc.		270		3,021
SilverBow Resources, Inc. ⁽¹⁾⁽²⁾		506		2,687
Southwestern Energy Co. ⁽¹⁾		3,758		11,199
Superior Energy Services, Inc. ⁽¹⁾		323		15
Teekay Corp. ⁽¹⁾		1,125		2,419
W&T Offshore, Inc. ⁽¹⁾		2,639		5,727
Whiting Petroleum Corp. ⁽¹⁾		82		2,050
Whiting Petroleum Corporation A Warrants ⁽¹⁾		44		77
Whiting Petroleum Corporation B Warrants ⁽¹⁾⁽²⁾		21		40
World Fuel Services Corp.		1,128		35,148
WPX Energy, Inc. ⁽¹⁾		1,709		13,928
				1,360,024

Financials — 6.3%
AGNC Investment Corp.		6,469		100,916
Allstate Corp./The		265		29,131
Ally Financial, Inc.		7,162		255,397
American Equity Investment Life Holding Co.		594		16,430
American Express Co.		1,088		131,550
Ameriprise Financial, Inc.		584		113,489
Ameris BanCorp.		1,883		71,686
Artisan Partners Asset Management, Inc. - Class A		2,599		130,834
Associated Banc-Corp.		6,476		110,416
Axos Financial, Inc. ⁽¹⁾		489		18,352
BanCorp.South Bank		1,770		48,569
Bank of America Corp.		38,141		1,156,054
Bank of NT Butterfield & Son, Ltd./The		987		30,755

The accompanying notes are an integral part of these financial statements

Page 98

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
BankUnited, Inc.		1,993		69,317
Bar Harbor Bankshares		186		4,202
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		11,890		2,756,934
Brightsphere Investment Group, Inc.		515		9,929
Charles Schwab Corp./The		419		22,224
Chimera Investment Corp.		288		2,952
Citigroup, Inc.		5,628		347,022
Citizens Financial Group, Inc.		3,481		124,481
Civista Bancshares, Inc.		1,396		24,472
CNO Financial Group, Inc.		3,103		68,980
Comerica, Inc.		30		1,676
Curo Group Holdings Corp.		1,458		20,893
Customers BanCorp., Inc. ⁽¹⁾		1,222		22,216
East West BanCorp., Inc.		1,618		82,049
Eaton Vance Corp.		495		33,625
Elevate Credit, Inc. ⁽¹⁾		2,328		9,289
Ellington Residential Mortgage REIT		1,615		21,060
Enova International, Inc. ⁽¹⁾		833		20,633
Esquire Financial Holdings, Inc. ⁽¹⁾		113		2,168
Evercore, Inc. - Class A		512		56,136
Farmers National Banc Corp.		262		3,477
Fifth Third BanCorp.		10,235		282,179
First Choice BanCorp.		46		851
First Citizens BancShares, Inc./NC - Class A		89		51,110
First Financial BanCorp.		2,016		35,340
First Foundation, Inc.		1,000		20,000
First Horizon Corp.		362		4,619
First Interstate BancSystem, Inc.		118		4,811
First Republic Bank/CA		1,023		150,309
Goosehead Insurance, Inc.		272		33,935
Great Ajax Corp.		2,705		28,294
Hartford Financial Services Group, Inc./The		571		27,968
HBT Financial, Inc.		330		5,000
Heartland Financial USA, Inc.		1,169		47,193
Hilltop Holdings, Inc.		2,846		78,293
Houlihan Lokey, Inc. - Class A		929		62,457
Huntington Bancshares, Inc./OH		3,506		44,281
Independent Bank Corp./MI		1		18
JPMorgan Chase & Co.		7,740		983,522
KeyCorp.		3,646		59,831
Kinsale Capital Group, Inc.		539		107,870
Lakeland Financial Corp.		130		6,965
LendingClub Corp. ⁽¹⁾		129		1,362
M&T Bank Corp.		334		42,518
Meta Financial Group, Inc.		234		8,555
MetLife, Inc.		4,256		199,819
Metrocity Bankshares, Inc.		1,213		17,491

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Morgan Stanley		7,115		487,591
Mr Cooper Group, Inc. ⁽¹⁾		2,090		64,853
NewStar Financial Contingent Value Rights ⁽¹⁾⁽⁷⁾		179		0
Northrim BanCorp., Inc.		898		30,487
Old Republic International Corp.		1,066		21,011
OneMain Holdings, Inc.		1,029		49,557
Oppenheimer Holdings, Inc.		1,860		58,460
PennyMac Financial Services, Inc.		3,158		207,228
PennyMac Mortgage Investment Trust		1,304		22,937
People’s United Financial, Inc.		1,682		21,748
Pinnacle Financial Partners, Inc.		213		13,717
PJT Partners, Inc.		1,144		86,086
PNC Financial Services Group, Inc./The		1,413		210,537
Popular, Inc.		77		4,337
Progressive Corp./The		1,586		156,824
ProSight Global, Inc. ⁽¹⁾		20		257
Prudential Financial, Inc.		2,464		192,364
Pzena Investment Management, Inc. - Class A		2,462		17,973
QCR Holdings, Inc.		630		24,942
RBB BanCorp.		1,137		17,487
Ready Capital Corp.		1,680		20,916
Regions Financial Corp.		12,877		207,577
Sandy Spring BanCorp., Inc.		277		8,917
Siebert Financial Corp. ⁽¹⁾		226		949
Signature Bank/New York NY		513		69,404
Simmons First National Corp.		359		7,751
SLM Corp.		1,779		22,042
South State Corp.		134		9,688
State Street Corp.		3,092		225,036
Stewart Information Services Corp.		4,581		221,537
StoneX Group, Inc. ⁽¹⁾		218		12,622
SVB Financial Group ⁽¹⁾		384		148,927
Synchrony Financial		18,067		627,106
Synovus Financial Corp.		212		6,862
Triumph BanCorp., Inc. ⁽¹⁾		30		1,457
Truist Financial Corp.		7,802		373,950
UMB Financial Corp.		1,045		72,095
United Community Banks, Inc./GA		1,480		42,091
Unum Group		6,502		149,156
Valley National BanCorp.		2,879		28,070
Veritex Holdings, Inc.		1,263		32,409
Virtu Financial, Inc.		3,214		80,896
Virtus Investment Partners, Inc.		335		72,695
Walker & Dunlop, Inc.		1,084		99,750
Wells Fargo & Co.		3,066		92,532

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 99

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Western Alliance BanCorp.		1,235		74,038
				12,618,774

Healthcare — 14.0%
89bio, Inc. ⁽¹⁾		38		926
Abbott Laboratories		4,913		537,924
AbbVie, Inc.		16,267		1,743,009
Abeona Therapeutics, Inc. ⁽¹⁾		63		99
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		3,655		4,532
Affimed NV ⁽¹⁾		1,311		7,630
Agilent Technologies, Inc.		4,167		493,748
Akebia Therapeutics, Inc. ⁽¹⁾		265		742
Albireo Pharma, Inc. ⁽¹⁾		15		563
Alexion Pharmaceuticals, Inc. ⁽¹⁾		2,027		316,698
Align Technology, Inc. ⁽¹⁾		410		219,096
Alkermes PLC ⁽¹⁾		1,911		38,124
Allakos, Inc. ⁽¹⁾		154		21,560
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		733		10,585
Alnylam Pharmaceuticals, Inc. ⁽¹⁾		604		78,502
Amedisys, Inc. ⁽¹⁾		31		9,093
AmerisourceBergen Corp.		28		2,737
Amgen, Inc.		5,453		1,253,754
Amicus Therapeutics, Inc. ⁽¹⁾		78		1,801
Amneal Pharmaceuticals, Inc. - Class A ⁽¹⁾		2,422		11,069
Anthem, Inc.		1,129		362,511
Apellis Pharmaceuticals, Inc. ⁽¹⁾		326		18,647
Applied Therapeutics, Inc. ⁽¹⁾		79		1,739
Arcturus Therapeutics Holdings, Inc. ⁽¹⁾		125		5,423
Arcutis Biotherapeutics, Inc. ⁽¹⁾		161		4,529
Arena Pharmaceuticals, Inc. ⁽¹⁾		378		29,042
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		447		34,298
Assembly Biosciences, Inc. ⁽¹⁾		425		2,571
Assertio Holdings, Inc. ⁽¹⁾		4,595		1,643
Atara Biotherapeutics, Inc. ⁽¹⁾		309		6,066
Avantor, Inc. ⁽¹⁾		1,405		39,551
Axsome Therapeutics, Inc. ⁽¹⁾		62		5,051
Baxter International, Inc.		378		30,331
Beam Therapeutics, Inc. ⁽¹⁾		267		21,798
Beyondspring, Inc. ⁽¹⁾		122		1,488
BioDelivery Sciences International, Inc. ⁽¹⁾		4,109		17,258
Bio-Rad Laboratories, Inc. ⁽¹⁾		65		37,891
Bio-Techne Corp.		165		52,396
Bioxcel Therapeutics, Inc. ⁽¹⁾		174		8,039
Blueprint Medicines Corp. ⁽¹⁾		321		36,000
Bridgebio Pharma, Inc. ⁽¹⁾		216		15,360
Bristol-Myers Squibb Co.		13,502		837,529
Calyxt, Inc. ⁽¹⁾		226		954

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Cardinal Health, Inc.		6,549		350,764
CareDx, Inc. ⁽¹⁾		336		24,343
CASI Pharmaceuticals, Inc. ⁽¹⁾		468		1,381
Castle Biosciences, Inc. ⁽¹⁾		169		11,348
Catalent, Inc. ⁽¹⁾		1,573		163,702
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		2,747		9,175
Centene Corp. ⁽¹⁾		2,247		134,887
Centogene NV ⁽¹⁾		243		2,620
Cerecor, Inc. ⁽¹⁾		444		1,172
Cerner Corp.		8,242		646,832
Charles River Laboratories International, Inc. ⁽¹⁾		420		104,941
Chemed Corp.		285		151,794
ChemoCentryx, Inc. ⁽¹⁾		423		26,192
Co-Diagnostics, Inc. ⁽¹⁾		184		1,711
Community Health Systems, Inc. ⁽¹⁾		1,047		7,779
Computer Programs and Systems, Inc.		362		9,716
Concert Pharmaceuticals, Inc. ⁽¹⁾		20		253
Constellation Pharmaceuticals, Inc. ⁽¹⁾		183		5,270
Corcept Therapeutics, Inc. ⁽¹⁾		200		5,232
Cross Country Healthcare, Inc. ⁽¹⁾		254		2,253
CVS Health Corp.		9,838		671,935
Cymabay Therapeutics, Inc. ⁽¹⁾		1,271		7,296
Danaher Corp.		1,782		395,853
Deciphera Pharmaceuticals, Inc. ⁽¹⁾		82		4,680
Denali Therapeutics, Inc. ⁽¹⁾		287		24,039
DENTSPLY SIRONA, Inc.		2,341		122,575
Editas Medicine, Inc. ⁽¹⁾		294		20,612
Edwards Lifesciences Corp. ⁽¹⁾		2,745		250,426
Eidos Therapeutics, Inc. ⁽¹⁾		83		10,921
Elanco Animal Health, Inc. Contingent Value Rights ⁽¹⁾⁽⁷⁾		1,625		0
Eli Lilly and Co.		4,698		793,210
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		355		1,413
Emergent BioSolutions, Inc. ⁽¹⁾		599		53,670
Endo International PLC ⁽¹⁾		3,202		22,990
Enochian Biosciences, Inc. ⁽¹⁾		66		195
Ensign Group, Inc./The		280		20,418
Evelo Biosciences, Inc. ⁽¹⁾		248		2,998
Exact Sciences Corp. ⁽¹⁾		617		81,746
Exelixis, Inc. ⁽¹⁾		2,620		52,583
Fate Therapeutics, Inc. ⁽¹⁾		369		33,553
Five Prime Therapeutics, Inc. ⁽¹⁾		323		5,494
Fulgent Genetics, Inc. ⁽¹⁾		60		3,126
Gilead Sciences, Inc.		10,139		590,698
Globus Medical, Inc. ⁽¹⁾		357		23,284
HCA Healthcare, Inc.		962		158,211

The accompanying notes are an integral part of these financial statements

Page 100

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Hill-Rom Holdings, Inc.		1,077		105,514
Hologic, Inc. ⁽¹⁾		707		51,491
Horizon Therapeutics Plc ⁽¹⁾		3,990		291,869
Humana, Inc.		981		402,475
IDEXX Laboratories, Inc. ⁽¹⁾		6		2,999
IGM Biosciences, Inc. ⁽¹⁾		36		3,178
Illumina, Inc. ⁽¹⁾		388		143,560
ImmunoGen, Inc. ⁽¹⁾		1,235		7,966
Immunovant, Inc. ⁽¹⁾		94		4,342
Inogen, Inc. ⁽¹⁾		134		5,987
Inovio Pharmaceuticals, Inc. ⁽¹⁾		498		4,407
Insmed, Inc. ⁽¹⁾		403		13,416
Insulet Corp. ⁽¹⁾		128		32,721
Intellia Therapeutics, Inc. ⁽¹⁾		383		20,835
Intersect ENT, Inc. ⁽¹⁾		298		6,824
Intra-Cellular Therapies, Inc. ⁽¹⁾		1		32
Invitae Corp. ⁽¹⁾		517		21,616
Iovance Biotherapeutics, Inc. ⁽¹⁾		832		38,605
iRhythm Technologies, Inc. ⁽¹⁾		104		24,670
Johnson & Johnson		17,416		2,740,930
Jounce Therapeutics, Inc. ⁽¹⁾		340		2,380
Kodiak Sciences, Inc. ⁽¹⁾		188		27,619
Kura Oncology, Inc. ⁽¹⁾		727		23,744
LHC Group, Inc. ⁽¹⁾		2		427
MacroGenics, Inc. ⁽¹⁾		404		9,235
Mallinckrodt PLC ⁽¹⁾		92		18
Marinus Pharmaceuticals, Inc. ⁽¹⁾		211		2,574
McKesson Corp.		1,387		241,227
Medtronic PLC		14,395		1,686,230
MEI Pharma, Inc. ⁽¹⁾		1,169		3,086
Merck & Co., Inc.		21,736		1,778,005
Mersana Therapeutics, Inc. ⁽¹⁾		1,345		35,790
Mettler-Toledo International, Inc. ⁽¹⁾		26		29,632
Mirati Therapeutics, Inc. ⁽¹⁾		225		49,419
Moderna, Inc. ⁽¹⁾		1,262		131,841
ModivCare, Inc. ⁽¹⁾		80		11,090
Molina Healthcare, Inc. ⁽¹⁾		154		32,753
Morphic Holding, Inc. ⁽¹⁾		106		3,556
Myriad Genetics, Inc. ⁽¹⁾		190		3,757
NantKwest, Inc. ⁽¹⁾		638		8,505
Natera, Inc. ⁽¹⁾		389		38,713
National HealthCare Corp.		70		4,649
Neurocrine Biosciences, Inc. ⁽¹⁾		263		25,209
NextGen Healthcare, Inc. ⁽¹⁾		1,483		27,050
Novavax, Inc. ⁽¹⁾		282		31,446
Novocure, Ltd. ⁽¹⁾		81		14,016
Ocular Therapeutix, Inc. ⁽¹⁾		1,294		26,786

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Oncocyte Corp. ⁽¹⁾		312		746
Organogenesis Holdings, Inc. ⁽¹⁾		353		2,658
Osmotica Pharmaceuticals PLC ⁽¹⁾		1,397		5,756
Owens & Minor, Inc.		598		16,176
Pacific Biosciences of California, Inc. ⁽¹⁾		1,015		26,329
Palatin Technologies, Inc. ⁽¹⁾		4,629		3,128
PerkinElmer, Inc.		1,037		148,810
Perrigo Co. PLC		3,795		169,712
Pfizer, Inc.		30,864		1,136,104
PRA Health Sciences, Inc. ⁽¹⁾		445		55,821
Precigen, Inc. ⁽¹⁾⁽²⁾		558		5,692
Quest Diagnostics, Inc.		691		82,346
Quidel Corp. ⁽¹⁾		70		12,576
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		1,089		526,107
Replimune Group, Inc. ⁽¹⁾		119		4,540
ResMed, Inc.		647		137,526
REVOLUTION Medicines, Inc. ⁽¹⁾		132		5,226
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		736		21,881
Rigel Pharmaceuticals, Inc. ⁽¹⁾		559		1,957
Rocket Pharmaceuticals, Inc. ⁽¹⁾		243		13,326
Sangamo Therapeutics, Inc. ⁽¹⁾		751		11,719
Scholar Rock Holding Corp. ⁽¹⁾		165		8,007
Seagen, Inc. ⁽¹⁾		759		132,931
Seres Therapeutics, Inc. ⁽¹⁾		341		8,355
Simulations Plus, Inc.		866		62,283
Solid Biosciences, Inc. ⁽¹⁾		395		2,994
Sorrento Therapeutics, Inc. ⁽¹⁾		1,060		7,235
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		1,138		3,881
SpringWorks Therapeutics, Inc. ⁽¹⁾		96		6,962
STERIS PLC		1,636		310,087
Stryker Corp.		2,709		663,813
Supernus Pharmaceuticals, Inc. ⁽¹⁾		509		12,806
Surgery Partners, Inc. ⁽¹⁾		174		5,048
Sutro Biopharma, Inc. ⁽¹⁾		238		5,167
Syros Pharmaceuticals, Inc. ⁽¹⁾		1,139		12,358
Teladoc Health, Inc. ⁽¹⁾		309		61,788
Tenet Healthcare Corp. ⁽¹⁾		810		32,343
TG Therapeutics, Inc. ⁽¹⁾		671		34,905
Thermo Fisher Scientific, Inc.		1,359		632,995
Translate Bio, Inc. ⁽¹⁾		359		6,616
Travere Therapeutics, Inc. ⁽¹⁾		90		2,453
Turning Point Therapeutics, Inc. ⁽¹⁾		303		36,921
Twist Bioscience Corp. ⁽¹⁾		259		36,594
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		208		28,793
United Therapeutics Corp. ⁽¹⁾		1,401		212,658
UnitedHealth Group, Inc.		3,835		1,344,858
Universal Health Services, Inc. - Class B		505		69,438

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 101

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Vanda Pharmaceuticals, Inc. ⁽¹⁾		1,576		20,709
Veeva Systems, Inc. ⁽¹⁾		638		173,696
Veracyte, Inc. ⁽¹⁾		686		33,573
Vertex Pharmaceuticals, Inc. ⁽¹⁾		1,883		445,028
Viatris, Inc. ⁽¹⁾		5,613		105,188
Viela Bio, Inc. ⁽¹⁾		19		683
Viemed Healthcare, Inc. ⁽¹⁾		158		1,226
West Pharmaceutical Services, Inc.		741		209,933
XBiotech, Inc. ⁽¹⁾		808		12,645
Xencor, Inc. ⁽¹⁾		268		11,693
Zimmer Biomet Holdings, Inc.		2,916		449,326
ZIOPHARM Oncology, Inc. ⁽¹⁾		837		2,109
Zoetis, Inc. - Class A		4,954		819,887
				27,923,913

Industrials — 6.3%
3M Co.		3,273		572,088
AGCO Corp.		1,052		108,451
Allegiant Travel Co.		1,025		193,971
Alpha Pro Tech, Ltd. ⁽¹⁾		502		5,597
Altra Industrial Motion Corp.	��	518		28,713
ArcBest Corp.		836		35,672
Arcosa, Inc.		868		47,679
Argan, Inc.		187		8,320
ASGN, Inc. ⁽¹⁾		152		12,697
Astec Industries, Inc.		219		12,676
Atkore International Group, Inc. ⁽¹⁾		1,856		76,300
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		46		2,509
Axon Enterprise, Inc. ⁽¹⁾		185		22,668
AZZ, Inc.		634		30,077
BG Staffing, Inc.		101		1,362
BMC Stock Holdings, Inc. ⁽¹⁾		858		46,057
Boise Cascade Co.		3,073		146,889
CAI International, Inc.		51		1,593
Caterpillar, Inc.		1,695		308,524
Charah Solutions, Inc. ⁽¹⁾		139		399
Chart Industries, Inc. ⁽¹⁾		4		471
Cintas Corp.		774		273,578
Comfort Systems USA, Inc.		1,201		63,245
Construction Partners, Inc. ⁽¹⁾		20		582
Copart, Inc. ⁽¹⁾		2,593		329,959
CoreCivic, Inc.		3,074		20,135
CoreLogic, Inc./United States		1,213		93,789
Costamare, Inc.		7		58
Covenant Logistics Group, Inc. ⁽¹⁾		659		9,760
CSX Corp.		1,809		164,167
Cummins, Inc.		5,425		1,232,018

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Deere & Co.		1,397		375,863
Eaton Corp. PLC		2,786		334,710
EMCOR Group, Inc.		961		87,893
Emerson Electric Co.		1,599		128,512
EnerSys		69		5,731
Fastenal Co.		3,382		165,143
FedEx Corp.		981		254,687
FuelCell Energy, Inc. ⁽¹⁾		235		2,625
Generac Holdings, Inc. ⁽¹⁾		309		70,270
General Electric Co.		6,621		71,507
GrafTech International, Ltd.		1,703		18,154
Greenbrier Cos., Inc./The		28		1,019
HEICO Corp.		353		46,737
Herc Holdings, Inc. ⁽¹⁾		230		15,274
Herman Miller, Inc.		492		16,630
Hertz Global Holdings, Inc. ⁽¹⁾		922		1,180
HNI Corp.		539		18,574
Hubbell, Inc.		265		41,549
Huntington Ingalls Industries, Inc.		642		109,448
JB Hunt Transport Services, Inc.		172		23,504
Kelly Services, Inc. - Class A		763		15,695
Kforce, Inc.		262		11,028
Kimball International, Inc. - Class B		1,373		16,407
L B Foster Co. - Class A ⁽¹⁾		301		4,530
Lawson Products, Inc./DE ⁽¹⁾		79		4,022
Lincoln Electric Holdings, Inc.		1		116
Lockheed Martin Corp.		3,355		1,190,958
LSC Communications, Inc. ⁽¹⁾		2,952		59
Manitowoc Co., Inc./The ⁽¹⁾		275		3,660
ManpowerGroup, Inc.		4,086		368,475
Matson, Inc.		630		35,891
Maxar Technologies, Inc.		450		17,366
McGrath RentCorp.		115		7,717
Meritor, Inc. ⁽¹⁾		354		9,880
Miller Industries, Inc./TN		1,798		68,360
Moog, Inc.		1,313		104,121
MSC Industrial Direct Co., Inc.		3,099		261,525
Mueller Industries, Inc.		1,648		57,861
MYR Group, Inc. ⁽¹⁾		322		19,352
National Presto Industries, Inc.		19		1,680
NL Industries, Inc.		48		229
Norfolk Southern Corp.		55		13,069
Old Dominion Freight Line, Inc.		1,006		196,351
PACCAR, Inc.		12,354		1,065,903
PAE, Inc. ⁽¹⁾		744		6,830
Parker-Hannifin Corp.		1,509		411,067
Plug Power, Inc. ⁽¹⁾		1,800		61,038

The accompanying notes are an integral part of these financial statements

Page 102

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Primoris Services Corp.		2,368		65,380
Quad/Graphics, Inc. - Class A		417		1,593
Quanta Services, Inc.		8,249		594,093
Regal Beloit Corp.		1,510		185,443
Resideo Technologies, Inc. ⁽¹⁾		1,157		24,598
Rexnord Corp.		389		15,362
Rollins, Inc.		918		35,866
RR Donnelley & Sons Co.		3,258		7,363
Rush Enterprises, Inc.		1,873		77,580
Ryder System, Inc.		750		46,320
Safe Bulkers, Inc. ⁽¹⁾		1,349		1,754
Saia, Inc. ⁽¹⁾		342		61,834
Shyft Group, Inc./The		668		18,958
SkyWest, Inc.		133		5,361
Steelcase, Inc.		1,115		15,108
Textainer Group Holdings, Ltd. ⁽¹⁾		1,067		20,465
Timken Co./The		1,925		148,918
TPI Composites, Inc. ⁽¹⁾		380		20,056
Triton International, Ltd./Bermuda		2,671		129,570
Tutor Perini Corp. ⁽¹⁾		141		1,826
Uber Technologies, Inc. ⁽¹⁾		3,352		170,952
United Parcel Service, Inc. - Class B		2,833		477,077
Vectrus, Inc. ⁽¹⁾		416		20,684
Veritiv Corp. ⁽¹⁾		327		6,798
Waste Management, Inc.		5,434		640,832
WESCO International, Inc. ⁽¹⁾		976		76,616
WESCO International, Inc. Series A Variable Preferred ⁽⁹⁾		610		19,063
YRC Worldwide, Inc. ⁽¹⁾		523		2,317
				12,483,991

Information Technology — 21.8%
8x8, Inc. ⁽¹⁾		343		11,823
Accenture PLC - Class A		889		232,216
ACI Worldwide, Inc. ⁽¹⁾		1,261		48,460
Adobe, Inc. ⁽¹⁾		2,562		1,281,307
Advanced Micro Devices, Inc. ⁽¹⁾		5,315		487,439
Alarm.com Holdings, Inc. ⁽¹⁾		165		17,069
Alliance Data Systems Corp.		360		26,676
Amkor Technology, Inc.		2,763		41,666
Apple, Inc.		70,328		9,331,822
Applied Materials, Inc.		11,221		968,372
Arista Networks, Inc. ⁽¹⁾		81		23,536
Arrow Electronics, Inc. ⁽¹⁾		2,768		269,326
AstroNova, Inc.		482		5,133
Autodesk, Inc. ⁽¹⁾		1,363		416,178
Avaya Holdings Corp. ⁽¹⁾		932		17,848

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Avid Technology, Inc. ⁽¹⁾		614		9,744
Avnet, Inc.		5,026		176,463
Bill.com Holdings, Inc. ⁽¹⁾		105		14,333
Broadcom, Inc.		1,367		598,541
CACI International, Inc. - Class A ⁽¹⁾		1,007		251,075
Cadence Design Systems, Inc. ⁽¹⁾		9,275		1,265,388
Calix, Inc. ⁽¹⁾		3,414		101,601
Cambium Networks Corp. ⁽¹⁾		267		6,696
CDK Global, Inc.		4,484		232,406
CDW Corp./DE		2,261		297,977
Cerence, Inc. ⁽¹⁾		363		36,474
ChannelAdvisor Corp. ⁽¹⁾		1,917		30,634
Ciena Corp. ⁽¹⁾		745		39,373
Cisco Systems, Inc.		19,615		877,771
Cloudera, Inc. ⁽¹⁾		705		9,807
Cloudflare, Inc. ⁽¹⁾		884		67,175
Cognex Corp.		629		50,499
Cognizant Technology Solutions Corp.		4,596		376,642
Concentrix Corp. ⁽¹⁾		1,262		124,559
Conduent, Inc. ⁽¹⁾		3,258		15,638
Corning, Inc.		4,787		172,332
Coupa Software, Inc. ⁽¹⁾		237		80,322
Crowdstrike Holdings, Inc. ⁽¹⁾		681		144,249
Dell Technologies, Inc. - Class C ⁽¹⁾		460		33,713
Diebold Nixdorf, Inc. ⁽¹⁾		630		6,716
Digital Turbine, Inc. ⁽¹⁾		1,652		93,437
DocuSign, Inc. ⁽¹⁾		971		215,853
Dropbox, Inc. - Class A ⁽¹⁾		1,440		31,954
DXC Technology Co.		2,557		65,843
Dynatrace, Inc. ⁽¹⁾		22		952
Eastman Kodak Co. ⁽¹⁾		249		2,027
Ebix, Inc.		494		18,757
Elastic NV ⁽¹⁾		34		4,968
Enphase Energy, Inc. ⁽¹⁾		520		91,244
F5 Networks, Inc. ⁽¹⁾		34		5,982
Fastly, Inc. ⁽¹⁾		252		22,017
FormFactor, Inc. ⁽¹⁾		152		6,539
Fortinet, Inc. ⁽¹⁾		450		66,839
Hewlett Packard Enterprise Co.		12,778		151,419
HP, Inc.		13,947		342,957
HubSpot, Inc. ⁽¹⁾		160		63,430
II-VI, Inc. ⁽¹⁾		196		14,888
Insight Enterprises, Inc. ⁽¹⁾		289	��	21,990
Intel Corp.		23,899		1,190,648
Intuit, Inc.		3,864		1,467,740
Jabil, Inc.		4,308		183,219
KBR, Inc.		353		10,918

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 103

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
KLA Corp.		1,837		475,618
Lam Research Corp.		1,263		596,477
Mastercard, Inc.		2,538		905,914
Maxim Integrated Products, Inc.		1,114		98,756
Methode Electronics, Inc.		495		18,949
Microchip Technology, Inc.		80		11,049
Micron Technology, Inc. ⁽¹⁾		3,023		227,269
Microsoft Corp.		34,058		7,575,180
MicroStrategy, Inc. ⁽¹⁾		405		157,363
MKS Instruments, Inc.		285		42,878
MoneyGram International, Inc. ⁽¹⁾		1,307		7,143
Monolithic Power Systems, Inc.		83		30,397
NCR Corp. ⁽¹⁾		1,102		41,402
NETGEAR, Inc. ⁽¹⁾		148		6,013
NIC, Inc.		469		12,114
NortonLifeLock, Inc.		8,109		168,505
NVIDIA Corp.		2,461		1,285,134
ON Semiconductor Corp. ⁽¹⁾		53		1,735
Oracle Corp.		18,033		1,166,555
PagerDuty, Inc. ⁽¹⁾		182		7,589
Palo Alto Networks, Inc. ⁽¹⁾		235		83,517
Paycom Software, Inc. ⁽¹⁾		199		89,998
PayPal Holdings, Inc. ⁽¹⁾		277		64,873
Photronics, Inc. ⁽¹⁾		1,418		15,825
Plantronics, Inc.		227		6,136
Priority Technology Holdings, Inc. ⁽¹⁾		316		2,225
Progress Software Corp.		2,765		124,950
Qorvo, Inc. ⁽¹⁾		48		7,981
QUALCOMM, Inc.		10,892		1,659,287
Rimini Street, Inc. ⁽¹⁾		310		1,373
RingCentral, Inc. - Class A ⁽¹⁾		207		78,447
salesforce.com, Inc. ⁽¹⁾		3,569		794,210
Sanmina Corp. ⁽¹⁾		1,196		38,140
Sapiens International Corp. NV		190		5,816
Skyworks Solutions, Inc.		1,005		153,644
Slack Technologies, Inc. - Class A ⁽¹⁾		232		9,800
Smartsheet, Inc. ⁽¹⁾		175		12,126
SPS Commerce, Inc. ⁽¹⁾		933		101,314
Square, Inc. - Class A ⁽¹⁾		1,863		405,463
SS&C Technologies Holdings, Inc.		13,478		980,525
StarTek, Inc. ⁽¹⁾		1		8
StoneCo, Ltd. ⁽¹⁾		685		57,485
Stratasys, Ltd. ⁽¹⁾		805		16,680
Sykes Enterprises, Inc. ⁽¹⁾		928		34,958
SYNNEX Corp.		1,462		119,065
Synopsys, Inc. ⁽¹⁾		100		25,924
Tenable Holdings, Inc. ⁽¹⁾		930		48,602

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Teradyne, Inc.		1,905		228,390
TESSCO Technologies, Inc.		237		1,479
Texas Instruments, Inc.		3,967		651,104
Trade Desk, Inc./The ⁽¹⁾		210		168,210
Trimble, Inc. ⁽¹⁾		2,863		191,163
TTEC Holdings, Inc.		487		35,517
Twilio, Inc. - Class A ⁽¹⁾		588		199,038
Ultra Clean Holdings, Inc. ⁽¹⁾		151		4,704
Verint Systems, Inc. ⁽¹⁾		632		42,458
Veritone, Inc. ⁽¹⁾		184		5,235
VirnetX Holding Corp. ⁽²⁾		2,874		14,485
Visa, Inc.		4,483		980,567
Vishay Intertechnology, Inc.		2,628		54,426
Vontier Corp. ⁽¹⁾		256		8,550
Xerox Holdings Corp.		6,943		161,008
Xilinx, Inc.		1,308		185,435
Xperi Holding Corp.		2,143		44,789
Zebra Technologies Corp. - Class A ⁽¹⁾		524		201,389
Zoom Video Communications, Inc.- Class A ⁽¹⁾		735		247,930
Zscaler, Inc. ⁽¹⁾		263		52,524
				43,525,433

Materials — 2.2%
Avery Dennison Corp.		761		118,039
Avient Corp.		324		13,051
Caledonia Mining Corp. PLC		548		8,702
Celanese Corp.		269		34,954
Chemours Co./The		340		8,429
Coeur Mining, Inc. ⁽¹⁾		478		4,947
Commercial Metals Co.		621		12,755
Corteva, Inc.		3,427		132,693
Dow, Inc.		3,100		172,050
Eastman Chemical Co.		3,284		329,320
Freeport-McMoRan, Inc. - Class B		6,420		167,048
Hawkins, Inc.		178		9,311
Huntsman Corp.		4,987		125,373
Koppers Holdings, Inc. ⁽¹⁾		250		7,790
Louisiana-Pacific Corp.		3,035		112,811
LyondellBasell Industries NV - Class A		1,566		143,540
Minerals Technologies, Inc.		194		12,051
Mosaic Co./The		546		12,563
Newmont Corp.		12,781		765,454
Nucor Corp.		2,006		106,699
O-I Glass, Inc.		1,560		18,564
Olin Corp.		313		7,687
Olympic Steel, Inc.		442		5,892

The accompanying notes are an integral part of these financial statements

Page 104

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Packaging Corp. of America		904		124,671
PPG Industries, Inc.		2,405		346,849
Rayonier Advanced Materials, Inc. ⁽¹⁾		875		5,705
Reliance Steel & Aluminum Co.		2,149		257,343
Royal Gold, Inc.		62		6,594
Ryerson Holding Corp. ⁽¹⁾		1,193		16,273
Scotts Miracle-Gro Co./The		3,128		622,910
Sherwin-Williams Co./The		592		435,067
Steel Dynamics, Inc.		1,490		54,936
Stepan Co.		324		38,660
SunCoke Energy, Inc.		388		1,688
Tredegar Corp.		928		15,498
Trinseo SA		120		6,145
Tronox Holdings PLC		916		13,392
Westlake Chemical Corp.		552		45,043
Westrock Co.		843		36,696
Worthington Industries, Inc.		11		565
				4,357,758

Real Estate Investment Trust — 2.3%
Altisource Portfolio Solutions SA ⁽¹⁾		1,173		15,108
American Homes 4 Rent - Class A		2,914		87,420
American Tower Corp.		3,279		736,004
AvalonBay Communities, Inc.		47		7,540
Camden Property Trust		78		7,794
CareTrust REIT, Inc.		947		21,004
CatchMark Timber Trust, Inc.		1,488		13,928
CBL & Associates Properties, Inc. ⁽¹⁾⁽²⁾		5,143		213
Clipper Realty, Inc.		439		3,095
Columbia Property Trust, Inc.		2,635		37,786
Community Healthcare Trust, Inc.		302		14,227
CorEnergy Infrastructure Trust, Inc.		1,448		9,919
CorePoint Lodging, Inc.		666		4,582
Corporate Office Properties Trust		2,658		69,321
CubeSmart		6,192		208,113
CyrusOne, Inc.		152		11,119
DiamondRock Hospitality Co.		777		6,410
EastGroup Properties, Inc.		286		39,485
Equinix, Inc.		439		313,525
Essential Properties Realty Trust, Inc.		77		1,632
Essex Property Trust, Inc.		750		178,065
Extra Space Storage, Inc.		2,720		315,139
Gaming and Leisure Properties, Inc.		4,347		184,313
Getty Realty Corp.		501		13,798
Gladstone Commercial Corp.		1,484		26,712
Healthcare Realty Trust, Inc.		6,465		191,364
Healthcare Trust of America, Inc. - Class A		3,432		94,517

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Host Hotels & Resorts, Inc.		1,879		27,490
Iron Mountain, Inc.		2,635		77,680
Lamar Advertising Co. - Class A		6,191		515,215
Life Storage, Inc.		406		48,472
LTC Properties, Inc.		5,409		210,464
National Health Investors, Inc.		811		56,097
National Storage Affiliates Trust		2,350		84,671
Newmark Group, Inc.		1,087		7,924
Omega Healthcare Investors, Inc.		1,497		54,371
Paramount Group, Inc.		756		6,834
Park Hotels & Resorts, Inc.		2,334		40,028
Piedmont Office Realty Trust, Inc.		3,201		51,952
PotlatchDeltic Corp.		472		23,609
PS Business Parks, Inc.		691		91,813
Public Storage		1,478		341,315
Retail Opportunity Investments Corp.		7,182		96,167
Retail Properties of America, Inc. - Class A		607		5,196
Sabra Health Care REIT, Inc.		1,281		22,251
SBA Communications Corp.		221		62,351
Service Properties Trust		3,129		35,952
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁷⁾		3,134		0
Tanger Factory Outlet Centers, Inc. ⁽²⁾		1,879		18,715
Trinity Place Holdings, Inc. ⁽¹⁾		97		121
Urstadt Biddle Properties, Inc. - Class A		915		12,929
Welltower, Inc.		1,543		99,709
				4,603,459

Utilities — 1.3%
American Water Works Co., Inc.		2,364		362,803
Duke Energy Corp.		106		9,705
Eversource Energy		447		38,670
MDU Resources Group, Inc.		9,193		242,144
NextEra Energy, Inc.		8,581		662,024
NRG Energy, Inc.		3,178		119,334
Public Service Enterprise Group, Inc.		6,699		390,552
UGI Corp.		4,251		148,615
Vistra Corp.		1,297		25,499
WEC Energy Group, Inc.		1,707		157,095
Xcel Energy, Inc.		6,760		450,690
				2,607,131

Total Common Stocks (Cost $105,137,285)				147,862,400

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 105

Schedule of Investments
December 31, 2020

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Registered Investment Companies — 5.2%
iShares Core MSCI EAFE ETF ⁽⁸⁾		15,725			1,086,440
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁸⁾		39,690			4,600,468
Xtrackers USD High Yield Corporate Bond ETF ⁽⁸⁾		91,779			4,597,210
Total Registered Investment Companies (Cost $9,302,324)					10,284,118

Money Market Registered Investment Companies — 18.4%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁴⁾		36,638,418			36,649,409
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		34,657			34,657
Total Money Market Registered Investment Companies (Cost $36,678,061)					36,684,066

Bank Obligations — 0.4%
First Merchants Bank Deposit Account, 0.75%, 1/4/2021 ⁽⁵⁾		248,088			248,088
Metro City Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		248,220			248,220
Pacific Mercantile Bank Deposit Account, 0.10%, 1/4/2021 ⁽⁵⁾		246,825			246,825
Total Bank Obligations (Cost $743,133)					743,133
Total Investments — 98.1% (Cost $151,860,803)					195,573,717
Other Assets less Liabilities — 1.9%					3,706,029
Total Net Assets — 100.0%					199,279,746

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		3,479			44,601
Meeder Dynamic Allocation Fund - Retail Class		9,056			121,260
Meeder Muirfield Fund - Retail Class		4,373			35,859
Meeder Conservative Allocation Fund - Retail Class		1,024			24,484
Total Trustee Deferred Compensation (Cost $180,790)					226,204
			��

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		309		3/19/2021		32,920,860		486,918
Mini MSCI Emerging Markets Index Futures		147		3/19/2021		9,468,270		280,780
Total Futures Contracts		456				42,389,130		767,698

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(5)

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

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

(8)	Exchange-traded fund.

(9)	Preferred stock.

The accompanying notes are an integral part of these financial statements

Page 106

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 90.4%
Communication Services — 3.9%
AMC Networks, Inc. ⁽¹⁾		12,565		449,450
Interpublic Group of Cos., Inc./The		21,465		504,857
News Corp.		34,041		604,909
				1,559,216

Consumer Discretionary — 18.5%
Adtalem Global Education, Inc. ⁽¹⁾		7,719		262,060
BorgWarner, Inc.		10,083		389,607
Brinker International, Inc.		10,267		580,804
Gap, Inc./The		14,964		302,123
Hanesbrands, Inc.		26,397		384,868
Harley-Davidson, Inc.		12,656		464,475
Jack in the Box, Inc.		4,325		401,360
Leggett & Platt, Inc.		8,881		393,428
Mohawk Industries, Inc. ⁽¹⁾		3,541		499,104
Newell Brands, Inc.		23,970		508,883
Papa John’s International, Inc.		5,621		476,942
PulteGroup, Inc.		12,846		553,920
Tapestry, Inc.		17,676		549,370
TRI Pointe Group, Inc. ⁽¹⁾		31,908		550,413
Visteon Corp. ⁽¹⁾		3,395		426,140
Whirlpool Corp.		3,419		617,095
				7,360,592

Consumer Staples — 3.3%
Edgewell Personal Care Co.		10,566		365,372
Nu Skin Enterprises, Inc.		12,008		655,997
Sprouts Farmers Market, Inc. ⁽¹⁾		15,747		316,515
				1,337,884

Energy — 2.2%
Cabot Oil & Gas Corp.		16,129		262,580
CNX Resources Corp. ⁽¹⁾		35,159		379,717
HollyFrontier Corp.		9,482		245,110
				887,407

Financials — 8.1%
Assurant, Inc.		3,935		536,026
Green Dot Corp. ⁽¹⁾		6,644		370,735
Invesco, Ltd.		23,039		401,570
Morgan Stanley		6,264		429,272
People’s United Financial, Inc.		32,243		416,902
Trustmark Corp.		11,900		324,989
Unum Group		16,301		373,945
Wells Fargo & Co. ⁽¹⁾⁽⁷⁾		1		0

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Zions Bancorp NA		9,370		407,033
				3,260,472

Healthcare — 12.6%
ABIOMED, Inc. ⁽¹⁾		2,144		695,085
Allscripts Healthcare Solutions, Inc. ⁽¹⁾		50,019		722,274
Avanos Medical, Inc. ⁽¹⁾		10,482		480,914
DaVita, Inc. ⁽¹⁾		7,092		832,601
Henry Schein, Inc. ⁽¹⁾		5,244		350,614
Ligand Pharmaceuticals, Inc. ⁽¹⁾⁽²⁾		3,211		319,334
Patterson Cos., Inc.		13,649		404,420
PerkinElmer, Inc.		5,376		771,456
Perrigo Co. PLC		10,276		459,543
				5,036,241

Industrials — 17.4%
A O Smith Corp.		7,578		415,426
Alaska Air Group, Inc.		6,703		348,556
CH Robinson Worldwide, Inc.		3,998		375,292
Dycom Industries, Inc. ⁽¹⁾		3,935		297,171
Flowserve Corp.		9,453		348,343
Fortune Brands Home & Security, Inc.		7,664		656,958
Huntington Ingalls Industries, Inc.		2,046		348,802
Pentair PLC		10,942		580,911
Quanta Services, Inc.		12,758		918,831
Resideo Technologies, Inc. ⁽¹⁾		19,074		405,513
Robert Half International, Inc.		7,754		484,470
Rollins, Inc.		12,705		496,384
Snap-on, Inc.		2,440		417,582
Terex Corp.		11,370		396,699
Textron, Inc.		10,205		493,208
				6,984,146

Information Technology — 9.2%
CommVault Systems, Inc. ⁽¹⁾		8,467		468,818
DXC Technology Co.		11,663		300,322
F5 Networks, Inc. ⁽¹⁾		2,392		420,848
FLIR Systems, Inc.		5,620		246,325
InterDigital, Inc.		5,311		322,271
IPG Photonics Corp. ⁽¹⁾		2,035		455,413
Juniper Networks, Inc.		17,824		401,218
NetScout Systems, Inc. ⁽¹⁾		12,594		345,327
Synaptics, Inc. ⁽¹⁾		4,591		442,572
Xerox Holdings Corp.		12,661		293,609
				3,696,723

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 107

Schedule of Investments
December 31, 2020

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Materials — 11.0%
Avery Dennison Corp.		3,945		611,909
CF Industries Holdings, Inc.		10,202		394,919
Compass Minerals International, Inc.		6,345		391,613
Eastman Chemical Co.		6,356		637,380
Greif, Inc. - Class A		8,865		415,591
Minerals Technologies, Inc.		8,642		536,841
O-I Glass, Inc.		35,326		420,379
Packaging Corp. of America		2,946		406,283
Worthington Industries, Inc.		11,473		589,024
				4,403,939

Real Estate Investment Trust — 1.7%
Apartment Income REIT Corp. ⁽¹⁾		1,835		70,482
Apartment Investment and Management Co.		1,835		9,689
Kimco Realty Corp.		21,509		322,850
Regency Centers Corp.		6,230		284,026
				687,047

Utilities — 2.5%
NiSource, Inc.		11,328		259,864
NRG Energy, Inc.		11,269		423,151
Pinnacle West Capital Corp.		4,207		336,352
				1,019,367

Total Common Stocks (Cost $28,495,157)				36,233,034

Money Market Registered Investment Companies — 2.2%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽⁴⁾		571,961		572,132
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		324,516		324,516
Total Money Market Registered Investment Companies (Cost $896,647)				896,648

Bank Obligations — 0.0%
First Merchants Bank Deposit Account, 0.75%, 1/4/2021 ⁽⁵⁾		8,000		8,000
Total Bank Obligations (Cost $8,000)				8,000
Total Investments — 92.6% (Cost $29,399,804)				37,137,682
Other Assets less Liabilities — 7.4%				2,955,575
Total Net Assets — 100.0%				40,093,257

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		1,030		13,205
Meeder Dynamic Allocation Fund - Retail Class		2,627		35,176
Meeder Muirfield Fund - Retail Class		1,382		11,332
Meeder Conservative Allocation Fund - Retail Class		302		7,221
Total Trustee Deferred Compensation (Cost $54,629)				66,934

	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		20		3/19/2021		4,607,000		27,656
Total Futures Contracts		20				4,607,000		27,656

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at December 31, 2020.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(5)

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

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

The accompanying notes are an integral part of these financial statements

Page 108

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Total Return Bond Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — 86.5%
Baird Core Plus Bond Fund - Class I		400,394		4,860,780
Dodge & Cox Income Fund		279,182		4,090,021
DoubleLine Total Return Bond Fund - Class I		243,190		2,602,130
Guggenheim Total Return Bond Fund - Class I		68,843		2,044,649
iShares Core U.S. Aggregate Bond ETF ⁽³⁾		56,600		6,689,555
iShares JP Morgan USD Emerging Markets Bond ETF ⁽³⁾		61,904		7,175,293
Lord Abbett High Yield Fund - Class I		275,763		2,054,432
Payden Emerging Markets Bond Fund - Class I		48,791		677,713
PGIM Total Return Bond Fund - Class R6		270,587		4,088,564
Pioneer Bond Fund - Class Y		303,055		3,069,949
Segall Bryant & Hamill Plus Bond Fund - Class I		317,231		3,533,957
SPDR Bloomberg Barclays High Yield Bond ETF ⁽³⁾		31,541		3,436,077
TCW Emerging Markets Income Fund - Class I		164,517		1,400,040
Vanguard Intermediate-Term Corporate Bond ETF ⁽³⁾		28,025		2,722,349
Vanguard Total Bond Market ETF ⁽³⁾		64,937		5,726,794
Xtrackers USD High Yield Corporate Bond ETF ⁽³⁾		95,480		4,782,593
Total Registered Investment Companies (Cost $54,649,913)				58,954,896

Money Market Registered Investment Companies — 3.7%
Meeder Institutional Prime Money Market Fund, 0.08% ⁽¹⁾		2,538,890		2,539,651
Total Money Market Registered Investment Companies (Cost $2,537,503)				2,539,651

Total Return Bond Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
U.S. Government Obligations — 9.9%
Government National Mortgage Association, 6.50%, due 7/20/2038		54,214		71,889
U.S. Treasury Note, 2.25%, due 1/31/2024		2,224,600		2,366,766
U.S. Treasury Note, 2.625%, due 2/15/2029		1,138,100		1,306,503
U.S. Treasury Note, 1.50%, due 8/15/2026		624,500		661,263
U.S. Treasury Note, 2.25%, due 11/15/2025		1,524,600		1,664,911
U.S. Treasury Note, 2.125%, due 12/31/2022		615,000		639,479
Total U.S. Government Obligations (Cost $6,188,342)				6,710,811
Total Investments — 100.1% (Cost $63,375,758)				68,205,358
Liabilities less Other Assets — (0.1%)				(101,139	)
Total Net Assets — 100.0%				68,104,219

Trustee Deferred Compensation ⁽²⁾
Meeder Balanced Fund - Retail Class		1,160		14,871
Meeder Dynamic Allocation Fund - Retail Class		2,884		38,617
Meeder Muirfield Fund - Retail Class		1,611		13,210
Meeder Conservative Allocation Fund - Retail Class		347		8,297
Total Trustee Deferred Compensation (Cost $64,166)				74,995

(1)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.

(2)	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.

(3)	Exchange-traded fund.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 109

Schedule of Investments
December 31, 2020

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Bank Obligations — 4.3%
Bank Midwest Deposit Account		0.55	%⁽¹⁾		01/04/21		246,174		246,174
CIBC Bank Deposit Account		0.20	%⁽¹⁾		01/04/21		245,338		245,338
First Merchants Bank Deposit Account		0.75	%⁽¹⁾		01/04/21		248,088		248,088
Metro City Bank Deposit Account		0.10	%⁽¹⁾		01/04/21		246,234		246,234
State Bank of India Deposit Account		0.50	%⁽¹⁾		01/04/21		246,184		246,184
TIAA Bank Deposit Account		0.05	%⁽¹⁾		01/04/21		245,611		245,611
Total Bank Obligations (Cost $1,477,629)									1,477,629

Certificates of Deposit — 10.7%
American Express National Bank		0.95	%		03/24/21		245,000		244,986
Bank Hapoalim BM NY		0.90	%		02/22/21		245,000		245,000
BMW Bank North America		0.90	%		03/25/21		245,000		244,986
Capital One N.A.		0.90	%		03/25/21		245,000		244,986
Capital One Bank USA N.A.		0.90	%		03/25/21		245,000		244,986
Discover Bank		0.85	%		03/25/21		245,000		244,986
Fifth Third Bank N.A.		0.95	%		03/25/21		245,000		244,986
Goldman Sachs Bank USA/New York		0.90	%		03/25/21		245,000		244,986
Lakeland Bank		0.90	%		03/26/21		245,000		245,000
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.23	%		03/25/21		500,000		500,000
Toronto Dominion Bank/New York, NY		0.40	%		07/19/21		250,000		250,000
Toronto Dominion Bank/New York, NY		0.35	%		08/31/21		500,000		500,000
Townebank/Portsmouth, VA		0.85	%		03/26/21		245,000		244,986
Total Certificates of Deposit (Cost $3,699,888)									3,699,888

Commercial Paper — 28.6%
Anglesea Funding		0.22	%		01/19/21		1,000,000		999,888
Anglesea Funding		0.21	%		02/01/21		500,000		499,910
Banco Estado Chile		0.30	%		01/08/21		200,000		199,988
Banco Santander		0.26	%		03/02/21		250,000		249,892
Banco Santander		0.25	%		04/01/21		200,000		199,885
Bank of Montreal		0.23	%		06/04/21		500,000		499,508

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Bank of Nova Scotia		0.22	%		06/01/21		250,000		249,769
Banque et Caisse d’Epargne de l’Etat		0.23	%		03/04/21		525,000		524,792
BNP Paribas		0.22	%		02/08/21		250,000		249,942
BNP Paribas		0.22	%		05/06/21		500,000		499,618
Chesham Finance, LLC		0.17	%		01/19/21		250,000		249,979
Credit Suisse AG/New York, NY		0.24	%		05/21/21		250,000		249,767
Halkin Finance, LLC		0.19	%		01/08/21		250,000		249,991
JP Morgan Securities, LLC		0.17	%		01/08/21		250,000		249,992
JP Morgan Securities, LLC		0.20	%		02/01/21		200,000		199,966
JP Morgan Securities, LLC		0.41	%		02/05/21		250,000		249,900
Macquarie Bank LTD/Australia		0.19	%		02/01/21		250,000		249,959
Macquarie Bank LTD/Australia		0.21	%		02/08/21		250,000		249,946
Macquarie Bank LTD/Australia		0.23	%		03/15/21		250,000		249,883
Mitsubishi International Corp.		0.21	%		01/27/21		500,000		499,924
Mizuho Bank LTD/NY		0.30	%		02/18/21		250,000		249,900
MUFG Bank LTD/New York, NY		0.28	%		01/05/21		250,000		249,992
MUFG Bank LTD/New York, NY		0.27	%		01/22/21		250,000		249,961
MUFG Bank LTD/New York, NY		0.32	%		04/12/21		250,000		249,776
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.03%)		0.31	%⁽²⁾		01/08/21		250,000		249,993
Royal Bank of Canada		0.25	%		07/16/21		250,000		249,660
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.21	%		01/20/21		500,000		499,947
Toyota Motor Puerto Rico		0.27	%		07/19/21		250,000		249,627
Toyota Motor Puerto Rico		0.26	%		08/27/21		250,000		249,570
Westpac Banking Corp.		0.15	%		01/11/21		250,000		249,990
Westpac Banking Corp.		0.20	%		03/31/21		250,000		249,875
Total Commercial Paper (Cost $9,870,790)									9,870,790

The accompanying notes are an integral part of these financial statements

Page 110

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Corporate Obligations — 6.4%
Bank of Montreal		3.10	%		04/13/21		241,000		242,853
Mizuho Securities, LLC (Monthly U.S. LIBOR + 0.28%)		0.43	%⁽²⁾		01/14/21		500,000		500,000
Mizuho Securities, LLC		0.26	%		03/17/21		250,000		250,000
Toronto Dominion Bank/New York, NY		2.13	%		04/07/21		230,000		230,575
Toronto Dominion Bank/New York, NY (Quarterly U.S. LIBOR + 0.09%)		0.32	%⁽²⁾		03/03/21		250,000		250,000
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.125%)		0.38	%⁽²⁾		02/15/21		250,000		250,116
Westpac Banking Corp.		2.10	%		05/13/21		250,000		251,605
Westpac Securities NZ LTD/London (Quarterly U.S. LIBOR + 0.01%)		0.24	%⁽²⁾		01/05/21		250,000		250,001
Total Corporate Obligations (Cost $2,225,150)									2,225,150

Repurchase Agreements — 20.2%
INTL FCStone (Collateralized by $1,897,770 Various FMACs, FNMAs, GNMAs, 2.50% - 3.00%, due 8/16/32 - 11/1/49, fair value $2,040,001) (proceeds $2,000,051), purchase date 12/31/20		0.23	%		01/04/21		2,000,000		2,000,000
South Street (Collateralized by $4,916,218 various FMACs, FNMAs, and SBAs, 1.25% - 6.50%, due 3/1/24 - 3/1/48, fair value $5,126,578)(proceeds $5,000,056), purchase date 12/31/20		0.10	%		01/04/21		5,000,000		5,000,000
Total Repurchase Agreements (Cost $7,000,000)									7,000,000

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
U.S. Government and Agency Obligations — 5.8%
Federal Agricultural Mortgage Corp. (Secured Overnight Financing Rate + 0.09%)		0.18	%⁽²⁾		02/10/21		500,000		500,000
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.05%)		0.14	%⁽²⁾		01/22/21		500,000		499,997
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.23%)		0.32	%⁽²⁾		01/13/21		500,000		500,000
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.03%)		0.12	%⁽²⁾		02/05/21		500,000		499,986
Total U.S. Government and Agency Obligations (Cost $1,999,983)									1,999,983

Variable Rate Demand Notes — 14.2%
Caterpillar Financial Power Investment Floating Rate Demand Note		0.30	%⁽¹⁾		01/04/21		1,752,392		1,752,392
Cleveland Clinic Health System		0.07	%⁽¹⁾		01/06/21		250,000		250,000
Metropolitan Transportation Authority of New York		0.04	%⁽¹⁾		01/07/21		500,000		500,000
Michigan State Finance Authority Revenue		0.14	%⁽¹⁾		01/07/21		500,000		500,000
Ohio State Parks & Recreation Capital		0.07	%⁽¹⁾		01/06/21		250,000		250,000
Ohio State Department of Rehabilitation & Correction		0.09	%⁽¹⁾		01/06/21		500,000		500,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County		0.18	%⁽¹⁾		01/07/21		155,000		155,000
State of California		0.07	%⁽¹⁾		01/07/21		500,000		500,000
State of Wisconsin		0.09	%⁽¹⁾		01/07/21		500,000		500,000
Total Variable Rate Demand Notes (Cost $4,907,392)									4,907,392

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 111

Schedule of Investments
December 31, 2020

Prime Money Market Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 9.8%
Federated Hermes Government Obligations Fund, 0.01% ⁽³⁾		3,381,806		3,381,806
Total Money Market Registered Investment Companies (Cost $3,381,806)				3,381,806
Total Investments — 100.0% (Cost $34,562,638)				34,562,638
Other Assets less Liabilities — 0.0%				15,661
Total Net Assets — 100.0%				34,578,299

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		685		8,782
Meeder Dynamic Allocation Fund - Retail Class		1,788		23,941
Meeder Muirfield Fund - Retail Class		786		6,445
Meeder Conservative Allocation Fund - Retail Class		199		4,758
Total Trustee Deferred Compensation (Cost $34,581)				43,926

(1)

(2)	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 December 31, 2020. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3)

7-day yield as of December 31, 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.

(4)	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.

The accompanying notes are an integral part of these financial statements

Page 112

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Bank Obligations — 0.4%
Bank Midwest Deposit Account		0.55	%⁽¹⁾		01/04/21		246,174		246,174
CIBC Bank Deposit Account		0.20	%⁽¹⁾		01/04/21		245,338		245,338
First Merchants Bank Deposit Account		0.75	%⁽¹⁾		01/04/21		248,088		248,088
Metro City Bank Deposit Account		0.10	%⁽¹⁾		01/04/21		246,234		246,234
State Bank of India Deposit Account		0.50	%⁽¹⁾		01/04/21		246,184		246,184
TIAA Bank Deposit Account		0.05	%⁽¹⁾		01/04/21		245,611		245,611
Total Bank Obligations (Cost $1,477,629)									1,477,629

Certificates of Deposit — 4.7%
American Express National Bank		0.95	%		03/24/21		245,000		245,509
Anderson Brothers Bank		0.95	%		01/22/21		245,000		245,134
Bank Hapoalim BM NY		0.90	%		02/22/21		245,000		245,306
BMW Bank North America		0.90	%		03/25/21		245,000		245,487
Capital One N.A.		0.90	%		03/25/21		245,000		245,487
Capital One Bank USA N.A.		0.90	%		03/25/21		245,000		245,487
Cathay Bank/Los Angeles, CA		1.10	%		04/16/21		245,000		245,760
CresCom Bank		1.10	%		04/15/21		245,000		245,753
Discover Bank		0.85	%		03/25/21		245,000		245,458
Fifth Third Bank N.A.		0.95	%		03/25/21		245,000		245,516
Goldman Sachs Bank USA/New York		0.90	%		03/25/21		245,000		245,487
Lakeland Bank		0.90	%		03/26/21		245,000		245,493
MetaBank		0.95	%		02/24/21		245,000		245,337
Peoples Security Bank and Trust Company		0.90	%		04/30/21		245,000		245,699
Pinnacle Bank/Nashville, TN		1.15	%		04/21/21		245,000		245,835
PlainsCapital Bank		0.95	%		01/15/21		245,000		245,092
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.23	%		03/25/21		1,500,000		1,500,092
TCF National Bank		1.10	%		04/15/21		245,000		245,753
Toronto Dominion Bank/New York, NY		0.40	%		07/19/21		3,000,000		3,002,238
Toronto Dominion Bank/New York, NY		0.35	%		08/31/21		5,000,000		5,003,190
Toronto Dominion Bank/New York, NY		0.27	%		10/08/21		2,000,000		2,000,294

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — continued
Townebank/Portsmouth, VA		0.85	%		03/26/21		245,000		245,464
Total Certificates of Deposit (Cost $15,909,889)									15,924,871

Commercial Paper — 38.6%
Anglesea Funding		0.20	%		01/05/21		2,000,000		1,999,964
Anglesea Funding		0.22	%		01/19/21		4,500,000		4,499,613
Anglesea Funding		0.20	%		01/29/21		2,000,000		1,999,682
Anglesea Funding		0.21	%		02/01/21		7,500,000		7,498,650
ANZ New Zealand Int’l LTD		0.19	%		04/01/21		2,000,000		1,999,288
Australia and New Zealand Banking Group		0.21	%		05/24/21		1,500,000		1,498,944
Australia and New Zealand Banking Group		0.21	%		06/09/21		3,000,000		2,997,561
Banco Estado Chile		0.30	%		01/08/21		1,400,000		1,399,962
Banco Santander		0.26	%		03/02/21		2,250,000		2,249,384
Banco Santander		0.25	%		04/01/21		3,000,000		2,998,257
Banco Santander		0.26	%		04/27/21		2,000,000		1,998,446
Banco Santander		0.27	%		05/05/21		2,000,000		1,998,320
Bank of Montreal		0.23	%		06/04/21		5,000,000		4,994,575
Bank of Nova Scotia		0.22	%		06/01/21		2,750,000		2,747,528
Bank of Nova Scotia		0.22	%		06/23/21		2,500,000		2,497,075
BNP Paribas		0.22	%		02/08/21		2,750,000		2,749,667
BNP Paribas		0.20	%		03/08/21		3,000,000		2,999,169
BNP Paribas		0.22	%		05/06/21		2,500,000		2,498,478
Chesham Finance, LLC		0.17	%		01/19/21		5,000,000		4,999,570
Credit Suisse AG/New York, NY		0.24	%		05/21/21		2,750,000		2,747,663
Ebury Finance, LLC		0.10	%		01/04/21		5,000,000		4,999,930
Exxon Mobil Corp.		0.20	%		04/21/21		2,000,000		1,999,050
Exxon Mobil Corp.		0.20	%		05/28/21		2,000,000		1,998,528
Exxon Mobil Corp.		0.20	%		06/22/21		2,000,000		1,998,126
Halkin Finance, LLC		0.12	%		01/06/21		2,000,000		1,999,956
Halkin Finance, LLC		0.19	%		01/08/21		1,000,000		999,971
JP Morgan Securities, LLC		0.17	%		01/08/21		3,000,000		2,999,934
JP Morgan Securities, LLC		0.41	%		02/05/21		1,000,000		999,856
JP Morgan Securities, LLC		0.35	%		02/19/21		2,000,000		1,999,576
Macquarie Bank LTD/Australia		0.19	%		01/15/21		3,000,000		2,999,814
Macquarie Bank LTD/Australia		0.19	%		02/01/21		2,000,000		1,999,624

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 113

Schedule of Investments
December 31, 2020

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Macquarie Bank LTD/Australia		0.21	%		02/08/21		2,000,000		1,999,532
Macquarie Bank LTD/Australia		0.22	%		02/23/21		2,000,000		1,999,358
Macquarie Bank LTD/Australia		0.20	%		03/03/21		2,000,000		1,999,270
Mitsubishi International Corp		0.21	%		01/27/21		1,000,000		999,906
Mizuho Bank LTD/NY		0.17	%		01/05/21		680,000		679,990
Mizuho Bank LTD/NY		0.36	%		01/15/21		1,000,000		999,950
Mizuho Bank LTD/NY		0.30	%		02/18/21		3,000,000		2,999,352
MUFG Bank LTD/New York, NY		0.28	%		01/05/21		3,000,000		2,999,958
MUFG Bank LTD/New York, NY		0.27	%		01/22/21		2,000,000		1,999,886
MUFG Bank LTD/New York, NY		0.32	%		04/12/21		3,000,000		2,998,062
National Rural Utilities		0.14	%		02/03/21		1,000,000		999,865
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.03%)		0.31	%⁽²⁾		01/08/21		4,750,000		4,750,038
Royal Bank of Canada		0.22	%		04/12/21		100,000		99,954
Royal Bank of Canada		0.25	%		07/16/21		750,000		749,258
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.19	%		01/15/21		2,000,000		1,999,908
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.21	%		01/20/21		5,000,000		4,999,675
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.21	%		02/16/21		250,000		249,949
Toronto Dominion Bank/New York, NY		0.24	%		07/28/21		2,000,000		1,997,062
Toyota Motor Puerto Rico		0.27	%		07/19/21		2,000,000		1,997,812
Toyota Motor Puerto Rico		0.26	%		08/27/21		3,000,000		2,995,818
Westpac Banking Corp.		0.15	%		01/11/21		2,000,000		1,999,934
Westpac Banking Corp.		0.20	%		03/31/21		2,750,000		2,748,623
Total Commercial Paper (Cost $129,621,831)									129,629,321

Corporate Obligations — 8.1%
Bank of Montreal		3.10	%		04/13/21		3,500,000		3,528,203
Mizuho Securities, LLC (Monthly U.S. LIBOR + 0.28%)		0.43	%⁽²⁾		01/14/21		5,000,000		5,001,775
Mizuho Securities, LLC		0.26	%		03/17/21		4,750,000		4,750,166

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Corporate Obligations — continued
Toronto Dominion Bank/New York, NY		2.13	%		04/07/21		1,000,000		1,004,930
Toronto Dominion Bank/New York, NY (Quarterly U.S. LIBOR + 0.09%)		0.32	%⁽²⁾		03/03/21		2,250,000		2,250,000
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.125%)		0.38	%⁽²⁾		02/15/21		4,750,000		4,752,157
Westpac Banking Corp.		2.10	%		05/13/21		3,000,000		3,020,760
Westpac Securities NZ LTD/London (Quarterly U.S. LIBOR + 0.01%)		0.24	%⁽²⁾		01/05/21		3,000,000		3,000,939
Total Corporate Obligations (Cost $27,300,886)									27,308,930

Repurchase Agreements — 23.8%
INTL FCStone (Collateralized by $60,945,293 various Corporate Bonds, FHLBs, FMACs, FNMAs, and GNMAs, 0.125% - 6.452%, due 8/24/21 - 7/16/62, fair value $30,679,599)(proceeds $30,000,767), purchase date 12/31/20		0.23	%		01/04/21		30,000,000		30,000,000
South Street (Collateralized by $9,832,436 various FMACs, FNMAs, and SBAs, 1.25% - 6.50%, due 3/1/24 - 3/1/48, fair value $10,253,156)(proceeds $10,000,111), purchase date 12/31/20		0.10	%		01/04/21		10,000,000		10,000,000

The accompanying notes are an integral part of these financial statements

Page 114

2020 Annual Report | December 31, 2020

Schedule of Investments
December 31, 2020

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Repurchase Agreements — continued
South Street (Collateralized by $38,536,248 various FHLBs, FMACs, FNMAs, and U.S Treasury Notes, 1.779% - 4.049%, due 12/8/23 - 11/1/50, fair value $40,800,000)(proceeds $40,000,356), purchase date 12/31/20		0.08	%		01/04/21		40,000,000		40,000,000
Total Repurchase Agreements (Cost $80,000,000)									80,000,000

U.S. Government and Agency Obligations — 5.9%
Federal Agricultural Mortgage Corp. (Secured Overnight Financing Rate + 0.09%)		0.18	%⁽²⁾		02/10/21		5,000,000		5,000,370
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.05%)		0.14	%⁽²⁾		01/22/21		5,000,000		5,000,075
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.23%)		0.32	%⁽²⁾		01/13/21		5,000,000		5,003,020
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.03%)		0.12	%⁽²⁾		02/05/21		5,000,000		5,000,055
Total U.S. Government and Agency Obligations (Cost $19,999,825)									20,003,520

Variable Rate Demand Notes — 14.3%
Caterpillar Financial Power Investment Floating Rate Demand Note		0.30	%⁽¹⁾		01/04/21		15,270,842		15,270,842
Cleveland Clinic Health System		0.07	%⁽¹⁾		01/06/21		1,750,000		1,750,000
Metropolitan Transportation Authority of New York		0.04	%⁽¹⁾		01/07/21		5,500,000		5,500,000
Michigan State Finance Authority Revenue		0.14	%⁽¹⁾		01/07/21		4,500,000		4,500,000

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Variable Rate Demand Notes — continued
Ohio State Parks & Recreation Capital		0.07	%⁽¹⁾		01/06/21		2,750,000		2,750,000
Ohio State Department of Rehabilitation & Correction		0.09	%⁽¹⁾		01/06/21		5,500,000		5,500,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County		0.18	%⁽¹⁾		01/07/21		1,810,000		1,810,000
State of California		0.07	%⁽¹⁾		01/07/21		5,500,000		5,500,000
State of Wisconsin		0.09	%⁽¹⁾		01/07/21		5,500,000		5,500,000
Total Variable Rate Demand Notes (Cost $48,080,842)									48,080,842

Money Market Registered Investment Companies — 4.2%
Federated Hermes Government Obligations Fund, 0.01% ⁽³⁾							13,985,963		13,985,963
Total Money Market Registered Investment Companies (Cost $13,985,963)									13,985,963
Total Investments — 100.0% (Cost $336,376,865)									336,411,076
Other Assets less Liabilities — 0.0%									33,962
Total Net Assets — 100.0%									336,445,038

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class							57		731
Meeder Dynamic Allocation Fund - Retail Class							135		1,808
Meeder Muirfield Fund - Retail Class							201		1,648
Meeder Conservative Allocation Fund - Retail Class							18		430
Total Trustee Deferred Compensation (Cost $4,129)									4,617

(1)

(2)	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 December 31, 2020. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 115

Schedule of Investments
December 31, 2020

(3)

(4)	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.

The accompanying notes are an integral part of these financial statements

Page 116

2020 Annual Report | December 31, 2020

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Statements of Assets & Liabilities December 31, 2020
	Muirfield Fund		Spectrum Fund		Global Allocation Fund
Assets
Investments, at fair value (1)(2)	$	458,978,683	$	151,197,250	$	26,942,813
Repurchase agreements, at fair value (1)		—		—		—
Investments in affiliates, at fair value (1)		103,888,380		29,284,214		15,663,819
Trustee deferred compensation investments, at fair value		285,523		40,785		112,298
Deposits at broker for futures contracts (3)		13,355,386		5,180,922		3,176,695
Cash held at broker for collateral on securities sold short		—		999		—
Receivable for securities sold		4,563,727		1,506,835		181,266
Receivable for capital stock issued		112,420		86,392		33,969
Receivable from investment adviser		—		—		—
Interest and dividend receivable		383,009		121,729		16,128
Prepaid expenses/other assets		351,092		30,197		15,955
Total Assets		581,918,220		187,449,323		46,142,943

Liabilities
Payable for securities purchased		4,573,991		1,508,659		180,667
Payable for collateral on securities loaned		94,106		22,605		1,024
Payable for Trustee Deferred Compensation Plan		285,523		40,785		112,298
Payable for capital stock redeemed		2,481,230		342,365		187,262
Dividends payable		—		—		—
Payable to investment adviser		307,655		115,548		28,314
Accrued distribution plan (12b-1) and shareholder service plan fees		186,283		61,581		10,381
Accrued transfer agent, fund accounting, CCO, and administrative fees		96,602		37,437		12,615
Accrued trustee fees		1,256		456		91
Other accrued liabilities		66,560		41,334		28,358
Total Liabilities		8,093,206		2,170,770		561,010

Net Assets	$	573,825,014	$	185,278,553	$	45,581,933

Net Assets
Capital	$	494,231,443	$	159,185,895	$	40,268,452
Distributable Earnings (Accumulated Deficit)		79,593,571		26,092,658		5,313,481
Total Net Assets	$	573,825,014	$	185,278,553	$	45,581,933

Net Asset Value Per Share
Retail Class
Net Assets	$	134,240,130	$	36,603,535	$	9,000,757
Shares Outstanding		16,372,185		3,011,689		789,274
Net Asset Value, Offering and Redemption Price Per Share	$	8.20	$	12.15	$	11.40

Adviser Class
Net Assets	$	48,952,969	$	12,475,041	$	1,740,283
Shares Outstanding		5,926,811		1,024,655		152,437
Net Asset Value, Offering and Redemption Price Per Share	$	8.26	$	12.17	$	11.42

Institutional Class
Net Assets	$	390,631,915	$	136,199,977	$	34,840,893
Shares Outstanding		47,172,547		11,150,100		3,061,098
Net Asset Value, Offering and Redemption Price Per Share	$	8.28	$	12.22	$	11.38

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	$	427,897,757	$	137,290,207	$	36,248,977
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5)	$	91,619	$	22,136	$	991
(3) Required margin held as collateral for futures contracts	$	7,902,150	$	2,335,540	$	1,377,940

The accompanying notes are an integral part of these financial statements

Page 118

2020 Annual Report | December 31, 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

$	337,168,031	$	151,178,432	$	129,298,946		158,924,308	$	36,565,550	$	65,665,707		$	27,562,638	$	256,411,076
	—		—		—		—		—		—			7,000,000		80,000,000
	51,634,402		21,697,124		10,428,429		36,649,409		572,132		2,539,651			—		—
	186,008		28,573		75,656		226,204		66,934		74,995			43,926		4,617
	7,985,720		3,387,359		1,682,410		6,346,484		598,946		—			—		—
	—		—		—		—		—		—			—		—
	2,181,128		862,063		836,714		1,472,875		3,522,163		—			—		—
	220,331		105,844		60,067		107,086		26,858		216,129			—		—
	—		—		—		—		—		—			8,235		20,537
	176,858		52,800		26,485		113,838		46,336		47,515			24,619		104,102
	165,792		17,796		14,462		20,725		9,732		15,029			11,218		12,065
	399,718,270		177,329,991		142,423,169		203,860,929		41,408,651		68,559,026			34,650,636		336,552,397


	2,184,780		638,401		311,721		1,475,406		—		—			—		—
	33,506		9,746		4,870		34,657		324,516		—			—		—
	186,008		28,573		75,656		226,204		66,934		74,995			43,926		4,617
	342,557		175,225		343,180		2,604,826		841,100		300,806			—		—
	—		—		—		—		—		—			6		17,303
	221,555		87,257		58,592		109,258		26,222		16,294			—		—
	126,299		53,585		45,766		52,736		14,555		20,583			35		53
	73,857		35,595		29,670		40,391		11,939		14,514			9,498		50,431
	885		430		357		192		68		221			76		75
	50,850		36,437		34,807		37,513		30,060		27,394			18,796		34,880
	3,220,297		1,065,249		904,619		4,581,183		1,315,394		454,807			72,337		107,359

$	396,497,973	$	176,264,742	$	141,518,550	$	199,279,746	$	40,093,257	$	68,104,219		$	34,578,299	$	336,445,038


$	343,215,012	$	159,095,417	$	131,204,905	$	149,829,052	$	35,098,151	$	74,815,364		$	34,578,299	$	336,413,430
	53,282,961		17,169,325		10,313,645		49,450,694		4,995,106		(6,711,145	)		—		31,608
$	396,497,973	$	176,264,742	$	141,518,550	$	199,279,746	$	40,093,257	$	68,104,219		$	34,578,299	$	336,445,038



$	75,449,046	$	30,929,976	$	29,033,586	$	37,391,653	$	18,352,045	$	12,230,958
	5,886,926		2,499,791		1,214,176		2,792,160		514,917		1,225,127
$	12.82	$	12.37	$	23.91	$	13.39	$	35.64	$	9.98


$	18,698,712	$	9,823,006	$	7,081,941	$	13,322,129	$	985,501	$	5,463,335
	1,447,638		792,818		292,544		990,027		27,564		546,850
$	12.92	$	12.39	$	24.21	$	13.46	$	35.75	$	9.99


$	302,350,215	$	135,511,760	$	105,403,023	$	148,565,964	$	20,755,711	$	50,409,926
	23,369,474		10,913,365		4,345,128		11,047,523		581,379		5,045,969
$	12.94	$	12.42	$	24.26	$	13.45	$	35.70	$	9.99


													$	34,578,299	$	336,445,038
														34,578,299		336,354,315
													$	1.00	$	1.0003

$	317,463,680	$	150,024,437	$	125,015,577	$	151,860,803	$	29,399,804	$	63,375,758		$	34,562,638	$	336,376,865
$	32,745	$	9,516	$	4,753	$	33,757	$	308,295	$	—		$	—	$	—
$	3,913,910	$	1,551,760	$	716,020	$	3,148,470	$	270,000	$	—		$	—	$	—

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 119

Statements of Operations For the Year Ended December 31, 2020
	Muirfield Fund			Spectrum Fund			Global Allocation Fund
Investment Income
Interest	$	6,159		$	—		$	17,277
Income from affiliates		622,634			61,173			89,179
Dividends		8,654,372			2,970,204			534,942
Total Investment Income		9,283,165			3,031,377			641,398

Fund Expenses
Investment adviser		3,725,575			1,368,181			323,059
Transfer agent - Retail Class		159,513			47,277			10,809
Transfer agent - Adviser Class		54,367			15,393			1,934
Transfer agent - Institutional Class		408,649			156,750			38,946
Transfer agent - Money Market Funds
Fund accounting		94,510			55,285			37,615
Administrative		432,529			156,280			43,043
Trustee		30,475			10,446			2,761
Audit and tax services		14,231			15,703			16,730
Legal		4,390			4,393			4,392
Custody		54,695			18,105			3,781
Printing		12,095			3,939			870
Distribution plan (12b-1) - Retail Class (1)		294,718			98,495			22,519
Distribution plan (12b-1) - Money Market Funds
Shareholder service plan - Retail Class		269,787			78,796			16,326
Shareholder service plan - Adviser Class		41,014			11,076			1,494
Shareholder service plan - Institutional Class		260,471			85,374			1,973
Postage		17,931			11,389			4
Registration and filing		68,675			50,076			46,019
Insurance		27,245			8,526			2,093
Chief Compliance Officer		6,819			6,819			6,819
Dividend expense on securities sold short		—			357,680			—
Other		41,450			29,572			24,881
Total Expenses Before Reductions		6,019,139			2,589,555			606,068

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)		(6,972	)		(5,000	)		(113	)
Transfer agent expenses voluntarily waived (See Note #5)		(315,000	)		(7,000	)		—

Net Expenses		5,697,167			2,577,555			605,955

Net Investment Income (Loss)		3,585,998			453,822			35,443

Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from unaffiliated investments		19,985,586			(1,274,330	)		1,396,008
Net realized gains (losses) from affiliated investments		(28,106	)		(4,299	)		215
Net realized gains (losses) from closed short positions		—			10,371,833			—
Net realized gains (losses) from futures contracts		(51,419,469	)		(17,738,861	)		(2,420,717	)
Distributions of long-term realized gains by other investment companies		—			—			8,791
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		(31,461,989	)		(8,645,657	)		(1,015,703	)

Net change in unrealized appreciation (depreciation) of unaffiliated investments		40,019,552			4,014,723			1,462,301
Net change in unrealized appreciation (depreciation) of affiliated investments		8,574			8,798			3,752
Net change in unrealized appreciation (depreciation) of short positions		—			2,031,590			—
Net change in unrealized appreciation (depreciation) of futures contracts		1,709,435			88,102			294,939
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts		41,737,561			6,143,213			1,760,992

Net Realized and Unrealized Gain (Loss) from Investments		10,275,572			(2,502,444	)		745,289

Net Change in Net Assets Resulting from Operations	$	13,861,570		$	(2,048,622	)	$	780,732

(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 120

2020 Annual Report | December 31, 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

$	291,963		$	215,605		$	237,472		$	6,498		$	4,708		$	234,281		$	261,742		$	2,365,700
	346,120			126,639			58,795			163,596			10,119			11,810			—			—
	7,159,368			3,679,764			3,458,935			2,836,412			902,597			1,704,208			—			—
	7,797,451			4,022,008			3,755,202			3,006,506			917,424			1,950,299			261,742			2,365,700


	2,565,048			1,009,325			676,591			1,345,549			314,797			258,039			142,989			964,588
	95,181			38,613			36,282			43,423			21,211			9,506
	22,121			11,351			8,293			14,905			1,054			3,953
	335,708			151,901			117,807			156,984			28,102			38,150
																			28,598			260,668
	74,751			53,822			50,532			54,943			37,395			41,902			36,149			69,584
	312,006			144,577			118,254			153,541			41,620			61,608			35,747			270,668
	20,733			9,689			7,851			10,073			2,435			4,043			1,454			1,454
	14,199			14,199			14,200			16,749			14,230			14,211			13,221			13,219
	4,391			4,393			4,393			4,383			4,392			4,393			4,399			4,380
	36,644			16,661			13,355			17,032			3,757			6,212			3,001			21,580
	8,481			3,704			2,967			3,871			1,061			1,333			735			5,645
	198,294			80,444			75,588			90,465			35,353			29,705
																			99			—
	158,635			64,209			55,220			66,332			1,578			22,338
	14,520			6,954			5,261			11,276			775			3,785
	200,692			84,973			66,277			42,636			13,576			27,710
	12,940			6,619			6,646			7,496			1,834			2,283			439			1,801
	57,378			51,632			50,330			51,302			45,892			48,802			21,512			3,908
	16,733			7,268			5,424			8,816			2,304			3,630			1,303			15,078
	6,819			6,819			6,819			6,819			6,819			6,819			6,819			6,819
	—			—			—			—			—			—			—			—
	33,919			28,307			27,626			29,118			25,970			25,916			27,055			41,094
	4,189,193			1,795,460			1,349,716			2,135,713			604,155			614,337			323,520			1,680,486

	—			—			—			—			—			—			(222,816	)		(1,186,453	)
	—			—			—			(179,427	)		—			(70,961	)		—			—
	(3,103	)		(749	)		(270	)		(1,729	)		(7,453	)		—			—			—
	(132,000	)		—			—			—			—			—			—			—

	4,054,090			1,794,711			1,349,446			1,954,557			596,702			543,376			100,704			494,033

	3,743,361			2,227,297			2,405,756			1,051,949			320,722			1,406,923			161,038			1,871,667


	5,418,452			1,733,370			606,797			5,965,105			(3,354,528	)		138,710			—			638
	(18,173	)		(4,947	)		(3,227	)		(334	)		1,713			(248	)		—			—
	—			—			—			—			—			—			—			—
	(20,163,080	)		(5,766,375	)		(2,636,207	)		1,791,950			725,562			—			—			—
	241,002			180,222			204,113			—			—			160,913			—			—
	(14,521,799	)		(3,857,730	)		(1,828,524	)		7,756,721			(2,627,253	)		299,375			—			638

	30,267,196			10,973,996			8,032,826			17,024,696			(5,086,523	)		3,076,468			—			14,914
	18,404			7,217			5,682			1,680			(6	)		2,075			—			—
	—			—			—			—			—			—			—			—
	793,361			394,223			188,032			535,122			11,959			—			—			—
	31,078,961			11,375,436			8,226,540			17,561,498			(5,074,570	)		3,078,543			—			14,914

	16,557,162			7,517,706			6,398,016			25,318,219			(7,701,823	)		3,377,918			—			15,552

$	20,300,523		$	9,745,003		$	8,803,772		$	26,370,168		$	(7,381,101	)	$	4,784,841		$	161,038		$	1,887,219

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 121

Statements of Changes in Net Assets For the Years Ended December 31,
	Muirfield Fund						Spectrum Fund
	2020			2019			2020			2019
Operations
Net investment income (loss)	$	3,585,998		$	8,058,700		$	453,822		$	1,334,747
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		(31,461,989	)		(18,436,779	)		(8,645,657	)		(7,049,856	)
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		41,737,561			95,704,417			6,143,213			31,025,686
Net change in net assets resulting from operations		13,861,570			85,326,338			(2,048,622	)		25,310,577

Distributions to Shareholders
Retail Class		(891,986	)		(5,010,444	)		(34,997	)		(488,471	)
Adviser Class		(476,110	)		(1,635,066	)		(119,760	)		(151,230	)
Institutional Class		(3,575,015	)		(11,891,386	)		(1,287,213	)		(1,431,158	)
Money Market Funds
Change in net assets resulting from distributions		(4,943,111	)		(18,536,896	)		(1,441,970	)		(2,070,859	)

Capital Transactions:
Issued		119,150,871			197,324,991			33,621,402			51,986,998
Reinvested		4,887,303			18,362,502			1,436,609			2,059,900
Redeemed		(240,559,569	)		(212,058,081	)		(59,355,574	)		(46,954,317	)
Net change in net assets resulting from capital transactions		(116,521,395	)		3,629,412			(24,297,563	)		7,092,581

Total Change in Net Assets		(107,602,936	)		70,418,854			(27,788,155	)		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	$	573,825,014		$	681,427,950		$	185,278,553		$	213,066,708

Share Transactions:
Issued		16,391,709			26,485,691			3,112,011			4,579,626
Reinvested		673,995			2,358,583			129,657			170,107
Redeemed		(33,137,060	)		(28,277,770	)		(5,408,355	)		(4,096,807	)
Net change in shares		(16,071,356	)		566,504			(2,166,687	)		652,926

The accompanying notes are an integral part of these financial statements

Page 122

2020 Annual Report | December 31, 2020


Global Allocation Fund						Balanced Fund						Moderate Allocation Fund						Conservative Allocation Fund
2020			2019			2020			2019			2020			2019			2020			2019

$	35,443		$	605,735		$	3,743,361		$	6,528,092		$	2,227,297		$	3,541,144		$	2,405,756		$	3,401,214
	(1,015,703	)		1,226,376			(14,521,799	)		(3,526,175	)		(3,857,730	)		261,456			(1,828,524	)		544,887
	1,760,992			4,928,037			31,078,961			43,330,190			11,375,436			15,068,833			8,226,540			9,805,783
	780,732			6,760,148			20,300,523			46,332,107			9,745,003			18,871,433			8,803,772			13,751,884


	(197,994	)		(242,208	)		(508,216	)		(1,368,254	)		(348,167	)		(571,424	)		(460,327	)		(689,225	)
	(44,862	)		(38,283	)		(178,375	)		(326,176	)		(139,338	)		(194,767	)		(131,623	)		(160,298	)
	(1,068,177	)		(940,057	)		(2,678,233	)		(4,882,547	)		(1,881,646	)		(2,678,105	)		(1,888,631	)		(2,525,999	)

	(1,311,033	)		(1,220,548	)		(3,364,824	)		(6,576,977	)		(2,369,151	)		(3,444,296	)		(2,480,581	)		(3,375,522	)


	4,855,089			7,060,084			85,229,485			104,242,588			37,550,739			39,833,668			31,767,589			32,486,841
	1,310,881			1,220,307			3,350,773			6,544,647			2,352,800			3,422,617			2,468,367			3,357,881
	(11,477,267	)		(20,806,165	)		(117,215,009	)		(91,154,144	)		(49,054,750	)		(42,505,891	)		(36,972,468	)		(37,570,100	)
	(5,311,297	)		(12,525,774	)		(28,634,751	)		19,633,091			(9,151,211	)		750,394			(2,736,512	)		(1,725,378	)

	(5,841,598	)		(6,986,174	)		(11,699,052	)		59,388,221			(1,775,359	)		16,177,531			3,586,679			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

$	45,581,933		$	51,423,531		$	396,497,973		$	408,197,025		$	176,264,742		$	178,040,101		$	141,518,550		$	137,931,871


	468,221			662,661			7,344,043			9,007,314			3,278,868			3,527,952			1,396,311			1,456,459
	118,509			110,294			288,516			549,529			202,735			295,525			107,211			147,638
	(1,115,719	)		(1,946,833	)		(10,012,960	)		(7,799,068	)		(4,264,615	)		(3,730,284	)		(1,623,114	)		(1,669,810	)
	(528,989	)		(1,173,878	)		(2,380,401	)		1,757,775			(783,012	)		93,193			(119,592	)		(65,713	)

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 123

Statements of Changes in Net Assets For the Years Ended December 31,
	Dynamic Allocation Fund						Quantex Fund
	2020			2019			2020			2019
Operations
Net investment income (loss)	$	1,051,949		$	2,477,112		$	320,722		$	457,753
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		7,756,721			10,767,864			(2,627,253	)		(6,200	)
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		17,561,498			28,083,219			(5,074,570	)		10,276,756
Net change in net assets resulting from operations		26,370,168			41,328,195			(7,381,101	)		10,728,309

Distributions to Shareholders
Retail Class		(825,448	)		(913,644	)		(107,170	)		(180,584	)
Adviser Class		(322,349	)		(313,636	)		(5,977	)		(7,848	)
Institutional Class		(3,697,919	)		(3,749,086	)		(179,516	)		(333,427	)
Money Market Funds
Change in net assets resulting from distributions		(4,845,716	)		(4,976,366	)		(292,663	)		(521,859	)

Capital Transactions:
Issued		39,358,423			34,492,243			7,663,727			12,115,546
Reinvested		4,838,177			4,969,211			278,503			409,937
Redeemed		(66,674,299	)		(49,475,357	)		(22,913,934	)		(24,649,606	)
Net change in net assets resulting from capital transactions		(22,477,699	)		(10,013,903	)		(14,971,704	)		(12,124,123	)

Total Change in Net Assets		(953,247	)		26,337,926			(22,645,468	)		(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	$	199,279,746		$	200,232,993		$	40,093,257		$	62,738,725

Share Transactions:
Issued		3,361,299			3,147,990			270,380			338,751
Reinvested		374,002			428,100			9,772			11,297
Redeemed		(5,737,165	)		(4,466,355	)		(808,586	)		(702,095	)
Net change in shares		(2,001,864	)		(890,265	)		(528,434	)		(352,047	)

The accompanying notes are an integral part of these financial statements

Page 124

2020 Annual Report | December 31, 2020


Total Return Bond Fund						Prime Money Market Fund						Institutional Prime Money Market Fund
2020			2019			2020			2019			2020			2019

$	1,406,923		$	1,740,487		$	161,038		$	725,101		$	1,871,667		$	9,951,805
	299,375			556,683			—			—			638			(20	)
	3,078,543			2,627,781			—			—			14,914			73,938
	4,784,841			4,924,951			161,038			725,101			1,887,219			10,025,723


	(221,612	)		(318,972	)
	(112,411	)		(105,786	)
	(1,069,932	)		(1,325,202	)
							(161,038	)		(725,101	)		(1,871,668	)		(9,951,803	)
	(1,403,955	)		(1,749,960	)		(161,038	)		(725,101	)		(1,871,668	)		(9,951,803	)


	23,336,398			16,660,352			21,491,888			21,752,554			472,288,464			337,972,181
	1,392,130			1,737,187			158,887			686,595			307,362			1,149,955
	(21,837,670	)		(26,679,180	)		(21,895,568	)		(28,496,871	)		(506,286,355	)		(440,678,548	)
	2,890,858			(8,281,641	)		(244,793	)		(6,057,722	)		(33,690,529	)		(101,556,412	)

	6,271,744			(5,106,650	)		(244,793	)		(6,057,722	)		(33,674,978	)		(101,482,492	)

	61,832,475			66,939,125			34,823,092			40,880,814			370,120,016			471,602,508

$	68,104,219		$	61,832,475		$	34,578,299		$	34,823,092		$	336,445,038		$	370,120,016


	2,397,112			1,785,878			21,491,888			21,752,554			472,214,087			337,937,146
	141,988			185,122			158,887			686,595			307,353			1,149,805
	(2,253,945	)		(2,847,058	)		(21,895,568	)		(28,496,871	)		(506,302,922	)		(440,622,456	)
	285,155			(876,058	)		(244,793	)		(6,057,722	)		(33,781,482	)		(101,535,505	)

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 125

Financial Highlights For the Periods 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		0.03			0.31			0.34			(0.05	)		0.00			0.00		(0.05	)
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	)
Muirfield Fund - Adviser Class (1)(2)(3)(4)
2020	$	7.97		0.05			0.31			0.36			(0.07	)		0.00			0.00		(0.07	)
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 (7)	$	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		0.05			0.31			0.36			(0.07	)		0.00			0.00		(0.07	)
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 (7)	$	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		0.00			(0.03	)		(0.03	)		(0.01	)		0.00			0.00		(0.01	)
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	)
Spectrum Fund - Adviser Class (1)(2)(3)(4)
2020	$	12.27		0.03			(0.02	)		0.01			(0.11	)		0.00			0.00		(0.11	)
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 (7)	$	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		0.04			(0.02	)		0.02			(0.11	)		0.00			0.00		(0.11	)
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 (7)	$	9.97		0.02			0.43			0.45			(0.02	)		(0.11	)		0.00		(0.13	)

See footnotes on pages 134 and 135.

The accompanying notes are an integral part of these financial statements

Page 126

2020 Annual Report | December 31, 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 (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	8.20		4.36	%	$	134,240		0.35	%		1.28	%		1.28	%		225	%
$	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	%

$	8.26		4.67	%	$	48,953		0.64	%		0.98	%		0.98	%		225	%
$	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	%

$	8.28		4.66	%	$	390,632		0.73	%		0.88	%		0.97	%		225	%
$	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	%

$	12.15		(0.23	%)	$	36,604		(0.04	%)		1.73	%		1.73	%		182	%
$	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	%

$	12.17		0.18	%	$	12,475		0.32	%		1.36	%		1.36	%		182	%
$	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	%

$	12.22		0.25	%	$	136,200		0.33	%		1.32	%		1.33	%		182	%
$	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 134 and 135.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 127

Financial Highlights For the Periods 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		(0.02	)		0.35			0.33			0.00			(0.25	)		0.00		(0.25	)
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	)
Global Allocation Fund - Adviser Class (1)(2)(3)(4)
2020	$	11.35		0.01			0.37			0.38			(0.06	)		(0.25	)		0.00		(0.31	)
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 (7)	$	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			0.35			0.37			(0.10	)		(0.25	)		0.00		(0.35	)
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 (7)	$	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		0.08			0.56			0.64			(0.08	)		0.00			0.00		(0.08	)
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	)
Balanced Fund - Adviser Class (1)(2)(3)(4)
2020	$	12.35		0.13			0.56			0.69			(0.12	)		0.00			0.00		(0.12	)
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 (7)	$	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		0.14			0.55			0.69			(0.11	)		0.00			0.00		(0.11	)
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 (7)	$	10.49		0.04			0.26			0.30			(0.04	)		0.00			0.00		(0.04	)

See footnotes on pages 134 and 135.

The accompanying notes are an integral part of these financial statements

Page 128

2020 Annual Report | December 31, 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 (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	11.40		2.96	%	$	9,001		(0.25	%)		1.74	%		1.74	%		179	%
$	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	%

$	11.42		3.42	%	$	1,740		0.09	%		1.40	%		1.40	%		179	%
$	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	%

$	11.38		3.43	%	$	34,841		0.17	%		1.31	%		1.31	%		179	%
$	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	%

$	12.82		5.27	%	$	75,449		0.65	%		1.41	%		1.41	%		189	%
$	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	%

$	12.92		5.66	%	$	18,699		1.03	%		1.04	%		1.04	%		189	%
$	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	%

$	12.94		5.71	%	$	302,350		1.09	%		0.98	%		1.03	%		189	%
$	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 134 and 135.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 129

Financial Highlights For the Periods 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		0.13			0.52			0.65			(0.13	)		0.00			0.00			(0.13	)
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	)
Moderate Allocation Fund - Adviser Class (1)(2)(3)(4)
2020	$	11.86		0.17			0.53			0.70			(0.17	)		0.00			0.00			(0.17	)
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 (7)	$	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		0.17			0.53			0.70			(0.17	)		0.00			0.00			(0.17	)
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 (7)	$	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		0.37			1.04			1.41			(0.35	)		0.00			0.00			(0.35	)
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	)
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4)
2020	$	23.13		0.46			1.06			1.52			(0.44	)		0.00			0.00			(0.44	)
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 (7)	$	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		0.46			1.06			1.52			(0.44	)		0.00			0.00			(0.44	)
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 (7)	$	21.02		0.00	*		0.55			0.55			0.00			(0.20	)		(0.03	)		(0.23	)

See footnotes on pages 134 and 135.

The accompanying notes are an integral part of these financial statements

Page 130

2020 Annual Report | December 31, 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 (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	12.37		5.55	%	$	30,930		1.00	%		1.38	%		1.38	%		160	%
$	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	%

$	12.39		6.04	%	$	9,823		1.39	%		1.00	%		1.00	%		160	%
$	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	%

$	12.42		6.02	%	$	135,512		1.40	%		0.99	%		0.99	%		160	%
$	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	%

$	23.91		6.28	%	$	29,034		1.46	%		1.28	%		1.28	%		139	%
$	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	%

$	24.21		6.69	%	$	7,082		1.85	%		0.92	%		0.92	%		139	%
$	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	%

$	24.26		6.68	%	$	105,403		1.87	%		0.92	%		0.92	%		139	%
$	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 134 and 135.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 131

Financial Highlights For the Periods 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			1.79			1.82			(0.03	)		(0.27	)		0.00		(0.30	)
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	)
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4)
2020	$	11.91		0.07			1.81			1.88			(0.06	)		(0.27	)		0.00		(0.33	)
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 (7)	$	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		0.08			1.80			1.88			(0.06	)		(0.27	)		0.00		(0.33	)
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 (7)	$	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		0.20			(2.28	)		(2.08	)		(0.19	)		0.00			0.00		(0.19	)
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	)
Quantex Fund - Adviser Class (1)(2)(3)(4)
2020	$	38.01		0.23			(2.28	)		(2.05	)		(0.21	)		0.00			0.00		(0.21	)
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 (7)	$	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		0.26			(2.31	)		(2.05	)		(0.26	)		0.00			0.00		(0.26	)
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 (7)	$	30.67		0.04			3.18			3.22			(0.04	)		(0.48	)		0.00		(0.52	)

See footnotes on pages 134 and 135.

The accompanying notes are an integral part of these financial statements

Page 132

2020 Annual Report | December 31, 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 (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	13.39		15.37	%	$	37,392		0.27	%		1.41	%		1.51	%		236	%
$	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	%

$	13.46		15.85	%	$	13,322		0.61	%		1.06	%		1.16	%		236	%
$	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	%

$	13.45		15.94	%	$	148,566		0.67	%		1.01	%		1.11	%		236	%
$	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	%

$	35.64		(5.36	%)	$	18,352		0.65	%		1.53	%		1.53	%		88	%
$	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	%

$	35.75		(5.25	%)	$	986		0.77	%		1.41	%		1.41	%		88	%
$	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	%

$	35.70		(5.22	%)	$	20,756		0.85	%		1.37	%		1.37	%		88	%
$	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 134 and 135.

The accompanying notes are an integral part of these financial statements

2020 Annual Report | December 31, 2020

Page 133

Financial Highlights For the Periods 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		0.21		0.49			0.70			(0.18	)		0.00		0.00		(0.18	)
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	)
Total Return Bond Fund - Adviser Class (1)(2)(3)(4)
2020	$	9.47		0.25		0.49			0.74			(0.22	)		0.00		0.00		(0.22	)
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 (7)	$	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		0.24		0.50			0.74			(0.22	)		0.00		0.00		(0.22	)
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 (7)	$	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		0.005		N/A			0.005			(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	)
Institutional Prime Money Market Fund (1)(2)(3)(4)
2020	$	1.0000		0.0058		(0.0005	)		0.0053			(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 (6)	$	1.0000		0.0010		0.0001			0.0011			(0.0010	)		0.0000		0.0000		(0.0010	)

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 134

2020 Annual Report | December 31, 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 (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	9.98		7.46	%	$	12,231		1.87	%		1.15	%		1.26	%		69	%
$	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	%

$	9.99		7.86	%	$	5,463		2.28	%		0.79	%		0.90	%		69	%
$	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	%

$	9.99		7.86	%	$	50,410		2.25	%		0.77	%		0.88	%		69	%
$	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		0.45	%	$	34,578		0.45	%		0.28	%		0.91	%		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

$	1.0003		0.57	%	$	336,445		0.57	%		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 October 7, 2016.

7	Commenced operations on October 31, 2016.

8	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.

9	Ratio of expenses to average net assets before fee reductions reflects the total expenses before reductions reported in the statements 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 Annual Report | December 31, 2020

Page 135

Notes to Financial Statements
December 31, 2020

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 Statements of Assets and Liabilities and the Statements of Operations until the contract settlement date, at which time amounts are reflected as realized gains and losses in the Statements of Operations.

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2020 Annual Report | December 31, 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 year ended December 31, 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 year ended December 31, 2020.

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Statements of Assets and Liabilities as of December 31, 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)	$	13,355,386	$	2,791,529
Spectrum	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		5,180,922		800,793
Global	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		3,176,695		383,479
Balanced	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		7,985,720		1,376,370
Moderate	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		3,387,359		600,388
Conservative	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,682,410		266,844
Dynamic	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		6,346,484		767,698
Quantex	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		598,946		27,656

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The effect of derivative instruments on the Statements of Operations for the year ended December 31, 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 December 31, 2020		Statement of Operations Location	For the Year Ended December 31, 2020
Muirfield	Equity contracts		1,234		9,770		10,013		991	Net realized gains (losses) from futures contracts	$	(51,419,469	)
Spectrum	Equity contracts		752		2,930		3,383		299	Net realized gains (losses) from futures contracts		(17,738,861	)
Global	Equity contracts		225		1,094		1,130		189	Net realized gains (losses) from futures contracts		(2,420,717	)
Balanced	Equity contracts		592		4,337		4,442		487	Net realized gains (losses) from futures contracts		(20,163,080	)
Moderate	Equity contracts		196		1,439		1,451		184	Net realized gains (losses) from futures contracts		(5,766,375	)
Conservative	Equity contracts		81		753		748		86	Net realized gains (losses) from futures contracts		(2,636,207	)
Dynamic	Equity contracts		462		2,180		2,186		456	Net realized gains (losses) from futures contracts		1,791,950
Quantex	Equity contracts		11		136		127		20	Net realized gains (losses) from futures contracts		725,562

Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Statement of Operations Location	For the Year Ended December 31, 2020
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts	$	1,709,435
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		88,102
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		294,939
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		793,361
Moderate	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		394,223
Conservative	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		188,032
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		535,122
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		11,959

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, 2017 through December 31, 2020) 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 year ended December 31, 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.

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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, 2020, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital			Distributable Earnings (Accumulated Deficit)
Muirfield	$	—		$	—
Spectrum		—			—
Global		—			—
Balanced		—			—
Moderate		—			—
Conservative		—			—
Dynamic		1,347,314			(1,347,314	)
Quantex		(354,086	)		354,086
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 year ended December 31, 2020 and the year ended December 31, 2019 were as follows:

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Year Ended December 31, 2020
Muirfield - Retail	$	11,650,273		1,616,852	$	884,595		122,946
Muirfield - Adviser		12,562,031		1,731,428		475,878		65,587
Muirfield - Institutional		94,938,567		13,043,429		3,526,830		485,462
Spectrum - Retail		3,339,517		312,463		34,980		3,171
Spectrum - Adviser		2,993,068		271,967		119,760		10,835
Spectrum - Institutional		27,288,817		2,527,581		1,281,869		115,651
Global - Retail		1,166,292		111,446		197,994		17,568
Global - Adviser		446,417		43,133		44,862		4,032
Global - Institutional		3,242,380		313,642		1,068,025		96,909
Balanced - Retail		7,397,073		647,576		507,680		44,045
Balanced - Adviser		4,253,014		362,514		178,375		15,347
Balanced - Institutional		73,579,398		6,333,953		2,664,718		229,124
Moderate - Retail		3,670,705		326,818		347,588		30,030
Moderate - Adviser		2,910,988		254,996		139,338		12,040
Moderate - Institutional		30,969,046		2,697,054		1,865,874		160,665
Conservative - Retail		3,996,383		181,208		458,804		20,189
Conservative - Adviser		2,271,362		99,923		131,623		5,705
Conservative - Institutional		25,499,844		1,115,180		1,877,940		81,317
Dynamic - Retail		3,823,098		347,512		824,823		63,418
Dynamic - Adviser		3,509,483		301,817		322,349		24,972
Dynamic - Institutional		32,025,842		2,711,970		3,691,005		285,612
Quantex - Retail		2,189,011		80,196		106,638		3,742
Quantex - Adviser		276,382		9,230		5,977		209
Quantex - Institutional		5,198,334		180,954		165,888		5,821
Bond - Retail		3,539,918		367,315		219,807		22,431
Bond - Adviser		4,032,049		414,412		112,411		11,455
Bond - Institutional		15,764,431		1,615,385		1,059,912		108,102
Prime Money Market		21,491,888		21,491,888		158,887		158,887
Institutional Prime Money Market		472,288,464		472,214,087		307,362		307,353

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	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
Year Ended December 31, 2020
Muirfield - Retail	$	(66,817,586	)		(9,261,883	)	$	(54,282,718	)		(7,522,085	)
Muirfield - Adviser		(24,726,534	)		(3,396,916	)		(11,688,625	)		(1,599,901	)
Muirfield - Institutional		(149,015,449	)		(20,478,261	)		(50,550,052	)		(6,949,370	)
Spectrum - Retail		(16,054,832	)		(1,493,176	)		(12,680,335	)		(1,177,542	)
Spectrum - Adviser		(5,661,594	)		(526,084	)		(2,548,766	)		(243,282	)
Spectrum - Institutional		(37,639,148	)		(3,389,095	)		(9,068,462	)		(745,863	)
Global - Retail		(3,342,556	)		(325,492	)		(1,978,270	)		(196,478	)
Global - Adviser		(514,491	)		(50,884	)		(23,212	)		(3,719	)
Global - Institutional		(7,620,220	)		(739,343	)		(3,309,815	)		(328,792	)
Balanced - Retail		(27,794,588	)		(2,375,037	)		(19,889,835	)		(1,683,416	)
Balanced - Adviser		(6,642,344	)		(564,264	)		(2,210,955	)		(186,403	)
Balanced - Institutional		(82,778,077	)		(7,073,659	)		(6,533,961	)		(510,582	)
Moderate - Retail		(9,844,841	)		(850,289	)		(5,826,548	)		(493,441	)
Moderate - Adviser		(3,716,438	)		(323,871	)		(666,112	)		(56,835	)
Moderate - Institutional		(35,493,471	)		(3,090,455	)		(2,658,551	)		(232,736	)
Conservative - Retail		(8,490,522	)		(374,117	)		(4,035,335	)		(172,720	)
Conservative - Adviser		(2,433,929	)		(106,506	)		(30,944	)		(878	)
Conservative - Institutional		(26,048,017	)		(1,142,491	)		1,329,767			54,006
Dynamic - Retail		(12,417,374	)		(1,072,111	)		(7,769,453	)		(661,181	)
Dynamic - Adviser		(5,090,584	)		(439,774	)		(1,258,752	)		(112,985	)

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2020 Annual Report | December 31, 2020

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Dynamic - Institutional	$	(49,166,341	)		(4,225,280	)	$	(13,449,494	)		(1,227,698	)
Quantex - Retail		(6,470,912	)		(227,906	)		(4,175,263	)		(143,968	)
Quantex - Adviser		(317,629	)		(11,169	)		(35,270	)		(1,730	)
Quantex - Institutional		(16,125,393	)		(569,511	)		(10,761,171	)		(382,736	)
Bond - Retail		(3,315,674	)		(341,917	)		444,051			47,829
Bond - Adviser		(3,126,254	)		(323,216	)		1,018,206			102,651
Bond - Institutional		(15,395,742	)		(1,588,812	)		1,428,601			134,675
Prime Money Market		(21,895,568	)		(21,895,568	)		(244,793	)		(244,793	)
Institutional Prime Money Market		(506,286,355	)		(506,302,922	)		(33,690,529	)		(33,781,482	)

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 Annual Report | December 31, 2020

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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 December 31, 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	$	91,619	$	—	$	91,619	$	—		$	(91,619	)	$	—
Spectrum		22,136		—		22,136		—			(22,136	)		—
Global		991		—		991		—			(991	)		—
Balanced		32,745		—		32,745		—			(32,745	)		—
Moderate		9,516		—		9,516		—			(9,516	)		—
Conservative		4,753		—		4,753		—			(4,753	)		—
Dynamic		33,757		—		33,757		—			(33,757	)		—
Quantex		308,295		—		308,295		—			(308,295	)		—

Futures Contracts
Muirfield	$	2,791,652	$	123	$	2,791,529	$	—		$	—		$	2,791,529
Spectrum		800,793		—		800,793		—			—			800,793
Global		385,903		2,424		383,479		—			—			383,479
Balanced		1,377,623		1,253		1,376,370		—			—			1,376,370
Moderate		600,388		—		600,388		—			—			600,388
Conservative		268,220		1,376		266,844		—			—			266,844
Dynamic		774,659		6,961		767,698		—			—			767,698
Quantex		28,758		1,102		27,656		—			—			27,656

Repurchase Agreements
Prime Money Market	$	7,000,000	$	—	$	7,000,000	$	(7,000,000	)	$	—		$	—
Institutional Prime Money Market		80,000,000		—		80,000,000		(80,000,000	)		—			—

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.

Other. The Funds record security transactions on the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after 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.

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price

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or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into which may result in a realized gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.

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 registered investment companies, 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.

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Restricted securities (equity and debt). Restricted securities for which quotations are not readily available are valued at fair value as determined by the Trustees. Depending on the relative significance of valuation inputs, these instruments may be classified in either level 2 or level 3 of the fair value hierarchy.

Derivative instruments (futures contracts). Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.

For the year ended December 31, 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 December 31, 2020.

Muirfield - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	458,141,444	$	—	$	—	$	458,141,444
Money market registered investment companies		103,982,486		—		—		103,982,486
Bank obligations		—		743,133		—		743,133
Total	$	562,123,930	$	743,133	$	—	$	562,867,063
Trustee deferred compensation***	$	285,523	$	—	$	—	$	285,523
Futures contracts**	$	2,791,529	$	—	$	—	$	2,791,529

Spectrum - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	151,174,645	$	—	$	—	$	151,174,645
Money market registered investment companies		29,306,819		—		—		29,306,819
Total	$	180,481,464	$	—	$	—	$	180,481,464
Trustee deferred compensation***	$	40,785	$	—	$	—	$	40,785
Futures contracts**	$	800,793	$	—	$	—	$	800,793

Global - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	18,193,648	$	—	$	—	$	18,193,648
Registered investment companies		8,005,008		—		—		8,005,008
Money market registered investment companies		15,664,843		—		—		15,664,843
Bank obligations		—		743,133		—		743,133
Total	$	41,863,499	$	743,133	$	—	$	42,606,632
Trustee deferred compensation***	$	112,298	$	—	$	—	$	112,298
Futures contracts**	$	383,479	$	—	$	—	$	383,479

Balanced - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	219,062,426	$	—	$	—	$	219,062,426
Registered investment companies		117,328,966		—		—		117,328,966
Money market registered investment companies		51,667,908		—		—		51,667,908
Bank obligations		—		743,133		—		743,133
Total	$	388,059,300	$	743,133	$	—	$	388,802,433
Trustee deferred compensation***	$	186,008	$	—	$	—	$	186,008
Futures contracts**	$	1,376,370	$	—	$	—	$	1,376,370

Moderate - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	63,942,366	$	—	$	—	$	63,942,366
Registered investment companies		86,978,100		—		—		86,978,100
Money market registered investment companies		21,706,870		—		—		21,706,870
Bank obligations		—		248,220		—		248,220
Total	$	172,627,336	$	248,220	$	—	$	172,875,556
Trustee deferred compensation***	$	28,573	$	—	$	—	$	28,573
Futures contracts**	$	600,388	$	—	$	—	$	600,388

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2020 Annual Report | December 31, 2020

Conservative - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	31,250,188	$	—	$	—	$	31,250,188
Registered investment companies		98,043,888		—		—		98,043,888
Money market registered investment companies		10,433,299		—		—		10,433,299
Total	$	139,727,375	$	—	$	—	$	139,727,375
Trustee deferred compensation***	$	75,656	$	—	$	—	$	75,656
Futures contracts**	$	266,844	$	—	$	—	$	266,844

Dynamic - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	147,862,400	$	—	$	—	$	147,862,400
Registered investment companies		10,284,118		—		—		10,284,118
Money market registered investment companies		36,684,066		—		—		36,684,066
Bank obligations		—		743,133		—		743,133
Total	$	194,830,584	$	743,133	$	—	$	195,573,717
Trustee deferred compensation***	$	226,204	$	—	$	—	$	226,204
Futures contracts**	$	767,698	$	—	$	—	$	767,698

Quantex - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	36,233,034	$	—	$	—	$	36,233,034
Money market registered investment companies		896,648		—		—		896,648
Bank obligations		—		8,000		—		8,000
Total	$	37,129,682	$	8,000	$	—	$	37,137,682
Trustee deferred compensation***	$	66,934	$	—	$	—	$	66,934
Futures contracts**	$	27,656	$	—	$	—	$	27,656

Bond - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	58,954,896	$	—	$	—	$	58,954,896
Money market registered investment companies		2,539,651		—		—		2,539,651
U.S. government obligations		—		6,710,811		—		6,710,811
Total	$	61,494,547	$	6,710,811	$	—	$	68,205,358
Trustee deferred compensation***	$	74,995	$	—	$	—	$	74,995

Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	1,477,629	$	—	$	1,477,629
Certificates of deposit		—		3,699,888		—		3,699,888
Commercial paper		—		9,870,790		—		9,870,790
Corporate obligations		—		2,225,150		—		2,225,150
Repurchase agreements		—		7,000,000		—		7,000,000
U.S. government and agency obligations		—		1,999,983		—		1,999,983
Variable rate demand notes		—		4,907,392		—		4,907,392
Money market registered investment companies		3,381,806		—		—		3,381,806
Total	$	3,381,806	$	31,180,832	$	—	$	34,562,638
Trustee deferred compensation***	$	43,926	$	—	$	—	$	43,926

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Institutional Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	1,477,629	$	—	$	1,477,629
Certificates of deposit		—		15,924,871		—		15,924,871
Commercial paper		—		129,629,321		—		129,629,321
Corporate obligations		—		27,308,930		—		27,308,930
Repurchase agreements		—		80,000,000		—		80,000,000
U.S. government and agency obligations		—		20,003,520		—		20,003,520
Variable rate demand notes		—		48,080,842		—		48,080,842
Money market registered investment companies		13,985,963		—		—		13,985,963
Total	$	13,985,963	$	322,425,113	$	—	$	336,411,076
Trustee deferred compensation***	$	4,617	$	—	$	—	$	4,617

*	See schedules of investments for industry classifications.

**	Futures contracts include unrealized gain/loss on contracts open at December 31, 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 year ended December 31, 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	$	987,670,435	$	1,127,776,390
Spectrum		273,666,078		334,481,824
Global		44,425,933		51,850,338
Balanced		560,867,248		578,800,539
Moderate		219,703,071		221,894,940
Conservative		161,201,076		154,673,818
Dynamic		330,004,130		350,454,282
Quantex		34,456,957		49,921,160
Bond		41,630,930		36,108,823

For the year ended December 31, 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	$	292,591	$	922,224
Balanced		8,923,824		24,113,896
Moderate		5,951,094		17,123,949
Conservative		7,249,497		19,397,096
Bond		3,926,635		6,607,647

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2020 Annual Report | December 31, 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 year ended December 31, 2020, $179,427 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 year ended December 31, 2020, $70,961 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	%

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Page 147

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 year ended December 31, 2020, MFSCo waived the following transfer agent fees:

Voluntary Transfer
Agent Fees
Reimbursements

Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets
- Retail Class

Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets
- Adviser Class

Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets
- Institutional Class

Impact of Voluntary
Transfer Agent Fees
Reimbursements to
Average Net Assets
- Money Market
Funds

Muirfield

315,000

N/A

0.08

N/A

Spectrum

7,000

N/A

0.01

N/A

Global

—

N/A

Balanced

132,000

N/A

0.05

N/A

Moderate

—

N/A

Conservative

—

N/A

Dynamic

—

N/A

Quantex

—

N/A

Bond

—

N/A

Prime Money Market

—

N/A

Institutional Prime Money Market

—

N/A

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	%

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2020 Annual Report | December 31, 2020

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 year ended December 31, 2020, MAM agreed to voluntarily waive and/or reimburse investment advisory fees. The 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
Investment
Advisory Fee
Reimbursements

Impact of Voluntary
Investment
Advisory Fee
Reimbursements to
Average Net Assets

Impact of Voluntary
Investment
Advisory Fee
Reimbursements to
Average Net Assets
- Retail Class

Impact of Voluntary
Investment
Advisory Fee
Reimbursements to
Average Net Assets
- Adviser Class

Impact of Voluntary
Investment
Advisory Fee
Reimbursements to
Average Net Assets
- Institutional Class

Muirfield

—

N/A

Spectrum

—

N/A

Global

—

N/A

Balanced

—

N/A

Moderate

—

N/A

Conservative

—

N/A

Dynamic

—

N/A

Quantex

—

N/A

Bond

—

N/A

Prime Money Market

222,816

0.63

N/A

Institutional Prime Money Market

1,186,453

0.37

N/A

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

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Page 149

the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement. As of December 31, 2020, Muirfield, Spectrum, Global, Balanced, Moderate, Conservative, Dynamic, and Quantex had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. For the year ended December 31, 2020, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	6,972
Spectrum		5,000
Global		113
Balanced		3,103
Moderate		749
Conservative		270
Dynamic		1,729
Quantex		7,453

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 year ended December 31, 2020, total 12b-1 plan expense payments made to the Funds’ affiliated distributor was $84,304. The annual adopted 12b-1 plan maximum limitations for the year ended December 31, 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	$38,895
Spectrum	N/A	0.25%	N/A	N/A	2,518
Global	N/A	0.25%	N/A	N/A	2,273
Balanced	N/A	0.25%	N/A	N/A	5,616
Moderate	N/A	0.25%	N/A	N/A	878
Conservative	N/A	0.25%	N/A	N/A	7,832
Dynamic	N/A	0.25%	N/A	N/A	8,849
Quantex	N/A	0.20%	N/A	N/A	15,191
Bond	N/A	0.25%	N/A	N/A	2,252
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

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2020 Annual Report | December 31, 2020

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 year ended December 31, 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 year ended December 31, 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 Institutional Prime Money Market Fund on a net basis. The Funds’ investments in the Institutional Prime Money Market Fund, which had a 7-day yield of 0.08% on December 31, 2020, were as follows:

	12/31/19 Fair Value		Purchases		Sales			Realized Gains (Losses)			12/31/20 Cost		Change in Unrealized			Income		12/31/20 Fair Value
Muirfield	$	131,391,282	$	138,549,908	$	(166,033,278	)	$	(28,106	)	$	103,864,010	$	8,574		$	622,634	$	103,888,380
Spectrum		5,987,102		81,891,670		(58,599,057	)		(4,299	)		29,275,409		8,798			61,173		29,284,214
Global		16,954,500		12,010,102		(13,304,750	)		215			15,658,597		3,752			89,179		15,663,819
Balanced		67,392,229		93,526,058		(109,284,116	)		(18,173	)		51,607,766		18,404			346,120		51,634,402
Moderate		23,031,540		51,463,304		(52,799,990	)		(4,947	)		21,686,489		7,217			126,639		21,697,124
Conservative		9,379,205		46,052,545		(45,005,776	)		(3,227	)		10,421,455		5,682			58,795		10,428,429
Dynamic		40,107,913		48,285,782		(51,745,632	)		(334	)		36,643,404		1,680			163,596		36,649,409
Quantex		1,503,598		15,708,361		(16,641,534	)		1,713			572,131		(6	)		10,119		572,132
Bond		2,171,908		24,104,078		(23,738,162	)		(248	)		2,537,503		2,075			11,810		2,539,651

2020 Annual Report | December 31, 2020

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6. Federal Tax Information

The following information is computed on a tax basis for each item as of December 31, 2020:

	Tax Cost of Portfolio Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Muirfield	$	434,992,782	$	138,589,061	$	(10,714,780	)	$	127,874,281
Spectrum		138,986,920		44,896,495		(3,401,951	)		41,494,544
Global		36,478,273		6,534,121		(405,762	)		6,128,359
Balanced		321,117,028		73,141,498		(5,456,093	)		67,685,405
Moderate		151,138,345		23,402,689		(1,665,478	)		21,737,211
Conservative		125,767,456		15,002,810		(1,042,891	)		13,959,919
Dynamic		153,815,769		44,858,498		(3,100,550	)		41,757,948
Quantex		29,401,285		8,792,374		(1,055,977	)		7,736,397
Bond		63,564,666		4,833,732		(193,040	)		4,640,692
Prime Money Market		34,562,638		—		—			—
Institutional Prime Money Market		336,376,865		35,427		(1,216	)		34,211

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2020 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Total Dividends Paid*
Muirfield	$	4,943,111	$	—	$	—	$	4,943,111
Spectrum		1,441,970		—		—		1,441,970
Global		318,203		303,373		689,457		1,311,033
Balanced		3,364,824		—		—		3,364,824
Moderate		2,369,151		—		—		2,369,151
Conservative		2,480,581		—		—		2,480,581
Dynamic		835,596		639,520		3,370,600		4,845,716
Quantex		292,663		—		—		292,663
Bond		1,403,955		—		—		1,403,955
Prime Money Market		161,501		—		—		161,501
Institutional Prime Money Market		2,275,825		—		—		2,275,825

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

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2020 Annual Report | December 31, 2020

As of December 31, 2020, 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	$	3,491,212	$	—	$	(51,771,922	)	$	127,874,281	$	79,593,571
Spectrum		375,632		—		(15,777,518	)		41,494,544		26,092,658
Global		2,142		—		(817,020	)		6,128,359		5,313,481
Balanced		3,650,774		—		(18,053,218	)		67,685,405		53,282,961
Moderate		49,608		—		(4,617,494	)		21,737,211		17,169,325
Conservative		112,005		—		(3,758,279	)		13,959,919		10,313,645
Dynamic		1,214,054		6,659,482		(180,790	)		41,757,948		49,450,694
Quantex		59,964		—		(2,801,255	)		7,736,397		4,995,106
Bond		17,706		—		(11,369,543	)		4,640,692		(6,711,145	)
Institutional Prime Money Market		4,233		—		(6,836	)		34,211		31,608

*	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, return of capital adjustments, and the realization for tax purposes of unrealized gains/(losses) on certain derivative investments.

For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2020, 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	$	38,859,565	$	12,676,746	$	—
Spectrum		8,209,937		7,488,535		—
Global		726,448		—		—
Balanced		12,003,395		5,895,753		—
Moderate		3,969,072		623,132		—
Conservative		3,508,900		187,874		—
Quantex		2,746,626		—		—
Bond		8,949,457		2,355,920		333,274
Institutional Prime Money Market		1,203		1,504		638

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 December 31, 2020, beneficial owners that held more than 25% of the voting securities of the Funds and may be deemed to control the Funds are as follows:

Fund	Beneficial Owner	Percent of Voting Securities
Institutional Prime Money Market	Meeder Muirfield Fund	31%

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.

2020 Annual Report | December 31, 2020

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9. Subsequent Events

On January 25, 2021, a broker/dealer initiated a significant capital share class exchange from the Retail Class of shares into the Adviser Class of shares. The exchange occurred in Muirfield, Spectrum, Global, Balanced, Moderate, Conservative, Dynamic, Quantex, and Bond Funds. As a result, total net assets of the Retail Classes of shares decreased, while the total net assets of the Adviser Classes of shares increased. There were no changes to each Fund’s total net assets as a result of the capital share class exchange.

At a meeting held on January 28, 2021, the Board of Trustees approved a revised principal investment strategy for the Total Return Bond Fund, as well as a change to the investment objective of the Fund. As a result, the name of the Fund will be changing from Total Return Bond Fund to Tactical Income Fund. These changes are expected to become effective on April 6, 2021. For more detailed information on the principal investment strategy change, the investment objective change, and the name change, please visit the Fund’s website at www.meederinvestment.com to obtain a copy of the prospectus.

At a meeting held on January 28, 2021, the Board of Trustees approved a revised principal investment strategy for the Quantex Fund. This change is expected to become effective on April 6, 2021. For more detailed information on the principal investment strategy change, please visit the Fund’s website at www.meederinvestment.com to obtain a copy of the prospectus.

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2020 Annual Report | December 31, 2020

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Meeder Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Meeder Funds comprising Muirfield Fund, Spectrum Fund, Global Allocation Fund, Balanced Fund, Moderate Allocation Fund, Conservative Allocation Fund, Dynamic Allocation Fund, Quantex Fund, Total Return Bond Fund, Prime Money Market Fund, and Institutional Prime Money Market Fund (the “Funds”) as of December 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years or periods in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years or periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2004.

COHEN & COMPANY, LTD.
Cleveland, Ohio
February 24, 2021

2020 Annual Report | December 31, 2020

Page 155

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 June 30, 2020				Ending Account Value December 31, 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	$	1,186.00	$	1,018.70	$	7.03	$	6.50		1.28	%
Adviser Class		1,000.00		1,000.00		1,188.40		1,020.21		5.39		4.98		0.98	%
Institutional Class		1,000.00		1,000.00		1,189.50		1,021.11		4.40		4.06		0.80	%
Spectrum Fund
Retail Class		1,000.00		1,000.00		1,190.00		1,017.39		8.48		7.81		1.54	%
Adviser Class		1,000.00		1,000.00		1,192.20		1,019.25		6.45		5.94		1.17	%
Institutional Class		1,000.00		1,000.00		1,193.50		1,019.51		6.18		5.69		1.12	%
Global Allocation Fund
Retail Class		1,000.00		1,000.00		1,189.30		1,016.49		9.47		8.72		1.72	%
Adviser Class		1,000.00		1,000.00		1,192.90		1,018.10		7.72		7.10		1.40	%
Institutional Class		1,000.00		1,000.00		1,192.80		1,018.60		7.17		6.60		1.30	%
Balanced Fund
Retail Class		1,000.00		1,000.00		1,143.10		1,018.05		7.60		7.15		1.41	%
Adviser Class		1,000.00		1,000.00		1,144.70		1,019.91		5.61		5.28		1.04	%
Institutional Class		1,000.00		1,000.00		1,145.10		1,020.51		4.96		4.67		0.92	%
Moderate Allocation Fund
Retail Class		1,000.00		1,000.00		1,112.70		1,018.20		7.33		7.00		1.38	%
Adviser Class		1,000.00		1,000.00		1,115.80		1,020.16		5.27		5.03		0.99	%
Institutional Class		1,000.00		1,000.00		1,115.40		1,020.21		5.21		4.98		0.98	%
Conservative Allocation Fund
Retail Class		1,000.00		1,000.00		1,085.40		1,018.75		6.66		6.44		1.27	%
Adviser Class		1,000.00		1,000.00		1,087.40		1,020.61		4.72		4.57		0.90	%
Institutional Class		1,000.00		1,000.00		1,087.70		1,020.56		4.78		4.62		0.91	%
Dynamic Allocation Fund
Retail Class		1,000.00		1,000.00		1,206.60		1,018.15		7.71		7.05		1.39	%
Adviser Class		1,000.00		1,000.00		1,209.30		1,019.86		5.83		5.33		1.05	%
Institutional Class		1,000.00		1,000.00		1,208.90		1,020.06		5.61		5.13		1.01	%

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2020 Annual Report | December 31, 2020

	Beginning Account Value June 30, 2020				Ending Account Value December 31, 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	$	1,282.70	$	1,017.39	$	8.84	$	7.81		1.54	%
Adviser Class		1,000.00		1,000.00		1,283.40		1,018.05		8.09		7.15		1.41	%
Institutional Class		1,000.00		1,000.00		1,283.40		1,018.20		7.92		7.00		1.38	%
Total Return Bond Fund
Retail Class		1,000.00		1,000.00		1,031.30		1,019.46		5.77		5.74		1.13	%
Adviser Class		1,000.00		1,000.00		1,033.30		1,021.17		4.04		4.01		0.79	%
Institutional Class		1,000.00		1,000.00		1,033.40		1,021.32		3.88		3.86		0.76	%
Prime Money Market Fund		1,000.00		1,000.00		1,000.20		1,023.78		1.36		1.37		0.27	%
Institutional Prime Money Market Fund		1,000.00		1,000.00		1,000.40		1,024.38		0.75		0.76		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 Annual Report | December 31, 2020

Page 157

Trustees and Officers (unaudited)

Certain trustees and officers of the Funds are also officers or directors of Meeder, MAM, and MFSCo. The Trustees oversee the management of the Trust and elect its officers. The officers are responsible for the Funds’ day-to-day operations. The Trustees’ and officers’ names, addresses, years of birth, positions held with the Trust, and length of service with the Meeder Funds, are listed below. Also included is each Board member’s principal occupation during, at least, the past five years. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Those Trustees who are “interested persons”, as defined in the 1940 Act, by virtue of their affiliation with the Trust, are indicated by an asterisk (*).

Name, Address¹, and Year of Birth	Year First Elected a Trustee or Officer of the Trust	Position and Number of Funds Overseen²	Principal Occupation During Past Five Years and Other Directorships Held
Robert S. Meeder, Jr.* Year of Birth: 1961	1992	Trustee and President	President, Meeder Investment Management, Inc.
Stuart M. Allen** Year of Birth: 1961	2006	Trustee	President of Gardiner Allen DeRoberts Insurance LLC, an insurance agency.
Anthony V. D’Angelo** Year of Birth: 1959	2006	Trustee	General Manager, WSYX ABC 6 /WTTE-TV Fox 28 /WWHO television stations, Columbus, Ohio, operated by Sinclair Broadcast Group (2014 – present); Director of Sales (2004 – 2014); Lead Trustee of the Trust.
Jeffrey R. Provence** Year of Birth: 1969	2017	Trustee	CEO, Premier Fund Solutions, Inc. (2001 – present); General Partner & Portfolio Manager, Value Trend Capital Management, L.P. (1995 – present); Director, Blue Chip Investor Funds; Director, PFS Funds; Chairman of the Trust’s Audit Committee.
Douglas R. Jennings Year of Birth: 1962	2017	Chief Compliance Officer	Chief Compliance Officer, Meeder Investment Management, Inc. (2016 – present); Assistant General Counsel; Partner, Carlile Patchen & Murphy, LLP (2010 – 2016).
Bruce E. McKibben Year of Birth: 1969	2002	Treasurer	Director of Fund Accounting, Mutual Funds Service Co. (1997 – present).
Alaina Salonsky Year of Birth: 1967	2017	Secretary	Compliance Specialist, Meeder Investment Management, Inc. (2017 – present); Teacher, Big Walnut School District, Sunbury, Ohio (2013 – 2017).

¹	The address of each Trustee is 6125 Memorial Drive, Dublin, OH 43017.

²	Each Trustee serves for an indefinite term, until his or her resignation, death, or removal. Each Trustee oversees all eleven Funds in the Trust.

*	Robert S. Meeder, Jr. is deemed an “interested person” of the Trust by virtue of his position as President of Meeder Asset Management, Inc., the Adviser of the Trust.

**	Each independent Trustee is a member of the Trust’s Audit Committee, Compensation Committee, and Nominating Committee.

The Statement of Additional Information includes additional information about each Trustee and is available without charge. To obtain a copy of the Statement of Additional Information, please contact your financial representative or call toll free 1-800-325-3539.

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2020 Annual Report | December 31, 2020

Board Review and Approval of Investment Advisory Agreement (unaudited)

At a regularly scheduled meeting held September 17, 2020, the Board of Trustees met and considered a broad range of information provided by Meeder Asset Management, Inc. (“Adviser”) in connection with its review of the continuation of the investment advisory agreement between the Funds and the Adviser. By a unanimous vote, the Board and its Independent Trustees approved continuation of the investment advisory agreement.

Approval Process. In order to determine that continuation of the investment advisory agreement was in the best interest of the Funds and their shareholders, the Board requested that the Adviser provide information and data related to: (i) industry data comparing advisory fees and expense ratios with comparable funds; (ii) comparative investment performance information; (iii) information concerning the Adviser’s personnel, services and compliance programs; and (iv) information concerning the Adviser’s revenues, expenses and profitability. In addition, the Board took into account information furnished throughout the year at regular Board meetings, including periodic reports concerning investment performance and other services provided by the Adviser and its affiliates. While attention was given to all of the information furnished, the Board made the following specific findings in connection with its decision to renew the Agreement:

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the Adviser and its affiliates, including the reputation, qualifications, experience and capabilities of the personnel performing these services. The Board noted the qualifications of the investment management team and the efforts the Adviser expends on attracting and retaining talent. The Board also noted that the Adviser and its affiliates provide a series of additional administrative services for the Funds, including fund accounting, transfer agency, distribution and compliance services, and recognized the continuing expenditures made to support and improve the scope of those services. The Board concluded that the nature, extent and quality of the services provided by the Adviser and its affiliates have benefited and should continue to benefit each Fund and its shareholders.

Investment Performance. The Board reviewed the investment performance of each Fund relative to its benchmark and the Morningstar category performance furnished to the Board in the report prepared in conjunction with the Board’s review of the advisory contract. The Board evaluated performance in light of the investment strategy pursued by the Adviser and steps taken by the Adviser to mitigate risk through active management of the portfolio. The Board gave special consideration to the Funds’ stated objective of achieving performance over a full market cycle, noting that the Funds may underperform over the short-term in the pursuit of long term returns at lower risk. The Board noted the Adviser’s continued efforts to revise and improve the quantitative models used to select securities and manage short and long term risk for the Funds. The Board concluded that the overall performance of the Funds was satisfactory relative to Funds’ respective strategies and peer performance.

Costs of Services. The Board took into consideration a comprehensive report comparing each Fund’s advisory fees and expenses with those of other mutual funds deemed comparable to the Fund. The Board also considered the fees and expenses charged by the Adviser’s affiliates for administrative, transfer agency, accounting and compliance services. The Board noted that adjustments were made to the administrative and transfer agency agreements reducing overall costs to shareholders. The Board concluded that the Funds’ cost structures were fair and reasonable in relation to the services provided, and that the Funds’ shareholders receive reasonable value in return for the advisory fees and other amounts paid to the Adviser by the Funds.

Management Profitability. The Board also considered the level of profits realized by the Adviser and its affiliates in connection with the operation of the Funds. In this respect, the Board reviewed the Funds’ profitability analysis that addresses the overall profitability of the Meeder Funds’ business as well as the profitability resulting from the operation of each Fund. The Board also noted that the Adviser expends significant amounts on distribution services for the Funds and routinely waives a portion of advisory and other fees or expenses of the Funds in order to reduce net operating expenses. The Board determined that the level of profits realized by the Adviser under its Agreement with the Funds was not excessive in view of the nature, quality and extent of services provided.

Economies of Scale. The Board also considered whether economies of scale are realized as the Funds grow larger and the extent to which this is reflected in the level of advisory and other fees charged. The Board noted that several of the Funds had achieved reductions in advisory fees under applicable breakpoint schedules and that the administrative and transfer agency agreements had been amended to include breakpoints in their fee schedules. The Board expressed continued satisfaction with each Fund’s fee structure under its Agreement.

Ancillary Benefits. The Board also considered ancillary benefits received by the Adviser as a result of its relationship with the Funds, including its access to research that benefits other clients and the service of its affiliates as transfer agent, administrator and distributor for the Funds. The Board took the ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to the Adviser by the Funds, noting that these arrangements are subject to regular reporting and oversight.

Conclusion. Based upon the foregoing findings as well as all of the information provided by the Adviser, the Board and its Independent Trustees concluded that the compensation received by the Adviser from the funds was fair and reasonable and that continuation of the investment advisory agreement for the Funds was in the best interests of the Funds and their shareholders. The Board, including a majority of its Independent Trustees, therefore approved the continuation of the Agreement effective for a one-year term ending September 30, 2021.

2020 Annual Report | December 31, 2020

Page 159

Statement Regarding Liquidity Risk Management Program (unaudited)

In accordance with Rule 22e-4 (“Liquidity Rule”) under the 1940 Act, the Funds have adopted and implemented a liquidity risk management program (“Program”). The purpose of the Program is to outline the techniques, tools and arrangements employed for the management of liquidity risk within the Funds, and the terms, contents and frequency of reporting and escalation of any issues to the Board of Trustees. Liquidity is managed taking account of the investment strategy, liquidity profile, and redemption history, with the objective of maintaining a level of liquidity that is appropriate in light of the Funds’ obligations to the Funds’ shareholders. The Program assesses liquidity risk under both normal and stressed market conditions.

The Board of Trustees reviewed the Program during the Funds’ most recent fiscal half-year, including a written report prepared by the Program Administrator. The report reviewed the terms and operation of the Program, investment strategy and liquidity of the Funds, cash flow projections, shareholder concentration and holdings of cash and cash equivalents. The Adviser utilizes quantitative tools that provide daily evaluation of the liquidity of nearly all Funds’ securities. The Program Administrator was satisfied with the design, operation and effectiveness of the Program and reported that there were no liquidity events that materially affected the performance of the Funds or the Funds’ ability to meet their redemption obligations under normal and reasonably foreseeable stressed conditions without dilution to existing shareholders.

The report confirmed that the Funds’ investment strategies utilize highly liquid securities and do not maintain concentrated positions. The Funds also maintain significant holdings of cash and cash equivalents, which were judged suitable to meet redemption needs under ordinary and reasonably stressed market conditions. During the reporting period, the Funds maintained a high level of liquidity and primarily held assets in securities judged highly liquid under the Liquidity Rule. As a result, the Funds see no reason to, and therefore have not adopted a “Highly Liquid Investment Minimum,” as defined under the Liquidity Rule.

There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risks of the Funds can be found in the Funds’ prospectus.

Other Information (unaudited)

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.

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2020 Annual Report | December 31, 2020

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

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Manager and Investment Adviser

Meeder Asset Management, Inc.
6125 Memorial Drive
P.O. Box 7177
Dublin, Ohio 43017

Board of Trustees

Stuart M. Allen
Anthony V. D’Angelo
Robert S. Meeder, Jr.
Jeffrey R. Provence

Custodian

The Huntington National Bank
Columbus, Ohio 43215

Transfer Agent & Dividend Disbursing Agent

Mutual Funds Service Co.
6125 Memorial Drive
Dublin, Ohio 43017

Distributor

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 $60,000 and $65,140 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:

March 5, 2021

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:

March 5, 2021

By:

/s/ Robert S. Meeder, Jr.

Robert S. Meeder, Jr., President

Date:

March 5, 2021

Meeder Funds N-CSRCertified annual shareholder report (management investment company)