Schedule of Investments
September 30, 2022 (unaudited)
Dynamic Allocation Fund
| Security Description | | Shares or Principal Amount ($) | | | Fair Value ($)(1) | |
| | | | | | | | | |
| Common Stocks (United States) - 65.5% | | | | | | | | | | |
| | | | | | | | | | | |
| Communication Services - 2.4% | | | | | | | | | | |
| Alphabet Inc (2) | | | | | 25,517 | | | | 2,453,460 | |
| Comcast Corp | | | | | 11,104 | | | | 325,680 | |
| Entravision Communications Corp | | | | | 1,214 | | | | 4,820 | |
| IDT Corp (2) | | | | | 5,644 | | | | 140,141 | |
| Meta Platforms Inc (2) | | | | | 7,797 | | | | 1,057,897 | |
| Netflix Inc (2) | | | | | 176 | | | | 41,437 | |
| News Corp | | | | | 572 | | | | 8,643 | |
| T-Mobile US Inc (2) | | | | | 3,794 | | | | 509,041 | |
| Verizon Communications Inc | | | | | 524 | | | | 19,896 | |
| | | | | | | | | | | |
| | | | | | | | | | 4,561,015 | |
| | | | | | | | | | | |
| Consumer Discretionary - 7.7% | | | | | | | | | | |
| Amazon.com Inc (2) | | | | | 13,146 | | | | 1,485,498 | |
| AutoNation Inc (2) | | | | | 108 | | | | 11,002 | |
| AutoZone Inc (2) | | | | | 51 | | | | 109,238 | |
| Best Buy Co Inc | | | | | 4,141 | | | | 262,291 | |
| Booking Holdings Inc (2) | | | | | 933 | | | | 1,533,115 | |
| BorgWarner Inc | | | | | 9,380 | | | | 294,532 | |
| Burlington Stores Inc (2) | | | | | 1,956 | | | | 218,857 | |
| Chico’s FAS Inc (2) | | | | | 743 | | | | 3,596 | |
| Ford Motor Co | | | | | 15,497 | | | | 173,566 | |
| Frontdoor Inc (2) | | | | | 1,100 | | | | 22,429 | |
| Garmin Ltd | | | | | 766 | | | | 61,517 | |
| General Motors Co | | | | | 17,517 | | | | 562,121 | |
| Goodyear Tire & Rubber Co/The (2) | | | | | 3,832 | | | | 38,665 | |
| Grand Canyon Education Inc (2) | | | | | 6,427 | | | | 528,621 | |
| H&R Block Inc | | | | | 5,380 | | | | 228,865 | |
| Home Depot Inc/The | | | | | 6,984 | | | | 1,927,165 | |
| Lennar Corp | | | | | 35 | | | | 2,083 | |
| LKQ Corp | | | | | 1,902 | | | | 89,679 | |
| Lowe’s Cos Inc | | | | | 1,624 | | | | 305,003 | |
| Lululemon Athletica Inc (2) | | | | | 4,008 | | | | 1,120,476 | |
| M/I Homes Inc (2) | | | | | 5,888 | | | | 213,322 | |
| Macy’s Inc | | | | | 26,609 | | | | 416,963 | |
| McDonald’s Corp | | | | | 674 | | | | 155,519 | |
| O’Reilly Automotive Inc (2) | | | | | 986 | | | | 693,503 | |
| Qurate Retail Inc | | | | | 2,330 | | | | 4,683 | |
| Rent-A-Center Inc/TX | | | | | 368 | | | | 6,444 | |
| Skechers USA Inc (2) | | | | | 2,277 | | | | 72,226 | |
| Skyline Champion Corp (2) | | | | | 7,804 | | | | 412,597 | |
| Sonos Inc (2) | | | | | 21,094 | | | | 293,207 | |
| Starbucks Corp | | | | | 12,351 | | | | 1,040,695 | |
| Tapestry Inc | | | | | 2,344 | | | | 66,640 | |
| Target Corp | | | | | 660 | | | | 97,937 | |
| Tesla Inc (2) | | | | | 2,552 | | | | 676,918 | |
| TJX Cos Inc/The | | | | | 590 | | | | 36,651 | |
| Town Sports International Holdings Inc (2)(6) | | | | | 2,090 | | | | 0 | |
| Tractor Supply Co | | | | | 1,069 | | | | 198,706 | |
| Ulta Beauty Inc (2) | | | | | 2,133 | | | | 855,738 | |
| Whirlpool Corp | | | | | 2,962 | | | | 399,307 | |
| Yum! Brands Inc | | | | | 2,757 | | | | 293,179 | |
| | | | | | | | | | | |
| | | | | | | | | | 14,912,554 | |
| | | | | | | | | | | |
| Consumer Staples - 3.1% | | | | | | | | | | |
| Albertsons Cos Inc | | | | | 9,774 | | | | 242,982 | |
| Archer-Daniels-Midland Co | | | | | 11,486 | | | | 924,049 | |
| Bunge Ltd | | | | | 5,318 | | | | 439,107 | |
| Costco Wholesale Corp | | | | | 5,390 | | | | 2,545,535 | |
| Darling Ingredients Inc (2) | | | | | 1,332 | | | | 88,112 | |
| Flowers Foods Inc | | | | | 107 | | | | 2,642 | |
| General Mills Inc | | | | | 12,711 | | | | 973,790 | |
| Ingredion Inc | | | | | 153 | | | | 12,320 | |
| Kroger Co/The | | | | | 295 | | | | 12,906 | |
| Mondelez International Inc | | | | | 2,092 | | | | 114,704 | |
| Tyson Foods Inc | | | | | 6,611 | | | | 435,863 | |
| Walmart Inc | | | | | 2,123 | | | | 275,353 | |
| | | | | | | | | | | |
| | | | | | | | | | 6,067,363 | |
| | | | | | | | | | | |
| Energy - 5.5% | | | | | | | | | | |
| APA Corp | | | | | 3,465 | | | | 118,468 | |
| Ardmore Shipping Corp (2) | | | | | 6,127 | | | | 55,940 | |
| Berry Corp | | | | | 1,448 | | | | 10,860 | |
| Bristow Group Inc (2) | | | | | 2,480 | | | | 58,255 | |
| Centrus Energy Corp (2) | | | | | 976 | | | | 39,996 | |
| ChampionX Corp | | | | | 616 | | | | 12,055 | |
| Cheniere Energy Inc | | | | | 4,361 | | | | 723,534 | |
| Chevron Corp | | | | | 15,999 | | | | 2,298,576 | |
| Civitas Resources Inc | | | | | 84 | | | | 4,821 | |
| Comstock Resources Inc (2) | | | | | 272 | | | | 4,703 | |
| ConocoPhillips | | | | | 5,705 | | | | 583,850 | |
| Coterra Energy Inc | | | | | 75 | | | | 1,959 | |
| CVR Energy Inc | | | | | 1,034 | | | | 29,965 | |
| Delek US Holdings Inc | | | | | 1,146 | | | | 31,102 | |
| Devon Energy Corp | | | | | 1,994 | | | | 119,899 | |
| Diamondback Energy Inc | | | | | 786 | | | | 94,682 | |
| Dorian LPG Ltd | | | | | 1,525 | | | | 20,694 | |
| DT Midstream Inc | | | | | 4,022 | | | | 208,702 | |
| EOG Resources Inc | | | | | 1,660 | | | | 185,472 | |
| EQT Corp | | | | | 1,928 | | | | 78,566 | |
| Exxon Mobil Corp | | | | | 27,122 | | | | 2,368,022 | |
| Golar LNG Ltd (2) | | | | | 2,829 | | | | 70,499 | |
| Halliburton Co | | | | | 2,664 | | | | 65,588 | |
| Hess Corp | | | | | 624 | | | | 68,010 | |
| International Seaways Inc | | | | | 1,702 | | | | 59,791 | |
| Laredo Petroleum Inc (2) | | | | | 55 | | | | 3,457 | |
| Marathon Oil Corp | | | | | 331 | | | | 7,474 | |
| Marathon Petroleum Corp | | | | | 17,444 | | | | 1,732,713 | |
| NexTier Oilfield Solutions Inc (2) | | | | | 3,682 | | | | 27,247 | |
| Nine Energy Service Inc (2) | | | | | 2,396 | | | | 6,325 | |
| ONEOK Inc | | | | | 5,048 | | | | 258,660 | |
| Ovintiv Inc | | | | | 1,655 | | | | 76,130 | |
| Phillips 66 | | | | | 2,019 | | | | 162,974 | |
| Pioneer Natural Resources Co | | | | | 519 | | | | 112,379 | |
| Ranger Oil Corp | | | | | 53 | | | | 1,667 | |
| Schlumberger NV | | | | | 7,782 | | | | 279,374 | |
| Scorpio Tankers Inc | | | | | 2,694 | | | | 113,256 | |
| SM Energy Co | | | | | 465 | | | | 17,489 | |
| Solaris Oilfield Infrastructure Inc | | | | | 279 | | | | 2,611 | |
| Targa Resources Corp | | | | | 2,436 | | | | 146,988 | |
| Teekay Corp (2) | | | | | 1,128 | | | | 4,050 | |
| Teekay Tankers Ltd (2) | | | | | 2,178 | | | | 59,982 | |
| Valero Energy Corp | | | | | 3,397 | | | | 362,969 | |
| World Fuel Services Corp | | | | | 258 | | | | 6,048 | |
| | | | | | | | | | | |
| | | | | | | | | | 10,695,802 | |
| | | | | | | | | | | |
| Financials - 9.6% | | | | | | | | | | |
| Aflac Inc | | | | | 1,273 | | | | 71,543 | |
| Ally Financial Inc | | | | | 10,750 | | | | 299,173 | |
| American Equity Investment Life Holding Co | | | | | 4,141 | | | | 154,418 | |
| American Express Co | | | | | 3,310 | | | | 446,552 | |
| American Financial Group Inc/OH | | | | | 577 | | | | 70,931 | |
| American International Group Inc | | | | | 21,477 | | | | 1,019,728 | |
| Argo Group International Holdings Ltd | | | | | 521 | | | | 10,034 | |
| Bank of New York Mellon Corp/The | | | | | 9,711 | | | | 374,068 | |
| Berkshire Hathaway Inc (2) | | | | | 26,692 | | | | 7,127,298 | |
| Capital One Financial Corp | | | | | 1,705 | | | | 157,150 | |
| Charles Schwab Corp/The | | | | | 15,527 | | | | 1,115,925 | |
| Chubb Ltd | | | | | 4,940 | | | | 898,487 | |
| Donegal Group Inc | | | | | 2,031 | | | | 27,398 | |
| East West Bancorp Inc | | | | | 6,184 | | | | 415,194 | |
| Essent Group Ltd | | | | | 6,116 | | | | 213,265 | |
| Fidelity National Financial Inc | | | | | 7,169 | | | | 259,518 | |
| Hartford Financial Services Group Inc/The | | | | | 1,450 | | | | 89,813 | |
| Marsh & McLennan Cos Inc | | | | | 12,763 | | | | 1,905,388 | |
| Moelis & Co | | | | | 187 | | | | 6,322 | |
| Mr Cooper Group Inc (2) | | | | | 1,322 | | | | 53,541 | |
| Northern Trust Corp | | | | | 2,474 | | | | 211,675 | |
| Old Republic International Corp | | | | | 241 | | | | 5,044 | |
| Pathward Financial Inc | | | | | 1,175 | | | | 38,728 | |
| Regions Financial Corp | | | | | 11,137 | | | | 223,520 | |
| Reinsurance Group of America Inc | | | | | 868 | | | | 109,203 | |
| State Street Corp | | | | | 2,125 | | | | 129,221 | |
| Stewart Information Services Corp | | | | | 4,581 | | | | 199,915 | |
| Synchrony Financial | | | | | 2,936 | | | | 82,766 | |
| W R Berkley Corp | | | | | 5,932 | | | | 383,089 | |
| Walker & Dunlop Inc | | | | | 1,453 | | | | 121,660 | |
| Willis Towers Watson PLC | | | | | 11,690 | | | | 2,348,989 | |
| | | | | | | | | | | |
| | | | | | | | | | 18,569,556 | |
| | | | | | | | | | | |
| Healthcare - 13.0% | | | | | | | | | | |
| AbbVie Inc | | | | | 12,668 | | | | 1,700,172 | |
| Agilent Technologies Inc | | | | | 224 | | | | 27,227 | |
| Alaunos Therapeutics Inc (2) | | | | | 4,281 | | | | 7,363 | |
| Align Technology Inc (2) | | | | | 2,168 | | | | 449,014 | |
| Amgen Inc | | | | | 7,372 | | | | 1,661,649 | |
| Arcutis Biotherapeutics Inc (2) | | | | | 1,032 | | | | 19,722 | |
| Biogen Inc (2) | | | | | 513 | | | | 136,971 | |
| Bristol-Myers Squibb Co | | | | | 12,655 | | | | 899,644 | |
| Cardinal Health Inc | | | | | 19,469 | | | | 1,298,193 | |
| Catalent Inc (2) | | | | | 5,878 | | | | 425,332 | |
| Centene Corp (2) | | | | | 2,538 | | | | 197,482 | |
| Cigna Corp | | | | | 2,398 | | | | 665,373 | |
| CVS Health Corp | | | | | 9,000 | | | | 858,330 | |
| Danaher Corp | | | | | 150 | | | | 38,744 | |
| Dexcom Inc (2) | | | | | 1,792 | | | | 144,328 | |
| Eli Lilly & Co | | | | | 3,844 | | | | 1,242,957 | |
| Emergent BioSolutions Inc (2) | | | | | 922 | | | | 19,353 | |
| Encompass Health Corp | | | | | 77 | | | | 3,483 | |
| Enhabit Inc (2) | | | | | 719 | | | | 10,095 | |
| Fulgent Genetics Inc (2) | | | | | 7,681 | | | | 292,800 | |
| Genprex Inc (2) | | | | | 1,400 | | | | 1,974 | |
| Gilead Sciences Inc | | | | | 15,566 | | | | 960,267 | |
| Humana Inc | | | | | 134 | | | | 65,015 | |
| ImmunityBio Inc (2) | | | | | 10,945 | | | | 54,397 | |
| Intuitive Surgical Inc (2) | | | | | 606 | | | | 113,589 | |
| Johnson & Johnson | | | | | 18,234 | | | | 2,978,706 | |
| Joint Corp/The (2) | | | | | 200 | | | | 3,142 | |
| Laboratory Corp of America Holdings | | | | | 266 | | | | 54,479 | |
| McKesson Corp | | | | | 3,132 | | | | 1,064,473 | |
| Merck & Co Inc | | | | | 14,056 | | | | 1,210,503 | |
| Moderna Inc (2) | | | | | 5,920 | | | | 700,040 | |
| Molina Healthcare Inc (2) | | | | | 19 | | | | 6,267 | |
| Neurocrine Biosciences Inc (2) | | | | | 1,177 | | | | 125,009 | |
| Pfizer Inc | | | | | 16,915 | | | | 740,200 | |
| Quest Diagnostics Inc | | | | | 221 | | | | 27,114 | |
| QuidelOrtho Corp (2) | | | | | 1,799 | | | | 128,593 | |
| RadNet Inc (2) | | | | | 925 | | | | 18,824 | |
| Regeneron Pharmaceuticals Inc (2) | | | | | 1,150 | | | | 792,201 | |
| UnitedHealth Group Inc | | | | | 6,280 | | | | 3,171,651 | |
| Veracyte Inc (2) | | | | | 27,257 | | | | 452,466 | |
| Vertex Pharmaceuticals Inc (2) | | | | | 2,221 | | | | 643,068 | |
| Viatris Inc | | | | | 7,721 | | | | 65,783 | |
| West Pharmaceutical Services Inc | | | | | 2,814 | | | | 692,469 | |
| Zimmer Biomet Holdings Inc | | | | | 2,117 | | | | 221,332 | |
| Zoetis Inc | | | | | 5,004 | | | | 742,043 | |
| | | | | | | | | | | |
| | | | | | | | | | 25,131,837 | |
| | | | | | | | | | | |
| Industrials - 6.9% | | | | | | | | | | |
| AGCO Corp | | | | | 1,067 | | | | 102,613 | |
| Atkore Inc (2) | | | | | 2,898 | | | | 225,493 | |
| Boise Cascade Co | | | | | 1,198 | | | | 71,233 | |
| Builders FirstSource Inc (2) | | | | | 9,010 | | | | 530,869 | |
| Cintas Corp | | | | | 833 | | | | 323,362 | |
| Copart Inc (2) | | | | | 34,041 | | | | 3,621,962 | |
| CoStar Group Inc (2) | | | | | 14,210 | | | | 989,727 | |
| EMCOR Group Inc | | | | | 1,844 | | | | 212,945 | |
| Fortune Brands Home & Security Inc | | | | | 8,551 | | | | 459,103 | |
| General Dynamics Corp | | | | | 3,337 | | | | 708,011 | |
| Graco Inc | | | | | 332 | | | | 19,903 | |
| Hubbell Inc | | | | | 2,242 | | | | 499,966 | |
| Karat Packaging Inc (2) | | | | | 111 | | | | 1,775 | |
| Leidos Holdings Inc | | | | | 2,433 | | | | 212,815 | |
| Lockheed Martin Corp | | | | | 4,680 | | | | 1,807,837 | |
| ManpowerGroup Inc | | | | | 1,994 | | | | 128,992 | |
| Matson Inc | | | | | 1,161 | | | | 71,425 | |
| Mueller Industries Inc | | | | | 1,455 | | | | 86,485 | |
| Northrop Grumman Corp | | | | | 2,021 | | | | 950,517 | |
| nVent Electric PLC | | | | | 338 | | | | 10,684 | |
| Owens Corning | | | | | 1,332 | | | | 104,709 | |
| PACCAR Inc | | | | | 3,181 | | | | 266,218 | |
| Southwest Airlines Co (2) | | | | | 7,976 | | | | 245,980 | |
| United Parcel Service Inc | | | | | 1,953 | | | | 315,488 | |
| United Rentals Inc (2) | | | | | 248 | | | | 66,990 | |
| Verisk Analytics Inc | | | | | 625 | | | | 106,581 | |
| Waste Management Inc | | | | | 8,140 | | | | 1,304,109 | |
| | | | | | | | | | | |
| | | | | | | | | | 13,445,792 | |
| | | | | | | | | | | |
| Information Technology - 15.3% | | | | | | | | | | |
| Amkor Technology Inc | | | | | 9,283 | | | | 158,275 | |
| Apple Inc | | | | | 69,438 | | | | 9,596,332 | |
| Arrow Electronics Inc (2) | | | | | 2,707 | | | | 249,558 | |
| Avid Technology Inc (2) | | | | | 1,858 | | | | 43,217 | |
| Avnet Inc | | | | | 4,923 | | | | 177,819 | |
| Broadcom Inc | | | | | 226 | | | | 100,346 | |
| CDW Corp/DE | | | | | 1,066 | | | | 166,381 | |
| Cisco Systems Inc | | | | | 9,264 | | | | 370,560 | |
| Concentrix Corp | | | | | 90 | | | | 10,047 | |
| Diodes Inc (2) | | | | | 827 | | | | 53,681 | |
| Euronet Worldwide Inc (2) | | | | | 1,564 | | | | 118,489 | |
| Intel Corp | | | | | 12,047 | | | | 310,451 | |
| Intuit Inc | | | | | 1,130 | | | | 437,672 | |
| Jabil Inc | | | | | 14,624 | | | | 843,951 | |
| Manhattan Associates Inc (2) | | | | | 13,715 | | | | 1,824,506 | |
| Mastercard Inc | | | | | 674 | | | | 191,645 | |
| Microsoft Corp | | | | | 36,716 | | | | 8,551,153 | |
| Monolithic Power Systems Inc | | | | | 1,923 | | | | 698,818 | |
| NetScout Systems Inc (2) | | | | | 2,466 | | | | 77,235 | |
| NortonLifeLock Inc | | | | | 997 | | | | 20,080 | |
| Oracle Corp | | | | | 13,761 | | | | 840,384 | |
| QUALCOMM Inc | | | | | 15,715 | | | | 1,775,481 | |
| StarTek Inc (2) | | | | | 1,629 | | | | 4,887 | |
| Synopsys Inc (2) | | | | | 2,364 | | | | 722,226 | |
| Texas Instruments Inc | | | | | 11,336 | | | | 1,754,586 | |
| Zoom Video Communications Inc (2) | | | | | 10,075 | | | | 741,419 | |
| | | | | | | | | | | |
| | | | | | | | | | 29,839,199 | |
| | | | | | | | | | | |
| Materials - 1.3% | | | | | | | | | | |
| AdvanSix Inc | | | | | 88 | | | | 2,825 | |
| Alpha Metallurgical Resources Inc | | | | | 112 | | | | 15,326 | |
| Dow Inc | | | | | 5,102 | | | | 224,131 | |
| Eagle Materials Inc | | | | | 3,014 | | | | 323,041 | |
| Freeport-McMoRan Inc | | | | | 8,579 | | | | 234,464 | |
| Louisiana-Pacific Corp | | | | | 9,487 | | | | 485,640 | |
| LyondellBasell Industries NV | | | | | 4,940 | | | | 371,883 | |
| Newmont Corp | | | | | 43 | | | | 1,807 | |
| Nucor Corp | | | | | 2,889 | | | | 309,094 | |
| Olin Corp | | | | | 241 | | | | 10,334 | |
| Packaging Corp of America | | | | | 418 | | | | 46,937 | |
| Ryerson Holding Corp | | | | | 140 | | | | 3,604 | |
| Schnitzer Steel Industries Inc | | | | | 981 | | | | 27,919 | |
| Southern Copper Corp | | | | | 1,298 | | | | 58,202 | |
| Steel Dynamics Inc | | | | | 3,353 | | | | 237,895 | |
| United States Steel Corp | | | | | 1,655 | | | | 29,989 | |
| Warrior Met Coal Inc | | | | | 2,016 | | | | 57,335 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,440,426 | |
| | | | | | | | | | | |
| Real Estate Investment Trust - 0.0% | | | | | | | | | | |
| CorEnergy Infrastructure Trust Inc | | | | | 5,320 | | | | 8,459 | |
| Rafael Holdings Inc (2) | | | | | 1,612 | | | | 2,902 | |
| Spirit MTA REIT Liquidating Trust (2)(6) | | | | | 3,134 | | | | 0 | |
| | | | | | | | | | | |
| | | | | | | | | | 11,361 | |
| | | | | | | | | | | |
| Utilities - 0.7% | | | | | | | | | | |
| American States Water Co | | | | | 4,948 | | | | 385,697 | |
| Brookfield Renewable Corp | | | | | 854 | | | | 27,909 | |
| NRG Energy Inc | | | | | 8,744 | | | | 334,633 | |
| UGI Corp | | | | | 14,131 | | | | 456,855 | |
| Vistra Corp | | | | | 5,087 | | | | 106,827 | |
| | | | | | | | | | | |
| | | | | | | | | | 1,311,921 | |
| | | | | | | | | | | |
| Total Common Stocks (United States) | | (Cost | | $ | 118,765,466 | ) | | | 126,986,826 | |
| | | | | | | | | | | |
| Preferred Stock (United States) - 0.0% | | | | | | | | | | |
| | | | | | | | | | | |
| WESCO International, Inc. Series A Variable Preferred (7) | | | | | 610 | | | | 16,440 | |
| | | | | | | | | | | |
| Total Preferred Stock (United States) | | (Cost | | $ | 15,247 | ) | | | 16,440 | |
| | | | | | | | | | | |
| Warrants (United States) - 0.0% | | | | | | | | | | |
| | | | | | | | | | | |
| Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 (2)(6) | | | | | 2 | | | | 0 | |
| Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 (2)(6) | | | | | 2 | | | | 0 | |
| Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (2)(6) | | | | | 15 | | | | 0 | |
| Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (2)(6) | | | | | 8 | | | | 0 | |
| Hertz Global Holdings Inc. Warrants, Expiration Date 6/30/2051 (2) | | | | | 89 | | | | 792 | |
| Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (2) | | | | | 27 | | | | 490 | |
| Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 (2)(6) | | | | | 7 | | | | 0 | |
| Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (2) | | | | | 45 | | | | 968 | |
| Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (2) | | | | | 22 | | | | 460 | |
| | | | | | | | | | | |
| Total Warrants (United States) | | (Cost | | $ | 2,715 | ) | | | 2,710 | |
| Registered Investment Companies - 2.3% | | | | | | | | | | |
| | | | | | | | | | | |
| U.S. Fixed Income - 1.9% | | | | | | | | | | |
| iShares Core U.S. Aggregate Bond ETF (8) | | | | | 38,514 | | | | 3,710,439 | |
| | | | | | | | | | | |
| | | | | | | | | | 3,710,439 | |
| | | | | | | | | | | |
| International Equity - 0.4% | | | | | | | | | | |
| iShares Core MSCI EAFE ETF (8) | | | | | 15,725 | | | | 828,236 | |
| | | | | | | | | | | |
| | | | | | | | | | 828,236 | |
| | | | | | | | | | | |
| Total Registered Investment Companies | | (Cost | | $ | 4,848,130 | ) | | | 4,538,675 | |
| | | | | | | | | | | |
| Money Market Registered Investment Companies - 29.1% | | | | | | | | | | |
| | | | | | | | | | | |
| Federated Hermes Government Obligations Fund, 2.86% | | | | | 4,000,000 | | | | 4,000,000 | |
| Meeder Institutional Prime Money Market Fund, 2.85% (2) | | | | | 52,307,728 | | | | 52,297,266 | |
| | | | | | | | | | | |
| Total Money Market Registered Investment Companies | | (Cost | | $ | 56,283,637 | ) | | | 56,297,266 | |
| | | | | | | | | | | |
| Bank Obligations - 0.3% | | | | | | | | | | |
| | | | | | | | | | | |
| First Merchants Bank Deposit Account, 0.55%, 10/1/2022 (3) | | | | | 248,232 | | | | 248,232 | |
| Metro City Bank Deposit Account, 0.05%, 10/1/2022 (3) | | | | | 248,869 | | | | 248,869 | |
| | | | | | | | | | | |
| Total Bank Obligations | | (Cost | | $ | 497,101 | ) | | | 497,101 | |
| | | | | | | | | | | |
| Total Investments - 97.2% | | (Cost | | $ | 180,412,297 | ) | | | 188,339,018 | |
| | | | | | | | | | | |
| Other Assets less Liabilities - 2.8% | | | | | | | | | 5,205,109 | |
| | | | | | | | | | | |
| Total Net Assets - 100.0% | | | | | | | | | 193,544,127 | |
| | | | | | | | | | | |
| Trustee Deferred Compensation (4) | | | | | | | | | | |
| | | | | | | | | | | |
| Meeder Balanced Fund - Retail Class | | | | | 4,036 | | | | 45,930 | |
| Meeder Dynamic Allocation Fund - Retail Class | | | | | 10,971 | | | | 115,963 | |
| Meeder Muirfield Fund - Retail Class | | | | | 5,195 | | | | 41,768 | |
| Meeder Conservative Allocation Fund - Retail Class | | | | | 1,162 | | | | 24,077 | |
| | | | | | | | | | | |
| Total Trustee Deferred Compensation | | (Cost | | $ | 225,909 | ) | | | 227,738 | |
| | | | | | | | | | | |
| Futures Contracts | | | | | | | | | | |
| | | Long (Short) Contracts | | | Expiration Date | | | Notional Value of Contracts ($) | | | Value and Unrealized Appreciation (Depreciation)($) | |
| Index Futures | | | | | | | | | | | | | | | | |
| E-mini Standard & Poors MidCap 400 Futures | | | (52 | ) | | | 12/16/2022 | | | | (11,482,640 | ) | | | 1,062,156 | |
| Mini MSCI EAFE Index Futures | | | 583 | | | | 12/16/2022 | | | | 48,406,490 | | | | (4,960,138 | ) |
| Mini MSCI Emerging Markets Index Futures | | | 210 | | | | 12/16/2022 | | | | 9,150,751 | | | | (1,007,379 | ) |
| Russell 2000 Mini Index Futures | | | 129 | | | | 12/16/2022 | | | | 10,770,210 | | | | (1,120,611 | ) |
| | | | | | | | | | | | | | | | | |
| Total Futures Contracts | | | 870 | | | | | | | | 56,844,811 | | | | (6,025,972 | ) |
| (1) | Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
| • | Level 1 - quoted prices in active markets for identical securities |
| • | Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The following is a summary of the inputs used as of September 30, 2022 in valuing the Fund’s assets carried at fair value:
| Valuation Inputs | | Investments in Securities | | | Other Financial Instruments (9) | |
| Level 1 - Quoted Prices | | $ | 187,841,917 | | | $ | (6,025,972 | ) |
| Level 2 - Other Significant Observable Inputs | | | 497,101 | | | | - | |
| Level 3 - Significant Unobservable Inputs | | | - | | | | - | |
| Total | | $ | 188,339,018 | | | $ | (6,025,972 | ) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
| (2) | Represents non-income producing securities. |
| (3) | Investment in affiliate. The yield shown represents the 7-day yield in effect at September 30, 2022. |
| (4) | Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at September 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
| (5) | Assets of affiliates to the Dynamic Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
| (6) | Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund. |
| (9) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
