UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03462
Meeder Funds Trust
6125 Memorial Drive
Dublin, OH 43017
Bruce McKibben
c/o Meeder Funds Trust
6125 Memorial Drive
Dublin, OH 43017
Registrant’s telephone number, including area code: 800-325-3539
Date of fiscal year end: December 31, 2020
Date of reporting period: June 30, 2020
Item 1. Report to Stockholders.
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.meederinvestment.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-325-3539 or by sending an email request to meederfunds@meederinvestment.com.
Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-800-325-3539 or send an email request to meederfunds@meederinvestment.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the Fund complex if you invest directly with a Fund.
TABLE OF CONTENTS
Letter to Shareholders |
1 |
Portfolio Composition |
3 |
Schedules of Investments |
9 |
Statements of Assets & Liabilities |
102 |
Statements of Operations |
104 |
Statements of Changes in Net Assets |
106 |
Financial Highlights |
110 |
Notes to Financial Statements |
120 |
Shareholder Expense Analysis |
138 |
This Semiannual Report is prepared and distributed for the general information of the shareholders of the Funds. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. Investors are advised to consider carefully the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus contains this and other information about the Funds.
Meeder Funds are distributed by Meeder Distribution Services, Inc. (f.k.a. Adviser Dealer Services, Inc.) (Member FINRA), an affiliate of Meeder Investment Management. An affiliated registered investment adviser, Meeder Asset Management, Inc., serves as the investment adviser to Meeder Funds and is paid a fee for its services.
Letter to Shareholders June 30, 2020
NOT OUT OF THE WOODS YET
The stock market rally that investors experienced in 2019 continued into the early part of 2020. While the stock market peaked on February 19th, by mid-March, the economic impact of the global pandemic COVID-19 became extremely evident. Most U.S. factories were not able to conduct business in their traditional fashion. While some service-oriented companies were fortunate and able to “work-from-home,” many businesses were only able to proceed with skeleton crews or were forced to shut down completely. This caused substantial losses in revenue for many companies.
With no definite end in sight, the pandemic forced many employers to either temporarily reduce or permanently eliminate much of their workforce. This jarring impact was reflected in the Department of Labor’s weekly report that showed a huge spike in initial jobless claims for the week ending March 21st, rising from 282,000 to 3.3 million. The following week, the number of those seeking unemployment peaked at a record high of more than 6.8 million initial jobless claims. The total number of Americans that have filed initial claims for unemployment benefits over a 14-week period has reached 47 million. This surge in jobless claims caused the U.S. unemployment rate to spike from 4.4% in March to 14.7% in April. To put this in perspective, the highest unemployment rate reached during the Financial Crisis was 10% in October 2009. The positive news is that the trend in the weekly initial jobless claims number has steadily moved downward since the final week of March.
This spike in unemployment caused a huge decline in consumer spending, which is responsible for nearly 70% of the U.S. economy. According to the Bureau of Economic Analysis, spending fell -7.5% in March from the prior month and -12.6% in April. The lowest number ever previously recorded was a -2.1% contraction in January 1987. The National Bureau of Economic Research (NBER) also made the official announcement that the U.S. economy entered a recession in February. While many believed that it was inevitable, the Q1 GDP report showed a contraction of -5.0%. While there are various opinions on what is economically necessary to declare a recession, the NBER is tasked with making the official determination. According to the NBER, the recession was due to the “unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy.” This ended the longest economic expansion on record of 128 months.
THE OIL CRISIS
Buried beneath the coronavirus headlines was another major contributor to volatility in markets. During the second quarter, there was an ill-timed price war between oil producers Russia and Saudi Arabia. Just as demand for oil across the world was plummeting due to the COVID-19 global pandemic, Russia and Saudi Arabia could not come to an agreement on oil production cuts. Each country maintained their production levels, flooding the marketplace with supply. There was so much supply relative to demand that there was virtually no capacity to store oil. According to Reuters, near the end of April, there were more than 160 million barrels of crude oil in tankers. This was 60% more than the previous record.
In response to a lack of additional storage, oil futures contracts turned negative, reaching as low as -37.63. This meant that for the first-time ever, investors holding the contracts at expiration were paid to take delivery of oil. Under normal circumstances, lower oil prices would be great for consumers, as it reduced the price of gasoline to multi-decade lows. However, due to the lack of travel demand related to the COVID-19 pandemic, fewer consumers benefitted. In May, more people began traveling privately rather than using public transportation. This increase in fuel consumption, along with cuts from OPEC, helped reduce much of the excess supply that was available in April and boosted the price of West Texas Intermediate oil in May by 88%. Despite the one-month record price increase, WTI at the end of the second quarter remains down more than 35% year-to-date.
POSITIVE ECONOMIC SIGNS
A positive sign for the U.S. economy occurred with the release of the May Non-Farm payrolls report. This report showed an increase of 2.5 million jobs in the U.S., when consensus estimates predicted a loss of over -8.3 million jobs. It was the biggest monthly increase on record! This abrupt turnaround lowered the U.S. unemployment rate from 14.7% to 13.3% in May. The Bureau of Labor Statistics showed that the industries that provided the biggest gains included 1.2 million jobs being added in the leisure and hospitality industry, followed by more than 460,000 in construction. In June, the U.S. exceeded expectations by adding another 4.8 million jobs. This brought the unemployment rate down to 11.1%, putting the U.S. recovery well ahead of expectations. The sharp increase in job creation over the past two months could be a sign that this recession may potentially be much shorter than any other in history.
Managers of business around the country are also getting more optimistic. Manufacturing, as measured by the ISM Manufacturing PMI Index, jumped to 52.6 in June. This level rose from 43.1 in May and just 41.5 in April. A level below 50 indicates that the industry is contracting, where a level above 50 shows expansion. This dramatic shift back to growth was led by an increase in new orders, increased production, and an increase in prices.
HOW IS THIS IMPACTING PORTFOLIOS?
At Meeder, we manage investment solutions across different risk profiles and time horizons. These strategies utilize a multi-discipline/multi-factor approach that guide us in the allocation of our portfolios. Many of these solutions employ one or more of our core investment strategies that include Growth, Defensive Equity and Fixed Income.
GROWTH
Investment portfolios comprised of the Growth Strategy are more aggressive in their objective and typically remain invested in the stock market. The stock market reversed course from the lows experienced on March 23rd and moved higher to capture significant gains by the end of the second quarter. Russell small-cap and mid-cap indices, as well as the S&P 500 Index, each posted gains of more than 20%. This was primarily driven by the sharp rebound in payroll gains and optimism of the U.S. economic reopening after the COVID-19 shut
2020 Semiannual Report | June 30, 2020 |
Page 1 |
down. Significant volatility remained present throughout the quarter, but those investors that remained invested in the Growth Strategy were rewarded with some of the largest returns in our risk-based portfolios.
DEFENSIVE EQUITY
Portfolios that utilize the Defensive Equity Strategy utilize a rules-based and data-driven approach to determine the risk relative to the reward in the marketplace. Our equity exposure to the stock market is determined by our Investment Positioning System (IPS) models that compare REWARD relative to RISK in the stock market. If the REWARD value is greater than market RISK, our portfolios will be fully invested in the stock market. However, when the REWARD value is less than market RISK, we will adopt a defensive position.
Prior to the start of the second quarter, the S&P 500 Index experienced a -34% drawdown from its high on February 19th, to its low on March 23rd. The economic impact of the COVID-19 pandemic rocked the stock market as initial jobless claims spiked as high as 6.8 million in just one week, before gradually trending lower. A sharp increase in MARKET RISK identified by our IPS models indicated that we should have a target exposure of 30% to start the quarter.
Near the end of April, we increased the target stock market exposure to 46%, as short-term trend factors became more bullish, and the percentage of world markets trading above their 50-day moving average increased in the long-term model. Markets remained rangebound until the May non- farm payroll report showed that the U.S. added a record-high 2.5 million jobs when it was expected to lose more than -8.3 million. This helped boost the REWARD VALUE of the IPS model and MARKET RISK also steadily declined. This led us to increase the target exposure to the stock market to 62%. In early June, the IPS model identified MARKET RISK falling to a level not seen since before the COVID-19 pandemic began. In addition, a market breadth factor within the short- term model turned positive, as U.S. equities experienced widespread buying across a wide range of industries and sectors. This strong participation was a positive short-term sign for U.S. equities and increased the REWARD VALUE. These were the primary reasons the IPS guided us to increase our target stock market exposure to 82%. Investors became nervous over the last two weeks of June as the number of COVID-19 cases increased dramatically. Although the IPS model identified an increase in REWARD VALUE available in the marketplace, it was offset by an increase in MARKET RISK and we reduced our target equity exposure to the stock market back to 69% at the end of June.
FIXED INCOME
The Meeder Fixed Income Strategy tactically shifts portfolio exposure utilizing investment models. These models are designed to actively monitor the credit quality, emerging market debt exposure and the U.S. Treasury duration of the portfolio. Our fixed income models added significant value during the coronavirus-driven downturn earlier this year. Volatility and macroeconomic factors in our models turned uniformly negative in the middle of March, while momentum factors turned negative toward the end of the first quarter. This caused us to reduce our high-yield and emerging market exposure prior to the market meltdown in March. Momentum and volatility factors showed strength in high yield bonds, while macroeconomic factors are signaling potential weakness. In Emerging Markets, all factors were uniformly positive. In response to these factors signaling that market conditions improved, we slowly increased our exposure to High Yield and Emerging Market debt in our tactical portfolios over the last few weeks of the second quarter. We believe the Federal Reserve and global central banks are likely to stay accommodative, thereby providing additional support to these sectors.
LOOKING AHEAD
Medical personnel and researchers continue to collaborate with government officials, as they work to ensure the safety of residents, while trying to avoid shutting down the economy again. Many states are again tightening restrictions in response to COVID-19 cases continuing to flare up. The historic events that have already occurred in 2020 show just how much, and how quickly, the world can change. It is a reminder, that regardless of how things may appear, a black swan event could be just around the corner. As we continue to navigate the next phase of this new era, please know that we will continue to follow our time-tested and data-driven models, which were designed to remove emotion from the decision-making process.
Robert S. Meeder
President and CEO
Meeder Asset Management
Page 2 |
2020 Semiannual Report | June 30, 2020 |
Portfolio Composition
June 30, 2020
Muirfield Fund
Sector Concentration |
% of total |
Information Technology |
27.2% |
Healthcare |
19.6% |
Consumer Discretionary |
15.4% |
Financials |
9.4% |
Communication Services |
8.6% |
Industrials |
7.6% |
Real Estate Investment Trust |
3.5% |
Energy |
2.6% |
Materials |
2.5% |
Consumer Staples |
1.8% |
Utilities |
1.8% |
Total |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
Microsoft Corp. |
4.7% |
Apple, Inc. |
4.5% |
Amazon.com, Inc. |
3.3% |
Alphabet, Inc. - Class C |
1.8% |
Berkshire Hathaway, Inc. - Class B |
1.6% |
Facebook, Inc. |
1.5% |
Johnson & Johnson |
1.4% |
Home Depot, Inc./The |
1.4% |
JPMorgan Chase & Co. |
1.2% |
Mastercard, Inc. |
1.0% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
85.6% |
Money Market Registered Investment Companies |
11.1% |
Bank Obligations |
0.1% |
Other Assets/Liabilities (Net) |
3.2% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
Spectrum Fund
Sector Concentration |
% of total |
Information Technology |
28.6% |
Healthcare |
20.7% |
Consumer Discretionary |
15.5% |
Financials |
8.8% |
Industrials |
7.5% |
Communication Services |
7.4% |
Real Estate Investment Trust |
3.5% |
Consumer Staples |
2.4% |
Energy |
2.1% |
Materials |
2.0% |
Utilities |
1.5% |
Total Long |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
Microsoft Corp. |
4.9% |
Apple, Inc. |
4.8% |
Amazon.com, Inc. |
3.3% |
Johnson & Johnson |
1.8% |
Alphabet, Inc. - Class C |
1.7% |
Home Depot, Inc./The |
1.6% |
Berkshire Hathaway, Inc. - Class B |
1.5% |
UnitedHealth Group, Inc. |
1.5% |
Merck & Co., Inc. |
1.3% |
Facebook, Inc. |
1.3% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
81.3% |
Money Market Registered Investment Companies |
16.1% |
Other Assets/Liabilities (Net) |
2.6% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
Global Allocation Fund
Sector Concentration |
% of total |
Information Technology |
28.8% |
Healthcare |
19.9% |
Consumer Discretionary |
15.1% |
Communication Services |
9.0% |
Financials |
8.6% |
Industrials |
7.6% |
Real Estate Investment Trust |
3.6% |
Energy |
2.1% |
Materials |
2.1% |
Utilities |
1.8% |
Consumer Staples |
1.4% |
Total |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
iShares Core MSCI EAFE ETF |
6.1% |
Microsoft Corp. |
2.5% |
Apple, Inc. |
2.4% |
Amazon.com, Inc. |
1.8% |
iShares Core MSCI Emerging Markets ETF |
1.5% |
Xtrackers USD High Yield Corporate Bond ETF |
1.0% |
iShares Core U.S. Aggregate Bond ETF |
1.0% |
Alphabet, Inc. - Class C |
1.0% |
Vanguard Total Bond Market ETF |
0.9% |
Berkshire Hathaway, Inc. - Class B |
0.8% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
44.8% |
Equity Registered Investment Companies |
7.5% |
Fixed Income Registered Investment Companies |
8.4% |
Money Market Registered Investment Companies |
32.6% |
Bank Obligations |
1.9% |
U.S. Government Obligations |
1.2% |
Other Assets/Liabilities (Net) |
3.6% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
Page 4 |
2020 Semiannual Report | June 30, 2020 |
Balanced Fund
Sector Concentration |
% of total |
Information Technology |
27.9% |
Healthcare |
19.4% |
Consumer Discretionary |
15.3% |
Financials |
9.2% |
Communication Services |
8.4% |
Industrials |
7.5% |
Real Estate Investment Trust |
3.5% |
Energy |
2.5% |
Materials |
2.4% |
Consumer Staples |
2.0% |
Utilities |
1.9% |
Total |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
Xtrackers USD High Yield Corporate Bond ETF |
3.2% |
Microsoft Corp. |
3.0% |
iShares Core U.S. Aggregate Bond ETF |
2.9% |
Apple, Inc. |
2.9% |
Vanguard Total Bond Market ETF |
2.8% |
iShares JP Morgan USD Emerging Markets Bond ETF |
2.4% |
Amazon.com, Inc. |
2.1% |
Baird Core Plus Bond Fund - Class I |
1.9% |
PGIM Total Return Bond Fund - Class R6 |
1.8% |
Dodge & Cox Income Fund |
1.6% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
53.9% |
Fixed Income Registered Investment Companies |
25.7% |
Money Market Registered Investment Companies |
15.3% |
Bank Obligations |
0.2% |
U.S. Government Obligations |
3.6% |
Other Assets/Liabilities (Net) |
1.3% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
Moderate Allocation Fund
Sector Concentration |
% of total |
Information Technology |
28.5% |
Healthcare |
19.7% |
Consumer Discretionary |
15.1% |
Communication Services |
8.8% |
Financials |
8.6% |
Industrials |
7.7% |
Real Estate Investment Trust |
3.5% |
Energy |
2.2% |
Materials |
2.2% |
Consumer Staples |
1.9% |
Utilities |
1.8% |
Total |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
Xtrackers USD High Yield Corporate Bond ETF |
5.4% |
iShares Core U.S. Aggregate Bond ETF |
4.9% |
Vanguard Total Bond Market ETF |
4.7% |
iShares JP Morgan USD Emerging Markets Bond ETF |
3.9% |
Baird Core Plus Bond Fund - Class I |
3.3% |
PGIM Total Return Bond Fund - Class R6 |
3.0% |
Dodge & Cox Income Fund |
2.7% |
Segall Bryant & Hamill Plus Bond Fund - Class I |
2.2% |
U.S. Treasury Note, 2.25%, due 01/31/2024 |
2.1% |
Microsoft Corp. |
2.1% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
36.9% |
Fixed Income Registered Investment Companies |
43.2% |
Money Market Registered Investment Companies |
12.7% |
Bank Obligations |
0.2% |
U.S. Government Obligations |
6.1% |
Other Assets/Liabilities (Net) |
0.9% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
Conservative Allocation Fund
Sector Concentration |
% of total |
Information Technology |
28.9% |
Healthcare |
19.6% |
Consumer Discretionary |
15.0% |
Financials |
8.7% |
Communication Services |
8.7% |
Industrials |
7.6% |
Real Estate Investment Trust |
3.5% |
Energy |
2.2% |
Materials |
2.1% |
Consumer Staples |
1.9% |
Utilities |
1.8% |
Total |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
Xtrackers USD High Yield Corporate Bond ETF |
7.5% |
iShares Core U.S. Aggregate Bond ETF |
6.9% |
Vanguard Total Bond Market ETF |
6.6% |
iShares JP Morgan USD Emerging Markets Bond ETF |
5.6% |
Baird Core Plus Bond Fund - Class I |
4.5% |
PGIM Total Return Bond Fund - Class R6 |
4.2% |
Dodge & Cox Income Fund |
3.8% |
Segall Bryant & Hamill Plus Bond Fund - Class I |
3.2% |
U.S. Treasury Note, 2.25%, due 01/31/2024 |
3.0% |
Pioneer Bond Fund - Class Y |
2.8% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
22.1% |
Fixed Income Registered Investment Companies |
60.9% |
Money Market Registered Investment Companies |
7.8% |
U.S. Government Obligations |
8.5% |
Other Assets/Liabilities (Net) |
0.7% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
2020 Semiannual Report | June 30, 2020 |
Page 5 |
Dynamic Allocation Fund
Sector Concentration |
% of total |
Information Technology |
28.4% |
Healthcare |
19.5% |
Consumer Discretionary |
15.2% |
Financials |
8.9% |
Communication Services |
8.6% |
Industrials |
7.7% |
Real Estate Investment Trust |
3.5% |
Energy |
2.3% |
Materials |
2.3% |
Consumer Staples |
1.9% |
Utilities |
1.7% |
Total |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
Microsoft Corp. |
4.5% |
Apple, Inc. |
4.3% |
Amazon.com, Inc. |
3.0% |
iShares JP Morgan USD Emerging Markets Bond ETF |
2.3% |
Xtrackers USD High Yield Corporate Bond ETF |
2.3% |
Alphabet, Inc. - Class C |
1.7% |
Berkshire Hathaway, Inc. - Class B |
1.4% |
Home Depot, Inc./The |
1.3% |
Facebook, Inc. |
1.2% |
Johnson & Johnson |
1.2% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
79.4% |
Money Market Registered Investment Companies |
8.4% |
Fixed Income Registered Investment Companies |
4.6% |
Equity Registered Investment Companies |
0.5% |
Bank Obligations |
0.4% |
Other Assets/Liabilities (Net) |
6.7% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
Quantex Fund
Sector Concentration |
% of total |
Consumer Discretionary |
21.7% |
Industrials |
15.7% |
Healthcare |
12.1% |
Information Technology |
11.4% |
Materials |
9.3% |
Financials |
7.3% |
Real Estate Investment Trust |
7.2% |
Energy |
6.5% |
Consumer Staples |
3.6% |
Utilities |
2.9% |
Communication Services |
2.3% |
Total |
100.0% |
As a percentage of total common stocks. Concentrations are subject to change.
Top 10 Holdings |
% of total |
E*TRADE Financial Corp. |
1.6% |
Perrigo Co. PLC |
1.5% |
DaVita, Inc. |
1.5% |
PerkinElmer, Inc. |
1.4% |
F5 Networks, Inc. |
1.4% |
ABIOMED, Inc. |
1.4% |
Quanta Services, Inc. |
1.4% |
Prestige Consumer Healthcare, Inc. |
1.3% |
Fortune Brands Home & Security |
1.3% |
Juniper Networks, Inc. |
1.3% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Asset Allocation |
% of total |
Common Stocks |
91.7% |
Money Market Registered Investment Companies |
2.3% |
Bank Obligations |
2.0% |
Other Assets/Liabilities (Net) |
4.0% |
Total |
100.0% |
As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.
Total Return Bond Fund
Fixed Income Sector Concentration |
% of total |
Core Intermediate-Term |
62.6% |
U.S. Government |
18.5% |
Emerging Markets Debt |
11.4% |
High-Yield |
7.5% |
Total |
100.0% |
As a percentage of total fixed income securities. Concentrations are subject to change.
Top 10 Holdings |
% of total |
iShares Core U.S. Aggregate Bond ETF |
10.0% |
Vanguard Total Bond Market ETF |
9.6% |
iShares JP Morgan USD Emerging Markets Bond ETF |
8.0% |
Baird Core Plus Bond Fund - Class I |
7.5% |
U.S. Treasury Note, 2.25%, due 01/31/2024 |
6.0% |
PGIM Total Return Bond Fund - Class R6 |
6.0% |
Dodge & Cox Income Fund |
5.9% |
Segall Bryant & Hamill Plus Bond Fund - Class I |
5.1% |
Xtrackers USD High Yield Corporate Bond ETF |
4.8% |
Pioneer Bond Fund - Class Y |
4.5% |
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.
Page 6 |
2020 Semiannual Report | June 30, 2020 |
Prime Money Market Fund
Sector Concentration |
% of total |
Commercial Paper |
22.0% |
Repurchase Agreements |
17.8% |
Money Market Registered Investment Companies |
16.3% |
U.S. Government and Agency Obligations |
15.7% |
Corporate Obligations |
11.3% |
Certificates of Deposit |
10.8% |
Bank Obligations |
4.7% |
Variable Rate Demand Notes |
1.4% |
Total |
100.0% |
As a percentage of total net assets. Concentrations are subject to change.
Top 10 Holdings |
% of total |
Morgan Stanley Institutional Liquidity Government Fund, 0.05% |
16.3% |
South Street Repo, 0.13%, due 7/1/2020 |
13.7% |
INTL FCStone Repo, 0.26%, due 7/1/2020 |
4.1% |
Anglesea Funding, 0.25%, 7/1/2020 |
3.4% |
Santander UK PLC, 0.07%, 7/1/2020 |
2.7% |
Credit Suisse AG/New York, NY, 1.01%, 7/7/2020 |
2.7% |
Toyota Motor Credit Corp., 0.48%, 10/23/2020 |
1.4% |
Wells Fargo Bank N.A., 0.40%, 7/15/2020 |
1.4% |
Royal Bank of Canada, 0.43%, 7/23/2020 |
1.4% |
Federal Agricultural Mortgage Corp., 0.17%, 2/10/2021 |
1.4% |
As a percentage of total net assets.
Institutional Prime Money Market Fund
Sector Concentration |
% of total |
Commercial Paper |
25.4% |
U.S. Government and Agency Obligations |
21.7% |
Repurchase Agreements |
18.4% |
Corporate Obligations |
16.2% |
Certificates of Deposit |
9.4% |
Money Market Registered Investment Companies |
6.6% |
Variable Rate Demand Notes |
1.7% |
Bank Obligations |
0.6% |
Total |
100.0% |
As a percentage of total net assets. Concentrations are subject to change.
Top 10 Holdings |
% of total |
South Street Repo, 0.11%, 7/1/2020 |
7.3% |
INTL FCStone Repo, 0.26%, 7/1/2020 |
7.3% |
Morgan Stanley Institutional Liquidity Government Fund, 0.05% |
6.6% |
South Street Repo, 0.13%, 7/1/2020 |
3.7% |
Credit Suisse AG/New York, NY, 0.38%, 9/8/2020 |
3.5% |
Santander UK PLC, 0.07%, 7/1/2020 |
3.3% |
Anglesea Funding, 0.25%, 7/1/2020 |
3.2% |
Toyota Motor Credit Corp., 0.48%, 10/23/2020 |
2.4% |
Federal Home Loan Bank, 0.31%, 4/13/2021 |
1.8% |
Paccar Financial Corp., 0.64%, 11/13/2020 |
1.8% |
As a percentage of total net assets.
2020 Semiannual Report | June 30, 2020 |
Page 7 |
2020 Semiannual Report
Fund Holdings & Financial Statements
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — 85.6% |
||||||||
Communication Services — 7.4% |
||||||||
Activision Blizzard, Inc. |
13,951 | 1,058,881 | ||||||
Alphabet, Inc. - Class A (2) |
1,334 | 1,891,679 | ||||||
Alphabet, Inc. - Class C (2) |
6,973 | 9,857,103 | ||||||
AMC Entertainment Holdings, Inc. |
3,114 | 13,359 | ||||||
AT&T, Inc. |
161,665 | 4,887,133 | ||||||
Cable One, Inc. |
49 | 86,968 | ||||||
Cinemark Holdings, Inc. |
3,370 | 38,924 | ||||||
Comcast Corp. - Class A |
50,283 | 1,960,031 | ||||||
Cumulus Media, Inc. (2) |
304 | 1,201 | ||||||
Electronic Arts, Inc. (2) |
14,316 | 1,890,428 | ||||||
EverQuote, Inc. (2) |
276 | 16,052 | ||||||
Facebook, Inc. (2) |
35,386 | 8,035,099 | ||||||
Frontier Communications Corp. (2)(3) |
13,822 | 1,348 | ||||||
Glu Mobile, Inc. (2) |
3,604 | 33,409 | ||||||
Gray Television, Inc. (2) |
3,553 | 49,564 | ||||||
Lee Enterprises, Inc. (2) |
8,976 | 8,796 | ||||||
Liberty TripAdvisor Holdings, Inc. (2) |
11,297 | 24,063 | ||||||
Lions Gate Entertainment Corp. Class A (2) |
2,270 | 16,821 | ||||||
Marcus Corp./The |
7,790 | 103,373 | ||||||
MDC Partners, Inc. (2) |
3,032 | 6,307 | ||||||
National CineMedia, Inc. |
1,187 | 3,525 | ||||||
Netflix, Inc. (2) |
3,864 | 1,758,275 | ||||||
Pinterest, Inc. (2) |
4,238 | 93,956 | ||||||
Spotify Technology SA (2) |
2,268 | 585,575 | ||||||
Telephone and Data Systems, Inc. |
8,573 | 170,431 | ||||||
T-Mobile US, Inc. |
25,667 | 2,673,218 | ||||||
Tribune Publishing Co. |
804 | 8,032 | ||||||
Verizon Communications, Inc. |
87,131 | 4,803,532 | ||||||
| 40,077,083 | ||||||||
Consumer Discretionary — 13.2% |
||||||||
1-800-Flowers.com, Inc. (2) |
2,763 | 55,315 | ||||||
Amazon.com, Inc. (2) |
6,575 | 18,139,242 | ||||||
Aptiv PLC |
30 | 2,338 | ||||||
Aramark |
5,469 | 123,435 | ||||||
AutoZone, Inc. (2) |
447 | 504,270 | ||||||
Best Buy Co., Inc. |
20,264 | 1,768,439 | ||||||
Big Lots, Inc. |
2,864 | 120,288 | ||||||
Boyd Gaming Corp. |
1,682 | 35,154 | ||||||
Brinker International, Inc. |
2,998 | 71,952 | ||||||
Caleres, Inc. |
2,432 | 20,283 | ||||||
Camping World Holdings, Inc. |
5,365 | 145,713 | ||||||
Capri Holdings, Ltd. (2) |
483 | 7,549 | ||||||
Chipotle Mexican Grill, Inc. (2) |
895 | 941,862 | ||||||
Crocs, Inc. (2) |
2,919 | 107,478 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Dana, Inc. |
5,393 | 65,741 | ||||||
Dave & Buster’s Entertainment |
1,619 | 21,581 | ||||||
Deckers Outdoor Corp. (2) |
4,440 | 871,972 | ||||||
Designer Brands, Inc. |
1,289 | 8,727 | ||||||
Dollar General Corp. |
9,949 | 1,895,384 | ||||||
Dollar Tree, Inc. (2) |
2,614 | 242,266 | ||||||
Domino’s Pizza, Inc. |
1,523 | 562,657 | ||||||
DR Horton, Inc. |
22,456 | 1,245,185 | ||||||
Duluth Holdings, Inc. - Class B (2) |
8,676 | 63,942 | ||||||
eBay, Inc. |
24,223 | 1,270,496 | ||||||
Everi Holdings, Inc. (2) |
4,852 | 25,036 | ||||||
Extended Stay America, Inc. |
4,685 | 52,425 | ||||||
Fiesta Restaurant Group, Inc. (2) |
3,189 | 20,346 | ||||||
Ford Motor Co. |
25,611 | 155,715 | ||||||
Fox Factory Holding Corp. (2) |
839 | 69,310 | ||||||
Garmin, Ltd. |
10,416 | 1,015,560 | ||||||
General Motors Co. |
97,120 | 2,457,136 | ||||||
Gentex Corp. |
19,713 | 508,004 | ||||||
Greenlane Holdings, Inc. (2) |
227 | 903 | ||||||
Hanesbrands, Inc. |
5,652 | 63,811 | ||||||
Harley-Davidson, Inc. |
34,989 | 831,689 | ||||||
Home Depot, Inc./The |
30,303 | 7,591,205 | ||||||
Installed Building Products In (2) |
207 | 14,237 | ||||||
International Game Technology |
12,794 | 113,867 | ||||||
KB Home |
7,144 | 219,178 | ||||||
Kirkland’s, Inc. (2) |
7,121 | 19,298 | ||||||
Lands’ End, Inc. (2) |
2,810 | 22,592 | ||||||
Las Vegas Sands Corp. |
7,642 | 348,017 | ||||||
LCI Industries |
3,376 | 388,172 | ||||||
Lear Corp. |
3,555 | 387,566 | ||||||
Lennar Corp. |
16,739 | 1,031,457 | ||||||
LKQ Corp. (2) |
19,619 | 514,018 | ||||||
Lowe’s Cos., Inc. |
29,065 | 3,927,263 | ||||||
Lululemon Athletica, Inc. (2) |
2,593 | 809,042 | ||||||
M/I Homes, Inc. (2) |
371 | 12,777 | ||||||
Malibu Boats, Inc. (2) |
3,004 | 156,058 | ||||||
McDonald’s Corp. |
23,588 | 4,351,278 | ||||||
Meritage Homes Corp. (2) |
1,512 | 115,093 | ||||||
MGM Resorts International |
5,176 | 86,957 | ||||||
Murphy USA, Inc. (2) |
1,337 | 150,533 | ||||||
NIKE, Inc. - Class B |
47,180 | 4,625,999 | ||||||
NVR, Inc. (2) |
248 | 808,170 | ||||||
Office Depot, Inc. |
21,764 | 51,145 | ||||||
O’Reilly Automotive, Inc. (2) |
1,081 | 455,825 | ||||||
Papa John’s International, Inc. |
302 | 23,982 | ||||||
Party City Holdco, Inc. (2) |
2,751 | 4,099 |
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 9 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Penn National Gaming, Inc. (2) |
3,547 | 108,325 | ||||||
PetMed Express, Inc. |
470 | 16,751 | ||||||
Polaris, Inc. |
229 | 21,194 | ||||||
PulteGroup, Inc. |
29,363 | 999,223 | ||||||
Qurate Retail, Inc. (2) |
5,710 | 54,245 | ||||||
Ralph Lauren Corp. |
4,472 | 324,309 | ||||||
RCI Hospitality Holdings, Inc. |
3,310 | 45,877 | ||||||
Red Robin Gourmet Burgers, Inc. (2) |
3,194 | 32,579 | ||||||
Red Rock Resorts, Inc. |
2,983 | 32,545 | ||||||
Rent-A-Center, Inc./TX |
26,665 | 741,820 | ||||||
RH (2) |
2,548 | 634,197 | ||||||
Ross Stores, Inc. |
3,184 | 271,404 | ||||||
Rubicon Project, Inc./The (2) |
207 | 1,381 | ||||||
Sleep Number Corp. (2) |
1,000 | 41,640 | ||||||
Sportsman’s Warehouse Holdings (2) |
3,637 | 51,827 | ||||||
Stamps.com, Inc. (2) |
680 | 124,909 | ||||||
Starbucks Corp. |
2,299 | 169,183 | ||||||
Stoneridge, Inc. (2) |
1,396 | 28,841 | ||||||
Sturm Ruger & Co., Inc. |
790 | 60,040 | ||||||
Target Corp. |
12,459 | 1,494,208 | ||||||
Tesla, Inc. (2) |
2,542 | 2,744,877 | ||||||
Texas Roadhouse, Inc. |
1,326 | 69,708 | ||||||
Thor Industries, Inc. |
8,898 | 947,904 | ||||||
Tile Shop Holdings, Inc. |
4,409 | 5,732 | ||||||
Tilly’s, Inc. - Class A |
2,896 | 16,420 | ||||||
TopBuild Corp. (2) |
1,328 | 151,087 | ||||||
Town Sports International Holdings, Inc. (2) |
4,612 | 2,490 | ||||||
Tractor Supply Co. |
330 | 43,491 | ||||||
Tupperware Brands Corp. |
1,540 | 7,315 | ||||||
Urban Outfitters, Inc. (2) |
388 | 5,905 | ||||||
Vista Outdoor, Inc. (2) |
464 | 6,705 | ||||||
Waitr Holdings, Inc. (2) |
3,173 | 8,345 | ||||||
Wendy’s Co./The |
159 | 3,463 | ||||||
Williams-Sonoma, Inc. |
4,242 | 347,886 | ||||||
Wingstop, Inc. |
1,147 | 159,399 | ||||||
Winnebago Industries, Inc. |
10,390 | 692,182 | ||||||
Yum China Holdings, Inc. |
9,559 | 459,501 | ||||||
Yum! Brands, Inc. |
9,394 | 816,433 | ||||||
Zumiez, Inc. (2) |
3,596 | 98,458 | ||||||
| 71,560,831 | ||||||||
Consumer Staples — 1.5% |
||||||||
Alico, Inc. |
344 | 10,719 | ||||||
Coca-Cola Co./The |
40,973 | 1,830,674 | ||||||
Conagra Brands, Inc. |
4,087 | 143,740 | ||||||
General Mills, Inc. |
36,642 | 2,258,979 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Ingredion, Inc. |
125 | 10,375 | ||||||
John B Sanfilippo & Son, Inc. |
152 | 12,970 | ||||||
Kraft Heinz Co./The |
6,211 | 198,069 | ||||||
Kroger Co./The |
14,959 | 506,362 | ||||||
Molson Coors Beverage Co. - Class B |
20,189 | 693,694 | ||||||
Nu Skin Enterprises, Inc. |
1,035 | 39,568 | ||||||
Oil-Dri Corp. of America |
401 | 13,915 | ||||||
PepsiCo, Inc. |
9,990 | 1,321,277 | ||||||
Performance Food Group Co. (2) |
2,646 | 77,104 | ||||||
Philip Morris International, Inc. |
11,049 | 774,093 | ||||||
Rite Aid Corp. (2) |
906 | 15,456 | ||||||
SpartanNash Co. |
3,032 | 64,430 | ||||||
Tyson Foods, Inc. |
888 | 53,022 | ||||||
United Natural Foods, Inc. (2) |
1,608 | 29,282 | ||||||
Walgreens Boots Alliance, Inc. |
3,438 | 145,737 | ||||||
| 8,199,466 | ||||||||
Energy — 2.2% |
||||||||
Amplify Energy Corp. |
7,061 | 8,685 | ||||||
Antero Resources Corp. (2) |
2,320 | 5,893 | ||||||
Apache Corp. |
3,592 | 48,492 | ||||||
Arch Resources, Inc. |
360 | 10,228 | ||||||
Archrock, Inc. |
2,110 | 13,694 | ||||||
Ardmore Shipping Corp. |
5,764 | 25,016 | ||||||
Baker Hughes Co. |
23,996 | 369,298 | ||||||
Bonanza Creek Energy, Inc. (2) |
228 | 3,379 | ||||||
Brigham Minerals, Inc. |
2,883 | 35,605 | ||||||
Cabot Oil & Gas Corp. |
8,982 | 154,311 | ||||||
Cactus, Inc. |
5,139 | 106,018 | ||||||
California Resources Corp. (2)(3) |
4,424 | 5,397 | ||||||
Centennial Resource Developmen (2) |
921 | 820 | ||||||
Chaparral Energy, Inc. (2) |
2,753 | 1,784 | ||||||
Chesapeake Energy Corp. (2) |
717 | 3,513 | ||||||
Chevron Corp. |
37,791 | 3,372,091 | ||||||
CNX Resources Corp. (2) |
795 | 6,877 | ||||||
Concho Resources, Inc. |
4,528 | 233,192 | ||||||
ConocoPhillips |
28,417 | 1,194,082 | ||||||
Continental Resources, Inc./OK (2) |
2,042 | 35,796 | ||||||
Delek US Holdings, Inc. |
1,248 | 21,728 | ||||||
DHT Holdings, Inc. |
2,432 | 12,476 | ||||||
Diamondback Energy, Inc. |
903 | 37,763 | ||||||
Dorian LPG, Ltd. (2) |
2,050 | 15,867 | ||||||
EOG Resources, Inc. |
11,123 | 563,491 | ||||||
EQT Corp. |
3,429 | 40,805 | ||||||
Exterran Corp. (2) |
1,792 | 9,659 | ||||||
Extraction Oil & Gas, Inc. (2) |
4,625 | 560 | ||||||
The accompanying notes are an integral part of these financial statements
Page 10 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Exxon Mobil Corp. |
17,129 | 766,009 | ||||||
Frank’s International NV (2) |
10,240 | 22,835 | ||||||
Hallador Energy Co. |
6,197 | 4,059 | ||||||
Helmerich & Payne, Inc. |
9,320 | 181,833 | ||||||
Hess Corp. |
1,488 | 77,093 | ||||||
HollyFrontier Corp. |
6,695 | 195,494 | ||||||
International Seaways, Inc. |
1,940 | 31,700 | ||||||
Kinder Morgan, Inc. |
28,716 | 435,622 | ||||||
Laredo Petroleum, Inc. (2) |
244 | 3,382 | ||||||
Matador Resources Co. (2) |
1,063 | 9,036 | ||||||
Nabors Industries, Ltd. |
344 | 12,735 | ||||||
National Oilwell Varco, Inc. |
2,696 | 33,026 | ||||||
NexTier Oilfield Solutions, Inc. (2) |
4,369 | 10,704 | ||||||
Nine Energy Service, Inc. (2) |
576 | 1,123 | ||||||
Nordic American Tankers, Ltd. |
1,043 | 4,235 | ||||||
Oasis Petroleum, Inc. (2) |
4,557 | 3,418 | ||||||
Oceaneering International, Inc. (2) |
2,616 | 16,716 | ||||||
Par Pacific Holdings, Inc. (2) |
3,558 | 31,986 | ||||||
Patterson-UTI Energy, Inc. |
4,541 | 15,757 | ||||||
PDC Energy, Inc. (2) |
3,123 | 38,850 | ||||||
Peabody Energy Corp. |
2,730 | 7,862 | ||||||
Penn Virginia Corp. (2) |
4,768 | 45,439 | ||||||
Phillips 66 |
14,629 | 1,051,825 | ||||||
Pioneer Natural Resources Co. |
4,345 | 424,507 | ||||||
Profire Energy, Inc. (2) |
100 | 84 | ||||||
ProPetro Holding Corp. (2) |
9,345 | 48,033 | ||||||
Range Resources Corp. |
3,493 | 19,666 | ||||||
Renewable Energy Group, Inc. (2) |
2,033 | 50,378 | ||||||
Rosehill Resources, Inc. (2)(3) |
1,800 | 1,299 | ||||||
Schlumberger, Ltd. |
17,710 | 325,687 | ||||||
Southwestern Energy Co. (2) |
8,113 | 20,769 | ||||||
Superior Energy Services, Inc. (2) |
1,242 | 1,416 | ||||||
Talos Energy, Inc. (2) |
699 | 6,431 | ||||||
Teekay Corp. (2) |
3,537 | 8,489 | ||||||
Valero Energy Corp. |
20,661 | 1,215,280 | ||||||
Whiting Petroleum Corp. (2) |
2,438 | 2,755 | ||||||
Williams Cos., Inc./The |
20,606 | 391,926 | ||||||
World Fuel Services Corp. |
4,467 | 115,070 | ||||||
WPX Energy, Inc. (2) |
11,940 | 76,177 | ||||||
| 12,045,226 | ||||||||
Financials — 8.0% |
||||||||
AGNC Investment Corp. |
11,613 | 149,808 | ||||||
Allstate Corp./The |
34,856 | 3,380,683 | ||||||
American Equity Investment Life |
159 | 3,929 | ||||||
American Express Co. |
15,919 | 1,515,489 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Ameriprise Financial, Inc. |
3,716 | 557,549 | ||||||
Artisan Partners Asset Managem |
9,168 | 297,960 | ||||||
Bank of America Corp. |
204,656 | 4,860,580 | ||||||
Berkshire Hathaway, Inc. Class B (2) |
47,764 | 8,526,352 | ||||||
Blackstone Mortgage Trust, Inc. |
3,025 | 72,872 | ||||||
Cannae Holdings, Inc. (2) |
6,066 | 249,313 | ||||||
Capital Bancorp, Inc. (2) |
236 | 2,525 | ||||||
Cathay General Bancorp |
1,725 | 45,368 | ||||||
Central Valley Community Banco |
391 | 6,017 | ||||||
Charles Schwab Corp./The |
370 | 12,484 | ||||||
Citigroup, Inc. |
3,997 | 204,247 | ||||||
Citizens Financial Group, Inc. |
1,803 | 45,508 | ||||||
Civista Bancshares, Inc. |
918 | 14,137 | ||||||
CNO Financial Group, Inc. |
1,663 | 25,893 | ||||||
Colony Credit Real Estate, Inc. |
42 | 295 | ||||||
Cullen/Frost Bankers, Inc. |
2,179 | 162,793 | ||||||
Curo Group Holdings Corp. |
6,958 | 56,847 | ||||||
CVB Financial Corp. |
1,556 | 29,159 | ||||||
Diamond Hill Investment Group |
61 | 6,934 | ||||||
Donegal Group, Inc. |
95 | 1,351 | ||||||
East West Bancorp, Inc. |
2,432 | 88,136 | ||||||
Ellington Financial, Inc. |
388 | 4,571 | ||||||
Encore Capital Group, Inc. (2) |
393 | 13,433 | ||||||
Enterprise Financial Services |
319 | 9,927 | ||||||
Equitable Holdings, Inc. |
11,092 | 213,965 | ||||||
Esquire Financial Holdings, Inc. (2) |
21 | 355 | ||||||
Essent Group, Ltd. |
2,818 | 102,209 | ||||||
Farmers National Banc Corp. |
369 | 4,376 | ||||||
Fidelity National Financial, Inc. |
26,292 | 806,113 | ||||||
Fifth Third Bancorp |
26,398 | 508,953 | ||||||
First American Financial Corp. |
10,724 | 514,966 | ||||||
First Citizens BancShares, Inc./ |
86 | 34,832 | ||||||
First Financial Corp./IN |
3,833 | 141,208 | ||||||
First Interstate BancSystem In |
3,340 | 103,406 | ||||||
First Republic Bank/CA |
95 | 10,069 | ||||||
FirstCash, Inc. |
8,990 | 606,645 | ||||||
FNB Corp./PA |
9,571 | 71,783 | ||||||
FNCB Bancorp, Inc. |
134 | 771 | ||||||
Glacier Bancorp, Inc. |
4,252 | 150,053 | ||||||
Goosehead Insurance, Inc. (2) |
2,001 | 150,395 | ||||||
Great Ajax Corp. |
4,942 | 45,466 | ||||||
GWG Holdings, Inc. (2) |
406 | 3,114 | ||||||
HBT Financial, Inc. |
2,869 | 38,244 | ||||||
Heritage Commerce Corp. |
1,273 | 9,554 | ||||||
Hilltop Holdings, Inc. |
12,261 | 226,215 | ||||||
HomeStreet, Inc. |
2,036 | 50,106 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 11 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Houlihan Lokey, Inc. |
1,121 | 62,372 | ||||||
International Bancshares Corp. |
1,955 | 62,599 | ||||||
INTL. FCStone, Inc. (2) |
3,062 | 168,410 | ||||||
JPMorgan Chase & Co. |
67,792 | 6,376,516 | ||||||
Kinsale Capital Group, Inc. |
984 | 152,727 | ||||||
KKR Real Estate Finance Trust |
10,248 | 169,912 | ||||||
Ladder Capital Corp. |
12,583 | 101,922 | ||||||
Lakeland Bancorp, Inc. |
1,302 | 14,882 | ||||||
LCNB Corp. |
214 | 3,415 | ||||||
LPL Financial Holdings, Inc. |
85 | 6,664 | ||||||
M&T Bank Corp. |
1,272 | 132,250 | ||||||
MarketAxess Holdings, Inc. |
1,406 | 704,294 | ||||||
Marsh & McLennan Cos., Inc. |
1,612 | 173,080 | ||||||
Medley Management, Inc. - Class A (2) |
2,343 | 1,809 | ||||||
MetLife, Inc. |
16,901 | 617,225 | ||||||
Metrocity Bankshares, Inc. |
4,060 | 58,180 | ||||||
Mid Penn Bancorp, Inc. |
2 | 37 | ||||||
MMA Capital Holdings, Inc. (2) |
353 | 8,161 | ||||||
MSCI, Inc. |
2,100 | 701,022 | ||||||
National General Holdings Corp. |
2,473 | 53,442 | ||||||
NI Holdings, Inc. (2) |
138 | 2,038 | ||||||
Nicolet Bankshares, Inc. (2) |
174 | 9,535 | ||||||
Northrim BanCorp, Inc. |
2,669 | 67,099 | ||||||
OceanFirst Financial Corp. |
1,496 | 26,374 | ||||||
Ocwen Financial Corp. (2) |
2,941 | 1,953 | ||||||
Oppenheimer Holdings, Inc. |
7,842 | 170,877 | ||||||
Pacific Premier Bancorp, Inc. |
6,784 | 147,077 | ||||||
Park National Corp. |
873 | 61,442 | ||||||
PCB Bancorp |
173 | 1,782 | ||||||
PennyMac Financial Services, Inc. - Class A |
12,735 | 532,196 | ||||||
People’s United Financial, Inc. |
360 | 4,165 | ||||||
PJT Partners, Inc. |
3,123 | 160,335 | ||||||
PNC Financial Services Group I |
1,943 | 204,423 | ||||||
Popular, Inc. |
21,916 | 814,618 | ||||||
Progressive Corp./The |
4,667 | 373,873 | ||||||
ProSight Global, Inc. (2) |
1,145 | 10,191 | ||||||
Prosperity Bancshares, Inc. |
4,286 | 254,503 | ||||||
Prudential Financial, Inc. |
29,248 | 1,781,203 | ||||||
Pzena Investment Management In |
8,002 | 43,531 | ||||||
QCR Holdings, Inc. |
1,581 | 49,296 | ||||||
Radian Group, Inc. |
5,787 | 89,756 | ||||||
RBB Bancorp |
9,372 | 127,928 | ||||||
Regions Financial Corp. |
67,971 | 755,838 | ||||||
Shore Bancshares, Inc. |
386 | 4,281 | ||||||
Signature Bank/New York NY |
5,294 | 566,034 | ||||||
Silvercrest Asset Management Group, Inc. |
155 | 1,970 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Simmons First National Corp. |
5,856 | 100,196 | ||||||
South State Corp. |
255 | 12,153 | ||||||
Starwood Property Trust, Inc. |
3,366 | 50,355 | ||||||
State Street Corp. |
10,923 | 694,157 | ||||||
Stewart Information Services C |
13,933 | 452,962 | ||||||
Summit Financial Group, Inc. |
1,258 | 20,732 | ||||||
SVB Financial Group (2) |
1,186 | 255,619 | ||||||
TriCo Bancshares |
1,273 | 38,763 | ||||||
Truist Financial Corp. |
20,632 | 774,732 | ||||||
United Community Banks, Inc./GA |
392 | 7,887 | ||||||
Valley National Bancorp |
11,602 | 90,728 | ||||||
Walker & Dunlop, Inc. |
2,528 | 128,448 | ||||||
Wells Fargo & Co. |
28,805 | 737,408 | ||||||
Western Alliance Bancorp |
3,690 | 139,740 | ||||||
| 43,472,075 | ||||||||
Healthcare — 16.8% |
||||||||
Abbott Laboratories |
15,910 | 1,454,651 | ||||||
AbbVie, Inc. |
45,997 | 4,515,985 | ||||||
Acceleron Pharma, Inc. (2) |
2,494 | 237,603 | ||||||
AcelRx Pharmaceuticals, Inc. (2) |
9,001 | 10,891 | ||||||
Addus HomeCare Corp. (2) |
496 | 45,910 | ||||||
Aduro Biotech, Inc. (2) |
3,423 | 7,907 | ||||||
Adverum Biotechnologies, Inc. (2) |
1,302 | 27,186 | ||||||
Affimed NV (2) |
5,071 | 23,403 | ||||||
Agilent Technologies, Inc. |
15,306 | 1,352,591 | ||||||
Akcea Therapeutics, Inc. (2) |
265 | 3,631 | ||||||
Akebia Therapeutics, Inc. (2) |
4,622 | 62,767 | ||||||
Alector, Inc. (2) |
2,353 | 57,507 | ||||||
Alexion Pharmaceuticals, Inc. (2) |
8,675 | 973,682 | ||||||
Align Technology, Inc. (2) |
1,197 | 328,505 | ||||||
Alkermes PLC (2) |
8,387 | 162,750 | ||||||
Alnylam Pharmaceuticals, Inc. (2) |
1,856 | 274,892 | ||||||
Amedisys, Inc. (2) |
440 | 87,358 | ||||||
AmerisourceBergen Corp. |
7,924 | 798,501 | ||||||
Amgen, Inc. |
20,624 | 4,864,377 | ||||||
Amicus Therapeutics, Inc. (2) |
6,388 | 96,331 | ||||||
Amneal Pharmaceuticals, Inc. (2) |
10,215 | 48,623 | ||||||
Anthem, Inc. |
3,715 | 976,971 | ||||||
Apellis Pharmaceuticals, Inc. (2) |
2,090 | 68,259 | ||||||
Applied Therapeutics, Inc. (2) |
653 | 23,606 | ||||||
Arcus Biosciences, Inc. (2) |
447 | 11,059 | ||||||
Ardelyx, Inc. (2) |
3,159 | 21,860 | ||||||
Arena Pharmaceuticals, Inc. (2) |
1,070 | 67,357 | ||||||
Arrowhead Pharmaceuticals, Inc. (2) |
1,119 | 48,330 | ||||||
Arvinas, Inc. (2) |
2,384 | 79,959 | ||||||
The accompanying notes are an integral part of these financial statements
Page 12 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Assembly Biosciences, Inc. (2) |
433 | 10,098 | ||||||
Assertio Holdings, Inc. (2) |
14,489 | 12,417 | ||||||
Avantor, Inc. (2) |
10,178 | 173,026 | ||||||
Avrobio, Inc. (2) |
1,353 | 23,610 | ||||||
Axsome Therapeutics, Inc. (2) |
819 | 67,387 | ||||||
Baxter International, Inc. |
12,090 | 1,040,949 | ||||||
Becton Dickinson and Co. |
2,626 | 628,323 | ||||||
Beyondspring, Inc. (2) |
1,015 | 15,306 | ||||||
BioDelivery Sciences Internati (2) |
17,183 | 74,918 | ||||||
Biogen, Inc. (2) |
3,708 | 992,075 | ||||||
BioMarin Pharmaceutical, Inc. (2) |
6,538 | 806,397 | ||||||
Bio-Rad Laboratories, Inc. - Class A (2) |
595 | 268,637 | ||||||
BioSpecifics Technologies Corp. (2) |
1,035 | 63,425 | ||||||
Bioxcel Therapeutics, Inc. (2) |
473 | 25,074 | ||||||
Bridgebio Pharma, Inc. (2) |
692 | 22,566 | ||||||
Bristol-Myers Squibb Co. |
63,774 | 3,749,911 | ||||||
Cardinal Health, Inc. |
9,806 | 511,775 | ||||||
Catalent, Inc. (2) |
9,679 | 709,471 | ||||||
Catalyst Pharmaceuticals, Inc. (2) |
8,336 | 38,512 | ||||||
Celcuity, Inc. (2) |
720 | 4,990 | ||||||
Centene Corp. (2) |
9,342 | 593,684 | ||||||
Centogene NV (2) |
1,416 | 32,398 | ||||||
Cerecor, Inc. (2) |
1,721 | 4,475 | ||||||
Cerner Corp. |
28,215 | 1,934,138 | ||||||
Charles River Laboratories Int (2) |
345 | 60,151 | ||||||
Chemed Corp. |
1,417 | 639,166 | ||||||
ChemoCentryx, Inc. (2) |
1,900 | 109,326 | ||||||
Cigna Corp. |
5,940 | 1,114,641 | ||||||
Coherus Biosciences, Inc. (2) |
1,541 | 27,522 | ||||||
Collegium Pharmaceutical, Inc. (2) |
1,146 | 20,055 | ||||||
Constellation Pharmaceuticals (2) |
1,190 | 35,760 | ||||||
Cortexyme, Inc. (2) |
136 | 6,297 | ||||||
Cue Biopharma, Inc. (2) |
3,007 | 73,702 | ||||||
CVS Health Corp. |
23,304 | 1,514,061 | ||||||
CytomX Therapeutics, Inc. (2) |
1,616 | 13,461 | ||||||
DaVita, Inc. (2) |
5,725 | 453,077 | ||||||
Deciphera Pharmaceuticals, Inc. (2) |
812 | 48,493 | ||||||
Denali Therapeutics, Inc. (2) |
27 | 653 | ||||||
DexCom, Inc. (2) |
1,449 | 587,425 | ||||||
Dynavax Technologies Corp. (2) |
2,291 | 20,321 | ||||||
Edwards Lifesciences Corp. (2) |
12,999 | 898,361 | ||||||
Elanco Animal Health, Inc. Contingent Value Rights (2)(8) |
3,328 | — | ||||||
Eli Lilly and Co. |
23,255 | 3,818,006 | ||||||
Eloxx Pharmaceuticals, Inc. (2) |
893 | 2,706 | ||||||
Emergent BioSolutions, Inc. (2) |
2,846 | 225,062 | ||||||
Encompass Health Corp. |
4,218 | 261,221 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Endo International PLC (2) |
9,342 | 32,043 | ||||||
Enochian Biosciences, Inc. (2) |
367 | 1,545 | ||||||
Ensign Group, Inc./The |
609 | 25,487 | ||||||
Exact Sciences Corp. (2) |
2,744 | 238,563 | ||||||
Exelixis, Inc. (2) |
9,326 | 221,399 | ||||||
Fate Therapeutics, Inc. (2) |
2,424 | 83,167 | ||||||
Fennec Pharmaceuticals, Inc. (2) |
1,310 | 10,939 | ||||||
Fulcrum Therapeutics, Inc. (2) |
1,161 | 21,235 | ||||||
GenMark Diagnostics, Inc. (2) |
1,604 | 23,595 | ||||||
Gilead Sciences, Inc. |
34,673 | 2,667,741 | ||||||
Hill-Rom Holdings, Inc. |
4,482 | 492,034 | ||||||
HMS Holdings Corp. (2) |
6,887 | 223,070 | ||||||
Horizon Therapeutics Plc (2) |
4,168 | 231,657 | ||||||
Humana, Inc. |
6,452 | 2,501,763 | ||||||
Illumina, Inc. (2) |
126 | 46,664 | ||||||
ImmunoGen, Inc. (2) |
5,650 | 25,990 | ||||||
Immunomedics, Inc. (2) |
3,883 | 137,614 | ||||||
Inovio Pharmaceuticals, Inc. (2) |
2,324 | 62,632 | ||||||
Insmed, Inc. (2) |
149 | 4,103 | ||||||
Intellia Therapeutics, Inc. (2) |
1,761 | 37,016 | ||||||
Invitae Corp. (2) |
932 | 28,230 | ||||||
Iovance Biotherapeutics, Inc. (2) |
3,728 | 102,334 | ||||||
iRhythm Technologies, Inc. (2) |
313 | 36,274 | ||||||
Jazz Pharmaceuticals PLC (2) |
1,190 | 131,305 | ||||||
Johnson & Johnson |
54,314 | 7,638,178 | ||||||
Jounce Therapeutics, Inc. (2) |
1,893 | 13,062 | ||||||
Kadmon Holdings, Inc. (2) |
5,647 | 28,913 | ||||||
Karyopharm Therapeutics, Inc. (2) |
52 | 985 | ||||||
Kiniksa Pharmaceuticals, Ltd. (2) |
392 | 9,988 | ||||||
Kodiak Sciences, Inc. (2) |
763 | 41,294 | ||||||
Krystal Biotech, Inc. (2) |
238 | 9,858 | ||||||
Kura Oncology, Inc. (2) |
2,121 | 34,572 | ||||||
LHC Group, Inc. (2) |
666 | 116,097 | ||||||
MacroGenics, Inc. (2) |
1,566 | 43,723 | ||||||
Marinus Pharmaceuticals, Inc. (2) |
4,152 | 10,546 | ||||||
Masimo Corp. (2) |
1,783 | 406,506 | ||||||
McKesson Corp. |
4,469 | 685,634 | ||||||
Medtronic PLC |
52,130 | 4,780,321 | ||||||
Merck & Co., Inc. |
62,539 | 4,836,141 | ||||||
Meridian Bioscience, Inc. (2) |
1,273 | 29,648 | ||||||
Mersana Therapeutics, Inc. (2) |
3,775 | 88,335 | ||||||
Moderna, Inc. (2) |
4,410 | 283,166 | ||||||
Molecular Templates, Inc. (2) |
2,293 | 31,620 | ||||||
Molina Healthcare, Inc. (2) |
1,210 | 215,356 | ||||||
Momenta Pharmaceuticals, Inc. (2) |
3,090 | 102,804 | ||||||
Morphic Holding, Inc. (2) |
485 | 13,119 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 13 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Mylan NV (2) |
3,634 | 58,435 | ||||||
MyoKardia, Inc. (2) |
1,138 | 109,954 | ||||||
Myriad Genetics, Inc. (2) |
1,881 | 21,331 | ||||||
Natera, Inc. (2) |
1,914 | 95,432 | ||||||
Neurocrine Biosciences, Inc. (2) |
3,861 | 471,042 | ||||||
NextGen Healthcare, Inc. (2) |
4,030 | 44,249 | ||||||
Novavax, Inc. (2) |
625 | 52,094 | ||||||
Odonate Therapeutics, Inc. (2) |
787 | 33,322 | ||||||
Oncocyte Corp. (2) |
1,737 | 3,318 | ||||||
Oncternal Therapeutics, Inc. (2) |
933 | 2,650 | ||||||
OPKO Health, Inc. (2) |
9,485 | 32,344 | ||||||
Organogenesis Holdings, Inc. (2) |
1,572 | 6,036 | ||||||
Osmotica Pharmaceuticals PLC (2) |
5,075 | 34,155 | ||||||
Owens & Minor, Inc. |
2,656 | 20,239 | ||||||
Palatin Technologies, Inc. (2) |
15,630 | 8,003 | ||||||
PDL BioPharma, Inc. |
8,245 | 23,993 | ||||||
Perrigo Co. PLC |
10,513 | 581,054 | ||||||
Pfenex, Inc. (2) |
1,950 | 16,283 | ||||||
Pfizer, Inc. |
99,536 | 3,254,827 | ||||||
Phibro Animal Health Corp. - Class A |
4,274 | 112,278 | ||||||
Phreesia, Inc. (2) |
2,483 | 70,219 | ||||||
PRA Health Sciences, Inc. (2) |
1,788 | 173,955 | ||||||
Precigen, Inc. (2)(3) |
4,149 | 20,704 | ||||||
Principia Biopharma, Inc. (2) |
1,225 | 73,243 | ||||||
Providence Service Corp./The (2) |
58 | 4,577 | ||||||
PTC Therapeutics, Inc. (2) |
1,615 | 81,945 | ||||||
Puma Biotechnology, Inc. (2) |
714 | 7,447 | ||||||
Quest Diagnostics, Inc. |
2,370 | 270,085 | ||||||
Quidel Corp. (2) |
523 | 117,016 | ||||||
Recro Pharma, Inc. |
4,364 | 19,856 | ||||||
Regeneron Pharmaceuticals, Inc. (2) |
2,007 | 1,251,666 | ||||||
Replimune Group, Inc. (2) |
575 | 14,289 | ||||||
ResMed, Inc. |
4,467 | 857,664 | ||||||
Rigel Pharmaceuticals, Inc. (2) |
7,307 | 13,372 | ||||||
Sangamo Therapeutics, Inc. (2) |
1,261 | 11,299 | ||||||
Scholar Rock Holding Corp. (2) |
917 | 16,699 | ||||||
Seattle Genetics, Inc. (2) |
3,158 | 536,607 | ||||||
Seres Therapeutics, Inc. (2) |
715 | 3,403 | ||||||
Simulations Plus, Inc. |
143 | 8,554 | ||||||
Sorrento Therapeutics, Inc. (2)(3) |
3,362 | 21,113 | ||||||
STERIS PLC |
6,433 | 987,080 | ||||||
Strongbridge Biopharma PLC (2) |
4,580 | 17,312 | ||||||
Surgery Partners, Inc. (2) |
305 | 3,529 | ||||||
Sutro Biopharma, Inc. (2) |
1,403 | 10,887 | ||||||
Tandem Diabetes Care, Inc. (2) |
1,814 | 179,441 | ||||||
Teladoc Health, Inc. (2) |
1,489 | 284,161 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Tenet Healthcare Corp. (2) |
5,404 | 97,866 | ||||||
TG Therapeutics, Inc. (2) |
2,445 | 47,629 | ||||||
Theravance Biopharma, Inc. (2) |
321 | 6,738 | ||||||
Thermo Fisher Scientific, Inc. |
5,032 | 1,823,295 | ||||||
Translate Bio, Inc. (2) |
1,357 | 24,317 | ||||||
Turning Point Therapeutics, Inc. (2) |
303 | 19,571 | ||||||
Ultragenyx Pharmaceutical, Inc. (2) |
293 | 22,918 | ||||||
United Therapeutics Corp. (2) |
3,247 | 392,887 | ||||||
UnitedHealth Group, Inc. |
16,680 | 4,919,766 | ||||||
Vanda Pharmaceuticals, Inc. (2) |
1,337 | 15,295 | ||||||
Veeva Systems, Inc. (2) |
3,962 | 928,772 | ||||||
Verrica Pharmaceuticals, Inc. (2) |
160 | 1,762 | ||||||
Vertex Pharmaceuticals, Inc. (2) |
7,204 | 2,091,393 | ||||||
Vir Biotechnology, Inc. (2) |
91 | 3,728 | ||||||
WaVe Life Sciences, Ltd. (2) |
239 | 2,488 | ||||||
West Pharmaceutical Services, Inc. |
2,427 | 551,342 | ||||||
XBiotech, Inc. (2) |
2,832 | 38,827 | ||||||
Xencor, Inc. (2) |
3,879 | 125,641 | ||||||
Y-mAbs Therapeutics, Inc. (2) |
947 | 40,910 | ||||||
Zimmer Biomet Holdings, Inc. |
8,436 | 1,006,921 | ||||||
Zoetis, Inc. |
26,094 | 3,575,922 | ||||||
Zynex, Inc. (2) |
1,301 | 32,356 | ||||||
| 91,079,253 | ||||||||
Industrials — 6.5% |
||||||||
3M Co. |
7,749 | 1,208,767 | ||||||
Alaska Air Group, Inc. |
1 | 36 | ||||||
Allison Transmission Holdings |
21,160 | 778,265 | ||||||
Altra Industrial Motion Corp. |
708 | 22,557 | ||||||
ArcBest Corp. |
1,251 | 33,164 | ||||||
Arcosa, Inc. |
5,985 | 252,567 | ||||||
ASGN, Inc. (2) |
1,346 | 89,751 | ||||||
Astec Industries, Inc. |
1,508 | 69,835 | ||||||
Atkore International Group, Inc. (2) |
5,810 | 158,904 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) |
1,721 | 74,055 | ||||||
Avis Budget Group, Inc. (2) |
215 | 4,921 | ||||||
Axon Enterprise, Inc. (2) |
945 | 92,733 | ||||||
AZZ, Inc. |
6,949 | 238,490 | ||||||
BG Staffing, Inc. |
985 | 11,150 | ||||||
BMC Stock Holdings, Inc. (2) |
20,293 | 510,166 | ||||||
Builders FirstSource, Inc. (2) |
4,505 | 93,254 | ||||||
Caterpillar, Inc. |
5,186 | 656,029 | ||||||
Comfort Systems USA, Inc. |
6,838 | 278,649 | ||||||
Copart, Inc. (2) |
216 | 17,986 | ||||||
CoreLogic, Inc./United States |
343 | 23,056 | ||||||
Costamare, Inc. |
395 | 2,196 | ||||||
The accompanying notes are an integral part of these financial statements
Page 14 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
CSX Corp. |
20,567 | 1,434,343 | ||||||
Cummins, Inc. |
22,066 | 3,823,155 | ||||||
Curtiss-Wright Corp. |
5,898 | 526,573 | ||||||
Delta Air Lines, Inc. |
975 | 27,349 | ||||||
Eaton Corp. PLC |
12,061 | 1,055,096 | ||||||
Echo Global Logistics, Inc. (2) |
6,897 | 149,113 | ||||||
EMCOR Group, Inc. |
5,216 | 344,986 | ||||||
Emerson Electric Co. |
2,785 | 172,754 | ||||||
Encore Wire Corp. |
2,701 | 131,863 | ||||||
EnerSys |
2,987 | 192,303 | ||||||
Federal Signal Corp. |
5,853 | 174,010 | ||||||
Fortune Brands Home & Security |
1,411 | 90,205 | ||||||
Franklin Electric Co., Inc. |
178 | 9,349 | ||||||
FTI Consulting, Inc. (2) |
324 | 37,114 | ||||||
Generac Holdings, Inc. (2) |
651 | 79,376 | ||||||
GMS, Inc. (2) |
583 | 14,336 | ||||||
Graco, Inc. |
1,982 | 95,116 | ||||||
GrafTech International, Ltd. |
4,106 | 32,766 | ||||||
Herman Miller, Inc. |
2,315 | 54,657 | ||||||
Hertz Global Holdings, Inc. (2) |
1,066 | 1,503 | ||||||
HNI Corp. |
3,807 | 116,380 | ||||||
Hub Group, Inc. - Class A (2) |
4,386 | 209,914 | ||||||
Hubbell, Inc. |
8,830 | 1,106,929 | ||||||
Huntington Ingalls Industries |
4,499 | 785,031 | ||||||
Illinois Tool Works, Inc. |
6,503 | 1,137,050 | ||||||
JetBlue Airways Corp. (2) |
14,838 | 161,734 | ||||||
Johnson Controls International |
25,084 | 856,368 | ||||||
Kelly Services, Inc. - Class A |
301 | 4,760 | ||||||
Kimball International, Inc. - Class B |
5,638 | 65,175 | ||||||
L B Foster Co. - Class A (2) |
969 | 12,374 | ||||||
Lincoln Electric Holdings, Inc. |
1,237 | 104,205 | ||||||
Lockheed Martin Corp. |
10,323 | 3,767,069 | ||||||
LSC Communications, Inc. (2) |
11,648 | 658 | ||||||
Lyft, Inc. (2) |
1,903 | 62,818 | ||||||
Manitowoc Co., Inc./The (2) |
3,058 | 33,271 | ||||||
ManpowerGroup, Inc. |
15,805 | 1,086,594 | ||||||
Marten Transport, Ltd. |
7,480 | 188,197 | ||||||
Matson, Inc. |
5,262 | 153,124 | ||||||
McGrath RentCorp |
549 | 29,651 | ||||||
Meritor, Inc. (2) |
6,040 | 119,592 | ||||||
Miller Industries, Inc./TN |
4,972 | 148,016 | ||||||
MRC Global, Inc. (2) |
2,489 | 14,710 | ||||||
Mueller Water Products, Inc. |
2,991 | 28,205 | ||||||
MYR Group, Inc. (2) |
2,513 | 80,190 | ||||||
NL Industries, Inc. |
280 | 955 | ||||||
Nordson Corp. |
3,465 | 657,345 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Norfolk Southern Corp. |
401 | 70,404 | ||||||
Northrop Grumman Corp. |
496 | 152,490 | ||||||
Northwest Pipe Co. (2) |
1,642 | 41,165 | ||||||
Old Dominion Freight Line, Inc. |
3,888 | 659,366 | ||||||
Oshkosh Corp. |
3,565 | 255,325 | ||||||
PACCAR, Inc. |
28,142 | 2,106,429 | ||||||
Powell Industries, Inc. |
18 | 493 | ||||||
Primoris Services Corp. |
6,718 | 119,312 | ||||||
Regal Beloit Corp. |
3,567 | 311,470 | ||||||
Rexnord Corp. |
11,934 | 347,876 | ||||||
Rockwell Automation, Inc. |
2,426 | 516,738 | ||||||
RR Donnelley & Sons Co. |
14,233 | 16,937 | ||||||
Rush Enterprises, Inc. |
2,861 | 118,617 | ||||||
Safe Bulkers, Inc. (2) |
7,327 | 8,939 | ||||||
Saia, Inc. (2) |
1,563 | 173,774 | ||||||
Schneider National, Inc. - Class B |
713 | 17,590 | ||||||
Shyft Group, Inc./The |
4,236 | 71,334 | ||||||
SkyWest, Inc. |
2,059 | 67,165 | ||||||
Southwest Airlines Co. |
74,716 | 2,553,793 | ||||||
Steelcase, Inc. - Class A |
3,832 | 46,214 | ||||||
Sterling Construction Co., Inc. (2) |
305 | 3,193 | ||||||
Teledyne Technologies, Inc. (2) |
395 | 122,825 | ||||||
Timken Co./The |
6,981 | 317,566 | ||||||
Trex Co., Inc. (2) |
687 | 89,358 | ||||||
Triton International, Ltd./Bermu |
11,558 | 349,514 | ||||||
Tutor Perini Corp. (2) |
1,237 | 15,067 | ||||||
Uber Technologies, Inc. (2) |
9,560 | 297,125 | ||||||
UFP Industries, Inc. |
5,158 | 255,373 | ||||||
Union Pacific Corp. |
651 | 110,065 | ||||||
United Parcel Service, Inc. - Class B |
5,385 | 598,704 | ||||||
Vectrus, Inc. (2) |
1,259 | 61,855 | ||||||
Veritiv Corp. (2) |
483 | 8,192 | ||||||
Werner Enterprises, Inc. |
598 | 26,031 | ||||||
WESCO International, Inc. (2) |
111 | 3,897 | ||||||
WESCO International, Inc. Series A Variable Preferred (2)(9) |
2,612 | 69,270 | ||||||
WW Grainger, Inc. |
3,928 | 1,234,020 | ||||||
| 35,210,299 | ||||||||
Information Technology — 23.3% |
||||||||
ACI Worldwide, Inc. (2) |
234 | 6,316 | ||||||
Adobe, Inc. (2) |
10,278 | 4,474,116 | ||||||
Advanced Micro Devices, Inc. (2) |
17,248 | 907,417 | ||||||
Alliance Data Systems Corp. |
555 | 25,042 | ||||||
American Software, Inc./GA |
611 | 9,629 | ||||||
Amkor Technology, Inc. (2) |
16,781 | 206,574 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 15 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Apple, Inc. |
67,007 | 24,444,154 | ||||||
Applied Materials, Inc. |
7,730 | 467,279 | ||||||
Arrow Electronics, Inc. (2) |
6,825 | 468,809 | ||||||
AstroNova, Inc. |
1,469 | 11,693 | ||||||
Autodesk, Inc. (2) |
3,123 | 746,990 | ||||||
Avaya Holdings Corp. (2) |
8,286 | 102,415 | ||||||
Avnet, Inc. |
15,671 | 436,986 | ||||||
Benchmark Electronics, Inc. |
1,650 | 35,640 | ||||||
Booz Allen Hamilton Holding Co. |
130 | 10,113 | ||||||
Bottomline Technologies DE, Inc. (2) |
434 | 22,034 | ||||||
Box, Inc. (2) |
2,933 | 60,889 | ||||||
Broadcom, Inc. |
3,667 | 1,157,342 | ||||||
CACI International, Inc. - Class A (2) |
297 | 64,413 | ||||||
Cadence Design Systems, Inc. (2) |
21,464 | 2,059,685 | ||||||
Calix, Inc. (2) |
2,080 | 30,992 | ||||||
Cambium Networks Corp. (2) |
7,765 | 57,150 | ||||||
CDK Global, Inc. |
5,090 | 210,828 | ||||||
Cerence, Inc. (2) |
3,541 | 144,614 | ||||||
ChannelAdvisor Corp. (2) |
6,924 | 109,676 | ||||||
Ciena Corp. (2) |
8,856 | 479,641 | ||||||
Cirrus Logic, Inc. (2) |
4,177 | 258,055 | ||||||
Cisco Systems, Inc. |
75,550 | 3,523,652 | ||||||
Citrix Systems, Inc. |
6,980 | 1,032,412 | ||||||
Cognex Corp. |
2,816 | 168,172 | ||||||
Cognizant Technology Solutions |
23,030 | 1,308,565 | ||||||
Coupa Software, Inc. (2) |
690 | 191,158 | ||||||
Diebold Nixdorf, Inc. (2) |
5,019 | 30,415 | ||||||
Diodes, Inc. (2) |
1,217 | 61,702 | ||||||
DocuSign, Inc. (2) |
5,493 | 945,950 | ||||||
Dropbox, Inc. (2) |
5,529 | 120,366 | ||||||
DXC Technology Co. |
12,026 | 198,429 | ||||||
Ebix, Inc. |
3,295 | 73,676 | ||||||
Enphase Energy, Inc. (2) |
2,348 | 111,694 | ||||||
F5 Networks, Inc. (2) |
744 | 103,773 | ||||||
Five9, Inc. (2) |
353 | 39,067 | ||||||
Fortinet, Inc. (2) |
3,038 | 417,026 | ||||||
Hackett Group, Inc./The |
102 | 1,381 | ||||||
Hewlett Packard Enterprise Co. |
74,081 | 720,808 | ||||||
HP, Inc. |
47,004 | 819,280 | ||||||
IBM |
12,271 | 1,481,969 | ||||||
II-VI, Inc. (2) |
478 | 22,571 | ||||||
Intel Corp. |
78,601 | 4,702,698 | ||||||
Intuit, Inc. |
13,501 | 3,998,861 | ||||||
J2 Global, Inc. (2) |
1,396 | 88,241 | ||||||
Jabil, Inc. |
21,396 | 686,384 | ||||||
KLA Corp. |
3,203 | 622,919 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Lam Research Corp. |
1,381 | 446,698 | ||||||
Leidos Holdings, Inc. |
5,209 | 487,927 | ||||||
Lumentum Holdings, Inc. (2) |
1,083 | 88,189 | ||||||
Majesco (2) |
115 | 904 | ||||||
Manhattan Associates, Inc. (2) |
3,601 | 339,214 | ||||||
ManTech International Corp./VA |
2,354 | 161,225 | ||||||
Mastercard, Inc. |
18,562 | 5,488,783 | ||||||
Maxim Integrated Products, Inc. |
8,048 | 487,789 | ||||||
Methode Electronics, Inc. |
814 | 25,446 | ||||||
Micron Technology, Inc. (2) |
18,194 | 937,355 | ||||||
Microsoft Corp. |
125,704 | 25,582,021 | ||||||
MKS Instruments, Inc. |
987 | 111,768 | ||||||
Motorola Solutions, Inc. |
5,318 | 745,211 | ||||||
National Instruments Corp. |
4,597 | 177,950 | ||||||
NCR Corp. (2) |
3,085 | 53,432 | ||||||
NetApp, Inc. |
1,152 | 51,114 | ||||||
NetScout Systems, Inc. (2) |
1,027 | 26,250 | ||||||
NIC, Inc. |
5,172 | 118,749 | ||||||
NortonLifeLock, Inc. |
30,035 | 595,594 | ||||||
NVIDIA Corp. |
10,876 | 4,131,901 | ||||||
ON Semiconductor Corp. (2) |
1,971 | 39,065 | ||||||
OneSpan, Inc. (2) |
3,940 | 110,044 | ||||||
Oracle Corp. |
77,569 | 4,287,239 | ||||||
PagerDuty, Inc. (2) |
1,016 | 29,078 | ||||||
Paycom Software, Inc. (2) |
1,219 | 377,561 | ||||||
PayPal Holdings, Inc. (2) |
6,355 | 1,107,232 | ||||||
PC Connection, Inc. |
181 | 8,391 | ||||||
Perspecta, Inc. |
13,437 | 312,142 | ||||||
Photronics, Inc. (2) |
5,043 | 56,129 | ||||||
Plantronics, Inc. |
1,062 | 15,590 | ||||||
Progress Software Corp. |
12,790 | 495,613 | ||||||
Pure Storage, Inc. (2) |
14,553 | 252,203 | ||||||
Qorvo, Inc. (2) |
2,165 | 239,297 | ||||||
QUALCOMM, Inc. |
34,700 | 3,164,987 | ||||||
Qualys, Inc. (2) |
1,932 | 200,967 | ||||||
Rimini Street, Inc. (2) |
778 | 4,007 | ||||||
RingCentral, Inc. - Class A (2) |
1,458 | 415,545 | ||||||
salesforce.com, Inc. (2) |
13,475 | 2,524,272 | ||||||
Sanmina Corp. (2) |
5,285 | 132,336 | ||||||
ScanSource, Inc. (2) |
3,103 | 74,751 | ||||||
Science Applications Internati |
286 | 22,216 | ||||||
ServiceNow, Inc. (2) |
3,048 | 1,234,623 | ||||||
Skyworks Solutions, Inc. |
8,077 | 1,032,725 | ||||||
Slack Technologies, Inc. (2) |
5,745 | 178,612 | ||||||
SMART Global Holdings, Inc. (2) |
1,564 | 42,510 | ||||||
Smartsheet, Inc. (2) |
980 | 49,902 | ||||||
The accompanying notes are an integral part of these financial statements
Page 16 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
SPS Commerce, Inc. (2) |
1,759 | 132,136 | ||||||
SS&C Technologies Holdings, Inc. |
31,778 | 1,794,821 | ||||||
Stratasys, Ltd. (2) |
1,587 | 25,170 | ||||||
Sykes Enterprises, Inc. (2) |
3,659 | 101,208 | ||||||
SYNNEX Corp. |
4,427 | 530,222 | ||||||
Synopsys, Inc. (2) |
10,890 | 2,123,550 | ||||||
Telenav, Inc. (2) |
438 | 2,405 | ||||||
Tenable Holdings, Inc. (2) |
2,284 | 68,086 | ||||||
TESSCO Technologies, Inc. |
948 | 5,214 | ||||||
Texas Instruments, Inc. |
15,412 | 1,956,862 | ||||||
Trimble, Inc. (2) |
7,943 | 343,058 | ||||||
TTEC Holdings, Inc. |
1,064 | 49,540 | ||||||
Twilio, Inc. (2) |
1,782 | 391,006 | ||||||
Ultra Clean Holdings, Inc. (2) |
931 | 21,069 | ||||||
Verint Systems, Inc. (2) |
11,679 | 527,657 | ||||||
Veritone, Inc. (2) |
547 | 8,128 | ||||||
VirnetX Holding Corp. (3) |
10,134 | 65,871 | ||||||
Visa, Inc. |
9,607 | 1,855,784 | ||||||
Vishay Intertechnology, Inc. |
2,311 | 35,289 | ||||||
Workday, Inc. (2) |
3,030 | 567,701 | ||||||
Xerox Holdings Corp. |
20,794 | 317,940 | ||||||
Xperi Holding Corp. |
5,780 | 85,313 | ||||||
Zebra Technologies Corp. - Class A (2) |
2,007 | 513,692 | ||||||
Zoom Video Communications, Inc. (2) |
515 | 130,573 | ||||||
Zscaler, Inc. (2) |
1,849 | 202,466 | ||||||
| 126,798,979 | ||||||||
Materials — 2.1% |
||||||||
AdvanSix, Inc. (2) |
84 | 986 | ||||||
Air Products and Chemicals, Inc. |
7,089 | 1,711,710 | ||||||
Boise Cascade Co. |
10,449 | 392,987 | ||||||
Cabot Corp. |
83 | 3,075 | ||||||
Clearwater Paper Corp. (2) |
607 | 21,931 | ||||||
Commercial Metals Co. |
274 | 5,590 | ||||||
Dow, Inc. |
7,106 | 289,641 | ||||||
Eastman Chemical Co. |
5,527 | 384,900 | ||||||
FMC Corp. |
4,465 | 444,803 | ||||||
Hawkins, Inc. |
183 | 7,792 | ||||||
Huntsman Corp. |
178 | 3,199 | ||||||
Koppers Holdings, Inc. (2) |
764 | 14,394 | ||||||
Linde PLC |
5,133 | 1,088,761 | ||||||
LyondellBasell Industries NV |
8,728 | 573,604 | ||||||
NewMarket Corp. |
58 | 23,228 | ||||||
Newmont Corp. |
33,328 | 2,057,671 | ||||||
Novagold Resources, Inc. (2) |
7,320 | 67,198 | ||||||
Olin Corp. |
655 | 7,526 | ||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Olympic Steel, Inc. |
1,651 | 19,399 | ||||||
Packaging Corp. of America |
1,480 | 147,704 | ||||||
Ramaco Resources, Inc. (2) |
1,696 | 3,629 | ||||||
Reliance Steel & Aluminum Co. |
8,883 | 843,263 | ||||||
Royal Gold, Inc. |
4,799 | 596,612 | ||||||
RPM International, Inc. |
3,156 | 236,889 | ||||||
Ryerson Holding Corp. (2) |
6,298 | 35,458 | ||||||
Scotts Miracle-Gro Co./The |
3,231 | 434,473 | ||||||
Sherwin-Williams Co./The |
2,428 | 1,403,020 | ||||||
Steel Dynamics, Inc. |
7,503 | 195,753 | ||||||
Stepan Co. |
1,058 | 102,732 | ||||||
Tredegar Corp. |
3,611 | 55,609 | ||||||
Tronox Holdings PLC |
1,183 | 8,541 | ||||||
Verso Corp. |
707 | 8,456 | ||||||
Westrock Co. |
7,459 | 210,791 | ||||||
Worthington Industries, Inc. |
1,378 | 51,399 | ||||||
| 11,452,724 | ||||||||
Real Estate Investment Trust — 3.0% |
||||||||
Altisource Portfolio Solutions (2) |
2,494 | 36,762 | ||||||
American Homes 4 Rent |
10,874 | 292,511 | ||||||
American Tower Corp. |
13,784 | 3,563,715 | ||||||
Apple Hospitality REIT, Inc. |
32,361 | 312,607 | ||||||
Ashford Hospitality Trust, Inc. |
11,321 | 8,181 | ||||||
AvalonBay Communities, Inc. |
3,483 | 538,611 | ||||||
CareTrust REIT, Inc. |
3,197 | 54,861 | ||||||
CatchMark Timber Trust, Inc. |
1,689 | 14,948 | ||||||
CBL & Associates Properties In (2) |
19,529 | 5,324 | ||||||
Clipper Realty, Inc. |
390 | 3,159 | ||||||
Colony Capital, Inc. |
1,605 | 3,852 | ||||||
CoreCivic, Inc. |
8,652 | 80,983 | ||||||
CorEnergy Infrastructure Trust |
2,323 | 21,255 | ||||||
CorePoint Lodging, Inc. |
8,119 | 34,181 | ||||||
Corporate Office Properties Tr |
8,820 | 223,499 | ||||||
CyrusOne, Inc. |
4,275 | 311,006 | ||||||
Equinix, Inc. |
814 | 571,672 | ||||||
Essex Property Trust, Inc. |
7,217 | 1,653,920 | ||||||
Extra Space Storage, Inc. |
679 | 62,719 | ||||||
Gaming and Leisure Properties |
21,327 | 737,914 | ||||||
Getty Realty Corp. |
2,529 | 75,061 | ||||||
Gladstone Commercial Corp. |
1,484 | 27,825 | ||||||
Healthcare Realty Trust, Inc. |
11,071 | 324,270 | ||||||
Highwoods Properties, Inc. |
6,157 | 229,841 | ||||||
Host Hotels & Resorts, Inc. |
2,773 | 29,921 | ||||||
Lamar Advertising Co. |
15,544 | 1,037,717 | ||||||
LTC Properties, Inc. |
21,249 | 800,450 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 17 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
National Health Investors, Inc. |
4,314 | 261,946 | ||||||
National Storage Affiliates Trust |
2,751 | 78,844 | ||||||
Paramount Group, Inc. |
29 | 224 | ||||||
Piedmont Office Realty Trust, Inc. |
15,879 | 263,750 | ||||||
PS Business Parks, Inc. |
3,974 | 526,158 | ||||||
Public Storage |
3,128 | 600,232 | ||||||
Regency Centers Corp. |
3,955 | 181,495 | ||||||
SBA Communications Corp. |
3,066 | 913,423 | ||||||
Service Properties Trust |
27,518 | 195,103 | ||||||
Simon Property Group, Inc. |
32,808 | 2,243,411 | ||||||
Spirit MTA Reit Liquidating Trust (2)(8) |
9,151 | — | ||||||
Tanger Factory Outlet Centers (3) |
3,436 | 24,499 | ||||||
Uniti Group, Inc. |
3,569 | 33,370 | ||||||
Urstadt Biddle Properties, Inc. |
2,849 | 33,846 | ||||||
Xenia Hotels & Resorts, Inc. |
5,977 | 55,765 | ||||||
| 16,468,831 | ||||||||
Utilities — 1.6% |
||||||||
American Water Works Co., Inc. |
8,655 | 1,113,552 | ||||||
Consolidated Water Co., Ltd. |
2,726 | 39,336 | ||||||
Dominion Energy, Inc. |
31,276 | 2,538,987 | ||||||
Evergy, Inc. |
367 | 21,759 | ||||||
Exelon Corp. |
3,452 | 125,273 | ||||||
MDU Resources Group, Inc. |
46,004 | 1,020,369 | ||||||
NextEra Energy, Inc. |
4,219 | 1,013,277 | ||||||
NorthWestern Corp. |
8,250 | 449,790 | ||||||
NRG Energy, Inc. |
15,559 | 506,601 | ||||||
PPL Corp. |
30,874 | 797,784 | ||||||
RGC Resources, Inc. |
136 | 3,287 | ||||||
Southern Co./The |
4,927 | 255,465 | ||||||
Southwest Gas Holdings, Inc. |
1,473 | 101,711 | ||||||
Spark Energy, Inc. - Class A |
348 | 2,460 | ||||||
Vistra Energy Corp. |
3,168 | 58,988 | ||||||
WEC Energy Group, Inc. |
5,069 | 444,298 | ||||||
York Water Co./The |
357 | 17,102 | ||||||
| 8,510,039 | ||||||||
Total Common Stocks (Cost $375,172,439) |
464,874,806 | |||||||
Muirfield Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Money Market Registered Investment Companies — 11.1% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (5) |
60,308,902 | 60,339,057 | ||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
154,363 | 154,363 | ||||||
Total Money Market Registered Investment Companies (Cost $60,454,506) |
60,493,420 | |||||||
Bank Obligations — 0.1% |
||||||||
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6) |
247,160 | 247,160 | ||||||
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6) |
247,312 | 247,312 | ||||||
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6) |
246,790 | 246,790 | ||||||
Total Bank Obligations (Cost $741,262) |
741,262 | |||||||
Total Investments — 96.8% (Cost $436,368,207) |
526,109,488 | |||||||
Other Assets less Liabilities — 3.2% |
17,198,376 | |||||||
Total Net Assets — 100.0% |
543,307,864 | |||||||
Trustee Deferred Compensation (7) |
||||||||
Meeder Balanced Fund - Retail Class |
4,055 | 45,619 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
10,159 | 115,101 | ||||||
Meeder Muirfield Fund - Retail Class |
6,627 | 45,991 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
1,204 | 26,765 | ||||||
Total Trustee Deferred Compensation (Cost $221,851) |
233,476 | |||||||
The accompanying notes are an integral part of these financial statements
Page 18 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Muirfield Fund |
||||||||||||||||
Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
Mini MSCI EAFE Index Futures |
277 | 9/18/2020 | 24,630,840 | (142,293 | ) | |||||||||||
Mini MSCI Emerging Markets Index Futures |
114 | 9/18/2020 | 5,618,490 | 34,389 | ||||||||||||
Russell 2000 Mini Index Futures |
(87 | ) | 9/18/2020 | (6,253,560 | ) | (111,600 | ) | |||||||||
Standard & Poors 500 Mini Futures |
(592 | ) | 9/18/2020 | (91,469,920 | ) | (590,480 | ) | |||||||||
E-mini Standard & Poors MidCap 400 Futures |
(137 | ) | 9/18/2020 | (24,373,670 | ) | (472,025 | ) | |||||||||
Total Futures Contracts |
(425 | ) | (91,847,820 | ) | (1,282,009 | ) | ||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 525,368,226 | $ | (1,282,009 | ) | |||
Level 2 - Other Significant Observable Inputs |
741,262 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 526,109,488 | $ | (1,282,009 | ) | |||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
All or a portion of this security is on loan. |
|
(4) |
Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(5) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(6) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(7) |
Assets of affiliates to the Muirfield Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(8) |
Fair valued security deemed as Level 3 security. |
|
(9) |
Preferred stock. |
| (10) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 19 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — 81.3% |
||||||||
Communication Services — 6.0% |
||||||||
Activision Blizzard, Inc. |
3,953 | 300,033 | ||||||
Alphabet, Inc. - Class A (2)(5) |
270 | 382,874 | ||||||
Alphabet, Inc. - Class C (2) |
2,072 | 2,929,000 | ||||||
AMC Entertainment Holdings, Inc. |
871 | 3,737 | ||||||
AT&T, Inc. (5) |
30,664 | 926,973 | ||||||
Cable One, Inc. |
215 | 381,593 | ||||||
CenturyLink, Inc. |
10,285 | 103,159 | ||||||
Cinemark Holdings, Inc. |
1,180 | 13,629 | ||||||
Comcast Corp. - Class A |
3,011 | 117,369 | ||||||
Cumulus Media, Inc. (2) |
5,105 | 20,165 | ||||||
DHI Group, Inc. (2) |
1,720 | 3,612 | ||||||
Electronic Arts, Inc. (2) |
1,620 | 213,921 | ||||||
Entravision Communications Corp. - Class A |
7,106 | 10,162 | ||||||
Facebook, Inc. (2)(5) |
9,759 | 2,215,976 | ||||||
Fluent, Inc. (2) |
2,081 | 3,704 | ||||||
Fox Corp. - Class A |
581 | 15,582 | ||||||
Glu Mobile, Inc. (2) |
2,093 | 19,402 | ||||||
Gray Television, Inc. (2) |
1,023 | 14,271 | ||||||
Liberty TripAdvisor Holdings, Inc. (2) |
3,468 | 7,387 | ||||||
Marcus Corp./The |
522 | 6,927 | ||||||
MDC Partners, Inc. (2) |
2,241 | 4,661 | ||||||
Netflix, Inc. (2) |
479 | 217,964 | ||||||
Pinterest, Inc. (2) |
1,824 | 40,438 | ||||||
Spotify Technology SA (2) |
586 | 151,299 | ||||||
Take-Two Interactive Software (2) |
703 | 98,118 | ||||||
T-Mobile US, Inc. |
11,633 | 1,211,577 | ||||||
Tribune Publishing Co. |
1,171 | 11,698 | ||||||
Verizon Communications, Inc. (5) |
20,424 | 1,125,975 | ||||||
WideOpenWest, Inc. (2) |
501 | 2,640 | ||||||
Yelp, Inc. (2) |
173 | 4,001 | ||||||
| 10,557,847 | ||||||||
Consumer Discretionary — 12.6% |
||||||||
1-800-Flowers.com, Inc. (2) |
1,513 | 30,290 | ||||||
Amazon.com, Inc. (2)(5) |
2,091 | 5,768,693 | ||||||
American Eagle Outfitters, Inc. |
988 | 10,769 | ||||||
Aramark |
1,777 | 40,107 | ||||||
AutoNation, Inc. (2) |
162 | 6,088 | ||||||
AutoZone, Inc. (2) |
130 | 146,656 | ||||||
Barnes & Noble Education, Inc. (2) |
1,061 | 1,698 | ||||||
Best Buy Co., Inc. |
6,414 | 559,750 | ||||||
Big Lots, Inc. |
641 | 26,922 | ||||||
Biglari Holdings, Inc. - Class B (2) |
130 | 8,967 | ||||||
BorgWarner, Inc. |
2,532 | 89,380 | ||||||
Boyd Gaming Corp. |
681 | 14,233 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Brinker International, Inc. |
930 | 22,320 | ||||||
Caleres, Inc. |
674 | 5,621 | ||||||
Capri Holdings, Ltd. (2) |
1,239 | 19,366 | ||||||
Chipotle Mexican Grill, Inc. (2) |
351 | 369,378 | ||||||
Core-Mark Holding Co., Inc. |
77 | 1,922 | ||||||
Dave & Buster’s Entertainment |
611 | 8,145 | ||||||
Deckers Outdoor Corp. (2) |
1,338 | 262,770 | ||||||
Designer Brands, Inc. |
494 | 3,344 | ||||||
Dillard’s, Inc. - Class A |
22 | 567 | ||||||
Dollar General Corp. |
1,823 | 347,300 | ||||||
Dollar Tree, Inc. (2) |
956 | 88,602 | ||||||
Domino’s Pizza, Inc. |
446 | 164,770 | ||||||
DR Horton, Inc. |
9,352 | 518,568 | ||||||
Duluth Holdings, Inc. - Class B (2) |
204 | 1,503 | ||||||
eBay, Inc. |
8,773 | 460,144 | ||||||
Everi Holdings, Inc. (2) |
1,599 | 8,251 | ||||||
Extended Stay America, Inc. |
6,187 | 69,233 | ||||||
Fiesta Restaurant Group, Inc. (2) |
818 | 5,219 | ||||||
Ford Motor Co. |
66,189 | 402,429 | ||||||
Fox Factory Holding Corp. (2) |
191 | 15,779 | ||||||
Franchise Group, Inc. |
24 | 525 | ||||||
Garmin, Ltd. |
1,029 | 100,328 | ||||||
General Motors Co. |
27,951 | 707,160 | ||||||
Gentex Corp. |
4,985 | 128,463 | ||||||
G-III Apparel Group, Ltd. (2) |
93 | 1,236 | ||||||
Hanesbrands, Inc. |
967 | 10,917 | ||||||
Harley-Davidson, Inc. |
7,194 | 171,001 | ||||||
Home Depot, Inc./The (5) |
10,828 | 2,712,522 | ||||||
Hudson, Ltd. (2) |
1,124 | 5,474 | ||||||
Installed Building Products In (2) |
68 | 4,677 | ||||||
International Game Technology |
2,461 | 21,903 | ||||||
Johnson Outdoors, Inc. |
292 | 26,578 | ||||||
Lands’ End, Inc. (2) |
353 | 2,838 | ||||||
Las Vegas Sands Corp. |
2,387 | 108,704 | ||||||
Lear Corp. |
1,190 | 129,734 | ||||||
Lennar Corp. |
2,747 | 169,270 | ||||||
LKQ Corp. (2) |
318 | 8,332 | ||||||
Lowe’s Cos., Inc. |
11,348 | 1,533,342 | ||||||
Lululemon Athletica, Inc. (2) |
798 | 248,984 | ||||||
Malibu Boats, Inc. (2) |
1,284 | 66,704 | ||||||
Marriott International, Inc./MD |
236 | 20,232 | ||||||
McDonald’s Corp. |
7,146 | 1,318,223 | ||||||
MGM Resorts International |
3,127 | 52,534 | ||||||
Murphy USA, Inc. (2) |
97 | 10,921 | ||||||
Nathan’s Famous, Inc. |
42 | 2,362 | ||||||
NIKE, Inc. - Class B |
9,936 | 974,225 | ||||||
NVR, Inc. (2) |
61 | 198,784 | ||||||
The accompanying notes are an integral part of these financial statements
Page 20 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Office Depot, Inc. |
9,316 | 21,893 | ||||||
O’Reilly Automotive, Inc. (2) |
327 | 137,886 | ||||||
Papa John’s International, Inc. |
140 | 11,117 | ||||||
Penn National Gaming, Inc. (2) |
1,139 | 34,785 | ||||||
PetMed Express, Inc. |
130 | 4,633 | ||||||
PulteGroup, Inc. |
10,864 | 369,702 | ||||||
Purple Innovation, Inc. (2) |
4,055 | 72,990 | ||||||
Qurate Retail, Inc. (2) |
5,475 | 52,013 | ||||||
Ralph Lauren Corp. |
1,108 | 80,352 | ||||||
RCI Hospitality Holdings, Inc. |
294 | 4,075 | ||||||
Red Robin Gourmet Burgers, Inc. (2) |
1,057 | 10,781 | ||||||
Red Rock Resorts, Inc. |
1,069 | 11,663 | ||||||
Rent-A-Center, Inc./TX |
4,373 | 121,657 | ||||||
RH (2) |
365 | 90,849 | ||||||
Rubicon Project, Inc./The (2) |
2,624 | 17,502 | ||||||
Select Interior Concepts, Inc. (2) |
602 | 2,107 | ||||||
Sleep Number Corp. (2) |
183 | 7,620 | ||||||
Sportsman’s Warehouse Holdings (2) |
1,319 | 18,796 | ||||||
Stamps.com, Inc. (2) |
262 | 48,127 | ||||||
Standard Motor Products, Inc. |
39 | 1,607 | ||||||
Stoneridge, Inc. (2) |
453 | 9,359 | ||||||
Sturm Ruger & Co., Inc. |
97 | 7,372 | ||||||
Tapestry, Inc. |
39 | 518 | ||||||
Target Corp. |
4,333 | 519,657 | ||||||
Tempur Sealy International, Inc. (2) |
67 | 4,821 | ||||||
Tesla, Inc. (2) |
980 | 1,058,214 | ||||||
Texas Roadhouse, Inc. |
330 | 17,348 | ||||||
Thor Industries, Inc. |
1,741 | 185,469 | ||||||
TopBuild Corp. (2) |
361 | 41,071 | ||||||
Tractor Supply Co. |
631 | 83,159 | ||||||
Tupperware Brands Corp. |
258 | 1,226 | ||||||
Urban Outfitters, Inc. (2) |
157 | 2,390 | ||||||
Vista Outdoor, Inc. (2) |
150 | 2,168 | ||||||
Waitr Holdings, Inc. (2) |
806 | 2,120 | ||||||
Wendy’s Co./The |
1,590 | 34,630 | ||||||
Williams-Sonoma, Inc. |
1,369 | 112,272 | ||||||
Wingstop, Inc. |
1,378 | 191,501 | ||||||
Winnebago Industries, Inc. |
2,413 | 160,754 | ||||||
Yum China Holdings, Inc. |
1,934 | 92,967 | ||||||
Yum! Brands, Inc. |
1,937 | 168,345 | ||||||
Zumiez, Inc. (2) |
508 | 13,909 | ||||||
| 22,044,182 | ||||||||
Consumer Staples — 1.9% |
||||||||
Alico, Inc. |
177 | 5,515 | ||||||
Central Garden & Pet Co. (2) |
1,401 | 47,340 | ||||||
Coca-Cola Co./The |
6,320 | 282,378 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Conagra Brands, Inc. |
1,810 | 63,658 | ||||||
Flowers Foods, Inc. |
5,883 | 131,544 | ||||||
General Mills, Inc. |
22,294 | 1,374,425 | ||||||
Ingredion, Inc. |
1,127 | 93,541 | ||||||
Kraft Heinz Co./The |
800 | 25,512 | ||||||
Kroger Co./The |
8,432 | 285,423 | ||||||
Lifevantage Corp. (2) |
302 | 4,083 | ||||||
Molson Coors Beverage Co. - Class B |
5,967 | 205,026 | ||||||
Nature’s Sunshine Products, Inc. (2) |
247 | 2,225 | ||||||
Nu Skin Enterprises, Inc. |
272 | 10,399 | ||||||
PepsiCo, Inc. |
3,660 | 484,072 | ||||||
Performance Food Group Co. (2) |
687 | 20,019 | ||||||
Philip Morris International, Inc. |
2,137 | 149,718 | ||||||
Rite Aid Corp. (2) |
42 | 717 | ||||||
SpartanNash Co. |
387 | 8,224 | ||||||
Tyson Foods, Inc. |
549 | 32,781 | ||||||
United Natural Foods, Inc. (2) |
357 | 6,501 | ||||||
USANA Health Sciences, Inc. (2) |
362 | 26,582 | ||||||
Walgreens Boots Alliance, Inc. |
2,520 | 106,823 | ||||||
| 3,366,506 | ||||||||
Energy — 1.7% |
||||||||
Antero Resources Corp. (2) |
1,119 | 2,842 | ||||||
Apache Corp. |
298 | 4,023 | ||||||
Ardmore Shipping Corp. |
2,318 | 10,060 | ||||||
Baker Hughes Co. |
7,947 | 122,304 | ||||||
Bonanza Creek Energy, Inc. (2) |
353 | 5,231 | ||||||
Cabot Oil & Gas Corp. |
1,772 | 30,443 | ||||||
Cactus, Inc. |
1,259 | 25,973 | ||||||
California Resources Corp. (2)(3) |
3,505 | 4,276 | ||||||
Centennial Resource Developmen (2) |
425 | 378 | ||||||
Chaparral Energy, Inc. (2) |
614 | 398 | ||||||
Chesapeake Energy Corp. (2) |
146 | 715 | ||||||
Chevron Corp. (5) |
8,813 | 786,384 | ||||||
CNX Resources Corp. (2) |
1,689 | 14,610 | ||||||
Concho Resources, Inc. |
1,637 | 84,306 | ||||||
ConocoPhillips |
9,123 | 383,348 | ||||||
CONSOL Energy, Inc. (2) |
275 | 1,394 | ||||||
Contango Oil & Gas Co. (2) |
1,528 | 3,499 | ||||||
Continental Resources, Inc./OK (2) |
821 | 14,392 | ||||||
Delek US Holdings, Inc. |
591 | 10,289 | ||||||
DHT Holdings, Inc. |
584 | 2,996 | ||||||
EOG Resources, Inc. (5) |
3,910 | 198,081 | ||||||
EQT Corp. |
1,752 | 20,849 | ||||||
Exterran Corp. (2) |
526 | 2,835 | ||||||
Extraction Oil & Gas, Inc. (2) |
1,049 | 127 | ||||||
Helmerich & Payne, Inc. |
1,411 | 27,529 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 21 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Hess Corp. |
280 | 14,507 | ||||||
HollyFrontier Corp. |
1,783 | 52,064 | ||||||
International Seaways, Inc. |
423 | 6,912 | ||||||
ION Geophysical Corp. (2) |
2,321 | 5,431 | ||||||
Kinder Morgan, Inc. |
2,127 | 32,267 | ||||||
Laredo Petroleum, Inc. (2) |
278 | 3,853 | ||||||
Marathon Oil Corp. |
11,376 | 69,621 | ||||||
Matador Resources Co. (2) |
730 | 6,205 | ||||||
Matrix Service Co. (2) |
974 | 9,467 | ||||||
Nabors Industries, Ltd. |
101 | 3,739 | ||||||
NexTier Oilfield Solutions, Inc. (2) |
4,037 | 9,891 | ||||||
Nine Energy Service, Inc. (2) |
188 | 367 | ||||||
Nordic American Tankers, Ltd. |
1,435 | 5,826 | ||||||
Oasis Petroleum, Inc. (2) |
1,404 | 1,053 | ||||||
Oceaneering International, Inc. (2) |
1,070 | 6,837 | ||||||
Overseas Shipholding Group, Inc. (2) |
1,952 | 3,631 | ||||||
Par Pacific Holdings, Inc. (2) |
812 | 7,300 | ||||||
Patterson-UTI Energy, Inc. |
315 | 1,093 | ||||||
PDC Energy, Inc. (2) |
1,154 | 14,356 | ||||||
Peabody Energy Corp. |
3,216 | 9,262 | ||||||
Penn Virginia Corp. (2) |
556 | 5,299 | ||||||
Phillips 66 |
4,029 | 289,685 | ||||||
Pioneer Natural Resources Co. |
1,411 | 137,855 | ||||||
ProPetro Holding Corp. (2) |
1,396 | 7,175 | ||||||
Range Resources Corp. |
1,546 | 8,704 | ||||||
Renewable Energy Group, Inc. (2) |
255 | 6,319 | ||||||
Schlumberger, Ltd. |
8,659 | 159,239 | ||||||
Scorpio Tankers, Inc. |
139 | 1,781 | ||||||
SilverBow Resources, Inc. (2) |
318 | 1,021 | ||||||
Southwestern Energy Co. (2) |
4,080 | 10,445 | ||||||
Talos Energy, Inc. (2) |
812 | 7,470 | ||||||
Teekay Corp. (2) |
1,555 | 3,732 | ||||||
Teekay Tankers, Ltd. (2) |
130 | 1,667 | ||||||
Valero Energy Corp. |
3,970 | 233,515 | ||||||
W&T Offshore, Inc. (2) |
739 | 1,685 | ||||||
Whiting Petroleum Corp. (2) |
904 | 1,022 | ||||||
Williams Cos., Inc./The |
898 | 17,080 | ||||||
World Fuel Services Corp. |
1,043 | 26,868 | ||||||
WPX Energy, Inc. (2) |
3,228 | 20,595 | ||||||
| 2,962,121 | ||||||||
Financials — 7.1% |
||||||||
ACNB Corp. |
330 | 8,639 | ||||||
AGNC Investment Corp. |
10,764 | 138,856 | ||||||
Allstate Corp./The |
7,047 | 683,489 | ||||||
American Express Co. |
2,918 | 277,794 | ||||||
Ameriprise Financial, Inc. |
1,072 | 160,843 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Artisan Partners Asset Managem |
2,120 | 68,900 | ||||||
Auburn National BanCorp, Inc. |
51 | 2,912 | ||||||
Bank of America Corp. (5) |
55,370 | 1,315,038 | ||||||
Bank of Commerce Holdings |
2,858 | 21,664 | ||||||
Berkshire Hathaway, Inc. Class B (2)(5) |
14,485 | 2,585,717 | ||||||
C&F Financial Corp. |
494 | 16,426 | ||||||
Cannae Holdings, Inc. (2) |
1,710 | 70,281 | ||||||
Capital Bancorp, Inc. (2) |
1,243 | 13,300 | ||||||
Central Valley Community Banco |
698 | 10,742 | ||||||
Charles Schwab Corp./The |
145 | 4,892 | ||||||
Citigroup, Inc. |
767 | 39,194 | ||||||
Citizens Financial Group, Inc. |
1,233 | 31,121 | ||||||
Civista Bancshares, Inc. |
3,590 | 55,286 | ||||||
CNO Financial Group, Inc. |
252 | 3,924 | ||||||
Coastal Financial Corp./WA (2) |
143 | 2,076 | ||||||
Community Bankers Trust Corp. |
2,348 | 12,914 | ||||||
Community Financial Corp./The |
317 | 7,735 | ||||||
Crawford & Co. Class B (2) |
890 | 6,257 | ||||||
Cullen/Frost Bankers, Inc. |
997 | 74,486 | ||||||
Curo Group Holdings Corp. |
3,891 | 31,789 | ||||||
Diamond Hill Investment Group |
188 | 21,370 | ||||||
East West Bancorp, Inc. |
793 | 28,738 | ||||||
eHealth, Inc. (2) |
201 | 19,746 | ||||||
Enova International, Inc. (2) |
661 | 9,829 | ||||||
Enterprise Bancorp, Inc./MA |
500 | 11,910 | ||||||
Equitable Holdings, Inc. |
508 | 9,799 | ||||||
Esquire Financial Holdings, Inc. (2) |
283 | 4,783 | ||||||
Essent Group, Ltd. |
163 | 5,912 | ||||||
Evans Bancorp, Inc. |
218 | 5,071 | ||||||
Farmers National Banc Corp. |
321 | 3,807 | ||||||
Fifth Third Bancorp |
7,757 | 149,555 | ||||||
Financial Institutions, Inc. |
230 | 4,280 | ||||||
First Business Financial Services, Inc. |
1,514 | 24,905 | ||||||
First Choice Bancorp |
1,232 | 20,180 | ||||||
First Financial Corp./IN |
4,046 | 149,055 | ||||||
First Guaranty Bancshares, Inc. |
163 | 1,993 | ||||||
First Republic Bank/CA |
41 | 4,346 | ||||||
FirstCash, Inc. |
2,221 | 149,873 | ||||||
FNCB Bancorp, Inc. |
221 | 1,271 | ||||||
Franklin Financial Services Co. |
95 | 2,461 | ||||||
FS Bancorp, Inc. |
81 | 3,124 | ||||||
Glacier Bancorp, Inc. |
1,716 | 60,558 | ||||||
Great Ajax Corp. |
1,384 | 12,733 | ||||||
Great Southern Bancorp, Inc. |
716 | 28,898 | ||||||
GWG Holdings, Inc. (2) |
1,060 | 8,130 | ||||||
Hartford Financial Services Group, Inc. |
1,350 | 52,043 | ||||||
HBT Financial, Inc. |
3,805 | 50,721 | ||||||
The accompanying notes are an integral part of these financial statements
Page 22 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Hilltop Holdings, Inc. |
1,649 | 30,424 | ||||||
Home Bancorp, Inc. |
349 | 9,336 | ||||||
HomeStreet, Inc. |
118 | 2,904 | ||||||
Houlihan Lokey, Inc. |
1,248 | 69,439 | ||||||
INTL. FCStone, Inc. (2) |
822 | 45,210 | ||||||
Invesco, Ltd. |
1,162 | 12,503 | ||||||
Investors Title Co. |
43 | 5,217 | ||||||
JPMorgan Chase & Co. (5) |
18,738 | 1,762,496 | ||||||
Kinsale Capital Group, Inc. |
39 | 6,053 | ||||||
KKR Real Estate Finance Trust |
2,606 | 43,207 | ||||||
Ladder Capital Corp. |
2,957 | 23,952 | ||||||
LPL Financial Holdings, Inc. |
30 | 2,352 | ||||||
Luther Burbank Corp. |
531 | 5,310 | ||||||
M&T Bank Corp. |
288 | 29,943 | ||||||
Macatawa Bank Corp. |
5,911 | 46,224 | ||||||
Mackinac Financial Corp. |
1,005 | 10,422 | ||||||
MarketAxess Holdings, Inc. |
628 | 314,578 | ||||||
Metrocity Bankshares, Inc. |
300 | 4,299 | ||||||
Mid Penn Bancorp, Inc. |
74 | 1,364 | ||||||
MMA Capital Holdings, Inc. (2) |
697 | 16,115 | ||||||
MSCI, Inc. |
519 | 173,253 | ||||||
MVB Financial Corp. |
1,668 | 22,184 | ||||||
National Bankshares, Inc. |
634 | 18,132 | ||||||
National General Holdings Corp. |
80 | 1,729 | ||||||
Navient Corp. |
1,878 | 13,202 | ||||||
NewStar Financial Contingent Value Rights (2)(8) |
95 | — | ||||||
Northrim BanCorp, Inc. |
2,613 | 65,691 | ||||||
OP Bancorp |
662 | 4,568 | ||||||
Orrstown Financial Services In |
373 | 5,502 | ||||||
Pacific Premier Bancorp, Inc. |
2,530 | 54,850 | ||||||
Park National Corp. |
402 | 28,293 | ||||||
PennyMac Financial Services, Inc. - Class A |
1,580 | 66,028 | ||||||
Peoples Bancorp of North Carol |
143 | 2,527 | ||||||
People’s United Financial, Inc. |
182 | 2,106 | ||||||
PJT Partners, Inc. |
518 | 26,594 | ||||||
PNC Financial Services Group I |
474 | 49,870 | ||||||
Popular, Inc. |
5,842 | 217,147 | ||||||
Premier Financial Bancorp, Inc. |
1,577 | 20,217 | ||||||
Progressive Corp./The |
7,914 | 633,991 | ||||||
ProSight Global, Inc. (2) |
115 | 1,024 | ||||||
Prosperity Bancshares, Inc. |
1,057 | 62,765 | ||||||
Provident Financial Holdings, Inc. |
634 | 8,502 | ||||||
Prudential Financial, Inc. |
7,877 | 479,709 | ||||||
Pzena Investment Management In |
3,069 | 16,695 | ||||||
QCR Holdings, Inc. |
2,165 | 67,505 | ||||||
Radian Group, Inc. |
2,035 | 31,563 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
RBB Bancorp |
4,740 | 64,701 | ||||||
Regions Financial Corp. |
20,895 | 232,352 | ||||||
Republic Bancorp, Inc./KY |
1,067 | 34,902 | ||||||
Shore Bancshares, Inc. |
2,143 | 23,766 | ||||||
Sierra Bancorp |
1,527 | 28,830 | ||||||
Signature Bank/New York NY |
1,243 | 132,902 | ||||||
Silvercrest Asset Management Group, Inc. |
233 | 2,961 | ||||||
Simmons First National Corp. |
512 | 8,760 | ||||||
South State Corp. |
308 | 14,679 | ||||||
Southern Missouri Bancorp, Inc. |
63 | 1,531 | ||||||
Southern National Bancorp of Virginia, Inc. |
385 | 3,731 | ||||||
State Street Corp. |
3,547 | 225,412 | ||||||
Stewart Information Services C |
2,393 | 77,796 | ||||||
Summit Financial Group, Inc. |
826 | 13,612 | ||||||
SVB Financial Group (2) |
412 | 88,798 | ||||||
TCF Financial Corp. |
106 | 3,119 | ||||||
TriCo Bancshares |
1,136 | 34,591 | ||||||
Truist Financial Corp. |
6,260 | 235,063 | ||||||
TrustCo Bank Corp. NY |
2,624 | 16,610 | ||||||
United Community Banks, Inc./GA |
143 | 2,877 | ||||||
United Security Bancshares/Fresno |
1,045 | 6,991 | ||||||
Valley National Bancorp |
4,633 | 36,230 | ||||||
Wells Fargo & Co. |
5,357 | 137,139 | ||||||
Western Alliance Bancorp |
669 | 25,335 | ||||||
| 12,457,049 | ||||||||
Healthcare — 16.8% |
||||||||
Abbott Laboratories (5) |
4,724 | 431,915 | ||||||
AbbVie, Inc. (5) |
10,453 | 1,026,276 | ||||||
Acceleron Pharma, Inc. (2) |
722 | 68,785 | ||||||
Accuray, Inc. (2) |
2,091 | 4,245 | ||||||
Addus HomeCare Corp. (2) |
11 | 1,018 | ||||||
Aduro Biotech, Inc. (2) |
4,741 | 10,952 | ||||||
Adverum Biotechnologies, Inc. (2) |
410 | 8,561 | ||||||
Affimed NV (2) |
3,729 | 17,209 | ||||||
Agilent Technologies, Inc. |
1,774 | 156,768 | ||||||
Akcea Therapeutics, Inc. (2) |
122 | 1,671 | ||||||
Akebia Therapeutics, Inc. (2) |
1,580 | 21,456 | ||||||
Alector, Inc. (2) |
679 | 16,595 | ||||||
Alexion Pharmaceuticals, Inc. (2) |
2,986 | 335,149 | ||||||
Align Technology, Inc. (2) |
201 | 55,162 | ||||||
Alnylam Pharmaceuticals, Inc. (2) |
764 | 113,156 | ||||||
Amedisys, Inc. (2) |
101 | 20,053 | ||||||
AmerisourceBergen Corp. |
1,466 | 147,729 | ||||||
Amgen, Inc. (5) |
5,358 | 1,263,738 | ||||||
Amicus Therapeutics, Inc. (2) |
1,337 | 20,162 | ||||||
Amneal Pharmaceuticals, Inc. (2) |
3,851 | 18,331 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 23 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Anthem, Inc. |
2,337 | 614,584 | ||||||
Apellis Pharmaceuticals, Inc. (2) |
649 | 21,196 | ||||||
Applied Therapeutics, Inc. (2) |
165 | 5,965 | ||||||
Aptinyx, Inc. (2) |
2,191 | 9,136 | ||||||
Arcus Biosciences, Inc. (2) |
698 | 17,269 | ||||||
Arena Pharmaceuticals, Inc. (2) |
394 | 24,802 | ||||||
Arrowhead Pharmaceuticals, Inc. (2) |
559 | 24,143 | ||||||
Arvinas, Inc. (2) |
684 | 22,941 | ||||||
Athersys, Inc. (2) |
2,413 | 6,660 | ||||||
AtriCure, Inc. (2) |
30 | 1,349 | ||||||
Atrion Corp. |
3 | 1,911 | ||||||
Avantor, Inc. (2) |
6,260 | 106,420 | ||||||
Avrobio, Inc. (2) |
438 | 7,643 | ||||||
Axsome Therapeutics, Inc. (2) |
253 | 20,817 | ||||||
Baxter International, Inc. |
5,891 | 507,215 | ||||||
Becton Dickinson and Co. |
1 | 239 | ||||||
Beyondspring, Inc. (2) |
255 | 3,845 | ||||||
BioDelivery Sciences Internati (2) |
1,345 | 5,864 | ||||||
Biogen, Inc. (2) |
2,828 | 756,631 | ||||||
BioMarin Pharmaceutical, Inc. (2) |
2,255 | 278,132 | ||||||
Bio-Rad Laboratories, Inc. - Class A (2) |
137 | 61,854 | ||||||
Bio-Techne Corp. |
575 | 151,840 | ||||||
Bioxcel Therapeutics, Inc. (2) |
956 | 50,678 | ||||||
Blueprint Medicines Corp. (2) |
293 | 22,854 | ||||||
Bridgebio Pharma, Inc. (2) |
248 | 8,087 | ||||||
Bristol-Myers Squibb Co. (5) |
16,365 | 962,262 | ||||||
Cardinal Health, Inc. |
8,053 | 420,286 | ||||||
CASI Pharmaceuticals, Inc. (2) |
1,242 | 3,105 | ||||||
Catalent, Inc. (2) |
2,503 | 183,470 | ||||||
Catalyst Pharmaceuticals, Inc. (2) |
2,184 | 10,090 | ||||||
Centene Corp. (2) |
4,442 | 282,289 | ||||||
Centogene NV (2) |
259 | 5,926 | ||||||
Cerecor, Inc. (2) |
2,019 | 5,249 | ||||||
Cerner Corp. |
9,319 | 638,817 | ||||||
Charles River Laboratories Int (2) |
426 | 74,273 | ||||||
Checkpoint Therapeutics, Inc. (2) |
915 | 1,812 | ||||||
Chemed Corp. |
285 | 128,555 | ||||||
ChemoCentryx, Inc. (2) |
443 | 25,490 | ||||||
Coherus Biosciences, Inc. (2) |
868 | 15,502 | ||||||
Computer Programs and Systems |
797 | 18,164 | ||||||
Constellation Pharmaceuticals (2) |
382 | 11,479 | ||||||
Cortexyme, Inc. (2) |
43 | 1,991 | ||||||
Corvus Pharmaceuticals, Inc. (2) |
608 | 1,654 | ||||||
Cue Biopharma, Inc. (2) |
2,009 | 49,241 | ||||||
CVS Health Corp. |
8,346 | 542,240 | ||||||
CytomX Therapeutics, Inc. (2) |
194 | 1,616 | ||||||
DaVita, Inc. (2) |
255 | 20,181 | ||||||
Spectrum Fund |
||||||||
Security Description |
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Fair |
||||||
Common Stocks - Long — continued |
||||||||
Deciphera Pharmaceuticals, Inc. (2) |
83 | 4,957 | ||||||
Denali Therapeutics, Inc. (2) |
30 | 725 | ||||||
DexCom, Inc. (2) |
490 | 198,646 | ||||||
Dynavax Technologies Corp. (2) |
863 | 7,655 | ||||||
Edwards Lifesciences Corp. (2) |
864 | 59,711 | ||||||
Elanco Animal Health, Inc. Contingent Value Rights (2)(8) |
2,012 | — | ||||||
Eli Lilly and Co. (5) |
9,856 | 1,618,158 | ||||||
Emergent BioSolutions, Inc. (2) |
217 | 17,160 | ||||||
Endo International PLC (2) |
3,626 | 12,437 | ||||||
Ensign Group, Inc./The |
159 | 6,654 | ||||||
Exact Sciences Corp. (2) |
825 | 71,726 | ||||||
Exelixis, Inc. (2) |
3,351 | 79,553 | ||||||
Fate Therapeutics, Inc. (2) |
689 | 23,640 | ||||||
Five Star Senior Living, Inc. (2) |
1,043 | 4,068 | ||||||
Fortress Biotech, Inc. (2) |
2,533 | 6,788 | ||||||
Fulcrum Therapeutics, Inc. (2) |
381 | 6,968 | ||||||
GenMark Diagnostics, Inc. (2) |
365 | 5,369 | ||||||
Gilead Sciences, Inc. (5) |
7,987 | 614,520 | ||||||
HealthStream, Inc. (2) |
307 | 6,794 | ||||||
Hill-Rom Holdings, Inc. |
1,919 | 210,668 | ||||||
HMS Holdings Corp. (2) |
1,561 | 50,561 | ||||||
Horizon Therapeutics Plc (2) |
875 | 48,633 | ||||||
Humana, Inc. |
1,624 | 629,706 | ||||||
Idera Pharmaceuticals, Inc. (2) |
4,755 | 8,511 | ||||||
Illumina, Inc. (2) |
136 | 50,368 | ||||||
Immunic, Inc. (2) |
267 | 3,236 | ||||||
ImmunoGen, Inc. (2) |
1,633 | 7,512 | ||||||
Immunomedics, Inc. (2) |
1,096 | 38,842 | ||||||
Inovio Pharmaceuticals, Inc. (2) |
661 | 17,814 | ||||||
Insmed, Inc. (2) |
40 | 1,102 | ||||||
Intellia Therapeutics, Inc. (2) |
500 | 10,510 | ||||||
Invitae Corp. (2) |
219 | 6,634 | ||||||
Iovance Biotherapeutics, Inc. (2) |
1,058 | 29,042 | ||||||
iRhythm Technologies, Inc. (2) |
160 | 18,542 | ||||||
Johnson & Johnson (5) |
22,218 | 3,124,517 | ||||||
Jounce Therapeutics, Inc. (2) |
373 | 2,574 | ||||||
Kala Pharmaceuticals, Inc. (2)(3) |
310 | 3,258 | ||||||
Kiniksa Pharmaceuticals, Ltd. (2) |
221 | 5,631 | ||||||
Kodiak Sciences, Inc. (2) |
171 | 9,255 | ||||||
Kura Oncology, Inc. (2) |
658 | 10,725 | ||||||
LHC Group, Inc. (2) |
150 | 26,148 | ||||||
Livongo Health, Inc. (2) |
296 | 22,256 | ||||||
Lumos Pharma, Inc. (2) |
240 | 3,958 | ||||||
MacroGenics, Inc. (2) |
358 | 9,995 | ||||||
Mallinckrodt PLC (2) |
2,967 | 7,952 | ||||||
Marinus Pharmaceuticals, Inc. (2) |
1,326 | 3,368 | ||||||
The accompanying notes are an integral part of these financial statements
Page 24 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
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||||||
Common Stocks - Long — continued |
||||||||
Masimo Corp. (2) |
1,199 | 273,360 | ||||||
McKesson Corp. |
1,618 | 248,234 | ||||||
Medtronic PLC (5) |
12,952 | 1,187,698 | ||||||
Merck & Co., Inc. (5) |
29,145 | 2,253,783 | ||||||
Meridian Bioscience, Inc. (2) |
416 | 9,689 | ||||||
Mersana Therapeutics, Inc. (2) |
2,139 | 50,053 | ||||||
Moderna, Inc. (2) |
2,133 | 136,960 | ||||||
Molecular Templates, Inc. (2) |
897 | 12,370 | ||||||
Molina Healthcare, Inc. (2) |
518 | 92,194 | ||||||
Momenta Pharmaceuticals, Inc. (2) |
706 | 23,489 | ||||||
Mylan NV (2) |
3,495 | 56,200 | ||||||
MyoKardia, Inc. (2) |
281 | 27,150 | ||||||
Myriad Genetics, Inc. (2) |
547 | 6,203 | ||||||
Natera, Inc. (2) |
444 | 22,138 | ||||||
National Research Corp. |
62 | 3,609 | ||||||
Neurocrine Biosciences, Inc. (2) |
1,384 | 168,848 | ||||||
NextGen Healthcare, Inc. (2) |
679 | 7,455 | ||||||
Novavax, Inc. (2) |
175 | 14,586 | ||||||
Odonate Therapeutics, Inc. (2) |
169 | 7,155 | ||||||
Oncocyte Corp. (2) |
905 | 1,729 | ||||||
Oncternal Therapeutics, Inc. (2) |
750 | 2,130 | ||||||
OPKO Health, Inc. (2) |
10,642 | 36,289 | ||||||
OraSure Technologies, Inc. (2) |
2,008 | 23,353 | ||||||
Osmotica Pharmaceuticals PLC (2) |
1,812 | 12,195 | ||||||
Otonomy, Inc. (2) |
2,774 | 10,042 | ||||||
Owens & Minor, Inc. |
920 | 7,010 | ||||||
Perrigo Co. PLC |
1,968 | 108,771 | ||||||
Pfenex, Inc. (2) |
84 | 701 | ||||||
Pfizer, Inc. (5) |
32,875 | 1,075,013 | ||||||
Phibro Animal Health Corp. - Class A |
1,097 | 28,818 | ||||||
Pieris Pharmaceuticals, Inc. (2) |
646 | 2,003 | ||||||
PRA Health Sciences, Inc. (2) |
777 | 75,594 | ||||||
Precigen, Inc. (2)(3) |
983 | 4,905 | ||||||
Principia Biopharma, Inc. (2) |
390 | 23,318 | ||||||
PTC Therapeutics, Inc. (2) |
459 | 23,290 | ||||||
Puma Biotechnology, Inc. (2) |
255 | 2,660 | ||||||
Quest Diagnostics, Inc. |
332 | 37,835 | ||||||
Quidel Corp. (2) |
230 | 51,460 | ||||||
Reata Pharmaceuticals, Inc. - Class A (2) |
46 | 7,177 | ||||||
Regeneron Pharmaceuticals, Inc. (2) |
465 | 289,997 | ||||||
Replimune Group, Inc. (2) |
148 | 3,678 | ||||||
ResMed, Inc. |
527 | 101,184 | ||||||
Rigel Pharmaceuticals, Inc. (2) |
6,204 | 11,353 | ||||||
Sangamo Therapeutics, Inc. (2) |
437 | 3,916 | ||||||
Seattle Genetics, Inc. (2) |
670 | 113,846 | ||||||
Sorrento Therapeutics, Inc. (2)(3) |
935 | 5,872 | ||||||
STERIS PLC |
707 | 108,482 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Strongbridge Biopharma PLC (2) |
2,287 | 8,645 | ||||||
Sutro Biopharma, Inc. (2) |
170 | 1,319 | ||||||
Tandem Diabetes Care, Inc. (2) |
779 | 77,059 | ||||||
Teladoc Health, Inc. (2) |
437 | 83,397 | ||||||
Tenet Healthcare Corp. (2) |
1,661 | 30,081 | ||||||
TG Therapeutics, Inc. (2) |
630 | 12,272 | ||||||
Theravance Biopharma, Inc. (2) |
8 | 168 | ||||||
Thermo Fisher Scientific, Inc. |
1,496 | 542,061 | ||||||
Translate Bio, Inc. (2) |
570 | 10,214 | ||||||
Turning Point Therapeutics, Inc. (2) |
171 | 11,045 | ||||||
Ultragenyx Pharmaceutical, Inc. (2) |
163 | 12,750 | ||||||
United Therapeutics Corp. (2) |
747 | 90,387 | ||||||
UnitedHealth Group, Inc. (5) |
8,641 | 2,548,663 | ||||||
Utah Medical Products, Inc. |
16 | 1,418 | ||||||
Vanda Pharmaceuticals, Inc. (2) |
546 | 6,246 | ||||||
Veeva Systems, Inc. (2) |
1,547 | 362,648 | ||||||
Veracyte, Inc. (2) |
171 | 4,429 | ||||||
Vertex Pharmaceuticals, Inc. (2) |
2,789 | 809,675 | ||||||
West Pharmaceutical Services, Inc. |
235 | 53,385 | ||||||
Xencor, Inc. (2) |
896 | 29,021 | ||||||
Zimmer Biomet Holdings, Inc. |
1,745 | 208,283 | ||||||
Zoetis, Inc. |
4,432 | 607,361 | ||||||
Zynex, Inc. (2) |
2,917 | 72,546 | ||||||
| 29,338,413 | ||||||||
Industrials — 6.1% |
||||||||
3M Co. |
2,299 | 358,621 | ||||||
ACCO Brands Corp. |
2,569 | 18,240 | ||||||
Allison Transmission Holdings |
7,947 | 292,291 | ||||||
Alpha Pro Tech, Ltd. (2) |
79 | 1,398 | ||||||
ArcBest Corp. |
446 | 11,823 | ||||||
Arcosa, Inc. |
486 | 20,509 | ||||||
ASGN, Inc. (2) |
315 | 21,004 | ||||||
Atkore International Group, Inc. (2) |
990 | 27,077 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) |
566 | 24,355 | ||||||
Avis Budget Group, Inc. (2) |
228 | 5,219 | ||||||
Axon Enterprise, Inc. (2) |
268 | 26,299 | ||||||
AZZ, Inc. |
963 | 33,050 | ||||||
BG Staffing, Inc. |
481 | 5,445 | ||||||
BMC Stock Holdings, Inc. (2) |
1,740 | 43,744 | ||||||
Builders FirstSource, Inc. (2) |
996 | 20,617 | ||||||
Caterpillar, Inc. |
1,501 | 189,877 | ||||||
Comfort Systems USA, Inc. |
1,344 | 54,768 | ||||||
Commercial Vehicle Group, Inc. (2) |
2,087 | 6,031 | ||||||
CompX International, Inc. - Class A |
200 | 2,764 | ||||||
Copart, Inc. (2) |
40 | 3,331 | ||||||
CoreLogic, Inc./United States |
53 | 3,563 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 25 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
CSX Corp. (5) |
6,288 | 438,525 | ||||||
Cummins, Inc. |
8,661 | 1,500,605 | ||||||
Curtiss-Wright Corp. |
874 | 78,031 | ||||||
Donaldson Co., Inc. |
1,174 | 54,614 | ||||||
Eaton Corp. PLC |
8,459 | 739,993 | ||||||
Echo Global Logistics, Inc. (2) |
1,795 | 38,808 | ||||||
Emerson Electric Co. |
7,408 | 459,518 | ||||||
Encore Wire Corp. |
36 | 1,758 | ||||||
EnerSys |
854 | 54,981 | ||||||
Expeditors International of Wa |
234 | 17,793 | ||||||
Fastenal Co. |
2,548 | 109,156 | ||||||
Federal Signal Corp. |
3,382 | 100,547 | ||||||
Fortune Brands Home & Security |
90 | 5,754 | ||||||
Graco, Inc. |
200 | 9,598 | ||||||
GrafTech International, Ltd. |
904 | 7,214 | ||||||
Herman Miller, Inc. |
637 | 15,040 | ||||||
Hertz Global Holdings, Inc. (2) |
492 | 694 | ||||||
HNI Corp. |
131 | 4,005 | ||||||
Hub Group, Inc. - Class A (2) |
1,255 | 60,064 | ||||||
Hubbell, Inc. |
999 | 125,235 | ||||||
Huntington Ingalls Industries |
1,357 | 236,783 | ||||||
Kimball International, Inc. - Class B |
2,417 | 27,941 | ||||||
L B Foster Co. - Class A (2) |
67 | 856 | ||||||
Lawson Products, Inc./DE (2) |
177 | 5,710 | ||||||
Lincoln Electric Holdings, Inc. |
900 | 75,816 | ||||||
Lockheed Martin Corp. |
2,477 | 903,907 | ||||||
Manitowoc Co., Inc./The (2) |
607 | 6,604 | ||||||
ManpowerGroup, Inc. |
2,999 | 206,181 | ||||||
Masco Corp. |
1,542 | 77,424 | ||||||
Matson, Inc. |
761 | 22,145 | ||||||
Meritor, Inc. (2) |
2,857 | 56,569 | ||||||
Miller Industries, Inc./TN |
2,261 | 67,310 | ||||||
MRC Global, Inc. (2) |
280 | 1,655 | ||||||
MSC Industrial Direct Co., Inc. |
1,808 | 131,640 | ||||||
MYR Group, Inc. (2) |
231 | 7,371 | ||||||
NL Industries, Inc. |
2,276 | 7,761 | ||||||
Nordson Corp. |
1,142 | 216,649 | ||||||
Norfolk Southern Corp. |
136 | 23,878 | ||||||
Northrop Grumman Corp. |
1,356 | 416,889 | ||||||
Old Dominion Freight Line, Inc. |
1,467 | 248,789 | ||||||
PACCAR, Inc. |
10,318 | 772,302 | ||||||
Primoris Services Corp. |
648 | 11,508 | ||||||
Regal Beloit Corp. |
1,428 | 124,693 | ||||||
Resources Connection, Inc. |
2,374 | 28,417 | ||||||
Rexnord Corp. |
1,028 | 29,966 | ||||||
RR Donnelley & Sons Co. |
3,957 | 4,709 | ||||||
Saia, Inc. (2) |
121 | 13,453 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Schneider National, Inc. - Class B |
760 | 18,749 | ||||||
Shyft Group, Inc./The |
1,134 | 19,097 | ||||||
SkyWest, Inc. |
683 | 22,279 | ||||||
Southwest Airlines Co. |
22,099 | 755,344 | ||||||
Standex International Corp. |
442 | 25,437 | ||||||
Steelcase, Inc. - Class A |
273 | 3,292 | ||||||
Systemax, Inc. |
563 | 11,564 | ||||||
Timken Co./The |
2,714 | 123,460 | ||||||
Trex Co., Inc. (2) |
210 | 27,315 | ||||||
Triton International, Ltd./Bermu |
2,831 | 85,609 | ||||||
Tutor Perini Corp. (2) |
369 | 4,494 | ||||||
Uber Technologies, Inc. (2) |
3,678 | 114,312 | ||||||
UFP Industries, Inc. |
240 | 11,882 | ||||||
United Parcel Service, Inc. - Class B |
2,065 | 229,587 | ||||||
Vectrus, Inc. (2) |
1,322 | 64,950 | ||||||
Veritiv Corp. (2) |
139 | 2,357 | ||||||
WESCO International, Inc. (2) |
8 | 281 | ||||||
WESCO International, Inc. Series A Variable Preferred (2)(9) |
198 | 5,251 | ||||||
WW Grainger, Inc. |
1,049 | 329,554 | ||||||
YRC Worldwide, Inc. (2) |
2,750 | 5,088 | ||||||
| 10,578,787 | ||||||||
Information Technology — 23.3% |
||||||||
A10 Networks, Inc. (2) |
1,280 | 8,717 | ||||||
Adobe, Inc. (2) |
3,241 | 1,410,840 | ||||||
Advanced Micro Devices, Inc. (2) |
4,285 | 225,434 | ||||||
Alliance Data Systems Corp. |
270 | 12,182 | ||||||
Amdocs, Ltd. |
1,057 | 64,350 | ||||||
American Software, Inc./GA |
623 | 9,818 | ||||||
Amkor Technology, Inc. (2) |
5,076 | 62,486 | ||||||
Apple, Inc. (5) |
22,808 | 8,320,358 | ||||||
Applied Materials, Inc. |
2,767 | 167,265 | ||||||
Arrow Electronics, Inc. (2) |
2,715 | 186,493 | ||||||
AstroNova, Inc. |
530 | 4,219 | ||||||
Autodesk, Inc. (2) |
739 | 176,761 | ||||||
Avaya Holdings Corp. (2) |
2,231 | 27,575 | ||||||
Avnet, Inc. |
4,145 | 115,583 | ||||||
Benchmark Electronics, Inc. |
1,486 | 32,098 | ||||||
Booz Allen Hamilton Holding Co. |
214 | 16,647 | ||||||
Box, Inc. (2) |
872 | 18,103 | ||||||
Broadcom, Inc. (5) |
1,945 | 613,861 | ||||||
Cadence Design Systems, Inc. (2) |
8,697 | 834,564 | ||||||
Calix, Inc. (2) |
2,382 | 35,492 | ||||||
Cambium Networks Corp. (2) |
1,971 | 14,507 | ||||||
CDK Global, Inc. |
3,072 | 127,242 | ||||||
Cerence, Inc. (2) |
422 | 17,234 | ||||||
The accompanying notes are an integral part of these financial statements
Page 26 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
ChannelAdvisor Corp. (2) |
1,861 | 29,478 | ||||||
Ciena Corp. (2) |
2,677 | 144,986 | ||||||
Cirrus Logic, Inc. (2) |
886 | 54,737 | ||||||
Cisco Systems, Inc. (5) |
27,240 | 1,270,474 | ||||||
Citrix Systems, Inc. |
1,844 | 272,746 | ||||||
Cognex Corp. |
640 | 38,221 | ||||||
Cognizant Technology Solutions |
6,681 | 379,614 | ||||||
Coupa Software, Inc. (2) |
156 | 43,218 | ||||||
Dell Technologies, Inc. - Class C (2) |
1,222 | 67,137 | ||||||
Diebold Nixdorf, Inc. (2) |
915 | 5,545 | ||||||
Diodes, Inc. (2) |
259 | 13,131 | ||||||
DocuSign, Inc. (2) |
1,666 | 286,902 | ||||||
Dropbox, Inc. (2) |
2,113 | 46,000 | ||||||
DXC Technology Co. |
3,493 | 57,635 | ||||||
Ebix, Inc. |
945 | 21,130 | ||||||
Enphase Energy, Inc. (2) |
593 | 28,209 | ||||||
F5 Networks, Inc. (2) |
276 | 38,496 | ||||||
Fabrinet (2) |
1,103 | 68,849 | ||||||
Five9, Inc. (2) |
702 | 77,690 | ||||||
Fortinet, Inc. (2) |
1,516 | 208,101 | ||||||
Hackett Group, Inc./The |
1,867 | 25,279 | ||||||
Hewlett Packard Enterprise Co. |
15,565 | 151,447 | ||||||
HP, Inc. |
37,035 | 645,520 | ||||||
II-VI, Inc. (2) |
219 | 10,341 | ||||||
Information Services Group, Inc. (2) |
3,086 | 6,388 | ||||||
Inphi Corp. (2) |
317 | 37,248 | ||||||
Intel Corp. (5) |
23,006 | 1,376,449 | ||||||
Intevac, Inc. (2) |
316 | 1,725 | ||||||
Intuit, Inc. (5) |
6,089 | 1,803,501 | ||||||
J2 Global, Inc. (2) |
1,392 | 87,988 | ||||||
Jabil, Inc. |
2,546 | 81,676 | ||||||
Juniper Networks, Inc. |
5,145 | 117,615 | ||||||
KBR, Inc. |
59 | 1,330 | ||||||
Kimball Electronics, Inc. (2) |
750 | 10,155 | ||||||
Lam Research Corp. |
784 | 253,593 | ||||||
Limelight Networks, Inc. (2) |
145 | 1,067 | ||||||
Lumentum Holdings, Inc. (2) |
243 | 19,787 | ||||||
Majesco (2) |
246 | 1,934 | ||||||
Manhattan Associates, Inc. (2) |
816 | 76,867 | ||||||
ManTech International Corp./VA |
160 | 10,958 | ||||||
Mastercard, Inc. |
5,805 | 1,716,539 | ||||||
Maxim Integrated Products, Inc. |
2,598 | 157,465 | ||||||
MAXIMUS, Inc. |
380 | 26,771 | ||||||
Methode Electronics, Inc. |
58 | 1,813 | ||||||
Micron Technology, Inc. (2) |
5,489 | 282,793 | ||||||
Microsoft Corp. (5) |
42,339 | 8,616,410 | ||||||
Mitek Systems, Inc. (2) |
2,186 | 21,007 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
MoneyGram International, Inc. (2) |
2,970 | 9,534 | ||||||
National Instruments Corp. |
1,254 | 48,542 | ||||||
NCR Corp. (2) |
427 | 7,396 | ||||||
NeoPhotonics Corp. (2) |
1,229 | 10,914 | ||||||
NIC, Inc. |
2,078 | 47,711 | ||||||
NortonLifeLock, Inc. |
7,276 | 144,283 | ||||||
NVIDIA Corp. |
3,792 | 1,440,619 | ||||||
Okta, Inc. (2) |
53 | 10,612 | ||||||
ON Semiconductor Corp. (2) |
335 | 6,640 | ||||||
OneSpan, Inc. (2) |
690 | 19,272 | ||||||
Oracle Corp. (5) |
17,518 | 968,220 | ||||||
PagerDuty, Inc. (2) |
306 | 8,758 | ||||||
Paycom Software, Inc. (2) |
269 | 83,317 | ||||||
PayPal Holdings, Inc. (2) |
1,972 | 343,582 | ||||||
PC Connection, Inc. |
36 | 1,669 | ||||||
Perspecta, Inc. |
903 | 20,977 | ||||||
Photronics, Inc. (2) |
6,430 | 71,566 | ||||||
Plantronics, Inc. |
156 | 2,290 | ||||||
Progress Software Corp. |
3,232 | 125,240 | ||||||
Pure Storage, Inc. (2) |
3,396 | 58,853 | ||||||
QAD, Inc. - Class A |
47 | 1,940 | ||||||
Qorvo, Inc. (2) |
984 | 108,762 | ||||||
QUALCOMM, Inc. |
11,076 | 1,010,242 | ||||||
Qualys, Inc. (2) |
1,124 | 116,918 | ||||||
Rimini Street, Inc. (2) |
790 | 4,069 | ||||||
RingCentral, Inc. - Class A (2) |
436 | 124,264 | ||||||
Rosetta Stone, Inc. (2) |
640 | 10,790 | ||||||
salesforce.com, Inc. (2) |
4,014 | 751,943 | ||||||
Sanmina Corp. (2) |
2,041 | 51,107 | ||||||
ScanSource, Inc. (2) |
1,482 | 35,701 | ||||||
Science Applications Internati |
1,138 | 88,400 | ||||||
ServiceNow, Inc. (2) |
1,049 | 424,908 | ||||||
Skyworks Solutions, Inc. |
2,185 | 279,374 | ||||||
Slack Technologies, Inc. (2) |
2,154 | 66,968 | ||||||
Smartsheet, Inc. (2) |
440 | 22,405 | ||||||
Splunk, Inc. (2) |
120 | 23,844 | ||||||
SPS Commerce, Inc. (2) |
950 | 71,364 | ||||||
SS&C Technologies Holdings, Inc. |
11,123 | 628,227 | ||||||
StarTek, Inc. (2) |
410 | 2,083 | ||||||
Sykes Enterprises, Inc. (2) |
1,818 | 50,286 | ||||||
SYNNEX Corp. |
967 | 115,818 | ||||||
Telenav, Inc. (2) |
1,226 | 6,731 | ||||||
Tenable Holdings, Inc. (2) |
201 | 5,992 | ||||||
Texas Instruments, Inc. |
4,314 | 547,749 | ||||||
Trimble, Inc. (2) |
1,811 | 78,217 | ||||||
TTEC Holdings, Inc. |
93 | 4,330 | ||||||
Twilio, Inc. (2) |
579 | 127,044 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 27 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Ultra Clean Holdings, Inc. (2) |
1,214 | 27,473 | ||||||
Verint Systems, Inc. (2) |
2,783 | 125,736 | ||||||
Veritone, Inc. (2) |
443 | 6,583 | ||||||
VirnetX Holding Corp. |
824 | 5,356 | ||||||
Visa, Inc. |
2,312 | 446,609 | ||||||
Vishay Intertechnology, Inc. |
725 | 11,071 | ||||||
Workday, Inc. (2) |
811 | 151,949 | ||||||
Xerox Holdings Corp. |
5,936 | 90,761 | ||||||
Xperi Holding Corp. |
1,030 | 15,203 | ||||||
Zebra Technologies Corp. - Class A (2) |
457 | 116,969 | ||||||
Zoom Video Communications, Inc. (2) |
83 | 21,044 | ||||||
Zscaler, Inc. (2) |
581 | 63,620 | ||||||
| 40,469,639 | ||||||||
Materials — 1.7% |
||||||||
AdvanSix, Inc. (2) |
214 | 2,512 | ||||||
Air Products and Chemicals, Inc. |
2,180 | 526,383 | ||||||
Boise Cascade Co. |
1,389 | 52,240 | ||||||
Clearwater Paper Corp. (2) |
122 | 4,408 | ||||||
Coeur Mining, Inc. (2) |
319 | 1,621 | ||||||
Dow, Inc. |
2,629 | 107,158 | ||||||
Eastman Chemical Co. |
2,224 | 154,879 | ||||||
Ferroglobe PLC Contingent Value Rights (2)(8)(10) |
(2,326 | ) | — | |||||
FMC Corp. |
151 | 15,043 | ||||||
FutureFuel Corp. |
1,446 | 17,280 | ||||||
Hawkins, Inc. |
171 | 7,281 | ||||||
Huntsman Corp. |
45 | 809 | ||||||
Linde PLC |
644 | 136,599 | ||||||
LyondellBasell Industries NV |
2,385 | 156,742 | ||||||
NewMarket Corp. |
28 | 11,213 | ||||||
Newmont Corp. |
8,193 | 505,836 | ||||||
Novagold Resources, Inc. (2) |
1,303 | 11,962 | ||||||
Olin Corp. |
158 | 1,815 | ||||||
Olympic Steel, Inc. |
1,579 | 18,553 | ||||||
Packaging Corp. of America |
397 | 39,621 | ||||||
PolyOne Corp. |
87 | 2,282 | ||||||
Ramaco Resources, Inc. (2) |
3,318 | 7,101 | ||||||
Reliance Steel & Aluminum Co. |
2,401 | 227,927 | ||||||
Royal Gold, Inc. |
498 | 61,911 | ||||||
Ryerson Holding Corp. (2) |
629 | 3,541 | ||||||
Scotts Miracle-Gro Co./The |
1,161 | 156,120 | ||||||
Sherwin-Williams Co./The |
680 | 392,938 | ||||||
Steel Dynamics, Inc. |
1,372 | 35,795 | ||||||
Stepan Co. |
876 | 85,060 | ||||||
SunCoke Energy, Inc. |
2,561 | 7,581 | ||||||
Tredegar Corp. |
2,508 | 38,623 | ||||||
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Tronox Holdings PLC |
235 | 1,697 | ||||||
UFP Technologies, Inc. (2) |
140 | 6,168 | ||||||
United States Lime & Minerals |
243 | 20,519 | ||||||
Westrock Co. |
2,831 | 80,004 | ||||||
| 2,899,222 | ||||||||
Real Estate Investment Trust — 2.9% |
||||||||
Alexandria Real Estate Equitie |
45 | 7,301 | ||||||
Altisource Portfolio Solutions (2) |
1,254 | 18,484 | ||||||
American Tower Corp. |
3,628 | 937,983 | ||||||
Apple Hospitality REIT, Inc. |
298 | 2,879 | ||||||
AvalonBay Communities, Inc. |
633 | 97,887 | ||||||
CareTrust REIT, Inc. |
678 | 11,634 | ||||||
CatchMark Timber Trust, Inc. |
5,866 | 51,914 | ||||||
Clipper Realty, Inc. |
2,259 | 18,298 | ||||||
CoreCivic, Inc. |
933 | 8,733 | ||||||
CorePoint Lodging, Inc. |
2,168 | 9,127 | ||||||
Corporate Office Properties Tr |
2,587 | 65,555 | ||||||
CyrusOne, Inc. |
2,146 | 156,122 | ||||||
Diversified Healthcare Trust |
2,608 | 11,540 | ||||||
Equinix, Inc. |
713 | 500,740 | ||||||
Essex Property Trust, Inc. |
2,134 | 489,049 | ||||||
Extra Space Storage, Inc. |
69 | 6,374 | ||||||
Forestar Group, Inc. (2) |
591 | 8,912 | ||||||
Gaming and Leisure Properties |
2,541 | 87,919 | ||||||
GEO Group, Inc./The |
1,082 | 12,800 | ||||||
Healthcare Realty Trust, Inc. |
1,794 | 52,546 | ||||||
Highwoods Properties, Inc. |
3,978 | 148,499 | ||||||
Host Hotels & Resorts, Inc. |
5,633 | 60,780 | ||||||
Iron Mountain, Inc. |
956 | 24,952 | ||||||
Lamar Advertising Co. |
3,467 | 231,457 | ||||||
LTC Properties, Inc. |
1,383 | 52,098 | ||||||
Macerich Co./The |
480 | 4,306 | ||||||
Maui Land & Pineapple Co., Inc. (2) |
559 | 6,205 | ||||||
National Health Investors, Inc. |
1,516 | 92,052 | ||||||
National Storage Affiliates Trust |
52 | 1,490 | ||||||
New Senior Investment Group In |
4,487 | 16,243 | ||||||
Paramount Group, Inc. |
3,441 | 26,530 | ||||||
Piedmont Office Realty Trust, Inc. |
7,550 | 125,406 | ||||||
PS Business Parks, Inc. |
1,149 | 152,128 | ||||||
Public Storage |
1,425 | 273,443 | ||||||
Rafael Holdings, Inc. - Class B (2) |
1,213 | 17,431 | ||||||
Realogy Holdings Corp. |
1,412 | 10,463 | ||||||
Realty, Income Corp. |
161 | 9,580 | ||||||
Regency Centers Corp. |
427 | 19,595 | ||||||
Retail Properties of America, Inc. |
1,969 | 14,413 | ||||||
SBA Communications Corp. |
1,559 | 464,457 | ||||||
The accompanying notes are an integral part of these financial statements
Page 28 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Spectrum Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks - Long — continued |
||||||||
Service Properties Trust |
4,231 | 29,998 | ||||||
Simon Property Group, Inc. |
8,979 | 613,984 | ||||||
Tanger Factory Outlet Centers (3) |
1,105 | 7,879 | ||||||
Trinity Place Holdings, Inc. (2) |
3,358 | 4,634 | ||||||
Uniti Group, Inc. |
2,627 | 24,562 | ||||||
Urstadt Biddle Properties, Inc. |
2,121 | 25,197 | ||||||
| 5,013,579 | ||||||||
Utilities — 1.2% |
||||||||
American Water Works Co., Inc. |
2,785 | 358,318 | ||||||
Atlantic Power Corp. (2) |
8,848 | 17,696 | ||||||
Consolidated Water Co., Ltd. |
192 | 2,771 | ||||||
Dominion Energy, Inc. |
10,675 | 866,601 | ||||||
Evergy, Inc. |
100 | 5,929 | ||||||
MDU Resources Group, Inc. |
4,942 | 109,614 | ||||||
NextEra Energy, Inc. |
1,136 | 272,833 | ||||||
NorthWestern Corp. |
1,883 | 102,661 | ||||||
PPL Corp. |
7,438 | 192,198 | ||||||
Vistra Energy Corp. |
4,696 | 87,440 | ||||||
WEC Energy Group, Inc. |
1,516 | 132,852 | ||||||
| 2,148,913 | ||||||||
Total Common Stocks - Long (Cost $116,470,820) |
141,836,258 | |||||||
Money Market Registered Investment Companies — 16.1% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (6) |
28,035,856 | 28,049,874 | ||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
35,885 | 35,885 | ||||||
Total Money Market Registered Investment Companies (Cost $28,071,530) |
28,085,759 | |||||||
Total Investments - Long — 97.4% (Cost $144,542,350) |
169,922,017 | |||||||
Other Assets less Liabilities — 2.6% |
4,620,395 | |||||||
Total Net Assets — 100.0% |
174,542,412 | |||||||
Trustee Deferred Compensation (7) |
||||||||
Meeder Balanced Fund - Retail Class |
496 | 5,580 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
1,155 | 13,086 | ||||||
Meeder Muirfield Fund - Retail Class |
1,363 | 9,459 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
154 | 3,423 | ||||||
Total Trustee Deferred Compensation (Cost $31,960) |
31,548 | |||||||
Spectrum Fund |
||||||||||||||||
Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
Mini MSCI EAFE Index Futures |
80 | 9/18/2020 | 7,113,600 | (55,629 | ) | |||||||||||
Mini MSCI Emerging Markets Index Futures |
41 | 9/18/2020 | 2,020,685 | 13,599 | ||||||||||||
Russell 2000 Mini Index Futures |
(21 | ) | 9/18/2020 | (1,509,480 | ) | (27,470 | ) | |||||||||
Standard & Poors 500 Mini Futures |
(154 | ) | 9/18/2020 | (23,794,540 | ) | (139,453 | ) | |||||||||
E-mini Standard & Poors MidCap 400 Futures |
(27 | ) | 9/18/2020 | (4,803,570 | ) | (107,348 | ) | |||||||||
Total Futures Contracts |
(81 | ) | (20,973,305 | ) | (316,301 | ) | ||||||||||
(1) Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 169,922,017 | $ | (316,301 | ) | |||
Level 2 - Other Significant Observable Inputs |
— | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 169,922,017 | $ | (316,301 | ) | |||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
All or a portion of the security is on loan. |
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 29 |
Schedule of Investments
June 30, 2020 (unaudited)
|
(4) |
Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(5) |
All or a portion of the security is held as collateral for securities sold short. The total fair value of this collateral on June 30, 2020 was $42,334,115. |
|
(6) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(7) |
Assets of affiliates to the Spectrum Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(8) |
Fair valued security deemed as Level 3 security. |
|
(9) |
Preferred stock. |
(10) Short security.
(11) Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument.
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
Page 30 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — 44.7% |
||||||||
Communication Services — 4.0% |
||||||||
Activision Blizzard, Inc. |
1,356 | 102,920 | ||||||
Alphabet, Inc. - Class A (2) |
62 | 87,919 | ||||||
Alphabet, Inc. - Class C (2) |
268 | 378,847 | ||||||
AMC Entertainment Holdings, Inc. |
93 | 399 | ||||||
AT&T, Inc. |
6,688 | 202,178 | ||||||
Cable One, Inc. |
1 | 1,775 | ||||||
Cinemark Holdings, Inc. |
119 | 1,374 | ||||||
Comcast Corp. - Class A |
1,185 | 46,191 | ||||||
Cumulus Media, Inc. (2) |
93 | 367 | ||||||
DHI Group, Inc. (2) |
155 | 326 | ||||||
Electronic Arts, Inc. (2) |
506 | 66,817 | ||||||
EverQuote, Inc. (2) |
3 | 174 | ||||||
Facebook, Inc. (2) |
1,219 | 276,798 | ||||||
Fluent, Inc. (2) |
29 | 52 | ||||||
Frontier Communications Corp. (2) |
547 | 53 | ||||||
Glu Mobile, Inc. (2) |
248 | 2,299 | ||||||
Gray Television, Inc. (2) |
110 | 1,535 | ||||||
IMAX Corp. (2) |
24 | 269 | ||||||
Lee Enterprises, Inc. (2) |
235 | 230 | ||||||
Liberty TripAdvisor Holdings, Inc. (2) |
499 | 1,063 | ||||||
Lions Gate Entertainment Corp. Class A (2) |
89 | 659 | ||||||
Marcus Corp./The |
248 | 3,291 | ||||||
MDC Partners, Inc. (2) |
158 | 329 | ||||||
National CineMedia, Inc. |
33 | 98 | ||||||
Netflix, Inc. (2) |
130 | 59,155 | ||||||
Pinterest, Inc. (2) |
206 | 4,567 | ||||||
Spotify Technology SA (2) |
88 | 22,721 | ||||||
Telephone and Data Systems, Inc. |
345 | 6,859 | ||||||
T-Mobile US, Inc. |
1,422 | 148,101 | ||||||
Tribune Publishing Co. |
13 | 130 | ||||||
Verizon Communications, Inc. |
3,385 | 186,615 | ||||||
Yelp, Inc. (2) |
1 | 23 | ||||||
| 1,604,134 | ||||||||
Consumer Discretionary — 6.8% |
||||||||
1-800-Flowers.com, Inc. (2) |
132 | 2,643 | ||||||
Amazon.com, Inc. (2) |
253 | 697,981 | ||||||
American Eagle Outfitters, Inc. |
33 | 360 | ||||||
Aramark |
216 | 4,875 | ||||||
AutoZone, Inc. (2) |
14 | 15,794 | ||||||
Bassett Furniture Industries, Inc. |
65 | 478 | ||||||
BBX Capital Corp. |
366 | 930 | ||||||
Best Buy Co., Inc. |
925 | 80,725 | ||||||
Big Lots, Inc. |
88 | 3,696 | ||||||
BorgWarner, Inc. |
132 | 4,660 | ||||||
Boyd Gaming Corp. |
117 | 2,445 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Brinker International, Inc. |
100 | 2,400 | ||||||
Caleres, Inc. |
89 | 742 | ||||||
Camping World Holdings, Inc. |
54 | 1,467 | ||||||
Capri Holdings, Ltd. (2) |
146 | 2,282 | ||||||
Chipotle Mexican Grill, Inc. (2) |
9 | 9,471 | ||||||
Collectors Universe, Inc. |
1 | 34 | ||||||
Crocs, Inc. (2) |
79 | 2,909 | ||||||
Dave & Buster’s Entertainment |
53 | 706 | ||||||
Deckers Outdoor Corp. (2) |
125 | 24,549 | ||||||
Designer Brands, Inc. |
41 | 278 | ||||||
Dollar General Corp. |
295 | 56,200 | ||||||
Dollar Tree, Inc. (2) |
101 | 9,361 | ||||||
Domino’s Pizza, Inc. |
70 | 25,861 | ||||||
DR Horton, Inc. |
841 | 46,633 | ||||||
Duluth Holdings, Inc. - Class B (2) |
257 | 1,894 | ||||||
eBay, Inc. |
1,051 | 55,125 | ||||||
El Pollo Loco Holdings, Inc. (2) |
4 | 59 | ||||||
Everi Holdings, Inc. (2) |
242 | 1,249 | ||||||
Extended Stay America, Inc. |
219 | 2,451 | ||||||
Fiesta Restaurant Group, Inc. (2) |
97 | 619 | ||||||
Ford Motor Co. |
1,434 | 8,719 | ||||||
Fox Factory Holding Corp. (2) |
31 | 2,561 | ||||||
Garmin, Ltd. |
319 | 31,103 | ||||||
General Motors Co. |
3,967 | 100,365 | ||||||
Gentex Corp. |
457 | 11,777 | ||||||
G-III Apparel Group, Ltd. (2) |
19 | 253 | ||||||
Green Brick Partners, Inc. (2) |
52 | 616 | ||||||
Greenlane Holdings, Inc. (2) |
24 | 96 | ||||||
Hanesbrands, Inc. |
202 | 2,281 | ||||||
Harley-Davidson, Inc. |
1,084 | 25,767 | ||||||
Home Depot, Inc./The |
1,163 | 291,343 | ||||||
Installed Building Products In (2) |
14 | 963 | ||||||
International Game Technology |
558 | 4,966 | ||||||
KB Home |
462 | 14,174 | ||||||
Kirkland’s, Inc. (2) |
347 | 940 | ||||||
Lands’ End, Inc. (2) |
88 | 708 | ||||||
Las Vegas Sands Corp. |
345 | 15,711 | ||||||
LCI Industries |
4 | 460 | ||||||
Lear Corp. |
114 | 12,428 | ||||||
Lennar Corp. |
485 | 29,886 | ||||||
LKQ Corp. (2) |
452 | 11,842 | ||||||
Lowe’s Cos., Inc. |
1,295 | 174,980 | ||||||
Lululemon Athletica, Inc. (2) |
102 | 31,825 | ||||||
Malibu Boats, Inc. (2) |
153 | 7,948 | ||||||
MarineMax, Inc. (2) |
91 | 2,037 | ||||||
Marriott International, Inc./MD |
29 | 2,486 | ||||||
McDonald’s Corp. |
775 | 142,964 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 31 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Meritage Homes Corp. (2) |
16 | 1,218 | ||||||
MGM Resorts International |
342 | 5,746 | ||||||
Murphy USA, Inc. (2) |
48 | 5,404 | ||||||
NIKE, Inc. - Class B |
1,585 | 155,409 | ||||||
NVR, Inc. (2) |
9 | 29,329 | ||||||
Office Depot, Inc. |
577 | 1,356 | ||||||
O’Reilly Automotive, Inc. (2) |
19 | 8,012 | ||||||
Papa John’s International, Inc. |
10 | 794 | ||||||
Party City Holdco, Inc. (2) |
86 | 128 | ||||||
Penn National Gaming, Inc. (2) |
125 | 3,818 | ||||||
PetMed Express, Inc. |
39 | 1,390 | ||||||
Pool Corp. |
3 | 816 | ||||||
PulteGroup, Inc. |
1,435 | 48,833 | ||||||
Purple Innovation, Inc. (2) |
178 | 3,204 | ||||||
Qurate Retail, Inc. (2) |
333 | 3,164 | ||||||
Ralph Lauren Corp. |
175 | 12,691 | ||||||
RCI Hospitality Holdings, Inc. |
66 | 915 | ||||||
Red Robin Gourmet Burgers, Inc. (2) |
126 | 1,285 | ||||||
Red Rock Resorts, Inc. |
120 | 1,309 | ||||||
Rent-A-Center, Inc./TX |
1,141 | 31,743 | ||||||
RH (2) |
50 | 12,445 | ||||||
Ross Stores, Inc. |
162 | 13,809 | ||||||
Rubicon Project, Inc./The (2) |
39 | 260 | ||||||
Signet Jewelers, Ltd. |
4 | 41 | ||||||
Sleep Number Corp. (2) |
34 | 1,416 | ||||||
Sportsman’s Warehouse Holdings (2) |
214 | 3,050 | ||||||
Stamps.com, Inc. (2) |
24 | 4,409 | ||||||
Starbucks Corp. |
44 | 3,238 | ||||||
Stoneridge, Inc. (2) |
42 | 868 | ||||||
Sturm Ruger & Co., Inc. |
16 | 1,216 | ||||||
Tapestry, Inc. |
28 | 372 | ||||||
Target Corp. |
568 | 68,120 | ||||||
Tesla, Inc. (2) |
116 | 125,258 | ||||||
Texas Roadhouse, Inc. |
83 | 4,363 | ||||||
Thor Industries, Inc. |
318 | 33,877 | ||||||
Tile Shop Holdings, Inc. |
80 | 104 | ||||||
Tilly’s, Inc. - Class A |
34 | 193 | ||||||
TopBuild Corp. (2) |
46 | 5,233 | ||||||
Town Sports International Holdings, Inc. (2) |
378 | 204 | ||||||
Tractor Supply Co. |
19 | 2,504 | ||||||
Tupperware Brands Corp. |
51 | 242 | ||||||
Vista Outdoor, Inc. (2) |
19 | 275 | ||||||
Waitr Holdings, Inc. (2) |
112 | 295 | ||||||
Wendy’s Co./The |
63 | 1,372 | ||||||
Williams-Sonoma, Inc. |
120 | 9,841 | ||||||
Wingstop, Inc. |
128 | 17,788 | ||||||
Winnebago Industries, Inc. |
477 | 31,778 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Yum China Holdings, Inc. |
327 | 15,719 | ||||||
Yum! Brands, Inc. |
237 | 20,598 | ||||||
Zumiez, Inc. (2) |
128 | 3,505 | ||||||
| 2,687,033 | ||||||||
Consumer Staples — 0.6% |
||||||||
Alico, Inc. |
15 | 467 | ||||||
Coca-Cola Co./The |
1,308 | 58,441 | ||||||
Conagra Brands, Inc. |
237 | 8,335 | ||||||
General Mills, Inc. |
787 | 48,519 | ||||||
Ingredion, Inc. |
40 | 3,320 | ||||||
John B Sanfilippo & Son, Inc. |
18 | 1,536 | ||||||
Kroger Co./The |
907 | 30,702 | ||||||
Molson Coors Beverage Co. - Class B |
680 | 23,365 | ||||||
Nu Skin Enterprises, Inc. |
37 | 1,415 | ||||||
Oil-Dri Corp. of America |
1 | 35 | ||||||
PepsiCo, Inc. |
469 | 62,030 | ||||||
Performance Food Group Co. (2) |
89 | 2,593 | ||||||
Rite Aid Corp. (2) |
24 | 409 | ||||||
Seneca Foods Corp. (2) |
3 | 101 | ||||||
SpartanNash Co. |
72 | 1,530 | ||||||
Tyson Foods, Inc. |
42 | 2,508 | ||||||
United Natural Foods, Inc. (2) |
49 | 892 | ||||||
| 246,198 | ||||||||
Energy — 0.9% |
||||||||
Altus Midstream Co. (2) |
139 | 88 | ||||||
Amplify Energy Corp. |
312 | 384 | ||||||
Antero Resources Corp. (2) |
211 | 536 | ||||||
Apache Corp. |
84 | 1,134 | ||||||
Arch Resources, Inc. |
36 | 1,023 | ||||||
Archrock, Inc. |
123 | 798 | ||||||
Ardmore Shipping Corp. |
326 | 1,415 | ||||||
Baker Hughes Co. |
644 | 9,911 | ||||||
Bonanza Creek Energy, Inc. (2) |
13 | 193 | ||||||
Cabot Oil & Gas Corp. |
291 | 4,999 | ||||||
Cactus, Inc. |
206 | 4,250 | ||||||
California Resources Corp. (2)(3) |
215 | 262 | ||||||
Centennial Resource Development (2) |
37 | 33 | ||||||
Chaparral Energy, Inc. (2) |
93 | 60 | ||||||
Chesapeake Energy Corp. (2) |
25 | 123 | ||||||
Chevron Corp. |
1,113 | 99,313 | ||||||
Cimarex Energy Co. |
13 | 357 | ||||||
CNX Resources Corp. (2) |
105 | 908 | ||||||
Concho Resources, Inc. |
220 | 11,330 | ||||||
ConocoPhillips |
1,091 | 45,844 | ||||||
CONSOL Energy, Inc. (2) |
10 | 51 | ||||||
The accompanying notes are an integral part of these financial statements
Page 32 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Continental Resources, Inc./OK (2) |
93 | 1,630 | ||||||
Delek US Holdings, Inc. |
67 | 1,166 | ||||||
DHT Holdings, Inc. |
174 | 893 | ||||||
Diamondback Energy, Inc. |
29 | 1,213 | ||||||
Dorian LPG, Ltd. (2) |
13 | 101 | ||||||
EOG Resources, Inc. |
432 | 21,885 | ||||||
EQT Corp. |
227 | 2,701 | ||||||
Exterran Corp. (2) |
68 | 367 | ||||||
Extraction Oil & Gas, Inc. (2) |
166 | 20 | ||||||
Frank’s International NV (2) |
113 | 252 | ||||||
Helmerich & Payne, Inc. |
201 | 3,922 | ||||||
Hess Corp. |
60 | 3,109 | ||||||
HollyFrontier Corp. |
247 | 7,212 | ||||||
International Seaways, Inc. |
68 | 1,111 | ||||||
Kinder Morgan, Inc. |
920 | 13,956 | ||||||
Laredo Petroleum, Inc. (2) |
22 | 305 | ||||||
Matador Resources Co. (2) |
79 | 672 | ||||||
Matrix Service Co. (2) |
3 | 29 | ||||||
Montage Resources Corp. (2) |
8 | 32 | ||||||
Nabors Industries, Ltd. |
12 | 444 | ||||||
National Oilwell Varco, Inc. |
240 | 2,940 | ||||||
NexTier Oilfield Solutions, Inc. (2) |
189 | 463 | ||||||
Nine Energy Service, Inc. (2) |
35 | 68 | ||||||
Nordic American Tankers, Ltd. |
118 | 479 | ||||||
Oasis Petroleum, Inc. (2) |
156 | 117 | ||||||
Oceaneering International, Inc. (2) |
138 | 882 | ||||||
Overseas Shipholding Group, Inc. (2) |
30 | 56 | ||||||
Pacific Ethanol, Inc. (2) |
350 | 248 | ||||||
Par Pacific Holdings, Inc. (2) |
144 | 1,295 | ||||||
Patterson-UTI Energy, Inc. |
166 | 576 | ||||||
PDC Energy, Inc. (2) |
128 | 1,592 | ||||||
Peabody Energy Corp. |
118 | 340 | ||||||
Penn Virginia Corp. (2) |
92 | 877 | ||||||
Phillips 66 |
604 | 43,428 | ||||||
Pioneer Natural Resources Co. |
173 | 16,902 | ||||||
ProPetro Holding Corp. (2) |
255 | 1,311 | ||||||
Range Resources Corp. |
167 | 940 | ||||||
Renewable Energy Group, Inc. (2) |
60 | 1,487 | ||||||
Schlumberger, Ltd. |
657 | 12,082 | ||||||
Scorpio Tankers, Inc. |
14 | 179 | ||||||
SilverBow Resources, Inc. (2) |
63 | 202 | ||||||
Southwestern Energy Co. (2) |
363 | 929 | ||||||
Superior Energy Services, Inc. (2) |
47 | 54 | ||||||
Talos Energy, Inc. (2) |
75 | 690 | ||||||
Teekay Corp. (2) |
121 | 290 | ||||||
Teekay Tankers, Ltd. (2) |
11 | 141 | ||||||
TETRA Technologies, Inc. (2) |
91 | 49 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Valero Energy Corp. |
553 | 32,527 | ||||||
W&T Offshore, Inc. (2) |
72 | 164 | ||||||
Westmoreland Coal Co. (2)(8) |
539 | — | ||||||
Whiting Petroleum Corp. (2) |
163 | 184 | ||||||
Williams Cos., Inc./The |
215 | 4,089 | ||||||
World Fuel Services Corp. |
191 | 4,920 | ||||||
WPX Energy, Inc. (2) |
447 | 2,852 | ||||||
| 377,385 | ||||||||
Financials — 3.9% |
||||||||
AGNC Investment Corp. |
366 | 4,721 | ||||||
Allstate Corp./The |
1,312 | 127,251 | ||||||
American Equity Investment Life |
13 | 321 | ||||||
American Express Co. |
569 | 54,169 | ||||||
Ameriprise Financial, Inc. |
135 | 20,255 | ||||||
Artisan Partners Asset Managem |
329 | 10,693 | ||||||
Associated Banc-Corp |
29 | 397 | ||||||
Bank of America Corp. |
7,271 | 172,686 | ||||||
BCB Bancorp, Inc. |
167 | 1,550 | ||||||
Berkshire Hathaway, Inc. Class B (2) |
1,801 | 321,497 | ||||||
Blackstone Mortgage Trust, Inc. |
67 | 1,614 | ||||||
Cannae Holdings, Inc. (2) |
225 | 9,248 | ||||||
Cathay General Bancorp |
102 | 2,683 | ||||||
Charles Schwab Corp./The |
12 | 405 | ||||||
Citigroup, Inc. |
172 | 8,789 | ||||||
Citizens Financial Group, Inc. |
173 | 4,367 | ||||||
CNO Financial Group, Inc. |
124 | 1,931 | ||||||
Colony Credit Real Estate, Inc. |
13 | 91 | ||||||
Cullen/Frost Bankers, Inc. |
126 | 9,413 | ||||||
Curo Group Holdings Corp. |
52 | 425 | ||||||
CVB Financial Corp. |
34 | 637 | ||||||
Diamond Hill Investment Group |
2 | 227 | ||||||
East West Bancorp, Inc. |
158 | 5,726 | ||||||
eHealth, Inc. (2) |
16 | 1,572 | ||||||
Elevate Credit, Inc. (2) |
248 | 367 | ||||||
Ellington Financial, Inc. |
161 | 1,897 | ||||||
Encore Capital Group, Inc. (2) |
23 | 786 | ||||||
Enova International, Inc. (2) |
28 | 416 | ||||||
Enterprise Bancorp, Inc./MA |
4 | 95 | ||||||
Enterprise Financial Services |
17 | 529 | ||||||
Equitable Holdings, Inc. |
657 | 12,674 | ||||||
Esquire Financial Holdings, Inc. (2) |
8 | 135 | ||||||
Essent Group, Ltd. |
136 | 4,933 | ||||||
Farmers National Banc Corp. |
50 | 593 | ||||||
Fidelity National Financial, Inc. |
102 | 3,127 | ||||||
Fifth Third Bancorp |
1,107 | 21,343 | ||||||
First American Financial Corp. |
414 | 19,880 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 33 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
First Choice Bancorp |
21 | 344 | ||||||
First Financial Corp./IN |
45 | 1,658 | ||||||
First Interstate BancSystem In |
130 | 4,025 | ||||||
First Republic Bank/CA |
15 | 1,590 | ||||||
FirstCash, Inc. |
297 | 20,042 | ||||||
FNB Corp./PA |
569 | 4,268 | ||||||
FNCB Bancorp, Inc. |
3 | 17 | ||||||
Glacier Bancorp, Inc. |
211 | 7,446 | ||||||
Great Ajax Corp. |
518 | 4,766 | ||||||
HBT Financial, Inc. |
64 | 853 | ||||||
Heritage Commerce Corp. |
96 | 720 | ||||||
Hilltop Holdings, Inc. |
329 | 6,070 | ||||||
HomeStreet, Inc. |
81 | 1,993 | ||||||
Houlihan Lokey, Inc. |
116 | 6,454 | ||||||
INTL. FCStone, Inc. (2) |
109 | 5,995 | ||||||
Invesco, Ltd. |
178 | 1,915 | ||||||
JPMorgan Chase & Co. |
2,395 | 225,274 | ||||||
Kinsale Capital Group, Inc. |
43 | 6,674 | ||||||
KKR Real Estate Finance Trust |
418 | 6,930 | ||||||
Ladder Capital Corp. |
444 | 3,596 | ||||||
Lakeland Bancorp, Inc. |
70 | 800 | ||||||
LPL Financial Holdings, Inc. |
30 | 2,352 | ||||||
M&T Bank Corp. |
28 | 2,911 | ||||||
MarketAxess Holdings, Inc. |
39 | 19,536 | ||||||
Medley Management, Inc. - Class A (2) |
146 | 113 | ||||||
MetLife, Inc. |
10 | 365 | ||||||
Metrocity Bankshares, Inc. |
145 | 2,078 | ||||||
MMA Capital Holdings, Inc. (2) |
61 | 1,410 | ||||||
MSCI, Inc. |
110 | 36,720 | ||||||
National General Holdings Corp. |
34 | 735 | ||||||
NewStar Financial Contingent Value Rights (2)(8) |
34 | — | ||||||
NI Holdings, Inc. (2) |
1 | 15 | ||||||
Nicolet Bankshares, Inc. (2) |
4 | 219 | ||||||
Northrim BanCorp, Inc. |
75 | 1,886 | ||||||
OceanFirst Financial Corp. |
121 | 2,133 | ||||||
Ocwen Financial Corp. (2) |
145 | 96 | ||||||
Oppenheimer Holdings, Inc. |
263 | 5,731 | ||||||
Pacific Premier Bancorp, Inc. |
392 | 8,499 | ||||||
Park National Corp. |
1 | 70 | ||||||
PennyMac Financial Services, Inc. - Class A |
348 | 14,543 | ||||||
People’s United Financial, Inc. |
48 | 555 | ||||||
PNC Financial Services Group I |
90 | 9,469 | ||||||
Popular, Inc. |
685 | 25,461 | ||||||
ProSight Global, Inc. (2) |
66 | 587 | ||||||
Prosperity Bancshares, Inc. |
168 | 9,976 | ||||||
Prudential Financial, Inc. |
1,010 | 61,509 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Pzena Investment Management In |
268 | 1,458 | ||||||
QCR Holdings, Inc. |
88 | 2,744 | ||||||
Radian Group, Inc. |
336 | 5,211 | ||||||
RBB Bancorp |
257 | 3,508 | ||||||
Regions Financial Corp. |
2,732 | 30,380 | ||||||
Signature Bank/New York NY |
195 | 20,849 | ||||||
Silvercrest Asset Management Group, Inc. |
74 | 941 | ||||||
Simmons First National Corp. |
218 | 3,730 | ||||||
South State Corp. |
32 | 1,525 | ||||||
Starwood Property Trust, Inc. |
8 | 120 | ||||||
State Street Corp. |
271 | 17,222 | ||||||
Stewart Information Services C |
407 | 13,232 | ||||||
SVB Financial Group (2) |
55 | 11,854 | ||||||
TCF Financial Corp. |
17 | 500 | ||||||
TriCo Bancshares |
103 | 3,136 | ||||||
Truist Financial Corp. |
805 | 30,228 | ||||||
United Community Banks, Inc./GA |
43 | 865 | ||||||
Unity Bancorp, Inc. |
5 | 72 | ||||||
Valley National Bancorp |
915 | 7,155 | ||||||
Walker & Dunlop, Inc. |
30 | 1,524 | ||||||
Wells Fargo & Co. |
985 | 25,216 | ||||||
Western Alliance Bancorp |
175 | 6,627 | ||||||
Wins Finance Holdings, Inc. (2) |
37 | 1,465 | ||||||
| 1,535,404 | ||||||||
Healthcare — 8.9% |
||||||||
Abbott Laboratories |
456 | 41,692 | ||||||
AbbVie, Inc. |
1,907 | 187,229 | ||||||
Abeona Therapeutics, Inc. (2) |
8 | 23 | ||||||
ACADIA Pharmaceuticals, Inc. (2) |
1 | 48 | ||||||
Acceleron Pharma, Inc. (2) |
83 | 7,907 | ||||||
Accuray, Inc. (2) |
112 | 227 | ||||||
AcelRx Pharmaceuticals, Inc. (2) |
414 | 501 | ||||||
Addus HomeCare Corp. (2) |
19 | 1,759 | ||||||
Aduro Biotech, Inc. (2) |
160 | 370 | ||||||
Adverum Biotechnologies, Inc. (2) |
51 | 1,065 | ||||||
Affimed NV (2) |
387 | 1,786 | ||||||
AgeX Therapeutics, Inc. (2) |
13 | 12 | ||||||
Agilent Technologies, Inc. |
723 | 63,892 | ||||||
Agios Pharmaceuticals, Inc. (2) |
27 | 1,444 | ||||||
Akcea Therapeutics, Inc. (2) |
11 | 151 | ||||||
Akebia Therapeutics, Inc. (2) |
140 | 1,901 | ||||||
Akorn, Inc. (2) |
307 | 86 | ||||||
Alector, Inc. (2) |
78 | 1,906 | ||||||
Alexion Pharmaceuticals, Inc. (2) |
341 | 38,274 | ||||||
Align Technology, Inc. (2) |
30 | 8,233 | ||||||
Alkermes PLC (2) |
338 | 6,559 | ||||||
The accompanying notes are an integral part of these financial statements
Page 34 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Alnylam Pharmaceuticals, Inc. (2) |
107 | 15,848 | ||||||
Amedisys, Inc. (2) |
29 | 5,758 | ||||||
AmerisourceBergen Corp. |
408 | 41,114 | ||||||
Amgen, Inc. |
861 | 203,075 | ||||||
Amicus Therapeutics, Inc. (2) |
203 | 3,061 | ||||||
Amneal Pharmaceuticals, Inc. (2) |
340 | 1,618 | ||||||
Anthem, Inc. |
65 | 17,094 | ||||||
Apellis Pharmaceuticals, Inc. (2) |
78 | 2,547 | ||||||
Applied Therapeutics, Inc. (2) |
21 | 759 | ||||||
Arcus Biosciences, Inc. (2) |
45 | 1,113 | ||||||
Ardelyx, Inc. (2) |
101 | 699 | ||||||
Arena Pharmaceuticals, Inc. (2) |
35 | 2,203 | ||||||
Arrowhead Pharmaceuticals, Inc. (2) |
57 | 2,462 | ||||||
Arvinas, Inc. (2) |
75 | 2,516 | ||||||
Assembly Biosciences, Inc. (2) |
1 | 23 | ||||||
Assertio Holdings, Inc. (2) |
530 | 454 | ||||||
Atreca, Inc. (2) |
3 | 64 | ||||||
Avantor, Inc. (2) |
146 | 2,482 | ||||||
Avrobio, Inc. (2) |
49 | 855 | ||||||
Axsome Therapeutics, Inc. (2) |
31 | 2,551 | ||||||
Baxter International, Inc. |
345 | 29,705 | ||||||
Beyondspring, Inc. (2) |
36 | 543 | ||||||
BioDelivery Sciences Internati (2) |
595 | 2,594 | ||||||
Biogen, Inc. (2) |
442 | 118,257 | ||||||
BioMarin Pharmaceutical, Inc. (2) |
338 | 41,689 | ||||||
Bio-Rad Laboratories, Inc. - Class A (2) |
22 | 9,933 | ||||||
BioSpecifics Technologies Corp. (2) |
40 | 2,451 | ||||||
Bioxcel Therapeutics, Inc. (2) |
15 | 795 | ||||||
Blueprint Medicines Corp. (2) |
48 | 3,744 | ||||||
Bridgebio Pharma, Inc. (2) |
36 | 1,174 | ||||||
Bristol-Myers Squibb Co. |
2,289 | 134,593 | ||||||
Cardinal Health, Inc. |
400 | 20,876 | ||||||
Catalent, Inc. (2) |
269 | 19,718 | ||||||
Catalyst Pharmaceuticals, Inc. (2) |
308 | 1,423 | ||||||
cbdMD, Inc. (2) |
34 | 65 | ||||||
Celcuity, Inc. (2) |
1 | 7 | ||||||
Centene Corp. (2) |
310 | 19,701 | ||||||
Centogene NV (2) |
13 | 297 | ||||||
Cerecor, Inc. (2) |
100 | 260 | ||||||
Cerner Corp. |
1,034 | 70,881 | ||||||
Chemed Corp. |
54 | 24,358 | ||||||
ChemoCentryx, Inc. (2) |
57 | 3,280 | ||||||
Cigna Corp. |
124 | 23,269 | ||||||
Coherus Biosciences, Inc. (2) |
104 | 1,857 | ||||||
Collegium Pharmaceutical, Inc. (2) |
71 | 1,243 | ||||||
Computer Programs and Systems |
34 | 775 | ||||||
Conformis, Inc. (2) |
10 | 8 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Constellation Pharmaceuticals (2) |
41 | 1,232 | ||||||
Cortexyme, Inc. (2) |
8 | 370 | ||||||
Cue Biopharma, Inc. (2) |
266 | 6,520 | ||||||
CVS Health Corp. |
706 | 45,869 | ||||||
CytomX Therapeutics, Inc. (2) |
48 | 400 | ||||||
DaVita, Inc. (2) |
229 | 18,123 | ||||||
Deciphera Pharmaceuticals, Inc. (2) |
28 | 1,672 | ||||||
Denali Therapeutics, Inc. (2) |
21 | 508 | ||||||
DexCom, Inc. (2) |
51 | 20,675 | ||||||
Dynavax Technologies Corp. (2) |
97 | 860 | ||||||
Editas Medicine, Inc. (2) |
5 | 148 | ||||||
Edwards Lifesciences Corp. (2) |
276 | 19,074 | ||||||
Elanco Animal Health, Inc. Contingent Value Rights (2)(8) |
99 | — | ||||||
Eli Lilly and Co. |
822 | 134,956 | ||||||
Eloxx Pharmaceuticals, Inc. (2) |
26 | 79 | ||||||
Emergent BioSolutions, Inc. (2) |
89 | 7,038 | ||||||
Encompass Health Corp. |
129 | 7,989 | ||||||
Endo International PLC (2) |
422 | 1,447 | ||||||
Enochian Biosciences, Inc. (2) |
22 | 93 | ||||||
Ensign Group, Inc./The |
44 | 1,841 | ||||||
Exact Sciences Corp. (2) |
108 | 9,390 | ||||||
Exelixis, Inc. (2) |
372 | 8,831 | ||||||
Fate Therapeutics, Inc. (2) |
85 | 2,916 | ||||||
Fulcrum Therapeutics, Inc. (2) |
8 | 146 | ||||||
GenMark Diagnostics, Inc. (2) |
61 | 897 | ||||||
Gilead Sciences, Inc. |
1,449 | 111,486 | ||||||
Guardant Health, Inc. (2) |
3 | 243 | ||||||
Harvard Bioscience, Inc. (2) |
26 | 81 | ||||||
Hill-Rom Holdings, Inc. |
208 | 22,834 | ||||||
HMS Holdings Corp. (2) |
203 | 6,575 | ||||||
Horizon Therapeutics Plc (2) |
289 | 16,063 | ||||||
Humana, Inc. |
308 | 119,427 | ||||||
Illumina, Inc. (2) |
23 | 8,518 | ||||||
ImmunoGen, Inc. (2) |
215 | 989 | ||||||
Immunomedics, Inc. (2) |
145 | 5,139 | ||||||
Inovio Pharmaceuticals, Inc. (2) |
85 | 2,291 | ||||||
Insmed, Inc. (2) |
51 | 1,405 | ||||||
Intellia Therapeutics, Inc. (2) |
64 | 1,345 | ||||||
Invitae Corp. (2) |
48 | 1,454 | ||||||
Iovance Biotherapeutics, Inc. (2) |
133 | 3,651 | ||||||
iRhythm Technologies, Inc. (2) |
19 | 2,202 | ||||||
Jazz Pharmaceuticals PLC (2) |
57 | 6,289 | ||||||
Johnson & Johnson |
2,281 | 320,777 | ||||||
Jounce Therapeutics, Inc. (2) |
57 | 393 | ||||||
Kadmon Holdings, Inc. (2) |
229 | 1,172 | ||||||
Karyopharm Therapeutics, Inc. (2) |
12 | 227 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 35 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Kezar Life Sciences, Inc. (2) |
24 | 124 | ||||||
Kiniksa Pharmaceuticals, Ltd. (2) |
16 | 408 | ||||||
Kodiak Sciences, Inc. (2) |
22 | 1,191 | ||||||
Krystal Biotech, Inc. (2) |
10 | 414 | ||||||
Kura Oncology, Inc. (2) |
86 | 1,402 | ||||||
LHC Group, Inc. (2) |
24 | 4,184 | ||||||
Livongo Health, Inc. (2) |
66 | 4,963 | ||||||
MacroGenics, Inc. (2) |
69 | 1,926 | ||||||
Mallinckrodt PLC (2)(3) |
22 | 59 | ||||||
Marinus Pharmaceuticals, Inc. (2) |
179 | 455 | ||||||
Masimo Corp. (2) |
111 | 25,307 | ||||||
McKesson Corp. |
143 | 21,939 | ||||||
Medtronic PLC |
1,983 | 181,841 | ||||||
MEI Pharma, Inc. (2) |
76 | 314 | ||||||
Merck & Co., Inc. |
2,554 | 197,501 | ||||||
Meridian Bioscience, Inc. (2) |
60 | 1,397 | ||||||
Mersana Therapeutics, Inc. (2) |
163 | 3,814 | ||||||
Mirati Therapeutics, Inc. (2) |
1 | 114 | ||||||
Moderna, Inc. (2) |
216 | 13,869 | ||||||
Molecular Templates, Inc. (2) |
79 | 1,089 | ||||||
Molina Healthcare, Inc. (2) |
54 | 9,611 | ||||||
Momenta Pharmaceuticals, Inc. (2) |
99 | 3,294 | ||||||
Morphic Holding, Inc. (2) |
38 | 1,028 | ||||||
Mylan NV (2) |
465 | 7,477 | ||||||
MyoKardia, Inc. (2) |
38 | 3,672 | ||||||
Myriad Genetics, Inc. (2) |
93 | 1,055 | ||||||
Natera, Inc. (2) |
56 | 2,792 | ||||||
Neurocrine Biosciences, Inc. (2) |
142 | 17,324 | ||||||
NextCure, Inc. (2) |
1 | 21 | ||||||
NextGen Healthcare, Inc. (2) |
170 | 1,867 | ||||||
Novavax, Inc. (2) |
22 | 1,834 | ||||||
Odonate Therapeutics, Inc. (2) |
36 | 1,524 | ||||||
Oncocyte Corp. (2) |
95 | 181 | ||||||
Oncternal Therapeutics, Inc. (2) |
4 | 11 | ||||||
OPKO Health, Inc. (2) |
302 | 1,030 | ||||||
Organogenesis Holdings, Inc. (2) |
70 | 269 | ||||||
Osmotica Pharmaceuticals PLC (2) |
152 | 1,023 | ||||||
Owens & Minor, Inc. |
71 | 541 | ||||||
Palatin Technologies, Inc. (2) |
689 | 353 | ||||||
PDL BioPharma, Inc. |
351 | 1,021 | ||||||
Perrigo Co. PLC |
294 | 16,249 | ||||||
Pfenex, Inc. (2) |
90 | 752 | ||||||
Pfizer, Inc. |
3,860 | 126,222 | ||||||
Phibro Animal Health Corp. - Class A |
148 | 3,888 | ||||||
Phreesia, Inc. (2) |
77 | 2,178 | ||||||
Pieris Pharmaceuticals, Inc. (2) |
276 | 856 | ||||||
PolarityTE, Inc. (2) |
3 | 4 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
PRA Health Sciences, Inc. (2) |
57 | 5,546 | ||||||
Precigen, Inc. (2) |
128 | 639 | ||||||
Principia Biopharma, Inc. (2) |
45 | 2,691 | ||||||
Providence Service Corp./The (2) |
4 | 316 | ||||||
PTC Therapeutics, Inc. (2) |
59 | 2,994 | ||||||
Puma Biotechnology, Inc. (2) |
27 | 282 | ||||||
Quest Diagnostics, Inc. |
95 | 10,826 | ||||||
Quidel Corp. (2) |
29 | 6,488 | ||||||
Radius Health, Inc. (2) |
26 | 354 | ||||||
Recro Pharma, Inc. |
214 | 974 | ||||||
Regeneron Pharmaceuticals, Inc. (2) |
77 | 48,021 | ||||||
ResMed, Inc. |
185 | 35,520 | ||||||
Rigel Pharmaceuticals, Inc. (2) |
587 | 1,074 | ||||||
Sangamo Therapeutics, Inc. (2) |
107 | 959 | ||||||
Seattle Genetics, Inc. (2) |
93 | 15,803 | ||||||
Seres Therapeutics, Inc. (2) |
22 | 105 | ||||||
Simulations Plus, Inc. |
68 | 4,068 | ||||||
Sorrento Therapeutics, Inc. (2) |
111 | 697 | ||||||
STERIS PLC |
237 | 36,365 | ||||||
Strongbridge Biopharma PLC (2) |
139 | 525 | ||||||
Surgery Partners, Inc. (2) |
6 | 69 | ||||||
Sutro Biopharma, Inc. (2) |
33 | 256 | ||||||
Syndax Pharmaceuticals, Inc. (2) |
10 | 148 | ||||||
Tandem Diabetes Care, Inc. (2) |
101 | 9,991 | ||||||
Teladoc Health, Inc. (2) |
55 | 10,496 | ||||||
Tenet Healthcare Corp. (2) |
204 | 3,694 | ||||||
TG Therapeutics, Inc. (2) |
84 | 1,636 | ||||||
Theravance Biopharma, Inc. (2) |
12 | 252 | ||||||
Thermo Fisher Scientific, Inc. |
64 | 23,190 | ||||||
Translate Bio, Inc. (2) |
41 | 735 | ||||||
Turning Point Therapeutics, Inc. (2) |
8 | 517 | ||||||
Twist Bioscience Corp. (2) |
27 | 1,223 | ||||||
Ultragenyx Pharmaceutical, Inc. (2) |
25 | 1,956 | ||||||
United Therapeutics Corp. (2) |
97 | 11,737 | ||||||
UnitedHealth Group, Inc. |
646 | 190,538 | ||||||
Vanda Pharmaceuticals, Inc. (2) |
97 | 1,110 | ||||||
VBI Vaccines, Inc. (2) |
112 | 347 | ||||||
Veeva Systems, Inc. (2) |
237 | 55,558 | ||||||
Verrica Pharmaceuticals, Inc. (2) |
38 | 418 | ||||||
Vertex Pharmaceuticals, Inc. (2) |
145 | 42,095 | ||||||
WaVe Life Sciences, Ltd. (2) |
5 | 52 | ||||||
West Pharmaceutical Services, Inc. |
88 | 19,991 | ||||||
XBiotech, Inc. (2) |
105 | 1,440 | ||||||
Xencor, Inc. (2) |
118 | 3,822 | ||||||
Zimmer Biomet Holdings, Inc. |
278 | 33,182 | ||||||
The accompanying notes are an integral part of these financial statements
Page 36 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Zoetis, Inc. |
1,186 | 162,529 | ||||||
Zynex, Inc. (2) |
72 | 1,791 | ||||||
| 3,549,900 | ||||||||
Industrials — 3.4% |
||||||||
3M Co. |
345 | 53,817 | ||||||
Allison Transmission Holdings |
395 | 14,528 | ||||||
Alpha Pro Tech, Ltd. (2) |
7 | 124 | ||||||
Altra Industrial Motion Corp. |
13 | 414 | ||||||
ArcBest Corp. |
66 | 1,750 | ||||||
Arcosa, Inc. |
96 | 4,051 | ||||||
ASGN, Inc. (2) |
54 | 3,601 | ||||||
Astec Industries, Inc. |
54 | 2,501 | ||||||
Atkore International Group, Inc. (2) |
191 | 5,224 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) |
67 | 2,883 | ||||||
Avis Budget Group, Inc. (2) |
3 | 69 | ||||||
Axon Enterprise, Inc. (2) |
38 | 3,729 | ||||||
AZZ, Inc. |
225 | 7,722 | ||||||
BG Staffing, Inc. |
16 | 181 | ||||||
BlueLinx Holdings, Inc. (2) |
17 | 146 | ||||||
BMC Stock Holdings, Inc. (2) |
744 | 18,704 | ||||||
Builders FirstSource, Inc. (2) |
159 | 3,291 | ||||||
BWX Technologies, Inc. |
43 | 2,436 | ||||||
Caterpillar, Inc. |
162 | 20,493 | ||||||
Columbus McKinnon Corp./NY |
7 | 234 | ||||||
Comfort Systems USA, Inc. |
385 | 15,689 | ||||||
Commercial Vehicle Group, Inc. (2) |
153 | 442 | ||||||
Construction Partners, Inc. (2) |
5 | 89 | ||||||
Copart, Inc. (2) |
7 | 583 | ||||||
Costamare, Inc. |
25 | 139 | ||||||
CSX Corp. |
860 | 59,976 | ||||||
Cummins, Inc. |
843 | 146,058 | ||||||
Curtiss-Wright Corp. |
383 | 34,194 | ||||||
Donaldson Co., Inc. |
70 | 3,256 | ||||||
Eaton Corp. PLC |
711 | 62,198 | ||||||
Echo Global Logistics, Inc. (2) |
245 | 5,297 | ||||||
EMCOR Group, Inc. |
269 | 17,792 | ||||||
Encore Wire Corp. |
54 | 2,636 | ||||||
EnerSys |
132 | 8,498 | ||||||
Expeditors International of Wa |
27 | 2,053 | ||||||
Federal Signal Corp. |
216 | 6,422 | ||||||
Fortune Brands Home & Security |
79 | 5,050 | ||||||
Generac Holdings, Inc. (2) |
11 | 1,341 | ||||||
GMS, Inc. (2) |
33 | 811 | ||||||
Graco, Inc. |
117 | 5,615 | ||||||
GrafTech International, Ltd. |
189 | 1,508 | ||||||
Herman Miller, Inc. |
161 | 3,801 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Hertz Global Holdings, Inc. (2) |
45 | 63 | ||||||
HNI Corp. |
142 | 4,341 | ||||||
Hub Group, Inc. - Class A (2) |
174 | 8,328 | ||||||
Hubbell, Inc. |
688 | 86,248 | ||||||
Huntington Ingalls Industries |
165 | 28,791 | ||||||
Illinois Tool Works, Inc. |
101 | 17,660 | ||||||
JetBlue Airways Corp. (2) |
26 | 283 | ||||||
Johnson Controls International |
654 | 22,328 | ||||||
Kelly Services, Inc. - Class A |
5 | 79 | ||||||
Kimball International, Inc. - Class B |
179 | 2,069 | ||||||
L B Foster Co. - Class A (2) |
70 | 894 | ||||||
Lincoln Electric Holdings, Inc. |
144 | 12,131 | ||||||
Lockheed Martin Corp. |
388 | 141,589 | ||||||
LSC Communications, Inc. (2) |
522 | 29 | ||||||
Lyft, Inc. (2) |
55 | 1,816 | ||||||
Manitowoc Co., Inc./The (2) |
124 | 1,349 | ||||||
ManpowerGroup, Inc. |
470 | 32,313 | ||||||
Marten Transport, Ltd. |
19 | 478 | ||||||
Matson, Inc. |
125 | 3,638 | ||||||
McGrath RentCorp |
6 | 324 | ||||||
Meritor, Inc. (2) |
414 | 8,197 | ||||||
Miller Industries, Inc./TN |
254 | 7,562 | ||||||
MRC Global, Inc. (2) |
93 | 550 | ||||||
Mueller Water Products, Inc. |
171 | 1,613 | ||||||
MYR Group, Inc. (2) |
67 | 2,138 | ||||||
Nordson Corp. |
102 | 19,350 | ||||||
Norfolk Southern Corp. |
16 | 2,809 | ||||||
Northwest Pipe Co. (2) |
84 | 2,106 | ||||||
Old Dominion Freight Line, Inc. |
158 | 26,795 | ||||||
Oshkosh Corp. |
158 | 11,316 | ||||||
PACCAR, Inc. |
947 | 70,883 | ||||||
Primoris Services Corp. |
169 | 3,001 | ||||||
Quanta Services, Inc. |
33 | 1,295 | ||||||
Regal Beloit Corp. |
180 | 15,718 | ||||||
Rexnord Corp. |
192 | 5,597 | ||||||
Rockwell Automation, Inc. |
61 | 12,993 | ||||||
RR Donnelley & Sons Co. |
416 | 495 | ||||||
Rush Enterprises, Inc. |
6 | 249 | ||||||
Safe Bulkers, Inc. (2) |
239 | 292 | ||||||
Saia, Inc. (2) |
48 | 5,337 | ||||||
Schneider National, Inc. - Class B |
47 | 1,159 | ||||||
Shyft Group, Inc./The |
152 | 2,560 | ||||||
SkyWest, Inc. |
44 | 1,435 | ||||||
Southwest Airlines Co. |
3,589 | 122,672 | ||||||
Steelcase, Inc. - Class A |
62 | 748 | ||||||
Teledyne Technologies, Inc. (2) |
3 | 933 | ||||||
Timken Co./The |
368 | 16,740 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 37 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Trex Co., Inc. (2) |
36 | 4,683 | ||||||
Triton International, Ltd./Bermu |
512 | 15,483 | ||||||
Tutor Perini Corp. (2) |
48 | 585 | ||||||
Uber Technologies, Inc. (2) |
430 | 13,364 | ||||||
UFP Industries, Inc. |
54 | 2,674 | ||||||
Union Pacific Corp. |
38 | 6,425 | ||||||
United Parcel Service, Inc. - Class B |
249 | 27,684 | ||||||
Vectrus, Inc. (2) |
46 | 2,260 | ||||||
Veritiv Corp. (2) |
17 | 288 | ||||||
WESCO International, Inc. (2) |
3 | 105 | ||||||
WESCO International, Inc. Series A Variable Preferred (2)(10) |
81 | 2,148 | ||||||
Willis Lease Finance Corp. (2) |
2 | 49 | ||||||
WW Grainger, Inc. |
152 | 47,752 | ||||||
| 1,362,140 | ||||||||
Information Technology — 12.9% |
||||||||
ACI Worldwide, Inc. (2) |
11 | 297 | ||||||
Adobe, Inc. (2) |
432 | 188,054 | ||||||
Advanced Micro Devices, Inc. (2) |
628 | 33,039 | ||||||
Alliance Data Systems Corp. |
28 | 1,263 | ||||||
American Software, Inc./GA |
14 | 221 | ||||||
Amkor Technology, Inc. (2) |
714 | 8,789 | ||||||
Apple, Inc. |
2,616 | 954,317 | ||||||
Applied Materials, Inc. |
775 | 46,849 | ||||||
Arrow Electronics, Inc. (2) |
278 | 19,096 | ||||||
AstroNova, Inc. |
32 | 255 | ||||||
Autodesk, Inc. (2) |
128 | 30,616 | ||||||
Avaya Holdings Corp. (2) |
271 | 3,350 | ||||||
Avnet, Inc. |
649 | 18,097 | ||||||
Benchmark Electronics, Inc. |
4 | 86 | ||||||
Bottomline Technologies DE, Inc. (2) |
10 | 508 | ||||||
Box, Inc. (2) |
142 | 2,948 | ||||||
Broadcom, Inc. |
120 | 37,873 | ||||||
CACI International, Inc. - Class A (2) |
67 | 14,531 | ||||||
Cadence Design Systems, Inc. (2) |
1,287 | 123,501 | ||||||
Cambium Networks Corp. (2) |
275 | 2,024 | ||||||
Cerence, Inc. (2) |
59 | 2,410 | ||||||
ChannelAdvisor Corp. (2) |
214 | 3,390 | ||||||
Ciena Corp. (2) |
359 | 19,443 | ||||||
Cirrus Logic, Inc. (2) |
87 | 5,375 | ||||||
Cisco Systems, Inc. |
2,965 | 138,288 | ||||||
Citrix Systems, Inc. |
292 | 43,190 | ||||||
Cognex Corp. |
105 | 6,271 | ||||||
Cognizant Technology Solutions |
841 | 47,786 | ||||||
Coupa Software, Inc. (2) |
36 | 9,973 | ||||||
Diebold Nixdorf, Inc. (2) |
143 | 867 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Diodes, Inc. (2) |
28 | 1,420 | ||||||
DocuSign, Inc. (2) |
187 | 32,203 | ||||||
Dropbox, Inc. (2) |
252 | 5,486 | ||||||
DXC Technology Co. |
430 | 7,095 | ||||||
Ebix, Inc. |
130 | 2,907 | ||||||
Enphase Energy, Inc. (2) |
47 | 2,236 | ||||||
F5 Networks, Inc. (2) |
36 | 5,021 | ||||||
Five9, Inc. (2) |
76 | 8,411 | ||||||
FormFactor, Inc. (2) |
29 | 851 | ||||||
Fortinet, Inc. (2) |
151 | 20,728 | ||||||
Hackett Group, Inc./The |
19 | 257 | ||||||
Hewlett Packard Enterprise Co. |
2,791 | 27,156 | ||||||
HP, Inc. |
1,674 | 29,178 | ||||||
IBM |
533 | 64,370 | ||||||
II-VI, Inc. (2) |
32 | 1,511 | ||||||
Information Services Group, Inc. (2) |
45 | 93 | ||||||
Intel Corp. |
3,521 | 210,661 | ||||||
Intuit, Inc. |
582 | 172,383 | ||||||
J2 Global, Inc. (2) |
49 | 3,097 | ||||||
Jabil, Inc. |
610 | 19,569 | ||||||
Kimball Electronics, Inc. (2) |
9 | 122 | ||||||
KLA Corp. |
153 | 29,755 | ||||||
Lam Research Corp. |
134 | 43,344 | ||||||
Leidos Holdings, Inc. |
29 | 2,716 | ||||||
Lumentum Holdings, Inc. (2) |
60 | 4,886 | ||||||
Majesco (2) |
43 | 338 | ||||||
Manhattan Associates, Inc. (2) |
119 | 11,210 | ||||||
ManTech International Corp./VA |
88 | 6,027 | ||||||
Mastercard, Inc. |
751 | 222,071 | ||||||
Maxim Integrated Products, Inc. |
467 | 28,305 | ||||||
Methode Electronics, Inc. |
20 | 625 | ||||||
Micron Technology, Inc. (2) |
648 | 33,385 | ||||||
Microsoft Corp. |
4,868 | 990,687 | ||||||
Motorola Solutions, Inc. |
271 | 37,975 | ||||||
National Instruments Corp. |
200 | 7,742 | ||||||
NCR Corp. (2) |
118 | 2,044 | ||||||
NetScout Systems, Inc. (2) |
159 | 4,064 | ||||||
NIC, Inc. |
169 | 3,880 | ||||||
NortonLifeLock, Inc. |
1,202 | 23,836 | ||||||
NVIDIA Corp. |
520 | 197,553 | ||||||
Okta, Inc. (2) |
14 | 2,803 | ||||||
ON Semiconductor Corp. (2) |
80 | 1,586 | ||||||
OneSpan, Inc. (2) |
144 | 4,022 | ||||||
Oracle Corp. |
3,189 | 176,256 | ||||||
PagerDuty, Inc. (2) |
44 | 1,259 | ||||||
Paycom Software, Inc. (2) |
40 | 12,389 | ||||||
PayPal Holdings, Inc. (2) |
143 | 24,915 | ||||||
The accompanying notes are an integral part of these financial statements
Page 38 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
PC Connection, Inc. |
5 | 232 | ||||||
Perspecta, Inc. |
144 | 3,345 | ||||||
Photronics, Inc. (2) |
190 | 2,115 | ||||||
Plantronics, Inc. |
43 | 631 | ||||||
Progress Software Corp. |
417 | 16,159 | ||||||
Pure Storage, Inc. (2) |
546 | 9,462 | ||||||
Qorvo, Inc. (2) |
133 | 14,700 | ||||||
QUALCOMM, Inc. |
1,837 | 167,553 | ||||||
Qualys, Inc. (2) |
121 | 12,586 | ||||||
Rimini Street, Inc. (2) |
42 | 216 | ||||||
RingCentral, Inc. - Class A (2) |
58 | 16,531 | ||||||
salesforce.com, Inc. (2) |
516 | 96,662 | ||||||
Sanmina Corp. (2) |
155 | 3,881 | ||||||
ScanSource, Inc. (2) |
45 | 1,084 | ||||||
SecureWorks Corp. (2) |
10 | 114 | ||||||
ServiceNow, Inc. (2) |
17 | 6,886 | ||||||
Skyworks Solutions, Inc. |
257 | 32,860 | ||||||
Slack Technologies, Inc. (2) |
252 | 7,835 | ||||||
SMART Global Holdings, Inc. (2) |
58 | 1,576 | ||||||
Smartsheet, Inc. (2) |
56 | 2,852 | ||||||
Sonim Technologies, Inc. (2) |
194 | 155 | ||||||
Splunk, Inc. (2) |
27 | 5,365 | ||||||
SPS Commerce, Inc. (2) |
36 | 2,704 | ||||||
SS&C Technologies Holdings, Inc. |
1,523 | 86,019 | ||||||
Stratasys, Ltd. (2) |
46 | 730 | ||||||
Sykes Enterprises, Inc. (2) |
316 | 8,741 | ||||||
SYNNEX Corp. |
133 | 15,929 | ||||||
Synopsys, Inc. (2) |
705 | 137,475 | ||||||
Tenable Holdings, Inc. (2) |
122 | 3,637 | ||||||
TESSCO Technologies, Inc. |
18 | 99 | ||||||
Texas Instruments, Inc. |
519 | 65,897 | ||||||
Trimble, Inc. (2) |
379 | 16,369 | ||||||
TTEC Holdings, Inc. |
43 | 2,002 | ||||||
Twilio, Inc. (2) |
74 | 16,237 | ||||||
Verint Systems, Inc. (2) |
366 | 16,536 | ||||||
Veritone, Inc. (2) |
41 | 609 | ||||||
VirnetX Holding Corp. (3) |
349 | 2,269 | ||||||
Visa, Inc. |
241 | 46,554 | ||||||
Vishay Intertechnology, Inc. |
63 | 962 | ||||||
Workday, Inc. (2) |
105 | 19,673 | ||||||
Xerox Holdings Corp. |
844 | 12,905 | ||||||
Xperi Holding Corp. |
314 | 4,635 | ||||||
Zebra Technologies Corp. - Class A (2) |
74 | 18,940 | ||||||
Zoom Video Communications, Inc. (2) |
22 | 5,578 | ||||||
Zscaler, Inc. (2) |
72 | 7,884 | ||||||
| 5,146,319 | ||||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Materials — 0.9% |
||||||||
AdvanSix, Inc. (2) |
26 | 305 | ||||||
Air Products and Chemicals, Inc. |
204 | 49,258 | ||||||
Boise Cascade Co. |
204 | 7,672 | ||||||
Clearwater Paper Corp. (2) |
18 | 650 | ||||||
Commercial Metals Co. |
61 | 1,244 | ||||||
Dow, Inc. |
310 | 12,636 | ||||||
Eastman Chemical Co. |
147 | 10,237 | ||||||
Flotek Industries, Inc. (2) |
27 | 32 | ||||||
FMC Corp. |
171 | 17,035 | ||||||
Huntsman Corp. |
15 | 270 | ||||||
Koppers Holdings, Inc. (2) |
57 | 1,074 | ||||||
LyondellBasell Industries NV |
331 | 21,753 | ||||||
Materion Corp. |
29 | 1,783 | ||||||
NewMarket Corp. |
3 | 1,201 | ||||||
Newmont Corp. |
1,615 | 99,710 | ||||||
Novagold Resources, Inc. (2) |
433 | 3,975 | ||||||
Olin Corp. |
24 | 276 | ||||||
Olympic Steel, Inc. |
37 | 435 | ||||||
Packaging Corp. of America |
70 | 6,986 | ||||||
PolyOne Corp. |
22 | 577 | ||||||
Reliance Steel & Aluminum Co. |
322 | 30,567 | ||||||
Royal Gold, Inc. |
125 | 15,540 | ||||||
Ryerson Holding Corp. (2) |
245 | 1,379 | ||||||
Scotts Miracle-Gro Co./The |
47 | 6,320 | ||||||
Sherwin-Williams Co./The |
112 | 64,719 | ||||||
Steel Dynamics, Inc. |
246 | 6,418 | ||||||
Stepan Co. |
23 | 2,233 | ||||||
Trinseo SA |
4 | 89 | ||||||
Tronox Holdings PLC |
49 | 354 | ||||||
Westrock Co. |
350 | 9,891 | ||||||
Worthington Industries, Inc. |
40 | 1,492 | ||||||
| 376,111 | ||||||||
Real Estate Investment Trust — 1.6% |
||||||||
Altisource Portfolio Solutions (2) |
101 | 1,489 | ||||||
American Homes 4 Rent |
452 | 12,159 | ||||||
American Tower Corp. |
671 | 173,480 | ||||||
Apple Hospitality REIT, Inc. |
803 | 7,757 | ||||||
Ashford Hospitality Trust, Inc. |
299 | 216 | ||||||
AvalonBay Communities, Inc. |
90 | 13,918 | ||||||
CareTrust REIT, Inc. |
145 | 2,488 | ||||||
CatchMark Timber Trust, Inc. |
163 | 1,443 | ||||||
CBL & Associates Properties In (2) |
792 | 216 | ||||||
Clipper Realty, Inc. |
91 | 737 | ||||||
Colony Capital, Inc. |
257 | 617 | ||||||
CoreCivic, Inc. |
111 | 1,039 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 39 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
CorEnergy Infrastructure Trust |
80 | 732 | ||||||
CorePoint Lodging, Inc. |
357 | 1,503 | ||||||
Corporate Office Properties Tr |
339 | 8,590 | ||||||
CyrusOne, Inc. |
164 | 11,931 | ||||||
Equinix, Inc. |
48 | 33,710 | ||||||
Essex Property Trust, Inc. |
252 | 57,751 | ||||||
Gaming and Leisure Properties |
729 | 25,223 | ||||||
Getty Realty Corp. |
28 | 831 | ||||||
Healthcare Realty Trust, Inc. |
478 | 14,001 | ||||||
Highwoods Properties, Inc. |
307 | 11,460 | ||||||
Host Hotels & Resorts, Inc. |
141 | 1,521 | ||||||
Lamar Advertising Co. |
512 | 34,181 | ||||||
LTC Properties, Inc. |
470 | 17,705 | ||||||
Maui Land & Pineapple Co., Inc. (2) |
8 | 89 | ||||||
National Health Investors, Inc. |
14 | 850 | ||||||
National Storage Affiliates Trust |
146 | 4,184 | ||||||
Paramount Group, Inc. |
325 | 2,506 | ||||||
Piedmont Office Realty Trust, Inc. |
542 | 9,003 | ||||||
PS Business Parks, Inc. |
163 | 21,581 | ||||||
Public Storage |
101 | 19,381 | ||||||
QTS Realty Trust, Inc. |
26 | 1,666 | ||||||
RAIT Financial Trust (2)(8) |
287 | — | ||||||
Regency Centers Corp. |
103 | 4,727 | ||||||
Ryman Hospitality Properties, Inc. |
22 | 761 | ||||||
SBA Communications Corp. |
78 | 23,238 | ||||||
Service Properties Trust |
800 | 5,672 | ||||||
Simon Property Group, Inc. |
1,483 | 101,408 | ||||||
Spirit MTA Reit Liquidating Trust (2)(8) |
385 | — | ||||||
Tanger Factory Outlet Centers (3) |
67 | 478 | ||||||
Trinity Place Holdings, Inc. (2) |
331 | 457 | ||||||
Uniti Group, Inc. |
132 | 1,234 | ||||||
Xenia Hotels & Resorts, Inc. |
172 | 1,605 | ||||||
| 633,538 | ||||||||
Utilities — 0.8% |
||||||||
American Water Works Co., Inc. |
289 | 37,183 | ||||||
Atlantic Power Corp. (2) |
432 | 864 | ||||||
Dominion Energy, Inc. |
1,379 | 111,947 | ||||||
Evergy, Inc. |
21 | 1,245 | ||||||
MDU Resources Group, Inc. |
944 | 20,938 | ||||||
NextEra Energy, Inc. |
133 | 31,943 | ||||||
NorthWestern Corp. |
637 | 34,729 | ||||||
NRG Energy, Inc. |
286 | 9,312 | ||||||
PPL Corp. |
1,012 | 26,150 | ||||||
RGC Resources, Inc. |
1 | 24 | ||||||
Southwest Gas Holdings, Inc. |
346 | 23,891 | ||||||
WEC Energy Group, Inc. |
192 | 16,829 | ||||||
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
York Water Co./The |
38 | 1,816 | ||||||
| 316,871 | ||||||||
Total Common Stocks (Cost $14,554,936) |
17,835,033 | |||||||
Registered Investment Companies — 16.0% |
||||||||
Baird Core Plus Bond Fund - Class I |
20,858 | 251,752 | ||||||
Dodge & Cox Income Fund |
14,822 | 215,362 | ||||||
DoubleLine Total Return Bond Fund - Class I |
14,043 | 150,537 | ||||||
Guggenheim Total Return Bond Fund - Class I |
3,924 | 114,502 | ||||||
iShares Core MSCI EAFE ETF (9) |
42,298 | 2,417,756 | ||||||
iShares Core MSCI Emerging Markets ETF (9) |
12,312 | 586,051 | ||||||
iShares Core U.S. Aggregate Bond ETF (9) |
3,264 | 385,837 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (9) |
2,824 | 308,437 | ||||||
Lord Abbett High Yield Fund - Class I |
17,102 | 115,437 | ||||||
Payden Emerging Markets Bond Fund - Class I |
3,419 | 44,032 | ||||||
PGIM Total Return Bond Fund - Class R6 |
15,559 | 229,032 | ||||||
Pioneer Bond Fund - Class Y |
15,655 | 154,831 | ||||||
Segall Bryant & Hamill Plus Bond Fund - Class I |
14,981 | 166,438 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF (9) |
1,092 | 110,467 | ||||||
TCW Emerging Markets Income Fund - Class I |
10,029 | 77,826 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF (9) |
1,213 | 115,405 | ||||||
Vanguard Short-Term Bond ETF (9) |
1,565 | 130,083 | ||||||
Vanguard Total Bond Market ETF (9) |
4,147 | 366,346 | ||||||
Xtrackers USD High Yield Corporate Bond ETF (9) |
8,799 | 411,353 | ||||||
Total Registered Investment Companies (Cost $5,901,586) |
6,351,484 | |||||||
Money Market Registered Investment Companies — 32.6% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (5) |
12,957,885 | 12,964,364 | ||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
2,284 | 2,284 | ||||||
Total Money Market Registered Investment Companies (Cost $12,958,479) |
12,966,648 | |||||||
The accompanying notes are an integral part of these financial statements
Page 40 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Global Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Bank Obligations — 1.9% |
||||||||
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6) |
247,160 | 247,160 | ||||||
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6) |
247,312 | 247,312 | ||||||
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6) |
246,790 | 246,790 | ||||||
Total Bank Obligations (Cost $741,262) |
741,262 | |||||||
U.S. Government Obligations — 1.2% |
||||||||
U.S. Treasury Note, 2.25%, due 1/31/2024 |
149,500 | $ | 160,432 | |||||
U.S. Treasury Note, 2.625%, due 2/15/2029 |
70,400 | 82,495 | ||||||
U.S. Treasury Note, 1.50%, due 8/15/2026 |
52,600 | 56,046 | ||||||
U.S. Treasury Note, 2.25%, due 11/15/2025 |
95,300 | 104,990 | ||||||
U.S. Treasury Note, 2.125%, due 12/31/2022 |
57,800 | 60,616 | ||||||
Total U.S. Government Obligations (Cost $425,967) |
464,579 | |||||||
Total Investments — 96.4% (Cost $34,582,230) |
38,359,006 | |||||||
Other Assets less Liabilities — 3.6% |
1,430,440 | |||||||
Total Net Assets — 100.0% |
39,789,446 | |||||||
Trustee Deferred Compensation (7) |
||||||||
Meeder Balanced Fund - Retail Class |
1,747 | 19,654 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
4,416 | 50,033 | ||||||
Meeder Muirfield Fund - Retail Class |
1,982 | 13,755 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
502 | 11,159 | ||||||
Total Trustee Deferred Compensation (Cost $88,123) |
94,601 | |||||||
Global Allocation Fund |
||||||||||||||||
Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
Mini MSCI EAFE Index Futures |
76 | 9/18/2020 | 6,757,920 | (24,436 | ) | |||||||||||
Mini MSCI Emerging Markets Index Futures |
32 | 9/18/2020 | 1,577,120 | 15,563 | ||||||||||||
Russell 2000 Mini Index Futures |
(4 | ) | 9/18/2020 | (287,520 | ) | (1,010 | ) | |||||||||
Standard & Poors 500 Mini Futures |
(7 | ) | 9/18/2020 | (1,081,570 | ) | (26,591 | ) | |||||||||
E-mini Standard & Poors MidCap 400 Futures |
(2 | ) | 9/18/2020 | (355,820 | ) | (12,175 | ) | |||||||||
Total Futures Contracts |
95 | 6,610,130 | (48,649 | ) | ||||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 37,153,165 | $ | (48,649 | ) | |||
Level 2 - Other Significant Observable Inputs |
1,205,841 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 38,359,006 | $ | (48,649 | ) | |||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
All or a portion of this security is on loan. |
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 41 |
Schedule of Investments
June 30, 2020 (unaudited)
|
(4) |
Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(5) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(6) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(7) |
Assets of affiliates to the Global Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(8) |
Fair valued security deemed as Level 3 security. |
|
(9) |
Exchange-traded fund. |
| (10) | Preferred stock. |
| (11) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
Page 42 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — 53.8% |
||||||||
Communication Services — 4.5% |
||||||||
Activision Blizzard, Inc. |
4,796 | 364,016 | ||||||
Alphabet, Inc. - Class A (2) |
613 | 869,265 | ||||||
Alphabet, Inc. - Class C (2) |
2,972 | 4,201,249 | ||||||
AMC Entertainment Holdings, Inc. |
1,264 | 5,423 | ||||||
AT&T, Inc. |
62,090 | 1,876,981 | ||||||
Cable One, Inc. |
8 | 14,199 | ||||||
Cinemark Holdings, Inc. |
1,481 | 17,106 | ||||||
Comcast Corp. - Class A |
23,409 | 912,483 | ||||||
Cumulus Media, Inc. (2) |
115 | 454 | ||||||
Electronic Arts, Inc. (2) |
5,419 | 715,579 | ||||||
Entravision Communications Corp. - Class A |
948 | 1,356 | ||||||
EverQuote, Inc. (2) |
68 | 3,955 | ||||||
Facebook, Inc. (2) |
14,586 | 3,312,043 | ||||||
Frontier Communications Corp. (2)(3) |
4,619 | 450 | ||||||
Glu Mobile, Inc. (2) |
1,417 | 13,136 | ||||||
Gray Television, Inc. (2) |
1,207 | 16,838 | ||||||
Lee Enterprises, Inc. (2) |
366 | 359 | ||||||
Liberty TripAdvisor Holdings, Inc. (2) |
4,316 | 9,193 | ||||||
Lions Gate Entertainment Corp. Class A (2) |
978 | 7,247 | ||||||
Marcus Corp./The |
3,174 | 42,119 | ||||||
MDC Partners, Inc. (2) |
146 | 304 | ||||||
National CineMedia, Inc. |
951 | 2,824 | ||||||
Netflix, Inc. (2) |
1,741 | 792,225 | ||||||
Pinterest, Inc. (2) |
1,803 | 39,973 | ||||||
Spotify Technology SA (2) |
928 | 239,600 | ||||||
Telephone and Data Systems, Inc. |
3,397 | 67,532 | ||||||
T-Mobile US, Inc. |
11,334 | 1,180,436 | ||||||
Tribune Publishing Co. |
373 | 3,726 | ||||||
Verizon Communications, Inc. |
35,205 | 1,940,852 | ||||||
| 16,650,923 | ||||||||
Consumer Discretionary — 8.2% |
||||||||
1-800-Flowers.com, Inc. (2) |
1,394 | 27,908 | ||||||
Amazon.com, Inc. (2) |
2,750 | 7,586,755 | ||||||
Aptiv PLC |
55 | 4,286 | ||||||
Aramark |
2,271 | 51,256 | ||||||
AutoNation, Inc. (2) |
12 | 451 | ||||||
AutoZone, Inc. (2) |
117 | 131,990 | ||||||
Best Buy Co., Inc. |
8,544 | 745,635 | ||||||
Big Lots, Inc. |
1,290 | 54,180 | ||||||
Boyd Gaming Corp. |
767 | 16,030 | ||||||
Brinker International, Inc. |
1,154 | 27,696 | ||||||
Caleres, Inc. |
1,096 | 9,141 | ||||||
Camping World Holdings, Inc. |
3,479 | 94,490 | ||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Capri Holdings, Ltd. (2) |
157 | 2,454 | ||||||
Chipotle Mexican Grill, Inc. (2) |
443 | 466,195 | ||||||
Collectors Universe, Inc. |
4 | 137 | ||||||
Crocs, Inc. (2) |
1,413 | 52,027 | ||||||
Dana, Inc. |
2,321 | 28,293 | ||||||
Dave & Buster’s Entertainment |
699 | 9,318 | ||||||
Deckers Outdoor Corp. (2) |
1,724 | 338,576 | ||||||
Designer Brands, Inc. |
541 | 3,663 | ||||||
Dollar General Corp. |
4,563 | 869,297 | ||||||
Dollar Tree, Inc. (2) |
1,243 | 115,201 | ||||||
Domino’s Pizza, Inc. |
657 | 242,722 | ||||||
DR Horton, Inc. |
9,056 | 502,155 | ||||||
Duluth Holdings, Inc. - Class B (2) |
3,078 | 22,685 | ||||||
eBay, Inc. |
10,634 | 557,753 | ||||||
Everi Holdings, Inc. (2) |
2,108 | 10,877 | ||||||
Extended Stay America, Inc. |
2,280 | 25,513 | ||||||
Fiesta Restaurant Group, Inc. (2) |
1,360 | 8,677 | ||||||
Ford Motor Co. |
3,794 | 23,068 | ||||||
Fox Factory Holding Corp. (2) |
335 | 27,674 | ||||||
Garmin, Ltd. |
5,369 | 523,478 | ||||||
General Motors Co. |
42,142 | 1,066,193 | ||||||
Gentex Corp. |
5,705 | 147,018 | ||||||
Greenlane Holdings, Inc. (2) |
106 | 422 | ||||||
Hanesbrands, Inc. |
2,689 | 30,359 | ||||||
Harley-Davidson, Inc. |
15,817 | 375,970 | ||||||
Home Depot, Inc./The |
12,914 | 3,235,086 | ||||||
Installed Building Products In (2) |
53 | 3,645 | ||||||
International Game Technology |
5,487 | 48,834 | ||||||
KB Home |
4,609 | 141,404 | ||||||
Kirkland’s, Inc. (2) |
3,219 | 8,723 | ||||||
Lands’ End, Inc. (2) |
1,128 | 9,069 | ||||||
Las Vegas Sands Corp. |
2,894 | 131,793 | ||||||
LCI Industries |
1,306 | 150,164 | ||||||
Lear Corp. |
1,663 | 181,300 | ||||||
Lennar Corp. |
7,467 | 460,117 | ||||||
LKQ Corp. (2) |
8,630 | 226,106 | ||||||
Lowe’s Cos., Inc. |
12,024 | 1,624,683 | ||||||
Lululemon Athletica, Inc. (2) |
1,167 | 364,116 | ||||||
Malibu Boats, Inc. (2) |
770 | 40,002 | ||||||
McDonald’s Corp. |
10,138 | 1,870,157 | ||||||
Meritage Homes Corp. (2) |
477 | 36,309 | ||||||
MGM Resorts International |
2,223 | 37,346 | ||||||
Murphy USA, Inc. (2) |
661 | 74,422 | ||||||
NIKE, Inc. - Class B |
17,941 | 1,759,115 | ||||||
NVR, Inc. (2) |
106 | 345,428 | ||||||
Office Depot, Inc. |
6,650 | 15,628 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 43 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
O’Reilly Automotive, Inc. (2) |
503 | 212,100 | ||||||
Papa John’s International, Inc. |
190 | 15,088 | ||||||
Party City Holdco, Inc. (2) |
1,229 | 1,831 | ||||||
Penn National Gaming, Inc. (2) |
1,550 | 47,337 | ||||||
PetMed Express, Inc. |
183 | 6,522 | ||||||
Pool Corp. |
55 | 14,953 | ||||||
PulteGroup, Inc. |
10,055 | 342,172 | ||||||
Purple Innovation, Inc. (2) |
86 | 1,548 | ||||||
Qurate Retail, Inc. (2) |
3,256 | 30,932 | ||||||
Ralph Lauren Corp. |
2,104 | 152,582 | ||||||
RCI Hospitality Holdings, Inc. |
748 | 10,367 | ||||||
Red Robin Gourmet Burgers, Inc. (2) |
1,140 | 11,628 | ||||||
Red Rock Resorts, Inc. |
1,289 | 14,063 | ||||||
Rent-A-Center, Inc./TX |
11,458 | 318,762 | ||||||
RH (2) |
1,205 | 299,925 | ||||||
Ross Stores, Inc. |
1,298 | 110,642 | ||||||
Rubicon Project, Inc./The (2) |
90 | 600 | ||||||
Sleep Number Corp. (2) |
481 | 20,029 | ||||||
Sportsman’s Warehouse Holdings (2) |
892 | 12,711 | ||||||
Stamps.com, Inc. (2) |
287 | 52,719 | ||||||
Starbucks Corp. |
1,645 | 121,056 | ||||||
Stoneridge, Inc. (2) |
686 | 14,173 | ||||||
Sturm Ruger & Co., Inc. |
269 | 20,444 | ||||||
Target Corp. |
5,710 | 684,800 | ||||||
Tesla, Inc. (2) |
1,094 | 1,181,312 | ||||||
Texas Roadhouse, Inc. |
474 | 24,918 | ||||||
Thor Industries, Inc. |
4,051 | 431,553 | ||||||
Tile Shop Holdings, Inc. |
1,899 | 2,469 | ||||||
Tilly’s, Inc. - Class A |
41 | 232 | ||||||
TopBuild Corp. (2) |
552 | 62,801 | ||||||
Town Sports International Holdings, Inc. (2) |
1,777 | 960 | ||||||
Tractor Supply Co. |
125 | 16,474 | ||||||
Tupperware Brands Corp. |
661 | 3,140 | ||||||
Urban Outfitters, Inc. (2) |
131 | 1,994 | ||||||
Vista Outdoor, Inc. (2) |
185 | 2,673 | ||||||
Waitr Holdings, Inc. (2) |
1,307 | 3,437 | ||||||
Wendy’s Co./The |
485 | 10,563 | ||||||
Williams-Sonoma, Inc. |
1,722 | 141,221 | ||||||
Wingstop, Inc. |
426 | 59,201 | ||||||
Winnebago Industries, Inc. |
3,488 | 232,371 | ||||||
Yum China Holdings, Inc. |
4,353 | 209,249 | ||||||
Yum! Brands, Inc. |
4,254 | 369,715 | ||||||
Zumiez, Inc. (2) |
1,654 | 45,287 | ||||||
| 30,279,544 | ||||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Consumer Staples — 1.1% |
||||||||
Alico, Inc. |
96 | 2,991 | ||||||
Coca-Cola Co./The |
16,722 | 747,139 | ||||||
Conagra Brands, Inc. |
1,488 | 52,333 | ||||||
Costco Wholesale Corp. |
395 | 119,768 | ||||||
Fresh Del Monte Produce, Inc. |
27 | 665 | ||||||
General Mills, Inc. |
22,032 | 1,358,273 | ||||||
Kraft Heinz Co./The |
1,927 | 61,452 | ||||||
Kroger Co./The |
5,707 | 193,182 | ||||||
Molson Coors Beverage Co. - Class B |
8,313 | 285,635 | ||||||
Nu Skin Enterprises, Inc. |
542 | 20,721 | ||||||
Oil-Dri Corp. of America |
92 | 3,192 | ||||||
PepsiCo, Inc. |
5,109 | 675,716 | ||||||
Performance Food Group Co. (2) |
1,104 | 32,171 | ||||||
Philip Morris International, Inc. |
4,399 | 308,194 | ||||||
Rite Aid Corp. (2) |
405 | 6,909 | ||||||
SpartanNash Co. |
1,270 | 26,988 | ||||||
Tyson Foods, Inc. |
605 | 36,125 | ||||||
United Natural Foods, Inc. (2) |
682 | 12,419 | ||||||
Walgreens Boots Alliance, Inc. |
1,192 | 50,529 | ||||||
| 3,994,402 | ||||||||
Energy — 1.4% |
||||||||
Amplify Energy Corp. |
2,885 | 3,549 | ||||||
Antero Resources Corp. (2) |
967 | 2,456 | ||||||
Apache Corp. |
1,635 | 22,073 | ||||||
Arch Resources, Inc. |
218 | 6,193 | ||||||
Archrock, Inc. |
1,170 | 7,593 | ||||||
Ardmore Shipping Corp. |
2,009 | 8,719 | ||||||
Baker Hughes Co. |
10,505 | 161,672 | ||||||
Bonanza Creek Energy, Inc. (2) |
94 | 1,393 | ||||||
Brigham Minerals, Inc. |
633 | 7,818 | ||||||
Cabot Oil & Gas Corp. |
3,603 | 61,900 | ||||||
Cactus, Inc. |
2,297 | 47,387 | ||||||
California Resources Corp. (2)(3) |
1,926 | 2,350 | ||||||
Centennial Resource Developmen (2) |
391 | 348 | ||||||
Chaparral Energy, Inc. (2) |
1,252 | 812 | ||||||
Chesapeake Energy Corp. (2) |
283 | 1,387 | ||||||
Chevron Corp. |
15,544 | 1,386,991 | ||||||
CNX Resources Corp. (2) |
387 | 3,348 | ||||||
Concho Resources, Inc. |
2,158 | 111,137 | ||||||
ConocoPhillips |
11,974 | 503,147 | ||||||
Continental Resources, Inc./OK (2) |
1,016 | 17,810 | ||||||
Delek US Holdings, Inc. |
631 | 10,986 | ||||||
DHT Holdings, Inc. |
1,006 | 5,161 | ||||||
Diamondback Energy, Inc. |
315 | 13,173 | ||||||
The accompanying notes are an integral part of these financial statements
Page 44 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Dorian LPG, Ltd. (2) |
610 | 4,721 | ||||||
EOG Resources, Inc. |
4,689 | 237,545 | ||||||
EQT Corp. |
1,338 | 15,922 | ||||||
Exterran Corp. (2) |
779 | 4,199 | ||||||
Extraction Oil & Gas, Inc. (2) |
1,822 | 220 | ||||||
Exxon Mobil Corp. |
6,801 | 304,141 | ||||||
Frank’s International NV (2) |
4,557 | 10,162 | ||||||
Hallador Energy Co. |
1,603 | 1,050 | ||||||
Helmerich & Payne, Inc. |
4,283 | 83,561 | ||||||
Hess Corp. |
689 | 35,697 | ||||||
HollyFrontier Corp. |
2,851 | 83,249 | ||||||
International Seaways, Inc. |
864 | 14,118 | ||||||
Kinder Morgan, Inc. |
8,426 | 127,822 | ||||||
Laredo Petroleum, Inc. (2) |
141 | 1,954 | ||||||
Matador Resources Co. (2) |
445 | 3,783 | ||||||
Nabors Industries, Ltd. |
138 | 5,109 | ||||||
National Oilwell Varco, Inc. |
821 | 10,057 | ||||||
NexTier Oilfield Solutions, Inc. (2) |
1,321 | 3,236 | ||||||
Nine Energy Service, Inc. (2) |
312 | 608 | ||||||
Nordic American Tankers, Ltd. |
354 | 1,437 | ||||||
Oasis Petroleum, Inc. (2) |
1,975 | 1,481 | ||||||
Oceaneering International, Inc. (2) |
1,125 | 7,189 | ||||||
Par Pacific Holdings, Inc. (2) |
1,350 | 12,137 | ||||||
PDC Energy, Inc. (2) |
1,460 | 18,162 | ||||||
Peabody Energy Corp. |
925 | 2,664 | ||||||
Penn Virginia Corp. (2) |
1,590 | 15,153 | ||||||
Phillips 66 |
6,429 | 462,245 | ||||||
Pioneer Natural Resources Co. |
1,841 | 179,866 | ||||||
ProPetro Holding Corp. (2) |
3,901 | 20,051 | ||||||
Range Resources Corp. |
1,699 | 9,565 | ||||||
Renewable Energy Group, Inc. (2) |
707 | 17,519 | ||||||
Rosehill Resources, Inc. (2)(3) |
856 | 618 | ||||||
Schlumberger, Ltd. |
7,454 | 137,079 | ||||||
Southwestern Energy Co. (2) |
3,598 | 9,211 | ||||||
Superior Energy Services, Inc. (2) |
475 | 542 | ||||||
Talos Energy, Inc. (2) |
436 | 4,011 | ||||||
Teekay Corp. (2) |
1,504 | 3,610 | ||||||
Teekay Tankers, Ltd. (2) |
12 | 154 | ||||||
Valero Energy Corp. |
8,563 | 503,676 | ||||||
Whiting Petroleum Corp. (2) |
1,079 | 1,219 | ||||||
Williams Cos., Inc./The |
7,615 | 144,837 | ||||||
World Fuel Services Corp. |
2,182 | 56,208 | ||||||
WPX Energy, Inc. (2) |
5,592 | 35,677 | ||||||
| 4,978,868 | ||||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Financials — 5.0% |
||||||||
AGNC Investment Corp. |
4,446 | 57,353 | ||||||
Allstate Corp./The |
15,029 | 1,457,663 | ||||||
American Equity Investment Life |
82 | 2,026 | ||||||
American Express Co. |
6,748 | 642,410 | ||||||
Ameriprise Financial, Inc. |
1,472 | 220,859 | ||||||
Artisan Partners Asset Managem |
4,373 | 142,123 | ||||||
Bank of America Corp. |
85,213 | 2,023,809 | ||||||
Berkshire Hathaway, Inc. Class B (2) |
19,797 | 3,533,962 | ||||||
Blackstone Mortgage Trust, Inc. |
1,493 | 35,966 | ||||||
Cannae Holdings, Inc. (2) |
2,344 | 96,338 | ||||||
Capital Bancorp, Inc. (2) |
130 | 1,391 | ||||||
Cathay General Bancorp |
546 | 14,360 | ||||||
Charles Schwab Corp./The |
136 | 4,589 | ||||||
Citigroup, Inc. |
1,417 | 72,409 | ||||||
Citizens Financial Group, Inc. |
1,103 | 27,840 | ||||||
Civista Bancshares, Inc. |
212 | 3,265 | ||||||
CNO Financial Group, Inc. |
963 | 14,994 | ||||||
Cullen/Frost Bankers, Inc. |
1,428 | 106,686 | ||||||
Curo Group Holdings Corp. |
3,047 | 24,894 | ||||||
CVB Financial Corp. |
711 | 13,324 | ||||||
Diamond Hill Investment Group |
20 | 2,273 | ||||||
Donegal Group, Inc. |
50 | 711 | ||||||
East West Bancorp, Inc. |
940 | 34,066 | ||||||
Encore Capital Group, Inc. (2) |
226 | 7,725 | ||||||
Enterprise Financial Services |
319 | 9,927 | ||||||
Equitable Holdings, Inc. |
5,110 | 98,572 | ||||||
Esquire Financial Holdings, Inc. (2) |
16 | 270 | ||||||
ESSA Bancorp, Inc. |
88 | 1,225 | ||||||
Essent Group, Ltd. |
731 | 26,513 | ||||||
Farmers National Banc Corp. |
255 | 3,024 | ||||||
Fidelity National Financial, Inc. |
9,633 | 295,348 | ||||||
Fifth Third Bancorp |
12,293 | 237,009 | ||||||
First American Financial Corp. |
5,706 | 274,002 | ||||||
First Financial Corp./IN |
1,424 | 52,460 | ||||||
First Guaranty Bancshares, Inc. |
33 | 404 | ||||||
First Interstate BancSystem In |
1,709 | 52,911 | ||||||
First Republic Bank/CA |
58 | 6,147 | ||||||
FirstCash, Inc. |
3,555 | 239,891 | ||||||
FNB Corp./PA |
4,863 | 36,473 | ||||||
FNCB Bancorp, Inc. |
298 | 1,714 | ||||||
Glacier Bancorp, Inc. |
2,097 | 74,003 | ||||||
Goosehead Insurance, Inc. (2) |
625 | 46,975 | ||||||
Great Ajax Corp. |
2,240 | 20,608 | ||||||
GWG Holdings, Inc. (2) |
235 | 1,802 | ||||||
HBT Financial, Inc. |
1,352 | 18,022 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 45 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Heritage Commerce Corp. |
1,159 | 8,698 | ||||||
Hilltop Holdings, Inc. |
5,040 | 92,988 | ||||||
HomeStreet, Inc. |
662 | 16,292 | ||||||
International Bancshares Corp. |
1,300 | 41,626 | ||||||
INTL. FCStone, Inc. (2) |
1,238 | 68,090 | ||||||
Invesco, Ltd. |
525 | 5,649 | ||||||
James River Group Holdings, Ltd. |
191 | 8,595 | ||||||
JPMorgan Chase & Co. |
28,051 | 2,638,477 | ||||||
Kinsale Capital Group, Inc. |
672 | 104,301 | ||||||
KKR Real Estate Finance Trust |
3,770 | 62,507 | ||||||
Ladder Capital Corp. |
5,517 | 44,688 | ||||||
Lakeland Bancorp, Inc. |
454 | 5,189 | ||||||
LCNB Corp. |
57 | 910 | ||||||
LPL Financial Holdings, Inc. |
44 | 3,450 | ||||||
M&T Bank Corp. |
222 | 23,081 | ||||||
MarketAxess Holdings, Inc. |
498 | 249,458 | ||||||
Medley Management, Inc. - Class A (2) |
1,010 | 780 | ||||||
MetLife, Inc. |
6,095 | 222,589 | ||||||
Metrocity Bankshares, Inc. |
1,616 | 23,157 | ||||||
Mid Penn Bancorp, Inc. |
25 | 461 | ||||||
MMA Capital Holdings, Inc. (2) |
162 | 3,745 | ||||||
MSCI, Inc. |
965 | 322,136 | ||||||
National General Holdings Corp. |
1,102 | 23,814 | ||||||
NI Holdings, Inc. (2) |
54 | 798 | ||||||
Nicolet Bankshares, Inc. (2) |
75 | 4,110 | ||||||
Northrim BanCorp, Inc. |
1,264 | 31,777 | ||||||
Oak Valley Bancorp |
180 | 2,282 | ||||||
OceanFirst Financial Corp. |
531 | 9,362 | ||||||
Oppenheimer Holdings, Inc. |
3,460 | 75,393 | ||||||
Pacific Premier Bancorp, Inc. |
3,571 | 77,419 | ||||||
Park National Corp. |
202 | 14,217 | ||||||
PCB Bancorp |
38 | 391 | ||||||
PennyMac Financial Services, Inc. - Class A |
6,576 | 274,811 | ||||||
People’s United Financial, Inc. |
187 | 2,164 | ||||||
PJT Partners, Inc. |
1,254 | 64,380 | ||||||
PNC Financial Services Group I |
917 | 96,478 | ||||||
Popular, Inc. |
10,171 | 378,056 | ||||||
Progressive Corp./The |
1,602 | 128,336 | ||||||
ProSight Global, Inc. (2) |
328 | 2,919 | ||||||
Prosperity Bancshares, Inc. |
1,676 | 99,521 | ||||||
Prudential Financial, Inc. |
12,333 | 751,080 | ||||||
Pzena Investment Management In |
3,249 | 17,675 | ||||||
QCR Holdings, Inc. |
696 | 21,701 | ||||||
Radian Group, Inc. |
2,760 | 42,808 | ||||||
RBB Bancorp |
4,086 | 55,774 | ||||||
Regions Financial Corp. |
30,665 | 340,995 | ||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Shore Bancshares, Inc. |
113 | 1,253 | ||||||
Signature Bank/New York NY |
2,401 | 256,715 | ||||||
Silvercrest Asset Management Group, Inc. |
283 | 3,597 | ||||||
Simmons First National Corp. |
1,893 | 32,389 | ||||||
South State Corp. |
131 | 6,243 | ||||||
Starwood Property Trust, Inc. |
1,417 | 21,198 | ||||||
State Street Corp. |
4,530 | 287,882 | ||||||
Stewart Information Services C |
6,018 | 195,645 | ||||||
Stifel Financial Corp. |
227 | 10,767 | ||||||
Summit Financial Group, Inc. |
273 | 4,499 | ||||||
SVB Financial Group (2) |
565 | 121,774 | ||||||
TriCo Bancshares |
1,273 | 38,763 | ||||||
Truist Financial Corp. |
8,603 | 323,043 | ||||||
United Community Banks, Inc./GA |
203 | 4,084 | ||||||
Valley National Bancorp |
6,832 | 53,426 | ||||||
Walker & Dunlop, Inc. |
837 | 42,528 | ||||||
Wells Fargo & Co. |
11,357 | 290,739 | ||||||
Western Alliance Bancorp |
1,774 | 67,181 | ||||||
| 18,263,190 | ||||||||
Healthcare — 10.5% |
||||||||
Abbott Laboratories |
7,500 | 685,725 | ||||||
AbbVie, Inc. |
19,706 | 1,934,735 | ||||||
ACADIA Pharmaceuticals, Inc. (2) |
111 | 5,380 | ||||||
Acceleron Pharma, Inc. (2) |
1,126 | 107,274 | ||||||
AcelRx Pharmaceuticals, Inc. (2) |
3,182 | 3,850 | ||||||
Addus HomeCare Corp. (2) |
230 | 21,289 | ||||||
Aduro Biotech, Inc. (2) |
1,542 | 3,562 | ||||||
Adverum Biotechnologies, Inc. (2) |
558 | 11,651 | ||||||
Affimed NV (2) |
2,019 | 9,318 | ||||||
Agilent Technologies, Inc. |
7,087 | 626,278 | ||||||
Akebia Therapeutics, Inc. (2) |
2,160 | 29,333 | ||||||
Alector, Inc. (2) |
982 | 24,000 | ||||||
Alexion Pharmaceuticals, Inc. (2) |
3,957 | 444,134 | ||||||
Align Technology, Inc. (2) |
537 | 147,374 | ||||||
Alkermes PLC (2) |
2,906 | 56,391 | ||||||
Alnylam Pharmaceuticals, Inc. (2) |
1,268 | 187,803 | ||||||
Amedisys, Inc. (2) |
285 | 56,584 | ||||||
AmerisourceBergen Corp. |
3,662 | 369,020 | ||||||
Amgen, Inc. |
7,719 | 1,820,603 | ||||||
Amicus Therapeutics, Inc. (2) |
2,737 | 41,274 | ||||||
Amneal Pharmaceuticals, Inc. (2) |
3,911 | 18,616 | ||||||
Anthem, Inc. |
1,881 | 494,665 | ||||||
Apellis Pharmaceuticals, Inc. (2) |
905 | 29,557 | ||||||
Applied Therapeutics, Inc. (2) |
277 | 10,014 | ||||||
Arcus Biosciences, Inc. (2) |
330 | 8,164 | ||||||
The accompanying notes are an integral part of these financial statements
Page 46 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Ardelyx, Inc. (2) |
1,303 | 9,017 | ||||||
Arena Pharmaceuticals, Inc. (2) |
349 | 21,970 | ||||||
Arrowhead Pharmaceuticals, Inc. (2) |
466 | 20,127 | ||||||
Arvinas, Inc. (2) |
1,178 | 39,510 | ||||||
Assembly Biosciences, Inc. (2) |
147 | 3,428 | ||||||
Assertio Holdings, Inc. (2) |
2,907 | 2,491 | ||||||
Avantor, Inc. (2) |
4,619 | 78,523 | ||||||
Avrobio, Inc. (2) |
571 | 9,964 | ||||||
Axsome Therapeutics, Inc. (2) |
332 | 27,317 | ||||||
Baxter International, Inc. |
4,533 | 390,291 | ||||||
Becton Dickinson and Co. |
1,088 | 260,326 | ||||||
Beyondspring, Inc. (2) |
415 | 6,258 | ||||||
BioDelivery Sciences Internati (2) |
6,505 | 28,362 | ||||||
Biogen, Inc. (2) |
1,448 | 387,412 | ||||||
BioMarin Pharmaceutical, Inc. (2) |
2,856 | 352,259 | ||||||
Bio-Rad Laboratories, Inc. - Class A (2) |
128 | 57,791 | ||||||
BioSpecifics Technologies Corp. (2) |
305 | 18,690 | ||||||
Bioxcel Therapeutics, Inc. (2) |
230 | 12,192 | ||||||
Bridgebio Pharma, Inc. (2) |
293 | 9,555 | ||||||
Bristol-Myers Squibb Co. |
23,449 | 1,378,801 | ||||||
Cardinal Health, Inc. |
2,776 | 144,879 | ||||||
Catalent, Inc. (2) |
4,341 | 318,195 | ||||||
Catalyst Pharmaceuticals, Inc. (2) |
2,831 | 13,079 | ||||||
Celcuity, Inc. (2) |
180 | 1,247 | ||||||
Centene Corp. (2) |
3,588 | 228,017 | ||||||
Centogene NV (2) |
602 | 13,774 | ||||||
Cerecor, Inc. (2) |
511 | 1,329 | ||||||
Cerner Corp. |
11,664 | 799,567 | ||||||
Chemed Corp. |
597 | 269,289 | ||||||
ChemoCentryx, Inc. (2) |
812 | 46,722 | ||||||
Cigna Corp. |
2,073 | 388,998 | ||||||
Coherus Biosciences, Inc. (2) |
639 | 11,413 | ||||||
Collegium Pharmaceutical, Inc. (2) |
635 | 11,113 | ||||||
Constellation Pharmaceuticals (2) |
534 | 16,047 | ||||||
Cortexyme, Inc. (2) |
65 | 3,010 | ||||||
Cue Biopharma, Inc. (2) |
1,588 | 38,922 | ||||||
CVS Health Corp. |
9,082 | 590,058 | ||||||
CytomX Therapeutics, Inc. (2) |
634 | 5,281 | ||||||
DaVita, Inc. (2) |
2,462 | 194,843 | ||||||
Deciphera Pharmaceuticals, Inc. (2) |
338 | 20,185 | ||||||
Denali Therapeutics, Inc. (2) |
126 | 3,047 | ||||||
DexCom, Inc. (2) |
602 | 244,051 | ||||||
Dynavax Technologies Corp. (2) |
952 | 8,444 | ||||||
Edwards Lifesciences Corp. (2) |
5,559 | 384,182 | ||||||
Elanco Animal Health, Inc. Contingent Value Rights (2)(8) |
1,792 | — | ||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Eli Lilly and Co. |
10,420 | 1,710,756 | ||||||
Eloxx Pharmaceuticals, Inc. (2) |
329 | 997 | ||||||
Emergent BioSolutions, Inc. (2) |
1,148 | 90,784 | ||||||
Encompass Health Corp. |
1,830 | 113,332 | ||||||
Endo International PLC (2) |
3,930 | 13,480 | ||||||
Enochian Biosciences, Inc. (2) |
99 | 417 | ||||||
Ensign Group, Inc./The |
357 | 14,940 | ||||||
Exact Sciences Corp. (2) |
1,139 | 99,025 | ||||||
Exelixis, Inc. (2) |
4,116 | 97,714 | ||||||
Fate Therapeutics, Inc. (2) |
956 | 32,800 | ||||||
Fulcrum Therapeutics, Inc. (2) |
556 | 10,169 | ||||||
GenMark Diagnostics, Inc. (2) |
737 | 10,841 | ||||||
Gilead Sciences, Inc. |
14,866 | 1,143,790 | ||||||
Harpoon Therapeutics, Inc. (2) |
125 | 2,075 | ||||||
Hill-Rom Holdings, Inc. |
2,922 | 320,777 | ||||||
HMS Holdings Corp. (2) |
3,020 | 97,818 | ||||||
Horizon Therapeutics Plc (2) |
1,698 | 94,375 | ||||||
Humana, Inc. |
2,815 | 1,091,516 | ||||||
Illumina, Inc. (2) |
35 | 12,962 | ||||||
ImmunoGen, Inc. (2) |
2,339 | 10,759 | ||||||
Immunomedics, Inc. (2) |
1,644 | 58,263 | ||||||
Inovio Pharmaceuticals, Inc. (2) |
985 | 26,546 | ||||||
Insmed, Inc. (2) |
95 | 2,616 | ||||||
Intellia Therapeutics, Inc. (2) |
732 | 15,387 | ||||||
Invitae Corp. (2) |
405 | 12,267 | ||||||
Iovance Biotherapeutics, Inc. (2) |
1,496 | 41,065 | ||||||
iRhythm Technologies, Inc. (2) |
172 | 19,933 | ||||||
Jazz Pharmaceuticals PLC (2) |
474 | 52,301 | ||||||
Johnson & Johnson |
22,730 | 3,196,520 | ||||||
Jounce Therapeutics, Inc. (2) |
759 | 5,237 | ||||||
Kadmon Holdings, Inc. (2) |
2,460 | 12,595 | ||||||
Karuna Therapeutics, Inc. (2) |
19 | 2,118 | ||||||
Kiniksa Pharmaceuticals, Ltd. (2) |
85 | 2,166 | ||||||
Kodiak Sciences, Inc. (2) |
333 | 18,022 | ||||||
Krystal Biotech, Inc. (2) |
118 | 4,888 | ||||||
Kura Oncology, Inc. (2) |
943 | 15,371 | ||||||
LHC Group, Inc. (2) |
254 | 44,277 | ||||||
MacroGenics, Inc. (2) |
801 | 22,364 | ||||||
Marinus Pharmaceuticals, Inc. (2) |
1,790 | 4,547 | ||||||
Masimo Corp. (2) |
799 | 182,164 | ||||||
McKesson Corp. |
1,552 | 238,108 | ||||||
Medtronic PLC |
21,743 | 1,993,833 | ||||||
Merck & Co., Inc. |
28,777 | 2,225,325 | ||||||
Meridian Bioscience, Inc. (2) |
488 | 11,366 | ||||||
Mersana Therapeutics, Inc. (2) |
1,351 | 31,613 | ||||||
Moderna, Inc. (2) |
1,833 | 117,697 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 47 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Molecular Templates, Inc. (2) |
1,030 | 14,204 | ||||||
Molina Healthcare, Inc. (2) |
376 | 66,920 | ||||||
Momenta Pharmaceuticals, Inc. (2) |
1,330 | 44,249 | ||||||
Morphic Holding, Inc. (2) |
177 | 4,788 | ||||||
Mylan NV (2) |
1,507 | 24,233 | ||||||
MyoKardia, Inc. (2) |
411 | 39,711 | ||||||
Myriad Genetics, Inc. (2) |
695 | 7,881 | ||||||
Natera, Inc. (2) |
855 | 42,630 | ||||||
Neurocrine Biosciences, Inc. (2) |
1,746 | 213,012 | ||||||
NextGen Healthcare, Inc. (2) |
1,617 | 17,755 | ||||||
Novavax, Inc. (2) |
272 | 22,671 | ||||||
Odonate Therapeutics, Inc. (2) |
299 | 12,660 | ||||||
Oncocyte Corp. (2) |
328 | 626 | ||||||
Oncternal Therapeutics, Inc. (2) |
303 | 861 | ||||||
OPKO Health, Inc. (2) |
3,947 | 13,459 | ||||||
Organogenesis Holdings, Inc. (2) |
529 | 2,031 | ||||||
Osmotica Pharmaceuticals PLC (2) |
2,064 | 13,891 | ||||||
Owens & Minor, Inc. |
1,109 | 8,451 | ||||||
Palatin Technologies, Inc. (2) |
3,025 | 1,549 | ||||||
PDL BioPharma, Inc. |
4,086 | 11,890 | ||||||
Perrigo Co. PLC |
4,083 | 225,667 | ||||||
Pfenex, Inc. (2) |
872 | 7,281 | ||||||
Pfizer, Inc. |
45,082 | 1,474,181 | ||||||
Phibro Animal Health Corp. - Class A |
2,032 | 53,381 | ||||||
Phreesia, Inc. (2) |
659 | 18,637 | ||||||
PRA Health Sciences, Inc. (2) |
616 | 59,931 | ||||||
Precigen, Inc. (2)(3) |
1,765 | 8,807 | ||||||
Principia Biopharma, Inc. (2) |
538 | 32,167 | ||||||
PTC Therapeutics, Inc. (2) |
736 | 37,345 | ||||||
Puma Biotechnology, Inc. (2) |
224 | 2,336 | ||||||
Quest Diagnostics, Inc. |
1,426 | 162,507 | ||||||
Quidel Corp. (2) |
241 | 53,921 | ||||||
Recro Pharma, Inc. |
2,000 | 9,100 | ||||||
Regeneron Pharmaceuticals, Inc. (2) |
622 | 387,910 | ||||||
Replimune Group, Inc. (2) |
182 | 4,523 | ||||||
ResMed, Inc. |
2,221 | 426,432 | ||||||
Rigel Pharmaceuticals, Inc. (2) |
1,715 | 3,138 | ||||||
Sangamo Therapeutics, Inc. (2) |
806 | 7,222 | ||||||
Scholar Rock Holding Corp. (2) |
729 | 13,275 | ||||||
Seattle Genetics, Inc. (2) |
1,468 | 249,443 | ||||||
Seres Therapeutics, Inc. (2) |
59 | 281 | ||||||
Simulations Plus, Inc. |
176 | 10,528 | ||||||
Sorrento Therapeutics, Inc. (2)(3) |
1,475 | 9,263 | ||||||
STERIS PLC |
2,085 | 319,922 | ||||||
Strongbridge Biopharma PLC (2) |
2,193 | 8,290 | ||||||
Stryker Corp. |
560 | 100,906 | ||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Surgery Partners, Inc. (2) |
71 | 821 | ||||||
Sutro Biopharma, Inc. (2) |
554 | 4,299 | ||||||
Syndax Pharmaceuticals, Inc. (2) |
29 | 430 | ||||||
Tandem Diabetes Care, Inc. (2) |
910 | 90,017 | ||||||
Teladoc Health, Inc. (2) |
637 | 121,565 | ||||||
Tenet Healthcare Corp. (2) |
2,277 | 41,236 | ||||||
TG Therapeutics, Inc. (2) |
1,068 | 20,805 | ||||||
Theravance Biopharma, Inc. (2) |
135 | 2,834 | ||||||
Thermo Fisher Scientific, Inc. |
2,152 | 779,756 | ||||||
Translate Bio, Inc. (2) |
490 | 8,781 | ||||||
Turning Point Therapeutics, Inc. (2) |
127 | 8,203 | ||||||
Ultragenyx Pharmaceutical, Inc. (2) |
146 | 11,420 | ||||||
United Therapeutics Corp. (2) |
1,404 | 169,884 | ||||||
UnitedHealth Group, Inc. |
6,840 | 2,017,458 | ||||||
Vanda Pharmaceuticals, Inc. (2) |
838 | 9,587 | ||||||
Veeva Systems, Inc. (2) |
2,175 | 509,864 | ||||||
Verrica Pharmaceuticals, Inc. (2) |
70 | 771 | ||||||
Vertex Pharmaceuticals, Inc. (2) |
2,828 | 820,997 | ||||||
Vir Biotechnology, Inc. (2) |
31 | 1,270 | ||||||
WaVe Life Sciences, Ltd. (2) |
68 | 708 | ||||||
West Pharmaceutical Services, Inc. |
834 | 189,460 | ||||||
XBiotech, Inc. (2) |
1,196 | 16,397 | ||||||
Xencor, Inc. (2) |
1,699 | 55,031 | ||||||
Y-mAbs Therapeutics, Inc. (2) |
372 | 16,070 | ||||||
Zimmer Biomet Holdings, Inc. |
3,254 | 388,397 | ||||||
Zoetis, Inc. |
11,283 | 1,546,222 | ||||||
Zynex, Inc. (2) |
815 | 20,269 | ||||||
| 38,444,904 | ||||||||
Industrials — 4.0% |
||||||||
3M Co. |
4,232 | 660,150 | ||||||
Allison Transmission Holdings |
9,721 | 357,538 | ||||||
Altra Industrial Motion Corp. |
384 | 12,234 | ||||||
ArcBest Corp. |
526 | 13,944 | ||||||
Arcosa, Inc. |
1,911 | 80,644 | ||||||
ASGN, Inc. (2) |
768 | 51,210 | ||||||
Astec Industries, Inc. |
617 | 28,573 | ||||||
Atkore International Group, Inc. (2) |
2,531 | 69,223 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) |
781 | 33,606 | ||||||
Avis Budget Group, Inc. (2) |
120 | 2,747 | ||||||
Axon Enterprise, Inc. (2) |
393 | 38,565 | ||||||
AZZ, Inc. |
2,997 | 102,857 | ||||||
BMC Stock Holdings, Inc. (2) |
8,759 | 220,201 | ||||||
Builders FirstSource, Inc. (2) |
1,596 | 33,037 | ||||||
Caterpillar, Inc. |
2,232 | 282,348 | ||||||
Comfort Systems USA, Inc. |
3,341 | 136,146 | ||||||
The accompanying notes are an integral part of these financial statements
Page 48 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Copart, Inc. (2) |
91 | 7,578 | ||||||
CoreLogic, Inc./United States |
342 | 22,989 | ||||||
CSX Corp. |
9,789 | 682,685 | ||||||
Cummins, Inc. |
9,343 | 1,618,768 | ||||||
Curtiss-Wright Corp. |
3,247 | 289,892 | ||||||
Delta Air Lines, Inc. |
178 | 4,993 | ||||||
Eaton Corp. PLC |
6,083 | 532,141 | ||||||
Echo Global Logistics, Inc. (2) |
3,162 | 68,362 | ||||||
EMCOR Group, Inc. |
2,734 | 180,827 | ||||||
Emerson Electric Co. |
1,264 | 78,406 | ||||||
Encore Wire Corp. |
798 | 38,958 | ||||||
EnerSys |
1,474 | 94,896 | ||||||
Expeditors International of Wa |
214 | 16,273 | ||||||
Federal Signal Corp. |
2,175 | 64,663 | ||||||
Fortune Brands Home & Security |
1,411 | 90,205 | ||||||
Generac Holdings, Inc. (2) |
195 | 23,776 | ||||||
GMS, Inc. (2) |
343 | 8,434 | ||||||
Graco, Inc. |
830 | 39,832 | ||||||
GrafTech International, Ltd. |
1,598 | 12,752 | ||||||
Herman Miller, Inc. |
1,143 | 26,986 | ||||||
Hertz Global Holdings, Inc. (2) |
485 | 684 | ||||||
HNI Corp. |
1,609 | 49,187 | ||||||
Hub Group, Inc. - Class A (2) |
1,840 | 88,062 | ||||||
Hubbell, Inc. |
4,337 | 543,686 | ||||||
Huntington Ingalls Industries |
1,672 | 291,747 | ||||||
Illinois Tool Works, Inc. |
2,468 | 431,530 | ||||||
JetBlue Airways Corp. (2) |
4,147 | 45,202 | ||||||
Johnson Controls International |
7,435 | 253,831 | ||||||
Kelly Services, Inc. - Class A |
85 | 1,344 | ||||||
Kimball International, Inc. - Class B |
1,903 | 21,999 | ||||||
L B Foster Co. - Class A (2) |
212 | 2,707 | ||||||
Lincoln Electric Holdings, Inc. |
804 | 67,729 | ||||||
Lockheed Martin Corp. |
4,054 | 1,479,386 | ||||||
LSC Communications, Inc. (2) |
4,516 | 255 | ||||||
Lyft, Inc. (2) |
669 | 22,084 | ||||||
Manitowoc Co., Inc./The (2) |
1,047 | 11,391 | ||||||
ManpowerGroup, Inc. |
6,148 | 422,675 | ||||||
Marten Transport, Ltd. |
3,337 | 83,959 | ||||||
Matson, Inc. |
2,195 | 63,875 | ||||||
McGrath RentCorp |
107 | 5,779 | ||||||
Meritor, Inc. (2) |
3,486 | 69,023 | ||||||
Miller Industries, Inc./TN |
1,780 | 52,991 | ||||||
MRC Global, Inc. (2) |
982 | 5,804 | ||||||
Mueller Water Products, Inc. |
1,247 | 11,759 | ||||||
MYR Group, Inc. (2) |
1,015 | 32,389 | ||||||
NL Industries, Inc. |
197 | 672 | ||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Nordson Corp. |
1,369 | 259,713 | ||||||
Norfolk Southern Corp. |
174 | 30,549 | ||||||
Northrop Grumman Corp. |
101 | 31,051 | ||||||
Northwest Pipe Co. (2) |
548 | 13,738 | ||||||
Old Dominion Freight Line, Inc. |
1,390 | 235,730 | ||||||
Oshkosh Corp. |
1,178 | 84,368 | ||||||
PACCAR, Inc. |
9,434 | 706,135 | ||||||
Primoris Services Corp. |
1,399 | 24,846 | ||||||
Regal Beloit Corp. |
2,169 | 189,397 | ||||||
Rexnord Corp. |
3,737 | 108,934 | ||||||
Rockwell Automation, Inc. |
1,201 | 255,813 | ||||||
RR Donnelley & Sons Co. |
5,502 | 6,547 | ||||||
Rush Enterprises, Inc. |
1,170 | 48,508 | ||||||
Safe Bulkers, Inc. (2) |
1,521 | 1,856 | ||||||
Saia, Inc. (2) |
634 | 70,488 | ||||||
Schneider National, Inc. - Class B |
420 | 10,361 | ||||||
Shyft Group, Inc./The |
1,809 | 30,464 | ||||||
SkyWest, Inc. |
949 | 30,956 | ||||||
Southwest Airlines Co. |
30,960 | 1,058,213 | ||||||
Steelcase, Inc. - Class A |
888 | 10,709 | ||||||
Sterling Construction Co., Inc. (2) |
302 | 3,162 | ||||||
Teledyne Technologies, Inc. (2) |
83 | 25,809 | ||||||
Timken Co./The |
3,628 | 165,038 | ||||||
Trex Co., Inc. (2) |
281 | 36,550 | ||||||
Triton International, Ltd./Bermu |
5,144 | 155,555 | ||||||
Tutor Perini Corp. (2) |
541 | 6,589 | ||||||
Uber Technologies, Inc. (2) |
4,067 | 126,402 | ||||||
UFP Industries, Inc. |
2,133 | 105,605 | ||||||
Union Pacific Corp. |
333 | 56,300 | ||||||
United Parcel Service, Inc. - Class B |
2,242 | 249,266 | ||||||
Vectrus, Inc. (2) |
631 | 31,001 | ||||||
Veritiv Corp. (2) |
231 | 3,918 | ||||||
Werner Enterprises, Inc. |
120 | 5,224 | ||||||
WESCO International, Inc. (2) |
42 | 1,475 | ||||||
WESCO International, Inc. Series A Variable Preferred (2)(10) |
994 | 26,361 | ||||||
WW Grainger, Inc. |
1,632 | 512,709 | ||||||
| 14,805,529 | ||||||||
Information Technology — 14.9% |
||||||||
ACI Worldwide, Inc. (2) |
64 | 1,727 | ||||||
Adobe, Inc. (2) |
4,585 | 1,995,896 | ||||||
Advanced Micro Devices, Inc. (2) |
6,895 | 362,746 | ||||||
Alliance Data Systems Corp. |
209 | 9,430 | ||||||
American Software, Inc./GA |
251 | 3,956 | ||||||
Amkor Technology, Inc. (2) |
6,551 | 80,643 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 49 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Apple, Inc. |
28,920 | 10,550,016 | ||||||
Applied Materials, Inc. |
5,354 | 323,649 | ||||||
Arrow Electronics, Inc. (2) |
3,257 | 223,723 | ||||||
AstroNova, Inc. |
565 | 4,497 | ||||||
Autodesk, Inc. (2) |
1,408 | 336,780 | ||||||
Avaya Holdings Corp. (2) |
3,722 | 46,004 | ||||||
Avnet, Inc. |
7,484 | 208,691 | ||||||
Benchmark Electronics, Inc. |
1,340 | 28,944 | ||||||
Booz Allen Hamilton Holding Co. |
466 | 36,250 | ||||||
Bottomline Technologies DE, Inc. (2) |
39 | 1,980 | ||||||
Box, Inc. (2) |
1,244 | 25,825 | ||||||
Broadcom, Inc. |
1,587 | 500,873 | ||||||
CACI International, Inc. - Class A (2) |
110 | 23,857 | ||||||
Cadence Design Systems, Inc. (2) |
6,057 | 581,230 | ||||||
Calix, Inc. (2) |
503 | 7,495 | ||||||
Cambium Networks Corp. (2) |
3,835 | 28,226 | ||||||
CDK Global, Inc. |
2,880 | 119,290 | ||||||
Cerence, Inc. (2) |
1,510 | 61,668 | ||||||
ChannelAdvisor Corp. (2) |
3,325 | 52,668 | ||||||
Ciena Corp. (2) |
4,068 | 220,323 | ||||||
Cirrus Logic, Inc. (2) |
1,527 | 94,338 | ||||||
Cisco Systems, Inc. |
31,882 | 1,486,976 | ||||||
Citrix Systems, Inc. |
3,167 | 468,431 | ||||||
Cognex Corp. |
1,066 | 63,662 | ||||||
Cognizant Technology Solutions |
11,101 | 630,759 | ||||||
Coupa Software, Inc. (2) |
262 | 72,584 | ||||||
Diebold Nixdorf, Inc. (2) |
2,004 | 12,144 | ||||||
Diodes, Inc. (2) |
928 | 47,050 | ||||||
DocuSign, Inc. (2) |
2,354 | 405,382 | ||||||
Dropbox, Inc. (2) |
2,267 | 49,353 | ||||||
DXC Technology Co. |
5,166 | 85,239 | ||||||
Ebix, Inc. |
1,386 | 30,991 | ||||||
Enphase Energy, Inc. (2) |
904 | 43,003 | ||||||
F5 Networks, Inc. (2) |
210 | 29,291 | ||||||
Five9, Inc. (2) |
408 | 45,153 | ||||||
Fortinet, Inc. (2) |
1,314 | 180,373 | ||||||
Hackett Group, Inc./The |
221 | 2,992 | ||||||
Hewlett Packard Enterprise Co. |
30,747 | 299,168 | ||||||
HP, Inc. |
19,166 | 334,063 | ||||||
IBM |
6,099 | 736,576 | ||||||
II-VI, Inc. (2) |
177 | 8,358 | ||||||
Intel Corp. |
36,731 | 2,197,616 | ||||||
Intuit, Inc. |
5,570 | 1,649,778 | ||||||
J2 Global, Inc. (2) |
896 | 56,636 | ||||||
Jabil, Inc. |
9,116 | 292,441 | ||||||
KLA Corp. |
1,126 | 218,984 | ||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Lam Research Corp. |
1,038 | 335,751 | ||||||
Leidos Holdings, Inc. |
1,367 | 128,047 | ||||||
Lumentum Holdings, Inc. (2) |
496 | 40,389 | ||||||
Majesco (2) |
67 | 527 | ||||||
Manhattan Associates, Inc. (2) |
1,406 | 132,445 | ||||||
ManTech International Corp./VA |
1,582 | 108,351 | ||||||
Mastercard, Inc. |
9,042 | 2,673,719 | ||||||
Maxim Integrated Products, Inc. |
3,267 | 198,013 | ||||||
Methode Electronics, Inc. |
198 | 6,189 | ||||||
Micron Technology, Inc. (2) |
7,753 | 399,435 | ||||||
Microsoft Corp. |
53,925 | 10,974,180 | ||||||
MKS Instruments, Inc. |
269 | 30,462 | ||||||
Motorola Solutions, Inc. |
3,076 | 431,040 | ||||||
National Instruments Corp. |
1,485 | 57,484 | ||||||
NCR Corp. (2) |
1,191 | 20,628 | ||||||
NetApp, Inc. |
579 | 25,690 | ||||||
NetScout Systems, Inc. (2) |
857 | 21,905 | ||||||
NIC, Inc. |
2,173 | 49,892 | ||||||
NortonLifeLock, Inc. |
12,103 | 240,002 | ||||||
NVIDIA Corp. |
4,521 | 1,717,573 | ||||||
ON Semiconductor Corp. (2) |
4 | 79 | ||||||
OneSpan, Inc. (2) |
1,754 | 48,989 | ||||||
Oracle Corp. |
34,107 | 1,885,094 | ||||||
PagerDuty, Inc. (2) |
354 | 10,131 | ||||||
Paycom Software, Inc. (2) |
466 | 144,334 | ||||||
PayPal Holdings, Inc. (2) |
3,049 | 531,227 | ||||||
PC Connection, Inc. |
83 | 3,848 | ||||||
Perspecta, Inc. |
5,482 | 127,347 | ||||||
Photronics, Inc. (2) |
2,536 | 28,226 | ||||||
Plantronics, Inc. |
294 | 4,316 | ||||||
Progress Software Corp. |
5,385 | 208,669 | ||||||
Pure Storage, Inc. (2) |
6,064 | 105,089 | ||||||
Qorvo, Inc. (2) |
1,208 | 133,520 | ||||||
QUALCOMM, Inc. |
14,364 | 1,310,140 | ||||||
Qualys, Inc. (2) |
851 | 88,521 | ||||||
Rimini Street, Inc. (2) |
430 | 2,215 | ||||||
RingCentral, Inc. - Class A (2) |
610 | 173,856 | ||||||
salesforce.com, Inc. (2) |
5,501 | 1,030,502 | ||||||
Sanmina Corp. (2) |
1,985 | 49,704 | ||||||
ScanSource, Inc. (2) |
685 | 16,502 | ||||||
Science Applications Internati |
62 | 4,816 | ||||||
ServiceNow, Inc. (2) |
1,315 | 532,654 | ||||||
Skyworks Solutions, Inc. |
3,045 | 389,334 | ||||||
Slack Technologies, Inc. (2) |
2,409 | 74,896 | ||||||
SMART Global Holdings, Inc. (2) |
800 | 21,744 | ||||||
Smartsheet, Inc. (2) |
320 | 16,294 | ||||||
The accompanying notes are an integral part of these financial statements
Page 50 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
SPS Commerce, Inc. (2) |
970 | 72,866 | ||||||
SS&C Technologies Holdings, Inc. |
13,241 | 747,852 | ||||||
Stratasys, Ltd. (2) |
656 | 10,404 | ||||||
Sykes Enterprises, Inc. (2) |
1,533 | 42,403 | ||||||
SYNNEX Corp. |
1,724 | 206,483 | ||||||
Synopsys, Inc. (2) |
5,595 | 1,091,025 | ||||||
Tenable Holdings, Inc. (2) |
708 | 21,105 | ||||||
TESSCO Technologies, Inc. |
343 | 1,887 | ||||||
Texas Instruments, Inc. |
6,737 | 855,397 | ||||||
Trimble, Inc. (2) |
3,807 | 164,424 | ||||||
TTEC Holdings, Inc. |
631 | 29,379 | ||||||
Twilio, Inc. (2) |
756 | 165,882 | ||||||
Verint Systems, Inc. (2) |
4,460 | 201,503 | ||||||
Veritone, Inc. (2) |
171 | 2,541 | ||||||
VirnetX Holding Corp. (3) |
4,120 | 26,780 | ||||||
Visa, Inc. |
3,894 | 752,204 | ||||||
Vishay Intertechnology, Inc. |
526 | 8,032 | ||||||
Workday, Inc. (2) |
1,333 | 249,751 | ||||||
Xerox Holdings Corp. |
9,505 | 145,331 | ||||||
Xperi Holding Corp. |
2,827 | 41,727 | ||||||
Zebra Technologies Corp. - Class A (2) |
950 | 243,153 | ||||||
Zoom Video Communications, Inc. (2) |
208 | 52,736 | ||||||
Zscaler, Inc. (2) |
780 | 85,410 | ||||||
| 55,129,772 | ||||||||
Materials — 1.3% |
||||||||
Air Products and Chemicals, Inc. |
2,970 | 717,136 | ||||||
Boise Cascade Co. |
4,989 | 187,636 | ||||||
Clearwater Paper Corp. (2) |
255 | 9,213 | ||||||
Commercial Metals Co. |
390 | 7,956 | ||||||
Dow, Inc. |
3,234 | 131,818 | ||||||
Eastman Chemical Co. |
2,233 | 155,506 | ||||||
FMC Corp. |
2,159 | 215,080 | ||||||
Hawkins, Inc. |
96 | 4,088 | ||||||
Huntsman Corp. |
84 | 1,509 | ||||||
Linde PLC |
2,225 | 471,945 | ||||||
LyondellBasell Industries NV |
3,849 | 252,956 | ||||||
Newmont Corp. |
14,872 | 918,197 | ||||||
Novagold Resources, Inc. (2) |
2,821 | 25,897 | ||||||
Olin Corp. |
267 | 3,068 | ||||||
Olympic Steel, Inc. |
903 | 10,610 | ||||||
Packaging Corp. of America |
623 | 62,175 | ||||||
Ramaco Resources, Inc. (2) |
859 | 1,838 | ||||||
Reliance Steel & Aluminum Co. |
3,287 | 312,035 | ||||||
Royal Gold, Inc. |
1,776 | 220,792 | ||||||
RPM International, Inc. |
1,698 | 127,452 | ||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Ryerson Holding Corp. (2) |
2,706 | 15,235 | ||||||
Scotts Miracle-Gro Co./The |
1,177 | 158,271 | ||||||
Sherwin-Williams Co./The |
909 | 525,266 | ||||||
Steel Dynamics, Inc. |
3,098 | 80,827 | ||||||
Stepan Co. |
324 | 31,460 | ||||||
Tredegar Corp. |
1,357 | 20,898 | ||||||
Tronox Holdings PLC |
583 | 4,209 | ||||||
Verso Corp. |
857 | 10,250 | ||||||
Westrock Co. |
3,788 | 107,049 | ||||||
Worthington Industries, Inc. |
528 | 19,694 | ||||||
| 4,810,066 | ||||||||
Real Estate Investment Trust — 1.9% |
||||||||
Altisource Portfolio Solutions (2) |
1,014 | 14,946 | ||||||
American Homes 4 Rent |
4,302 | 115,724 | ||||||
American Tower Corp. |
5,969 | 1,543,225 | ||||||
Apple Hospitality REIT, Inc. |
12,382 | 119,610 | ||||||
Ashford Hospitality Trust, Inc. |
4,513 | 3,261 | ||||||
AvalonBay Communities, Inc. |
1,639 | 253,455 | ||||||
CareTrust REIT, Inc. |
1,335 | 22,909 | ||||||
CatchMark Timber Trust, Inc. |
529 | 4,682 | ||||||
CBL & Associates Properties In (2) |
7,569 | 2,063 | ||||||
Clipper Realty, Inc. |
61 | 494 | ||||||
Colony Capital, Inc. |
609 | 1,462 | ||||||
CoreCivic, Inc. |
2,624 | 24,561 | ||||||
CorEnergy Infrastructure Trust |
862 | 7,887 | ||||||
CorePoint Lodging, Inc. |
4,249 | 17,888 | ||||||
Corporate Office Properties Trust |
3,465 | 87,803 | ||||||
CyrusOne, Inc. |
1,543 | 112,253 | ||||||
Equinix, Inc. |
423 | 297,073 | ||||||
Essex Property Trust, Inc. |
3,217 | 737,240 | ||||||
Extra Space Storage, Inc. |
46 | 4,249 | ||||||
Farmland Partners, Inc. |
432 | 2,959 | ||||||
Gaming and Leisure Properties |
10,330 | 357,418 | ||||||
Getty Realty Corp. |
1,105 | 32,796 | ||||||
Gladstone Commercial Corp. |
62 | 1,163 | ||||||
Healthcare Realty Trust, Inc. |
5,150 | 150,844 | ||||||
Highwoods Properties, Inc. |
3,028 | 113,035 | ||||||
Host Hotels & Resorts, Inc. |
625 | 6,744 | ||||||
Lamar Advertising Co. |
6,338 | 423,125 | ||||||
LTC Properties, Inc. |
10,171 | 383,142 | ||||||
National Health Investors, Inc. |
2,560 | 155,443 | ||||||
National Storage Affiliates Trust |
837 | 23,988 | ||||||
Paramount Group, Inc. |
207 | 1,596 | ||||||
Piedmont Office Realty Trust, Inc. |
7,090 | 117,765 | ||||||
PS Business Parks, Inc. |
1,357 | 179,667 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 51 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Common Stocks — continued |
||||||||
Public Storage |
1,215 | 233,146 | ||||||
Regency Centers Corp. |
1,871 | 85,860 | ||||||
Ryman Hospitality Properties, Inc. |
32 | 1,107 | ||||||
SBA Communications Corp. |
900 | 268,128 | ||||||
Service Properties Trust |
12,659 | 89,752 | ||||||
Simon Property Group, Inc. |
13,501 | 923,198 | ||||||
Spirit MTA Reit Liquidating Trust (2)(8) |
3,461 | — | ||||||
Tanger Factory Outlet Centers (3) |
1,775 | 12,656 | ||||||
Uniti Group, Inc. |
866 | 8,097 | ||||||
Urstadt Biddle Properties, Inc. |
2,168 | 25,756 | ||||||
Xenia Hotels & Resorts, Inc. |
2,477 | 23,110 | ||||||
| 6,991,280 | ||||||||
Utilities — 1.0% |
||||||||
American Water Works Co., Inc. |
3,822 | 491,739 | ||||||
Consolidated Water Co., Ltd. |
1,199 | 17,302 | ||||||
Dominion Energy, Inc. |
14,246 | 1,156,490 | ||||||
Evergy, Inc. |
181 | 10,731 | ||||||
Exelon Corp. |
5,711 | 207,252 | ||||||
MDU Resources Group, Inc. |
17,427 | 386,531 | ||||||
NextEra Energy, Inc. |
1,417 | 340,321 | ||||||
NorthWestern Corp. |
4,357 | 237,544 | ||||||
NRG Energy, Inc. |
6,517 | 212,194 | ||||||
PPL Corp. |
10,120 | 261,501 | ||||||
RGC Resources, Inc. |
57 | 1,378 | ||||||
Southern Co./The |
2,098 | 108,781 | ||||||
Southwest Gas Holdings, Inc. |
1,473 | 101,711 | ||||||
Spark Energy, Inc. - Class A |
128 | 905 | ||||||
Vistra Energy Corp. |
13 | 242 | ||||||
WEC Energy Group, Inc. |
2,002 | 175,479 | ||||||
| 3,710,101 | ||||||||
Total Common Stocks (Cost $160,407,172) |
198,058,579 | |||||||
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
Registered Investment Companies — 25.7% |
||||||||
Baird Core Plus Bond Fund - Class I |
588,183 | 7,099,365 | ||||||
Dodge & Cox Income Fund |
405,446 | 5,891,127 | ||||||
DoubleLine Total Return Bond Fund - Class I |
406,034 | 4,352,680 | ||||||
Guggenheim Total Return Bond Fund - Class I |
113,421 | 3,309,620 | ||||||
iShares Core U.S. Aggregate Bond ETF (9) |
90,485 | 10,696,232 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (9) |
79,079 | 8,637,008 | ||||||
Lord Abbett High Yield Fund - Class I |
470,020 | 3,172,632 | ||||||
Payden Emerging Markets Bond Fund - Class I |
85,466 | 1,100,802 | ||||||
PGIM Total Return Bond Fund - Class R6 |
446,279 | 6,569,223 | ||||||
Pioneer Bond Fund - Class Y |
442,944 | 4,380,718 | ||||||
Segall Bryant & Hamill Plus Bond Fund - Class I |
441,014 | 4,899,663 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF (9) |
31,642 | 3,200,905 | ||||||
TCW Emerging Markets Income Fund - Class I |
278,015 | 2,157,397 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF (9) |
33,283 | 3,166,545 | ||||||
Vanguard Short-Term Bond ETF (9) |
44,377 | 3,688,616 | ||||||
Vanguard Total Bond Market ETF (9) |
115,217 | 10,178,270 | ||||||
Xtrackers USD High Yield Corporate Bond ETF (9) |
250,214 | 11,697,505 | ||||||
Total Registered Investment Companies (Cost $89,381,462) |
94,198,308 | |||||||
Money Market Registered Investment Companies — 15.3% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (5) |
55,959,100 | 55,987,079 | ||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
63,028 | 63,028 | ||||||
Total Money Market Registered Investment Companies (Cost $56,010,435) |
56,050,107 | |||||||
Bank Obligations — 0.2% |
||||||||
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6) |
247,160 | 247,160 | ||||||
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6) |
247,312 | 247,312 | ||||||
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6) |
246,790 | 246,790 | ||||||
Total Bank Obligations (Cost $741,262) |
741,262 | |||||||
The accompanying notes are an integral part of these financial statements
Page 52 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Balanced Fund |
||||||||
Security Description |
Shares, |
Fair |
||||||
U.S. Government Obligations — 3.6% |
||||||||
U.S. Treasury Note, 2.25%, due 1/31/2024 |
4,399,400 | 4,721,106 | ||||||
U.S. Treasury Note, 2.625%, due 2/15/2029 |
1,883,800 | 2,207,431 | ||||||
U.S. Treasury Note, 1.50%, due 8/15/2026 |
1,511,300 | 1,610,302 | ||||||
U.S. Treasury Note, 2.25%, due 11/15/2025 |
2,790,300 | 3,074,017 | ||||||
U.S. Treasury Note, 2.125%, due 12/31/2022 |
1,509,300 | 1,582,819 | ||||||
Total U.S. Government Obligations (Cost $12,186,929) |
13,195,675 | |||||||
Total Investments — 98.6% (Cost $318,727,260) |
362,243,931 | |||||||
Other Assets less Liabilities — 1.4% |
4,992,106 | |||||||
Total Net Assets — 100.0% |
367,236,037 | |||||||
Trustee Deferred Compensation (7) |
||||||||
Meeder Balanced Fund - Retail Class |
2,670 | 30,038 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
6,632 | 75,141 | ||||||
Meeder Muirfield Fund - Retail Class |
4,197 | 29,127 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
783 | 17,406 | ||||||
Total Trustee Deferred Compensation (Cost $144,647) |
151,712 | |||||||
Balanced Fund |
||||||||||||||||
Net Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
Mini MSCI EAFE Index Futures |
125 | 9/18/2020 | 11,115,000 | (66,213 | ) | |||||||||||
Mini MSCI Emerging Markets Index Futures |
48 | 9/18/2020 | 2,365,680 | 15,867 | ||||||||||||
Russell 2000 Mini Index Futures |
(25 | ) | 9/18/2020 | (1,797,000 | ) | (26,888 | ) | |||||||||
Standard & Poors 500 Mini Futures |
(164 | ) | 9/18/2020 | (25,339,640 | ) | (83,559 | ) | |||||||||
E-mini Standard & Poors MidCap 400 Futures |
(33 | ) | 9/18/2020 | (5,871,030 | ) | (165,095 | ) | |||||||||
Total Futures Contracts |
(49 | ) | (19,526,990 | ) | (325,888 | ) | ||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 348,306,994 | $ | (325,888 | ) | |||
Level 2 - Other Significant Observable Inputs |
13,936,937 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 362,243,931 | $ | (325,888 | ) | |||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
All or a portion of this security is on loan. |
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 53 |
Schedule of Investments
June 30, 2020 (unaudited)
|
(4) |
Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(5) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(6) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(7) |
Assets of affiliates to the Balanced Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(8) |
Fair valued security deemed as Level 3 security. |
|
(9) |
Exchange-traded fund. |
| (10) | Preferred stock. |
| (11) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
Page 54 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — 36.9% |
||||||||
Communication Services — 3.2% |
||||||||
Activision Blizzard, Inc. |
4,103 | 311,418 | ||||||
Alphabet, Inc. - Class A (2) |
189 | 268,011 | ||||||
Alphabet, Inc. - Class C (2) |
907 | 1,282,144 | ||||||
AMC Entertainment Holdings, Inc. |
375 | 1,609 | ||||||
AT&T, Inc. |
19,176 | 579,690 | ||||||
Cinemark Holdings, Inc. |
410 | 4,736 | ||||||
Comcast Corp. - Class A |
4,270 | 166,445 | ||||||
Cumulus Media, Inc. (2) |
12 | 47 | ||||||
Electronic Arts, Inc. (2) |
1,607 | 212,204 | ||||||
Facebook, Inc. (2) |
4,098 | 930,533 | ||||||
Frontier Communications Corp. (2) |
1,310 | 128 | ||||||
Glu Mobile, Inc. (2) |
772 | 7,156 | ||||||
Gray Television, Inc. (2) |
437 | 6,096 | ||||||
IMAX Corp. (2) |
93 | 1,043 | ||||||
Lee Enterprises, Inc. (2) |
1,275 | 1,250 | ||||||
Liberty TripAdvisor Holdings, Inc. (2) |
2,128 | 4,533 | ||||||
Lions Gate Entertainment Corp. Class A (2) |
303 | 2,245 | ||||||
Marcus Corp./The |
816 | 10,828 | ||||||
MDC Partners, Inc. (2) |
390 | 811 | ||||||
National CineMedia, Inc. |
437 | 1,298 | ||||||
Netflix, Inc. (2) |
444 | 202,038 | ||||||
Pinterest, Inc. (2) |
735 | 16,295 | ||||||
Spotify Technology SA (2) |
313 | 80,813 | ||||||
Telephone and Data Systems, Inc. |
942 | 18,727 | ||||||
T-Mobile US, Inc. |
4,819 | 501,899 | ||||||
Tribune Publishing Co. |
109 | 1,089 | ||||||
Verizon Communications, Inc. |
12,298 | 677,989 | ||||||
Yelp, Inc. (2) |
17 | 393 | ||||||
| 5,291,468 | ||||||||
Consumer Discretionary — 5.6% |
||||||||
1-800-Flowers.com, Inc. (2) |
358 | 7,167 | ||||||
Amazon.com, Inc. (2) |
838 | 2,311,891 | ||||||
American Eagle Outfitters, Inc. |
31 | 338 | ||||||
American Public Education, Inc. (2) |
12 | 355 | ||||||
Aptiv PLC |
6 | 468 | ||||||
Aramark |
701 | 15,822 | ||||||
AutoZone, Inc. (2) |
42 | 47,381 | ||||||
BBX Capital Corp. |
993 | 2,522 | ||||||
Best Buy Co., Inc. |
2,822 | 246,276 | ||||||
Big Lots, Inc. |
335 | 14,070 | ||||||
BorgWarner, Inc. |
375 | 13,238 | ||||||
Boyd Gaming Corp. |
453 | 9,468 | ||||||
Brinker International, Inc. |
313 | 7,512 | ||||||
Caleres, Inc. |
294 | 2,452 | ||||||
Camping World Holdings, Inc. |
681 | 18,496 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Capri Holdings, Ltd. (2) |
439 | 6,862 | ||||||
Centric Brands, Inc. (2) |
349 | 24 | ||||||
Chipotle Mexican Grill, Inc. (2) |
66 | 69,456 | ||||||
Crocs, Inc. (2) |
573 | 21,098 | ||||||
Dana, Inc. |
66 | 805 | ||||||
Dave & Buster’s Entertainment |
196 | 2,613 | ||||||
Deckers Outdoor Corp. (2) |
439 | 86,215 | ||||||
Designer Brands, Inc. |
143 | 968 | ||||||
Dollar General Corp. |
1,377 | 262,332 | ||||||
Dollar Tree, Inc. (2) |
352 | 32,623 | ||||||
Domino’s Pizza, Inc. |
232 | 85,710 | ||||||
DR Horton, Inc. |
3,807 | 211,098 | ||||||
Duluth Holdings, Inc. - Class B (2) |
899 | 6,626 | ||||||
eBay, Inc. |
3,393 | 177,963 | ||||||
Everi Holdings, Inc. (2) |
770 | 3,973 | ||||||
Extended Stay America, Inc. |
99 | 1,108 | ||||||
Fiesta Restaurant Group, Inc. (2) |
307 | 1,959 | ||||||
Fox Factory Holding Corp. (2) |
113 | 9,335 | ||||||
Garmin, Ltd. |
845 | 82,388 | ||||||
General Motors Co. |
13,294 | 336,338 | ||||||
Gentex Corp. |
1,149 | 29,610 | ||||||
G-III Apparel Group, Ltd. (2) |
101 | 1,342 | ||||||
Green Brick Partners, Inc. (2) |
26 | 308 | ||||||
Greenlane Holdings, Inc. (2) |
90 | 358 | ||||||
Hanesbrands, Inc. |
648 | 7,316 | ||||||
Harley-Davidson, Inc. |
3,641 | 86,547 | ||||||
Home Depot, Inc./The |
3,942 | 987,510 | ||||||
Installed Building Products In (2) |
10 | 688 | ||||||
International Game Technology |
2,023 | 18,005 | ||||||
KB Home |
1,731 | 53,107 | ||||||
Kirkland’s, Inc. (2) |
677 | 1,835 | ||||||
Lands’ End, Inc. (2) |
334 | 2,685 | ||||||
Las Vegas Sands Corp. |
1,104 | 50,276 | ||||||
Lear Corp. |
481 | 52,439 | ||||||
Lennar Corp. |
1,653 | 101,858 | ||||||
LKQ Corp. (2) |
383 | 10,035 | ||||||
Lowe’s Cos., Inc. |
4,367 | 590,069 | ||||||
Lululemon Athletica, Inc. (2) |
326 | 101,715 | ||||||
Malibu Boats, Inc. (2) |
312 | 16,208 | ||||||
MarineMax, Inc. (2) |
273 | 6,112 | ||||||
McDonald’s Corp. |
2,689 | 496,040 | ||||||
MDC Holdings, Inc. |
136 | 4,855 | ||||||
Meritage Homes Corp. (2) |
179 | 13,625 | ||||||
MGM Resorts International |
1,041 | 17,489 | ||||||
Murphy USA, Inc. (2) |
141 | 15,875 | ||||||
Nathan’s Famous, Inc. |
23 | 1,294 | ||||||
NIKE, Inc. - Class B |
5,998 | 588,104 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 55 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
NVR, Inc. (2) |
28 | 91,245 | ||||||
Office Depot, Inc. |
2,064 | 4,850 | ||||||
O’Reilly Automotive, Inc. (2) |
116 | 48,914 | ||||||
Papa John’s International, Inc. |
22 | 1,747 | ||||||
Party City Holdco, Inc. (2) |
336 | 501 | ||||||
Penn National Gaming, Inc. (2) |
421 | 12,857 | ||||||
PetMed Express, Inc. |
198 | 7,057 | ||||||
PulteGroup, Inc. |
3,964 | 134,895 | ||||||
Purple Innovation, Inc. (2) |
494 | 8,892 | ||||||
Qurate Retail, Inc. (2) |
1,250 | 11,875 | ||||||
Ralph Lauren Corp. |
702 | 50,909 | ||||||
RCI Hospitality Holdings, Inc. |
368 | 5,100 | ||||||
Red Robin Gourmet Burgers, Inc. (2) |
364 | 3,713 | ||||||
Red Rock Resorts, Inc. |
398 | 4,342 | ||||||
Rent-A-Center, Inc./TX |
3,963 | 110,251 | ||||||
RH (2) |
279 | 69,443 | ||||||
Ross Stores, Inc. |
545 | 46,456 | ||||||
RTW Retailwinds, Inc. (2) |
450 | 90 | ||||||
Sleep Number Corp. (2) |
114 | 4,747 | ||||||
Sportsman’s Warehouse Holdings (2) |
756 | 10,773 | ||||||
Stamps.com, Inc. (2) |
82 | 15,063 | ||||||
Starbucks Corp. |
198 | 14,571 | ||||||
Stoneridge, Inc. (2) |
139 | 2,872 | ||||||
Sturm Ruger & Co., Inc. |
63 | 4,788 | ||||||
Superior Industries Internatio |
12 | 20 | ||||||
Tapestry, Inc. |
67 | 890 | ||||||
Target Corp. |
1,871 | 224,389 | ||||||
Tesla, Inc. (2) |
369 | 398,450 | ||||||
Texas Roadhouse, Inc. |
240 | 12,617 | ||||||
Thor Industries, Inc. |
988 | 105,252 | ||||||
Tile Shop Holdings, Inc. |
163 | 212 | ||||||
TopBuild Corp. (2) |
120 | 13,652 | ||||||
Town Sports International Holdings, Inc. (2) |
961 | 519 | ||||||
Tractor Supply Co. |
19 | 2,504 | ||||||
Tupperware Brands Corp. |
169 | 803 | ||||||
Vista Outdoor, Inc. (2) |
161 | 2,326 | ||||||
Waitr Holdings, Inc. (2) |
364 | 957 | ||||||
Wendy’s Co./The |
197 | 4,291 | ||||||
Williams-Sonoma, Inc. |
426 | 34,936 | ||||||
Wingstop, Inc. |
422 | 58,645 | ||||||
Winnebago Industries, Inc. |
1,274 | 84,874 | ||||||
Yum China Holdings, Inc. |
1,481 | 71,192 | ||||||
Yum! Brands, Inc. |
1,065 | 92,559 | ||||||
Zumiez, Inc. (2) |
465 | 12,732 | ||||||
| 9,140,026 | ||||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Consumer Staples — 0.7% |
||||||||
Alico, Inc. |
21 | 654 | ||||||
Coca-Cola Co./The |
4,400 | 196,592 | ||||||
Costco Wholesale Corp. |
121 | 36,688 | ||||||
General Mills, Inc. |
7,428 | 457,936 | ||||||
Ingredion, Inc. |
111 | 9,213 | ||||||
John B Sanfilippo & Son, Inc. |
2 | 171 | ||||||
Kroger Co./The |
1,544 | 52,264 | ||||||
Molson Coors Beverage Co. - Class B |
2,200 | 75,592 | ||||||
Nu Skin Enterprises, Inc. |
142 | 5,429 | ||||||
PepsiCo, Inc. |
1,669 | 220,742 | ||||||
Performance Food Group Co. (2) |
324 | 9,441 | ||||||
Philip Morris International, Inc. |
111 | 7,777 | ||||||
Rite Aid Corp. (2) |
141 | 2,405 | ||||||
SpartanNash Co. |
310 | 6,588 | ||||||
Sprouts Farmers Market, Inc. (2) |
217 | 5,553 | ||||||
Tyson Foods, Inc. |
217 | 12,957 | ||||||
United Natural Foods, Inc. (2) |
187 | 3,405 | ||||||
Walgreens Boots Alliance, Inc. |
455 | 19,287 | ||||||
| 1,122,694 | ||||||||
Energy — 0.8% |
||||||||
Altus Midstream Co. (2) |
651 | 413 | ||||||
Amplify Energy Corp. |
572 | 704 | ||||||
Antero Resources Corp. (2) |
1,229 | 3,122 | ||||||
Apache Corp. |
512 | 6,912 | ||||||
Arch Resources, Inc. |
91 | 2,585 | ||||||
Archrock, Inc. |
353 | 2,291 | ||||||
Ardmore Shipping Corp. |
241 | 1,046 | ||||||
Baker Hughes Co. |
2,044 | 31,457 | ||||||
Bonanza Creek Energy, Inc. (2) |
14 | 207 | ||||||
Brigham Minerals, Inc. |
325 | 4,014 | ||||||
Cabot Oil & Gas Corp. |
1,110 | 19,070 | ||||||
Cactus, Inc. |
725 | 14,957 | ||||||
California Resources Corp. (2)(3) |
723 | 882 | ||||||
Centennial Resource Developmen (2) |
131 | 117 | ||||||
Chaparral Energy, Inc. (2) |
400 | 259 | ||||||
Chesapeake Energy Corp. (2) |
86 | 421 | ||||||
Chevron Corp. |
4,169 | 372,000 | ||||||
CNX Resources Corp. (2) |
287 | 2,483 | ||||||
Concho Resources, Inc. |
742 | 38,213 | ||||||
ConocoPhillips |
3,548 | 149,087 | ||||||
CONSOL Energy, Inc. (2) |
25 | 127 | ||||||
Continental Resources, Inc./OK (2) |
323 | 5,662 | ||||||
Delek US Holdings, Inc. |
224 | 3,900 | ||||||
DHT Holdings, Inc. |
613 | 3,145 | ||||||
Diamondback Energy, Inc. |
116 | 4,851 | ||||||
The accompanying notes are an integral part of these financial statements
Page 56 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Dorian LPG, Ltd. (2) |
320 | 2,477 | ||||||
EOG Resources, Inc. |
1,422 | 72,039 | ||||||
EQT Corp. |
759 | 9,032 | ||||||
Exterran Corp. (2) |
206 | 1,110 | ||||||
Extraction Oil & Gas, Inc. (2) |
568 | 69 | ||||||
Frank’s International NV (2) |
291 | 649 | ||||||
Gulfport Energy Corp. (2) |
53 | 58 | ||||||
Hallador Energy Co. |
121 | 79 | ||||||
Helmerich & Payne, Inc. |
1,030 | 20,095 | ||||||
Hess Corp. |
216 | 11,191 | ||||||
HollyFrontier Corp. |
722 | 21,082 | ||||||
International Seaways, Inc. |
314 | 5,131 | ||||||
Kinder Morgan, Inc. |
4,287 | 65,034 | ||||||
KLX Energy Services Holdings I (2) |
18 | 39 | ||||||
Laredo Petroleum, Inc. (2) |
75 | 1,040 | ||||||
Matador Resources Co. (2) |
267 | 2,270 | ||||||
Matrix Service Co. (2) |
33 | 321 | ||||||
Montage Resources Corp. (2) |
140 | 553 | ||||||
Nabors Industries, Ltd. |
41 | 1,518 | ||||||
National Oilwell Varco, Inc. |
836 | 10,241 | ||||||
NexTier Oilfield Solutions, Inc. (2) |
354 | 867 | ||||||
Nine Energy Service, Inc. (2) |
161 | 314 | ||||||
Noble Energy, Inc. |
9 | 81 | ||||||
Nordic American Tankers, Ltd. |
389 | 1,579 | ||||||
Oasis Petroleum, Inc. (2) |
613 | 460 | ||||||
Oceaneering International, Inc. (2) |
477 | 3,048 | ||||||
Overseas Shipholding Group, Inc. (2) |
80 | 149 | ||||||
Pacific Ethanol, Inc. (2) |
708 | 503 | ||||||
Par Pacific Holdings, Inc. (2) |
485 | 4,360 | ||||||
Patterson-UTI Energy, Inc. |
673 | 2,335 | ||||||
PDC Energy, Inc. (2) |
474 | 5,897 | ||||||
Peabody Energy Corp. |
408 | 1,175 | ||||||
Penn Virginia Corp. (2) |
375 | 3,574 | ||||||
Phillips 66 |
1,994 | 143,369 | ||||||
Pioneer Natural Resources Co. |
560 | 54,712 | ||||||
Profire Energy, Inc. (2) |
11 | 9 | ||||||
ProPetro Holding Corp. (2) |
942 | 4,842 | ||||||
Range Resources Corp. |
577 | 3,249 | ||||||
Renewable Energy Group, Inc. (2) |
152 | 3,767 | ||||||
Schlumberger, Ltd. |
2,304 | 42,371 | ||||||
Scorpio Tankers, Inc. |
20 | 256 | ||||||
SilverBow Resources, Inc. (2) |
240 | 770 | ||||||
Southwestern Energy Co. (2) |
1,303 | 3,336 | ||||||
Superior Energy Services, Inc. (2) |
64 | 73 | ||||||
Talos Energy, Inc. (2) |
203 | 1,868 | ||||||
Teekay Corp. (2) |
502 | 1,205 | ||||||
Teekay Tankers, Ltd. (2) |
18 | 231 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Valero Energy Corp. |
1,869 | 109,935 | ||||||
W&T Offshore, Inc. (2) |
276 | 629 | ||||||
Westmoreland Coal Co. (2)(8) |
773 | — | ||||||
Whiting Petroleum Corp. (2) |
512 | 579 | ||||||
Williams Cos., Inc./The |
422 | 8,026 | ||||||
World Fuel Services Corp. |
560 | 14,426 | ||||||
WPX Energy, Inc. (2) |
1,399 | 8,926 | ||||||
| 1,318,874 | ||||||||
Financials — 3.2% |
||||||||
AGNC Investment Corp. |
1,171 | 15,106 | ||||||
Allstate Corp./The |
3,815 | 370,017 | ||||||
American Equity Investment Life |
39 | 964 | ||||||
American Express Co. |
1,937 | 184,402 | ||||||
Ameriprise Financial, Inc. |
490 | 73,520 | ||||||
Artisan Partners Asset Managem |
1,303 | 42,348 | ||||||
Associated Banc-Corp |
97 | 1,327 | ||||||
Bank of America Corp. |
25,512 | 605,910 | ||||||
BCB Bancorp, Inc. |
339 | 3,146 | ||||||
Berkshire Hathaway, Inc. Class B (2) |
6,080 | 1,085,341 | ||||||
Blackstone Mortgage Trust, Inc. |
260 | 6,263 | ||||||
C&F Financial Corp. |
65 | 2,161 | ||||||
Cannae Holdings, Inc. (2) |
722 | 29,674 | ||||||
Cathay General Bancorp |
549 | 14,439 | ||||||
Charles Schwab Corp./The |
41 | 1,383 | ||||||
Citigroup, Inc. |
526 | 26,879 | ||||||
Citizens Financial Group, Inc. |
545 | 13,756 | ||||||
Civista Bancshares, Inc. |
13 | 200 | ||||||
CNO Financial Group, Inc. |
360 | 5,605 | ||||||
Colony Credit Real Estate, Inc. |
30 | 211 | ||||||
Cullen/Frost Bankers, Inc. |
413 | 30,855 | ||||||
Curo Group Holdings Corp. |
950 | 7,762 | ||||||
CVB Financial Corp. |
116 | 2,174 | ||||||
Diamond Hill Investment Group |
3 | 341 | ||||||
Donegal Group, Inc. |
69 | 981 | ||||||
East West Bancorp, Inc. |
503 | 18,229 | ||||||
eHealth, Inc. (2) |
36 | 3,537 | ||||||
Elevate Credit, Inc. (2) |
771 | 1,141 | ||||||
Ellington Financial, Inc. |
552 | 6,503 | ||||||
Encore Capital Group, Inc. (2) |
26 | 889 | ||||||
Enova International, Inc. (2) |
73 | 1,086 | ||||||
Enterprise Bancorp, Inc./MA |
11 | 262 | ||||||
Enterprise Financial Services |
89 | 2,770 | ||||||
Equitable Holdings, Inc. |
1,720 | 33,179 | ||||||
Esquire Financial Holdings, Inc. (2) |
69 | 1,166 | ||||||
ESSA Bancorp, Inc. |
11 | 153 | ||||||
Essent Group, Ltd. |
482 | 17,482 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 57 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Farmers National Banc Corp. |
87 | 1,032 | ||||||
Fidelity National Financial, Inc. |
882 | 27,042 | ||||||
Fifth Third Bancorp |
4,031 | 77,718 | ||||||
First American Financial Corp. |
1,806 | 86,724 | ||||||
First Financial Corp./IN |
112 | 4,126 | ||||||
First Interstate BancSystem In |
557 | 17,245 | ||||||
First Republic Bank/CA |
59 | 6,253 | ||||||
FirstCash, Inc. |
1,056 | 71,259 | ||||||
FNB Corp./PA |
1,927 | 14,453 | ||||||
FNCB Bancorp, Inc. |
124 | 713 | ||||||
Glacier Bancorp, Inc. |
509 | 17,963 | ||||||
Goosehead Insurance, Inc. (2) |
16 | 1,203 | ||||||
Great Ajax Corp. |
1,594 | 14,665 | ||||||
HBT Financial, Inc. |
215 | 2,866 | ||||||
Heritage Commerce Corp. |
408 | 3,062 | ||||||
Hilltop Holdings, Inc. |
1,236 | 22,804 | ||||||
HomeStreet, Inc. |
403 | 9,918 | ||||||
Houlihan Lokey, Inc. |
281 | 15,635 | ||||||
International Bancshares Corp. |
162 | 5,187 | ||||||
INTL. FCStone, Inc. (2) |
327 | 17,985 | ||||||
Invesco, Ltd. |
780 | 8,393 | ||||||
JPMorgan Chase & Co. |
7,884 | 741,569 | ||||||
Kinsale Capital Group, Inc. |
72 | 11,175 | ||||||
KKR Real Estate Finance Trust |
1,556 | 25,798 | ||||||
Ladder Capital Corp. |
1,529 | 12,385 | ||||||
Lakeland Bancorp, Inc. |
1,074 | 12,276 | ||||||
LPL Financial Holdings, Inc. |
72 | 5,645 | ||||||
M&T Bank Corp. |
111 | 11,541 | ||||||
MarketAxess Holdings, Inc. |
202 | 101,186 | ||||||
Medley Management, Inc. - Class A (2) |
271 | 209 | ||||||
MetLife, Inc. |
891 | 32,539 | ||||||
Metrocity Bankshares, Inc. |
599 | 8,584 | ||||||
Mid Penn Bancorp, Inc. |
3 | 55 | ||||||
MSCI, Inc. |
253 | 84,456 | ||||||
National General Holdings Corp. |
164 | 3,544 | ||||||
NewStar Financial Contingent Value Rights (2)(8) |
31 | — | ||||||
NI Holdings, Inc. (2) |
30 | 443 | ||||||
Nicolet Bankshares, Inc. (2) |
14 | 767 | ||||||
Northrim BanCorp, Inc. |
388 | 9,754 | ||||||
OceanFirst Financial Corp. |
169 | 2,979 | ||||||
Ocwen Financial Corp. (2) |
240 | 159 | ||||||
Oppenheimer Holdings, Inc. |
998 | 21,746 | ||||||
Pacific Premier Bancorp, Inc. |
1,108 | 24,021 | ||||||
PennyMac Financial Services, Inc. - Class A |
1,229 | 51,360 | ||||||
People’s United Financial, Inc. |
122 | 1,412 | ||||||
PJT Partners, Inc. |
121 | 6,212 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
PNC Financial Services Group I |
278 | 29,248 | ||||||
Popular, Inc. |
2,426 | 90,174 | ||||||
ProSight Global, Inc. (2) |
372 | 3,311 | ||||||
Prosperity Bancshares, Inc. |
517 | 30,699 | ||||||
Prudential Financial, Inc. |
2,727 | 166,074 | ||||||
Pzena Investment Management In |
929 | 5,054 | ||||||
QCR Holdings, Inc. |
543 | 16,931 | ||||||
Radian Group, Inc. |
972 | 15,076 | ||||||
RBB Bancorp |
931 | 12,708 | ||||||
Regions Financial Corp. |
8,527 | 94,820 | ||||||
Signature Bank/New York NY |
704 | 75,272 | ||||||
Silvercrest Asset Management Group, Inc. |
99 | 1,258 | ||||||
Simmons First National Corp. |
658 | 11,258 | ||||||
South State Corp. |
52 | 2,478 | ||||||
Starwood Property Trust, Inc. |
204 | 3,052 | ||||||
State Street Corp. |
1,082 | 68,761 | ||||||
Stewart Information Services C |
1,873 | 60,891 | ||||||
Summit Financial Group, Inc. |
96 | 1,582 | ||||||
SVB Financial Group (2) |
185 | 39,873 | ||||||
TriCo Bancshares |
170 | 5,177 | ||||||
Truist Financial Corp. |
2,676 | 100,484 | ||||||
United Community Banks, Inc./GA |
153 | 3,078 | ||||||
Unity Bancorp, Inc. |
10 | 143 | ||||||
Valley National Bancorp |
2,729 | 21,341 | ||||||
Walker & Dunlop, Inc. |
43 | 2,185 | ||||||
Wells Fargo & Co. |
3,657 | 93,619 | ||||||
Western Alliance Bancorp |
563 | 21,321 | ||||||
| 5,183,091 | ||||||||
Healthcare — 7.3% |
||||||||
Abbott Laboratories |
2,091 | 191,180 | ||||||
AbbVie, Inc. |
7,908 | 776,407 | ||||||
Acceleron Pharma, Inc. (2) |
291 | 27,724 | ||||||
AcelRx Pharmaceuticals, Inc. (2) |
2,706 | 3,274 | ||||||
Addus HomeCare Corp. (2) |
21 | 1,944 | ||||||
Aduro Biotech, Inc. (2) |
411 | 949 | ||||||
Adverum Biotechnologies, Inc. (2) |
166 | 3,466 | ||||||
Affimed NV (2) |
1,225 | 5,653 | ||||||
AgeX Therapeutics, Inc. (2) |
108 | 102 | ||||||
Agilent Technologies, Inc. |
1,739 | 153,675 | ||||||
Akcea Therapeutics, Inc. (2) |
35 | 480 | ||||||
Akebia Therapeutics, Inc. (2) |
438 | 5,948 | ||||||
Akorn, Inc. (2) |
513 | 144 | ||||||
Alector, Inc. (2) |
235 | 5,743 | ||||||
Alexion Pharmaceuticals, Inc. (2) |
1,173 | 131,658 | ||||||
Align Technology, Inc. (2) |
102 | 27,993 | ||||||
Alkermes PLC (2) |
935 | 18,144 | ||||||
The accompanying notes are an integral part of these financial statements
Page 58 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Alnylam Pharmaceuticals, Inc. (2) |
414 | 61,318 | ||||||
Amedisys, Inc. (2) |
87 | 17,273 | ||||||
AmerisourceBergen Corp. |
1,161 | 116,994 | ||||||
Amgen, Inc. |
2,598 | 612,764 | ||||||
Amicus Therapeutics, Inc. (2) |
742 | 11,189 | ||||||
Amneal Pharmaceuticals, Inc. (2) |
1,176 | 5,598 | ||||||
Anthem, Inc. |
231 | 60,748 | ||||||
Apellis Pharmaceuticals, Inc. (2) |
255 | 8,328 | ||||||
Applied Therapeutics, Inc. (2) |
59 | 2,133 | ||||||
Arcus Biosciences, Inc. (2) |
131 | 3,241 | ||||||
Ardelyx, Inc. (2) |
516 | 3,571 | ||||||
Arena Pharmaceuticals, Inc. (2) |
117 | 7,365 | ||||||
Arrowhead Pharmaceuticals, Inc. (2) |
163 | 7,040 | ||||||
Arvinas, Inc. (2) |
240 | 8,050 | ||||||
Assembly Biosciences, Inc. (2) |
39 | 909 | ||||||
Assertio Holdings, Inc. (2) |
874 | 749 | ||||||
AtriCure, Inc. (2) |
140 | 6,293 | ||||||
Avantor, Inc. (2) |
574 | 9,758 | ||||||
Avid Bioservices, Inc. (2) |
90 | 591 | ||||||
Avrobio, Inc. (2) |
161 | 2,809 | ||||||
Axsome Therapeutics, Inc. (2) |
98 | 8,063 | ||||||
Baxter International, Inc. |
1,631 | 140,429 | ||||||
Beyondspring, Inc. (2) |
107 | 1,614 | ||||||
BioDelivery Sciences Internati (2) |
1,905 | 8,306 | ||||||
Biogen, Inc. (2) |
1,455 | 389,285 | ||||||
BioMarin Pharmaceutical, Inc. (2) |
1,153 | 142,211 | ||||||
Bio-Rad Laboratories, Inc. - Class A (2) |
8 | 3,612 | ||||||
BioSpecifics Technologies Corp. (2) |
40 | 2,451 | ||||||
Bioxcel Therapeutics, Inc. (2) |
83 | 4,400 | ||||||
Blueprint Medicines Corp. (2) |
149 | 11,622 | ||||||
Bridgebio Pharma, Inc. (2) |
110 | 3,587 | ||||||
Bristol-Myers Squibb Co. |
6,446 | 379,025 | ||||||
Cardinal Health, Inc. |
1,457 | 76,041 | ||||||
CASI Pharmaceuticals, Inc. (2) |
90 | 225 | ||||||
Catalent, Inc. (2) |
861 | 63,111 | ||||||
Catalyst Pharmaceuticals, Inc. (2) |
1,537 | 7,101 | ||||||
cbdMD, Inc. (2) |
755 | 1,442 | ||||||
Celcuity, Inc. (2) |
82 | 568 | ||||||
Centene Corp. (2) |
697 | 44,294 | ||||||
Centogene NV (2) |
33 | 755 | ||||||
Cerecor, Inc. (2) |
197 | 512 | ||||||
Cerner Corp. |
2,980 | 204,279 | ||||||
Chemed Corp. |
124 | 55,933 | ||||||
ChemoCentryx, Inc. (2) |
188 | 10,818 | ||||||
Cigna Corp. |
312 | 58,547 | ||||||
Coherus Biosciences, Inc. (2) |
317 | 5,662 | ||||||
Collegium Pharmaceutical, Inc. (2) |
234 | 4,095 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Computer Programs and Systems |
83 | 1,892 | ||||||
Conformis, Inc. (2) |
569 | 467 | ||||||
Constellation Pharmaceuticals (2) |
122 | 3,666 | ||||||
Cortexyme, Inc. (2) |
26 | 1,204 | ||||||
Cue Biopharma, Inc. (2) |
1,235 | 30,270 | ||||||
CVS Health Corp. |
5,576 | 362,273 | ||||||
CytomX Therapeutics, Inc. (2) |
182 | 1,516 | ||||||
DaVita, Inc. (2) |
781 | 61,808 | ||||||
Deciphera Pharmaceuticals, Inc. (2) |
60 | 3,583 | ||||||
Denali Therapeutics, Inc. (2) |
64 | 1,548 | ||||||
DexCom, Inc. (2) |
153 | 62,026 | ||||||
Dynavax Technologies Corp. (2) |
337 | 2,989 | ||||||
Edwards Lifesciences Corp. (2) |
1,860 | 128,545 | ||||||
Elanco Animal Health, Inc. Contingent Value Rights (2)(8) |
162 | — | ||||||
ElectroCore, Inc. (2) |
30 | 25 | ||||||
Eli Lilly and Co. |
2,940 | 482,689 | ||||||
Eloxx Pharmaceuticals, Inc. (2) |
88 | 267 | ||||||
Emergent BioSolutions, Inc. (2) |
345 | 27,283 | ||||||
Encompass Health Corp. |
313 | 19,384 | ||||||
Endo International PLC (2) |
1,184 | 4,061 | ||||||
Enochian Biosciences, Inc. (2) |
37 | 156 | ||||||
Ensign Group, Inc./The |
118 | 4,938 | ||||||
Exact Sciences Corp. (2) |
349 | 30,342 | ||||||
Exelixis, Inc. (2) |
1,291 | 30,648 | ||||||
Fate Therapeutics, Inc. (2) |
288 | 9,881 | ||||||
Fulcrum Therapeutics, Inc. (2) |
40 | 732 | ||||||
GenMark Diagnostics, Inc. (2) |
216 | 3,177 | ||||||
Geron Corp. (2) |
1,187 | 2,588 | ||||||
Gilead Sciences, Inc. |
4,748 | 365,311 | ||||||
Guardant Health, Inc. (2) |
16 | 1,298 | ||||||
Halozyme Therapeutics, Inc. (2) |
153 | 4,102 | ||||||
Harvard Bioscience, Inc. (2) |
12 | 37 | ||||||
HealthStream, Inc. (2) |
2 | 44 | ||||||
Hill-Rom Holdings, Inc. |
774 | 84,970 | ||||||
HMS Holdings Corp. (2) |
701 | 22,705 | ||||||
Horizon Therapeutics Plc (2) |
552 | 30,680 | ||||||
Humana, Inc. |
1,140 | 442,035 | ||||||
Illumina, Inc. (2) |
61 | 22,591 | ||||||
ImmunoGen, Inc. (2) |
729 | 3,353 | ||||||
Immunomedics, Inc. (2) |
489 | 17,330 | ||||||
Inovio Pharmaceuticals, Inc. (2) |
268 | 7,223 | ||||||
Insmed, Inc. (2) |
156 | 4,296 | ||||||
Intellia Therapeutics, Inc. (2) |
214 | 4,498 | ||||||
Invitae Corp. (2) |
219 | 6,634 | ||||||
Iovance Biotherapeutics, Inc. (2) |
442 | 12,133 | ||||||
iRhythm Technologies, Inc. (2) |
54 | 6,258 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 59 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Jazz Pharmaceuticals PLC (2) |
83 | 9,158 | ||||||
Johnson & Johnson |
7,082 | 995,942 | ||||||
Jounce Therapeutics, Inc. (2) |
239 | 1,649 | ||||||
Kadmon Holdings, Inc. (2) |
765 | 3,917 | ||||||
Kala Pharmaceuticals, Inc. (2) |
246 | 2,585 | ||||||
Karyopharm Therapeutics, Inc. (2) |
38 | 720 | ||||||
Kezar Life Sciences, Inc. (2) |
36 | 186 | ||||||
Kiniksa Pharmaceuticals, Ltd. (2) |
105 | 2,675 | ||||||
Kodiak Sciences, Inc. (2) |
69 | 3,734 | ||||||
Krystal Biotech, Inc. (2) |
17 | 704 | ||||||
Kura Oncology, Inc. (2) |
331 | 5,395 | ||||||
LHC Group, Inc. (2) |
69 | 12,028 | ||||||
Livongo Health, Inc. (2) |
159 | 11,955 | ||||||
MacroGenics, Inc. (2) |
252 | 7,036 | ||||||
Mallinckrodt PLC (2)(3) |
30 | 80 | ||||||
MannKind Corp. (2) |
564 | 987 | ||||||
Marinus Pharmaceuticals, Inc. (2) |
544 | 1,382 | ||||||
Masimo Corp. (2) |
231 | 52,666 | ||||||
McKesson Corp. |
434 | 66,584 | ||||||
Medtronic PLC |
6,583 | 603,661 | ||||||
MEI Pharma, Inc. (2) |
82 | 339 | ||||||
Merck & Co., Inc. |
8,948 | 691,949 | ||||||
Meridian Bioscience, Inc. (2) |
232 | 5,403 | ||||||
Mersana Therapeutics, Inc. (2) |
667 | 15,608 | ||||||
Moderna, Inc. (2) |
586 | 37,627 | ||||||
Molecular Templates, Inc. (2) |
266 | 3,668 | ||||||
Molina Healthcare, Inc. (2) |
88 | 15,662 | ||||||
Momenta Pharmaceuticals, Inc. (2) |
337 | 11,212 | ||||||
Morphic Holding, Inc. (2) |
98 | 2,651 | ||||||
Mylan NV (2) |
954 | 15,340 | ||||||
MyoKardia, Inc. (2) |
117 | 11,305 | ||||||
Myriad Genetics, Inc. (2) |
242 | 2,744 | ||||||
Natera, Inc. (2) |
204 | 10,171 | ||||||
National Research Corp. |
20 | 1,164 | ||||||
Neurocrine Biosciences, Inc. (2) |
514 | 62,708 | ||||||
NextCure, Inc. (2) |
6 | 129 | ||||||
NextGen Healthcare, Inc. (2) |
534 | 5,863 | ||||||
Novavax, Inc. (2) |
77 | 6,418 | ||||||
Odonate Therapeutics, Inc. (2) |
93 | 3,938 | ||||||
Oncocyte Corp. (2) |
240 | 458 | ||||||
Oncternal Therapeutics, Inc. (2) |
138 | 392 | ||||||
OPKO Health, Inc. (2) |
1,007 | 3,434 | ||||||
Organogenesis Holdings, Inc. (2) |
140 | 538 | ||||||
Osmotica Pharmaceuticals PLC (2) |
431 | 2,901 | ||||||
Owens & Minor, Inc. |
292 | 2,225 | ||||||
Palatin Technologies, Inc. (2) |
1,854 | 949 | ||||||
PDL BioPharma, Inc. |
463 | 1,347 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Perrigo Co. PLC |
998 | 55,159 | ||||||
Pfenex, Inc. (2) |
230 | 1,921 | ||||||
Pfizer, Inc. |
13,035 | 426,245 | ||||||
Phibro Animal Health Corp. - Class A |
417 | 10,955 | ||||||
Phreesia, Inc. (2) |
270 | 7,636 | ||||||
Pieris Pharmaceuticals, Inc. (2) |
566 | 1,755 | ||||||
PolarityTE, Inc. (2) |
252 | 312 | ||||||
PRA Health Sciences, Inc. (2) |
189 | 18,388 | ||||||
Precigen, Inc. (2)(3) |
481 | 2,400 | ||||||
Principia Biopharma, Inc. (2) |
149 | 8,909 | ||||||
PTC Therapeutics, Inc. (2) |
195 | 9,894 | ||||||
Puma Biotechnology, Inc. (2) |
71 | 741 | ||||||
Quest Diagnostics, Inc. |
434 | 49,459 | ||||||
Quidel Corp. (2) |
115 | 25,730 | ||||||
Radius Health, Inc. (2) |
45 | 613 | ||||||
Recro Pharma, Inc. |
548 | 2,493 | ||||||
Regeneron Pharmaceuticals, Inc. (2) |
263 | 164,020 | ||||||
REGENXBIO, Inc. (2) |
16 | 589 | ||||||
Replimune Group, Inc. (2) |
44 | 1,093 | ||||||
ResMed, Inc. |
702 | 134,784 | ||||||
Rhythm Pharmaceuticals, Inc. (2) |
51 | 1,137 | ||||||
Rigel Pharmaceuticals, Inc. (2) |
1,749 | 3,201 | ||||||
Sangamo Therapeutics, Inc. (2) |
282 | 2,527 | ||||||
Seattle Genetics, Inc. (2) |
332 | 56,413 | ||||||
Senseonics Holdings, Inc. (2) |
145 | 57 | ||||||
Sorrento Therapeutics, Inc. (2)(3) |
390 | 2,449 | ||||||
STERIS PLC |
590 | 90,530 | ||||||
Strongbridge Biopharma PLC (2) |
715 | 2,703 | ||||||
Sutro Biopharma, Inc. (2) |
91 | 706 | ||||||
Syndax Pharmaceuticals, Inc. (2) |
2 | 30 | ||||||
Tandem Diabetes Care, Inc. (2) |
337 | 33,336 | ||||||
Teladoc Health, Inc. (2) |
197 | 37,595 | ||||||
Tenet Healthcare Corp. (2) |
619 | 11,210 | ||||||
TG Therapeutics, Inc. (2) |
291 | 5,669 | ||||||
Theravance Biopharma, Inc. (2) |
30 | 630 | ||||||
Thermo Fisher Scientific, Inc. |
142 | 51,452 | ||||||
TransEnterix, Inc. (2) |
359 | 194 | ||||||
Translate Bio, Inc. (2) |
123 | 2,204 | ||||||
Turning Point Therapeutics, Inc. (2) |
39 | 2,519 | ||||||
Twist Bioscience Corp. (2) |
74 | 3,352 | ||||||
Ultragenyx Pharmaceutical, Inc. (2) |
84 | 6,570 | ||||||
United Therapeutics Corp. (2) |
387 | 46,827 | ||||||
UnitedHealth Group, Inc. |
2,007 | 591,965 | ||||||
Vanda Pharmaceuticals, Inc. (2) |
241 | 2,757 | ||||||
Veeva Systems, Inc. (2) |
794 | 186,129 | ||||||
Verrica Pharmaceuticals, Inc. (2) |
92 | 1,013 | ||||||
Vertex Pharmaceuticals, Inc. (2) |
926 | 268,827 | ||||||
The accompanying notes are an integral part of these financial statements
Page 60 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
WaVe Life Sciences, Ltd. (2) |
30 | 312 | ||||||
West Pharmaceutical Services, Inc. |
347 | 78,828 | ||||||
XBiotech, Inc. (2) |
378 | 5,182 | ||||||
Xencor, Inc. (2) |
424 | 13,733 | ||||||
Y-mAbs Therapeutics, Inc. (2) |
147 | 6,350 | ||||||
Zimmer Biomet Holdings, Inc. |
950 | 113,392 | ||||||
Zoetis, Inc. |
2,745 | 376,175 | ||||||
Zynex, Inc. (2) |
454 | 11,291 | ||||||
| 11,882,197 | ||||||||
Industrials — 2.8% |
||||||||
3M Co. |
1,177 | 183,600 | ||||||
Allison Transmission Holdings |
1,040 | 38,251 | ||||||
Alpha Pro Tech, Ltd. (2) |
23 | 407 | ||||||
ArcBest Corp. |
208 | 5,514 | ||||||
Arcosa, Inc. |
660 | 27,852 | ||||||
ASGN, Inc. (2) |
169 | 11,269 | ||||||
Astec Industries, Inc. |
140 | 6,483 | ||||||
Atkore International Group, Inc. (2) |
693 | 18,954 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) |
229 | 9,854 | ||||||
Avis Budget Group, Inc. (2) |
58 | 1,328 | ||||||
Axon Enterprise, Inc. (2) |
129 | 12,659 | ||||||
AZZ, Inc. |
823 | 28,245 | ||||||
BG Staffing, Inc. |
91 | 1,030 | ||||||
BlueLinx Holdings, Inc. (2) |
16 | 137 | ||||||
BMC Stock Holdings, Inc. (2) |
2,268 | 57,018 | ||||||
Builders FirstSource, Inc. (2) |
455 | 9,419 | ||||||
BWX Technologies, Inc. |
93 | 5,268 | ||||||
Caterpillar, Inc. |
566 | 71,599 | ||||||
Columbus McKinnon Corp./NY |
21 | 702 | ||||||
Comfort Systems USA, Inc. |
1,363 | 55,542 | ||||||
Commercial Vehicle Group, Inc. (2) |
848 | 2,451 | ||||||
Copart, Inc. (2) |
25 | 2,082 | ||||||
CoreLogic, Inc./United States |
33 | 2,218 | ||||||
CSX Corp. |
2,907 | 202,734 | ||||||
Cummins, Inc. |
2,856 | 494,831 | ||||||
Curtiss-Wright Corp. |
1,257 | 112,225 | ||||||
Donaldson Co., Inc. |
257 | 11,956 | ||||||
Eaton Corp. PLC |
1,761 | 154,052 | ||||||
Echo Global Logistics, Inc. (2) |
826 | 17,858 | ||||||
EMCOR Group, Inc. |
969 | 64,090 | ||||||
Emerson Electric Co. |
99 | 6,141 | ||||||
Encore Wire Corp. |
183 | 8,934 | ||||||
EnerSys |
420 | 27,040 | ||||||
Expeditors International of Wa |
92 | 6,996 | ||||||
Federal Signal Corp. |
1,388 | 41,265 | ||||||
Fortune Brands Home & Security |
409 | 26,147 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Generac Holdings, Inc. (2) |
27 | 3,292 | ||||||
GMS, Inc. (2) |
109 | 2,680 | ||||||
Graco, Inc. |
391 | 18,764 | ||||||
GrafTech International, Ltd. |
489 | 3,902 | ||||||
Herman Miller, Inc. |
509 | 12,017 | ||||||
Hertz Global Holdings, Inc. (2) |
168 | 237 | ||||||
HNI Corp. |
484 | 14,796 | ||||||
Hub Group, Inc. - Class A (2) |
586 | 28,046 | ||||||
Hubbell, Inc. |
2,048 | 256,737 | ||||||
Huntington Ingalls Industries |
543 | 94,748 | ||||||
Illinois Tool Works, Inc. |
732 | 127,990 | ||||||
JetBlue Airways Corp. (2) |
93 | 1,014 | ||||||
Johnson Controls International |
145 | 4,950 | ||||||
Kelly Services, Inc. - Class A |
29 | 459 | ||||||
Kimball International, Inc. - Class B |
536 | 6,196 | ||||||
L B Foster Co. - Class A (2) |
137 | 1,749 | ||||||
Lincoln Electric Holdings, Inc. |
409 | 34,454 | ||||||
Lockheed Martin Corp. |
1,417 | 517,092 | ||||||
LSC Communications, Inc. (2) |
1,143 | 65 | ||||||
Lyft, Inc. (2) |
144 | 4,753 | ||||||
Manitowoc Co., Inc./The (2) |
376 | 4,091 | ||||||
ManpowerGroup, Inc. |
1,775 | 122,031 | ||||||
Marten Transport, Ltd. |
65 | 1,635 | ||||||
Matson, Inc. |
485 | 14,114 | ||||||
McGrath RentCorp |
56 | 3,025 | ||||||
Meritor, Inc. (2) |
1,163 | 23,027 | ||||||
Miller Industries, Inc./TN |
443 | 13,188 | ||||||
MRC Global, Inc. (2) |
270 | 1,596 | ||||||
Mueller Water Products, Inc. |
458 | 4,319 | ||||||
MYR Group, Inc. (2) |
173 | 5,520 | ||||||
Nordson Corp. |
329 | 62,415 | ||||||
Norfolk Southern Corp. |
57 | 10,007 | ||||||
Northwest Pipe Co. (2) |
245 | 6,142 | ||||||
Old Dominion Freight Line, Inc. |
537 | 91,070 | ||||||
Oshkosh Corp. |
392 | 28,075 | ||||||
PACCAR, Inc. |
3,764 | 281,735 | ||||||
Primoris Services Corp. |
647 | 11,491 | ||||||
Quanta Services, Inc. |
116 | 4,551 | ||||||
Regal Beloit Corp. |
704 | 61,473 | ||||||
Rexnord Corp. |
788 | 22,970 | ||||||
Rockwell Automation, Inc. |
286 | 60,918 | ||||||
RR Donnelley & Sons Co. |
897 | 1,067 | ||||||
Safe Bulkers, Inc. (2) |
451 | 550 | ||||||
Saia, Inc. (2) |
172 | 19,123 | ||||||
Schneider National, Inc. - Class B |
120 | 2,960 | ||||||
Shyft Group, Inc./The |
512 | 8,622 | ||||||
SkyWest, Inc. |
190 | 6,198 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 61 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Southwest Airlines Co. |
10,916 | 373,109 | ||||||
Steelcase, Inc. - Class A |
356 | 4,293 | ||||||
Teledyne Technologies, Inc. (2) |
26 | 8,085 | ||||||
Timken Co./The |
1,185 | 53,906 | ||||||
Trex Co., Inc. (2) |
86 | 11,186 | ||||||
Triton International, Ltd./Bermu |
1,399 | 42,306 | ||||||
Tutor Perini Corp. (2) |
159 | 1,937 | ||||||
Uber Technologies, Inc. (2) |
1,497 | 46,527 | ||||||
UFP Industries, Inc. |
151 | 7,476 | ||||||
United Parcel Service, Inc. - Class B |
889 | 98,839 | ||||||
Vectrus, Inc. (2) |
159 | 7,812 | ||||||
Veritiv Corp. (2) |
56 | 950 | ||||||
Vicor Corp. (2) |
12 | 863 | ||||||
WESCO International, Inc. (2) |
11 | 386 | ||||||
WESCO International, Inc. Series A Variable Preferred (2)(10) |
252 | 6,683 | ||||||
Willis Lease Finance Corp. (2) |
4 | 97 | ||||||
WW Grainger, Inc. |
771 | 242,217 | ||||||
| 4,638,677 | ||||||||
Information Technology — 10.5% |
||||||||
ACI Worldwide, Inc. (2) |
30 | 810 | ||||||
Adobe, Inc. (2) |
1,339 | 582,880 | ||||||
Advanced Micro Devices, Inc. (2) |
1,830 | 96,276 | ||||||
Alliance Data Systems Corp. |
132 | 5,956 | ||||||
American Software, Inc./GA |
97 | 1,529 | ||||||
Amkor Technology, Inc. (2) |
1,604 | 19,745 | ||||||
Apple, Inc. |
8,891 | 3,243,437 | ||||||
Applied Materials, Inc. |
3,302 | 199,606 | ||||||
Arrow Electronics, Inc. (2) |
882 | 60,585 | ||||||
AstroNova, Inc. |
279 | 2,221 | ||||||
Autodesk, Inc. (2) |
481 | 115,050 | ||||||
Avaya Holdings Corp. (2) |
837 | 10,345 | ||||||
Avid Technology, Inc. (2) |
784 | 5,700 | ||||||
Avnet, Inc. |
2,251 | 62,769 | ||||||
Benchmark Electronics, Inc. |
34 | 734 | ||||||
Bottomline Technologies DE, Inc. (2) |
1 | 51 | ||||||
Box, Inc. (2) |
489 | 10,152 | ||||||
Broadcom, Inc. |
361 | 113,935 | ||||||
CACI International, Inc. - Class A (2) |
160 | 34,701 | ||||||
Cadence Design Systems, Inc. (2) |
3,832 | 367,719 | ||||||
Calix, Inc. (2) |
597 | 8,895 | ||||||
Cambium Networks Corp. (2) |
685 | 5,042 | ||||||
CDK Global, Inc. |
318 | 13,172 | ||||||
Cerence, Inc. (2) |
282 | 11,517 | ||||||
ChannelAdvisor Corp. (2) |
783 | 12,403 | ||||||
Ciena Corp. (2) |
1,254 | 67,917 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Cirrus Logic, Inc. (2) |
727 | 44,914 | ||||||
Cisco Systems, Inc. |
9,856 | 459,684 | ||||||
Citrix Systems, Inc. |
1,366 | 202,045 | ||||||
Cognex Corp. |
346 | 20,663 | ||||||
Cognizant Technology Solutions |
3,151 | 179,040 | ||||||
Coupa Software, Inc. (2) |
120 | 33,245 | ||||||
Diebold Nixdorf, Inc. (2) |
527 | 3,194 | ||||||
Digital Turbine, Inc. (2) |
11 | 138 | ||||||
Diodes, Inc. (2) |
74 | 3,752 | ||||||
DocuSign, Inc. (2) |
695 | 119,686 | ||||||
Dropbox, Inc. (2) |
853 | 18,570 | ||||||
DXC Technology Co. |
1,453 | 23,975 | ||||||
Ebix, Inc. |
417 | 9,324 | ||||||
Enphase Energy, Inc. (2) |
193 | 9,181 | ||||||
F5 Networks, Inc. (2) |
117 | 16,319 | ||||||
Five9, Inc. (2) |
237 | 26,229 | ||||||
Fortinet, Inc. (2) |
497 | 68,223 | ||||||
Hackett Group, Inc./The |
155 | 2,099 | ||||||
Hewlett Packard Enterprise Co. |
9,013 | 87,696 | ||||||
HP, Inc. |
5,987 | 104,353 | ||||||
IBM |
1,185 | 143,112 | ||||||
II-VI, Inc. (2) |
104 | 4,911 | ||||||
Intel Corp. |
13,340 | 798,132 | ||||||
Intuit, Inc. |
1,969 | 583,198 | ||||||
J2 Global, Inc. (2) |
359 | 22,692 | ||||||
Jabil, Inc. |
2,293 | 73,559 | ||||||
Juniper Networks, Inc. |
510 | 11,659 | ||||||
Kimball Electronics, Inc. (2) |
23 | 311 | ||||||
KLA Corp. |
233 | 45,314 | ||||||
Lam Research Corp. |
479 | 154,937 | ||||||
Leidos Holdings, Inc. |
103 | 9,648 | ||||||
Lumentum Holdings, Inc. (2) |
226 | 18,403 | ||||||
Majesco (2) |
78 | 613 | ||||||
Manhattan Associates, Inc. (2) |
418 | 39,376 | ||||||
ManTech International Corp./VA |
149 | 10,205 | ||||||
Mastercard, Inc. |
2,810 | 830,917 | ||||||
Maxim Integrated Products, Inc. |
980 | 59,398 | ||||||
Methode Electronics, Inc. |
63 | 1,969 | ||||||
Micron Technology, Inc. (2) |
2,166 | 111,592 | ||||||
Microsoft Corp. |
16,644 | 3,387,220 | ||||||
MKS Instruments, Inc. |
42 | 4,756 | ||||||
Motorola Solutions, Inc. |
394 | 55,211 | ||||||
National Instruments Corp. |
588 | 22,761 | ||||||
NCR Corp. (2) |
345 | 5,975 | ||||||
NetScout Systems, Inc. (2) |
401 | 10,250 | ||||||
NIC, Inc. |
635 | 14,580 | ||||||
NortonLifeLock, Inc. |
3,517 | 69,742 | ||||||
The accompanying notes are an integral part of these financial statements
Page 62 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
NVIDIA Corp. |
1,643 | 624,192 | ||||||
Okta, Inc. (2) |
48 | 9,611 | ||||||
ON Semiconductor Corp. (2) |
293 | 5,807 | ||||||
OneSpan, Inc. (2) |
530 | 14,803 | ||||||
Oracle Corp. |
10,686 | 590,615 | ||||||
PagerDuty, Inc. (2) |
157 | 4,493 | ||||||
Paycom Software, Inc. (2) |
135 | 41,814 | ||||||
PayPal Holdings, Inc. (2) |
249 | 43,383 | ||||||
PC Connection, Inc. |
28 | 1,298 | ||||||
Perspecta, Inc. |
590 | 13,706 | ||||||
Photronics, Inc. (2) |
690 | 7,680 | ||||||
Plantronics, Inc. |
132 | 1,938 | ||||||
Priority Technology Holdings, Inc. (2) |
100 | 259 | ||||||
Progress Software Corp. |
1,743 | 67,541 | ||||||
Pure Storage, Inc. (2) |
1,765 | 30,587 | ||||||
Qorvo, Inc. (2) |
353 | 39,017 | ||||||
QUALCOMM, Inc. |
6,359 | 580,004 | ||||||
Qualys, Inc. (2) |
365 | 37,967 | ||||||
RingCentral, Inc. - Class A (2) |
197 | 56,147 | ||||||
salesforce.com, Inc. (2) |
1,716 | 321,458 | ||||||
Sanmina Corp. (2) |
586 | 14,673 | ||||||
ScanSource, Inc. (2) |
229 | 5,517 | ||||||
ServiceNow, Inc. (2) |
82 | 33,215 | ||||||
Skyworks Solutions, Inc. |
848 | 108,425 | ||||||
Slack Technologies, Inc. (2) |
857 | 26,644 | ||||||
SMART Global Holdings, Inc. (2) |
143 | 3,887 | ||||||
Smartsheet, Inc. (2) |
186 | 9,471 | ||||||
Sonim Technologies, Inc. (2) |
372 | 298 | ||||||
Splunk, Inc. (2) |
91 | 18,082 | ||||||
SPS Commerce, Inc. (2) |
326 | 24,489 | ||||||
SS&C Technologies Holdings, Inc. |
4,820 | 272,234 | ||||||
Stratasys, Ltd. (2) |
116 | 1,840 | ||||||
Sykes Enterprises, Inc. (2) |
746 | 20,634 | ||||||
SYNNEX Corp. |
425 | 50,902 | ||||||
Synopsys, Inc. (2) |
2,174 | 423,930 | ||||||
Tenable Holdings, Inc. (2) |
294 | 8,764 | ||||||
TESSCO Technologies, Inc. |
76 | 418 | ||||||
Texas Instruments, Inc. |
1,676 | 212,802 | ||||||
Trimble, Inc. (2) |
1,222 | 52,778 | ||||||
TTEC Holdings, Inc. |
109 | 5,075 | ||||||
Twilio, Inc. (2) |
249 | 54,636 | ||||||
Verint Systems, Inc. (2) |
1,265 | 57,153 | ||||||
Veritone, Inc. (2) |
151 | 2,244 | ||||||
VirnetX Holding Corp. (3) |
1,342 | 8,723 | ||||||
Visa, Inc. |
829 | 160,138 | ||||||
Vishay Intertechnology, Inc. |
25 | 382 | ||||||
Workday, Inc. (2) |
396 | 74,195 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Xerox Holdings Corp. |
3,332 | 50,946 | ||||||
Xperi Holding Corp. |
954 | 14,081 | ||||||
Zebra Technologies Corp. - Class A (2) |
251 | 64,243 | ||||||
Zoom Video Communications, Inc. (2) |
87 | 22,058 | ||||||
Zscaler, Inc. (2) |
242 | 26,499 | ||||||
| 17,297,614 | ||||||||
Materials — 0.8% |
||||||||
AdvanSix, Inc. (2) |
102 | 1,197 | ||||||
Air Products and Chemicals, Inc. |
711 | 171,678 | ||||||
Boise Cascade Co. |
614 | 23,093 | ||||||
Clearwater Paper Corp. (2) |
64 | 2,312 | ||||||
Commercial Metals Co. |
77 | 1,571 | ||||||
Dow, Inc. |
961 | 39,170 | ||||||
Eastman Chemical Co. |
517 | 36,004 | ||||||
Flotek Industries, Inc. (2) |
965 | 1,158 | ||||||
FMC Corp. |
496 | 49,412 | ||||||
FutureFuel Corp. |
10 | 120 | ||||||
Hawkins, Inc. |
22 | 937 | ||||||
Huntsman Corp. |
47 | 845 | ||||||
Koppers Holdings, Inc. (2) |
204 | 3,843 | ||||||
Linde PLC |
75 | 15,908 | ||||||
LyondellBasell Industries NV |
1,078 | 70,846 | ||||||
Marrone Bio Innovations, Inc. (2) |
1,328 | 1,554 | ||||||
Materion Corp. |
91 | 5,596 | ||||||
NewMarket Corp. |
2 | 801 | ||||||
Newmont Corp. |
5,204 | 321,295 | ||||||
Novagold Resources, Inc. (2) |
1,616 | 14,835 | ||||||
Olin Corp. |
78 | 896 | ||||||
Olympic Steel, Inc. |
169 | 1,986 | ||||||
Packaging Corp. of America |
249 | 24,850 | ||||||
PolyOne Corp. |
38 | 997 | ||||||
Reliance Steel & Aluminum Co. |
1,618 | 153,597 | ||||||
Royal Gold, Inc. |
285 | 35,431 | ||||||
RPM International, Inc. |
546 | 40,983 | ||||||
Ryerson Holding Corp. (2) |
530 | 2,984 | ||||||
Scotts Miracle-Gro Co./The |
339 | 45,585 | ||||||
Sherwin-Williams Co./The |
364 | 210,337 | ||||||
Steel Dynamics, Inc. |
754 | 19,672 | ||||||
Stepan Co. |
58 | 5,632 | ||||||
Tredegar Corp. |
526 | 8,100 | ||||||
Trinseo SA |
1 | 22 | ||||||
Tronox Holdings PLC |
22 | 159 | ||||||
Westrock Co. |
1,178 | 33,290 | ||||||
Worthington Industries, Inc. |
198 | 7,385 | ||||||
| 1,354,081 | ||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 63 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Real Estate Investment Trust — 1.3% |
||||||||
Altisource Portfolio Solutions (2) |
347 | 5,115 | ||||||
American Homes 4 Rent |
1,611 | 43,336 | ||||||
American Tower Corp. |
2,089 | 540,090 | ||||||
Apple Hospitality REIT, Inc. |
3,924 | 37,906 | ||||||
Ashford Hospitality Trust, Inc. |
1,066 | 770 | ||||||
AvalonBay Communities, Inc. |
329 | 50,877 | ||||||
CareTrust REIT, Inc. |
380 | 6,521 | ||||||
CatchMark Timber Trust, Inc. |
780 | 6,903 | ||||||
CBL & Associates Properties In (2) |
1,741 | 475 | ||||||
Clipper Realty, Inc. |
189 | 1,531 | ||||||
Colony Capital, Inc. |
87 | 209 | ||||||
CoreCivic, Inc. |
622 | 5,822 | ||||||
CorEnergy Infrastructure Trust |
175 | 1,601 | ||||||
CorePoint Lodging, Inc. |
1,529 | 6,437 | ||||||
Corporate Office Properties Tr |
1,024 | 25,948 | ||||||
CyrusOne, Inc. |
544 | 39,576 | ||||||
Equinix, Inc. |
146 | 102,536 | ||||||
Essex Property Trust, Inc. |
868 | 198,920 | ||||||
Gaming and Leisure Properties |
2,647 | 91,586 | ||||||
Getty Realty Corp. |
231 | 6,856 | ||||||
Gladstone Commercial Corp. |
207 | 3,881 | ||||||
Global Medical REIT, Inc. |
19 | 215 | ||||||
Healthcare Realty Trust, Inc. |
1,600 | 46,864 | ||||||
Highwoods Properties, Inc. |
964 | 35,986 | ||||||
Host Hotels & Resorts, Inc. |
173 | 1,867 | ||||||
Lamar Advertising Co. |
1,907 | 127,311 | ||||||
Life Storage, Inc. |
158 | 15,002 | ||||||
LTC Properties, Inc. |
1,206 | 45,430 | ||||||
National Health Investors, Inc. |
291 | 17,670 | ||||||
National Storage Affiliates Trust |
412 | 11,808 | ||||||
Piedmont Office Realty Trust, Inc. |
2,163 | 35,927 | ||||||
PS Business Parks, Inc. |
373 | 49,385 | ||||||
Public Storage |
324 | 62,172 | ||||||
QTS Realty Trust, Inc. |
72 | 4,614 | ||||||
RAIT Financial Trust (2)(3)(8) |
751 | — | ||||||
Regency Centers Corp. |
423 | 19,411 | ||||||
Ryman Hospitality Properties, Inc. |
43 | 1,488 | ||||||
SBA Communications Corp. |
321 | 95,632 | ||||||
Service Properties Trust |
3,591 | 25,460 | ||||||
Simon Property Group, Inc. |
5,087 | 347,849 | ||||||
Spirit MTA Reit Liquidating Trust (2)(8) |
1,024 | — | ||||||
Tanger Factory Outlet Centers (3) |
248 | 1,768 | ||||||
Trinity Place Holdings, Inc. (2) |
645 | 890 | ||||||
Uniti Group, Inc. |
292 | 2,730 | ||||||
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Urstadt Biddle Properties, Inc. |
689 | 8,185 | ||||||
Xenia Hotels & Resorts, Inc. |
548 | 5,113 | ||||||
| 2,139,673 | ||||||||
Utilities — 0.7% |
||||||||
American Water Works Co., Inc. |
1,034 | 133,034 | ||||||
Atlantic Power Corp. (2) |
810 | 1,620 | ||||||
Consolidated Water Co., Ltd. |
81 | 1,169 | ||||||
Dominion Energy, Inc. |
4,726 | 383,657 | ||||||
Evergy, Inc. |
71 | 4,210 | ||||||
Exelon Corp. |
46 | 1,669 | ||||||
MDU Resources Group, Inc. |
2,810 | 62,326 | ||||||
NextEra Energy, Inc. |
388 | 93,186 | ||||||
NorthWestern Corp. |
2,273 | 123,924 | ||||||
NRG Energy, Inc. |
1,376 | 44,803 | ||||||
PPL Corp. |
3,320 | 85,789 | ||||||
Southwest Gas Holdings, Inc. |
1,082 | 74,712 | ||||||
WEC Energy Group, Inc. |
664 | 58,200 | ||||||
York Water Co./The |
101 | 4,839 | ||||||
| 1,073,138 | ||||||||
Total Common Stocks (Cost $50,683,522) |
60,441,533 | |||||||
Registered Investment Companies — 43.2% |
||||||||
Baird Core Plus Bond Fund - Class I |
446,133 | 5,384,826 | ||||||
Dodge & Cox Income Fund |
309,296 | 4,494,071 | ||||||
DoubleLine Total Return Bond Fund - Class I |
307,225 | 3,293,450 | ||||||
Guggenheim Total Return Bond Fund - Class I |
82,744 | 2,414,482 | ||||||
iShares Core U.S. Aggregate Bond ETF (9) |
68,061 | 8,045,491 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (9) |
58,767 | 6,418,532 | ||||||
Lord Abbett High Yield Fund - Class I |
358,543 | 2,420,162 | ||||||
Payden Emerging Markets Bond Fund - Class I |
68,373 | 880,642 | ||||||
PGIM Total Return Bond Fund - Class R6 |
335,693 | 4,941,399 | ||||||
Pioneer Bond Fund - Class Y |
326,963 | 3,233,663 | ||||||
Segall Bryant & Hamill Plus Bond Fund - Class I |
328,505 | 3,649,689 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF (9) |
23,689 | 2,396,379 | ||||||
TCW Emerging Markets Income Fund - Class I |
206,270 | 1,600,656 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF (9) |
24,857 | 2,364,895 | ||||||
Vanguard Short-Term Bond ETF (9) |
33,327 | 2,770,140 | ||||||
The accompanying notes are an integral part of these financial statements
Page 64 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Moderate Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Registered Investment Companies — continued |
||||||||
Vanguard Total Bond Market ETF (9) |
86,819 | 7,669,590 | ||||||
Xtrackers USD High Yield Corporate Bond ETF (9) |
188,400 | 8,807,701 | ||||||
Total Registered Investment Companies (Cost $67,257,454) |
70,785,768 | |||||||
Money Market Registered Investment Companies — 12.7% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (5) |
20,737,320 | 20,747,689 | ||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
18,703 | 18,703 | ||||||
Total Money Market Registered Investment Companies (Cost $20,750,091) |
20,766,392 | |||||||
Bank Obligations — 0.2% |
||||||||
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6) |
247,312 | 247,312 | ||||||
Total Bank Obligations (Cost $247,312) |
247,312 | |||||||
U.S. Government Obligations — 6.1% |
||||||||
U.S. Treasury Note, 2.25%, due 1/31/2024 |
3,279,200 | 3,518,992 | ||||||
U.S. Treasury Note, 2.625%, due 2/15/2029 |
1,436,500 | 1,683,286 | ||||||
U.S. Treasury Note, 1.50%, due 8/15/2026 |
1,147,600 | 1,222,777 | ||||||
U.S. Treasury Note, 2.25%, due 11/15/2025 |
2,086,400 | 2,298,545 | ||||||
U.S. Treasury Note, 2.125%, due 12/31/2022 |
1,161,200 | 1,217,762 | ||||||
Total U.S. Government Obligations (Cost $9,173,559) |
9,941,362 | |||||||
Total Investments — 99.1% (Cost $148,111,938) |
162,182,367 | |||||||
Other Assets less Liabilities — 0.9% |
1,542,172 | |||||||
Total Net Assets — 100.0% |
163,724,539 | |||||||
Trustee Deferred Compensation (7) |
||||||||
Meeder Balanced Fund - Retail Class |
313 | 3,521 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
731 | 8,282 | ||||||
Meeder Muirfield Fund - Retail Class |
1,053 | 7,308 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
99 | 2,201 | ||||||
Total Trustee Deferred Compensation (Cost $21,692) |
21,312 | |||||||
Moderate Allocation Fund |
||||||||||||||||
Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
Mini MSCI EAFE Index Futures |
42 | 9/18/2020 | 3,734,640 | (23,729 | ) | |||||||||||
Mini MSCI Emerging Markets Index Futures |
14 | 9/18/2020 | 689,990 | 5,908 | ||||||||||||
Russell 2000 Mini Index Futures |
(6 | ) | 9/18/2020 | (431,280 | ) | (8,526 | ) | |||||||||
Standard & Poors 500 Mini Futures |
(38 | ) | 9/18/2020 | (5,871,380 | ) | (33,115 | ) | |||||||||
E-mini Standard & Poors MidCap 400 Futures |
(8 | ) | 9/18/2020 | (1,423,280 | ) | (41,965 | ) | |||||||||
Total Futures Contracts |
4 | (3,301,310 | ) | (101,427 | ) | |||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 151,993,693 | $ | (101,427 | ) | |||
Level 2 - Other Significant Observable Inputs |
10,188,674 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 162,182,367 | $ | (101,427 | ) | |||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
All or a portion of this security is on loan. |
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 65 |
Schedule of Investments
June 30, 2020 (unaudited)
|
(4) |
Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(5) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(6) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(7) |
Assets of affiliates to the Moderate Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(8) |
Fair valued security deemed as Level 3 security. |
|
(9) |
Exchange-traded fund. |
| (10) | Preferred stock. |
| (11) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
Page 66 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — 22.1% |
||||||||
Communication Services — 1.9% |
||||||||
Activision Blizzard, Inc. |
2,181 | 165,538 | ||||||
Alphabet, Inc. - Class A (2) |
91 | 129,043 | ||||||
Alphabet, Inc. - Class C (2) |
441 | 623,402 | ||||||
AMC Entertainment Holdings, Inc. |
161 | 691 | ||||||
AT&T, Inc. |
9,146 | 276,484 | ||||||
Cinemark Holdings, Inc. |
199 | 2,298 | ||||||
Comcast Corp. - Class A |
1,838 | 71,645 | ||||||
Cumulus Media, Inc. (2) |
188 | 743 | ||||||
Electronic Arts, Inc. (2) |
712 | 94,020 | ||||||
Facebook, Inc. (2) |
2,004 | 455,048 | ||||||
Frontier Communications Corp. (2) |
606 | 59 | ||||||
Glu Mobile, Inc. (2) |
375 | 3,476 | ||||||
Gray Television, Inc. (2) |
211 | 2,943 | ||||||
IMAX Corp. (2) |
52 | 583 | ||||||
Lee Enterprises, Inc. (2) |
652 | 639 | ||||||
Liberty TripAdvisor Holdings, Inc. (2) |
780 | 1,661 | ||||||
Lions Gate Entertainment Corp. Class A (2) |
163 | 1,208 | ||||||
Marcus Corp./The |
379 | 5,029 | ||||||
MDC Partners, Inc. (2) |
181 | 376 | ||||||
National CineMedia, Inc. |
223 | 662 | ||||||
Netflix, Inc. (2) |
227 | 103,294 | ||||||
Pinterest, Inc. (2) |
373 | 8,269 | ||||||
Spotify Technology SA (2) |
147 | 37,954 | ||||||
Telephone and Data Systems, Inc. |
475 | 9,443 | ||||||
T-Mobile US, Inc. |
2,346 | 244,336 | ||||||
Tribune Publishing Co. |
57 | 569 | ||||||
Verizon Communications, Inc. |
5,753 | 317,163 | ||||||
Yelp, Inc. (2) |
16 | 370 | ||||||
| 2,556,946 | ||||||||
Consumer Discretionary — 3.2% |
||||||||
1-800-Flowers.com, Inc. (2) |
170 | 3,403 | ||||||
Amazon.com, Inc. (2) |
409 | 1,128,357 | ||||||
American Eagle Outfitters, Inc. |
48 | 523 | ||||||
American Public Education, Inc. (2) |
37 | 1,095 | ||||||
Aptiv PLC |
3 | 234 | ||||||
Aramark |
336 | 7,584 | ||||||
AutoZone, Inc. (2) |
21 | 23,691 | ||||||
BBX Capital Corp. |
601 | 1,527 | ||||||
Best Buy Co., Inc. |
1,316 | 114,847 | ||||||
Big Lots, Inc. |
160 | 6,720 | ||||||
BorgWarner, Inc. |
170 | 6,001 | ||||||
Boyd Gaming Corp. |
219 | 4,577 | ||||||
Brinker International, Inc. |
156 | 3,744 | ||||||
Caleres, Inc. |
141 | 1,176 | ||||||
Camping World Holdings, Inc. |
300 | 8,148 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Capri Holdings, Ltd. (2) |
202 | 3,157 | ||||||
Chipotle Mexican Grill, Inc. (2) |
22 | 23,152 | ||||||
Collectors Universe, Inc. |
4 | 137 | ||||||
Crocs, Inc. (2) |
202 | 7,438 | ||||||
Dave & Buster’s Entertainment |
94 | 1,253 | ||||||
Deckers Outdoor Corp. (2) |
218 | 42,813 | ||||||
Designer Brands, Inc. |
73 | 494 | ||||||
Dollar General Corp. |
694 | 132,214 | ||||||
Dollar Tree, Inc. (2) |
180 | 16,682 | ||||||
Domino’s Pizza, Inc. |
117 | 43,224 | ||||||
DR Horton, Inc. |
1,596 | 88,498 | ||||||
Duluth Holdings, Inc. - Class B (2) |
446 | 3,287 | ||||||
eBay, Inc. |
1,655 | 86,805 | ||||||
Everi Holdings, Inc. (2) |
380 | 1,961 | ||||||
Fiesta Restaurant Group, Inc. (2) |
155 | 989 | ||||||
Fox Factory Holding Corp. (2) |
54 | 4,461 | ||||||
Garmin, Ltd. |
470 | 45,825 | ||||||
General Motors Co. |
6,482 | 163,995 | ||||||
Gentex Corp. |
550 | 14,174 | ||||||
G-III Apparel Group, Ltd. (2) |
33 | 439 | ||||||
Green Brick Partners, Inc. (2) |
5 | 59 | ||||||
Greenlane Holdings, Inc. (2) |
54 | 215 | ||||||
Hanesbrands, Inc. |
320 | 3,613 | ||||||
Harley-Davidson, Inc. |
1,782 | 42,358 | ||||||
Home Depot, Inc./The |
1,919 | 480,729 | ||||||
Installed Building Products In (2) |
11 | 757 | ||||||
International Game Technology |
1,004 | 8,936 | ||||||
KB Home |
954 | 29,269 | ||||||
Kirkland’s, Inc. (2) |
584 | 1,583 | ||||||
Lands’ End, Inc. (2) |
160 | 1,286 | ||||||
Las Vegas Sands Corp. |
557 | 25,366 | ||||||
Lear Corp. |
249 | 27,146 | ||||||
Lennar Corp. |
879 | 54,164 | ||||||
LKQ Corp. (2) |
311 | 8,148 | ||||||
Lowe’s Cos., Inc. |
2,040 | 275,645 | ||||||
Lululemon Athletica, Inc. (2) |
160 | 49,922 | ||||||
Malibu Boats, Inc. (2) |
150 | 7,793 | ||||||
MarineMax, Inc. (2) |
133 | 2,978 | ||||||
Marriott International, Inc./MD |
11 | 943 | ||||||
McDonald’s Corp. |
1,306 | 240,918 | ||||||
MDC Holdings, Inc. |
65 | 2,321 | ||||||
Meritage Homes Corp. (2) |
3 | 228 | ||||||
MGM Resorts International |
504 | 8,467 | ||||||
Murphy USA, Inc. (2) |
61 | 6,868 | ||||||
NIKE, Inc. - Class B |
2,908 | 285,129 | ||||||
NVR, Inc. (2) |
14 | 45,623 | ||||||
Office Depot, Inc. |
942 | 2,214 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 67 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
O’Reilly Automotive, Inc. (2) |
31 | 13,072 | ||||||
Papa John’s International, Inc. |
20 | 1,588 | ||||||
Party City Holdco, Inc. (2) |
199 | 297 | ||||||
Penn National Gaming, Inc. (2) |
204 | 6,230 | ||||||
PetMed Express, Inc. |
58 | 2,067 | ||||||
PulteGroup, Inc. |
2,038 | 69,353 | ||||||
Purple Innovation, Inc. (2) |
272 | 4,896 | ||||||
Qurate Retail, Inc. (2) |
616 | 5,852 | ||||||
Ralph Lauren Corp. |
339 | 24,584 | ||||||
RCI Hospitality Holdings, Inc. |
166 | 2,301 | ||||||
Red Robin Gourmet Burgers, Inc. (2) |
188 | 1,918 | ||||||
Red Rock Resorts, Inc. |
192 | 2,095 | ||||||
Rent-A-Center, Inc./TX |
1,973 | 54,889 | ||||||
RH (2) |
121 | 30,117 | ||||||
Ross Stores, Inc. |
259 | 22,077 | ||||||
Rubicon Project, Inc./The (2) |
168 | 1,121 | ||||||
Sleep Number Corp. (2) |
57 | 2,373 | ||||||
Sportsman’s Warehouse Holdings (2) |
409 | 5,828 | ||||||
Stamps.com, Inc. (2) |
45 | 8,266 | ||||||
Starbucks Corp. |
40 | 2,944 | ||||||
Stoneridge, Inc. (2) |
61 | 1,260 | ||||||
Sturm Ruger & Co., Inc. |
29 | 2,204 | ||||||
Tapestry, Inc. |
34 | 452 | ||||||
Target Corp. |
929 | 111,415 | ||||||
Tesla, Inc. (2) |
179 | 193,286 | ||||||
Texas Roadhouse, Inc. |
127 | 6,676 | ||||||
Thor Industries, Inc. |
420 | 44,743 | ||||||
Tile Shop Holdings, Inc. |
342 | 445 | ||||||
TopBuild Corp. (2) |
64 | 7,281 | ||||||
Town Sports International Holdings, Inc. (2) |
464 | 251 | ||||||
Tractor Supply Co. |
20 | 2,636 | ||||||
Tupperware Brands Corp. |
88 | 418 | ||||||
Vista Outdoor, Inc. (2) |
78 | 1,127 | ||||||
Waitr Holdings, Inc. (2) |
181 | 476 | ||||||
Wendy’s Co./The |
82 | 1,786 | ||||||
Williams-Sonoma, Inc. |
207 | 16,976 | ||||||
Wingstop, Inc. |
235 | 32,658 | ||||||
Winnebago Industries, Inc. |
653 | 43,503 | ||||||
Yum China Holdings, Inc. |
646 | 31,053 | ||||||
Yum! Brands, Inc. |
494 | 42,934 | ||||||
Zumiez, Inc. (2) |
221 | 6,051 | ||||||
| 4,414,802 | ||||||||
Consumer Staples — 0.4% |
||||||||
Alico, Inc. |
16 | 499 | ||||||
Coca-Cola Co./The |
2,171 | 97,000 | ||||||
Costco Wholesale Corp. |
61 | 18,496 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
General Mills, Inc. |
3,621 | 223,235 | ||||||
Ingredion, Inc. |
8 | 664 | ||||||
John B Sanfilippo & Son, Inc. |
1 | 85 | ||||||
Kroger Co./The |
937 | 31,717 | ||||||
Molson Coors Beverage Co. - Class B |
1,282 | 44,050 | ||||||
Nu Skin Enterprises, Inc. |
69 | 2,638 | ||||||
Oil-Dri Corp. of America |
9 | 312 | ||||||
PepsiCo, Inc. |
798 | 105,543 | ||||||
Performance Food Group Co. (2) |
154 | 4,488 | ||||||
Philip Morris International, Inc. |
30 | 2,102 | ||||||
Rite Aid Corp. (2) |
70 | 1,194 | ||||||
SpartanNash Co. |
155 | 3,294 | ||||||
Sprouts Farmers Market, Inc. (2) |
139 | 3,557 | ||||||
Tyson Foods, Inc. |
110 | 6,568 | ||||||
United Natural Foods, Inc. (2) |
90 | 1,639 | ||||||
Walgreens Boots Alliance, Inc. |
225 | 9,538 | ||||||
| 556,619 | ||||||||
Energy — 0.5% |
||||||||
Altus Midstream Co. (2) |
37 | 23 | ||||||
Amplify Energy Corp. |
442 | 544 | ||||||
Antero Resources Corp. (2) |
204 | 518 | ||||||
Apache Corp. |
220 | 2,970 | ||||||
Arch Resources, Inc. |
42 | 1,193 | ||||||
Archrock, Inc. |
209 | 1,356 | ||||||
Ardmore Shipping Corp. |
467 | 2,027 | ||||||
Baker Hughes Co. |
901 | 13,866 | ||||||
Berry Corp. |
98 | 473 | ||||||
Bonanza Creek Energy, Inc. (2) |
11 | 163 | ||||||
Brigham Minerals, Inc. |
226 | 2,791 | ||||||
Cabot Oil & Gas Corp. |
473 | 8,126 | ||||||
Cactus, Inc. |
342 | 7,055 | ||||||
California Resources Corp. (2)(3) |
351 | 428 | ||||||
Centennial Resource Developmen (2) |
70 | 62 | ||||||
Chaparral Energy, Inc. (2) |
199 | 129 | ||||||
Chesapeake Energy Corp. (2) |
42 | 206 | ||||||
Chevron Corp. |
2,089 | 186,401 | ||||||
CNX Resources Corp. (2) |
177 | 1,531 | ||||||
Concho Resources, Inc. |
374 | 19,261 | ||||||
ConocoPhillips |
1,736 | 72,947 | ||||||
CONSOL Energy, Inc. (2) |
17 | 86 | ||||||
Continental Resources, Inc./OK (2) |
152 | 2,665 | ||||||
Delek US Holdings, Inc. |
114 | 1,985 | ||||||
DHT Holdings, Inc. |
204 | 1,047 | ||||||
Diamondback Energy, Inc. |
54 | 2,258 | ||||||
Dorian LPG, Ltd. (2) |
247 | 1,912 | ||||||
EOG Resources, Inc. |
693 | 35,107 | ||||||
The accompanying notes are an integral part of these financial statements
Page 68 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
EQT Corp. |
379 | 4,510 | ||||||
Exterran Corp. (2) |
114 | 614 | ||||||
Extraction Oil & Gas, Inc. (2) |
275 | 33 | ||||||
Frank’s International NV (2) |
96 | 214 | ||||||
Hallador Energy Co. |
217 | 142 | ||||||
Helmerich & Payne, Inc. |
378 | 7,375 | ||||||
Hess Corp. |
113 | 5,855 | ||||||
HollyFrontier Corp. |
363 | 10,600 | ||||||
International Seaways, Inc. |
122 | 1,993 | ||||||
Kinder Morgan, Inc. |
1,817 | 27,564 | ||||||
KLX Energy Services Holdings I (2) |
12 | 26 | ||||||
Laredo Petroleum, Inc. (2) |
38 | 527 | ||||||
Matador Resources Co. (2) |
131 | 1,114 | ||||||
Nabors Industries, Ltd. |
20 | 740 | ||||||
National Oilwell Varco, Inc. |
425 | 5,206 | ||||||
NexTier Oilfield Solutions, Inc. (2) |
168 | 412 | ||||||
Nine Energy Service, Inc. (2) |
80 | 156 | ||||||
Noble Energy, Inc. |
9 | 81 | ||||||
Nordic American Tankers, Ltd. |
184 | 747 | ||||||
Oasis Petroleum, Inc. (2) |
297 | 223 | ||||||
Oceaneering International, Inc. (2) |
238 | 1,521 | ||||||
Overseas Shipholding Group, Inc. (2) |
54 | 100 | ||||||
Pacific Ethanol, Inc. (2) |
394 | 280 | ||||||
Par Pacific Holdings, Inc. (2) |
249 | 2,239 | ||||||
Patterson-UTI Energy, Inc. |
357 | 1,239 | ||||||
PDC Energy, Inc. (2) |
229 | 2,849 | ||||||
Peabody Energy Corp. |
186 | 536 | ||||||
Penn Virginia Corp. (2) |
119 | 1,134 | ||||||
Phillips 66 |
980 | 70,462 | ||||||
Pioneer Natural Resources Co. |
274 | 26,770 | ||||||
Profire Energy, Inc. (2) |
5 | 4 | ||||||
ProPetro Holding Corp. (2) |
431 | 2,215 | ||||||
Range Resources Corp. |
286 | 1,610 | ||||||
Renewable Energy Group, Inc. (2) |
96 | 2,379 | ||||||
Rosehill Resources, Inc. (2) |
82 | 59 | ||||||
Schlumberger, Ltd. |
1,148 | 21,112 | ||||||
Scorpio Tankers, Inc. |
10 | 128 | ||||||
SilverBow Resources, Inc. (2) |
117 | 376 | ||||||
Southwestern Energy Co. (2) |
606 | 1,551 | ||||||
Superior Energy Services, Inc. (2) |
65 | 74 | ||||||
Talos Energy, Inc. (2) |
104 | 957 | ||||||
Teekay Corp. (2) |
254 | 610 | ||||||
Teekay Tankers, Ltd. (2) |
12 | 154 | ||||||
Valero Energy Corp. |
914 | 53,761 | ||||||
W&T Offshore, Inc. (2) |
192 | 438 | ||||||
Westmoreland Coal Co. (2)(7) |
410 | — | ||||||
Whiting Petroleum Corp. (2) |
234 | 264 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Williams Cos., Inc./The |
338 | 6,429 | ||||||
World Fuel Services Corp. |
287 | 7,393 | ||||||
WPX Energy, Inc. (2) |
660 | 4,211 | ||||||
| 646,117 | ||||||||
Financials — 1.9% |
||||||||
AGNC Investment Corp. |
521 | 6,721 | ||||||
Allstate Corp./The |
2,060 | 199,799 | ||||||
American Equity Investment Life |
21 | 519 | ||||||
American Express Co. |
941 | 89,583 | ||||||
Ameriprise Financial, Inc. |
238 | 35,710 | ||||||
Artisan Partners Asset Managem |
624 | 20,280 | ||||||
Associated Banc-Corp |
49 | 670 | ||||||
Bank of America Corp. |
12,490 | 296,638 | ||||||
BCB Bancorp, Inc. |
342 | 3,174 | ||||||
Berkshire Hathaway, Inc. Class B (2) |
2,961 | 528,568 | ||||||
Blackstone Mortgage Trust, Inc. |
140 | 3,373 | ||||||
Cannae Holdings, Inc. (2) |
349 | 14,344 | ||||||
Cathay General Bancorp |
229 | 6,023 | ||||||
Charles Schwab Corp./The |
20 | 675 | ||||||
Citigroup, Inc. |
266 | 13,593 | ||||||
Citizens Financial Group, Inc. |
264 | 6,663 | ||||||
Civista Bancshares, Inc. |
19 | 293 | ||||||
CNO Financial Group, Inc. |
187 | 2,912 | ||||||
Colony Credit Real Estate, Inc. |
37 | 260 | ||||||
Cullen/Frost Bankers, Inc. |
198 | 14,793 | ||||||
Curo Group Holdings Corp. |
456 | 3,726 | ||||||
CVB Financial Corp. |
56 | 1,049 | ||||||
Diamond Hill Investment Group |
2 | 227 | ||||||
Donegal Group, Inc. |
30 | 427 | ||||||
East West Bancorp, Inc. |
256 | 9,277 | ||||||
eHealth, Inc. (2) |
8 | 786 | ||||||
Elevate Credit, Inc. (2) |
596 | 882 | ||||||
Ellington Financial, Inc. |
275 | 3,240 | ||||||
Encore Capital Group, Inc. (2) |
10 | 342 | ||||||
Enova International, Inc. (2) |
35 | 520 | ||||||
Enterprise Financial Services |
25 | 778 | ||||||
Equitable Holdings, Inc. |
962 | 18,557 | ||||||
Esquire Financial Holdings, Inc. (2) |
40 | 676 | ||||||
ESSA Bancorp, Inc. |
10 | 139 | ||||||
Essent Group, Ltd. |
229 | 8,306 | ||||||
Farmers National Banc Corp. |
64 | 759 | ||||||
Fidelity National Financial, Inc. |
292 | 8,953 | ||||||
Fifth Third Bancorp |
1,827 | 35,225 | ||||||
First American Financial Corp. |
925 | 44,419 | ||||||
First Financial Corp./IN |
91 | 3,352 | ||||||
First Interstate BancSystem In |
254 | 7,864 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 69 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
First Republic Bank/CA |
32 | 3,392 | ||||||
FirstCash, Inc. |
564 | 38,059 | ||||||
FNB Corp./PA |
924 | 6,930 | ||||||
Glacier Bancorp, Inc. |
293 | 10,340 | ||||||
Goosehead Insurance, Inc. (2) |
7 | 526 | ||||||
Great Ajax Corp. |
771 | 7,093 | ||||||
HBT Financial, Inc. |
110 | 1,466 | ||||||
Heritage Commerce Corp. |
151 | 1,133 | ||||||
Hilltop Holdings, Inc. |
592 | 10,922 | ||||||
HomeStreet, Inc. |
107 | 2,633 | ||||||
Houlihan Lokey, Inc. |
172 | 9,570 | ||||||
International Bancshares Corp. |
69 | 2,209 | ||||||
INTL. FCStone, Inc. (2) |
153 | 8,415 | ||||||
Invesco, Ltd. |
313 | 3,368 | ||||||
JPMorgan Chase & Co. |
3,894 | 366,270 | ||||||
Kinsale Capital Group, Inc. |
44 | 6,829 | ||||||
KKR Real Estate Finance Trust |
740 | 12,269 | ||||||
Ladder Capital Corp. |
746 | 6,043 | ||||||
Lakeland Bancorp, Inc. |
328 | 3,749 | ||||||
LPL Financial Holdings, Inc. |
44 | 3,450 | ||||||
M&T Bank Corp. |
27 | 2,807 | ||||||
MarketAxess Holdings, Inc. |
95 | 47,587 | ||||||
Medley Management, Inc. - Class A (2) |
140 | 108 | ||||||
MetLife, Inc. |
365 | 13,330 | ||||||
Metrocity Bankshares, Inc. |
283 | 4,055 | ||||||
MMA Capital Holdings, Inc. (2) |
66 | 1,526 | ||||||
MSCI, Inc. |
124 | 41,394 | ||||||
National General Holdings Corp. |
65 | 1,405 | ||||||
NewStar Financial Contingent Value Rights (2)(7) |
8 | — | ||||||
NI Holdings, Inc. (2) |
5 | 74 | ||||||
Nicolet Bankshares, Inc. (2) |
7 | 384 | ||||||
Northrim BanCorp, Inc. |
198 | 4,978 | ||||||
OceanFirst Financial Corp. |
130 | 2,292 | ||||||
Ocwen Financial Corp. (2) |
88 | 58 | ||||||
Oppenheimer Holdings, Inc. |
489 | 10,655 | ||||||
Pacific Premier Bancorp, Inc. |
598 | 12,965 | ||||||
Park National Corp. |
8 | 563 | ||||||
PennyMac Financial Services, Inc. - Class A |
600 | 25,074 | ||||||
People’s United Financial, Inc. |
56 | 648 | ||||||
PJT Partners, Inc. |
64 | 3,286 | ||||||
PNC Financial Services Group I |
128 | 13,467 | ||||||
Popular, Inc. |
1,142 | 42,448 | ||||||
ProSight Global, Inc. (2) |
168 | 1,495 | ||||||
Prosperity Bancshares, Inc. |
269 | 15,973 | ||||||
Prudential Financial, Inc. |
1,581 | 96,283 | ||||||
Pzena Investment Management In |
433 | 2,356 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
QCR Holdings, Inc. |
130 | 4,053 | ||||||
Radian Group, Inc. |
493 | 7,646 | ||||||
RBB Bancorp |
348 | 4,750 | ||||||
Regions Financial Corp. |
4,226 | 46,993 | ||||||
Signature Bank/New York NY |
334 | 35,711 | ||||||
Silvercrest Asset Management Group, Inc. |
73 | 928 | ||||||
Simmons First National Corp. |
324 | 5,544 | ||||||
South State Corp. |
41 | 1,954 | ||||||
Starwood Property Trust, Inc. |
131 | 1,960 | ||||||
State Street Corp. |
501 | 31,839 | ||||||
Stewart Information Services C |
927 | 30,137 | ||||||
Summit Financial Group, Inc. |
21 | 346 | ||||||
SVB Financial Group (2) |
91 | 19,613 | ||||||
TCF Financial Corp. |
2 | 59 | ||||||
TriCo Bancshares |
140 | 4,263 | ||||||
Truist Financial Corp. |
1,291 | 48,477 | ||||||
United Community Banks, Inc./GA |
72 | 1,449 | ||||||
Unity Bancorp, Inc. |
6 | 86 | ||||||
Valley National Bancorp |
1,605 | 12,551 | ||||||
Walker & Dunlop, Inc. |
26 | 1,321 | ||||||
Wells Fargo & Co. |
1,717 | 43,955 | ||||||
Western Alliance Bancorp |
277 | 10,490 | ||||||
| 2,558,097 | ||||||||
Healthcare — 4.3% |
||||||||
Abbott Laboratories |
402 | 36,755 | ||||||
AbbVie, Inc. |
3,793 | 372,397 | ||||||
Acceleron Pharma, Inc. (2) |
145 | 13,814 | ||||||
AcelRx Pharmaceuticals, Inc. (2) |
549 | 664 | ||||||
Addus HomeCare Corp. (2) |
6 | 555 | ||||||
Aduro Biotech, Inc. (2) |
208 | 480 | ||||||
Adverum Biotechnologies, Inc. (2) |
83 | 1,733 | ||||||
Affimed NV (2) |
541 | 2,497 | ||||||
Agilent Technologies, Inc. |
799 | 70,608 | ||||||
Akcea Therapeutics, Inc. (2) |
42 | 575 | ||||||
Akebia Therapeutics, Inc. (2) |
254 | 3,449 | ||||||
Alector, Inc. (2) |
121 | 2,957 | ||||||
Alexion Pharmaceuticals, Inc. (2) |
559 | 62,742 | ||||||
Align Technology, Inc. (2) |
49 | 13,448 | ||||||
Alkermes PLC (2) |
429 | 8,325 | ||||||
Alnylam Pharmaceuticals, Inc. (2) |
206 | 30,511 | ||||||
Amedisys, Inc. (2) |
43 | 8,537 | ||||||
AmerisourceBergen Corp. |
571 | 57,540 | ||||||
Amgen, Inc. |
1,185 | 279,494 | ||||||
Amicus Therapeutics, Inc. (2) |
340 | 5,127 | ||||||
Amneal Pharmaceuticals, Inc. (2) |
592 | 2,818 | ||||||
Anthem, Inc. |
112 | 29,454 | ||||||
The accompanying notes are an integral part of these financial statements
Page 70 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Apellis Pharmaceuticals, Inc. (2) |
128 | 4,180 | ||||||
Applied Therapeutics, Inc. (2) |
30 | 1,085 | ||||||
Arcus Biosciences, Inc. (2) |
59 | 1,460 | ||||||
Ardelyx, Inc. (2) |
248 | 1,716 | ||||||
Arena Pharmaceuticals, Inc. (2) |
57 | 3,588 | ||||||
Arrowhead Pharmaceuticals, Inc. (2) |
82 | 3,542 | ||||||
Arvinas, Inc. (2) |
123 | 4,125 | ||||||
Assembly Biosciences, Inc. (2) |
17 | 396 | ||||||
Assertio Holdings, Inc. (2) |
1,068 | 915 | ||||||
AtriCure, Inc. (2) |
65 | 2,922 | ||||||
Avantor, Inc. (2) |
339 | 5,763 | ||||||
Avid Bioservices, Inc. (2) |
113 | 742 | ||||||
Avrobio, Inc. (2) |
80 | 1,396 | ||||||
Axsome Therapeutics, Inc. (2) |
48 | 3,949 | ||||||
Baxter International, Inc. |
702 | 60,442 | ||||||
Beyondspring, Inc. (2) |
57 | 860 | ||||||
BioDelivery Sciences Internati (2) |
970 | 4,229 | ||||||
Biogen, Inc. (2) |
702 | 187,820 | ||||||
BioMarin Pharmaceutical, Inc. (2) |
545 | 67,220 | ||||||
Bio-Rad Laboratories, Inc. - Class A (2) |
6 | 2,709 | ||||||
BioSpecifics Technologies Corp. (2) |
39 | 2,390 | ||||||
Bioxcel Therapeutics, Inc. (2) |
42 | 2,226 | ||||||
Blueprint Medicines Corp. (2) |
74 | 5,772 | ||||||
Bridgebio Pharma, Inc. (2) |
55 | 1,794 | ||||||
Bristol-Myers Squibb Co. |
3,000 | 176,400 | ||||||
Cardinal Health, Inc. |
576 | 30,061 | ||||||
Catalent, Inc. (2) |
458 | 33,571 | ||||||
Catalyst Pharmaceuticals, Inc. (2) |
639 | 2,952 | ||||||
Celcuity, Inc. (2) |
35 | 243 | ||||||
Centene Corp. (2) |
344 | 21,861 | ||||||
Centogene NV (2) |
36 | 824 | ||||||
Cerecor, Inc. (2) |
91 | 237 | ||||||
Cerner Corp. |
1,603 | 109,886 | ||||||
Chemed Corp. |
73 | 32,928 | ||||||
ChemoCentryx, Inc. (2) |
91 | 5,236 | ||||||
Cigna Corp. |
141 | 26,459 | ||||||
Coherus Biosciences, Inc. (2) |
157 | 2,804 | ||||||
Collegium Pharmaceutical, Inc. (2) |
130 | 2,275 | ||||||
Computer Programs and Systems |
110 | 2,507 | ||||||
Constellation Pharmaceuticals (2) |
62 | 1,863 | ||||||
Cortexyme, Inc. (2) |
14 | 648 | ||||||
Cue Biopharma, Inc. (2) |
459 | 11,250 | ||||||
CVS Health Corp. |
2,866 | 186,204 | ||||||
CytomX Therapeutics, Inc. (2) |
88 | 733 | ||||||
DaVita, Inc. (2) |
409 | 32,368 | ||||||
Deciphera Pharmaceuticals, Inc. (2) |
26 | 1,553 | ||||||
Denali Therapeutics, Inc. (2) |
45 | 1,088 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
DexCom, Inc. (2) |
72 | 29,189 | ||||||
Dynavax Technologies Corp. (2) |
160 | 1,419 | ||||||
Edwards Lifesciences Corp. (2) |
1,002 | 69,248 | ||||||
Elanco Animal Health, Inc. Contingent Value Rights (2)(7) |
32 | — | ||||||
Eli Lilly and Co. |
1,694 | 278,121 | ||||||
Eloxx Pharmaceuticals, Inc. (2) |
45 | 136 | ||||||
Emergent BioSolutions, Inc. (2) |
175 | 13,839 | ||||||
Encompass Health Corp. |
104 | 6,441 | ||||||
Endo International PLC (2) |
585 | 2,007 | ||||||
Enochian Biosciences, Inc. (2) |
15 | 63 | ||||||
Ensign Group, Inc./The |
60 | 2,511 | ||||||
Exact Sciences Corp. (2) |
174 | 15,128 | ||||||
Exelixis, Inc. (2) |
642 | 15,241 | ||||||
Fate Therapeutics, Inc. (2) |
139 | 4,769 | ||||||
Fulcrum Therapeutics, Inc. (2) |
33 | 604 | ||||||
GenMark Diagnostics, Inc. (2) |
100 | 1,471 | ||||||
Gilead Sciences, Inc. |
2,324 | 178,809 | ||||||
Guardant Health, Inc. (2) |
11 | 892 | ||||||
Halozyme Therapeutics, Inc. (2) |
61 | 1,635 | ||||||
Hill-Rom Holdings, Inc. |
292 | 32,056 | ||||||
HMS Holdings Corp. (2) |
356 | 11,531 | ||||||
Horizon Therapeutics Plc (2) |
234 | 13,006 | ||||||
Humana, Inc. |
565 | 219,079 | ||||||
Illumina, Inc. (2) |
38 | 14,073 | ||||||
ImmunoGen, Inc. (2) |
411 | 1,891 | ||||||
Immunomedics, Inc. (2) |
240 | 8,506 | ||||||
Inovio Pharmaceuticals, Inc. (2) |
132 | 3,557 | ||||||
Insmed, Inc. (2) |
75 | 2,066 | ||||||
Intellia Therapeutics, Inc. (2) |
106 | 2,228 | ||||||
Invitae Corp. (2) |
106 | 3,211 | ||||||
Iovance Biotherapeutics, Inc. (2) |
211 | 5,792 | ||||||
iRhythm Technologies, Inc. (2) |
30 | 3,477 | ||||||
Jazz Pharmaceuticals PLC (2) |
43 | 4,745 | ||||||
Johnson & Johnson |
3,274 | 460,423 | ||||||
Jounce Therapeutics, Inc. (2) |
139 | 959 | ||||||
Kadmon Holdings, Inc. (2) |
516 | 2,642 | ||||||
Karyopharm Therapeutics, Inc. (2) |
21 | 398 | ||||||
Kezar Life Sciences, Inc. (2) |
18 | 93 | ||||||
Kiniksa Pharmaceuticals, Ltd. (2) |
46 | 1,172 | ||||||
Kodiak Sciences, Inc. (2) |
35 | 1,894 | ||||||
Krystal Biotech, Inc. (2) |
24 | 994 | ||||||
Kura Oncology, Inc. (2) |
163 | 2,657 | ||||||
LHC Group, Inc. (2) |
29 | 5,055 | ||||||
Livongo Health, Inc. (2) |
102 | 7,669 | ||||||
MacroGenics, Inc. (2) |
121 | 3,378 | ||||||
Mallinckrodt PLC (2) |
20 | 54 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 71 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Marinus Pharmaceuticals, Inc. (2) |
260 | 660 | ||||||
Masimo Corp. (2) |
153 | 34,882 | ||||||
McKesson Corp. |
194 | 29,763 | ||||||
Medtronic PLC |
3,210 | 294,357 | ||||||
Merck & Co., Inc. |
4,421 | 341,876 | ||||||
Meridian Bioscience, Inc. (2) |
109 | 2,539 | ||||||
Mersana Therapeutics, Inc. (2) |
316 | 7,394 | ||||||
Moderna, Inc. (2) |
289 | 18,557 | ||||||
Molecular Templates, Inc. (2) |
146 | 2,013 | ||||||
Molina Healthcare, Inc. (2) |
35 | 6,229 | ||||||
Momenta Pharmaceuticals, Inc. (2) |
165 | 5,490 | ||||||
Morphic Holding, Inc. (2) |
24 | 649 | ||||||
Mylan NV (2) |
368 | 5,917 | ||||||
MyoKardia, Inc. (2) |
60 | 5,797 | ||||||
Myriad Genetics, Inc. (2) |
133 | 1,508 | ||||||
Natera, Inc. (2) |
100 | 4,986 | ||||||
National Research Corp. |
28 | 1,630 | ||||||
Neurocrine Biosciences, Inc. (2) |
256 | 31,232 | ||||||
NextGen Healthcare, Inc. (2) |
251 | 2,756 | ||||||
Novavax, Inc. (2) |
37 | 3,084 | ||||||
Odonate Therapeutics, Inc. (2) |
39 | 1,651 | ||||||
Oncocyte Corp. (2) |
100 | 191 | ||||||
Oncternal Therapeutics, Inc. (2) |
4 | 11 | ||||||
OPKO Health, Inc. (2) |
507 | 1,729 | ||||||
Organogenesis Holdings, Inc. (2) |
64 | 246 | ||||||
Osmotica Pharmaceuticals PLC (2) |
285 | 1,918 | ||||||
Owens & Minor, Inc. |
145 | 1,105 | ||||||
Palatin Technologies, Inc. (2) |
860 | 440 | ||||||
PDL BioPharma, Inc. |
402 | 1,170 | ||||||
Perrigo Co. PLC |
527 | 29,127 | ||||||
Pfenex, Inc. (2) |
113 | 944 | ||||||
Pfizer, Inc. |
6,528 | 213,466 | ||||||
Phibro Animal Health Corp. - Class A |
287 | 7,539 | ||||||
Phreesia, Inc. (2) |
131 | 3,705 | ||||||
Pieris Pharmaceuticals, Inc. (2) |
144 | 446 | ||||||
PRA Health Sciences, Inc. (2) |
90 | 8,756 | ||||||
Precigen, Inc. (2)(3) |
227 | 1,133 | ||||||
Principia Biopharma, Inc. (2) |
76 | 4,544 | ||||||
Providence Service Corp./The (2) |
16 | 1,263 | ||||||
PTC Therapeutics, Inc. (2) |
99 | 5,023 | ||||||
Puma Biotechnology, Inc. (2) |
39 | 407 | ||||||
Quest Diagnostics, Inc. |
229 | 26,097 | ||||||
Quidel Corp. (2) |
55 | 12,306 | ||||||
Radius Health, Inc. (2) |
39 | 532 | ||||||
Recro Pharma, Inc. |
283 | 1,288 | ||||||
Regeneron Pharmaceuticals, Inc. (2) |
151 | 94,171 | ||||||
REGENXBIO, Inc. (2) |
13 | 479 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Replimune Group, Inc. (2) |
20 | 497 | ||||||
ResMed, Inc. |
343 | 65,856 | ||||||
Rhythm Pharmaceuticals, Inc. (2) |
36 | 803 | ||||||
Rigel Pharmaceuticals, Inc. (2) |
828 | 1,515 | ||||||
Sangamo Therapeutics, Inc. (2) |
152 | 1,362 | ||||||
Seattle Genetics, Inc. (2) |
175 | 29,736 | ||||||
Seres Therapeutics, Inc. (2) |
15 | 71 | ||||||
Simulations Plus, Inc. |
180 | 10,768 | ||||||
Sorrento Therapeutics, Inc. (2)(3) |
189 | 1,187 | ||||||
STERIS PLC |
269 | 41,275 | ||||||
Strongbridge Biopharma PLC (2) |
339 | 1,281 | ||||||
Sutro Biopharma, Inc. (2) |
56 | 435 | ||||||
Syndax Pharmaceuticals, Inc. (2) |
18 | 267 | ||||||
Tandem Diabetes Care, Inc. (2) |
160 | 15,827 | ||||||
Teladoc Health, Inc. (2) |
95 | 18,130 | ||||||
Tenet Healthcare Corp. (2) |
299 | 5,415 | ||||||
TG Therapeutics, Inc. (2) |
144 | 2,805 | ||||||
Theravance Biopharma, Inc. (2) |
27 | 567 | ||||||
Thermo Fisher Scientific, Inc. |
94 | 34,060 | ||||||
Translate Bio, Inc. (2) |
65 | 1,165 | ||||||
Turning Point Therapeutics, Inc. (2) |
20 | 1,292 | ||||||
Twist Bioscience Corp. (2) |
36 | 1,631 | ||||||
Ultragenyx Pharmaceutical, Inc. (2) |
45 | 3,520 | ||||||
United Therapeutics Corp. (2) |
206 | 24,926 | ||||||
UnitedHealth Group, Inc. |
944 | 278,433 | ||||||
Vanda Pharmaceuticals, Inc. (2) |
100 | 1,144 | ||||||
Veeva Systems, Inc. (2) |
362 | 84,860 | ||||||
Verrica Pharmaceuticals, Inc. (2) |
66 | 727 | ||||||
Vertex Pharmaceuticals, Inc. (2) |
440 | 127,736 | ||||||
WaVe Life Sciences, Ltd. (2) |
17 | 177 | ||||||
West Pharmaceutical Services, Inc. |
140 | 31,804 | ||||||
XBiotech, Inc. (2) |
186 | 2,550 | ||||||
Xencor, Inc. (2) |
200 | 6,478 | ||||||
Y-mAbs Therapeutics, Inc. (2) |
65 | 2,808 | ||||||
Zimmer Biomet Holdings, Inc. |
503 | 60,038 | ||||||
Zoetis, Inc. |
1,350 | 185,004 | ||||||
Zynex, Inc. (2) |
232 | 5,770 | ||||||
| 5,766,727 | ||||||||
Industrials — 1.7% |
||||||||
3M Co. |
584 | 91,098 | ||||||
Allison Transmission Holdings |
653 | 24,017 | ||||||
Alpha Pro Tech, Ltd. (2) |
12 | 212 | ||||||
Altra Industrial Motion Corp. |
5 | 159 | ||||||
ArcBest Corp. |
106 | 2,810 | ||||||
Arcosa, Inc. |
152 | 6,414 | ||||||
ASGN, Inc. (2) |
86 | 5,734 | ||||||
The accompanying notes are an integral part of these financial statements
Page 72 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Astec Industries, Inc. |
79 | 3,658 | ||||||
Atkore International Group, Inc. (2) |
324 | 8,861 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) |
113 | 4,862 | ||||||
Avis Budget Group, Inc. (2) |
27 | 618 | ||||||
Axon Enterprise, Inc. (2) |
63 | 6,182 | ||||||
AZZ, Inc. |
397 | 13,625 | ||||||
BG Staffing, Inc. |
37 | 419 | ||||||
BlueLinx Holdings, Inc. (2) |
22 | 189 | ||||||
BMC Stock Holdings, Inc. (2) |
1,151 | 28,936 | ||||||
Builders FirstSource, Inc. (2) |
231 | 4,782 | ||||||
BWX Technologies, Inc. |
23 | 1,303 | ||||||
Caterpillar, Inc. |
282 | 35,673 | ||||||
Columbus McKinnon Corp./NY |
17 | 569 | ||||||
Comfort Systems USA, Inc. |
653 | 26,610 | ||||||
Construction Partners, Inc. (2) |
3 | 53 | ||||||
Copart, Inc. (2) |
12 | 999 | ||||||
CSX Corp. |
1,423 | 99,240 | ||||||
Cummins, Inc. |
1,390 | 240,831 | ||||||
Curtiss-Wright Corp. |
585 | 52,229 | ||||||
Donaldson Co., Inc. |
147 | 6,838 | ||||||
Eaton Corp. PLC |
1,328 | 116,173 | ||||||
Echo Global Logistics, Inc. (2) |
404 | 8,734 | ||||||
EMCOR Group, Inc. |
467 | 30,887 | ||||||
Encore Wire Corp. |
78 | 3,808 | ||||||
EnerSys |
210 | 13,520 | ||||||
Expeditors International of Wa |
39 | 2,966 | ||||||
Federal Signal Corp. |
230 | 6,838 | ||||||
Fortune Brands Home & Security |
162 | 10,357 | ||||||
Generac Holdings, Inc. (2) |
14 | 1,707 | ||||||
GMS, Inc. (2) |
60 | 1,475 | ||||||
Graco, Inc. |
196 | 9,406 | ||||||
GrafTech International, Ltd. |
245 | 1,955 | ||||||
Herman Miller, Inc. |
257 | 6,068 | ||||||
Hertz Global Holdings, Inc. (2) |
82 | 116 | ||||||
HNI Corp. |
245 | 7,490 | ||||||
Hub Group, Inc. - Class A (2) |
283 | 13,544 | ||||||
Hubbell, Inc. |
1,012 | 126,864 | ||||||
Huntington Ingalls Industries |
265 | 46,240 | ||||||
Illinois Tool Works, Inc. |
355 | 62,072 | ||||||
JetBlue Airways Corp. (2) |
528 | 5,755 | ||||||
Kelly Services, Inc. - Class A |
12 | 190 | ||||||
Kimball International, Inc. - Class B |
266 | 3,075 | ||||||
L B Foster Co. - Class A (2) |
90 | 1,149 | ||||||
Lincoln Electric Holdings, Inc. |
182 | 15,332 | ||||||
Lockheed Martin Corp. |
672 | 245,226 | ||||||
LSC Communications, Inc. (2) |
641 | 36 | ||||||
Lyft, Inc. (2) |
73 | 2,410 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Manitowoc Co., Inc./The (2) |
177 | 1,926 | ||||||
ManpowerGroup, Inc. |
809 | 55,619 | ||||||
Marten Transport, Ltd. |
2 | 50 | ||||||
Matson, Inc. |
225 | 6,548 | ||||||
McGrath RentCorp |
16 | 864 | ||||||
Meritor, Inc. (2) |
616 | 12,197 | ||||||
Miller Industries, Inc./TN |
386 | 11,491 | ||||||
MRC Global, Inc. (2) |
139 | 821 | ||||||
Mueller Water Products, Inc. |
233 | 2,197 | ||||||
MYR Group, Inc. (2) |
110 | 3,510 | ||||||
NL Industries, Inc. |
15 | 51 | ||||||
Nordson Corp. |
157 | 29,784 | ||||||
Norfolk Southern Corp. |
27 | 4,740 | ||||||
Northwest Pipe Co. (2) |
137 | 3,435 | ||||||
Old Dominion Freight Line, Inc. |
247 | 41,889 | ||||||
Oshkosh Corp. |
142 | 10,170 | ||||||
PACCAR, Inc. |
1,597 | 119,535 | ||||||
Primoris Services Corp. |
308 | 5,470 | ||||||
Quanta Services, Inc. |
148 | 5,806 | ||||||
Regal Beloit Corp. |
323 | 28,204 | ||||||
Rexnord Corp. |
298 | 8,687 | ||||||
Rockwell Automation, Inc. |
117 | 24,921 | ||||||
RR Donnelley & Sons Co. |
696 | 828 | ||||||
Rush Enterprises, Inc. |
14 | 580 | ||||||
Safe Bulkers, Inc. (2) |
244 | 298 | ||||||
Saia, Inc. (2) |
83 | 9,228 | ||||||
Schneider National, Inc. - Class B |
105 | 2,590 | ||||||
Shyft Group, Inc./The |
264 | 4,446 | ||||||
SkyWest, Inc. |
83 | 2,707 | ||||||
Southwest Airlines Co. |
5,449 | 186,247 | ||||||
Steelcase, Inc. - Class A |
195 | 2,352 | ||||||
Teledyne Technologies, Inc. (2) |
6 | 1,866 | ||||||
Timken Co./The |
576 | 26,202 | ||||||
Trex Co., Inc. (2) |
51 | 6,634 | ||||||
Triton International, Ltd./Bermu |
646 | 19,535 | ||||||
Tutor Perini Corp. (2) |
78 | 950 | ||||||
Uber Technologies, Inc. (2) |
760 | 23,621 | ||||||
UFP Industries, Inc. |
69 | 3,416 | ||||||
Union Pacific Corp. |
17 | 2,874 | ||||||
United Parcel Service, Inc. - Class B |
432 | 48,030 | ||||||
Vectrus, Inc. (2) |
101 | 4,962 | ||||||
Veritiv Corp. (2) |
28 | 475 | ||||||
Werner Enterprises, Inc. |
38 | 1,654 | ||||||
WESCO International, Inc. (2) |
7 | 246 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 73 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
WESCO International, Inc. Series A Variable Preferred (2)(9) |
153 | 4,058 | ||||||
WW Grainger, Inc. |
331 | 103,987 | ||||||
| 2,246,015 | ||||||||
Information Technology — 6.5% |
||||||||
ACI Worldwide, Inc. (2) |
19 | 513 | ||||||
Adobe, Inc. (2) |
655 | 285,128 | ||||||
Advanced Micro Devices, Inc. (2) |
942 | 49,559 | ||||||
Alliance Data Systems Corp. |
57 | 2,572 | ||||||
American Software, Inc./GA |
45 | 709 | ||||||
Amkor Technology, Inc. (2) |
1,114 | 13,713 | ||||||
Apple, Inc. |
4,331 | 1,579,949 | ||||||
Applied Materials, Inc. |
1,443 | 87,229 | ||||||
Arrow Electronics, Inc. (2) |
433 | 29,743 | ||||||
AstroNova, Inc. |
133 | 1,059 | ||||||
Autodesk, Inc. (2) |
225 | 53,818 | ||||||
Avaya Holdings Corp. (2) |
402 | 4,969 | ||||||
Avid Technology, Inc. (2) |
737 | 5,358 | ||||||
Avnet, Inc. |
1,127 | 31,426 | ||||||
Benchmark Electronics, Inc. |
79 | 1,706 | ||||||
Bottomline Technologies DE, Inc. (2) |
3 | 152 | ||||||
Box, Inc. (2) |
241 | 5,003 | ||||||
Broadcom, Inc. |
183 | 57,757 | ||||||
CACI International, Inc. - Class A (2) |
94 | 20,387 | ||||||
Cadence Design Systems, Inc. (2) |
2,053 | 197,006 | ||||||
Calix, Inc. (2) |
304 | 4,530 | ||||||
Cambium Networks Corp. (2) |
539 | 3,967 | ||||||
CDK Global, Inc. |
44 | 1,822 | ||||||
Cerence, Inc. (2) |
123 | 5,023 | ||||||
ChannelAdvisor Corp. (2) |
390 | 6,178 | ||||||
Ciena Corp. (2) |
631 | 34,175 | ||||||
Cirrus Logic, Inc. (2) |
160 | 9,885 | ||||||
Cisco Systems, Inc. |
4,787 | 223,266 | ||||||
Citrix Systems, Inc. |
504 | 74,547 | ||||||
Cognex Corp. |
172 | 10,272 | ||||||
Cognizant Technology Solutions |
1,743 | 99,037 | ||||||
Coupa Software, Inc. (2) |
58 | 16,068 | ||||||
Diebold Nixdorf, Inc. (2) |
263 | 1,594 | ||||||
Digital Turbine, Inc. (2) |
30 | 377 | ||||||
Diodes, Inc. (2) |
39 | 1,977 | ||||||
DocuSign, Inc. (2) |
327 | 56,313 | ||||||
Dropbox, Inc. (2) |
424 | 9,230 | ||||||
DXC Technology Co. |
699 | 11,534 | ||||||
Ebix, Inc. |
204 | 4,561 | ||||||
Enphase Energy, Inc. (2) |
98 | 4,662 | ||||||
F5 Networks, Inc. (2) |
66 | 9,206 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Five9, Inc. (2) |
111 | 12,284 | ||||||
Fortinet, Inc. (2) |
244 | 33,494 | ||||||
Hackett Group, Inc./The |
62 | 839 | ||||||
Hewlett Packard Enterprise Co. |
4,363 | 42,452 | ||||||
HP, Inc. |
2,826 | 49,257 | ||||||
IBM |
875 | 105,674 | ||||||
II-VI, Inc. (2) |
55 | 2,597 | ||||||
Intel Corp. |
6,218 | 372,023 | ||||||
Intuit, Inc. |
958 | 283,750 | ||||||
J2 Global, Inc. (2) |
200 | 12,642 | ||||||
Jabil, Inc. |
1,177 | 37,758 | ||||||
Juniper Networks, Inc. |
288 | 6,584 | ||||||
KLA Corp. |
200 | 38,896 | ||||||
Lam Research Corp. |
260 | 84,100 | ||||||
Leidos Holdings, Inc. |
45 | 4,215 | ||||||
Lumentum Holdings, Inc. (2) |
104 | 8,469 | ||||||
Majesco (2) |
18 | 141 | ||||||
Manhattan Associates, Inc. (2) |
205 | 19,311 | ||||||
ManTech International Corp./VA |
51 | 3,493 | ||||||
Mastercard, Inc. |
1,325 | 391,803 | ||||||
Maxim Integrated Products, Inc. |
616 | 37,336 | ||||||
Methode Electronics, Inc. |
34 | 1,063 | ||||||
Micron Technology, Inc. (2) |
1,059 | 54,560 | ||||||
Microsoft Corp. |
8,221 | 1,673,056 | ||||||
MKS Instruments, Inc. |
23 | 2,605 | ||||||
Motorola Solutions, Inc. |
195 | 27,325 | ||||||
National Instruments Corp. |
291 | 11,265 | ||||||
NCR Corp. (2) |
176 | 3,048 | ||||||
NetScout Systems, Inc. (2) |
192 | 4,908 | ||||||
NIC, Inc. |
270 | 6,199 | ||||||
NortonLifeLock, Inc. |
1,700 | 33,711 | ||||||
NVIDIA Corp. |
797 | 302,788 | ||||||
Okta, Inc. (2) |
26 | 5,206 | ||||||
ON Semiconductor Corp. (2) |
157 | 3,112 | ||||||
OneSpan, Inc. (2) |
260 | 7,262 | ||||||
Oracle Corp. |
5,174 | 285,967 | ||||||
PagerDuty, Inc. (2) |
77 | 2,204 | ||||||
Paycom Software, Inc. (2) |
65 | 20,132 | ||||||
PayPal Holdings, Inc. (2) |
150 | 26,135 | ||||||
PC Connection, Inc. |
13 | 603 | ||||||
Perspecta, Inc. |
271 | 6,295 | ||||||
Photronics, Inc. (2) |
364 | 4,051 | ||||||
Plantronics, Inc. |
65 | 954 | ||||||
Progress Software Corp. |
649 | 25,149 | ||||||
Pure Storage, Inc. (2) |
861 | 14,921 | ||||||
Qorvo, Inc. (2) |
170 | 18,790 | ||||||
QUALCOMM, Inc. |
3,080 | 280,927 | ||||||
The accompanying notes are an integral part of these financial statements
Page 74 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Qualys, Inc. (2) |
184 | 19,140 | ||||||
Rimini Street, Inc. (2) |
83 | 427 | ||||||
RingCentral, Inc. - Class A (2) |
96 | 27,361 | ||||||
salesforce.com, Inc. (2) |
837 | 156,795 | ||||||
Sanmina Corp. (2) |
282 | 7,061 | ||||||
ScanSource, Inc. (2) |
108 | 2,602 | ||||||
ServiceNow, Inc. (2) |
23 | 9,316 | ||||||
Skyworks Solutions, Inc. |
424 | 54,213 | ||||||
Slack Technologies, Inc. (2) |
418 | 12,996 | ||||||
SMART Global Holdings, Inc. (2) |
106 | 2,881 | ||||||
Smartsheet, Inc. (2) |
94 | 4,786 | ||||||
Sonim Technologies, Inc. (2) |
265 | 212 | ||||||
Splunk, Inc. (2) |
45 | 8,942 | ||||||
SPS Commerce, Inc. (2) |
158 | 11,869 | ||||||
SS&C Technologies Holdings, Inc. |
2,764 | 156,111 | ||||||
Stratasys, Ltd. (2) |
54 | 856 | ||||||
Sykes Enterprises, Inc. (2) |
423 | 11,700 | ||||||
SYNNEX Corp. |
153 | 18,325 | ||||||
Synopsys, Inc. (2) |
1,036 | 202,020 | ||||||
Telenav, Inc. (2) |
12 | 66 | ||||||
Tenable Holdings, Inc. (2) |
156 | 4,650 | ||||||
TESSCO Technologies, Inc. |
32 | 176 | ||||||
Texas Instruments, Inc. |
806 | 102,338 | ||||||
Trimble, Inc. (2) |
604 | 26,087 | ||||||
TTEC Holdings, Inc. |
68 | 3,166 | ||||||
Twilio, Inc. (2) |
122 | 26,769 | ||||||
Verint Systems, Inc. (2) |
624 | 28,192 | ||||||
Veritone, Inc. (2) |
73 | 1,085 | ||||||
VirnetX Holding Corp. (3) |
656 | 4,264 | ||||||
Visa, Inc. |
409 | 79,007 | ||||||
Vishay Intertechnology, Inc. |
146 | 2,229 | ||||||
Workday, Inc. (2) |
196 | 36,723 | ||||||
Xerox Holdings Corp. |
1,476 | 22,568 | ||||||
Xperi Holding Corp. |
489 | 7,218 | ||||||
Zebra Technologies Corp. - Class A (2) |
123 | 31,482 | ||||||
Zoom Video Communications, Inc. (2) |
42 | 10,649 | ||||||
Zscaler, Inc. (2) |
117 | 12,812 | ||||||
| 8,492,428 | ||||||||
Materials — 0.5% |
||||||||
AdvanSix, Inc. (2) |
46 | 540 | ||||||
Air Products and Chemicals, Inc. |
360 | 86,926 | ||||||
Boise Cascade Co. |
313 | 11,772 | ||||||
Clearwater Paper Corp. (2) |
33 | 1,192 | ||||||
Commercial Metals Co. |
69 | 1,408 | ||||||
Dow, Inc. |
465 | 18,953 | ||||||
Eastman Chemical Co. |
231 | 16,087 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
FMC Corp. |
266 | 26,499 | ||||||
Hawkins, Inc. |
8 | 341 | ||||||
Huntsman Corp. |
26 | 467 | ||||||
Koppers Holdings, Inc. (2) |
102 | 1,922 | ||||||
Linde PLC |
30 | 6,363 | ||||||
LyondellBasell Industries NV |
530 | 34,832 | ||||||
Materion Corp. |
63 | 3,874 | ||||||
Newmont Corp. |
2,280 | 140,767 | ||||||
Novagold Resources, Inc. (2) |
686 | 6,297 | ||||||
Olin Corp. |
38 | 437 | ||||||
Olympic Steel, Inc. |
142 | 1,669 | ||||||
Packaging Corp. of America |
136 | 13,573 | ||||||
PolyOne Corp. |
16 | 420 | ||||||
Reliance Steel & Aluminum Co. |
466 | 44,237 | ||||||
Royal Gold, Inc. |
132 | 16,410 | ||||||
RPM International, Inc. |
308 | 23,118 | ||||||
Ryerson Holding Corp. (2) |
528 | 2,973 | ||||||
Scotts Miracle-Gro Co./The |
213 | 28,642 | ||||||
Sherwin-Williams Co./The |
164 | 94,767 | ||||||
Steel Dynamics, Inc. |
420 | 10,958 | ||||||
Stepan Co. |
37 | 3,593 | ||||||
Tredegar Corp. |
237 | 3,650 | ||||||
Trinseo SA |
14 | 310 | ||||||
Tronox Holdings PLC |
19 | 137 | ||||||
Verso Corp. |
37 | 443 | ||||||
Westrock Co. |
573 | 16,193 | ||||||
Worthington Industries, Inc. |
102 | 3,805 | ||||||
| 623,575 | ||||||||
Real Estate Investment Trust — 0.8% |
||||||||
Altisource Portfolio Solutions (2) |
199 | 2,933 | ||||||
American Homes 4 Rent |
769 | 20,686 | ||||||
American Tower Corp. |
1,082 | 279,740 | ||||||
Apple Hospitality REIT, Inc. |
1,025 | 9,902 | ||||||
Ashford Hospitality Trust, Inc. |
495 | 358 | ||||||
AvalonBay Communities, Inc. |
178 | 27,526 | ||||||
CareTrust REIT, Inc. |
232 | 3,981 | ||||||
CatchMark Timber Trust, Inc. |
380 | 3,363 | ||||||
CBL & Associates Properties In (2) |
1,071 | 292 | ||||||
Clipper Realty, Inc. |
119 | 964 | ||||||
Colony Capital, Inc. |
384 | 922 | ||||||
CoreCivic, Inc. |
43 | 402 | ||||||
CorEnergy Infrastructure Trust |
110 | 1,007 | ||||||
CorePoint Lodging, Inc. |
750 | 3,158 | ||||||
Corporate Office Properties Tr |
580 | 14,697 | ||||||
CyrusOne, Inc. |
259 | 18,842 | ||||||
Equinix, Inc. |
72 | 50,566 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 75 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Essex Property Trust, Inc. |
431 | 98,772 | ||||||
Gaming and Leisure Properties |
1,241 | 42,939 | ||||||
Getty Realty Corp. |
86 | 2,552 | ||||||
Healthcare Realty Trust, Inc. |
922 | 27,005 | ||||||
Highwoods Properties, Inc. |
498 | 18,590 | ||||||
Host Hotels & Resorts, Inc. |
130 | 1,403 | ||||||
Lamar Advertising Co. |
905 | 60,418 | ||||||
Life Storage, Inc. |
58 | 5,507 | ||||||
LTC Properties, Inc. |
577 | 21,736 | ||||||
Maui Land & Pineapple Co., Inc. (2) |
5 | 56 | ||||||
National Health Investors, Inc. |
77 | 4,675 | ||||||
National Storage Affiliates Trust |
309 | 8,856 | ||||||
Paramount Group, Inc. |
654 | 5,042 | ||||||
Piedmont Office Realty Trust, Inc. |
899 | 14,932 | ||||||
PS Business Parks, Inc. |
123 | 16,285 | ||||||
Public Storage |
190 | 36,459 | ||||||
QTS Realty Trust, Inc. |
39 | 2,500 | ||||||
RAIT Financial Trust (2)(7) |
368 | — | ||||||
Regency Centers Corp. |
247 | 11,335 | ||||||
Ryman Hospitality Properties, Inc. |
36 | 1,246 | ||||||
SBA Communications Corp. |
120 | 35,750 | ||||||
Service Properties Trust |
1,571 | 11,138 | ||||||
Simon Property Group, Inc. |
2,362 | 161,514 | ||||||
Spirit MTA Reit Liquidating Trust (2)(7) |
477 | — | ||||||
Tanger Factory Outlet Centers (3) |
175 | 1,248 | ||||||
Trinity Place Holdings, Inc. (2) |
367 | 506 | ||||||
Uniti Group, Inc. |
155 | 1,449 | ||||||
Urstadt Biddle Properties, Inc. |
395 | 4,693 | ||||||
Xenia Hotels & Resorts, Inc. |
458 | 4,273 | ||||||
| 1,040,218 | ||||||||
Utilities — 0.4% |
||||||||
American Water Works Co., Inc. |
486 | 62,529 | ||||||
Atlantic Power Corp. (2) |
423 | 846 | ||||||
Consolidated Water Co., Ltd. |
23 | 332 | ||||||
Dominion Energy, Inc. |
2,330 | 189,149 | ||||||
Evergy, Inc. |
35 | 2,075 | ||||||
Exelon Corp. |
27 | 980 | ||||||
MDU Resources Group, Inc. |
1,409 | 31,252 | ||||||
NextEra Energy, Inc. |
190 | 45,632 | ||||||
NorthWestern Corp. |
1,014 | 55,283 | ||||||
NRG Energy, Inc. |
678 | 22,076 | ||||||
PPL Corp. |
1,702 | 43,980 | ||||||
Southwest Gas Holdings, Inc. |
466 | 32,177 | ||||||
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
WEC Energy Group, Inc. |
313 | 27,434 | ||||||
York Water Co./The |
56 | 2,673 | ||||||
| 516,418 | ||||||||
Total Common Stocks (Cost $24,792,609) |
29,417,962 | |||||||
Registered Investment Companies — 61.0% |
||||||||
Baird Core Plus Bond Fund - Class I |
499,657 | 6,030,859 | ||||||
Dodge & Cox Income Fund |
350,710 | 5,095,815 | ||||||
DoubleLine Total Return Bond Fund - Class I |
347,435 | 3,724,508 | ||||||
Guggenheim Total Return Bond Fund - Class I |
97,569 | 2,847,062 | ||||||
iShares Core U.S. Aggregate Bond ETF (8) |
77,748 | 9,190,591 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (8) |
67,638 | 7,387,422 | ||||||
Lord Abbett High Yield Fund - Class I |
419,879 | 2,834,185 | ||||||
Payden Emerging Markets Bond Fund - Class I |
76,919 | 990,722 | ||||||
PGIM Total Return Bond Fund - Class R6 |
380,806 | 5,605,459 | ||||||
Pioneer Bond Fund - Class Y |
380,967 | 3,767,765 | ||||||
Segall Bryant & Hamill Plus Bond Fund - Class I |
378,984 | 4,210,514 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF (8) |
27,382 | 2,769,963 | ||||||
TCW Emerging Markets Income Fund - Class I |
244,434 | 1,896,810 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF (8) |
28,502 | 2,711,680 | ||||||
Vanguard Short-Term Bond ETF (8) |
38,211 | 3,176,098 | ||||||
Vanguard Total Bond Market ETF (8) |
98,936 | 8,740,006 | ||||||
Xtrackers USD High Yield Corporate Bond ETF (8) |
214,039 | 10,006,321 | ||||||
Total Registered Investment Companies (Cost $77,010,333) |
80,985,780 | |||||||
Money Market Registered Investment Companies — 7.8% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (5) |
10,368,275 | 10,373,460 | ||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
8,353 | 8,353 | ||||||
Total Money Market Registered Investment Companies (Cost $10,371,567) |
10,381,813 | |||||||
The accompanying notes are an integral part of these financial statements
Page 76 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Conservative Allocation |
||||||||
Security Description |
Shares or |
Fair |
||||||
U.S. Government Obligations — 8.5% |
||||||||
U.S. Treasury Note, 2.25%, due 1/31/2024 |
3,742,700 | 4,016,385 | ||||||
U.S. Treasury Note, 2.625%, due 2/15/2029 |
1,599,200 | 1,873,938 | ||||||
U.S. Treasury Note, 1.50%, due 8/15/2026 |
1,290,800 | 1,375,357 | ||||||
U.S. Treasury Note, 2.25%, due 11/15/2025 |
2,387,400 | 2,630,150 | ||||||
U.S. Treasury Note, 2.125%, due 12/31/2022 |
1,304,700 | 1,368,253 | ||||||
Total U.S. Government Obligations (Cost $10,417,900) |
11,264,083 | |||||||
Total Investments — 99.4% (Cost $122,592,409) |
132,049,638 | |||||||
Other Assets less Liabilities — 0.6% |
828,860 | |||||||
Total Net Assets — 100.0% |
132,878,498 | |||||||
Trustee Deferred Compensation (6) |
||||||||
Meeder Balanced Fund - Retail Class |
1,089 | 12,251 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
2,754 | 31,203 | ||||||
Meeder Muirfield Fund - Retail Class |
1,635 | 11,347 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
318 | 7,069 | ||||||
Total Trustee Deferred Compensation (Cost $57,853) |
61,870 | |||||||
Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
Mini MSCI EAFE Index Futures |
19 | 9/18/2020 | 1,689,480 | (9,780 | ) | |||||||||||
Mini MSCI Emerging Markets Index Futures |
11 | 9/18/2020 | 542,135 | 3,513 | ||||||||||||
Russell 2000 Mini Index Futures |
(3 | ) | 9/18/2020 | (215,640 | ) | (4,246 | ) | |||||||||
Standard & Poors 500 Mini Futures |
(17 | ) | 9/18/2020 | (2,626,670 | ) | (21,432 | ) | |||||||||
E-mini Standard & Poors MidCap 400 Futures |
(5 | ) | 9/18/2020 | (889,550 | ) | (30,319 | ) | |||||||||
Total Futures Contracts |
5 | (1,500,245 | ) | (62,264 | ) | |||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 120,785,555 | $ | (62,264 | ) | |||
Level 2 - Other Significant Observable Inputs |
11,264,083 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 132,049,638 | $ | (62,264 | ) | |||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
All or a portion of this security is on loan. |
|
(4) |
Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(5) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(6) |
Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustees Deferred Compensation Plan. |
|
(7) |
Fair valued security deemed as Level 3 security. |
|
(8) |
Exchange-traded fund. |
|
(9) |
Preferred stock. |
| (10) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 77 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — 79.4% |
||||||||
Communication Services — 6.8% |
||||||||
Activision Blizzard, Inc. |
9,230 | 700,557 | ||||||
Alphabet, Inc. - Class A (2) |
391 | 554,458 | ||||||
Alphabet, Inc. - Class C (2) |
2,047 | 2,893,660 | ||||||
AMC Entertainment Holdings, Inc. |
780 | 3,346 | ||||||
AT&T, Inc. |
39,011 | 1,179,303 | ||||||
Cinemark Holdings, Inc. |
933 | 10,776 | ||||||
Comcast Corp. - Class A |
7,415 | 289,037 | ||||||
Cumulus Media, Inc. (2) |
785 | 3,101 | ||||||
DHI Group, Inc. (2) |
108 | 227 | ||||||
Electronic Arts, Inc. (2) |
3,781 | 499,281 | ||||||
Facebook, Inc. (2) |
9,292 | 2,109,934 | ||||||
Frontier Communications Corp. (2) |
3,108 | 303 | ||||||
Glu Mobile, Inc. (2) |
1,621 | 15,027 | ||||||
Gray Television, Inc. (2) |
1,024 | 14,285 | ||||||
IMAX Corp. (2) |
251 | 2,814 | ||||||
Lee Enterprises, Inc. (2) |
2,570 | 2,519 | ||||||
Liberty TripAdvisor Holdings, Inc. (2) |
3,939 | 8,390 | ||||||
Lions Gate Entertainment Corp. Class A (2) |
777 | 5,758 | ||||||
Marcus Corp./The |
1,648 | 21,869 | ||||||
MDC Partners, Inc. (2) |
1,438 | 2,991 | ||||||
National CineMedia, Inc. |
602 | 1,788 | ||||||
Netflix, Inc. (2) |
965 | 439,114 | ||||||
Pinterest, Inc. (2) |
1,847 | 40,948 | ||||||
Sinclair Broadcast Group, Inc. |
135 | 2,492 | ||||||
Spotify Technology SA (2) |
715 | 184,606 | ||||||
TEGNA, Inc. |
36 | 401 | ||||||
Telephone and Data Systems, Inc. |
2,215 | 44,034 | ||||||
T-Mobile US, Inc. |
10,879 | 1,133,048 | ||||||
Verizon Communications, Inc. |
28,619 | 1,577,765 | ||||||
Yelp, Inc. (2) |
127 | 2,938 | ||||||
| 11,744,770 | ||||||||
Consumer Discretionary — 12.0% |
||||||||
1-800-Flowers.com, Inc. (2) |
686 | 13,734 | ||||||
Amazon.com, Inc. (2) |
1,863 | 5,139,682 | ||||||
Aptiv PLC |
45 | 3,506 | ||||||
Aramark |
1,562 | 35,254 | ||||||
AutoZone, Inc. (2) |
81 | 91,378 | ||||||
BBX Capital Corp. |
1,404 | 3,566 | ||||||
Best Buy Co., Inc. |
6,546 | 571,269 | ||||||
Big Lots, Inc. |
798 | 33,516 | ||||||
BorgWarner, Inc. |
348 | 12,284 | ||||||
Boyd Gaming Corp. |
998 | 20,858 | ||||||
Brinker International, Inc. |
792 | 19,008 | ||||||
Caleres, Inc. |
606 | 5,054 | ||||||
Camping World Holdings, Inc. |
2,340 | 63,554 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Capri Holdings, Ltd. (2) |
948 | 14,817 | ||||||
Chipotle Mexican Grill, Inc. (2) |
224 | 235,729 | ||||||
Crocs, Inc. (2) |
759 | 27,946 | ||||||
Dana, Inc. |
1,032 | 12,580 | ||||||
Dave & Buster’s Entertainment |
461 | 6,145 | ||||||
Deckers Outdoor Corp. (2) |
1,042 | 204,638 | ||||||
Designer Brands, Inc. |
374 | 2,532 | ||||||
Dollar General Corp. |
2,868 | 546,383 | ||||||
Dollar Tree, Inc. (2) |
911 | 84,431 | ||||||
Domino’s Pizza, Inc. |
481 | 177,701 | ||||||
DR Horton, Inc. |
7,237 | 401,292 | ||||||
Duluth Holdings, Inc. - Class B (2) |
2,174 | 16,022 | ||||||
eBay, Inc. |
7,682 | 402,921 | ||||||
Everi Holdings, Inc. (2) |
1,814 | 9,360 | ||||||
Fiesta Restaurant Group, Inc. (2) |
799 | 5,098 | ||||||
Ford Motor Co. |
1,707 | 10,379 | ||||||
Fox Factory Holding Corp. (2) |
255 | 21,066 | ||||||
Garmin, Ltd. |
2,664 | 259,740 | ||||||
General Motors Co. |
29,661 | 750,423 | ||||||
Gentex Corp. |
2,979 | 76,769 | ||||||
G-III Apparel Group, Ltd. (2) |
66 | 877 | ||||||
Green Brick Partners, Inc. (2) |
146 | 1,730 | ||||||
Greenlane Holdings, Inc. (2) |
190 | 756 | ||||||
Hanesbrands, Inc. |
1,919 | 21,666 | ||||||
Harley-Davidson, Inc. |
7,624 | 181,222 | ||||||
Home Depot, Inc./The |
8,897 | 2,228,787 | ||||||
Installed Building Products In (2) |
57 | 3,920 | ||||||
International Game Technology |
4,848 | 43,147 | ||||||
KB Home |
3,461 | 106,183 | ||||||
Kirkland’s, Inc. (2) |
2,525 | 6,843 | ||||||
Lands’ End, Inc. (2) |
748 | 6,014 | ||||||
Las Vegas Sands Corp. |
2,257 | 102,784 | ||||||
LCI Industries |
189 | 21,731 | ||||||
Lear Corp. |
1,119 | 121,993 | ||||||
Lennar Corp. |
5,539 | 341,313 | ||||||
LKQ Corp. (2) |
2,461 | 64,478 | ||||||
Lowe’s Cos., Inc. |
9,407 | 1,271,074 | ||||||
Lululemon Athletica, Inc. (2) |
722 | 225,271 | ||||||
Malibu Boats, Inc. (2) |
1,055 | 54,807 | ||||||
MarineMax, Inc. (2) |
111 | 2,485 | ||||||
Marriott International, Inc./MD |
100 | 8,573 | ||||||
McDonald’s Corp. |
6,414 | 1,183,191 | ||||||
MDC Holdings, Inc. |
148 | 5,284 | ||||||
MGM Resorts International |
2,577 | 43,294 | ||||||
Murphy USA, Inc. (2) |
280 | 31,525 | ||||||
NIKE, Inc. - Class B |
14,244 | 1,396,624 | ||||||
NVR, Inc. (2) |
63 | 205,301 | ||||||
The accompanying notes are an integral part of these financial statements
Page 78 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Office Depot, Inc. |
3,903 | 9,172 | ||||||
Papa John’s International, Inc. |
68 | 5,400 | ||||||
Party City Holdco, Inc. (2) |
747 | 1,113 | ||||||
Penn National Gaming, Inc. (2) |
952 | 29,074 | ||||||
PetMed Express, Inc. |
292 | 10,407 | ||||||
PulteGroup, Inc. |
9,151 | 311,409 | ||||||
Purple Innovation, Inc. (2) |
722 | 12,996 | ||||||
Qurate Retail, Inc. (2) |
2,866 | 27,227 | ||||||
Ralph Lauren Corp. |
1,621 | 117,555 | ||||||
RCI Hospitality Holdings, Inc. |
901 | 12,488 | ||||||
Red Robin Gourmet Burgers, Inc. (2) |
821 | 8,374 | ||||||
Red Rock Resorts, Inc. |
922 | 10,059 | ||||||
Rent-A-Center, Inc./TX |
7,429 | 206,675 | ||||||
RH (2) |
764 | 190,160 | ||||||
Ross Stores, Inc. |
1,803 | 153,688 | ||||||
Rubicon Project, Inc./The (2) |
496 | 3,308 | ||||||
Select Interior Concepts, Inc. (2) |
67 | 235 | ||||||
Sleep Number Corp. (2) |
263 | 10,951 | ||||||
Sportsman’s Warehouse Holdings (2) |
1,681 | 23,954 | ||||||
Stamps.com, Inc. (2) |
248 | 45,555 | ||||||
Starbucks Corp. |
192 | 14,129 | ||||||
Stoneridge, Inc. (2) |
294 | 6,074 | ||||||
Sturm Ruger & Co., Inc. |
233 | 17,708 | ||||||
Tapestry, Inc. |
194 | 2,576 | ||||||
Target Corp. |
4,236 | 508,023 | ||||||
Tesla, Inc. (2) |
823 | 888,684 | ||||||
Texas Roadhouse, Inc. |
470 | 24,708 | ||||||
Thor Industries, Inc. |
2,091 | 222,754 | ||||||
Tile Shop Holdings, Inc. |
975 | 1,268 | ||||||
TopBuild Corp. (2) |
316 | 35,951 | ||||||
Town Sports International Holdings, Inc. (2) |
2,090 | 1,129 | ||||||
Tractor Supply Co. |
79 | 10,411 | ||||||
Tupperware Brands Corp. |
404 | 1,919 | ||||||
Urban Outfitters, Inc. (2) |
1 | 15 | ||||||
Vista Outdoor, Inc. (2) |
417 | 6,026 | ||||||
Waitr Holdings, Inc. (2) |
891 | 2,343 | ||||||
Wendy’s Co./The |
177 | 3,855 | ||||||
Williams-Sonoma, Inc. |
1,007 | 82,584 | ||||||
Wingstop, Inc. |
1,004 | 139,526 | ||||||
Winnebago Industries, Inc. |
2,421 | 161,287 | ||||||
Yum China Holdings, Inc. |
3,376 | 162,284 | ||||||
Yum! Brands, Inc. |
2,510 | 218,144 | ||||||
Zumiez, Inc. (2) |
834 | 22,835 | ||||||
| 20,683,541 | ||||||||
Consumer Staples — 1.5% |
||||||||
Alico, Inc. |
22 | 686 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Coca-Cola Co./The |
10,702 | 478,165 | ||||||
Costco Wholesale Corp. |
164 | 49,726 | ||||||
General Mills, Inc. |
16,743 | 1,032,206 | ||||||
Ingredion, Inc. |
150 | 12,450 | ||||||
Kroger Co./The |
4,146 | 140,342 | ||||||
Molson Coors Beverage Co. - Class B |
5,059 | 173,827 | ||||||
Nu Skin Enterprises, Inc. |
310 | 11,851 | ||||||
Oil-Dri Corp. of America |
7 | 243 | ||||||
PepsiCo, Inc. |
3,773 | 499,017 | ||||||
Performance Food Group Co. (2) |
748 | 21,797 | ||||||
Rite Aid Corp. (2) |
362 | 6,176 | ||||||
SpartanNash Co. |
686 | 14,578 | ||||||
Sprouts Farmers Market, Inc. (2) |
161 | 4,120 | ||||||
Tyson Foods, Inc. |
570 | 34,035 | ||||||
United Natural Foods, Inc. (2) |
425 | 7,739 | ||||||
Walgreens Boots Alliance, Inc. |
903 | 38,278 | ||||||
| 2,525,236 | ||||||||
Energy — 1.8% |
||||||||
Altus Midstream Co. (2) |
643 | 407 | ||||||
Amplify Energy Corp. |
1,785 | 2,196 | ||||||
Antero Resources Corp. (2) |
877 | 2,228 | ||||||
Apache Corp. |
1,218 | 16,443 | ||||||
Arch Resources, Inc. |
47 | 1,335 | ||||||
Archrock, Inc. |
806 | 5,231 | ||||||
Ardmore Shipping Corp. |
1,969 | 8,545 | ||||||
Baker Hughes Co. |
4,869 | 74,934 | ||||||
Berry Corp. |
370 | 1,787 | ||||||
Bonanza Creek Energy, Inc. (2) |
24 | 356 | ||||||
Brigham Minerals, Inc. |
209 | 2,581 | ||||||
Cabot Oil & Gas Corp. |
2,196 | 37,727 | ||||||
Cactus, Inc. |
1,562 | 32,224 | ||||||
California Resources Corp. (2)(3) |
1,319 | 1,609 | ||||||
Centennial Resource Developmen (2) |
248 | 221 | ||||||
Chaparral Energy, Inc. (2) |
841 | 545 | ||||||
Chesapeake Energy Corp. (2) |
200 | 980 | ||||||
Chevron Corp. |
10,915 | 973,945 | ||||||
CNX Resources Corp. (2) |
794 | 6,868 | ||||||
Concho Resources, Inc. |
1,703 | 87,705 | ||||||
ConocoPhillips |
8,053 | 338,387 | ||||||
CONSOL Energy, Inc. (2) |
147 | 745 | ||||||
Continental Resources, Inc./OK (2) |
709 | 12,429 | ||||||
Delek US Holdings, Inc. |
555 | 9,663 | ||||||
DHT Holdings, Inc. |
1,239 | 6,356 | ||||||
Diamondback Energy, Inc. |
309 | 12,922 | ||||||
Dorian LPG, Ltd. (2) |
509 | 3,940 | ||||||
EOG Resources, Inc. |
3,222 | 163,227 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 79 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
EQT Corp. |
1,698 | 20,206 | ||||||
Exterran Corp. (2) |
527 | 2,841 | ||||||
Extraction Oil & Gas, Inc. (2) |
1,270 | 154 | ||||||
Exxon Mobil Corp. |
183 | 8,184 | ||||||
Frank’s International NV (2) |
604 | 1,347 | ||||||
Gulfport Energy Corp. (2) |
750 | 818 | ||||||
Hallador Energy Co. |
131 | 86 | ||||||
Helmerich & Payne, Inc. |
2,307 | 45,010 | ||||||
Hess Corp. |
461 | 23,884 | ||||||
HollyFrontier Corp. |
1,739 | 50,779 | ||||||
International Seaways, Inc. |
593 | 9,690 | ||||||
Kinder Morgan, Inc. |
7,466 | 113,259 | ||||||
Laredo Petroleum, Inc. (2) |
198 | 2,744 | ||||||
Matador Resources Co. (2) |
643 | 5,466 | ||||||
Nabors Industries, Ltd. |
96 | 3,554 | ||||||
National Oilwell Varco, Inc. |
1,629 | 19,955 | ||||||
NexTier Oilfield Solutions, Inc. (2) |
1,356 | 3,322 | ||||||
Nine Energy Service, Inc. (2) |
307 | 599 | ||||||
Nordic American Tankers, Ltd. |
861 | 3,496 | ||||||
Oasis Petroleum, Inc. (2) |
1,469 | 1,102 | ||||||
Oceaneering International, Inc. (2) |
993 | 6,345 | ||||||
Overseas Shipholding Group, Inc. (2) |
102 | 190 | ||||||
Par Pacific Holdings, Inc. (2) |
1,217 | 10,941 | ||||||
Patterson-UTI Energy, Inc. |
1,000 | 3,470 | ||||||
PDC Energy, Inc. (2) |
1,027 | 12,776 | ||||||
Peabody Energy Corp. |
1,125 | 3,240 | ||||||
Penn Virginia Corp. (2) |
1,064 | 10,140 | ||||||
Phillips 66 |
4,460 | 320,674 | ||||||
Pioneer Natural Resources Co. |
1,251 | 122,223 | ||||||
Profire Energy, Inc. (2) |
11 | 9 | ||||||
ProPetro Holding Corp. (2) |
1,612 | 8,286 | ||||||
Range Resources Corp. |
1,399 | 7,876 | ||||||
Renewable Energy Group, Inc. (2) |
511 | 12,663 | ||||||
Rosehill Resources, Inc. (2)(3) |
367 | 265 | ||||||
Schlumberger, Ltd. |
5,627 | 103,481 | ||||||
Scorpio Tankers, Inc. |
47 | 602 | ||||||
SilverBow Resources, Inc. (2) |
425 | 1,364 | ||||||
Southwestern Energy Co. (2) |
2,813 | 7,201 | ||||||
Superior Energy Services, Inc. (2) |
323 | 368 | ||||||
Talos Energy, Inc. (2) |
528 | 4,858 | ||||||
Teekay Corp. (2) |
1,125 | 2,700 | ||||||
Teekay Tankers, Ltd. (2) |
94 | 1,205 | ||||||
Valero Energy Corp. |
4,390 | 258,220 | ||||||
W&T Offshore, Inc. (2) |
499 | 1,138 | ||||||
Whiting Petroleum Corp. (2) |
854 | 965 | ||||||
Williams Cos., Inc./The |
4,257 | 80,968 | ||||||
World Fuel Services Corp. |
1,128 | 29,057 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
WPX Energy, Inc. (2) |
3,072 | 19,599 | ||||||
| 3,152,856 | ||||||||
Financials — 7.1% |
||||||||
AGNC Investment Corp. |
2,902 | 37,436 | ||||||
Allstate Corp./The |
10,018 | 971,646 | ||||||
American Equity Investment Life |
76 | 1,878 | ||||||
American Express Co. |
4,590 | 436,968 | ||||||
Ameriprise Financial, Inc. |
1,050 | 157,542 | ||||||
Artisan Partners Asset Managem |
2,670 | 86,775 | ||||||
Associated Banc-Corp |
320 | 4,378 | ||||||
Bank of America Corp. |
57,581 | 1,367,549 | ||||||
BCB Bancorp, Inc. |
1,043 | 9,679 | ||||||
Berkshire Hathaway, Inc. Class B (2) |
13,618 | 2,430,949 | ||||||
Blackstone Mortgage Trust, Inc. |
719 | 17,321 | ||||||
Brightsphere Investment Group |
515 | 6,417 | ||||||
Cannae Holdings, Inc. (2) |
1,526 | 62,719 | ||||||
Cathay General Bancorp |
957 | 25,169 | ||||||
Charles Schwab Corp./The |
100 | 3,374 | ||||||
Citigroup, Inc. |
1,246 | 63,671 | ||||||
Citizens Financial Group, Inc. |
1,090 | 27,512 | ||||||
Civista Bancshares, Inc. |
103 | 1,586 | ||||||
CNO Financial Group, Inc. |
662 | 10,307 | ||||||
Colony Credit Real Estate, Inc. |
141 | 990 | ||||||
Cullen/Frost Bankers, Inc. |
1,008 | 75,308 | ||||||
Curo Group Holdings Corp. |
1,458 | 11,912 | ||||||
CVB Financial Corp. |
480 | 8,995 | ||||||
Diamond Hill Investment Group |
10 | 1,137 | ||||||
Donegal Group, Inc. |
105 | 1,493 | ||||||
East West Bancorp, Inc. |
1,226 | 44,430 | ||||||
Elevate Credit, Inc. (2) |
2,328 | 3,445 | ||||||
Ellington Financial, Inc. |
708 | 8,340 | ||||||
Enova International, Inc. (2) |
210 | 3,123 | ||||||
Enterprise Financial Services |
313 | 9,741 | ||||||
Equitable Holdings, Inc. |
2,263 | 43,653 | ||||||
Esquire Financial Holdings, Inc. (2) |
113 | 1,910 | ||||||
ESSA Bancorp, Inc. |
12 | 167 | ||||||
Essent Group, Ltd. |
1,073 | 38,918 | ||||||
Farmers National Banc Corp. |
222 | 2,633 | ||||||
Fidelity National Financial, Inc. |
5,053 | 154,925 | ||||||
Fifth Third Bancorp |
8,919 | 171,958 | ||||||
First American Financial Corp. |
3,555 | 170,711 | ||||||
First Financial Corp./IN |
560 | 20,630 | ||||||
First Interstate BancSystem In |
948 | 29,350 | ||||||
FirstCash, Inc. |
2,579 | 174,031 | ||||||
FNB Corp./PA |
3,477 | 26,078 | ||||||
Glacier Bancorp, Inc. |
1,287 | 45,418 | ||||||
The accompanying notes are an integral part of these financial statements
Page 80 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Goosehead Insurance, Inc. (2) |
64 | 4,810 | ||||||
Great Ajax Corp. |
2,705 | 24,886 | ||||||
HBT Financial, Inc. |
330 | 4,399 | ||||||
Heritage Commerce Corp. |
1,187 | 8,908 | ||||||
Hilltop Holdings, Inc. |
2,832 | 52,250 | ||||||
HomeStreet, Inc. |
569 | 14,003 | ||||||
Houlihan Lokey, Inc. |
884 | 49,186 | ||||||
International Bancshares Corp. |
531 | 17,003 | ||||||
INTL. FCStone, Inc. (2) |
728 | 40,040 | ||||||
Invesco, Ltd. |
1,852 | 19,928 | ||||||
JPMorgan Chase & Co. |
18,296 | 1,720,922 | ||||||
Kinsale Capital Group, Inc. |
283 | 43,924 | ||||||
KKR Real Estate Finance Trust |
2,956 | 49,010 | ||||||
Ladder Capital Corp. |
3,502 | 28,366 | ||||||
Lakeland Bancorp, Inc. |
1,595 | 18,231 | ||||||
LPL Financial Holdings, Inc. |
35 | 2,744 | ||||||
M&T Bank Corp. |
318 | 33,062 | ||||||
MarketAxess Holdings, Inc. |
430 | 215,396 | ||||||
MetLife, Inc. |
4,256 | 155,429 | ||||||
Metrocity Bankshares, Inc. |
1,399 | 20,048 | ||||||
MSCI, Inc. |
704 | 235,009 | ||||||
National General Holdings Corp. |
313 | 6,764 | ||||||
NewStar Financial Contingent Value Rights (2)(8) |
179 | — | ||||||
Nicolet Bankshares, Inc. (2) |
35 | 1,918 | ||||||
Northrim BanCorp, Inc. |
839 | 21,092 | ||||||
OceanFirst Financial Corp. |
594 | 10,472 | ||||||
Ocwen Financial Corp. (2) |
1,130 | 750 | ||||||
Oppenheimer Holdings, Inc. |
2,182 | 47,546 | ||||||
Pacific Premier Bancorp, Inc. |
2,382 | 51,642 | ||||||
Park National Corp. |
83 | 5,842 | ||||||
PennyMac Financial Services, Inc. - Class A |
3,216 | 134,397 | ||||||
People’s United Financial, Inc. |
308 | 3,564 | ||||||
PJT Partners, Inc. |
368 | 18,893 | ||||||
PNC Financial Services Group I |
564 | 59,338 | ||||||
Popular, Inc. |
5,386 | 200,198 | ||||||
ProSight Global, Inc. (2) |
698 | 6,212 | ||||||
Prosperity Bancshares, Inc. |
1,115 | 66,209 | ||||||
Prudential Financial, Inc. |
7,444 | 453,340 | ||||||
Pzena Investment Management In |
2,462 | 13,393 | ||||||
QCR Holdings, Inc. |
1,544 | 48,142 | ||||||
Radian Group, Inc. |
2,132 | 33,067 | ||||||
RBB Bancorp |
1,137 | 15,520 | ||||||
Regions Financial Corp. |
19,052 | 211,858 | ||||||
Signature Bank/New York NY |
1,533 | 163,908 | ||||||
Simmons First National Corp. |
1,826 | 31,243 | ||||||
South State Corp. |
168 | 8,007 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Starwood Property Trust, Inc. |
442 | 6,612 | ||||||
State Street Corp. |
2,725 | 173,174 | ||||||
Stewart Information Services C |
4,581 | 148,928 | ||||||
SVB Financial Group (2) |
393 | 84,703 | ||||||
TCF Financial Corp. |
216 | 6,355 | ||||||
TriCo Bancshares |
828 | 25,213 | ||||||
Truist Financial Corp. |
6,055 | 227,365 | ||||||
United Community Banks, Inc./GA |
253 | 5,090 | ||||||
Unity Bancorp, Inc. |
17 | 243 | ||||||
Valley National Bancorp |
5,693 | 44,519 | ||||||
Walker & Dunlop, Inc. |
239 | 12,144 | ||||||
Wells Fargo & Co. |
8,090 | 207,104 | ||||||
Western Alliance Bancorp |
1,225 | 46,391 | ||||||
| 12,130,882 | ||||||||
Healthcare — 15.5% |
||||||||
Abbott Laboratories |
4,913 | 449,196 | ||||||
AbbVie, Inc. |
16,267 | 1,597,094 | ||||||
Abeona Therapeutics, Inc. (2) |
63 | 184 | ||||||
Acceleron Pharma, Inc. (2) |
669 | 63,736 | ||||||
AcelRx Pharmaceuticals, Inc. (2) |
3,655 | 4,423 | ||||||
Addus HomeCare Corp. (2) |
95 | 8,793 | ||||||
Aduro Biotech, Inc. (2) |
1,008 | 2,328 | ||||||
Adverum Biotechnologies, Inc. (2) |
377 | 7,872 | ||||||
Affimed NV (2) |
3,034 | 14,002 | ||||||
Agilent Technologies, Inc. |
4,167 | 368,238 | ||||||
Akcea Therapeutics, Inc. (2) |
338 | 4,631 | ||||||
Akebia Therapeutics, Inc. (2) |
1,082 | 14,694 | ||||||
Alector, Inc. (2) |
556 | 13,589 | ||||||
Alexion Pharmaceuticals, Inc. (2) |
2,510 | 281,722 | ||||||
Align Technology, Inc. (2) |
297 | 81,509 | ||||||
Alkermes PLC (2) |
1,911 | 37,083 | ||||||
Alnylam Pharmaceuticals, Inc. (2) |
812 | 120,265 | ||||||
Amedisys, Inc. (2) |
232 | 46,061 | ||||||
AmerisourceBergen Corp. |
2,665 | 268,552 | ||||||
Amgen, Inc. |
6,437 | 1,518,231 | ||||||
Amicus Therapeutics, Inc. (2) |
1,738 | 26,209 | ||||||
Amneal Pharmaceuticals, Inc. (2) |
2,591 | 12,333 | ||||||
Anthem, Inc. |
455 | 119,656 | ||||||
Apellis Pharmaceuticals, Inc. (2) |
588 | 19,204 | ||||||
Applied Therapeutics, Inc. (2) |
132 | 4,772 | ||||||
AquaBounty Technologies, Inc. (2) |
1,524 | 4,907 | ||||||
Aquestive Therapeutics, Inc. (2) |
1,276 | 6,201 | ||||||
Arcus Biosciences, Inc. (2) |
173 | 4,280 | ||||||
Ardelyx, Inc. (2) |
940 | 6,505 | ||||||
Arena Pharmaceuticals, Inc. (2) |
270 | 16,997 | ||||||
Arrowhead Pharmaceuticals, Inc. (2) |
361 | 15,592 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 81 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Arvinas, Inc. (2) |
586 | 19,654 | ||||||
Assembly Biosciences, Inc. (2) |
94 | 2,192 | ||||||
Assertio Holdings, Inc. (2) |
4,595 | 3,938 | ||||||
AtriCure, Inc. (2) |
122 | 5,484 | ||||||
Avantor, Inc. (2) |
1,405 | 23,885 | ||||||
Avrobio, Inc. (2) |
357 | 6,230 | ||||||
Axsome Therapeutics, Inc. (2) |
230 | 18,924 | ||||||
Baxter International, Inc. |
2,398 | 206,468 | ||||||
Beyondspring, Inc. (2) |
253 | 3,815 | ||||||
BioDelivery Sciences Internati (2) |
4,109 | 17,915 | ||||||
Biogen, Inc. (2) |
3,149 | 842,515 | ||||||
BioMarin Pharmaceutical, Inc. (2) |
2,522 | 311,063 | ||||||
Bio-Rad Laboratories, Inc. - Class A (2) |
65 | 29,347 | ||||||
BioSpecifics Technologies Corp. (2) |
168 | 10,295 | ||||||
Bioxcel Therapeutics, Inc. (2) |
174 | 9,224 | ||||||
Blueprint Medicines Corp. (2) |
354 | 27,612 | ||||||
Bridgebio Pharma, Inc. (2) |
262 | 8,544 | ||||||
Bristol-Myers Squibb Co. |
13,502 | 793,918 | ||||||
Cardinal Health, Inc. |
3,377 | 176,246 | ||||||
Catalent, Inc. (2) |
2,219 | 162,653 | ||||||
Catalyst Pharmaceuticals, Inc. (2) |
2,747 | 12,691 | ||||||
Centene Corp. (2) |
2,247 | 142,797 | ||||||
Centogene NV (2) |
154 | 3,524 | ||||||
Cerecor, Inc. (2) |
444 | 1,154 | ||||||
Cerner Corp. |
8,242 | 564,989 | ||||||
Chemed Corp. |
389 | 175,466 | ||||||
ChemoCentryx, Inc. (2) |
490 | 28,195 | ||||||
Cigna Corp. |
625 | 117,281 | ||||||
Coherus Biosciences, Inc. (2) |
627 | 11,198 | ||||||
Collegium Pharmaceutical, Inc. (2) |
511 | 8,943 | ||||||
Computer Programs and Systems |
362 | 8,250 | ||||||
Constellation Pharmaceuticals (2) |
262 | 7,873 | ||||||
Cortexyme, Inc. (2) |
65 | 3,010 | ||||||
Cue Biopharma, Inc. (2) |
2,171 | 53,211 | ||||||
CVS Health Corp. |
9,838 | 639,175 | ||||||
CytomX Therapeutics, Inc. (2) |
396 | 3,299 | ||||||
DaVita, Inc. (2) |
1,655 | 130,977 | ||||||
Deciphera Pharmaceuticals, Inc. (2) |
89 | 5,315 | ||||||
Denali Therapeutics, Inc. (2) |
153 | 3,700 | ||||||
DexCom, Inc. (2) |
340 | 137,836 | ||||||
Dynavax Technologies Corp. (2) |
690 | 6,120 | ||||||
Edwards Lifesciences Corp. (2) |
4,350 | 300,629 | ||||||
Elanco Animal Health, Inc. Contingent Value Rights (2)(8) |
1,625 | — | ||||||
Eli Lilly and Co. |
8,085 | 1,327,395 | ||||||
Eloxx Pharmaceuticals, Inc. (2) |
235 | 712 | ||||||
Emergent BioSolutions, Inc. (2) |
775 | 61,287 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Encompass Health Corp. |
920 | 56,976 | ||||||
Endo International PLC (2) |
2,767 | 9,491 | ||||||
Enochian Biosciences, Inc. (2) |
66 | 278 | ||||||
Ensign Group, Inc./The |
317 | 13,266 | ||||||
Exact Sciences Corp. (2) |
790 | 68,683 | ||||||
Exelixis, Inc. (2) |
3,005 | 71,339 | ||||||
Fate Therapeutics, Inc. (2) |
653 | 22,404 | ||||||
Fulcrum Therapeutics, Inc. (2) |
157 | 2,872 | ||||||
GenMark Diagnostics, Inc. (2) |
512 | 7,532 | ||||||
Gilead Sciences, Inc. |
10,139 | 780,095 | ||||||
Guardant Health, Inc. (2) |
69 | 5,598 | ||||||
Harvard Bioscience, Inc. (2) |
49 | 152 | ||||||
Hill-Rom Holdings, Inc. |
1,430 | 156,985 | ||||||
HMS Holdings Corp. (2) |
1,761 | 57,039 | ||||||
Horizon Therapeutics Plc (2) |
1,122 | 62,361 | ||||||
Humana, Inc. |
2,380 | 922,845 | ||||||
Illumina, Inc. (2) |
155 | 57,404 | ||||||
ImmunoGen, Inc. (2) |
1,558 | 7,167 | ||||||
Immunomedics, Inc. (2) |
1,097 | 38,878 | ||||||
Inovio Pharmaceuticals, Inc. (2) |
587 | 15,820 | ||||||
Insmed, Inc. (2) |
421 | 11,594 | ||||||
Intellia Therapeutics, Inc. (2) |
483 | 10,153 | ||||||
Invitae Corp. (2) |
512 | 15,508 | ||||||
Iovance Biotherapeutics, Inc. (2) |
961 | 26,379 | ||||||
iRhythm Technologies, Inc. (2) |
135 | 15,645 | ||||||
Jazz Pharmaceuticals PLC (2) |
213 | 23,502 | ||||||
Johnson & Johnson |
14,083 | 1,980,492 | ||||||
Jounce Therapeutics, Inc. (2) |
573 | 3,954 | ||||||
Kadmon Holdings, Inc. (2) |
2,107 | 10,788 | ||||||
Karyopharm Therapeutics, Inc. (2) |
48 | 909 | ||||||
Kezar Life Sciences, Inc. (2) |
95 | 492 | ||||||
Kiniksa Pharmaceuticals, Ltd. (2) |
216 | 5,504 | ||||||
Kodiak Sciences, Inc. (2) |
154 | 8,334 | ||||||
Krystal Biotech, Inc. (2) |
94 | 3,893 | ||||||
Kura Oncology, Inc. (2) |
727 | 11,850 | ||||||
LHC Group, Inc. (2) |
143 | 24,928 | ||||||
Livongo Health, Inc. (2) |
333 | 25,038 | ||||||
MacroGenics, Inc. (2) |
578 | 16,138 | ||||||
Mallinckrodt PLC (2) |
92 | 247 | ||||||
Marinus Pharmaceuticals, Inc. (2) |
1,233 | 3,132 | ||||||
Masimo Corp. (2) |
619 | 141,126 | ||||||
McKesson Corp. |
1,042 | 159,864 | ||||||
Medtronic PLC |
14,954 | 1,371,282 | ||||||
MEI Pharma, Inc. (2) |
1,169 | 4,828 | ||||||
Merck & Co., Inc. |
19,987 | 1,545,595 | ||||||
Meridian Bioscience, Inc. (2) |
409 | 9,526 | ||||||
Mersana Therapeutics, Inc. (2) |
1,345 | 31,473 | ||||||
The accompanying notes are an integral part of these financial statements
Page 82 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
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Security Description |
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||||||
Common Stocks — continued |
||||||||
Moderna, Inc. (2) |
1,108 | 71,145 | ||||||
Molecular Templates, Inc. (2) |
847 | 11,680 | ||||||
Molina Healthcare, Inc. (2) |
253 | 45,029 | ||||||
Momenta Pharmaceuticals, Inc. (2) |
765 | 25,452 | ||||||
Morphic Holding, Inc. (2) |
106 | 2,867 | ||||||
Mylan NV (2) |
1,759 | 28,285 | ||||||
MyoKardia, Inc. (2) |
270 | 26,087 | ||||||
Myriad Genetics, Inc. (2) |
524 | 5,942 | ||||||
Natera, Inc. (2) |
452 | 22,537 | ||||||
Neurocrine Biosciences, Inc. (2) |
1,211 | 147,742 | ||||||
NextCure, Inc. (2) |
19 | 407 | ||||||
NextGen Healthcare, Inc. (2) |
1,539 | 16,898 | ||||||
Novavax, Inc. (2) |
175 | 14,586 | ||||||
Odonate Therapeutics, Inc. (2) |
217 | 9,188 | ||||||
Oncocyte Corp. (2) |
312 | 596 | ||||||
OPKO Health, Inc. (2) |
2,275 | 7,758 | ||||||
Organogenesis Holdings, Inc. (2) |
353 | 1,356 | ||||||
Osmotica Pharmaceuticals PLC (2) |
1,397 | 9,402 | ||||||
Owens & Minor, Inc. |
598 | 4,557 | ||||||
Palatin Technologies, Inc. (2) |
4,629 | 2,370 | ||||||
Perrigo Co. PLC |
2,344 | 129,553 | ||||||
Pfenex, Inc. (2) |
327 | 2,730 | ||||||
Pfizer, Inc. |
30,864 | 1,009,253 | ||||||
Phibro Animal Health Corp. - Class A |
1,207 | 31,708 | ||||||
Phreesia, Inc. (2) |
681 | 19,259 | ||||||
Pieris Pharmaceuticals, Inc. (2) |
1,223 | 3,791 | ||||||
PRA Health Sciences, Inc. (2) |
445 | 43,294 | ||||||
Precigen, Inc. (2)(3) |
1,093 | 5,454 | ||||||
Principia Biopharma, Inc. (2) |
340 | 20,329 | ||||||
Providence Service Corp./The (2) |
80 | 6,313 | ||||||
PTC Therapeutics, Inc. (2) |
492 | 24,964 | ||||||
Puma Biotechnology, Inc. (2) |
199 | 2,076 | ||||||
Quest Diagnostics, Inc. |
820 | 93,447 | ||||||
Quidel Corp. (2) |
264 | 59,067 | ||||||
Radius Health, Inc. (2) |
71 | 968 | ||||||
Regeneron Pharmaceuticals, Inc. (2) |
851 | 530,726 | ||||||
REGENXBIO, Inc. (2) |
35 | 1,289 | ||||||
Replimune Group, Inc. (2) |
127 | 3,156 | ||||||
ResMed, Inc. |
1,480 | 284,160 | ||||||
Rhythm Pharmaceuticals, Inc. (2) |
208 | 4,638 | ||||||
Rigel Pharmaceuticals, Inc. (2) |
3,986 | 7,294 | ||||||
Sangamo Therapeutics, Inc. (2) |
805 | 7,213 | ||||||
Seattle Genetics, Inc. (2) |
759 | 128,969 | ||||||
Simulations Plus, Inc. |
866 | 51,804 | ||||||
Sorrento Therapeutics, Inc. (2)(3) |
923 | 5,796 | ||||||
STERIS PLC |
1,636 | 251,028 | ||||||
Strongbridge Biopharma PLC (2) |
1,525 | 5,765 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Sutro Biopharma, Inc. (2) |
273 | 2,118 | ||||||
Tandem Diabetes Care, Inc. (2) |
777 | 76,861 | ||||||
Teladoc Health, Inc. (2) |
451 | 86,069 | ||||||
Tenet Healthcare Corp. (2) |
1,385 | 25,082 | ||||||
TG Therapeutics, Inc. (2) |
658 | 12,818 | ||||||
Theravance Biopharma, Inc. (2) |
136 | 2,855 | ||||||
Thermo Fisher Scientific, Inc. |
693 | 251,102 | ||||||
Translate Bio, Inc. (2) |
297 | 5,322 | ||||||
Turning Point Therapeutics, Inc. (2) |
104 | 6,717 | ||||||
Twist Bioscience Corp. (2) |
60 | 2,718 | ||||||
Ultragenyx Pharmaceutical, Inc. (2) |
217 | 16,974 | ||||||
United Therapeutics Corp. (2) |
825 | 99,825 | ||||||
UnitedHealth Group, Inc. |
4,751 | 1,401,307 | ||||||
Veeva Systems, Inc. (2) |
1,515 | 355,146 | ||||||
Verrica Pharmaceuticals, Inc. (2) |
264 | 2,907 | ||||||
Vertex Pharmaceuticals, Inc. (2) |
1,683 | 488,592 | ||||||
WaVe Life Sciences, Ltd. (2) |
82 | 854 | ||||||
West Pharmaceutical Services, Inc. |
741 | 168,333 | ||||||
XBiotech, Inc. (2) |
808 | 11,078 | ||||||
Xencor, Inc. (2) |
890 | 28,827 | ||||||
Y-mAbs Therapeutics, Inc. (2) |
336 | 14,515 | ||||||
Zimmer Biomet Holdings, Inc. |
2,354 | 280,973 | ||||||
Zoetis, Inc. |
4,954 | 678,896 | ||||||
Zynex, Inc. (2) |
998 | 24,820 | ||||||
| 26,625,804 | ||||||||
Industrials — 6.1% |
||||||||
3M Co. |
2,864 | 446,755 | ||||||
Allison Transmission Holdings |
4,921 | 180,994 | ||||||
Alpha Pro Tech, Ltd. (2) |
45 | 797 | ||||||
ArcBest Corp. |
514 | 13,626 | ||||||
Arcosa, Inc. |
868 | 36,630 | ||||||
ASGN, Inc. (2) |
417 | 27,806 | ||||||
Astec Industries, Inc. |
303 | 14,032 | ||||||
Atkore International Group, Inc. (2) |
1,611 | 44,061 | ||||||
Atlas Air Worldwide Holdings, Inc. (2) |
516 | 22,203 | ||||||
Avis Budget Group, Inc. (2) |
193 | 4,418 | ||||||
Axon Enterprise, Inc. (2) |
299 | 29,341 | ||||||
AZZ, Inc. |
1,971 | 67,645 | ||||||
BG Staffing, Inc. |
246 | 2,785 | ||||||
BlueLinx Holdings, Inc. (2) |
75 | 643 | ||||||
BMC Stock Holdings, Inc. (2) |
5,119 | 128,692 | ||||||
Builders FirstSource, Inc. (2) |
1,112 | 23,018 | ||||||
Caterpillar, Inc. |
1,531 | 193,672 | ||||||
Charah Solutions, Inc. (2) |
46 | 146 | ||||||
Comfort Systems USA, Inc. |
2,135 | 87,001 | ||||||
Construction Partners, Inc. (2) |
20 | 355 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 83 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Copart, Inc. (2) |
54 | 4,497 | ||||||
Costamare, Inc. |
7 | 39 | ||||||
CSX Corp. |
6,379 | 444,871 | ||||||
Cummins, Inc. |
6,435 | 1,114,928 | ||||||
Curtiss-Wright Corp. |
1,822 | 162,668 | ||||||
Eaton Corp. PLC |
4,538 | 396,984 | ||||||
Echo Global Logistics, Inc. (2) |
1,917 | 41,446 | ||||||
EMCOR Group, Inc. |
1,876 | 124,079 | ||||||
Emerson Electric Co. |
840 | 52,105 | ||||||
Encore Wire Corp. |
431 | 21,041 | ||||||
EnerSys |
1,006 | 64,766 | ||||||
Expeditors International of Wa |
92 | 6,996 | ||||||
Federal Signal Corp. |
1,599 | 47,538 | ||||||
Fortune Brands Home & Security |
745 | 47,628 | ||||||
Generac Holdings, Inc. (2) |
63 | 7,682 | ||||||
Graco, Inc. |
892 | 42,807 | ||||||
GrafTech International, Ltd. |
1,157 | 9,233 | ||||||
Herman Miller, Inc. |
1,046 | 24,696 | ||||||
Hertz Global Holdings, Inc. (2) |
345 | 486 | ||||||
HNI Corp. |
1,097 | 33,535 | ||||||
Hub Group, Inc. - Class A (2) |
1,269 | 60,734 | ||||||
Hubbell, Inc. |
3,927 | 492,289 | ||||||
Huntington Ingalls Industries |
1,317 | 229,803 | ||||||
Illinois Tool Works, Inc. |
567 | 99,140 | ||||||
JetBlue Airways Corp. (2) |
1,258 | 13,712 | ||||||
Johnson Controls International |
3,040 | 103,786 | ||||||
Kelly Services, Inc. - Class A |
60 | 949 | ||||||
Kimball International, Inc. - Class B |
1,373 | 15,872 | ||||||
L B Foster Co. - Class A (2) |
502 | 6,411 | ||||||
Lincoln Electric Holdings, Inc. |
804 | 67,729 | ||||||
Lockheed Martin Corp. |
3,355 | 1,224,307 | ||||||
LSC Communications, Inc. (2) |
2,952 | 167 | ||||||
Lyft, Inc. (2) |
363 | 11,983 | ||||||
Manitowoc Co., Inc./The (2) |
905 | 9,846 | ||||||
ManpowerGroup, Inc. |
4,086 | 280,913 | ||||||
Marten Transport, Ltd. |
493 | 12,404 | ||||||
Matson, Inc. |
1,149 | 33,436 | ||||||
McGrath RentCorp |
94 | 5,077 | ||||||
Meritor, Inc. (2) |
2,554 | 50,569 | ||||||
Miller Industries, Inc./TN |
1,798 | 53,526 | ||||||
MRC Global, Inc. (2) |
543 | 3,209 | ||||||
MYR Group, Inc. (2) |
663 | 21,156 | ||||||
NL Industries, Inc. |
48 | 164 | ||||||
Nordson Corp. |
838 | 158,977 | ||||||
Norfolk Southern Corp. |
136 | 23,878 | ||||||
Northwest Pipe Co. (2) |
724 | 18,151 | ||||||
Old Dominion Freight Line, Inc. |
1,149 | 194,859 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Oshkosh Corp. |
634 | 45,407 | ||||||
PACCAR, Inc. |
8,572 | 641,614 | ||||||
Primoris Services Corp. |
1,067 | 18,950 | ||||||
Quanta Services, Inc. |
435 | 17,065 | ||||||
Regal Beloit Corp. |
1,510 | 131,853 | ||||||
Rexnord Corp. |
2,141 | 62,410 | ||||||
Rockwell Automation, Inc. |
740 | 157,620 | ||||||
RR Donnelley & Sons Co. |
3,258 | 3,877 | ||||||
Rush Enterprises, Inc. |
78 | 3,234 | ||||||
Safe Bulkers, Inc. (2) |
1,349 | 1,646 | ||||||
Saia, Inc. (2) |
383 | 42,582 | ||||||
Schneider National, Inc. - Class B |
154 | 3,799 | ||||||
Shyft Group, Inc./The |
1,140 | 19,198 | ||||||
SkyWest, Inc. |
380 | 12,396 | ||||||
Southwest Airlines Co. |
29,898 | 1,021,914 | ||||||
Steelcase, Inc. - Class A |
717 | 8,647 | ||||||
Teledyne Technologies, Inc. (2) |
121 | 37,625 | ||||||
Timken Co./The |
2,814 | 128,009 | ||||||
Trex Co., Inc. (2) |
216 | 28,095 | ||||||
Triton International, Ltd./Bermu |
3,664 | 110,799 | ||||||
Tutor Perini Corp. (2) |
368 | 4,482 | ||||||
Uber Technologies, Inc. (2) |
3,679 | 114,343 | ||||||
UFP Industries, Inc. |
360 | 17,824 | ||||||
Union Pacific Corp. |
222 | 37,534 | ||||||
United Parcel Service, Inc. - Class B |
1,984 | 220,581 | ||||||
Vectrus, Inc. (2) |
416 | 20,438 | ||||||
Veritiv Corp. (2) |
133 | 2,256 | ||||||
Werner Enterprises, Inc. |
70 | 3,047 | ||||||
WESCO International, Inc. (2) |
26 | 913 | ||||||
WESCO International, Inc. Series A Variable Preferred (2)(10) |
610 | 16,177 | ||||||
WW Grainger, Inc. |
1,252 | 393,328 | ||||||
YRC Worldwide, Inc. (2) |
196 | 363 | ||||||
| 10,493,718 | ||||||||
Information Technology — 22.6% |
||||||||
ACI Worldwide, Inc. (2) |
103 | 2,780 | ||||||
Adobe, Inc. (2) |
3,001 | 1,306,365 | ||||||
Advanced Micro Devices, Inc. (2) |
4,112 | 216,332 | ||||||
Alliance Data Systems Corp. |
209 | 9,430 | ||||||
American Software, Inc./GA |
144 | 2,269 | ||||||
Amkor Technology, Inc. (2) |
4,758 | 58,571 | ||||||
Apple, Inc. |
20,075 | 7,323,360 | ||||||
Applied Materials, Inc. |
5,607 | 338,943 | ||||||
Arrow Electronics, Inc. (2) |
2,120 | 145,623 | ||||||
AstroNova, Inc. |
482 | 3,837 | ||||||
Autodesk, Inc. (2) |
1,046 | 250,193 | ||||||
The accompanying notes are an integral part of these financial statements
Page 84 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Avaya Holdings Corp. (2) |
1,737 | 21,469 | ||||||
Avid Technology, Inc. (2) |
3,515 | 25,554 | ||||||
Avnet, Inc. |
5,026 | 140,150 | ||||||
Benchmark Electronics, Inc. |
116 | 2,506 | ||||||
Bottomline Technologies DE, Inc. (2) |
77 | 3,909 | ||||||
Box, Inc. (2) |
1,154 | 23,957 | ||||||
Broadcom, Inc. |
886 | 279,630 | ||||||
CACI International, Inc. - Class A (2) |
60 | 13,013 | ||||||
Cadence Design Systems, Inc. (2) |
8,206 | 787,448 | ||||||
Calix, Inc. (2) |
1,449 | 21,590 | ||||||
Cambium Networks Corp. (2) |
2,210 | 16,266 | ||||||
CDK Global, Inc. |
1,543 | 63,911 | ||||||
Cerence, Inc. (2) |
542 | 22,135 | ||||||
ChannelAdvisor Corp. (2) |
1,489 | 23,586 | ||||||
Ciena Corp. (2) |
2,613 | 141,520 | ||||||
Cirrus Logic, Inc. (2) |
805 | 49,733 | ||||||
Cisco Systems, Inc. |
22,025 | 1,027,246 | ||||||
Citrix Systems, Inc. |
2,424 | 358,534 | ||||||
Cognex Corp. |
825 | 49,269 | ||||||
Cognizant Technology Solutions |
8,779 | 498,823 | ||||||
Coupa Software, Inc. (2) |
277 | 76,740 | ||||||
Diebold Nixdorf, Inc. (2) |
1,255 | 7,605 | ||||||
Digital Turbine, Inc. (2) |
22 | 277 | ||||||
Diodes, Inc. (2) |
145 | 7,352 | ||||||
DocuSign, Inc. (2) |
1,482 | 255,215 | ||||||
Dropbox, Inc. (2) |
2,064 | 44,933 | ||||||
DXC Technology Co. |
3,216 | 53,064 | ||||||
Ebix, Inc. |
993 | 22,203 | ||||||
Enphase Energy, Inc. (2) |
456 | 21,692 | ||||||
F5 Networks, Inc. (2) |
288 | 40,170 | ||||||
Five9, Inc. (2) |
623 | 68,947 | ||||||
FormFactor, Inc. (2) |
268 | 7,860 | ||||||
Fortinet, Inc. (2) |
1,232 | 169,117 | ||||||
Hackett Group, Inc./The |
369 | 4,996 | ||||||
Hewlett Packard Enterprise Co. |
21,823 | 212,338 | ||||||
HP, Inc. |
13,947 | 243,096 | ||||||
IBM |
1,941 | 234,415 | ||||||
II-VI, Inc. (2) |
276 | 13,033 | ||||||
Intel Corp. |
28,081 | 1,680,086 | ||||||
Intuit, Inc. |
4,437 | 1,314,195 | ||||||
J2 Global, Inc. (2) |
754 | 47,660 | ||||||
Jabil, Inc. |
6,187 | 198,479 | ||||||
KLA Corp. |
745 | 144,888 | ||||||
Lam Research Corp. |
1,165 | 376,831 | ||||||
Leidos Holdings, Inc. |
208 | 19,483 | ||||||
Lumentum Holdings, Inc. (2) |
580 | 47,229 | ||||||
Manhattan Associates, Inc. (2) |
1,010 | 95,142 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
ManTech International Corp./VA |
175 | 11,986 | ||||||
Mastercard, Inc. |
6,425 | 1,899,873 | ||||||
Maxim Integrated Products, Inc. |
2,605 | 157,889 | ||||||
Methode Electronics, Inc. |
172 | 5,377 | ||||||
Micron Technology, Inc. (2) |
4,947 | 254,869 | ||||||
Microsoft Corp. |
37,998 | 7,732,973 | ||||||
MKS Instruments, Inc. |
208 | 23,554 | ||||||
Motorola Solutions, Inc. |
494 | 69,224 | ||||||
National Instruments Corp. |
1,081 | 41,846 | ||||||
NCR Corp. (2) |
797 | 13,804 | ||||||
NetScout Systems, Inc. (2) |
710 | 18,148 | ||||||
NIC, Inc. |
1,448 | 33,246 | ||||||
NortonLifeLock, Inc. |
8,109 | 160,801 | ||||||
NVIDIA Corp. |
3,568 | 1,355,519 | ||||||
Okta, Inc. (2) |
128 | 25,629 | ||||||
ON Semiconductor Corp. (2) |
673 | 13,339 | ||||||
OneSpan, Inc. (2) |
1,186 | 33,125 | ||||||
Oracle Corp. |
24,021 | 1,327,641 | ||||||
PagerDuty, Inc. (2) |
360 | 10,303 | ||||||
Paycom Software, Inc. (2) |
312 | 96,636 | ||||||
PayPal Holdings, Inc. (2) |
805 | 140,255 | ||||||
PC Connection, Inc. |
54 | 2,503 | ||||||
Perspecta, Inc. |
965 | 22,417 | ||||||
Photronics, Inc. (2) |
1,419 | 15,793 | ||||||
Plantronics, Inc. |
307 | 4,507 | ||||||
Progress Software Corp. |
3,585 | 138,919 | ||||||
Pure Storage, Inc. (2) |
4,139 | 71,729 | ||||||
Qorvo, Inc. (2) |
853 | 94,282 | ||||||
QUALCOMM, Inc. |
15,756 | 1,437,105 | ||||||
Qualys, Inc. (2) |
842 | 87,585 | ||||||
Rimini Street, Inc. (2) |
310 | 1,597 | ||||||
RingCentral, Inc. - Class A (2) |
447 | 127,399 | ||||||
salesforce.com, Inc. (2) |
3,890 | 728,714 | ||||||
Sanmina Corp. (2) |
1,393 | 34,881 | ||||||
ScanSource, Inc. (2) |
461 | 11,105 | ||||||
Science Applications Internati |
68 | 5,282 | ||||||
ServiceNow, Inc. (2) |
17 | 6,886 | ||||||
Skyworks Solutions, Inc. |
1,702 | 217,618 | ||||||
Slack Technologies, Inc. (2) |
1,968 | 61,185 | ||||||
SMART Global Holdings, Inc. (2) |
385 | 10,464 | ||||||
Smartsheet, Inc. (2) |
437 | 22,252 | ||||||
Splunk, Inc. (2) |
212 | 42,124 | ||||||
SPS Commerce, Inc. (2) |
731 | 54,913 | ||||||
SS&C Technologies Holdings, Inc. |
10,049 | 567,568 | ||||||
Stratasys, Ltd. (2) |
359 | 5,694 | ||||||
Sykes Enterprises, Inc. (2) |
1,591 | 44,007 | ||||||
SYNNEX Corp. |
1,262 | 151,150 | ||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 85 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Synopsys, Inc. (2) |
4,042 | 788,190 | ||||||
Telenav, Inc. (2) |
36 | 198 | ||||||
Tenable Holdings, Inc. (2) |
742 | 22,119 | ||||||
TESSCO Technologies, Inc. |
225 | 1,238 | ||||||
Texas Instruments, Inc. |
3,997 | 507,499 | ||||||
Trimble, Inc. (2) |
2,518 | 108,752 | ||||||
TTEC Holdings, Inc. |
281 | 13,083 | ||||||
Twilio, Inc. (2) |
565 | 123,972 | ||||||
Verint Systems, Inc. (2) |
2,872 | 129,757 | ||||||
Veritone, Inc. (2) |
308 | 4,577 | ||||||
VirnetX Holding Corp. (3) |
2,874 | 18,681 | ||||||
Visa, Inc. |
2,143 | 413,963 | ||||||
Vishay Intertechnology, Inc. |
421 | 6,429 | ||||||
Workday, Inc. (2) |
1,101 | 206,283 | ||||||
Xerox Holdings Corp. |
6,943 | 106,158 | ||||||
Xperi Holding Corp. |
1,998 | 29,490 | ||||||
Zebra Technologies Corp. - Class A (2) |
546 | 139,749 | ||||||
Zoom Video Communications, Inc. (2) |
202 | 51,215 | ||||||
Zscaler, Inc. (2) |
546 | 59,787 | ||||||
| 38,759,854 | ||||||||
Materials — 1.8% |
||||||||
AdvanSix, Inc. (2) |
207 | 2,430 | ||||||
Air Products and Chemicals, Inc. |
1,424 | 343,839 | ||||||
Boise Cascade Co. |
1,908 | 71,760 | ||||||
Clearwater Paper Corp. (2) |
149 | 5,383 | ||||||
Commercial Metals Co. |
493 | 10,057 | ||||||
Dow, Inc. |
2,058 | 83,884 | ||||||
Eastman Chemical Co. |
1,277 | 88,930 | ||||||
FMC Corp. |
885 | 88,164 | ||||||
Hawkins, Inc. |
64 | 2,725 | ||||||
Huntsman Corp. |
57 | 1,024 | ||||||
Koppers Holdings, Inc. (2) |
460 | 8,666 | ||||||
LyondellBasell Industries NV |
2,400 | 157,728 | ||||||
Materion Corp. |
73 | 4,489 | ||||||
Newmont Corp. |
12,032 | 742,856 | ||||||
Novagold Resources, Inc. (2) |
2,461 | 22,592 | ||||||
Olin Corp. |
169 | 1,942 | ||||||
Olympic Steel, Inc. |
544 | 6,392 | ||||||
Packaging Corp. of America |
663 | 66,167 | ||||||
Reliance Steel & Aluminum Co. |
2,149 | 204,005 | ||||||
Royal Gold, Inc. |
903 | 112,261 | ||||||
RPM International, Inc. |
505 | 37,905 | ||||||
Ryerson Holding Corp. (2) |
2,328 | 13,107 | ||||||
Scotts Miracle-Gro Co./The |
1,086 | 146,034 | ||||||
Sherwin-Williams Co./The |
1,204 | 695,731 | ||||||
Steel Dynamics, Inc. |
1,999 | 52,154 | ||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Stepan Co. |
324 | 31,460 | ||||||
SunCoke Energy, Inc. |
346 | 1,024 | ||||||
Tredegar Corp. |
1,033 | 15,908 | ||||||
Trinseo SA |
3 | 66 | ||||||
Tronox Holdings PLC |
35 | 253 | ||||||
Verso Corp. |
56 | 670 | ||||||
Westrock Co. |
2,672 | 75,511 | ||||||
Worthington Industries, Inc. |
521 | 19,433 | ||||||
| 3,114,550 | ||||||||
Real Estate Investment Trust — 2.8% |
||||||||
Altisource Portfolio Solutions (2) |
1,174 | 17,305 | ||||||
American Homes 4 Rent |
3,526 | 94,849 | ||||||
American Tower Corp. |
5,388 | 1,393,014 | ||||||
Apple Hospitality REIT, Inc. |
10,194 | 98,474 | ||||||
Ashford Hospitality Trust, Inc. |
2,908 | 2,101 | ||||||
AvalonBay Communities, Inc. |
1,024 | 158,351 | ||||||
CareTrust REIT, Inc. |
1,216 | 20,867 | ||||||
CatchMark Timber Trust, Inc. |
1,488 | 13,169 | ||||||
CBL & Associates Properties In (2) |
5,143 | 1,402 | ||||||
Clipper Realty, Inc. |
439 | 3,556 | ||||||
Colony Capital, Inc. |
1,827 | 4,385 | ||||||
CoreCivic, Inc. |
3,074 | 28,773 | ||||||
CorEnergy Infrastructure Trust |
616 | 5,636 | ||||||
CorePoint Lodging, Inc. |
3,030 | 12,756 | ||||||
Corporate Office Properties Tr |
2,658 | 67,354 | ||||||
CyrusOne, Inc. |
883 | 64,238 | ||||||
Equinix, Inc. |
358 | 251,423 | ||||||
Essential Properties Realty Trust,, Inc. |
1 | 15 | ||||||
Essex Property Trust, Inc. |
2,281 | 522,737 | ||||||
eXp World Holdings, Inc. (2) |
294 | 5,013 | ||||||
Farmland Partners, Inc. |
60 | 411 | ||||||
Forestar Group, Inc. (2) |
875 | 13,195 | ||||||
Gaming and Leisure Properties |
7,906 | 273,543 | ||||||
Getty Realty Corp. |
501 | 14,870 | ||||||
Gladstone Commercial Corp. |
1,484 | 27,825 | ||||||
Healthcare Realty Trust, Inc. |
3,919 | 114,788 | ||||||
Highwoods Properties, Inc. |
2,052 | 76,601 | ||||||
Host Hotels & Resorts, Inc. |
2,049 | 22,109 | ||||||
Lamar Advertising Co. |
5,891 | 393,283 | ||||||
Life Storage, Inc. |
409 | 38,835 | ||||||
LTC Properties, Inc. |
4,569 | 172,114 | ||||||
Maui Land & Pineapple Co., Inc. (2) |
18 | 200 | ||||||
National Health Investors, Inc. |
811 | 49,244 | ||||||
National Storage Affiliates Trust |
2,329 | 66,749 | ||||||
Omega Healthcare Investors, Inc. |
290 | 8,622 | ||||||
Paramount Group, Inc. |
5,335 | 41,133 | ||||||
The accompanying notes are an integral part of these financial statements
Page 86 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Piedmont Office Realty Trust, Inc. |
3,917 | 65,061 | ||||||
PotlatchDeltic Corp. |
31 | 1,179 | ||||||
PS Business Parks, Inc. |
849 | 112,408 | ||||||
Public Storage |
704 | 135,091 | ||||||
RE/MAX Holdings, Inc. - Class A |
159 | 4,997 | ||||||
Regency Centers Corp. |
1,088 | 49,928 | ||||||
Ryman Hospitality Properties, Inc. |
210 | 7,266 | ||||||
SBA Communications Corp. |
771 | 229,696 | ||||||
Service Properties Trust |
10,776 | 76,402 | ||||||
Spirit MTA Reit Liquidating Trust (2)(8) |
3,134 | — | ||||||
Tanger Factory Outlet Centers (3) |
1,487 | 10,602 | ||||||
Trinity Place Holdings, Inc. (2) |
97 | 134 | ||||||
Uniti Group, Inc. |
745 | 6,966 | ||||||
Urstadt Biddle Properties, Inc. |
915 | 10,870 | ||||||
Xenia Hotels & Resorts, Inc. |
3,472 | 32,394 | ||||||
| 4,821,934 | ||||||||
Utilities — 1.4% |
||||||||
American Water Works Co., Inc. |
2,431 | 312,772 | ||||||
Consolidated Water Co., Ltd. |
49 | 707 | ||||||
Dominion Energy, Inc. |
10,656 | 865,055 | ||||||
Evergy, Inc. |
132 | 7,826 | ||||||
Exelon Corp. |
124 | 4,500 | ||||||
MDU Resources Group, Inc. |
9,193 | 203,901 | ||||||
NextEra Energy, Inc. |
957 | 229,843 | ||||||
NorthWestern Corp. |
3,066 | 167,158 | ||||||
NRG Energy, Inc. |
3,178 | 103,476 | ||||||
PPL Corp. |
8,085 | 208,916 | ||||||
Southwest Gas Holdings, Inc. |
1,473 | 101,711 | ||||||
WEC Energy Group, Inc. |
1,318 | 115,523 | ||||||
York Water Co./The |
300 | 14,375 | ||||||
| 2,335,763 | ||||||||
Total Common Stocks (Cost $110,230,992) |
136,388,908 | |||||||
Registered Investment Companies — 5.1% |
||||||||
iShares Core MSCI EAFE ETF (9) |
15,725 | 898,841 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (9) |
36,672 | 4,005,316 | ||||||
Xtrackers USD High Yield Corporate Bond ETF (9) |
83,057 | 3,882,915 | ||||||
Total Registered Investment Companies (Cost $8,526,505) |
8,787,072 | |||||||
Dynamic Allocation Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Money Market Registered Investment Companies — 8.4% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (5) |
14,315,214 | 14,322,372 | ||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
44,159 | 44,159 | ||||||
Total Money Market Registered Investment Companies (Cost $14,356,571) |
14,366,531 | |||||||
Bank Obligations — 0.4% |
||||||||
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (6) |
247,159 | 247,159 | ||||||
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (6) |
247,312 | 247,312 | ||||||
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (6) |
246,790 | 246,790 | ||||||
Total Bank Obligations (Cost $741,261) |
741,261 | |||||||
Total Investments — 93.3% (Cost $133,855,329) |
160,283,772 | |||||||
Other Assets less Liabilities — 6.7% |
11,570,511 | |||||||
Total Net Assets — 100.0% |
171,854,283 | |||||||
Trustee Deferred Compensation (7) |
||||||||
Meeder Balanced Fund - Retail Class |
3,424 | 38,520 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
8,776 | 99,432 | ||||||
Meeder Muirfield Fund - Retail Class |
4,160 | 28,870 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
1,000 | 22,230 | ||||||
Total Trustee Deferred Compensation (Cost $174,255) |
189,052 | |||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 87 |
Schedule of Investments
June 30, 2020 (unaudited)
Dynamic Allocation Fund |
||||||||||||||||
Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
Mini MSCI EAFE Index Futures |
226 | 9/18/2020 | 20,095,920 | (36,197 | ) | |||||||||||
Mini MSCI Emerging Markets Index Futures |
98 | 9/18/2020 | 4,829,930 | 51,049 | ||||||||||||
Russell 2000 Mini Index Futures |
1 | 9/18/2020 | 71,880 | 2,890 | ||||||||||||
Standard & Poors 500 Mini Futures |
7 | 9/18/2020 | 1,081,570 | 23,270 | ||||||||||||
E-mini Standard & Poors MidCap 400 Futures |
1 | 9/18/2020 | 177,910 | 2,499 | ||||||||||||
Total Futures Contracts |
333 | 26,257,210 | 43,511 | |||||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 159,542,511 | $ | 43,511 | ||||
Level 2 - Other Significant Observable Inputs |
741,261 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 160,283,772 | $ | 43,511 | ||||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
All or a portion of this security is on loan. |
|
(4) |
Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(5) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(6) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(7) |
Assets of affiliates to the Dynamic Allocation Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(8) |
Fair valued security deemed as Level 3 security. |
|
(9) |
Exchange-traded fund. |
| (10) | Preferred stock. |
| (11) | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation of the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
Page 88 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Quantex Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — 91.6% |
||||||||
Communication Services — 2.1% |
||||||||
Interpublic Group of Cos., Inc./T |
21,465 | 368,339 | ||||||
News Corp. |
34,041 | 406,790 | ||||||
| 775,129 | ||||||||
Consumer Discretionary — 19.8% |
||||||||
Adtalem Global Education, Inc. (2) |
7,719 | 240,447 | ||||||
BorgWarner, Inc. |
11,318 | 399,525 | ||||||
Brinker International, Inc. |
10,267 | 246,408 | ||||||
Capri Holdings, Ltd. (2) |
10,591 | 165,537 | ||||||
Gap, Inc./The |
25,935 | 327,300 | ||||||
H&R Block, Inc. |
20,891 | 298,323 | ||||||
Hanesbrands, Inc. |
26,397 | 298,022 | ||||||
Harley-Davidson, Inc. |
12,656 | 300,833 | ||||||
Jack in the Box, Inc. |
6,500 | 481,585 | ||||||
Kohl’s Corp. |
8,158 | 169,442 | ||||||
Leggett & Platt, Inc. |
9,475 | 333,046 | ||||||
Macy’s, Inc. |
23,487 | 161,591 | ||||||
Mohawk Industries, Inc. (2) |
3,541 | 360,332 | ||||||
Newell Brands, Inc. |
23,970 | 380,644 | ||||||
Papa John’s International, Inc. |
5,621 | 446,364 | ||||||
PulteGroup, Inc. |
12,846 | 437,149 | ||||||
PVH Corp. |
4,145 | 199,167 | ||||||
Ralph Lauren Corp. |
4,186 | 303,569 | ||||||
Sally Beauty Holdings, Inc. (2) |
24,696 | 309,441 | ||||||
Tapestry, Inc. |
17,676 | 234,737 | ||||||
TRI Pointe Group, Inc. (2) |
31,908 | 468,729 | ||||||
Visteon Corp. (2) |
4,375 | 299,688 | ||||||
Whirlpool Corp. |
3,419 | 442,863 | ||||||
| 7,304,742 | ||||||||
Consumer Staples — 3.3% |
||||||||
Edgewell Personal Care Co. (2) |
11,566 | 360,397 | ||||||
Nu Skin Enterprises, Inc. |
12,008 | 459,066 | ||||||
Sprouts Farmers Market, Inc. (2) |
15,747 | 402,966 | ||||||
| 1,222,429 | ||||||||
Energy — 6.0% |
||||||||
Apache Corp. |
16,151 | 218,039 | ||||||
Cabot Oil & Gas Corp. |
16,129 | 277,096 | ||||||
Cimarex Energy Co. |
8,287 | 227,810 | ||||||
CNX Resources Corp. (2) |
35,159 | 304,125 | ||||||
Devon Energy Corp. |
16,394 | 185,908 | ||||||
Helmerich & Payne, Inc. |
9,623 | 187,745 | ||||||
HollyFrontier Corp. |
9,482 | 276,874 | ||||||
Marathon Oil Corp. |
29,702 | 181,776 | ||||||
Quantex Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
National Oilwell Varco, Inc. |
18,474 | 226,307 | ||||||
Patterson-UTI Energy, Inc. |
29,462 | 102,233 | ||||||
| 2,187,913 | ||||||||
Financials — 6.7% |
||||||||
Assurant, Inc. |
3,935 | 406,446 | ||||||
E*TRADE Financial Corp. |
11,505 | 572,144 | ||||||
Genworth Financial, Inc. (2) |
116,462 | 269,027 | ||||||
Green Dot Corp. - Class A (2) |
7,044 | 345,720 | ||||||
Invesco, Ltd. |
26,461 | 284,720 | ||||||
Unum Group |
16,301 | 270,434 | ||||||
Wells Fargo & Co. (2)(6) |
1 | — | ||||||
Zions Bancorp NA |
9,370 | 318,580 | ||||||
| 2,467,071 | ||||||||
Healthcare — 11.1% |
||||||||
ABIOMED, Inc. (2) |
2,144 | 517,905 | ||||||
Avanos Medical, Inc. (2) |
11,182 | 328,639 | ||||||
DaVita, Inc. (2) |
7,092 | 561,261 | ||||||
Ligand Pharmaceuticals, Inc. (2) |
2,965 | 331,635 | ||||||
Mylan NV (2) |
25,625 | 412,050 | ||||||
Patterson Cos., Inc. |
15,098 | 332,156 | ||||||
PerkinElmer, Inc. |
5,376 | 527,332 | ||||||
Perrigo Co. PLC |
10,276 | 567,955 | ||||||
Prestige Consumer Healthcare, Inc. (2) |
13,090 | 491,660 | ||||||
| 4,070,593 | ||||||||
Industrials — 14.4% |
||||||||
A O Smith Corp. |
7,578 | 357,075 | ||||||
Alaska Air Group, Inc. |
6,703 | 243,051 | ||||||
Deluxe Corp. |
9,480 | 223,159 | ||||||
Flowserve Corp. |
9,453 | 269,600 | ||||||
Fortune Brands Home & Security |
7,664 | 489,960 | ||||||
Healthcare Services Group, Inc. |
11,330 | 277,132 | ||||||
HNI Corp. |
13,217 | 404,044 | ||||||
Huntington Ingalls Industries |
2,046 | 357,007 | ||||||
Pentair PLC |
10,942 | 415,687 | ||||||
Quanta Services, Inc. |
12,758 | 500,496 | ||||||
Robert Half International, Inc. |
7,754 | 409,644 | ||||||
Rollins, Inc. |
8,470 | 359,043 | ||||||
Snap-on, Inc. |
2,440 | 337,964 | ||||||
Terex Corp. |
15,385 | 288,776 | ||||||
Textron, Inc. |
11,005 | 362,175 | ||||||
| 5,294,813 | ||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 89 |
Schedule of Investments
June 30, 2020 (unaudited)
Quantex Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Common Stocks — continued |
||||||||
Information Technology — 10.4% |
||||||||
Alliance Data Systems Corp. |
3,656 | 164,959 | ||||||
CommVault Systems, Inc. (2) |
11,767 | 455,383 | ||||||
DXC Technology Co. |
11,663 | 192,440 | ||||||
F5 Networks, Inc. (2) |
3,742 | 521,934 | ||||||
FLIR Systems, Inc. |
5,620 | 228,003 | ||||||
InterDigital, Inc. |
7,311 | 414,022 | ||||||
IPG Photonics Corp. (2) |
2,335 | 374,511 | ||||||
Juniper Networks, Inc. |
21,409 | 489,410 | ||||||
NetScout Systems, Inc. (2) |
12,594 | 321,903 | ||||||
Synaptics, Inc. (2) |
7,974 | 479,397 | ||||||
Xerox Holdings Corp. |
12,661 | 193,587 | ||||||
| 3,835,549 | ||||||||
Materials — 8.5% |
||||||||
Avery Dennison Corp. |
3,945 | 450,085 | ||||||
Carpenter Technology Corp. |
8,773 | 213,008 | ||||||
CF Industries Holdings, Inc. |
10,202 | 287,084 | ||||||
Compass Minerals International |
6,345 | 309,319 | ||||||
Eastman Chemical Co. |
6,356 | 442,632 | ||||||
Greif, Inc. - Class A |
8,865 | 305,045 | ||||||
Minerals Technologies, Inc. |
8,642 | 405,569 | ||||||
Packaging Corp. of America |
2,946 | 294,011 | ||||||
Worthington Industries, Inc. |
11,473 | 427,943 | ||||||
| 3,134,696 | ||||||||
Real Estate Investment Trust — 6.6% |
||||||||
Alexander & Baldwin, Inc. |
22,739 | 277,188 | ||||||
Apartment Investment and Manag |
9,809 | 369,211 | ||||||
CoreCivic, Inc. |
28,895 | 270,457 | ||||||
GEO Group, Inc./The |
30,806 | 364,435 | ||||||
Kimco Realty Corp. |
21,509 | 276,176 | ||||||
Regency Centers Corp. |
6,230 | 285,895 | ||||||
Taubman Centers, Inc. |
7,716 | 291,356 | ||||||
Urban Edge Properties |
23,246 | 275,930 | ||||||
| 2,410,648 | ||||||||
Utilities — 2.7% |
||||||||
NiSource, Inc. |
11,328 | 257,599 | ||||||
NRG Energy, Inc. |
12,944 | 421,456 | ||||||
Pinnacle West Capital Corp. |
4,207 | 308,325 | ||||||
| 987,380 | ||||||||
Total Common Stocks (Cost $39,207,996) |
33,690,963 | |||||||
Quantex Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Money Market Registered Investment Companies — 2.3% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (3) |
827,592 | 828,006 | ||||||
Total Money Market Registered Investment Companies (Cost $827,426) |
828,006 | |||||||
Bank Obligations — 2.0% |
||||||||
First Merchants Bank Deposit Account, 0.75%, 7/1/2020 (4) |
247,159 | 247,159 | ||||||
Metro City Bank Deposit Account, 1.60%, 7/1/2020 (4) |
230,963 | 230,963 | ||||||
Pacific Mercantile Bank Deposit Account, 0.18%, 7/1/2020 (4) |
246,790 | 246,790 | ||||||
Total Bank Obligations (Cost $724,912) |
724,912 | |||||||
Total Investments — 95.9% (Cost $40,760,334) |
35,243,881 | |||||||
Other Assets less Liabilities — 4.1% |
1,496,054 | |||||||
Total Net Assets — 100.0% |
36,739,935 | |||||||
Trustee Deferred Compensation (5) |
||||||||
Meeder Balanced Fund - Retail Class |
1,015 | 11,419 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
2,549 | 28,880 | ||||||
Meeder Muirfield Fund - Retail Class |
1,327 | 9,209 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
296 | 6,580 | ||||||
Total Trustee Deferred Compensation (Cost $52,860) |
56,088 | |||||||
Long |
Expiration |
Notional |
Value and |
|||||||||||||
Futures Contracts |
||||||||||||||||
Index Futures |
||||||||||||||||
E-mini Standard & Poors MidCap 400 Futures |
17 | 9/18/2020 | 3,024,470 | 42,492 | ||||||||||||
Total Futures Contracts |
17 | 3,024,470 | 42,492 | |||||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
The accompanying notes are an integral part of these financial statements
Page 90 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 34,518,969 | $ | 42,492 | ||||
Level 2 - Other Significant Observable Inputs |
724,912 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 35,243,881 | $ | 42,492 | ||||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Represents non-income producing securities. |
|
(3) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(4) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(5) |
Assets of affiliates to the Quantex Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(6) |
Fair valued security deemed as Level 3 security. |
|
(7) |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 91 |
Schedule of Investments
June 30, 2020 (unaudited)
Total Return Bond Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
Registered Investment Companies — 79.0% |
||||||||
Baird Core Plus Bond Fund - Class I |
402,896 | 4,862,953 | ||||||
Dodge & Cox Income Fund |
263,177 | 3,823,967 | ||||||
DoubleLine Total Return Bond Fund - Class I |
238,512 | 2,556,851 | ||||||
Guggenheim Total Return Bond Fund - Class I |
65,249 | 1,903,975 | ||||||
iShares Core U.S. Aggregate Bond ETF (4) |
54,747 | 6,471,642 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF (4) |
47,413 | 5,178,448 | ||||||
Lord Abbett High Yield Fund - Class I |
93,306 | 629,819 | ||||||
Payden Emerging Markets Bond Fund - Class I |
51,280 | 660,481 | ||||||
PGIM Total Return Bond Fund - Class R6 |
261,174 | 3,844,479 | ||||||
Pioneer Bond Fund - Class Y |
290,764 | 2,875,653 | ||||||
Segall Bryant & Hamill Plus Bond Fund - Class I |
294,756 | 3,274,743 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF (4) |
9,556 | 966,685 | ||||||
TCW Emerging Markets Income Fund - Class I |
166,533 | 1,292,297 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF (4) |
24,306 | 2,312,473 | ||||||
Vanguard Short-Term Bond ETF (4) |
11,174 | 928,783 | ||||||
Vanguard Total Bond Market ETF (4) |
69,861 | 6,171,521 | ||||||
Xtrackers USD High Yield Corporate Bond ETF (4) |
65,985 | 3,084,798 | ||||||
Total Registered Investment Companies (Cost $47,773,905) |
50,839,568 | |||||||
Money Market Registered Investment Companies — 3.1% |
||||||||
Meeder Institutional Prime Money Market Fund, 0.30% (2) |
2,013,755 | 2,014,762 | ||||||
Total Money Market Registered Investment Companies (Cost $2,012,254) |
2,014,762 | |||||||
Total Return Bond Fund |
||||||||
Security Description |
Shares or |
Fair |
||||||
U.S. Government Obligations — 17.8% |
||||||||
Government National Mortgage Association, 6.50%, due 7/20/2038 |
52,770 | 71,959 | ||||||
U.S. Treasury Note, 2.25%, due 1/31/2024 |
3,633,200 | 3,898,878 | ||||||
U.S. Treasury Note, 2.625%, due 2/15/2029 |
1,838,100 | 2,153,880 | ||||||
U.S. Treasury Note, 1.50%, due 8/15/2026 |
1,152,700 | 1,228,211 | ||||||
U.S. Treasury Note, 2.25%, due 11/15/2025 |
2,354,600 | 2,594,015 | ||||||
U.S. Treasury Note, 2.125%, due 12/31/2022 |
1,483,000 | 1,555,238 | ||||||
Total U.S. Government Obligations (Cost $10,681,199) |
11,502,181 | |||||||
Total Investments — 99.9% (Cost $60,467,358) |
64,356,511 | |||||||
Other Assets less Liabilities — 0.1% |
59,376,119.25 | 92,441 | ||||||
Total Net Assets — 100.0% |
64,448,952 | |||||||
Trustee Deferred Compensation (3) |
||||||||
Meeder Balanced Fund - Retail Class |
1,139 | 12,814 | ||||||
Meeder Dynamic Allocation Fund - Retail Class |
2,788 | 31,588 | ||||||
Meeder Muirfield Fund - Retail Class |
1,527 | 10,597 | ||||||
Meeder Conservative Allocation Fund - Retail Class |
338 | 7,514 | ||||||
Total Trustee Deferred Compensation (Cost $61,795) |
62,513 | |||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
|
The accompanying notes are an integral part of these financial statements
Page 92 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 52,854,330 | $ | — | ||||
Level 2 - Other Significant Observable Inputs |
11,502,181 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 64,356,511 | $ | — | ||||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2020. |
|
(3) |
Assets of affiliates to the Total Return Bond Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(4) |
Exchange-traded fund. |
|
(5) |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 93 |
Schedule of Investments
June 30, 2020 (unaudited)
Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Bank Obligations — 4.7% |
||||||||||||||||
Bank Midwest Deposit Account |
0.95 | %(2) | 07/01/20 | 245,198 | 245,198 | |||||||||||
CIBC Bank Deposit Account |
0.25 | %(2) | 07/01/20 | 245,047 | 245,047 | |||||||||||
First Merchants Bank Deposit Account |
0.75 | %(2) | 07/01/20 | 247,159 | 247,159 | |||||||||||
Metro City Bank Deposit Account |
1.60 | %(2) | 07/01/20 | 245,333 | 245,333 | |||||||||||
Pacific Mercantile Bank Deposit Account |
0.18 | %(2) | 07/01/20 | 246,790 | 246,790 | |||||||||||
State Bank of India Deposit Account |
1.25 | %(2) | 07/01/20 | 245,236 | 245,236 | |||||||||||
TIAA Bank Deposit Account |
1.00 | %(2) | 07/01/20 | 245,195 | 245,195 | |||||||||||
Total Bank Obligations (Cost $1,719,958) |
1,719,958 | |||||||||||||||
Certificates of Deposit — 10.8% |
||||||||||||||||
American Express National Bank |
0.95 | % | 03/24/21 | 245,000 | 244,955 | |||||||||||
Bank Hapoalim BM NY |
0.90 | % | 02/22/21 | 245,000 | 245,000 | |||||||||||
Bank of Nova Scotia Yankee CD (Federal Funds Rate + 0.33%) |
0.41 | %(3) | 07/29/20 | 250,000 | 250,037 | |||||||||||
BMW Bank North America |
0.90 | % | 03/25/21 | 245,000 | 244,955 | |||||||||||
Capital One N.A. |
0.90 | % | 03/25/21 | 245,000 | 244,955 | |||||||||||
Capital One Bank USA NA |
0.90 | % | 03/25/21 | 245,000 | 244,955 | |||||||||||
Credit Suisse AG/New York, NY Yankee CD (Secured Overnight Financing Rate + 0.30%) |
0.38 | %(3) | 07/08/20 | 500,000 | 500,000 | |||||||||||
Discover Bank |
0.85 | % | 03/25/21 | 245,000 | 244,955 | |||||||||||
Fifth Third Bank N.A. |
0.95 | % | 03/25/21 | 245,000 | 244,955 | |||||||||||
First Financial Bank |
0.85 | % | 12/28/20 | 245,000 | 245,000 | |||||||||||
Goldman Sachs Bank USA/New York |
0.90 | % | 03/25/21 | 245,000 | 244,955 | |||||||||||
Lakeland Bank |
0.90 | % | 03/26/21 | 245,000 | 245,000 | |||||||||||
MUFG Bank LTD/New York, NY (Monthly U.S. LIBOR + 0.10%) |
0.29 | %(3) | 07/23/20 | 500,000 | 500,000 | |||||||||||
Townebank/Portsmouth, VA |
0.85 | % | 03/26/21 | 245,000 | 244,956 | |||||||||||
Total Certificates of Deposit (Cost $3,944,678) |
3,944,678 | |||||||||||||||
Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Commercial Paper — 22.0% |
||||||||||||||||
Anglesea Funding |
0.25 | % | 07/01/20 | 1,250,000 | 1,250,000 | |||||||||||
Anglesea Funding |
0.14 | % | 07/06/20 | 250,000 | 249,995 | |||||||||||
Anglesea Funding |
0.20 | % | 07/31/20 | 250,000 | 249,958 | |||||||||||
BNP Paribas |
0.21 | % | 09/04/20 | 250,000 | 249,905 | |||||||||||
Credit Suisse AG/New York, NY |
1.01 | % | 07/07/20 | 1,000,000 | 999,831 | |||||||||||
Exxon Mobil Corp. |
0.40 | % | 09/22/20 | 250,000 | 249,769 | |||||||||||
ING US Funding, LLC |
0.93 | % | 07/08/20 | 250,000 | 249,955 | |||||||||||
ING US Funding, LLC |
0.17 | % | 07/14/20 | 300,000 | 299,982 | |||||||||||
ING US Funding, LLC |
1.82 | % | 07/20/20 | 250,000 | 249,763 | |||||||||||
JP Morgan Securities, LLC |
0.41 | % | 02/05/21 | 250,000 | 249,376 | |||||||||||
JP Morgan Securities, LLC |
1.71 | % | 07/10/20 | 250,000 | 249,894 | |||||||||||
Natixis SA/New York, NY |
1.89 | % | 08/14/20 | 500,000 | 498,863 | |||||||||||
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.03%) |
1.43 | %(3) | 07/08/20 | 250,000 | 249,817 | |||||||||||
Royal Bank of Canada (Secured Overnight Financing Rate + 0.28%) |
0.43 | %(3) | 07/23/20 | 500,000 | 500,003 | |||||||||||
Santander UK PLC |
0.07 | % | 07/01/20 | 1,000,000 | 1,000,000 | |||||||||||
Toronto Dominion Bank/New York, NY (Federal Funds Rate + 0.35%) |
0.43 | %(3) | 08/03/20 | 250,000 | 250,045 | |||||||||||
Toyota Motor Puerto Rico |
1.89 | % | 08/10/20 | 500,000 | 498,967 | |||||||||||
Toyota Motor Puerto Rico |
0.79 | % | 12/01/20 | 250,000 | 249,171 | |||||||||||
USAA Capital Corp |
0.13 | % | 08/05/20 | 250,000 | 249,969 | |||||||||||
Total Commercial Paper (Cost $8,045,263) |
8,045,263 | |||||||||||||||
Corporate Obligations — 11.3% |
||||||||||||||||
Bank of Montreal |
3.10 | % | 10/13/20 | 241,000 | 246,197 | |||||||||||
Mizuho Securities, LLC (Monthly U.S. LIBOR + 0.28%) |
0.46 | %(3) | 07/14/20 | 500,000 | 500,000 | |||||||||||
Mizuho Securities, LLC |
0.33 | % | 10/05/20 | 250,000 | 250,000 | |||||||||||
Paccar Financial Corp. (Quarterly U.S. LIBOR + 0.20%) |
0.63 | %(3) | 08/13/20 | 309,000 | 309,200 | |||||||||||
State Street Corp. (Quarterly U.S. LIBOR + 0.90%) |
1.29 | %(3) | 08/18/20 | 250,000 | 250,312 | |||||||||||
Toronto Dominion Bank/New York, NY |
2.13 | % | 10/07/20 | 230,000 | 231,676 | |||||||||||
The accompanying notes are an integral part of these financial statements
Page 94 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Corporate Obligations — continued |
||||||||||||||||
Toronto Dominion Bank/New York, NY (Secured Overnight Financing Rate + 0.42%) |
0.50 | %(3) | 09/30/20 | 250,000 | 250,000 | |||||||||||
Toronto Dominion Bank/New York, NY |
2.50 | % | 12/14/20 | 250,000 | 251,493 | |||||||||||
Toyota Motor Credit Corp. (Secured Overnight Financing Rate + 0.40%) |
0.48 | %(3) | 07/23/20 | 500,000 | 500,110 | |||||||||||
UBS AG Stamford, CT |
4.88 | % | 08/04/20 | 250,000 | 250,647 | |||||||||||
Wells Fargo Bank N.A. (Monthly U.S. LIBOR + 0.22%) |
0.40 | %(3) | 07/15/20 | 500,000 | 500,019 | |||||||||||
Westpac Banking Corp. |
2.60 | % | 11/23/20 | 352,000 | 354,145 | |||||||||||
Westpac Banking Corp. |
2.10 | % | 11/13/20 | 250,000 | 253,842 | |||||||||||
Total Corporate Obligations (Cost $4,147,641) |
4,147,641 | |||||||||||||||
Repurchase Agreements — 17.8% |
||||||||||||||||
INTL FCStone (Collateralized by $1,443,407 Various Corporate Bonds, 3.19% - 3.75%, due 2/15/21 - 5/3/27, fair value $1,545,001) (proceeds $1,500,011) purchase date 06/30/20 |
0.26 | % | 07/01/20 | 1,500,000 | 1,500,000 | |||||||||||
South Street (Collateralized by $25,972,224 various FFCBs, FHLBs, FMACs, FNMAs, and GNMAs, 2.81% - 6.50%, due 6/11/21 - 12/15/59, fair value $5,100,000)(proceeds $5,000,018), purchase date 06/30/20 |
0.13 | % | 07/01/20 | 5,000,000 | 5,000,000 | |||||||||||
Total Repurchase Agreements (Cost $6,500,000) |
6,500,000 | |||||||||||||||
Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
U.S. Government and Agency Obligations — 15.7% |
||||||||||||||||
Federal Agricultural Mortgage Corp. (Secured Overnight Financing Rate + 0.09%) |
0.17 | %(3) | 08/10/20 | 500,000 | 500,000 | |||||||||||
Federal Farm Credit Bank (Federal Funds Rate + 0.10%) |
0.18 | %(3) | 09/16/20 | 500,000 | 500,000 | |||||||||||
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.05%) |
0.13 | %(3) | 07/22/20 | 500,000 | 499,971 | |||||||||||
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.23%) |
0.31 | %(3) | 07/13/20 | 500,000 | 500,000 | |||||||||||
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.12%) |
0.20 | %(3) | 09/11/20 | 500,000 | 500,000 | |||||||||||
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.03%) |
0.11 | %(3) | 08/05/20 | 500,000 | 499,909 | |||||||||||
United States Treasury Bill |
0.12 | % | 07/14/20 | 250,000 | 249,989 | |||||||||||
United States Treasury Bill |
0.14 | % | 07/30/20 | 250,000 | 249,972 | |||||||||||
United States Treasury Bill |
0.18 | % | 09/29/20 | 250,000 | 249,891 | |||||||||||
United States Treasury Bill |
0.13 | % | 10/06/20 | 250,000 | 249,912 | |||||||||||
United States Treasury Bill |
0.14 | % | 10/13/20 | 250,000 | 249,903 | |||||||||||
United States Treasury Bill |
0.15 | % | 10/20/20 | 250,000 | 249,888 | |||||||||||
United States Treasury Bill |
0.17 | % | 11/03/20 | 250,000 | 249,852 | |||||||||||
United States Treasury Bill |
0.15 | % | 11/12/20 | 250,000 | 249,860 | |||||||||||
United States Treasury Bill |
0.18 | % | 11/17/20 | 250,000 | 249,826 | |||||||||||
United States Treasury Note |
1.38 | % | 08/31/20 | 250,000 | 249,899 | |||||||||||
United States Treasury Note |
1.38 | % | 09/15/20 | 250,000 | 249,886 | |||||||||||
Total U.S. Government and Agency Obligations (Cost $5,748,758) |
5,748,758 | |||||||||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 95 |
Schedule of Investments
June 30, 2020 (unaudited)
Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Variable Rate Demand Notes — 1.4% |
||||||||||||||||
Michigan State Finance Authority Revenue |
0.17 | %(2) | 07/01/20 | 500,000 | 500,000 | |||||||||||
Total Variable Rate Demand Notes (Cost $500,000) |
500,000 | |||||||||||||||
Money Market Registered Investment Companies — 16.3% |
||||||||||||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
5,946,230 | 5,946,230 | ||||||||||||||
Total Money Market Registered Investment Companies (Cost $5,946,230) |
5,946,230 | |||||||||||||||
Total Investments — 100.0% (Cost $36,552,528) |
36,552,528 | |||||||||||||||
Other Assets less Liabilities — 0.0% |
14,818 | |||||||||||||||
Total Net Assets — 100.0% |
36,567,346 | |||||||||||||||
Trustee Deferred Compensation (5) |
||||||||||||||||
Meeder Balanced Fund - Retail Class |
677 | 7,616 | ||||||||||||||
Meeder Dynamic Allocation Fund - Retail Class |
1,738 | 19,692 | ||||||||||||||
Meeder Muirfield Fund - Retail Class |
756 | 5,247 | ||||||||||||||
Meeder Conservative Allocation Fund - Retail Class |
195 | 4,335 | ||||||||||||||
Total Trustee Deferred Compensation (Cost $33,525) |
36,890 | |||||||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 5,946,230 | $ | — | ||||
Level 2 - Other Significant Observable Inputs |
30,606,298 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 36,552,528 | $ | — | ||||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(3) |
Floating rate security. Interest rates reset periodically. The reference rate and spread are indicated in the description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown reflects the earlier of the next demand date or stated maturity date. |
|
(4) |
7-day yield as of June 30, 2020. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. |
|
(5) |
Assets of affiliates to the Prime Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(6) |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
Page 96 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Institutional Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Bank Obligations — 0.6% |
||||||||||||||||
Bank Midwest Deposit Account |
0.95 | %(2) | 07/01/20 | 245,198 | 245,198 | |||||||||||
CIBC Bank Deposit Account |
0.25 | %(2) | 07/01/20 | 245,047 | 245,047 | |||||||||||
First Merchants Bank Deposit Account |
0.75 | %(2) | 07/01/20 | 247,159 | 247,159 | |||||||||||
Metro City Bank Deposit Account |
1.60 | %(2) | 07/01/20 | 245,333 | 245,333 | |||||||||||
Pacific Mercantile Bank Deposit Account |
0.18 | %(2) | 07/01/20 | 246,790 | 246,790 | |||||||||||
State Bank of India Deposit Account |
1.25 | %(2) | 07/01/20 | 245,236 | 245,236 | |||||||||||
TIAA Bank Deposit Account |
1.00 | %(2) | 07/01/20 | 245,195 | 245,195 | |||||||||||
Total Bank Obligations (Cost $1,719,958) |
1,719,958 | |||||||||||||||
Certificates of Deposit — 9.4% |
||||||||||||||||
American Express National Bank |
0.95 | % | 03/24/21 | 245,000 | 246,481 | |||||||||||
Anderson Brothers Bank |
0.95 | % | 07/22/20 | 245,000 | 246,130 | |||||||||||
Bank Hapoalim BM NY |
0.90 | % | 02/22/21 | 245,000 | 246,239 | |||||||||||
Bank of Nova Scotia Yankee CD (Federal Funds Rate + 0.33%) |
0.41 | %(3) | 07/29/20 | 2,250,000 | 2,250,151 | |||||||||||
Bank Ozk |
0.75 | % | 07/15/20 | 245,000 | 245,702 | |||||||||||
BMW Bank North America |
0.90 | % | 03/25/21 | 245,000 | 246,396 | |||||||||||
Capital One N.A. |
0.90 | % | 03/25/21 | 245,000 | 246,396 | |||||||||||
Capital One Bank USA NA |
0.90 | % | 03/25/21 | 245,000 | 246,396 | |||||||||||
Cathay Bank/Los Angeles, CA |
1.10 | % | 04/16/21 | 245,000 | 246,893 | |||||||||||
Citizens Bank NA/Providence, RI |
0.75 | % | 07/15/20 | 245,000 | 245,065 | |||||||||||
Credit Suisse AG/New York, NY Yankee CD (Secured Overnight Financing Rate + 0.28%) |
0.36 | %(3) | 07/07/20 | 2,715,000 | 2,715,128 | |||||||||||
Credit Suisse AG/New York, NY Yankee CD (Secured Overnight Financing Rate + 0.30%) |
0.38 | %(3) | 07/08/20 | 9,500,000 | 9,503,506 | |||||||||||
CresCom Bank |
1.10 | % | 04/15/21 | 245,000 | 246,887 | |||||||||||
Discover Bank |
0.85 | % | 03/25/21 | 245,000 | 246,304 | |||||||||||
Fifth Third Bank N.A. |
0.95 | % | 03/25/21 | 245,000 | 246,487 | |||||||||||
First Financial Bank |
0.85 | % | 12/28/20 | 245,000 | 245,892 | |||||||||||
Institutional Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Certificates of Deposit — continued |
||||||||||||||||
First Foundation Bank |
0.85 | % | 10/15/20 | 245,000 | 245,529 | |||||||||||
Goldman Sachs Bank USA/New York |
0.90 | % | 03/25/21 | 245,000 | 246,396 | |||||||||||
IncredibleBank |
0.75 | % | 07/16/20 | 245,000 | 245,069 | |||||||||||
Lakeland Bank |
0.90 | % | 03/26/21 | 245,000 | 246,400 | |||||||||||
MetaBank |
0.95 | % | 02/24/21 | 245,000 | 246,331 | |||||||||||
MidFirst Bank |
0.50 | % | 07/15/20 | 245,000 | 245,039 | |||||||||||
MUFG Bank LTD/New York, NY (Monthly U.S. LIBOR + 0.10%) |
0.29 | %(3) | 07/23/20 | 5,000,000 | 5,000,395 | |||||||||||
Peoples Security Bank and Trust Company |
0.90 | % | 04/30/21 | 245,000 | 246,562 | |||||||||||
Pinnacle Bank/Nashville, TN |
1.15 | % | 07/21/20 | 245,000 | 246,997 | |||||||||||
PlainsCapital Bank |
0.95 | % | 01/15/21 | 245,000 | 246,114 | |||||||||||
Synovus Bank/Columbus, GA |
0.95 | % | 11/23/20 | 245,000 | 245,820 | |||||||||||
TCF National Bank |
1.10 | % | 04/15/21 | 245,000 | 246,887 | |||||||||||
Townebank/Portsmouth, VA |
0.85 | % | 03/26/21 | 245,000 | 246,306 | |||||||||||
Total Certificates of Deposit (Cost $25,589,949) |
25,623,898 | |||||||||||||||
Commercial Paper — 25.4% |
||||||||||||||||
Anglesea Funding |
0.25 | % | 07/01/20 | 8,600,000 | 8,599,974 | |||||||||||
Anglesea Funding |
0.14 | % | 07/06/20 | 2,000,000 | 1,999,960 | |||||||||||
Anglesea Funding |
0.20 | % | 07/31/20 | 2,000,000 | 1,999,654 | |||||||||||
BNP Paribas |
0.21 | % | 09/04/20 | 3,000,000 | 2,999,142 | |||||||||||
Credit Suisse AG/New York, NY |
1.01 | % | 07/07/20 | 3,500,000 | 3,499,920 | |||||||||||
Exxon Mobil Corp. |
0.15 | % | 07/22/20 | 1,000,000 | 999,914 | |||||||||||
Exxon Mobil Corp. |
0.90 | % | 07/24/20 | 1,000,000 | 999,903 | |||||||||||
Exxon Mobil Corp. |
0.54 | % | 08/10/20 | 1,000,000 | 999,826 | |||||||||||
Exxon Mobil Corp. |
0.40 | % | 09/22/20 | 2,000,000 | 1,999,150 | |||||||||||
Exxon Mobil Corp. |
0.25 | % | 10/02/20 | 1,250,000 | 1,249,390 | |||||||||||
ING US Funding, LLC |
1.00 | % | 07/01/20 | 2,000,000 | 1,999,994 | |||||||||||
ING US Funding, LLC |
0.93 | % | 07/08/20 | 3,000,000 | 2,999,886 | |||||||||||
ING US Funding, LLC |
1.82 | % | 07/20/20 | 3,000,000 | 2,999,796 | |||||||||||
JP Morgan Securities, LLC |
0.41 | % | 02/05/21 | 1,000,000 | 997,873 | |||||||||||
JP Morgan Securities, LLC |
0.35 | % | 02/19/21 | 2,000,000 | 1,995,138 | |||||||||||
JP Morgan Securities, LLC |
0.90 | % | 07/15/20 | 2,000,000 | 1,999,916 | |||||||||||
Natixis SA/New York, NY |
1.89 | % | 08/14/20 | 1,500,000 | 1,499,784 | |||||||||||
Royal Bank of Canada (Quarterly U.S. LIBOR + 0.03%) |
1.43 | %(3) | 07/08/20 | 4,750,000 | 4,751,473 | |||||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 97 |
Schedule of Investments
June 30, 2020 (unaudited)
Institutional Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Commercial Paper — continued |
||||||||||||||||
Royal Bank of Canada (Secured Overnight Financing Rate + 0.28%) |
0.43 | %(3) | 07/23/20 | 4,000,000 | 4,000,256 | |||||||||||
Santander UK PLC |
0.07 | % | 07/01/20 | 9,000,000 | 8,999,973 | |||||||||||
Toronto Dominion Bank/New York, NY (Federal Funds Rate + 0.35%) |
0.43 | %(3) | 08/03/20 | 1,750,000 | 1,750,156 | |||||||||||
Toyota Motor Credit Corp. |
1.51 | % | 08/14/20 | 2,000,000 | 1,999,600 | |||||||||||
Toyota Motor Credit Corp. |
1.71 | % | 10/13/20 | 2,000,000 | 1,998,804 | |||||||||||
Toyota Motor Puerto Rico |
0.80 | % | 10/02/20 | 2,000,000 | 1,999,024 | |||||||||||
Toyota Motor Puerto Rico |
0.78 | % | 12/01/20 | 2,000,000 | 1,997,518 | |||||||||||
USAA Capital Corp. |
0.13 | % | 08/05/20 | 2,000,000 | 1,999,783 | |||||||||||
Total Commercial Paper (Cost $69,301,820) |
69,335,807 | |||||||||||||||
Corporate Obligations — 16.2% |
||||||||||||||||
Bank of Montreal |
3.10 | % | 10/13/20 | 3,500,000 | 3,575,975 | |||||||||||
John Deere Capital Corp. (Quarterly U.S. LIBOR + 0.42%) |
1.73 | %(3) | 07/10/20 | 1,682,000 | 1,682,158 | |||||||||||
Mizuho Securities, LLC (Monthly U.S. LIBOR + 0.28%) |
0.46 | %(3) | 07/14/20 | 5,000,000 | 5,000,115 | |||||||||||
Mizuho Securities, LLC |
0.33 | % | 10/05/20 | 2,000,000 | 2,000,122 | |||||||||||
Paccar Financial Corp. (Quarterly U.S. LIBOR + 0.20%) |
0.64 | %(3) | 08/13/20 | 5,000,000 | 5,002,505 | |||||||||||
State Street Corp. (Quarterly U.S. LIBOR + 0.90%) |
1.29 | %(3) | 08/18/20 | 3,750,000 | 3,754,838 | |||||||||||
Toronto Dominion Bank/New York, NY |
2.13 | % | 04/07/21 | 1,000,000 | 1,013,704 | |||||||||||
Toronto Dominion Bank/New York, NY |
3.15 | % | 09/17/20 | 1,000,000 | 1,005,939 | |||||||||||
Toronto Dominion Bank/New York, NY |
2.50 | % | 12/14/20 | 1,493,000 | 1,507,637 | |||||||||||
Toyota Motor Credit Corp. (Secured Overnight Financing Rate + 0.40%) |
0.48 | %(3) | 07/23/20 | 6,500,000 | 6,499,935 | |||||||||||
UBS AG Stamford, CT |
4.88 | % | 08/04/20 | 3,875,000 | 3,890,392 | |||||||||||
Wells Fargo Bank N.A. (Monthly U.S. LIBOR + 0.22%) |
0.40 | %(3) | 07/15/20 | 5,000,000 | 4,999,905 | |||||||||||
Westpac Banking Corp. |
2.60 | % | 11/23/20 | 1,000,000 | 1,008,472 | |||||||||||
Institutional Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Corporate Obligations — continued |
||||||||||||||||
Westpac Banking Corp. |
2.10 | % | 11/13/20 | 3,000,000 | 3,044,887 | |||||||||||
Total Corporate Obligations (Cost $43,967,435) |
43,986,584 | |||||||||||||||
Repurchase Agreements — 18.4% |
||||||||||||||||
INTL FCStone (Collateralized by $18,960,674 various Corporate Bonds and FNMAs, 0.80% - 6.22%, due 2/15/21 - 9/15/56, fair value $20,599,616)(proceeds $20,000,144), purchase date 06/30/20 |
0.26 | % | 07/01/20 | 20,000,000 | 20,000,000 | |||||||||||
South Street (Collateralized by $25,972,224 various FFCBs, FHLBs, FMACs, FNMAs, and GNMAs, 2.81% - 6.50%, due 6/11/21 - 12/15/59, fair value $10,200,000)(proceeds $10,000,036), purchase date 06/30/20 |
0.13 | % | 07/01/20 | 10,000,000 | 10,000,000 | |||||||||||
South Street (Collateralized by $246,760,928 various FNMAs, FMACs, and GNMAs, 2.134% - 6.50%, due 11/1/22 - 8/15/59, fair value $20,400,000)(proceeds $20,000,061), purchase date 06/30/20 |
0.11 | % | 07/01/20 | 20,000,000 | 20,000,000 | |||||||||||
Total Repurchase Agreements (Cost $50,000,000) |
50,000,000 | |||||||||||||||
U.S. Government and Agency Obligations — 21.7% |
||||||||||||||||
Federal Agricultural Mortgage Corp. (Secured Overnight Financing Rate + 0.09%) |
0.17 | %(3) | 08/10/20 | 5,000,000 | 4,999,380 | |||||||||||
The accompanying notes are an integral part of these financial statements
Page 98 |
2020 Semiannual Report | June 30, 2020 |
Schedule of Investments
June 30, 2020 (unaudited)
Institutional Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
U.S. Government and Agency Obligations — continued |
||||||||||||||||
Federal Farm Credit Bank (Federal Funds Rate + 0.10%) |
0.18 | %(3) | 09/16/20 | 5,000,000 | 4,999,535 | |||||||||||
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.05%) |
0.13 | %(3) | 07/22/20 | 5,000,000 | 4,997,875 | |||||||||||
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.23%) |
0.31 | %(3) | 07/13/20 | 5,000,000 | 5,003,644 | |||||||||||
Federal Home Loan Bank (Secured Overnight Financing Rate + 0.12%) |
0.20 | %(3) | 09/11/20 | 5,000,000 | 4,999,945 | |||||||||||
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.03%) |
0.11 | %(3) | 08/05/20 | 5,000,000 | 4,996,905 | |||||||||||
United States Treasury Bill |
0.12 | % | 07/14/20 | 2,000,000 | 1,999,922 | |||||||||||
United States Treasury Bill |
0.14 | % | 07/30/20 | 2,000,000 | 1,999,786 | |||||||||||
United States Treasury Bill |
0.11 | % | 09/08/20 | 2,000,000 | 1,999,482 | |||||||||||
United States Treasury Bill |
0.18 | % | 09/29/20 | 3,000,000 | 2,998,914 | |||||||||||
United States Treasury Bill |
0.13 | % | 10/06/20 | 2,000,000 | 1,999,272 | |||||||||||
United States Treasury Bill |
0.14 | % | 10/13/20 | 2,000,000 | 1,999,076 | |||||||||||
United States Treasury Bill |
0.15 | % | 10/20/20 | 2,000,000 | 1,999,076 | |||||||||||
United States Treasury Bill |
0.14 | % | 10/27/20 | 2,000,000 | 1,999,082 | |||||||||||
United States Treasury Bill |
0.17 | % | 11/03/20 | 2,000,000 | 1,998,784 | |||||||||||
United States Treasury Bill |
0.15 | % | 11/12/20 | 2,000,000 | 1,998,790 | |||||||||||
United States Treasury Bill |
0.18 | % | 11/17/20 | 2,000,000 | 1,998,648 | |||||||||||
United States Treasury Bill |
0.15 | % | 11/19/20 | 2,000,000 | 1,998,766 | |||||||||||
United States Treasury Note |
1.38 | % | 08/31/20 | 2,000,000 | 2,003,958 | |||||||||||
United States Treasury Note |
1.38 | % | 09/15/20 | 2,000,000 | 2,004,932 | |||||||||||
Total U.S. Government and Agency Obligations (Cost $58,986,855) |
58,995,772 | |||||||||||||||
Institutional Prime Money Market Fund |
||||||||||||||||
Security Description |
Coupon/ |
Maturity/ |
Principal |
Fair |
||||||||||||
Variable Rate Demand Notes — 1.7% |
||||||||||||||||
Michigan State Finance Authority Revenue |
0.17 | %(2) | 07/01/20 | 4,500,000 | 4,500,000 | |||||||||||
Total Variable Rate Demand Notes (Cost $4,500,000) |
4,500,000 | |||||||||||||||
Money Market Registered Investment Companies — 6.6% |
||||||||||||||||
Morgan Stanley Government Institutional Fund, 0.05% (4) |
17,894,680 | 17,894,680 | ||||||||||||||
Total Money Market Registered Investment Companies (Cost $17,894,680) |
17,894,680 | |||||||||||||||
Total Investments — 100.0% (Cost $271,960,697) |
272,056,699 | |||||||||||||||
Other Assets less Liabilities — 0.0% |
99,870 | |||||||||||||||
Total Net Assets — 100.0% |
272,156,569 | |||||||||||||||
Trustee Deferred Compensation (5) |
||||||||||||||||
Meeder Balanced Fund - Retail Class |
51 | 574 | ||||||||||||||
Meeder Dynamic Allocation Fund - Retail Class |
120 | 1,360 | ||||||||||||||
Meeder Muirfield Fund - Retail Class |
174 | 1,208 | ||||||||||||||
Meeder Conservative Allocation Fund - Retail Class |
16 | 356 | ||||||||||||||
Total Trustee Deferred Compensation (Cost $3,599) |
3,498 | |||||||||||||||
|
(1) |
Statement on Financial Accounting Standard No. 157 “Fair Value Measurements” - Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below. |
|
● |
Level 1 - quoted prices in active markets for identical securities |
|
● |
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
|
|
|
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 99 |
Schedule of Investments
June 30, 2020 (unaudited)
|
|
The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund’s assets carried at fair value: |
Valuation Inputs |
Investments in |
Other Financial |
||||||
Level 1 - Quoted Prices |
$ | 17,894,680 | $ | — | ||||
Level 2 - Other Significant Observable Inputs |
254,162,019 | — | ||||||
Level 3 - Significant Unobservable Inputs |
— | — | ||||||
Total |
$ | 272,056,699 | $ | — | ||||
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) |
Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date. |
|
(3) |
Floating rate security. Interest rates reset periodically. The reference rate and spread are indicated in the description above. The rate shown represents the rate in effect at June 30, 2020. The maturity date shown reflects the earlier of the next demand date or stated maturity date. |
|
(4) |
7-day yield as of June 30, 2020. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. |
|
(5) |
Assets of affiliates to the Institutional Prime Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan. |
|
(6) |
Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements
Page 100 |
2020 Semiannual Report | June 30, 2020 |
[This page intentionally left blank]
Statements of Assets & Liabilities |
||||||||||||
Muirfield |
Spectrum |
Global |
||||||||||
Assets |
||||||||||||
Investments, at fair value (1)(2) |
$ | 465,770,431 | $ | 141,872,143 | $ | 25,394,642 | ||||||
Repurchase agreements, at fair value (1) |
— | — | — | |||||||||
Investments in affiliates, at fair value (1) |
60,339,057 | 28,049,874 | 12,964,364 | |||||||||
Trustee deferred compensation investments, at fair value |
233,476 | 31,548 | 94,601 | |||||||||
Cash |
25,000 | 25,000 | 25,000 | |||||||||
Deposits at broker for futures contracts (3) |
14,200,105 | 3,867,185 | 1,410,639 | |||||||||
Cash held at broker for collateral on securities sold short |
— | 1,036,798 | — | |||||||||
Receivable for securities sold |
10,913,643 | 2,870,941 | 342,785 | |||||||||
Receivable for capital stock issued |
571,546 | 205,910 | 3,972 | |||||||||
Receivable from investment adviser |
— | — | — | |||||||||
Interest and dividend receivable |
423,403 | 113,050 | 23,603 | |||||||||
Receivable from securities lending agent (See Note #5) |
4 | 4 | — | |||||||||
Prepaid expenses/other assets |
51,176 | 27,279 | 25,438 | |||||||||
Total Assets |
552,527,841 | 178,099,732 | 40,285,044 | |||||||||
Liabilities |
||||||||||||
Payable for securities purchased |
6,992,304 | 2,946,054 | 330,884 | |||||||||
Payable for collateral on securities loaned |
154,363 | 35,885 | 2,284 | |||||||||
Payable for Trustee Deferred Compensation Plan |
233,476 | 31,548 | 94,601 | |||||||||
Payable for capital stock redeemed |
1,151,272 | 297,393 | 365 | |||||||||
Dividends payable |
26,079 | — | — | |||||||||
Payable to investment adviser |
291,458 | 105,576 | 24,184 | |||||||||
Accrued distribution plan (12b-1) and shareholder service plan fees |
197,860 | 61,697 | 10,994 | |||||||||
Accrued transfer agent, fund accounting, CCO, and administrative fees |
92,453 | 34,211 | 10,907 | |||||||||
Accrued trustee fees |
2,247 | 488 | 288 | |||||||||
Other accrued liabilities |
78,465 | 44,468 | 21,091 | |||||||||
Total Liabilities |
9,219,977 | 3,557,320 | 495,598 | |||||||||
Net Assets |
$ | 543,307,864 | $ | 174,542,412 | $ | 39,789,446 | ||||||
Net Assets |
||||||||||||
Capital |
$ | 556,892,451 | $ | 178,811,011 | $ | 40,666,691 | ||||||
Distributable Earnings (Accumulated Deficit) |
(13,584,587 | ) | (4,268,599 | ) | (877,245 | ) | ||||||
Total Net Assets |
$ | 543,307,864 | $ | 174,542,412 | $ | 39,789,446 | ||||||
Net Asset Value Per Share |
||||||||||||
Retail Class |
||||||||||||
Net Assets |
$ | 137,936,532 | $ | 36,976,911 | $ | 8,307,879 | ||||||
Shares Outstanding |
19,887,661 | 3,619,823 | 848,085 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share |
$ | 6.94 | $ | 10.22 | $ | 9.80 | ||||||
Adviser Class |
||||||||||||
Net Assets |
$ | 47,232,924 | $ | 11,885,834 | $ | 1,560,050 | ||||||
Shares Outstanding |
6,757,587 | 1,153,238 | 158,485 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share |
$ | 6.99 | $ | 10.31 | $ | 9.84 | ||||||
Institutional Class |
||||||||||||
Net Assets |
$ | 358,138,408 | $ | 125,679,667 | $ | 29,921,517 | ||||||
Shares Outstanding |
51,153,793 | 12,157,527 | 3,036,774 | |||||||||
Net Asset Value, Offering and Redemption Price Per Share |
$ | 7.00 | $ | 10.34 | $ | 9.85 | ||||||
Net Asset Value Per Share - Money Market Funds |
||||||||||||
Net Assets |
||||||||||||
Shares Outstanding |
||||||||||||
Net Asset Value, Offering and Redemption Price Per Share |
||||||||||||
(1) Investments and affiliated investments at cost |
$ | 436,368,207 | $ | 144,542,350 | $ | 34,582,230 | ||||||
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5) |
$ | 156,957 | $ | 36,400 | $ | 2,320 | ||||||
(3) Required margin held as collateral for futures contracts |
$ | 12,757,600 | $ | 3,308,700 | $ | 978,000 | ||||||
The accompanying notes are an integral part of these financial statements
Page 102 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||||||
Balanced |
Moderate |
Conservative |
Dynamic |
Quantex |
Total Return |
Prime Money |
Institutional |
||||||||||||||||||||||||
| $ | 306,256,852 | $ | 141,434,678 | $ | 121,676,178 | 145,961,400 | $ | 34,415,875 | $ | 62,341,749 | $ | 30,052,528 | $ | 222,056,699 | |||||||||||||||||
| — | — | — | — | — | — | 6,500,000 | 50,000,000 | ||||||||||||||||||||||||
| 55,987,079 | 20,747,689 | 10,373,460 | 14,322,372 | 828,006 | 2,014,762 | — | — | ||||||||||||||||||||||||
| 151,712 | 21,312 | 61,870 | 189,052 | 56,088 | 62,513 | 36,890 | 3,498 | ||||||||||||||||||||||||
| 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | — | — | — | ||||||||||||||||||||||||
| 5,418,686 | 1,595,971 | 779,754 | 11,860,774 | 1,500,078 | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 3,811,831 | 1,162,647 | 566,503 | 2,627,282 | — | — | — | — | ||||||||||||||||||||||||
| 334,586 | 149,473 | 164,548 | 45,290 | 9,496 | 117,974 | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | 5,466 | 16,776 | ||||||||||||||||||||||||
| 338,471 | 166,912 | 155,250 | 112,561 | 27,847 | 103,889 | 23,736 | 210,656 | ||||||||||||||||||||||||
| 2 | 1 | — | 2 | 6 | — | — | — | ||||||||||||||||||||||||
| 36,639 | 34,050 | 31,463 | 30,516 | 27,945 | 32,382 | 13,886 | 7,850 | ||||||||||||||||||||||||
| 372,360,858 | 165,337,733 | 133,834,026 | 175,174,249 | 36,890,341 | 64,673,269 | 36,632,506 | 272,295,479 | ||||||||||||||||||||||||
| 3,810,647 | 1,133,085 | 551,518 | 2,563,131 | — | — | — | — | ||||||||||||||||||||||||
| 63,028 | 18,703 | 8,353 | 44,159 | — | — | — | — | ||||||||||||||||||||||||
| 151,712 | 21,312 | 61,870 | 189,052 | 56,088 | 62,513 | 36,890 | 3,498 | ||||||||||||||||||||||||
| 637,402 | 232,500 | 167,786 | 315,616 | 8,199 | 91,334 | — | — | ||||||||||||||||||||||||
| 9,831 | 4,749 | 3,545 | 1,314 | 8,289 | 1,119 | 23 | 55,935 | ||||||||||||||||||||||||
| 201,628 | 79,237 | 53,587 | 90,497 | 22,913 | 14,784 | — | — | ||||||||||||||||||||||||
| 127,447 | 55,537 | 47,882 | 46,273 | 16,913 | 20,165 | 33 | 53 | ||||||||||||||||||||||||
| 66,734 | 32,355 | 27,133 | 33,871 | 10,492 | 13,163 | 9,077 | 43,718 | ||||||||||||||||||||||||
| 844 | 261 | 214 | 561 | 639 | 122 | — | — | ||||||||||||||||||||||||
| 55,548 | 35,455 | 33,640 | 35,492 | 26,873 | 21,117 | 19,137 | 35,706 | ||||||||||||||||||||||||
| 5,124,821 | 1,613,194 | 955,528 | 3,319,966 | 150,406 | 224,317 | 65,160 | 138,910 | ||||||||||||||||||||||||
| $ | 367,236,037 | $ | 163,724,539 | $ | 132,878,498 | $ | 171,854,283 | $ | 36,739,935 | $ | 64,448,952 | $ | 36,567,346 | $ | 272,156,569 | ||||||||||||||||
| $ | 364,282,659 | $ | 163,775,327 | $ | 132,630,553 | $ | 153,088,565 | $ | 42,542,070 | $ | 72,511,103 | $ | 36,567,346 | $ | 272,063,643 | ||||||||||||||||
| 2,953,378 | (50,788 | ) | 247,945 | 18,765,718 | (5,802,135 | ) | (8,062,151 | ) | — | 92,926 | |||||||||||||||||||||
| $ | 367,236,037 | $ | 163,724,539 | $ | 132,878,498 | $ | 171,854,283 | $ | 36,739,935 | $ | 64,448,952 | $ | 36,567,346 | $ | 272,156,569 | ||||||||||||||||
| $ | 77,051,594 | $ | 31,828,995 | $ | 30,264,207 | $ | 35,489,903 | $ | 16,430,101 | $ | 11,751,837 | ||||||||||||||||||||
| 6,848,216 | 2,845,454 | 1,361,348 | 3,132,698 | 589,491 | 1,201,752 | ||||||||||||||||||||||||||
| $ | 11.25 | $ | 11.19 | $ | 22.23 | $ | 11.33 | $ | 27.87 | $ | 9.78 | ||||||||||||||||||||
| $ | 17,915,780 | $ | 9,125,612 | $ | 6,864,601 | $ | 12,627,703 | $ | 817,415 | $ | 5,063,336 | ||||||||||||||||||||
| 1,580,449 | 814,620 | 304,863 | 1,110,504 | 29,244 | 517,318 | ||||||||||||||||||||||||||
| $ | 11.34 | $ | 11.20 | $ | 22.52 | $ | 11.37 | $ | 27.95 | $ | 9.79 | ||||||||||||||||||||
| $ | 272,268,663 | $ | 122,769,932 | $ | 95,749,690 | $ | 123,736,677 | $ | 19,492,419 | $ | 47,633,779 | ||||||||||||||||||||
| 23,996,741 | 10,936,765 | 4,245,548 | 10,886,819 | 698,228 | 4,867,016 | ||||||||||||||||||||||||||
| $ | 11.35 | $ | 11.23 | $ | 22.55 | $ | 11.37 | $ | 27.92 | $ | 9.79 | ||||||||||||||||||||
| $ | 36,567,346 | $ | 272,156,569 | ||||||||||||||||||||||||||||
| 36,567,346 | 272,031,026 | ||||||||||||||||||||||||||||||
| $ | 1.00 | $ | 1.0005 | ||||||||||||||||||||||||||||
| $ | 318,727,260 | $ | 148,111,938 | $ | 122,592,409 | $ | 133,855,329 | $ | 40,760,334 | $ | 60,467,358 | $ | 36,552,528 | $ | 271,960,697 | ||||||||||||||||
| $ | 63,933 | $ | 18,998 | $ | 8,505 | $ | 44,858 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| $ | 3,977,400 | $ | 1,058,200 | $ | 523,700 | $ | 2,613,600 | $ | 255,000 | $ | — | $ | — | $ | — | ||||||||||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 103 |
Statements of Operations |
||||||||||||
Muirfield |
Spectrum |
Global |
||||||||||
Investment Income |
||||||||||||
Interest |
$ | 4,583 | $ | — | $ | 11,441 | ||||||
Income from affiliates |
569,160 | 42,882 | 81,314 | |||||||||
Dividends |
5,009,934 | 1,872,178 | 283,067 | |||||||||
Total Investment Income |
5,583,677 | 1,915,060 | 375,822 | |||||||||
Fund Expenses |
||||||||||||
Investment adviser |
1,914,036 | 688,146 | 162,784 | |||||||||
Transfer agent - Retail Class |
84,337 | 25,341 | 5,581 | |||||||||
Transfer agent - Adviser Class |
27,294 | 8,064 | 977 | |||||||||
Transfer agent - Institutional Class |
201,004 | 77,210 | 19,487 | |||||||||
Transfer agent - Money Market Funds |
||||||||||||
Fund accounting |
48,020 | 27,617 | 18,762 | |||||||||
Administrative |
218,154 | 78,716 | 21,673 | |||||||||
Trustee |
13,398 | 4,390 | 1,217 | |||||||||
Audit |
8,208 | 8,950 | 8,524 | |||||||||
Legal |
2,609 | 2,609 | 2,609 | |||||||||
Custody |
30,942 | 10,007 | 2,259 | |||||||||
Printing |
11,428 | 3,576 | 868 | |||||||||
Distribution plan (12b-1) - Retail Class (1) |
159,815 | 52,794 | 11,627 | |||||||||
Distribution plan (12b-1) - Money Market Funds |
||||||||||||
Shareholder service plan - Retail Class |
149,427 | 42,235 | 9,122 | |||||||||
Shareholder service plan - Adviser Class |
21,572 | 5,683 | 736 | |||||||||
Shareholder service plan - Institutional Class |
131,461 | 41,109 | 997 | |||||||||
Postage |
14,896 | 8,706 | 2 | |||||||||
Registration and filing |
32,824 | 25,867 | 22,839 | |||||||||
Insurance |
13,040 | 3,977 | 1,014 | |||||||||
Chief Compliance Officer |
3,391 | 3,391 | 3,391 | |||||||||
Dividend expense on securities sold short |
— | 356,807 | — | |||||||||
Other |
20,067 | 14,644 | 12,359 | |||||||||
Total Expenses Before Reductions |
3,105,923 | 1,489,839 | 306,828 | |||||||||
Expenses voluntarily reimbursed/waived by investment adviser (See Note #5) |
— | — | — | |||||||||
Expenses contractually reimbursed/waived by investment adviser (See Note #5) |
— | — | — | |||||||||
Securities lending credit (See Note #5) |
(3,881 | ) | (2,614 | ) | (62 | ) | ||||||
Net Expenses |
3,102,042 | 1,487,225 | 306,766 | |||||||||
Net Investment Income (Loss) |
2,481,635 | 427,835 | 69,056 | |||||||||
Net Realized and Unrealized Gain (Loss) from Investments |
||||||||||||
Net realized gains (losses) from unaffiliated investments |
(19,661,157 | ) | (11,976,219 | ) | (283,562 | ) | ||||||
Net realized gains (losses) from affiliated investments |
(25,541 | ) | (3,409 | ) | 11 | |||||||
Net realized gains (losses) from closed short positions |
— | 10,371,833 | — | |||||||||
Net realized gains (losses) from futures contracts |
(57,169,228 | ) | (19,935,505 | ) | (5,254,645 | ) | ||||||
Distributions of long-term realized gains by other investment companies |
— | — | 394 | |||||||||
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies |
(76,855,926 | ) | (21,543,300 | ) | (5,537,802 | ) | ||||||
Net change in unrealized appreciation (depreciation) of unaffiliated investments |
(5,416,546 | ) | (13,753,204 | ) | (1,130,980 | ) | ||||||
Net change in unrealized appreciation (depreciation) of affiliated investments |
23,119 | 14,222 | 6,699 | |||||||||
Net change in unrealized appreciation (depreciation) of short positions |
— | 2,031,590 | — | |||||||||
Net change in unrealized appreciation (depreciation) of futures contracts |
(2,364,102 | ) | (1,028,992 | ) | (137,189 | ) | ||||||
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts |
(7,757,529 | ) | (12,736,384 | ) | (1,261,470 | ) | ||||||
Net Realized and Unrealized Gain (Loss) from Investments |
(84,613,455 | ) | (34,279,684 | ) | (6,799,272 | ) | ||||||
Net Change in Net Assets Resulting from Operations |
$ | (82,131,820 | ) | $ | (33,851,849 | ) | $ | (6,730,216 | ) | |||
|
(1) |
Only the Retail Class of shares has adopted a Rule 12b-1 Plan. See #5 of the Notes to Financial Statements. |
The accompanying notes are an integral part of these financial statements
Page 104 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||||||
Balanced |
Moderate |
Conservative |
Dynamic |
Quantex |
Total Return |
Prime Money |
Institutional |
||||||||||||||||||||||||
| $ | 167,125 | $ | 122,294 | $ | 132,070 | $ | 4,919 | $ | 3,177 | $ | 103,476 | $ | 205,697 | $ | 1,929,258 | ||||||||||||||||
| 313,989 | 114,572 | 52,846 | 150,657 | 9,419 | 10,495 | — | — | ||||||||||||||||||||||||
| 3,397,608 | 1,630,594 | 1,447,302 | 1,509,394 | 560,368 | 678,219 | — | — | ||||||||||||||||||||||||
| 3,878,722 | 1,867,460 | 1,632,218 | 1,664,970 | 572,964 | 792,190 | 205,697 | 1,929,258 | ||||||||||||||||||||||||
| 1,263,050 | 496,210 | 330,302 | 648,990 | 167,859 | 123,944 | 71,734 | 486,457 | ||||||||||||||||||||||||
| 49,271 | 19,611 | 18,306 | 21,554 | 10,978 | 4,633 | ||||||||||||||||||||||||||
| 11,120 | 5,685 | 4,113 | 7,195 | 529 | 1,791 | ||||||||||||||||||||||||||
| 162,383 | 73,946 | 56,853 | 75,102 | 15,350 | 18,365 | ||||||||||||||||||||||||||
| 14,347 | 131,798 | ||||||||||||||||||||||||||||||
| 36,963 | 26,669 | 25,005 | 27,053 | 18,897 | 20,618 | 18,007 | 34,874 | ||||||||||||||||||||||||
| 153,489 | 71,134 | 57,821 | 74,207 | 22,028 | 29,761 | 17,933 | 136,770 | ||||||||||||||||||||||||
| 8,329 | 3,818 | 3,043 | 4,146 | 1,347 | 1,513 | 531 | 531 | ||||||||||||||||||||||||
| 8,203 | 8,203 | 8,204 | 8,527 | 8,207 | 7,465 | 6,968 | 6,966 | ||||||||||||||||||||||||
| 2,609 | 2,609 | 2,609 | 2,608 | 2,609 | 2,609 | 2,610 | 2,608 | ||||||||||||||||||||||||
| 18,959 | 8,437 | 6,655 | 9,028 | 2,747 | 3,046 | 1,492 | 12,558 | ||||||||||||||||||||||||
| 6,929 | 3,040 | 2,369 | 3,376 | 1,059 | 1,068 | 606 | 5,612 | ||||||||||||||||||||||||
| 102,647 | 40,856 | 38,137 | 44,904 | 18,297 | 14,479 | ||||||||||||||||||||||||||
| 49 | — | ||||||||||||||||||||||||||||||
| 82,118 | 32,064 | 27,846 | 34,945 | 485 | 11,438 | ||||||||||||||||||||||||||
| 7,544 | 3,620 | 2,758 | 5,332 | 367 | 1,641 | ||||||||||||||||||||||||||
| 97,320 | 43,041 | 33,492 | 15,968 | 6,421 | 13,351 | ||||||||||||||||||||||||||
| 10,102 | 5,120 | 5,079 | 5,807 | 1,832 | 558 | 438 | 1,799 | ||||||||||||||||||||||||
| 28,911 | 25,790 | 24,989 | 26,004 | 22,878 | 23,782 | 11,058 | 1,735 | ||||||||||||||||||||||||
| 7,518 | 3,223 | 2,275 | 4,222 | 1,230 | 1,869 | 517 | 7,320 | ||||||||||||||||||||||||
| 3,391 | 3,391 | 3,391 | 3,391 | 3,391 | 3,391 | 3,391 | 3,391 | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| 16,665 | 14,004 | 13,590 | 14,413 | 13,085 | 12,679 | 15,116 | 19,569 | ||||||||||||||||||||||||
| 2,077,521 | 890,471 | 666,837 | 1,036,772 | 319,596 | 298,001 | 164,797 | 851,988 | ||||||||||||||||||||||||
| — | — | — | — | — | — | (112,759 | ) | (611,925 | ) | ||||||||||||||||||||||
| — | — | — | (86,542 | ) | — | (34,085 | ) | — | — | ||||||||||||||||||||||
| (1,469 | ) | (332 | ) | (130 | ) | (696 | ) | (6,696 | ) | — | — | — | |||||||||||||||||||
| 2,076,052 | 890,139 | 666,707 | 949,534 | 312,900 | 263,916 | 52,038 | 240,063 | ||||||||||||||||||||||||
| 1,802,670 | 977,321 | 965,511 | 715,436 | 260,064 | 528,274 | 153,659 | 1,689,195 | ||||||||||||||||||||||||
| (9,337,294 | ) | (3,484,183 | ) | (2,510,800 | ) | (4,671,585 | ) | 891,823 | (59,088 | ) | — | 164 | |||||||||||||||||||
| (20,024 | ) | (6,388 | ) | (4,369 | ) | (8 | ) | 1,342 | (153 | ) | — | — | |||||||||||||||||||
| — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| (25,527,856 | ) | (8,247,303 | ) | (3,831,374 | ) | (4,469,573 | ) | 11,858 | — | — | — | ||||||||||||||||||||
| 10,773 | 8,218 | 9,601 | — | — | 6,993 | — | — | ||||||||||||||||||||||||
| (34,874,401 | ) | (11,729,656 | ) | (6,336,942 | ) | (9,141,166 | ) | 905,023 | (52,248 | ) | — | 164 | |||||||||||||||||||
| 2,356,070 | 2,167,591 | 2,762,628 | (326,170 | ) | (18,340,199 | ) | 2,135,662 | — | 76,705 | ||||||||||||||||||||||
| 31,442 | 12,882 | 8,953 | 5,635 | 572 | 2,434 | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| (908,897 | ) | (307,592 | ) | (141,076 | ) | (189,065 | ) | 26,795 | — | — | — | ||||||||||||||||||||
| 1,478,615 | 1,872,881 | 2,630,505 | (509,600 | ) | (18,312,832 | ) | 2,138,096 | — | 76,705 | ||||||||||||||||||||||
| (33,395,786 | ) | (9,856,775 | ) | (3,706,437 | ) | (9,650,766 | ) | (17,407,809 | ) | 2,085,848 | — | 76,869 | |||||||||||||||||||
| $ | (31,593,116 | ) | $ | (8,879,454 | ) | $ | (2,740,926 | ) | $ | (8,935,330 | ) | $ | (17,147,745 | ) | $ | 2,614,122 | $ | 153,659 | $ | 1,766,064 | |||||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 105 |
Statements of Changes in Net Assets |
||||||||||||||||
Muirfield Fund |
Spectrum Fund |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Operations |
||||||||||||||||
Net investment income (loss) |
$ | 2,481,635 | $ | 8,058,700 | $ | 427,835 | $ | 1,334,747 | ||||||||
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies |
(76,855,926 | ) | (18,436,779 | ) | (21,543,300 | ) | (7,049,856 | ) | ||||||||
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts |
(7,757,529 | ) | 95,704,417 | (12,736,384 | ) | 31,025,686 | ||||||||||
Net change in net assets resulting from operations |
(82,131,820 | ) | 85,326,338 | (33,851,849 | ) | 25,310,577 | ||||||||||
Distributions to Shareholders |
||||||||||||||||
Retail Class |
(399,174 | ) | (5,010,444 | ) | — | (488,471 | ) | |||||||||
Adviser Class |
(202,003 | ) | (1,635,066 | ) | — | (151,230 | ) | |||||||||
Institutional Class |
(1,526,702 | ) | (11,891,386 | ) | — | (1,431,158 | ) | |||||||||
Money Market Funds |
||||||||||||||||
Net change in net assets resulting from distributions |
(2,127,879 | ) | (18,536,896 | ) | — | (2,070,859 | ) | |||||||||
Capital Transactions: |
||||||||||||||||
Issued |
73,318,887 | 197,324,991 | 20,789,960 | 51,986,998 | ||||||||||||
Reinvested |
2,101,745 | 18,362,502 | — | 2,059,900 | ||||||||||||
Redeemed |
(129,281,019 | ) | (212,058,081 | ) | (25,462,407 | ) | (46,954,317 | ) | ||||||||
Net change in net assets resulting from capital transactions |
(53,860,387 | ) | 3,629,412 | (4,672,447 | ) | 7,092,581 | ||||||||||
Total Change in Net Assets |
(138,120,086 | ) | 70,418,854 | (38,524,296 | ) | 30,332,299 | ||||||||||
Net Assets - Beginning of Year |
681,427,950 | 611,009,096 | 213,066,708 | 182,734,409 | ||||||||||||
Net Assets - End of Year |
$ | 543,307,864 | $ | 681,427,950 | $ | 174,542,412 | $ | 213,066,708 | ||||||||
Share Transactions: |
||||||||||||||||
Issued |
10,358,327 | 26,485,691 | 1,964,250 | 4,579,626 | ||||||||||||
Reinvested |
300,779 | 2,358,583 | — | 170,107 | ||||||||||||
Redeemed |
(18,402,964 | ) | (28,277,770 | ) | (2,386,793 | ) | (4,096,807 | ) | ||||||||
Net change in shares |
(7,743,858 | ) | 566,504 | (422,543 | ) | 652,926 | ||||||||||
The accompanying notes are an integral part of these financial statements
Page 106 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||||||
Global |
Balanced Fund |
Moderate |
Conservative |
||||||||||||||||||||||||||||
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
||||||||||||||||||||||||
| $ | 69,056 | $ | 605,735 | $ | 1,802,670 | $ | 6,528,092 | $ | 977,321 | $ | 3,541,144 | $ | 965,511 | $ | 3,401,214 | ||||||||||||||||
| (5,537,802 | ) | 1,226,376 | (34,874,401 | ) | (3,526,175 | ) | (11,729,656 | ) | 261,456 | (6,336,942 | ) | 544,887 | |||||||||||||||||||
| (1,261,470 | ) | 4,928,037 | 1,478,615 | 43,330,190 | 1,872,881 | 15,068,833 | 2,630,505 | 9,805,783 | |||||||||||||||||||||||
| (6,730,216 | ) | 6,760,148 | (31,593,116 | ) | 46,332,107 | (8,879,454 | ) | 18,871,433 | (2,740,926 | ) | 13,751,884 | ||||||||||||||||||||
| — | (242,208 | ) | (273,776 | ) | (1,368,254 | ) | (144,754 | ) | (571,424 | ) | (193,510 | ) | (689,225 | ) | |||||||||||||||||
| — | (38,283 | ) | (94,316 | ) | (326,176 | ) | (58,011 | ) | (194,767 | ) | (52,338 | ) | (160,298 | ) | |||||||||||||||||
| — | (940,057 | ) | (1,432,676 | ) | (4,882,547 | ) | (762,042 | ) | (2,678,105 | ) | (755,735 | ) | (2,525,999 | ) | |||||||||||||||||
| — | (1,220,548 | ) | (1,800,768 | ) | (6,576,977 | ) | (964,807 | ) | (3,444,296 | ) | (1,001,583 | ) | (3,375,522 | ) | |||||||||||||||||
| 2,756,620 | 7,060,084 | 47,998,631 | 104,242,588 | 19,204,916 | 39,833,668 | 16,770,894 | 32,486,841 | ||||||||||||||||||||||||
| — | 1,220,307 | 1,790,935 | 6,544,647 | 956,858 | 3,422,617 | 995,179 | 3,357,881 | ||||||||||||||||||||||||
| (7,660,489 | ) | (20,806,165 | ) | (57,356,670 | ) | (91,154,144 | ) | (24,633,075 | ) | (42,505,891 | ) | (19,076,937 | ) | (37,570,100 | ) | ||||||||||||||||
| (4,903,869 | ) | (12,525,774 | ) | (7,567,104 | ) | 19,633,091 | (4,471,301 | ) | 750,394 | (1,310,864 | ) | (1,725,378 | ) | ||||||||||||||||||
| (11,634,085 | ) | (6,986,174 | ) | (40,960,988 | ) | 59,388,221 | (14,315,562 | ) | 16,177,531 | (5,053,373 | ) | 8,650,984 | |||||||||||||||||||
| 51,423,531 | 58,409,705 | 408,197,025 | 348,808,804 | 178,040,101 | 161,862,570 | 137,931,871 | 129,280,887 | ||||||||||||||||||||||||
| $ | 39,789,446 | $ | 51,423,531 | $ | 367,236,037 | $ | 408,197,025 | $ | 163,724,539 | $ | 178,040,101 | $ | 132,878,498 | $ | 137,931,871 | ||||||||||||||||
| 272,860 | 662,661 | 4,233,509 | 9,007,314 | 1,713,874 | 3,527,952 | 752,484 | 1,456,459 | ||||||||||||||||||||||||
| — | 110,294 | 158,013 | 549,529 | 87,310 | 295,525 | 45,191 | 147,638 | ||||||||||||||||||||||||
| (761,314 | ) | (1,946,833 | ) | (5,050,555 | ) | (7,799,068 | ) | (2,193,331 | ) | (3,730,284 | ) | (857,356 | ) | (1,669,810 | ) | ||||||||||||||||
| (488,454 | ) | (1,173,878 | ) | (659,033 | ) | 1,757,775 | (392,147 | ) | 93,193 | (59,681 | ) | (65,713 | ) | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 107 |
Statements of Changes in Net Assets |
||||||||||||||||
Dynamic |
Quantex Fund |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Operations |
||||||||||||||||
Net investment income (loss) |
$ | 715,436 | $ | 2,477,112 | $ | 260,064 | $ | 457,753 | ||||||||
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies |
(9,141,166 | ) | 10,767,864 | 905,023 | (6,200 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts |
(509,600 | ) | 28,083,219 | (18,312,832 | ) | 10,276,756 | ||||||||||
Net change in net assets resulting from operations |
(8,935,330 | ) | 41,328,195 | (17,147,745 | ) | 10,728,309 | ||||||||||
Distributions to Shareholders |
||||||||||||||||
Retail Class |
(62,809 | ) | (913,644 | ) | (58,743 | ) | (180,584 | ) | ||||||||
Adviser Class |
(44,550 | ) | (313,636 | ) | (3,202 | ) | (7,848 | ) | ||||||||
Institutional Class |
(466,519 | ) | (3,749,086 | ) | (104,207 | ) | (333,427 | ) | ||||||||
Money Market Funds |
||||||||||||||||
Net change in net assets resulting from distributions |
(573,878 | ) | (4,976,366 | ) | (166,152 | ) | (521,859 | ) | ||||||||
Capital Transactions: |
||||||||||||||||
Issued |
17,251,424 | 34,492,243 | 5,083,689 | 12,115,546 | ||||||||||||
Reinvested |
572,559 | 4,969,211 | 157,863 | 409,937 | ||||||||||||
Redeemed |
(36,693,485 | ) | (49,475,357 | ) | (13,926,445 | ) | (24,649,606 | ) | ||||||||
Net change in net assets resulting from capital transactions |
(18,869,502 | ) | (10,013,903 | ) | (8,684,893 | ) | (12,124,123 | ) | ||||||||
Total Change in Net Assets |
(28,378,710 | ) | 26,337,926 | (25,998,790 | ) | (1,917,673 | ) | |||||||||
Net Assets - Beginning of Year |
200,232,993 | 173,895,067 | 62,738,725 | 64,656,398 | ||||||||||||
Net Assets - End of Year |
$ | 171,854,283 | $ | 200,232,993 | $ | 36,739,935 | $ | 62,738,725 | ||||||||
Share Transactions: |
||||||||||||||||
Issued |
1,609,080 | 3,147,990 | 192,335 | 338,751 | ||||||||||||
Reinvested |
50,376 | 428,100 | 5,659 | 11,297 | ||||||||||||
Redeemed |
(3,361,009 | ) | (4,466,355 | ) | (533,325 | ) | (702,095 | ) | ||||||||
Net change in shares |
(1,701,553 | ) | (890,265 | ) | (335,331 | ) | (352,047 | ) | ||||||||
The accompanying notes are an integral part of these financial statements
Page 108 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||
Total Return |
Prime Money |
Institutional |
|||||||||||||||||||||
2020 |
2019 |
2020 |
2019 |
2020 |
2019 |
||||||||||||||||||
| $ | 528,274 | $ | 1,740,487 | $ | 153,659 | $ | 725,101 | $ | 1,689,195 | $ | 9,951,805 | ||||||||||||
| (52,248 | ) | 556,683 | — | — | 164 | (20 | ) | ||||||||||||||||
| 2,138,096 | 2,627,781 | — | — | 76,705 | 73,938 | ||||||||||||||||||
| 2,614,122 | 4,924,951 | 153,659 | 725,101 | 1,766,064 | 10,025,723 | ||||||||||||||||||
| (92,692 | ) | (318,972 | ) | ||||||||||||||||||||
| (44,198 | ) | (105,786 | ) | ||||||||||||||||||||
| (447,352 | ) | (1,325,202 | ) | ||||||||||||||||||||
| (153,659 | ) | (725,101 | ) | (1,689,195 | ) | (9,951,803 | ) | ||||||||||||||||
| (584,242 | ) | (1,749,960 | ) | (153,659 | ) | (725,101 | ) | (1,689,195 | ) | (9,951,803 | ) | ||||||||||||
| 13,075,312 | 16,660,352 | 12,027,231 | 21,752,554 | 246,497,772 | 337,972,181 | ||||||||||||||||||
| 579,249 | 1,737,187 | 151,572 | 686,595 | 274,294 | 1,149,955 | ||||||||||||||||||
| (13,067,964 | ) | (26,679,180 | ) | (10,434,549 | ) | (28,496,871 | ) | (344,812,382 | ) | (440,678,548 | ) | ||||||||||||
| 586,597 | (8,281,641 | ) | 1,744,254 | (6,057,722 | ) | (98,040,316 | ) | (101,556,412 | ) | ||||||||||||||
| 2,616,477 | (5,106,650 | ) | 1,744,254 | (6,057,722 | ) | (97,963,447 | ) | (101,482,492 | ) | ||||||||||||||
| 61,832,475 | 66,939,125 | 34,823,092 | 40,880,814 | 370,120,016 | 471,602,508 | ||||||||||||||||||
| $ | 64,448,952 | $ | 61,832,475 | $ | 36,567,346 | $ | 34,823,092 | $ | 272,156,569 | $ | 370,120,016 | ||||||||||||
| 1,361,932 | 1,785,878 | 12,027,231 | 21,752,554 | 246,506,523 | 337,937,146 | ||||||||||||||||||
| 60,106 | 185,122 | 151,572 | 686,595 | 274,298 | 1,149,805 | ||||||||||||||||||
| (1,368,743 | ) | (2,847,058 | ) | (10,434,549 | ) | (28,496,871 | ) | (344,885,592 | ) | (440,622,456 | ) | ||||||||||||
| 53,295 | (876,058 | ) | 1,744,254 | (6,057,722 | ) | (98,104,771 | ) | (101,535,505 | ) | ||||||||||||||
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 109 |
Financial Highlights |
||||||||||||||||||||||||||||||||
Income |
Less |
|||||||||||||||||||||||||||||||
|
Net Asset |
Net |
Net gains (losses) |
Total from |
From Net |
From Net |
From |
Total |
||||||||||||||||||||||||
Muirfield Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 7.91 | 0.02 | (0.97 | ) | (0.95 | ) | (0.02 | ) | 0.00 | 0.00 | (0.02 | ) | |||||||||||||||||||
2019 |
$ | 7.16 | 0.07 | 0.89 | 0.96 | (0.03 | ) | (0.18 | ) | 0.00 | (0.21 | ) | ||||||||||||||||||||
2018 |
$ | 7.54 | 0.04 | (0.31 | ) | (0.27 | ) | (0.04 | ) | (0.07 | ) | 0.00 | (0.11 | ) | ||||||||||||||||||
2017 |
$ | 6.79 | 0.04 | 1.34 | 1.38 | (0.04 | ) | (0.59 | ) | 0.00 | (0.63 | ) | ||||||||||||||||||||
2016 |
$ | 6.47 | 0.05 | 0.32 | 0.37 | (0.05 | ) | 0.00 | 0.00 | (0.05 | ) | |||||||||||||||||||||
2015 |
$ | 7.03 | 0.02 | (0.41 | ) | (0.39 | ) | (0.02 | ) | (0.15 | ) | 0.00 | (0.17 | ) | ||||||||||||||||||
Muirfield Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 7.97 | 0.03 | (0.98 | ) | (0.95 | ) | (0.03 | ) | 0.00 | 0.00 | (0.03 | ) | |||||||||||||||||||
2019 |
$ | 7.20 | 0.09 | 0.90 | 0.99 | (0.04 | ) | (0.18 | ) | 0.00 | (0.22 | ) | ||||||||||||||||||||
2018 |
$ | 7.57 | 0.06 | (0.31 | ) | (0.25 | ) | (0.05 | ) | (0.07 | ) | 0.00 | (0.12 | ) | ||||||||||||||||||
2017 |
$ | 6.80 | 0.05 | 1.34 | 1.39 | (0.03 | ) | (0.59 | ) | 0.00 | (0.62 | ) | ||||||||||||||||||||
2016 (9) |
$ | 6.51 | 0.01 | 0.29 | 0.30 | (0.01 | ) | 0.00 | 0.00 | (0.01 | ) | |||||||||||||||||||||
Muirfield Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 7.99 | 0.03 | (0.99 | ) | (0.96 | ) | (0.03 | ) | 0.00 | 0.00 | (0.03 | ) | |||||||||||||||||||
2019 |
$ | 7.21 | 0.10 | 0.90 | 1.00 | (0.04 | ) | (0.18 | ) | 0.00 | (0.22 | ) | ||||||||||||||||||||
2018 |
$ | 7.57 | 0.08 | (0.31 | ) | (0.23 | ) | (0.06 | ) | (0.07 | ) | 0.00 | (0.13 | ) | ||||||||||||||||||
2017 |
$ | 6.80 | 0.07 | 1.33 | 1.40 | (0.04 | ) | (0.59 | ) | 0.00 | (0.63 | ) | ||||||||||||||||||||
2016 (9) |
$ | 6.51 | 0.02 | 0.29 | 0.31 | (0.02 | ) | 0.00 | 0.00 | (0.02 | ) | |||||||||||||||||||||
Spectrum Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 12.19 | 0.01 | (1.98 | ) | (1.97 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2019 |
$ | 10.89 | 0.04 | 1.38 | 1.42 | (0.01 | ) | (0.11 | ) | 0.00 | (0.12 | ) | ||||||||||||||||||||
2018 |
$ | 11.48 | 0.03 | (0.49 | ) | (0.46 | ) | 0.00 | (0.13 | ) | 0.00 | (0.13 | ) | |||||||||||||||||||
2017 |
$ | 10.28 | (0.01 | ) | 1.99 | 1.98 | 0.00 | (0.78 | ) | 0.00 | (0.78 | ) | ||||||||||||||||||||
2016 |
$ | 9.73 | 0.02 | 0.66 | 0.68 | (0.02 | ) | (0.11 | ) | 0.00 | (0.13 | ) | ||||||||||||||||||||
2015 (6) |
$ | 10.00 | (0.04 | ) | (0.08 | ) | (0.12 | ) | 0.00 | (0.13 | ) | (0.02 | ) | (0.15 | ) | |||||||||||||||||
Spectrum Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 12.27 | 0.03 | (1.99 | ) | (1.96 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2019 |
$ | 10.95 | 0.07 | 1.37 | 1.44 | (0.01 | ) | (0.11 | ) | 0.00 | (0.12 | ) | ||||||||||||||||||||
2018 |
$ | 11.53 | 0.06 | (0.48 | ) | (0.42 | ) | (0.03 | ) | (0.13 | ) | 0.00 | (0.16 | ) | ||||||||||||||||||
2017 |
$ | 10.29 | 0.02 | 2.00 | 2.02 | 0.00 | (0.78 | ) | 0.00 | (0.78 | ) | |||||||||||||||||||||
2016 (9) |
$ | 9.97 | 0.02 | 0.43 | 0.45 | (0.02 | ) | (0.11 | ) | 0.00 | (0.13 | ) | ||||||||||||||||||||
Spectrum Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 12.31 | 0.03 | (2.00 | ) | (1.97 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2019 |
$ | 10.96 | 0.09 | 1.38 | 1.47 | (0.01 | ) | (0.11 | ) | 0.00 | (0.12 | ) | ||||||||||||||||||||
2018 |
$ | 11.54 | 0.08 | (0.49 | ) | (0.41 | ) | (0.04 | ) | (0.13 | ) | 0.00 | (0.17 | ) | ||||||||||||||||||
2017 |
$ | 10.29 | 0.05 | 1.98 | 2.03 | 0.00 | (0.78 | ) | 0.00 | (0.78 | ) | |||||||||||||||||||||
2016 (9) |
$ | 9.97 | 0.02 | 0.43 | 0.45 | (0.02 | ) | (0.11 | ) | 0.00 | (0.13 | ) | ||||||||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
Page 110 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||
Ratios/ |
|||||||||||||||||||||||||||
Net Asset |
Total Return |
Net Assets, |
Ratio of Net |
Ratio of Expenses |
Ratio of Expenses |
Portfolio |
|||||||||||||||||||||
| $ | 6.94 | (12.01 | %) | $ | 137,937 | 0.61 | % | 1.28 | % | 1.28 | % | 113 | % | ||||||||||||||
| $ | 7.91 | 13.53 | % | $ | 189,105 | 0.94 | % | 1.28 | % | 1.28 | % | 222 | % | ||||||||||||||
| $ | 7.16 | (3.66 | %) | $ | 203,287 | 0.54 | % | 1.32 | % | 1.32 | % | 225 | % | ||||||||||||||
| $ | 7.54 | 20.29 | % | $ | 250,322 | 0.49 | % | 1.33 | % | 1.33 | % | 276 | % | ||||||||||||||
| $ | 6.79 | 5.72 | % | $ | 390,817 | 0.73 | % | 1.36 | % | 1.35 | % | 414 | % | ||||||||||||||
| $ | 6.47 | (5.50 | %) | $ | 390,945 | 0.33 | % | 1.35 | % | 1.37 | % | 277 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 6.99 | (11.92 | %) | $ | 47,233 | 0.91 | % | 0.98 | % | 0.98 | % | 113 | % | ||||||||||||||
| $ | 7.97 | 13.81 | % | $ | 60,024 | 1.14 | % | 1.09 | % | 1.09 | % | 222 | % | ||||||||||||||
| $ | 7.20 | (3.39 | %) | $ | 61,159 | 0.79 | % | 1.10 | % | 1.17 | % | 225 | % | ||||||||||||||
| $ | 7.57 | 20.50 | % | $ | 41,440 | 0.71 | % | 1.11 | % | 1.20 | % | 276 | % | ||||||||||||||
| $ | 6.80 | 4.68 | % | $ | 154 | 1.32 | % | 0.99 | % | 0.99 | % | 414 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 7.00 | (12.02 | %) | $ | 358,138 | 0.92 | % | 0.96 | % | 0.96 | % | 113 | % | ||||||||||||||
| $ | 7.99 | 14.01 | % | $ | 432,299 | 1.35 | % | 0.87 | % | 0.98 | % | 222 | % | ||||||||||||||
| $ | 7.21 | (3.17 | %) | $ | 346,563 | 1.00 | % | 0.90 | % | 0.98 | % | 225 | % | ||||||||||||||
| $ | 7.57 | 20.60 | % | $ | 186,200 | 0.88 | % | 0.91 | % | 1.00 | % | 276 | % | ||||||||||||||
| $ | 6.80 | 4.72 | % | $ | 845 | 1.33 | % | 0.98 | % | 0.98 | % | 414 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 10.22 | (16.16 | %) | $ | 36,977 | 0.17 | % | 1.92 | % | 1.92 | % | 75 | % | ||||||||||||||
| $ | 12.19 | 13.03 | % | $ | 51,060 | 0.37 | % | 1.77 | % | 1.77 | % | 74 | % | ||||||||||||||
| $ | 10.89 | (3.97 | %) | $ | 51,083 | 0.26 | % | 1.89 | % | 1.89 | % | 97 | % | ||||||||||||||
| $ | 11.48 | 19.28 | % | $ | 59,441 | (0.08 | %) | 2.16 | % | 2.16 | % | 120 | % | ||||||||||||||
| $ | 10.28 | 6.97 | % | $ | 124,009 | 0.16 | % | 1.99 | % | 1.99 | % | 235 | % | ||||||||||||||
| $ | 9.73 | (1.21 | %) | $ | 125,597 | (0.36 | %) | 2.12 | % | 2.19 | % | 161 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 10.31 | (15.97 | %) | $ | 11,886 | 0.54 | % | 1.55 | % | 1.55 | % | 75 | % | ||||||||||||||
| $ | 12.27 | 13.17 | % | $ | 15,564 | 0.63 | % | 1.51 | % | 1.51 | % | 74 | % | ||||||||||||||
| $ | 10.95 | (3.67 | %) | $ | 14,486 | 0.49 | % | 1.70 | % | 1.70 | % | 97 | % | ||||||||||||||
| $ | 11.53 | 19.65 | % | $ | 12,921 | 0.21 | % | 1.89 | % | 2.01 | % | 120 | % | ||||||||||||||
| $ | 10.29 | 4.49 | % | $ | 48 | 1.07 | % | 1.88 | % | 1.88 | % | 235 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 10.34 | (16.00 | %) | $ | 125,680 | 0.55 | % | 1.52 | % | 1.52 | % | 75 | % | ||||||||||||||
| $ | 12.31 | 13.44 | % | $ | 146,443 | 0.77 | % | 1.38 | % | 1.40 | % | 74 | % | ||||||||||||||
| $ | 10.96 | (3.51 | %) | $ | 117,166 | 0.71 | % | 1.50 | % | 1.50 | % | 97 | % | ||||||||||||||
| $ | 11.54 | 19.75 | % | $ | 82,513 | 0.45 | % | 1.70 | % | 1.82 | % | 120 | % | ||||||||||||||
| $ | 10.29 | 4.52 | % | $ | 461 | 1.07 | % | 1.87 | % | 1.87 | % | 235 | % | ||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 111 |
Financial Highlights |
||||||||||||||||||||||||||||||||
Income |
Less |
|||||||||||||||||||||||||||||||
|
Net Asset |
Net |
Net gains (losses) |
Total from |
From Net |
From Net |
From |
Total |
||||||||||||||||||||||||
Global Allocation Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.32 | (0.00 | ) | (1.52 | ) | (1.52 | ) | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
2019 |
$ | 10.22 | 0.08 | 1.26 | 1.34 | (0.04 | ) | (0.20 | ) | 0.00 | (0.24 | ) | ||||||||||||||||||||
2018 |
$ | 11.53 | 0.05 | (0.85 | ) | (0.80 | ) | (0.06 | ) | (0.45 | ) | 0.00 | (0.51 | ) | ||||||||||||||||||
2017 |
$ | 9.56 | 0.04 | 2.09 | 2.13 | (0.03 | ) | (0.13 | ) | 0.00 | (0.16 | ) | ||||||||||||||||||||
2016 |
$ | 9.34 | 0.09 | 0.24 | 0.33 | (0.11 | ) | 0.00 | 0.00 | (0.11 | ) | |||||||||||||||||||||
2015 |
$ | 10.38 | 0.04 | (0.79 | ) | (0.75 | ) | (0.04 | ) | (0.25 | ) | 0.00 | (0.29 | ) | ||||||||||||||||||
Global Allocation Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.35 | 0.02 | (1.53 | ) | (1.51 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2019 |
$ | 10.24 | 0.11 | 1.25 | 1.36 | (0.05 | ) | (0.20 | ) | 0.00 | (0.25 | ) | ||||||||||||||||||||
2018 |
$ | 11.54 | 0.09 | (0.86 | ) | (0.77 | ) | (0.08 | ) | (0.45 | ) | 0.00 | (0.53 | ) | ||||||||||||||||||
2017 |
$ | 9.57 | 0.15 | 2.03 | 2.18 | (0.08 | ) | (0.13 | ) | 0.00 | (0.21 | ) | ||||||||||||||||||||
2016 (9) |
$ | 9.41 | 0.06 | 0.16 | 0.22 | (0.06 | ) | 0.00 | 0.00 | (0.06 | ) | |||||||||||||||||||||
Global Allocation Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.36 | 0.02 | (1.53 | ) | (1.51 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2019 |
$ | 10.24 | 0.13 | 1.26 | 1.39 | (0.07 | ) | (0.20 | ) | 0.00 | (0.27 | ) | ||||||||||||||||||||
2018 |
$ | 11.55 | 0.11 | (0.86 | ) | (0.75 | ) | (0.11 | ) | (0.45 | ) | 0.00 | (0.56 | ) | ||||||||||||||||||
2017 |
$ | 9.58 | 0.12 | 2.09 | 2.21 | (0.11 | ) | (0.13 | ) | 0.00 | (0.24 | ) | ||||||||||||||||||||
2016 (9) |
$ | 9.41 | 0.06 | 0.16 | 0.22 | (0.05 | ) | 0.00 | 0.00 | (0.05 | ) | |||||||||||||||||||||
Balanced Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 12.26 | 0.04 | (1.01 | ) | (0.97 | ) | (0.04 | ) | 0.00 | 0.00 | (0.04 | ) | |||||||||||||||||||
2019 |
$ | 11.08 | 0.16 | 1.20 | 1.36 | (0.09 | ) | (0.09 | ) | 0.00 | (0.18 | ) | ||||||||||||||||||||
2018 |
$ | 11.61 | 0.12 | (0.49 | ) | (0.37 | ) | (0.10 | ) | (0.06 | ) | 0.00 | (0.16 | ) | ||||||||||||||||||
2017 |
$ | 10.74 | 0.09 | 1.49 | 1.58 | (0.11 | ) | (0.60 | ) | 0.00 | (0.71 | ) | ||||||||||||||||||||
2016 |
$ | 10.36 | 0.11 | 0.39 | 0.50 | (0.12 | ) | 0.00 | 0.00 | (0.12 | ) | |||||||||||||||||||||
2015 |
$ | 10.98 | 0.09 | (0.58 | ) | (0.49 | ) | (0.08 | ) | (0.05 | ) | 0.00 | (0.13 | ) | ||||||||||||||||||
Balanced Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 12.35 | 0.06 | (1.01 | ) | (0.95 | ) | (0.06 | ) | 0.00 | 0.00 | (0.06 | ) | |||||||||||||||||||
2019 |
$ | 11.15 | 0.19 | 1.21 | 1.40 | (0.11 | ) | (0.09 | ) | 0.00 | (0.20 | ) | ||||||||||||||||||||
2018 |
$ | 11.68 | 0.15 | (0.49 | ) | (0.34 | ) | (0.13 | ) | (0.06 | ) | 0.00 | (0.19 | ) | ||||||||||||||||||
2017 |
$ | 10.74 | 0.13 | 1.50 | 1.63 | (0.09 | ) | (0.60 | ) | 0.00 | (0.69 | ) | ||||||||||||||||||||
2016 (9) |
$ | 10.49 | 0.04 | 0.25 | 0.29 | (0.04 | ) | 0.00 | 0.00 | (0.04 | ) | |||||||||||||||||||||
Balanced Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 12.36 | 0.06 | (1.01 | ) | (0.95 | ) | (0.06 | ) | 0.00 | 0.00 | (0.06 | ) | |||||||||||||||||||
2019 |
$ | 11.15 | 0.21 | 1.21 | 1.42 | (0.12 | ) | (0.09 | ) | 0.00 | (0.21 | ) | ||||||||||||||||||||
2018 |
$ | 11.68 | 0.18 | (0.51 | ) | (0.33 | ) | (0.14 | ) | (0.06 | ) | 0.00 | (0.20 | ) | ||||||||||||||||||
2017 |
$ | 10.75 | 0.16 | 1.47 | 1.63 | (0.10 | ) | (0.60 | ) | 0.00 | (0.70 | ) | ||||||||||||||||||||
2016 (9) |
$ | 10.49 | 0.04 | 0.26 | 0.30 | (0.04 | ) | 0.00 | 0.00 | (0.04 | ) | |||||||||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
Page 112 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||
Ratios/ |
|||||||||||||||||||||||||||
Net Asset |
Total Return |
Net Assets, |
Ratio of Net |
Ratio of Expenses |
Ratio of Expenses |
Portfolio |
|||||||||||||||||||||
| $ | 9.80 | (13.43 | %) | $ | 8,308 | (0.03 | %) | 1.76 | % | 1.76 | % | 93 | % | ||||||||||||||
| $ | 11.32 | 13.17 | % | $ | 11,154 | 0.76 | % | 1.68 | % | 1.68 | % | 185 | % | ||||||||||||||
| $ | 10.22 | (6.94 | %) | $ | 13,810 | 0.47 | % | 1.63 | % | 1.63 | % | 163 | % | ||||||||||||||
| $ | 11.53 | 22.33 | % | $ | 35,512 | 0.35 | % | 1.63 | % | 1.63 | % | 179 | % | ||||||||||||||
| $ | 9.56 | 3.54 | % | $ | 75,657 | 1.00 | % | 1.41 | % | 1.54 | % | 169 | % | ||||||||||||||
| $ | 9.34 | (7.21 | %) | $ | 106,422 | 0.42 | % | 1.42 | % | 1.50 | % | 170 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 9.84 | (13.30 | %) | $ | 1,560 | 0.33 | % | 1.40 | % | 1.40 | % | 93 | % | ||||||||||||||
| $ | 11.35 | 13.34 | % | $ | 1,772 | 1.01 | % | 1.45 | % | 1.45 | % | 185 | % | ||||||||||||||
| $ | 10.24 | (6.73 | %) | $ | 1,624 | 0.75 | % | 1.44 | % | 1.44 | % | 163 | % | ||||||||||||||
| $ | 11.54 | 22.84 | % | $ | 1,057 | 1.38 | % | 1.33 | % | 1.44 | % | 179 | % | ||||||||||||||
| $ | 9.57 | 2.34 | % | $ | 30 | 3.79 | % | 1.17 | % | 1.17 | % | 169 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 9.85 | (13.29 | %) | $ | 29,922 | 0.42 | % | 1.32 | % | 1.32 | % | 93 | % | ||||||||||||||
| $ | 11.36 | 13.66 | % | $ | 38,497 | 1.19 | % | 1.25 | % | 1.25 | % | 185 | % | ||||||||||||||
| $ | 10.24 | (6.57 | %) | $ | 42,976 | 0.94 | % | 1.20 | % | 1.20 | % | 163 | % | ||||||||||||||
| $ | 11.55 | 23.07 | % | $ | 37,369 | 1.13 | % | 1.10 | % | 1.21 | % | 179 | % | ||||||||||||||
| $ | 9.58 | 2.34 | % | $ | 330 | 3.76 | % | 1.18 | % | 1.18 | % | 169 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 11.25 | (7.91 | %) | $ | 77,052 | 0.68 | % | 1.41 | % | 1.41 | % | 103 | % | ||||||||||||||
| $ | 12.26 | 12.29 | % | $ | 92,815 | 1.34 | % | 1.41 | % | 1.41 | % | 180 | % | ||||||||||||||
| $ | 11.08 | (3.25 | %) | $ | 90,133 | 1.06 | % | 1.43 | % | 1.43 | % | 218 | % | ||||||||||||||
| $ | 11.61 | 14.74 | % | $ | 97,116 | 0.81 | % | 1.49 | % | 1.49 | % | 226 | % | ||||||||||||||
| $ | 10.74 | 4.84 | % | $ | 229,738 | 1.02 | % | 1.46 | % | 1.46 | % | 322 | % | ||||||||||||||
| $ | 10.36 | (4.47 | %) | $ | 288,803 | 0.81 | % | 1.47 | % | 1.48 | % | 246 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 11.34 | (7.69 | %) | $ | 17,916 | 1.05 | % | 1.04 | % | 1.04 | % | 103 | % | ||||||||||||||
| $ | 12.35 | 12.59 | % | $ | 20,182 | 1.61 | % | 1.14 | % | 1.14 | % | 180 | % | ||||||||||||||
| $ | 11.15 | (2.99 | %) | $ | 19,301 | 1.31 | % | 1.21 | % | 1.23 | % | 218 | % | ||||||||||||||
| $ | 11.68 | 15.21 | % | $ | 12,137 | 1.13 | % | 1.21 | % | 1.30 | % | 226 | % | ||||||||||||||
| $ | 10.74 | 2.77 | % | $ | 89 | 2.42 | % | 1.06 | % | 1.06 | % | 322 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 11.35 | (7.69 | %) | $ | 272,269 | 1.05 | % | 1.04 | % | 1.04 | % | 103 | % | ||||||||||||||
| $ | 12.36 | 12.77 | % | $ | 295,200 | 1.79 | % | 0.96 | % | 1.04 | % | 180 | % | ||||||||||||||
| $ | 11.15 | (2.85 | %) | $ | 239,375 | 1.51 | % | 1.02 | % | 1.05 | % | 218 | % | ||||||||||||||
| $ | 11.68 | 15.25 | % | $ | 169,586 | 1.35 | % | 1.02 | % | 1.11 | % | 226 | % | ||||||||||||||
| $ | 10.75 | 2.83 | % | $ | 219 | 2.42 | % | 1.07 | % | 1.07 | % | 322 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 113 |
Financial Highlights |
||||||||||||||||||||||||||||||||
Income |
Less |
|||||||||||||||||||||||||||||||
|
Net Asset |
Net |
Net gains (losses) |
Total from |
From Net |
From Net |
From |
Total |
||||||||||||||||||||||||
Moderate Allocation Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.85 | 0.05 | (0.66 | ) | (0.61 | ) | (0.05 | ) | 0.00 | 0.00 | (0.05 | ) | |||||||||||||||||||
2019 |
$ | 10.84 | 0.20 | 1.00 | 1.20 | (0.19 | ) | 0.00 | 0.00 | (0.19 | ) | |||||||||||||||||||||
2018 |
$ | 11.66 | 0.18 | (0.48 | ) | (0.30 | ) | (0.16 | ) | (0.36 | ) | 0.00 | (0.52 | ) | ||||||||||||||||||
2017 |
$ | 10.46 | 0.07 | 1.60 | 1.67 | (0.05 | ) | (0.42 | ) | 0.00 | (0.47 | ) | ||||||||||||||||||||
2016 |
$ | 9.50 | 0.16 | 0.97 | 1.13 | (0.17 | ) | 0.00 | 0.00 | (0.17 | ) | |||||||||||||||||||||
2015 (7) |
$ | 10.00 | 0.18 | (0.59 | ) | (0.41 | ) | (0.09 | ) | 0.00 | 0.00 | (0.09 | ) | |||||||||||||||||||
Moderate Allocation Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.86 | 0.07 | (0.66 | ) | (0.59 | ) | (0.07 | ) | 0.00 | 0.00 | (0.07 | ) | |||||||||||||||||||
2019 |
$ | 10.85 | 0.24 | 1.00 | 1.24 | (0.23 | ) | 0.00 | 0.00 | (0.23 | ) | |||||||||||||||||||||
2018 |
$ | 11.66 | 0.21 | (0.49 | ) | (0.28 | ) | (0.17 | ) | (0.36 | ) | 0.00 | (0.53 | ) | ||||||||||||||||||
2017 |
$ | 10.46 | 0.12 | 1.59 | 1.71 | (0.09 | ) | (0.42 | ) | 0.00 | (0.51 | ) | ||||||||||||||||||||
2016 (9) |
$ | 9.87 | 0.03 | 0.59 | 0.62 | (0.03 | ) | 0.00 | 0.00 | (0.03 | ) | |||||||||||||||||||||
Moderate Allocation Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.89 | 0.07 | (0.66 | ) | (0.59 | ) | (0.07 | ) | 0.00 | 0.00 | (0.07 | ) | |||||||||||||||||||
2019 |
$ | 10.88 | 0.25 | 1.00 | 1.25 | (0.24 | ) | 0.00 | 0.00 | (0.24 | ) | |||||||||||||||||||||
2018 |
$ | 11.68 | 0.23 | (0.48 | ) | (0.25 | ) | (0.19 | ) | (0.36 | ) | 0.00 | (0.55 | ) | ||||||||||||||||||
2017 |
$ | 10.47 | 0.14 | 1.59 | 1.73 | (0.10 | ) | (0.42 | ) | 0.00 | (0.52 | ) | ||||||||||||||||||||
2016 (9) |
$ | 9.87 | 0.03 | 0.59 | 0.62 | (0.02 | ) | 0.00 | 0.00 | (0.02 | ) | |||||||||||||||||||||
Conservative Allocation Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 22.85 | 0.13 | (0.61 | ) | (0.48 | ) | (0.14 | ) | 0.00 | 0.00 | (0.14 | ) | |||||||||||||||||||
2019 |
$ | 21.18 | 0.51 | 1.65 | 2.16 | (0.49 | ) | 0.00 | 0.00 | (0.49 | ) | |||||||||||||||||||||
2018 |
$ | 22.54 | 0.46 | (1.04 | ) | (0.58 | ) | (0.40 | ) | (0.38 | ) | 0.00 | (0.78 | ) | ||||||||||||||||||
2017 |
$ | 21.32 | 0.27 | 1.36 | 1.63 | (0.41 | ) | 0.00 | 0.00 | (0.41 | ) | |||||||||||||||||||||
2016 |
$ | 18.17 | 0.11 | 3.48 | 3.59 | 0.00 | (0.20 | ) | (0.24 | ) | (0.44 | ) | ||||||||||||||||||||
2015 |
$ | 30.45 | 0.17 | (5.40 | ) | (5.23 | ) | (0.25 | ) | (6.80 | ) | 0.00 | (7.05 | ) | ||||||||||||||||||
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 23.13 | 0.17 | (0.61 | ) | (0.44 | ) | (0.17 | ) | 0.00 | 0.00 | (0.17 | ) | |||||||||||||||||||
2019 |
$ | 21.44 | 0.57 | 1.67 | 2.24 | (0.55 | ) | 0.00 | 0.00 | (0.55 | ) | |||||||||||||||||||||
2018 |
$ | 22.82 | 0.52 | (1.08 | ) | (0.56 | ) | (0.44 | ) | (0.38 | ) | 0.00 | (0.82 | ) | ||||||||||||||||||
2017 |
$ | 21.34 | 0.36 | 1.35 | 1.71 | (0.23 | ) | 0.00 | 0.00 | (0.23 | ) | |||||||||||||||||||||
2016 (9) |
$ | 21.02 | 0.00 | * | 0.55 | 0.55 | 0.00 | (0.20 | ) | (0.03 | ) | (0.23 | ) | |||||||||||||||||||
Conservative Allocation Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 23.18 | 0.17 | (0.62 | ) | (0.45 | ) | (0.18 | ) | 0.00 | 0.00 | (0.18 | ) | |||||||||||||||||||
2019 |
$ | 21.49 | 0.59 | 1.68 | 2.27 | (0.58 | ) | 0.00 | 0.00 | (0.58 | ) | |||||||||||||||||||||
2018 |
$ | 22.85 | 0.56 | (1.07 | ) | (0.51 | ) | (0.47 | ) | (0.38 | ) | 0.00 | (0.85 | ) | ||||||||||||||||||
2017 |
$ | 21.34 | 0.59 | 1.14 | 1.73 | (0.22 | ) | 0.00 | 0.00 | (0.22 | ) | |||||||||||||||||||||
2016 (9) |
$ | 21.02 | 0.00 | * | 0.55 | 0.55 | 0.00 | (0.20 | ) | (0.03 | ) | (0.23 | ) | |||||||||||||||||||
|
||||||||||||||||||||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
Page 114 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||
Ratios/ |
|||||||||||||||||||||||||||
Net Asset |
Total Return |
Net Assets, |
Ratio of Net |
Ratio of Expenses |
Ratio of Expenses |
Portfolio |
|||||||||||||||||||||
| $ | 11.19 | (5.14 | %) | $ | 31,829 | 0.88 | % | 1.38 | % | 1.38 | % | 95 | % | ||||||||||||||
| $ | 11.85 | 11.13 | % | $ | 35,460 | 1.73 | % | 1.38 | % | 1.38 | % | 155 | % | ||||||||||||||
| $ | 10.84 | (2.60 | %) | $ | 32,502 | 1.51 | % | 1.39 | % | 1.44 | % | 213 | % | ||||||||||||||
| $ | 11.66 | 15.99 | % | $ | 24,635 | 0.61 | % | 1.67 | % | 1.73 | % | 349 | % | ||||||||||||||
| $ | 10.46 | 12.06 | % | $ | 56,744 | 1.62 | % | 1.61 | % | 1.80 | % | 250 | % | ||||||||||||||
| $ | 9.50 | (4.15 | %) | $ | 42,099 | 1.80 | % | 1.66 | % | 1.85 | % | 70 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 11.20 | (4.96 | %) | $ | 9,126 | 1.25 | % | 1.01 | % | 1.01 | % | 95 | % | ||||||||||||||
| $ | 11.86 | 11.45 | % | $ | 10,080 | 2.00 | % | 1.11 | % | 1.11 | % | 155 | % | ||||||||||||||
| $ | 10.85 | (2.47 | %) | $ | 9,480 | 1.78 | % | 1.19 | % | 1.24 | % | 213 | % | ||||||||||||||
| $ | 11.66 | 16.40 | % | $ | 3,538 | 1.03 | % | 1.35 | % | 1.50 | % | 349 | % | ||||||||||||||
| $ | 10.46 | 6.32 | % | $ | 22 | 1.92 | % | 1.21 | % | 1.21 | % | 250 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 11.23 | (4.95 | %) | $ | 122,770 | 1.26 | % | 1.00 | % | 1.00 | % | 95 | % | ||||||||||||||
| $ | 11.89 | 11.52 | % | $ | 132,500 | 2.10 | % | 1.01 | % | 1.01 | % | 155 | % | ||||||||||||||
| $ | 10.88 | (2.20 | %) | $ | 119,881 | 1.97 | % | 1.01 | % | 1.05 | % | 213 | % | ||||||||||||||
| $ | 11.68 | 16.55 | % | $ | 37,945 | 1.29 | % | 1.13 | % | 1.28 | % | 349 | % | ||||||||||||||
| $ | 10.47 | 6.31 | % | $ | 229 | 1.92 | % | 1.24 | % | 1.24 | % | 250 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 22.23 | (2.09 | %) | $ | 30,264 | 1.19 | % | 1.29 | % | 1.29 | % | 90 | % | ||||||||||||||
| $ | 22.85 | 10.25 | % | $ | 31,688 | 2.19 | % | 1.28 | % | 1.28 | % | 136 | % | ||||||||||||||
| $ | 21.18 | (2.62 | %) | $ | 30,759 | 2.09 | % | 1.27 | % | 1.38 | % | 185 | % | ||||||||||||||
| $ | 22.54 | 7.64 | % | $ | 12,545 | 1.24 | % | 1.70 | % | 2.57 | % | 135 | % | ||||||||||||||
| $ | 21.32 | 19.87 | % | $ | 20,450 | 0.55 | % | 2.17 | % | 2.55 | % | 44 | % | ||||||||||||||
| $ | 18.17 | (16.92 | %) | $ | 20,034 | 0.56 | % | 1.98 | % | 2.01 | % | 54 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 22.52 | (1.89 | %) | $ | 6,865 | 1.54 | % | 0.94 | % | 0.94 | % | 90 | % | ||||||||||||||
| $ | 23.13 | 10.51 | % | $ | 6,787 | 2.44 | % | 1.04 | % | 1.04 | % | 136 | % | ||||||||||||||
| $ | 21.44 | (2.50 | %) | $ | 6,110 | 2.29 | % | 1.12 | % | 1.22 | % | 185 | % | ||||||||||||||
| $ | 22.82 | 8.01 | % | $ | 682 | 1.63 | % | 1.07 | % | 1.97 | % | 135 | % | ||||||||||||||
| $ | 21.34 | 2.64 | % | $ | 7 | 0.11 | % | 1.93 | % | 2.18 | % | 44 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 22.55 | (1.92 | %) | $ | 95,750 | 1.54 | % | 0.93 | % | 0.93 | % | 90 | % | ||||||||||||||
| $ | 23.18 | 10.61 | % | $ | 99,456 | 2.54 | % | 0.94 | % | 0.94 | % | 136 | % | ||||||||||||||
| $ | 21.49 | (2.28 | %) | $ | 92,412 | 2.50 | % | 0.92 | % | 1.04 | % | 185 | % | ||||||||||||||
| $ | 22.85 | 8.10 | % | $ | 11,739 | 2.65 | % | 0.49 | % | 1.39 | % | 135 | % | ||||||||||||||
| $ | 21.34 | 2.62 | % | $ | 305 | 0.08 | % | 1.96 | % | 2.21 | % | 44 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 115 |
Financial Highlights |
||||||||||||||||||||||||||||||||
Income |
Less |
|||||||||||||||||||||||||||||||
|
Net Asset |
Net |
Net gains (losses) |
Total from |
From Net |
From Net |
From |
Total |
||||||||||||||||||||||||
Dynamic Allocation Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.87 | 0.03 | (0.55 | ) | (0.52 | ) | (0.02 | ) | 0.00 | 0.00 | (0.02 | ) | |||||||||||||||||||
2019 |
$ | 9.79 | 0.11 | 2.23 | 2.34 | (0.08 | ) | (0.18 | ) | 0.00 | (0.26 | ) | ||||||||||||||||||||
2018 |
$ | 10.85 | 0.07 | (1.00 | ) | (0.93 | ) | (0.06 | ) | (0.07 | ) | 0.00 | (0.13 | ) | ||||||||||||||||||
2017 |
$ | 9.72 | 0.06 | 1.99 | 2.05 | (0.07 | ) | (0.85 | ) | 0.00 | (0.92 | ) | ||||||||||||||||||||
2016 |
$ | 9.36 | 0.10 | 0.40 | 0.50 | (0.09 | ) | (0.05 | ) | 0.00 | (0.14 | ) | ||||||||||||||||||||
2015 |
$ | 10.02 | 0.05 | (0.40 | ) | (0.35 | ) | (0.05 | ) | (0.26 | ) | 0.00 | (0.31 | ) | ||||||||||||||||||
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.91 | 0.05 | (0.55 | ) | (0.50 | ) | (0.04 | ) | 0.00 | 0.00 | (0.04 | ) | |||||||||||||||||||
2019 |
$ | 9.82 | 0.13 | 2.24 | 2.37 | (0.10 | ) | (0.18 | ) | 0.00 | (0.28 | ) | ||||||||||||||||||||
2018 |
$ | 10.88 | 0.09 | (1.00 | ) | (0.91 | ) | (0.08 | ) | (0.07 | ) | 0.00 | (0.15 | ) | ||||||||||||||||||
2017 |
$ | 9.73 | 0.10 | 1.97 | 2.07 | (0.07 | ) | (0.85 | ) | 0.00 | (0.92 | ) | ||||||||||||||||||||
2016 (9) |
$ | 9.34 | 0.02 | 0.44 | 0.46 | (0.02 | ) | (0.05 | ) | 0.00 | (0.07 | ) | ||||||||||||||||||||
Dynamic Allocation Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 11.90 | 0.05 | (0.54 | ) | (0.49 | ) | (0.04 | ) | 0.00 | 0.00 | (0.04 | ) | |||||||||||||||||||
2019 |
$ | 9.82 | 0.15 | 2.23 | 2.38 | (0.12 | ) | (0.18 | ) | 0.00 | (0.30 | ) | ||||||||||||||||||||
2018 |
$ | 10.86 | 0.12 | (1.00 | ) | (0.88 | ) | (0.09 | ) | (0.07 | ) | 0.00 | (0.16 | ) | ||||||||||||||||||
2017 |
$ | 9.72 | 0.12 | 1.97 | 2.09 | (0.10 | ) | (0.85 | ) | 0.00 | (0.95 | ) | ||||||||||||||||||||
2016 (9) |
$ | 9.34 | 0.02 | 0.43 | 0.45 | (0.02 | ) | (0.05 | ) | 0.00 | (0.07 | ) | ||||||||||||||||||||
Quantex Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 37.91 | 0.16 | (10.10 | ) | (9.94 | ) | (0.10 | ) | 0.00 | 0.00 | (0.10 | ) | |||||||||||||||||||
2019 |
$ | 32.22 | 0.19 | 5.75 | 5.94 | (0.25 | ) | 0.00 | 0.00 | (0.25 | ) | |||||||||||||||||||||
2018 |
$ | 36.76 | (0.01 | ) | (4.53 | ) | (4.54 | ) | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
2017 |
$ | 33.36 | 0.09 | 4.38 | 4.47 | (0.06 | ) | (1.01 | ) | 0.00 | (1.07 | ) | ||||||||||||||||||||
2016 |
$ | 27.84 | 0.14 | 6.02 | 6.16 | (0.16 | ) | (0.48 | ) | 0.00 | (0.64 | ) | ||||||||||||||||||||
2015 |
$ | 35.20 | 0.17 | (2.78 | ) | (2.61 | ) | (0.17 | ) | (4.58 | ) | 0.00 | (4.75 | ) | ||||||||||||||||||
Quantex Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 38.01 | 0.17 | (10.12 | ) | (9.95 | ) | (0.11 | ) | 0.00 | 0.00 | (0.11 | ) | |||||||||||||||||||
2019 |
$ | 32.28 | 0.24 | 5.76 | 6.00 | (0.27 | ) | 0.00 | 0.00 | (0.27 | ) | |||||||||||||||||||||
2018 |
$ | 36.78 | 0.10 | (4.60 | ) | (4.50 | ) | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2017 |
$ | 33.37 | 0.21 | 4.35 | 4.56 | (0.14 | ) | (1.01 | ) | 0.00 | (1.15 | ) | ||||||||||||||||||||
2016 (9) |
$ | 30.67 | 0.04 | 3.18 | 3.22 | (0.04 | ) | (0.48 | ) | 0.00 | (0.52 | ) | ||||||||||||||||||||
Quantex - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 38.01 | 0.19 | (10.13 | ) | (9.94 | ) | (0.15 | ) | 0.00 | 0.00 | (0.15 | ) | |||||||||||||||||||
2019 |
$ | 32.29 | 0.29 | 5.77 | 6.06 | (0.34 | ) | 0.00 | 0.00 | (0.34 | ) | |||||||||||||||||||||
2018 |
$ | 36.77 | 0.20 | (4.62 | ) | (4.42 | ) | (0.06 | ) | 0.00 | 0.00 | (0.06 | ) | |||||||||||||||||||
2017 |
$ | 33.37 | 0.26 | 4.35 | 4.61 | (0.20 | ) | (1.01 | ) | 0.00 | (1.21 | ) | ||||||||||||||||||||
2016 (9) |
$ | 30.67 | 0.04 | 3.18 | 3.22 | (0.04 | ) | (0.48 | ) | 0.00 | (0.52 | ) | ||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
Page 116 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||
Ratios/ |
|||||||||||||||||||||||||||
Net Asset |
Total Return |
Net Assets, |
Ratio of Net |
Ratio of Expenses |
Ratio of Expenses |
Portfolio |
|||||||||||||||||||||
| $ | 11.33 | (4.38 | %) | $ | 35,490 | 0.50 | % | 1.43 | % | 1.53 | % | 125 | % | ||||||||||||||
| $ | 11.87 | 24.00 | % | $ | 40,977 | 0.97 | % | 1.41 | % | 1.51 | % | 265 | % | ||||||||||||||
| $ | 9.79 | (8.66 | %) | $ | 40,732 | 0.62 | % | 1.45 | % | 1.55 | % | 273 | % | ||||||||||||||
| $ | 10.85 | 21.20 | % | $ | 50,570 | 0.59 | % | 1.51 | % | 1.58 | % | 252 | % | ||||||||||||||
| $ | 9.72 | 5.37 | % | $ | 118,293 | 1.04 | % | 1.42 | % | 1.56 | % | 369 | % | ||||||||||||||
| $ | 9.36 | (3.46 | %) | $ | 116,559 | 0.47 | % | 1.48 | % | 1.54 | % | 245 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 11.37 | (4.20 | %) | $ | 12,628 | 0.85 | % | 1.07 | % | 1.17 | % | 125 | % | ||||||||||||||
| $ | 11.91 | 24.29 | % | $ | 13,137 | 1.20 | % | 1.18 | % | 1.28 | % | 265 | % | ||||||||||||||
| $ | 9.82 | (8.49 | %) | $ | 11,198 | 0.84 | % | 1.23 | % | 1.33 | % | 273 | % | ||||||||||||||
| $ | 10.88 | 21.42 | % | $ | 10,140 | 0.87 | % | 1.27 | % | 1.34 | % | 252 | % | ||||||||||||||
| $ | 9.73 | 4.89 | % | $ | 48 | 1.33 | % | 1.12 | % | 1.12 | % | 369 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 11.37 | (4.09 | %) | $ | 123,737 | 0.92 | % | 1.01 | % | 1.11 | % | 125 | % | ||||||||||||||
| $ | 11.90 | 24.40 | % | $ | 146,119 | 1.38 | % | 1.00 | % | 1.10 | % | 265 | % | ||||||||||||||
| $ | 9.82 | (8.18 | %) | $ | 121,965 | 1.08 | % | 1.01 | % | 1.11 | % | 273 | % | ||||||||||||||
| $ | 10.86 | 21.61 | % | $ | 70,187 | 1.10 | % | 1.05 | % | 1.12 | % | 252 | % | ||||||||||||||
| $ | 9.72 | 4.80 | % | $ | 592 | 1.33 | % | 1.11 | % | 1.11 | % | 369 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 27.87 | (26.22 | %) | $ | 16,430 | 1.05 | % | 1.52 | % | 1.52 | % | 72 | % | ||||||||||||||
| $ | 37.91 | 18.48 | % | $ | 24,979 | 0.52 | % | 1.53 | % | 1.53 | % | 82 | % | ||||||||||||||
| $ | 32.22 | (12.35 | %) | $ | 28,319 | (0.03 | %) | 1.57 | % | 1.62 | % | 116 | % | ||||||||||||||
| $ | 36.76 | 13.42 | % | $ | 60,161 | 0.27 | % | 1.52 | % | 1.66 | % | 72 | % | ||||||||||||||
| $ | 33.36 | 22.14 | % | $ | 85,235 | 0.47 | % | 1.52 | % | 1.77 | % | 91 | % | ||||||||||||||
| $ | 27.84 | (7.68 | %) | $ | 58,883 | 0.46 | % | 1.26 | % | 1.75 | % | 87 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 27.95 | (26.18 | %) | $ | 817 | 1.18 | % | 1.41 | % | 1.41 | % | 72 | % | ||||||||||||||
| $ | 38.01 | 18.63 | % | $ | 1,113 | 0.67 | % | 1.41 | % | 1.41 | % | 82 | % | ||||||||||||||
| $ | 32.28 | (12.22 | %) | $ | 923 | 0.28 | % | 1.42 | % | 1.47 | % | 116 | % | ||||||||||||||
| $ | 36.78 | 13.68 | % | $ | 2,114 | 0.59 | % | 1.39 | % | 1.56 | % | 72 | % | ||||||||||||||
| $ | 33.37 | 10.48 | % | $ | 31 | 0.75 | % | 1.15 | % | 1.40 | % | 91 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 27.92 | (26.15 | %) | $ | 19,492 | 1.24 | % | 1.36 | % | 1.36 | % | 72 | % | ||||||||||||||
| $ | 38.01 | 18.81 | % | $ | 36,646 | 0.82 | % | 1.25 | % | 1.25 | % | 82 | % | ||||||||||||||
| $ | 32.29 | (12.05 | %) | $ | 35,414 | 0.54 | % | 1.21 | % | 1.26 | % | 116 | % | ||||||||||||||
| $ | 36.77 | 13.84 | % | $ | 32,489 | 0.75 | % | 1.18 | % | 1.35 | % | 72 | % | ||||||||||||||
| $ | 33.37 | 10.48 | % | $ | 951 | 0.75 | % | 1.15 | % | 1.40 | % | 91 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
See footnotes on pages 118 and 119.
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 117 |
Financial Highlights |
||||||||||||||||||||||||||||||||
Income |
Less |
|||||||||||||||||||||||||||||||
|
Net Asset |
Net |
Net gains (losses) |
Total from |
From Net |
From Net |
From |
Total |
||||||||||||||||||||||||
Total Return Bond Fund - Retail Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 9.46 | 0.07 | 0.33 | 0.40 | (0.08 | ) | 0.00 | 0.00 | (0.08 | ) | |||||||||||||||||||||
2019 |
$ | 9.03 | 0.23 | 0.42 | 0.65 | (0.22 | ) | 0.00 | 0.00 | (0.22 | ) | |||||||||||||||||||||
2018 |
$ | 9.37 | 0.17 | (0.33 | ) | (0.16 | ) | (0.18 | ) | 0.00 | 0.00 | (0.18 | ) | |||||||||||||||||||
2017 |
$ | 9.28 | 0.24 | 0.10 | 0.34 | (0.25 | ) | 0.00 | 0.00 | (0.25 | ) | |||||||||||||||||||||
2016 |
$ | 9.14 | 0.27 | 0.14 | 0.41 | (0.27 | ) | 0.00 | 0.00 | (0.27 | ) | |||||||||||||||||||||
2015 |
$ | 9.63 | 0.27 | (0.51 | ) | (0.24 | ) | (0.25 | ) | 0.00 | 0.00 | (0.25 | ) | |||||||||||||||||||
Total Return Bond Fund - Adviser Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 9.47 | 0.08 | 0.33 | 0.41 | (0.09 | ) | 0.00 | 0.00 | (0.09 | ) | |||||||||||||||||||||
2019 |
$ | 9.04 | 0.26 | 0.42 | 0.68 | (0.25 | ) | 0.00 | 0.00 | (0.25 | ) | |||||||||||||||||||||
2018 |
$ | 9.38 | 0.21 | (0.35 | ) | (0.14 | ) | (0.20 | ) | 0.00 | 0.00 | (0.20 | ) | |||||||||||||||||||
2017 |
$ | 9.28 | 0.28 | 0.10 | 0.38 | (0.28 | ) | 0.00 | 0.00 | (0.28 | ) | |||||||||||||||||||||
2016 (9) |
$ | 9.46 | 0.09 | (0.19 | ) | (0.10 | ) | (0.08 | ) | 0.00 | 0.00 | (0.08 | ) | |||||||||||||||||||
Total Return Bond Fund - Institutional Class (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 9.47 | 0.09 | 0.32 | 0.41 | (0.09 | ) | 0.00 | 0.00 | (0.09 | ) | |||||||||||||||||||||
2019 |
$ | 9.04 | 0.27 | 0.42 | 0.69 | (0.26 | ) | 0.00 | 0.00 | (0.26 | ) | |||||||||||||||||||||
2018 |
$ | 9.38 | 0.23 | (0.35 | ) | (0.12 | ) | (0.22 | ) | 0.00 | 0.00 | (0.22 | ) | |||||||||||||||||||
2017 |
$ | 9.28 | 0.31 | 0.08 | 0.39 | (0.29 | ) | 0.00 | 0.00 | (0.29 | ) | |||||||||||||||||||||
2016 (9) |
$ | 9.46 | 0.08 | (0.18 | ) | (0.10 | ) | (0.08 | ) | 0.00 | 0.00 | (0.08 | ) | |||||||||||||||||||
Prime Money Market Fund (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 1.00 | 0.004 | N/A | 0.004 | (0.004 | ) | 0.000 | 0.000 | (0.004 | ) | |||||||||||||||||||||
2019 |
$ | 1.00 | 0.020 | N/A | 0.020 | (0.020 | ) | 0.000 | 0.000 | (0.020 | ) | |||||||||||||||||||||
2018 |
$ | 1.00 | 0.016 | N/A | 0.016 | (0.016 | ) | 0.000 | 0.000 | (0.016 | ) | |||||||||||||||||||||
2017 |
$ | 1.00 | 0.007 | N/A | 0.007 | (0.007 | ) | 0.000 | 0.000 | (0.007 | ) | |||||||||||||||||||||
2016 |
$ | 1.00 | 0.003 | N/A | 0.003 | (0.003 | ) | 0.000 | 0.000 | (0.003 | ) | |||||||||||||||||||||
2015 |
$ | 1.00 | 0.001 | N/A | 0.001 | (0.001 | ) | 0.000 | 0.000 | (0.001 | ) | |||||||||||||||||||||
Institutional Prime Money Market Fund (1)(2)(3)(4) |
||||||||||||||||||||||||||||||||
2020 |
$ | 1.0000 | 0.0051 | 0.0004 | 0.0055 | (0.0050 | ) | 0.0000 | 0.0000 | (0.0050 | ) | |||||||||||||||||||||
2019 |
$ | 0.9999 | 0.0231 | 0.0000 | 0.0231 | (0.0230 | ) | 0.0000 | 0.0000 | (0.0230 | ) | |||||||||||||||||||||
2018 |
$ | 0.9999 | 0.0190 | 0.0000 | 0.0190 | (0.0190 | ) | 0.0000 | 0.0000 | (0.0190 | ) | |||||||||||||||||||||
2017 |
$ | 1.0001 | 0.0101 | (0.0003 | ) | 0.0098 | (0.0100 | ) | 0.0000 | 0.0000 | (0.0100 | ) | ||||||||||||||||||||
2016 (8) |
$ | 1.0000 | 0.0010 | 0.0001 | 0.0011 | (0.0010 | ) | 0.0000 | 0.0000 | (0.0010 | ) | |||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
1 |
Ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after fee reductions, and ratio of expenses to average net assets before fee reductions do not include impact of expenses of the underlying security holdings as represented in the schedule of investments. |
|
2 |
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
|
3 |
Total return and portfolio turnover rate are not annualized for periods of less than one full year. |
|
4 |
Ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after fee reductions, and ratio of expenses to average net assets before fee reductions are annualized for periods of less than one full year. |
|
5 |
Except for the Money Market Funds, net investment income per share is based on average shares outstanding during the period. |
The accompanying notes are an integral part of these financial statements
Page 118 |
2020 Semiannual Report | June 30, 2020 |
|
|||||||||||||||||||||||||||
Ratios/ |
|||||||||||||||||||||||||||
Net Asset |
Total Return |
Net Assets, |
Ratio of Net |
Ratio of Expenses |
Ratio of Expenses |
Portfolio |
|||||||||||||||||||||
| $ | 9.78 | 4.20 | % | $ | 11,752 | 1.40 | % | 1.17 | % | 1.28 | % | 59 | % | ||||||||||||||
| $ | 9.46 | 7.24 | % | $ | 11,137 | 2.27 | % | 1.14 | % | 1.25 | % | 95 | % | ||||||||||||||
| $ | 9.03 | (1.67 | %) | $ | 14,932 | 1.88 | % | 1.15 | % | 1.26 | % | 102 | % | ||||||||||||||
| $ | 9.37 | 3.72 | % | $ | 67,986 | 2.59 | % | 1.02 | % | 1.03 | % | 133 | % | ||||||||||||||
| $ | 9.28 | 4.49 | % | $ | 214,755 | 2.87 | % | 0.98 | % | 1.00 | % | 217 | % | ||||||||||||||
| $ | 9.14 | (2.51 | %) | $ | 214,618 | 2.71 | % | 1.01 | % | 1.03 | % | 295 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 9.79 | 4.38 | % | $ | 5,063 | 1.76 | % | 0.79 | % | 0.90 | % | 59 | % | ||||||||||||||
| $ | 9.47 | 7.54 | % | $ | 4,205 | 2.64 | % | 0.88 | % | 0.99 | % | 95 | % | ||||||||||||||
| $ | 9.04 | (1.45 | %) | $ | 3,570 | 2.33 | % | 0.95 | % | 1.06 | % | 102 | % | ||||||||||||||
| $ | 9.38 | 4.07 | % | $ | 9,896 | 2.95 | % | 0.83 | % | 0.84 | % | 133 | % | ||||||||||||||
| $ | 9.28 | (1.05 | %) | $ | 84 | 5.49 | % | 0.53 | % | 0.53 | % | 217 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 9.79 | 4.38 | % | $ | 47,634 | 1.78 | % | 0.78 | % | 0.89 | % | 59 | % | ||||||||||||||
| $ | 9.47 | 7.67 | % | $ | 46,490 | 2.72 | % | 0.76 | % | 0.87 | % | 95 | % | ||||||||||||||
| $ | 9.04 | (1.22 | %) | $ | 48,437 | 2.50 | % | 0.76 | % | 0.87 | % | 102 | % | ||||||||||||||
| $ | 9.38 | 4.20 | % | $ | 110,674 | 3.27 | % | 0.64 | % | 0.65 | % | 133 | % | ||||||||||||||
| $ | 9.28 | (1.08 | %) | $ | 70 | 5.35 | % | 0.53 | % | 0.53 | % | 217 | % | ||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 1.00 | 0.43 | % | $ | 36,567 | 0.86 | % | 0.29 | % | 0.92 | % | N/A | |||||||||||||||
| $ | 1.00 | 2.06 | % | $ | 34,823 | 2.05 | % | 0.36 | % | 0.95 | % | N/A | |||||||||||||||
| $ | 1.00 | 1.59 | % | $ | 40,881 | 1.59 | % | 0.44 | % | 0.94 | % | N/A | |||||||||||||||
| $ | 1.00 | 0.68 | % | $ | 35,211 | 0.67 | % | 0.47 | % | 1.00 | % | N/A | |||||||||||||||
| $ | 1.00 | 0.29 | % | $ | 36,666 | 0.28 | % | 0.32 | % | 0.69 | % | N/A | |||||||||||||||
| $ | 1.00 | 0.07 | % | $ | 56,530 | 0.07 | % | 0.18 | % | 0.58 | % | N/A | |||||||||||||||
|
|||||||||||||||||||||||||||
| $ | 1.0005 | 0.54 | % | $ | 272,157 | 1.03 | % | 0.15 | % | 0.52 | % | N/A | |||||||||||||||
| $ | 1.0000 | 2.31 | % | $ | 370,120 | 2.30 | % | 0.13 | % | 0.50 | % | N/A | |||||||||||||||
| $ | 0.9999 | 1.90 | % | $ | 471,603 | 1.90 | % | 0.16 | % | 0.51 | % | N/A | |||||||||||||||
| $ | 0.9999 | 0.96 | % | $ | 296,547 | 1.01 | % | 0.17 | % | 0.56 | % | N/A | |||||||||||||||
| $ | 1.0001 | 0.11 | % | $ | 197,480 | 0.43 | % | 0.24 | % | 0.62 | % | N/A | |||||||||||||||
|
|||||||||||||||||||||||||||
|
6 |
Commenced operations on January 1, 2015. |
|
7 |
Commenced operations on June 30, 2015. |
|
8 |
Commenced operations on October 7, 2016. |
|
9 |
Commenced operations on October 31, 2016. |
|
10 |
Ratio of expenses to average net assets after fee reductions reflects contractual or voluntary waivers and reimbursements of expenses by the investment adviser and transfer agent. |
|
11 |
Ratio of expenses to average net assets before fee reductions reflects the total expenses before reductions reported in the Statement of Operations. |
|
* |
Actual amounts were less than one-half of a cent per share |
The accompanying notes are an integral part of these financial statements
2020 Semiannual Report | June 30, 2020 |
Page 119 |
Notes to Financial Statements
June 30, 2020 (unaudited)
1. Organization
Meeder Funds (the Trust) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Trust offers eleven separate series, all of which are included in this report: Muirfield Fund (Muirfield), Spectrum Fund (Spectrum), Global Allocation Fund (Global), Balanced Fund (Balanced), Moderate Allocation Fund (Moderate), Conservative Allocation Fund (Conservative), Dynamic Allocation Fund (Dynamic), Quantex Fund (Quantex), Total Return Bond Fund (Bond), Prime Money Market Fund (Prime Money Market), and Institutional Prime Money Market Fund (Institutional Prime Money Market)(the Funds).
Each Fund, except Prime Money Market and Institutional Prime Money Market, offers three classes of shares: Retail Class, Adviser Class, and Institutional Class. Prime Money Market and Institutional Prime Money Market offer only one class of shares. The share classes differ with respect to distribution fees, service fees, and other expenses allocated to each class. Eligibility to purchase Adviser and Institutional Class shares is generally limited to customers of financial intermediaries who enter into special arrangements with the Funds or who meet certain initial investment minimums.
Prime Money Market operates as a retail money market fund. The Fund maintains a stable net asset value of $1.00 and is only available for purchase in accounts beneficially owned by natural persons. Institutional Prime Money Market operates as an institutional money market fund open to all forms of investors. Its net asset value fluctuates based upon changes in the value of its investments and the value of its shares is calculated daily to four decimal places. Prime Money Market and Institutional Prime Money Market have adopted policies and procedures to impose liquidity fees on redemptions or temporary redemption gates in the event that the Funds’ weekly liquid assets fall below designated thresholds and the Board of Trustees determines that such liquidity fees or redemption gates are in the best interests of the Fund.
For more information regarding the Funds’ objectives, strategies, and differences in share classes, please refer to the Funds’ prospectus.
2. Significant Accounting Policies
The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The Trust is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services Companies. The following summarizes the significant accounting policies of the Trust and the Funds:
Securities valuation. All investments in securities are recorded at their estimated fair value, as described in Note #3.
Repurchase agreements. Each Fund may engage in repurchase agreement transactions whereby the Fund takes possession of an underlying debt instrument subject to an obligation of the seller to repurchase the instrument from the Fund and an obligation of the Fund to resell the instrument at an agreed upon price and term. At all times, the Fund maintains the fair value of collateral, including accrued interest, of at least 100% of the amount of the repurchase agreement, plus accrued interest. If the seller defaults or the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.
Short sales. Spectrum may enter into short sales as part of its overall portfolio management strategy or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including ETFs. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its position in a permissible manner. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund’s needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short and borrowing costs will be borne by the Fund and are reflected in the Statements of Operations.
Futures & options. Each Fund, except the Money Market Funds, may engage in transactions in financial futures contracts and options contracts in order to manage the risk of unanticipated changes in market values of securities held in the Fund, or which it intends to purchase. The futures and options contracts are adjusted by the daily exchange rate of the underlying currency, or index, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses in the statement of assets and liabilities and the statement of operations until the contract settlement date, at which time realized gains and losses are included in the Statements of Operations.
Page 120 |
2020 Semiannual Report | June 30, 2020 |
To the extent that a Fund enters into futures contracts on an index or group of securities, the Fund exposes itself to an indeterminate liability and will be required to pay or receive a sum of money measured by the change in the fair value of the index. Upon entering into a futures contract, the Fund is required to deposit an initial margin, which is either cash or securities (disclosed as pledged as collateral on the Schedules of Investments) in an amount equal to a certain percentage of the contract value. Subsequently, margin movements, which are equal to changes in the daily price or last sale price on the exchanges where futures contracts trade, are recorded as unrealized gains or losses until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Except for the Money Market Funds, it is normal practice for each Fund to invest in futures contracts on a daily basis. The Funds, except for Bond and the Money Market Funds, typically utilize equity index futures contracts to equitize cash positions or adjust targeted stock market exposure. Except for the Money Market Funds, the fixed income portion of any Fund can utilize Treasury futures contracts in order to adjust duration.
Call and put option contracts involve the payment of a premium for the right to purchase or sell an individual security or index aggregate at a specified price until the expiration of the contract. Such transactions expose the Fund to the loss of the premium paid if the Fund does not sell or exercise the contract prior to the expiration date. In the case of a call option, sufficient cash or money market instruments will be segregated to complete the purchase. Options are fair valued on the basis of the daily settlement price or last sale on the exchanges where they trade and the changes in fair value are recorded as unrealized appreciation or depreciation until closed, exercised or expired. For the six months ended June 30, 2020, there were no call or put options transacted for any of the Funds.
The Funds may write covered call or put options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. When written options are closed or exercised, premiums received are offset against the proceeds paid, and the Fund records realized gains or losses for the difference. When written options expire, the liability is eliminated, and the Fund records realized gains for the entire amount of premiums received. Although permitted, it is currently not normal practice for the Funds to write call and put options and none were written during the six months ended June 30, 2020.
The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Statements of Assets and Liabilities as of June 30, 2020 was as follows:
Amount of Deposits at Broker and Unrealized Appreciation (Depreciation) on Derivatives |
||||||||||
Type of |
Statements of Assets & Liabilities Location |
Fair Value of |
Value of |
|||||||
Muirfield |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
$ | 14,200,105 | $ | (1,282,009 | ) | |||
Spectrum |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
3,867,185 | (316,301 | ) | |||||
Global |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
1,410,639 | (48,649 | ) | |||||
Balanced |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
5,418,686 | (325,888 | ) | |||||
Moderate |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
1,595,971 | (101,427 | ) | |||||
Conservative |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
779,754 | (62,264 | ) | |||||
Dynamic |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
11,860,774 | 43,511 | ||||||
Quantex |
Equity contracts |
Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit) |
1,500,078 | 42,492 | ||||||
2020 Semiannual Report | June 30, 2020 |
Page 121 |
The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2020 and related activity was as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
||||||||||||||||||||||
Type of |
Contracts as of |
Long and |
Long and |
Contracts as of |
Statement of Operations |
For the |
||||||||||||||||
Muirfield |
Equity contracts |
1,234 | (3,695 | ) | (2,036 | ) | (425 | ) | Net realized gains (losses) from futures contracts |
$ | (57,169,228 | ) | ||||||||||
Spectrum |
Equity contracts |
752 | (579 | ) | 254 | (81 | ) | Net realized gains (losses) from futures contracts |
(19,935,505 | ) | ||||||||||||
Global |
Equity contracts |
225 | 211 | 341 | 95 | Net realized gains (losses) from futures contracts |
(5,254,645 | ) | ||||||||||||||
Balanced |
Equity contracts |
592 | (1,214 | ) | (573 | ) | (49 | ) | Net realized gains (losses) from futures contracts |
(25,527,856 | ) | |||||||||||
Moderate |
Equity contracts |
196 | (214 | ) | (22 | ) | 4 | Net realized gains (losses) from futures contracts |
(8,247,303 | ) | ||||||||||||
Conservative |
Equity contracts |
81 | (113 | ) | (37 | ) | 5 | Net realized gains (losses) from futures contracts |
(3,831,374 | ) | ||||||||||||
Dynamic |
Equity contracts |
462 | 970 | 1,099 | 333 | Net realized gains (losses) from futures contracts |
(4,469,573 | ) | ||||||||||||||
Quantex |
Equity contracts |
11 | 76 | 70 | 17 | Net realized gains (losses) from futures contracts |
11,858 | |||||||||||||||
Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income |
||||||
Type of |
Statement of Operations Location |
For the |
||||
Muirfield |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
$ | (2,364,103 | ) | |
Spectrum |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
(1,028,993 | ) | ||
Global |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
(137,189 | ) | ||
Balanced |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
(908,897 | ) | ||
Moderate |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
(307,592 | ) | ||
Conservative |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
(141,076 | ) | ||
Dynamic |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
(189,065 | ) | ||
Quantex |
Equity contracts |
Net change in unrealized appreciation (depreciation) of futures contracts |
26,795 | |||
Federal income taxes. It is each Fund’s policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income and net capital gains to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2016 through December 31, 2019) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Each Fund identifies its major tax jurisdictions as U.S. Federal and certain State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations as incurred. During the six months ended June 30, 2020, the Funds did not incur any material interest or penalties.
Distributions to shareholders. Distributions to shareholders are recorded on the ex-dividend date. Muirfield, Spectrum, Global, Balanced, Moderate, Conservative, Dynamic, and Quantex declare and pay dividends from net investment income, if any, on a quarterly basis. Bond declares and pays dividends from net investment income on a monthly basis. The Money Market Funds declare dividends from net investment income on a daily basis and pay such dividends on a monthly basis. Each Fund distributes net capital gains, if any, on an annual basis.
Page 122 |
2020 Semiannual Report | June 30, 2020 |
Distributions from net investment income and from net capital gains are determined in accordance with income tax regulations, which may differ from GAAP. Permanent differences relate to redemptions treated as distributions for tax purposes (i.e. equalization). Accordingly, timing differences relating to shareholder distributions are reflected in the components of net assets and permanent book and tax differences have been reclassified within the components of net assets based on their ultimate characterization for federal income tax purposes. For the year ended December 31, 2019, the Funds made the following reclassifications to increase/(decrease) the components of net assets:
Capital |
Distributable Earnings |
|||||||
Muirfield |
$ | — | $ | — | ||||
Spectrum |
— | — | ||||||
Global |
9,189 | (9,189 | ) | |||||
Balanced |
— | — | ||||||
Moderate |
— | — | ||||||
Conservative |
— | — | ||||||
Dynamic |
979,534 | (979,534 | ) | |||||
Quantex |
693,876 | (693,876 | ) | |||||
Bond |
— | — | ||||||
Investment income & expenses. For all Funds, except the Money Market Funds, income and expenses (other than expenses attributable to a specific class) are allocated to each class of shares based on its relative net assets. Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds based on each Fund’s relative net assets or other appropriate basis.
Capital Share Transactions. All Funds, except the Money Market Funds, are authorized to issue an unlimited number of shares in the Retail Class, the Adviser Class, and the Institutional Class. Transactions in the capital shares of the Funds for the six months ended June 30, 2020 and the year ended December 31, 2019 were as follows:
Issued |
Reinvested |
|||||||||||||||
Share Class |
Amount |
Shares |
Amount |
Shares |
||||||||||||
Six Months Ended June 30, 2020 |
||||||||||||||||
Muirfield - Retail |
$ | 8,132,444 | 1,146,835 | $ | 396,027 | 57,064 | ||||||||||
Muirfield - Adviser |
7,967,535 | 1,128,107 | 201,907 | 28,885 | ||||||||||||
Muirfield - Institutional |
57,218,908 | 8,083,385 | 1,503,811 | 214,830 | ||||||||||||
Spectrum - Retail |
2,132,848 | 203,368 | — | — | ||||||||||||
Spectrum - Adviser |
1,648,599 | 154,100 | — | — | ||||||||||||
Spectrum - Institutional |
17,008,513 | 1,606,782 | — | — | ||||||||||||
Global - Retail |
765,817 | 73,629 | — | — | ||||||||||||
Global - Adviser |
291,303 | 29,003 | — | — | ||||||||||||
Global - Institutional |
1,699,500 | 170,228 | — | — | ||||||||||||
Balanced - Retail |
4,806,371 | 429,577 | 273,419 | 24,304 | ||||||||||||
Balanced - Adviser |
1,950,942 | 172,802 | 94,316 | 8,317 | ||||||||||||
Balanced - Institutional |
41,241,318 | 3,631,130 | 1,423,200 | 125,392 | ||||||||||||
Moderate - Retail |
2,429,168 | 221,738 | 144,543 | 13,211 | ||||||||||||
Moderate - Adviser |
1,417,817 | 128,036 | 58,011 | 5,306 | ||||||||||||
Moderate - Institutional |
15,357,931 | 1,364,100 | 754,304 | 68,793 | ||||||||||||
Conservative - Retail |
2,780,686 | 128,420 | 192,519 | 8,843 | ||||||||||||
Conservative - Adviser |
1,242,222 | 55,847 | 52,338 | 2,372 | ||||||||||||
Conservative - Institutional |
12,747,986 | 568,217 | 750,322 | 33,976 | ||||||||||||
Dynamic - Retail |
2,808,363 | 265,686 | 62,791 | 5,542 | ||||||||||||
Dynamic - Adviser |
2,283,028 | 206,758 | 44,550 | 3,918 | ||||||||||||
Dynamic - Institutional |
12,160,033 | 1,136,636 | 465,218 | 40,916 | ||||||||||||
Quantex - Retail |
1,749,915 | 65,857 | 58,458 | 2,098 | ||||||||||||
Quantex - Adviser |
174,732 | 6,068 | 3,202 | 115 | ||||||||||||
Quantex - Institutional |
3,159,042 | 120,410 | 96,203 | 3,446 | ||||||||||||
Bond - Retail |
1,998,705 | 211,478 | 91,794 | 9,532 | ||||||||||||
Bond - Adviser |
2,558,949 | 265,695 | 44,198 | 4,584 | ||||||||||||
Bond - Institutional |
8,517,658 | 884,759 | 443,257 | 45,990 | ||||||||||||
Prime Money Market |
12,027,231 | 12,027,231 | 151,572 | 151,572 | ||||||||||||
Institutional Prime Money Market |
246,497,772 | 246,506,523 | 274,294 | 274,298 | ||||||||||||
2020 Semiannual Report | June 30, 2020 |
Page 123 |
Issued |
Reinvested |
|||||||||||||||
Share Class |
Amount |
Shares |
Amount |
Shares |
||||||||||||
Year Ended December 31, 2019 |
||||||||||||||||
Muirfield - Retail |
$ | 33,050,249 | 4,442,733 | $ | 4,977,939 | 642,781 | ||||||||||
Muirfield - Adviser |
19,959,892 | 2,672,639 | 1,634,444 | 209,658 | ||||||||||||
Muirfield - Institutional |
144,314,850 | 19,370,319 | 11,750,119 | 1,506,144 | ||||||||||||
Spectrum - Retail |
7,469,577 | 660,057 | 487,763 | 40,590 | ||||||||||||
Spectrum - Adviser |
3,597,497 | 315,554 | 151,231 | 12,488 | ||||||||||||
Spectrum - Institutional |
40,919,924 | 3,604,015 | 1,420,906 | 117,029 | ||||||||||||
Global - Retail |
1,332,331 | 125,389 | 242,185 | 21,882 | ||||||||||||
Global - Adviser |
480,969 | 44,348 | 38,283 | 3,449 | ||||||||||||
Global - Institutional |
5,246,784 | 492,924 | 939,839 | 84,963 | ||||||||||||
Balanced - Retail |
14,149,512 | 1,224,953 | 1,366,611 | 115,154 | ||||||||||||
Balanced - Adviser |
4,473,744 | 385,634 | 326,176 | 27,354 | ||||||||||||
Balanced - Institutional |
85,619,332 | 7,396,727 | 4,851,860 | 407,021 | ||||||||||||
Moderate - Retail |
6,078,494 | 535,812 | 569,700 | 49,224 | ||||||||||||
Moderate - Adviser |
2,059,946 | 182,460 | 194,767 | 16,811 | ||||||||||||
Moderate - Institutional |
31,695,228 | 2,809,680 | 2,658,150 | 229,490 | ||||||||||||
Conservative - Retail |
4,494,757 | 203,394 | 685,421 | 30,465 | ||||||||||||
Conservative - Adviser |
1,779,179 | 79,442 | 160,298 | 7,037 | ||||||||||||
Conservative - Institutional |
26,212,905 | 1,173,623 | 2,512,162 | 110,136 | ||||||||||||
Dynamic - Retail |
3,843,119 | 351,639 | 912,848 | 78,711 | ||||||||||||
Dynamic - Adviser |
3,221,800 | 289,708 | 313,636 | 26,922 | ||||||||||||
Dynamic - Institutional |
27,427,324 | 2,506,643 | 3,742,727 | 322,467 | ||||||||||||
Quantex - Retail |
4,513,460 | 124,634 | 179,660 | 4,955 | ||||||||||||
Quantex - Adviser |
358,998 | 9,903 | 7,848 | 216 | ||||||||||||
Quantex - Institutional |
7,243,250 | 204,214 | 222,429 | 6,126 | ||||||||||||
Bond - Retail |
1,961,968 | 209,895 | 315,086 | 33,629 | ||||||||||||
Bond - Adviser |
1,552,225 | 166,213 | 105,786 | 11,256 | ||||||||||||
Bond - Institutional |
13,146,159 | 1,409,770 | 1,316,315 | 140,237 | ||||||||||||
Prime Money Market |
21,752,554 | 21,752,554 | 686,595 | 686,595 | ||||||||||||
Institutional Prime Money Market |
337,972,181 | 337,937,146 | 1,149,955 | 1,149,805 | ||||||||||||
Redeemed |
Net Increase (Decrease) |
|||||||||||||||
Share Class |
Amount |
Shares |
Amount |
Shares |
||||||||||||
Six Months Ended June 30, 2020 |
||||||||||||||||
Muirfield - Retail |
$ | (36,602,025 | ) | (5,210,508 | ) | $ | (28,073,554 | ) | (4,006,609 | ) | ||||||
Muirfield - Adviser |
(13,551,993 | ) | (1,926,118 | ) | (5,382,551 | ) | (769,126 | ) | ||||||||
Muirfield - Institutional |
(79,127,001 | ) | (11,266,338 | ) | (20,404,282 | ) | (2,968,123 | ) | ||||||||
Spectrum - Retail |
(8,117,261 | ) | (772,777 | ) | (5,984,413 | ) | (569,409 | ) | ||||||||
Spectrum - Adviser |
(2,782,449 | ) | (268,799 | ) | (1,133,850 | ) | (114,699 | ) | ||||||||
Spectrum - Institutional |
(14,562,697 | ) | (1,345,217 | ) | 2,445,816 | 261,565 | ||||||||||
Global - Retail |
(2,122,549 | ) | (211,295 | ) | (1,356,732 | ) | (137,666 | ) | ||||||||
Global - Adviser |
(259,204 | ) | (26,675 | ) | 32,099 | 2,328 | ||||||||||
Global - Institutional |
(5,278,736 | ) | (523,344 | ) | (3,579,236 | ) | (353,116 | ) | ||||||||
Balanced - Retail |
(13,464,705 | ) | (1,176,006 | ) | (8,384,915 | ) | (722,125 | ) | ||||||||
Balanced - Adviser |
(2,658,326 | ) | (234,712 | ) | (613,068 | ) | (53,593 | ) | ||||||||
Balanced - Institutional |
(41,233,639 | ) | (3,639,837 | ) | 1,430,879 | 116,685 | ||||||||||
Moderate - Retail |
(4,329,624 | ) | (382,728 | ) | (1,755,913 | ) | (147,779 | ) | ||||||||
Moderate - Adviser |
(1,878,857 | ) | (168,376 | ) | (403,029 | ) | (35,034 | ) | ||||||||
Moderate - Institutional |
(18,424,594 | ) | (1,642,227 | ) | (2,312,359 | ) | (209,334 | ) | ||||||||
Conservative - Retail |
(3,603,635 | ) | (162,812 | ) | (630,430 | ) | (25,549 | ) | ||||||||
Conservative - Adviser |
(1,035,231 | ) | (46,778 | ) | 259,329 | 11,441 | ||||||||||
Conservative - Institutional |
(14,438,071 | ) | (647,766 | ) | (939,763 | ) | (45,573 | ) | ||||||||
Dynamic - Retail |
(6,492,423 | ) | (591,872 | ) | (3,621,269 | ) | (320,644 | ) | ||||||||
Dynamic - Adviser |
(2,143,404 | ) | (203,184 | ) | 184,174 | 7,492 | ||||||||||
Page 124 |
2020 Semiannual Report | June 30, 2020 |
Redeemed |
Net Increase (Decrease) |
|||||||||||||||
Share Class |
Amount |
Shares |
Amount |
Shares |
||||||||||||
Dynamic - Institutional |
$ | (28,057,658 | ) | (2,565,953 | ) | $ | (15,432,407 | ) | (1,388,401 | ) | ||||||
Quantex - Retail |
(3,672,788 | ) | (137,350 | ) | (1,864,415 | ) | (69,395 | ) | ||||||||
Quantex - Adviser |
(165,477 | ) | (6,233 | ) | 12,457 | (50 | ) | |||||||||
Quantex - Institutional |
(10,088,180 | ) | (389,742 | ) | (6,832,935 | ) | (265,886 | ) | ||||||||
Bond - Retail |
(1,876,239 | ) | (196,555 | ) | 214,260 | 24,455 | ||||||||||
Bond - Adviser |
(1,876,942 | ) | (197,160 | ) | 726,205 | 73,119 | ||||||||||
Bond - Institutional |
(9,314,783 | ) | (975,028 | ) | (353,868 | ) | (44,279 | ) | ||||||||
Prime Money Market |
(10,434,549 | ) | (10,434,549 | ) | 1,744,254 | 1,744,254 | ||||||||||
Institutional Prime Money Market |
(344,812,382 | ) | (344,885,592 | ) | (98,040,316 | ) | (98,104,771 | ) | ||||||||
Year Ended December 31, 2019 |
||||||||||||||||
Muirfield - Retail |
$ | (70,868,511 | ) | (9,580,884 | ) | $ | (32,840,323 | ) | (4,495,370 | ) | ||||||
Muirfield - Adviser |
(28,851,525 | ) | (3,845,181 | ) | (7,257,189 | ) | (962,884 | ) | ||||||||
Muirfield - Institutional |
(112,338,045 | ) | (14,851,705 | ) | 43,726,924 | 6,024,758 | ||||||||||
Spectrum - Retail |
(13,656,923 | ) | (1,200,248 | ) | (5,699,583 | ) | (499,601 | ) | ||||||||
Spectrum - Adviser |
(4,388,936 | ) | (383,545 | ) | (640,208 | ) | (55,503 | ) | ||||||||
Spectrum - Institutional |
(28,908,458 | ) | (2,513,014 | ) | 13,432,372 | 1,208,030 | ||||||||||
Global - Retail |
(5,487,892 | ) | (512,715 | ) | (3,913,376 | ) | (365,444 | ) | ||||||||
Global - Adviser |
(540,172 | ) | (50,287 | ) | (20,920 | ) | (2,490 | ) | ||||||||
Global - Institutional |
(14,778,101 | ) | (1,383,831 | ) | (8,591,478 | ) | (805,944 | ) | ||||||||
Balanced - Retail |
(22,120,626 | ) | (1,902,554 | ) | (6,604,503 | ) | (562,447 | ) | ||||||||
Balanced - Adviser |
(5,953,857 | ) | (509,453 | ) | (1,153,937 | ) | (96,465 | ) | ||||||||
Balanced - Institutional |
(63,079,661 | ) | (5,387,061 | ) | 27,391,531 | 2,416,687 | ||||||||||
Moderate - Retail |
(6,716,666 | ) | (591,069 | ) | (68,472 | ) | (6,033 | ) | ||||||||
Moderate - Adviser |
(2,538,479 | ) | (222,937 | ) | (283,766 | ) | (23,666 | ) | ||||||||
Moderate - Institutional |
(33,250,746 | ) | (2,916,278 | ) | 1,102,632 | 122,892 | ||||||||||
Conservative - Retail |
(6,631,173 | ) | (298,972 | ) | (1,450,995 | ) | (65,113 | ) | ||||||||
Conservative - Adviser |
(1,757,987 | ) | (77,982 | ) | 181,490 | 8,497 | ||||||||||
Conservative - Institutional |
(29,180,940 | ) | (1,292,856 | ) | (455,873 | ) | (9,097 | ) | ||||||||
Dynamic - Retail |
(12,530,345 | ) | (1,137,172 | ) | (7,774,378 | ) | (706,822 | ) | ||||||||
Dynamic - Adviser |
(3,913,271 | ) | (353,426 | ) | (377,835 | ) | (36,796 | ) | ||||||||
Dynamic - Institutional |
(33,031,741 | ) | (2,975,757 | ) | (1,861,690 | ) | (146,647 | ) | ||||||||
Quantex - Retail |
(12,066,011 | ) | (349,669 | ) | (7,372,891 | ) | (220,080 | ) | ||||||||
Quantex - Adviser |
(334,676 | ) | (9,427 | ) | 32,170 | 692 | ||||||||||
Quantex - Institutional |
(12,248,919 | ) | (342,999 | ) | (4,783,240 | ) | (132,659 | ) | ||||||||
Bond - Retail |
(6,762,369 | ) | (720,141 | ) | (4,485,315 | ) | (476,617 | ) | ||||||||
Bond - Adviser |
(1,201,377 | ) | (128,206 | ) | 456,634 | 49,263 | ||||||||||
Bond - Institutional |
(18,715,434 | ) | (1,998,711 | ) | (4,252,960 | ) | (448,704 | ) | ||||||||
Prime Money Market |
(28,496,871 | ) | (28,496,871 | ) | (6,057,722 | ) | (6,057,722 | ) | ||||||||
Institutional Prime Money Market |
(440,678,548 | ) | (440,622,456 | ) | (101,556,412 | ) | (101,535,505 | ) | ||||||||
2020 Semiannual Report | June 30, 2020 |
Page 125 |
Offsetting Assets & Liabilities. The Funds are party to enforceable master netting arrangements between counter parties, such as the securities lending agreement, which provides for the right of offset under certain circumstances, such as the event of default. The securities lending transactions have an overnight and continuous contractual maturity. Risks arise from the possible inability of counterparties to meet the terms of their contracts. The table below reflects the offsetting assets and liabilities relating to securities lending, futures contracts, and repurchase agreements shown on the Statements of Assets and Liabilities at June 30, 2020.
Gross Amounts Not Offset in the |
||||||||||||||||||||||||
Description/ Fund |
Gross Amounts |
Gross Amounts |
Net Amounts |
Financial |
Collateral |
Net Amount |
||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Securities Loaned |
||||||||||||||||||||||||
Muirfield |
$ | 156,957 | $ | — | $ | 156,957 | $ | — | $ | (156,957 | ) | $ | — | |||||||||||
Spectrum |
36,400 | — | 36,400 | — | (36,400 | ) | — | |||||||||||||||||
Global |
2,320 | — | 2,320 | — | (2,320 | ) | — | |||||||||||||||||
Balanced |
63,933 | — | 63,933 | — | (63,933 | ) | — | |||||||||||||||||
Moderate |
18,998 | — | 18,998 | — | (18,998 | ) | — | |||||||||||||||||
Conservative |
8,505 | — | 8,505 | — | (8,505 | ) | — | |||||||||||||||||
Dynamic |
44,858 | — | 44,858 | — | (44,858 | ) | — | |||||||||||||||||
Futures Contracts |
||||||||||||||||||||||||
Muirfield |
$ | 299,859 | $ | 1,581,868 | $ | (1,282,009 | ) | $ | — | $ | — | $ | (1,282,009 | ) | ||||||||||
Spectrum |
92,020 | 408,321 | (316,301 | ) | — | — | (316,301 | ) | ||||||||||||||||
Global |
45,432 | 94,081 | (48,649 | ) | — | — | (48,649 | ) | ||||||||||||||||
Balanced |
156,458 | 482,346 | (325,888 | ) | — | — | (325,888 | ) | ||||||||||||||||
Moderate |
36,906 | 138,333 | (101,427 | ) | — | — | (101,427 | ) | ||||||||||||||||
Conservative |
17,412 | 79,676 | (62,264 | ) | — | — | (62,264 | ) | ||||||||||||||||
Dynamic |
177,290 | 133,779 | 43,511 | — | — | 43,511 | ||||||||||||||||||
Quantex |
42,492 | — | 42,492 | — | — | 42,492 | ||||||||||||||||||
Repurchase Agreements |
||||||||||||||||||||||||
Prime Money Market |
$ | 6,500,000 | $ | — | $ | 6,500,000 | $ | (6,500,000 | ) | $ | — | $ | — | |||||||||||
Institutional Prime Money Market |
50,000,000 | — | 50,000,000 | (50,000,000 | ) | — | — | |||||||||||||||||
Liabilities: |
||||||||||||||||||||||||
N/A |
N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
|
* |
The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged. |
New Accounting Pronouncements. In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC Topic 820 (“ASC 820”), “Fair Value Measurement.” ASU 2018-13 includes new, eliminated, and modified disclosure requirements for ASC 820. In addition, ASU 2018-13 clarifies that materiality is an appropriate consideration when evaluating disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted, and the Fund adopted ASU 2018-13 with the December 31, 2019 financial statements.
Other. The Funds record security transactions on the trade date. Gains and losses realized from the sale of securities are determined on the specific identification basis. Dividend income and dividend expenses are recognized on the ex-dividend date and interest income (including amortization of premium and accretion of discount) is recognized as earned. Short-term capital gain distributions from underlying funds are classified as dividend income for financial reporting purposes. Long-term capital gains distributions are separately stated. Discounts and premiums are amortized using the effective yield over the lives of the respective securities. Distributions received from partnerships are recorded as return of capital distributions. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
Page 126 |
2020 Semiannual Report | June 30, 2020 |
Distributions received from the Funds’ investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.
3. Securities Valuations
The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are as follows:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.
Equity securities (including publicly traded partnerships, real estate investment trusts, American depositary receipts, exchange traded funds, and common stock). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation and are categorized in level 1 of the fair value hierarchy.
Investments in registered open-end investment companies, including money market funds, are valued at the daily redemption net asset value as reported by the underlying fund and are categorized in level 1 of the fair value hierarchy.
Short-term notes (including bank obligations, commercial paper, corporate obligations, repurchase agreements, U.S. government agency obligations, and floating rate demand notes). Short-term notes held in the Funds, except Prime Money Market, maturing more than sixty days after the valuation date, are valued at the last sales price as of the close of business on the day of valuation, or, lacking any sales, at the most recent bid price or yield equivalent as obtained from dealers that make markets in such securities. When valued at last sales price, the securities will be categorized as level 1. When using bid prices or yield equivalents, they will be categorized as level 2. When such securities are valued within sixty days or less to maturity, the difference between the valuation existing on the sixty-first day before maturity and maturity value is amortized on a straight-line basis to maturity and will be categorized as level 2.
All securities held in Prime Money Market, other than money market funds, are valued at amortized cost, which approximates fair value, and will be categorized as level 2.
Certificates of deposit. Except for Institutional Money Market, certificates of deposit are valued at acquisition cost, which approximates fair value, and will be categorized as level 2. For Institutional Money Market, certificates of deposit are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data, and will be categorized as level 2.
U.S. government obligations. U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. In either case, these securities will be categorized as level 2.
Restricted securities (equity and debt). Restricted securities for which quotations are not readily available are valued at fair value as determined by the Trustees. Depending on the relative significance of valuation inputs, these instruments may be classified in either level 2 or level 3 of the fair value hierarchy.
Derivative instruments (futures contracts). Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.
2020 Semiannual Report | June 30, 2020 |
Page 127 |
For the six months ended June 30, 2020, the Funds did not hold any assets at any time in which significant unobservable inputs were used in determining fair value. Therefore, no reconciliation of level 3 securities is provided. The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of June 30, 2020.
Muirfield - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 464,874,806 | $ | — | $ | — | $ | 464,874,806 | ||||||||
Money market registered investment companies |
60,493,420 | — | — | 60,493,420 | ||||||||||||
Bank obligations |
— | 741,262 | — | 741,262 | ||||||||||||
Total |
$ | 525,368,226 | $ | 741,262 | $ | — | $ | 526,109,488 | ||||||||
Trustee deferred compensation*** |
$ | 233,476 | $ | — | $ | — | $ | 233,476 | ||||||||
Futures contracts** |
$ | (1,282,009 | ) | $ | — | $ | — | $ | (1,282,009 | ) | ||||||
Spectrum - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 141,836,258 | $ | — | $ | — | $ | 141,836,258 | ||||||||
Money market registered investment companies |
28,085,759 | — | — | 28,085,759 | ||||||||||||
Total |
$ | 169,922,017 | $ | — | $ | — | $ | 169,922,017 | ||||||||
Trustee deferred compensation*** |
$ | 31,548 | $ | — | $ | — | $ | 31,548 | ||||||||
Futures contracts** |
$ | (316,301 | ) | $ | — | $ | — | $ | (316,301 | ) | ||||||
Global - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 17,835,033 | $ | — | $ | — | $ | 17,835,033 | ||||||||
Registered investment companies |
6,351,484 | — | — | 6,351,484 | ||||||||||||
Money market registered investment companies |
12,966,648 | — | — | 12,966,648 | ||||||||||||
Bank obligations |
— | 741,262 | — | 741,262 | ||||||||||||
U.S. government obligations |
— | 464,579 | — | 464,579 | ||||||||||||
Total |
$ | 37,153,165 | $ | 1,205,841 | $ | — | $ | 38,359,006 | ||||||||
Trustee deferred compensation*** |
$ | 94,601 | $ | — | $ | — | $ | 94,601 | ||||||||
Futures contracts** |
$ | (48,649 | ) | $ | — | $ | — | $ | (48,649 | ) | ||||||
Balanced - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 198,058,579 | $ | — | $ | — | $ | 198,058,579 | ||||||||
Registered investment companies |
94,198,308 | — | — | 94,198,308 | ||||||||||||
Money market registered investment companies |
56,050,107 | — | — | 56,050,107 | ||||||||||||
Bank obligations |
— | 741,262 | — | 741,262 | ||||||||||||
U.S. government obligations |
— | 13,195,675 | — | 13,195,675 | ||||||||||||
Total |
$ | 348,306,994 | $ | 13,936,937 | $ | — | $ | 362,243,931 | ||||||||
Trustee deferred compensation*** |
$ | 151,712 | $ | — | $ | — | $ | 151,712 | ||||||||
Futures contracts** |
$ | (325,888 | ) | $ | — | $ | — | $ | (325,888 | ) | ||||||
Moderate - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 60,441,533 | $ | — | $ | — | $ | 60,441,533 | ||||||||
Registered investment companies |
70,785,768 | — | — | 70,785,768 | ||||||||||||
Money market registered investment companies |
20,766,392 | — | — | 20,766,392 | ||||||||||||
Bank obligations |
— | 247,312 | — | 247,312 | ||||||||||||
U.S. government obligations |
— | 9,941,362 | — | 9,941,362 | ||||||||||||
Total |
$ | 151,993,693 | $ | 10,188,674 | $ | — | $ | 162,182,367 | ||||||||
Trustee deferred compensation*** |
$ | 21,312 | $ | — | $ | — | $ | 21,312 | ||||||||
Futures contracts** |
$ | (101,427 | ) | $ | — | $ | — | $ | (101,427 | ) | ||||||
Page 128 |
2020 Semiannual Report | June 30, 2020 |
Conservative - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 29,417,962 | $ | — | $ | — | $ | 29,417,962 | ||||||||
Registered investment companies |
80,985,780 | — | — | 80,985,780 | ||||||||||||
Money market registered investment companies |
10,381,813 | — | — | 10,381,813 | ||||||||||||
U.S. government obligations |
— | 11,264,083 | — | 11,264,083 | ||||||||||||
Total |
$ | 120,785,555 | $ | 11,264,083 | $ | — | $ | 132,049,638 | ||||||||
Trustee deferred compensation*** |
$ | 61,870 | $ | — | $ | — | $ | 61,870 | ||||||||
Futures contracts** |
$ | (62,264 | ) | $ | — | $ | — | $ | (62,264 | ) | ||||||
Dynamic - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 136,388,908 | $ | — | $ | — | $ | 136,388,908 | ||||||||
Registered investment companies |
8,787,072 | — | — | 8,787,072 | ||||||||||||
Money market registered investment companies |
14,366,531 | — | — | 14,366,531 | ||||||||||||
Bank obligations |
— | 741,261 | — | 741,261 | ||||||||||||
Total |
$ | 159,542,511 | $ | 741,261 | $ | — | $ | 160,283,772 | ||||||||
Trustee deferred compensation*** |
$ | 189,052 | $ | — | $ | — | $ | 189,052 | ||||||||
Futures contracts** |
$ | 43,511 | $ | — | $ | — | $ | 43,511 | ||||||||
Quantex - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Common stocks* |
$ | 33,690,963 | $ | — | $ | — | $ | 33,690,963 | ||||||||
Money market registered investment companies |
828,006 | — | — | 828,006 | ||||||||||||
Bank obligations |
— | 724,912 | — | 724,912 | ||||||||||||
Total |
$ | 34,518,969 | $ | 724,912 | $ | — | $ | 35,243,881 | ||||||||
Trustee deferred compensation*** |
$ | 56,088 | $ | — | $ | — | $ | 56,088 | ||||||||
Futures contracts** |
$ | 42,492 | $ | — | $ | — | $ | 42,492 | ||||||||
Bond - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Registered investment companies |
$ | 50,839,568 | $ | — | $ | — | $ | 50,839,568 | ||||||||
Money market registered investment companies |
2,014,762 | — | — | 2,014,762 | ||||||||||||
U.S. government obligations |
— | 11,502,181 | — | 11,502,181 | ||||||||||||
Total |
$ | 52,854,330 | $ | 11,502,181 | $ | — | $ | 64,356,511 | ||||||||
Trustee deferred compensation*** |
$ | 62,513 | $ | — | $ | — | $ | 62,513 | ||||||||
Prime Money Market - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Bank obligations |
$ | — | $ | 1,719,958 | $ | — | $ | 1,719,958 | ||||||||
Certificates of deposit |
— | 3,944,678 | — | 3,944,678 | ||||||||||||
Commercial paper |
— | 8,045,263 | — | 8,045,263 | ||||||||||||
Corporate obligations |
— | 4,147,641 | — | 4,147,641 | ||||||||||||
Repurchase agreements |
— | 6,500,000 | — | 6,500,000 | ||||||||||||
U.S. government and agency obligations |
— | 5,748,758 | — | 5,748,758 | ||||||||||||
Variable rate demand notes |
— | 500,000 | — | 500,000 | ||||||||||||
Money market registered investment companies |
5,946,230 | — | — | 5,946,230 | ||||||||||||
Total |
$ | 5,946,230 | $ | 30,606,298 | $ | — | $ | 36,552,528 | ||||||||
Trustee deferred compensation*** |
$ | 36,890 | $ | — | $ | — | $ | 36,890 | ||||||||
2020 Semiannual Report | June 30, 2020 |
Page 129 |
Institutional Prime Money Market - Assets/(Liabilities) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Bank obligations |
$ | — | $ | 1,719,958 | $ | — | $ | 1,719,958 | ||||||||
Certificates of deposit |
— | 25,623,898 | — | 25,623,898 | ||||||||||||
Commercial paper |
— | 69,335,807 | — | 69,335,807 | ||||||||||||
Corporate obligations |
— | 43,986,584 | — | 43,986,584 | ||||||||||||
Repurchase agreements |
— | 50,000,000 | — | 50,000,000 | ||||||||||||
U.S. government and agency obligations |
— | 58,995,772 | — | 58,995,772 | ||||||||||||
Variable rate demand notes |
— | 4,500,000 | — | 4,500,000 | ||||||||||||
Money market registered investment companies |
17,894,680 | — | — | 17,894,680 | ||||||||||||
Total |
$ | 17,894,680 | $ | 254,162,019 | $ | — | $ | 272,056,699 | ||||||||
Trustee deferred compensation*** |
$ | 3,498 | $ | — | $ | — | $ | 3,498 | ||||||||
|
* |
See schedules of investments for industry classifications. |
|
** |
Futures contracts include unrealized gain/loss on contracts open at June 30, 2020. |
|
*** |
A corresponding liability exists that is marked to market and is considered Level 1 in the fair value hierarchy. |
4. Investment Transactions
For the six months ended June 30, 2020, the cost of purchases and proceeds from sales or maturities of long-term investments for the Funds, excluding U.S. Government investments and short positions, were as follows:
Purchases |
Sales |
|||||||
Muirfield |
$ | 515,432,328 | $ | 563,845,248 | ||||
Spectrum |
120,911,177 | 162,654,198 | ||||||
Global |
23,060,416 | 28,226,172 | ||||||
Balanced |
295,408,658 | 314,782,522 | ||||||
Moderate |
125,049,788 | 132,866,227 | ||||||
Conservative |
100,038,718 | 103,950,801 | ||||||
Dynamic |
170,159,660 | 175,631,494 | ||||||
Quantex |
30,778,876 | 39,816,101 | ||||||
Bond |
31,936,932 | 33,273,757 | ||||||
For the six months ended June 30, 2020, the cost of purchases and proceeds from sales or maturities of long-term U.S. Government investments for the Funds are as follows:
Purchases |
Sales |
|||||||
Global |
$ | 272,736 | $ | 442,400 | ||||
Balanced |
8,129,172 | 10,253,264 | ||||||
Moderate |
5,702,471 | 7,031,566 | ||||||
Conservative |
7,000,714 | 7,994,830 | ||||||
Bond |
3,678,526 | 1,688,658 | ||||||
Page 130 |
2020 Semiannual Report | June 30, 2020 |
5. Investment Advisory Fees and Other Transactions with Affiliates and Non-Affiliates
Meeder Asset Management, Inc. (“MAM”), a wholly-owned subsidiary of Meeder Investment Management, Inc. (“Meeder”), provides the Funds with investment management, research, statistical and advisory services pursuant to the terms of an Investment Advisory Agreement. The services of MAM will terminate automatically if assigned and may be terminated without penalty at any time upon 60 days prior written notice by majority vote of the Fund, by the Trustees of the Fund, or by MAM. For such services the Funds pay a fee at the following annual rates:
Percentage of Average |
Percentage of Average |
Percentage of Average |
Percentage of Average |
|
Muirfield |
1.00% |
0.75% |
0.60% |
0.60% |
Spectrum |
0.75% |
0.75% |
0.75% |
0.60% |
Global |
0.75% |
0.75% |
0.75% |
0.60% |
Balanced |
0.75% |
0.75% |
0.75% |
0.60% |
Moderate |
0.60% |
0.60% |
0.60% |
0.60% |
Conservative |
0.50% |
0.50% |
0.50% |
0.50% |
Dynamic |
0.75% |
0.75% |
0.75% |
0.60% |
Quantex |
0.75% |
0.75% |
0.60% |
0.60% |
Bond |
0.40% |
0.40% |
0.20% |
0.20% |
Prime Money Market |
0.40% |
0.40% |
0.25% |
0.25% |
Institutional Prime Money Market |
0.40% |
0.40% |
0.25% |
0.25% |
Fee Waivers & Expense Limitation Agreements. MAM has contractually agreed to reduce its advisory fees or limit total annual ordinary fund operating expenses for certain Funds pursuant to written agreements that may only be amended or terminated with the approval of the board. The sums waived or reimbursed under these agreements are not subject to recoupment.
MAM contractually agreed to reduce its investment advisory fee by 0.10% for Dynamic for average daily net assets up to $200 million. During the six months ended June 30, 2020, $86,542 of investment advisory fees were waived in Dynamic.
MAM contractually agreed to reduce its investment advisory fee by 0.11% for Bond for average daily net assets up to $100 million. During the six months ended June 30, 2020, $34,085 of investment advisory fees were waived in Bond.
Mutual Funds Service Co. (“MFSCo”), a wholly-owned subsidiary of Meeder, serves as stock transfer, dividend disbursing and shareholder services agent for each Fund. In compensation for such services, each Fund pays MFSCo an annual fee equal to the greater of the following:
Minimum Fee |
Percentage of Average |
Percentage of Average |
||||||||||
Muirfield |
$ | 4,000 | 0.12 | % | 0.03 | % | ||||||
Spectrum |
4,000 | 0.12 | % | 0.03 | % | |||||||
Global |
4,000 | 0.12 | % | 0.03 | % | |||||||
Balanced |
4,000 | 0.12 | % | 0.03 | % | |||||||
Moderate |
4,000 | 0.12 | % | 0.03 | % | |||||||
Conservative |
4,000 | 0.12 | % | 0.03 | % | |||||||
Dynamic |
4,000 | 0.12 | % | 0.03 | % | |||||||
Quantex |
4,000 | 0.12 | % | 0.03 | % | |||||||
Bond |
4,000 | 0.08 | % | 0.03 | % | |||||||
Prime Money Market |
4,000 | 0.08 | % | 0.03 | % | |||||||
Institutional Prime Money Market |
4,000 | 0.08 | % | 0.03 | % | |||||||
Prior to January 1, 2020, for fixed income Funds (Bond, Prime Money Market, and Institutional Prime Money Market) that were subject to an expense cap and which were above the expense cap, the basis point fee was reduced by 0.02%. Effective January 1, 2020 there is no such reduction. Management may voluntarily waive fees for any Fund. During the six months ended June 30, 2020, there were no transfer agent fees waived.
2020 Semiannual Report | June 30, 2020 |
Page 131 |
MFSCo provides the Trust with certain administrative services. In compensation for such services, each Fund pays MFSCo at the following annual rates:
Percentage of Average |
Percentage of Average |
Percentage of Average |
|
Muirfield |
0.10% |
0.08% |
0.03% |
Spectrum |
0.10% |
0.08% |
0.03% |
Global |
0.10% |
0.08% |
0.03% |
Balanced |
0.10% |
0.08% |
0.03% |
Moderate |
0.10% |
0.08% |
0.03% |
Conservative |
0.10% |
0.08% |
0.03% |
Dynamic |
0.10% |
0.08% |
0.03% |
Quantex |
0.10% |
0.08% |
0.03% |
Bond |
0.10% |
0.08% |
0.03% |
Prime Money Market |
0.10% |
0.08% |
0.03% |
Institutional Prime Money Market |
0.10% |
0.08% |
0.03% |
MFSCo serves as accounting services agent for each Fund. In compensation for such services, each Fund pays MFSCo an annual fee equal to the greater of a minimum fee or at a rate based on the percentage of average daily net assets. The annual rates are as follows:
Minimum Fee |
Percentage of |
Percentage of |
Percentage of |
Percentage of |
||||||||||||||||
Muirfield |
$ | 7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | ||||||||||
Spectrum |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Global |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Balanced |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Moderate |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Conservative |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Dynamic |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Quantex |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Bond |
7,500 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Prime Money Market |
30,000 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
Institutional Prime Money Market |
30,000 | 0.15 | % | 0.10 | % | 0.02 | % | 0.01 | % | |||||||||||
For the six months ended June 30, 2020, MAM and MFSCo agreed to voluntarily waive and/or reimburse investment advisory fees and/or transfer agent fees, respectively. The cumulative amounts voluntarily waived and/or reimbursed and the impact to the net expense ratio (excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses) for each Fund are as follows:
Voluntary Expense |
Impact of Voluntary |
Impact of Voluntary |
Impact of Voluntary |
Impact of Voluntary |
||||||||||||||||
Muirfield |
$ | — | N/A | N/A | N/A | N/A | ||||||||||||||
Spectrum |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Global |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Balanced |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Moderate |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Conservative |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Dynamic |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Quantex |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Bond |
— | N/A | N/A | N/A | N/A | |||||||||||||||
Prime Money Market |
112,759 | 0.63 | % | N/A | N/A | N/A | ||||||||||||||
Institutional Prime Money Market |
611,925 | 0.37 | % | N/A | N/A | N/A | ||||||||||||||
Page 132 |
2020 Semiannual Report | June 30, 2020 |
Certain Funds have entered into securities lending arrangements with Huntington National Bank (“HNB”). Under the terms of the agreement, HNB is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned. The cash collateral is invested in short term instruments as noted in the Schedules of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against charges incurred by the Funds. HNB is paid a fee for administering the securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement. As of June 30, 2020, Muirfield, Spectrum, Global, Balanced, Moderate, Conservative, and Dynamic had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. For the six months ended June 30, 2020, income earned through securities lending arrangements was as follows:
Amount Received |
||||
Muirfield |
$ | 3,881 | ||
Spectrum |
2,614 | |||
Global |
62 | |||
Balanced |
1,469 | |||
Moderate |
332 | |||
Conservative |
130 | |||
Dynamic |
696 | |||
Quantex |
6,696 | |||
The Funds have adopted a written plan pursuant to Rule 12b-1 of the 1940 Act that allows the Funds to pay fees for the sale and distribution of Fund shares and for services provided to Fund shareholders. 12b-1 fees are paid by the Funds to financial intermediaries, securities brokers, investment advisers, and other persons, including affiliates of MAM. For the six months ended June 30, 2020, total 12b-1 plan expense payments made to the Funds’ affiliated distributor was $42,779. The annual adopted 12b-1 plan maximum limitations for the six months ended June 30, 2020, are as follows:
Maximum Annual |
Maximum Annual |
Maximum Annual |
Maximum Annual |
12b-1 Plan Expense |
|
Muirfield |
N/A |
0.20% |
N/A |
N/A |
$20,631 |
Spectrum |
N/A |
0.25% |
N/A |
N/A |
1,288 |
Global |
N/A |
0.25% |
N/A |
N/A |
1,224 |
Balanced |
N/A |
0.25% |
N/A |
N/A |
2,889 |
Moderate |
N/A |
0.25% |
N/A |
N/A |
438 |
Conservative |
N/A |
0.25% |
N/A |
N/A |
3,775 |
Dynamic |
N/A |
0.25% |
N/A |
N/A |
3,912 |
Quantex |
N/A |
0.20% |
N/A |
N/A |
7,412 |
Bond |
N/A |
0.25% |
N/A |
N/A |
1,210 |
Prime Money Market |
0.20% |
N/A |
N/A |
N/A |
N/A |
Institutional Prime Money Market |
0.20% |
N/A |
N/A |
N/A |
N/A |
2020 Semiannual Report | June 30, 2020 |
Page 133 |
The Funds (other than the Money Market Funds) have adopted a shareholder services plan that allows the Funds to pay financial intermediaries and other persons, including “platforms,” for providing shareholder and administrative services to Fund shareholders and maintaining shareholder accounts. The annual adopted shareholder services plan maximum limitations for the six months ended June 30, 2020 are as follows:
Maximum Annual |
Maximum Annual |
Maximum Annual |
|
Muirfield |
0.20% |
0.25% |
0.10% |
Spectrum |
0.20% |
0.25% |
0.10% |
Global |
0.20% |
0.25% |
0.10% |
Balanced |
0.20% |
0.25% |
0.10% |
Moderate |
0.20% |
0.25% |
0.10% |
Conservative |
0.20% |
0.25% |
0.10% |
Dynamic |
0.20% |
0.25% |
0.10% |
Quantex |
0.20% |
0.25% |
0.10% |
Bond |
0.20% |
0.25% |
0.10% |
The Funds have adopted a Deferred Compensation Plan (the “Plan”) for the independent Trustees. Under the Plan, each eligible Trustee is permitted to defer all or a portion of the trustees fees payable by any of the Funds as an investment into any combination of Funds until a specified point of time. The investment into the Funds is recorded as an asset however an offsetting liability is also recorded for the deferred payment. Amounts deferred under the Plan may be distributed in a lump sum or generally equal annual installments over a period of up to ten (10) years to the eligible Trustee(s). The Funds may terminate this Plan at any time.
Certain trustees and officers of the Funds are also officers or directors of Meeder, MAM, and MFSCo.
During the six months ended June 30, 2020, several of the Funds invested in the Institutional Prime Money Market Fund, an affiliate, as described in Section 2(a)(3) of the Investment Company Act of 1940. The purchases/sales amounts in the following table are presented on a gross basis, while the statement of changes in net assets shows subscriptions and redemptions into and out of the Fund on a net basis. The Funds’ investments in the Institutional Prime Money Market Fund, which had a 7-day yield of 0.30% on June 30, 2020, were as follows:
12/31/19 |
Purchases |
Sales |
Realized |
6/30/20 Cost |
Change in |
Income |
6/30/20 |
|||||||||||||||||||||||||
Muirfield |
$ | 131,391,282 | $ | 47,486,283 | $ | (118,536,087 | ) | $ | (25,541 | ) | $ | 60,300,142 | $ | 23,120 | $ | 569,160 | $ | 60,339,057 | ||||||||||||||
Spectrum |
5,987,102 | 59,452,024 | (37,400,065 | ) | (3,409 | ) | 28,035,646 | 14,222 | 42,882 | 28,049,874 | ||||||||||||||||||||||
Global |
16,954,500 | 6,287,478 | (10,284,324 | ) | 11 | 12,956,195 | 6,699 | 81,314 | 12,964,364 | |||||||||||||||||||||||
Balanced |
67,392,229 | 56,174,946 | (67,591,513 | ) | (20,024 | ) | 55,947,406 | 31,441 | 313,989 | 55,987,079 | ||||||||||||||||||||||
Moderate |
23,031,540 | 32,341,149 | (34,631,494 | ) | (6,388 | ) | 20,731,388 | 12,882 | 114,572 | 20,747,689 | ||||||||||||||||||||||
Conservative |
9,379,205 | 32,433,437 | (31,443,766 | ) | (4,369 | ) | 10,363,214 | 8,953 | 52,846 | 10,373,460 | ||||||||||||||||||||||
Dynamic |
40,107,913 | 8,610,488 | (34,401,657 | ) | (8 | ) | 14,312,412 | 5,636 | 150,657 | 14,322,372 | ||||||||||||||||||||||
Quantex |
1,503,598 | 10,009,260 | (10,685,424 | ) | 1,342 | 827,426 | (770 | ) | 9,419 | 828,006 | ||||||||||||||||||||||
Bond |
2,171,908 | 14,756,421 | (14,916,001 | ) | (153 | ) | 2,012,254 | 2,587 | 10,495 | 2,014,762 | ||||||||||||||||||||||
Page 134 |
2020 Semiannual Report | June 30, 2020 |
6. Federal Tax Information
The following information is computed on a tax basis for each item as of December 31, 2019:
Tax Cost of |
Gross Unrealized |
Gross Unrealized |
Net Unrealized |
|||||||||||||
Muirfield |
$ | 582,492,556 | $ | 98,761,380 | $ | (10,383,131 | ) | $ | 88,378,249 | |||||||
Spectrum |
109,404,340 | 45,507,927 | (10,862,557 | ) | 34,645,370 | |||||||||||
Global |
44,449,095 | 5,051,765 | (396,330 | ) | 4,655,435 | |||||||||||
Balanced |
363,864,994 | 42,802,913 | (4,412,379 | ) | 38,390,534 | |||||||||||
Moderate |
163,881,958 | 12,492,276 | (1,399,698 | ) | 11,092,578 | |||||||||||
Conservative |
129,438,396 | 7,115,526 | (819,141 | ) | 6,296,385 | |||||||||||
Dynamic |
171,684,610 | 27,516,340 | (2,624,063 | ) | 24,892,277 | |||||||||||
Quantex |
51,060,234 | 14,021,563 | (1,331,283 | ) | 12,690,280 | |||||||||||
Bond |
60,218,608 | 1,806,908 | (210,860 | ) | 1,596,048 | |||||||||||
Prime Money Market |
34,789,924 | — | — | — | ||||||||||||
Institutional Prime Money Market |
369,937,729 | 46,398 | (27,101 | ) | 19,297 | |||||||||||
The tax characteristics of dividends paid by the Funds during the year ended December 31, 2019 were as follows:
Ordinary Income |
Net Short-Term |
Net Long-Term |
Total Dividends |
|||||||||||||
Muirfield |
$ | 3,218,545 | $ | — | $ | 15,318,351 | $ | 18,536,896 | ||||||||
Spectrum |
143,754 | — | 1,927,105 | 2,070,859 | ||||||||||||
Global |
326,800 | 279,432 | 614,316 | 1,220,548 | ||||||||||||
Balanced |
3,766,194 | — | 2,810,783 | 6,576,977 | ||||||||||||
Moderate |
3,444,296 | — | — | 3,444,296 | ||||||||||||
Conservative |
3,375,522 | — | — | 3,375,522 | ||||||||||||
Dynamic |
1,941,019 | — | 3,035,347 | 4,976,366 | ||||||||||||
Quantex |
521,859 | — | — | 521,859 | ||||||||||||
Bond |
1,749,960 | — | — | 1,749,960 | ||||||||||||
Prime Money Market |
725,101 | — | — | 725,101 | ||||||||||||
Institutional Prime Money Market |
9,951,803 | — | — | 9,951,803 | ||||||||||||
The tax characteristics of dividends paid by the Funds during the year ended December 31, 2018 were as follows:
Ordinary Income |
Net Short Term |
Net Long Term |
Total Dividends |
|||||||||||||
Muirfield |
$ | 4,158,041 | $ | 1,999,996 | $ | 3,470,512 | $ | 9,628,549 | ||||||||
Spectrum |
525,534 | — | 2,147,422 | 2,672,956 | ||||||||||||
Global |
547,173 | 252,504 | 2,206,115 | 3,005,792 | ||||||||||||
Balanced |
3,879,662 | 1,729,689 | 81,230 | 5,690,581 | ||||||||||||
Moderate |
2,437,338 | 3,777,218 | 1,204,467 | 7,419,023 | ||||||||||||
Conservative |
2,595,679 | — | 2,210,813 | 4,806,492 | ||||||||||||
Dynamic |
1,272,412 | 536,466 | 616,039 | 2,424,917 | ||||||||||||
Quantex |
68,853 | — | — | 68,853 | ||||||||||||
Bond |
1,575,699 | — | — | 1,575,699 | ||||||||||||
Prime Money Market |
552,567 | — | — | 552,567 | ||||||||||||
Institutional Prime Money Market |
6,751,720 | — | — | 6,751,720 | ||||||||||||
2020 Semiannual Report | June 30, 2020 |
Page 135 |
As of December 31, 2019, the components of distributable earnings/(accumulated deficit) on a tax basis for the Funds were as follows:
Undistributed |
Undistributed |
Accumulated |
Unrealized |
Total |
||||||||||||||||
Muirfield |
$ | 4,846,891 | $ | — | $ | (22,550,028 | ) | $ | 88,378,249 | $ | 70,675,112 | |||||||||
Spectrum |
1,378,978 | — | (6,441,098 | ) | 34,645,370 | 29,583,250 | ||||||||||||||
Global |
585,460 | 689,687 | (86,800 | ) | 4,655,435 | 5,843,782 | ||||||||||||||
Balanced |
3,266,299 | — | (5,309,571 | ) | 38,390,534 | 36,347,262 | ||||||||||||||
Moderate |
187,398 | — | (1,486,503 | ) | 11,092,578 | 9,793,473 | ||||||||||||||
Conservative |
181,653 | — | (2,487,584 | ) | 6,296,385 | 3,990,454 | ||||||||||||||
Dynamic |
1,179,110 | 3,372,405 | (170,236 | ) | 24,892,277 | 29,273,556 | ||||||||||||||
Quantex |
22,803 | — | (398,299 | ) | 12,690,280 | 12,314,784 | ||||||||||||||
Bond |
10,674 | — | (11,698,753 | ) | 1,596,048 | (10,092,031 | ) | |||||||||||||
Institutional Prime Money Market |
3,145 | — | (6,385 | ) | 19,297 | 16,057 | ||||||||||||||
|
* |
Total dividends paid may differ from the amount reported in the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. Short-term capital gains distributions are taxed as ordinary income. |
|
** |
The differences between book- and tax-basis unrealized appreciation/(depreciation) are attributable primarily to: wash sales and the realization for tax purposes of unrealized gains/(losses) on certain derivative instruments. |
For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2019, which are not subject to expiration and are available to offset future capital gains, if any. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders:
Short-Term Capital |
Long-Term Capital |
Capital Loss |
||||||||||
Muirfield |
$ | 11,699,298 | $ | 10,641,087 | $ | — | ||||||
Spectrum |
6,375,172 | — | — | |||||||||
Balanced |
2,552,595 | 2,620,278 | — | |||||||||
Moderate |
1,333,092 | 135,295 | — | |||||||||
Conservative |
2,298,420 | 134,386 | — | |||||||||
Bond |
8,982,216 | 2,656,435 | 497,518 | |||||||||
Institutional Prime Money Market |
1,841 | 1,504 | — | |||||||||
Under the current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As presented in the table below, the following Funds elected to defer capital losses for the fiscal year ended December 31, 2019:
Short-Term |
Long-Term |
Total |
||||||||||
Quantex |
$ | 218,672 | $ | 127,932 | $ | 346,604 | ||||||
Page 136 |
2020 Semiannual Report | June 30, 2020 |
7. Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of June 30, 2020, there were no beneficial owners that held more than 25% of the voting securities of the Funds.
8. Contingencies and Commitments
The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
9. Subsequent Events
Management evaluated subsequent events through the date these financial statements were issued and concluded no subsequent events required recognition or disclosure in these financial statements.
Other Information
The Trust files a complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-PORT. In addition, Prime Money Market Fund and Institutional Prime Money Market Fund file their complete schedules of portfolio holdings with the SEC each month on Form N-MFP. Forms N-PORT and N-MFP are available on the SEC’s website at www.sec.gov. Information regarding Fund holdings is also available at www.meederinvestment.com.
The investment adviser is responsible for exercising the voting rights associated with the securities purchased or held by the Funds. A description of the policies and procedures that the adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the most recent 12-month period ending June 30 are available, without charge, by calling 1-800-325-3539 or on the SEC’s website at www.sec.gov.
2020 Semiannual Report | June 30, 2020 |
Page 137 |
Shareholder Expense Analysis (unaudited)
Shareholders of mutual funds pay ongoing expenses, such as advisory fees, distribution and service fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested for the period of time indicated in the table below.
The Actual Expense example provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g.: an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
The Hypothetical Expense example provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return of any Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Beginning Account Value |
Ending Account Value |
Expenses Paid |
Net Expense |
|||||||||||||||||||||||||
Actual |
Hypothetical |
Actual |
Hypothetical |
Actual |
Hypothetical |
Actual |
||||||||||||||||||||||
Muirfield Fund |
||||||||||||||||||||||||||||
Retail Class |
$ | 1,000.00 | $ | 1,000.00 | $ | 879.90 | $ | 1,018.50 | $ | 5.98 | $ | 6.42 | 1.28 | % | ||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 880.80 | 1,019.99 | 4.58 | 4.92 | 0.98 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 879.80 | 1,020.09 | 4.49 | 4.82 | 0.96 | % | ||||||||||||||||||||
Spectrum Fund |
||||||||||||||||||||||||||||
Retail Class |
1,000.00 | 1,000.00 | 838.40 | 1,015.32 | 8.78 | 9.62 | 1.92 | % | ||||||||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 840.30 | 1,017.16 | 7.09 | 7.77 | 1.55 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 840.00 | 1,017.30 | 6.95 | 7.62 | 1.52 | % | ||||||||||||||||||||
Global Allocation Fund |
||||||||||||||||||||||||||||
Retail Class |
1,000.00 | 1,000.00 | 865.70 | 1,016.11 | 8.16 | 8.82 | 1.76 | % | ||||||||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 867.00 | 1,017.90 | 6.50 | 7.02 | 1.40 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 867.10 | 1,018.30 | 6.13 | 6.62 | 1.32 | % | ||||||||||||||||||||
Balanced Fund |
||||||||||||||||||||||||||||
Retail Class |
1,000.00 | 1,000.00 | 920.90 | 1,017.85 | 6.73 | 7.07 | 1.41 | % | ||||||||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 923.10 | 1,019.69 | 4.97 | 5.22 | 1.04 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 923.10 | 1,019.69 | 4.97 | 5.22 | 1.04 | % | ||||||||||||||||||||
Moderate Allocation Fund |
||||||||||||||||||||||||||||
Retail Class |
1,000.00 | 1,000.00 | 948.60 | 1,018.00 | 6.69 | 6.92 | 1.38 | % | ||||||||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 950.40 | 1,019.84 | 4.90 | 5.07 | 1.01 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 950.50 | 1,019.89 | 4.85 | 5.02 | 1.00 | % | ||||||||||||||||||||
Conservative Allocation Fund |
||||||||||||||||||||||||||||
Retail Class |
1,000.00 | 1,000.00 | 979.10 | 1,018.45 | 6.35 | 6.47 | 1.29 | % | ||||||||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 981.10 | 1,020.19 | 4.63 | 4.72 | 0.94 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 980.80 | 1,020.24 | 4.58 | 4.67 | 0.93 | % | ||||||||||||||||||||
Dynamic Allocation Fund |
||||||||||||||||||||||||||||
Retail Class |
1,000.00 | 1,000.00 | 956.20 | 1,017.75 | 6.96 | 7.17 | 1.43 | % | ||||||||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 958.00 | 1,019.54 | 5.21 | 5.37 | 1.07 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 959.10 | 1,019.84 | 4.92 | 5.07 | 1.01 | % | ||||||||||||||||||||
Page 138 |
2020 Semiannual Report | June 30, 2020 |
Beginning Account Value |
Ending Account Value |
Expenses Paid |
Net Expense |
|||||||||||||||||||||||||
Actual |
Hypothetical |
Actual |
Hypothetical |
Actual |
Hypothetical |
Actual |
||||||||||||||||||||||
Quantex Fund |
||||||||||||||||||||||||||||
Retail Class |
$ | 1,000.00 | $ | 1,000.00 | $ | 737.80 | $ | 1,017.30 | $ | 6.57 | $ | 7.62 | 1.52 | % | ||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 738.20 | 1,017.85 | 6.09 | 7.07 | 1.41 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 738.50 | 1,018.10 | 5.88 | 6.82 | 1.36 | % | ||||||||||||||||||||
Total Return Bond Fund |
||||||||||||||||||||||||||||
Retail Class |
1,000.00 | 1,000.00 | 1,042.00 | 1,019.05 | 5.94 | 5.87 | 1.17 | % | ||||||||||||||||||||
Adviser Class |
1,000.00 | 1,000.00 | 1,043.80 | 1,020.93 | 4.01 | 3.97 | 0.79 | % | ||||||||||||||||||||
Institutional Class |
1,000.00 | 1,000.00 | 1,043.80 | 1,020.98 | 3.96 | 3.92 | 0.78 | % | ||||||||||||||||||||
Prime Money Market Fund |
1,000.00 | 1,000.00 | 1,004.30 | 1,023.42 | 1.45 | 1.46 | 0.29 | % | ||||||||||||||||||||
Institutional Prime Money Market Fund |
1,000.00 | 1,000.00 | 1,005.40 | 1,024.12 | 0.75 | 0.75 | 0.15 | % | ||||||||||||||||||||
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any transactional costs were included, your costs would have been higher.
|
1 |
Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, divided by the number of days in the fiscal year (to reflect the one-half year period). |
|
2 |
Annualized net expense ratio reflects contractual or voluntary waivers and reimbursements of expenses by the investment adviser and transfer agent. |
2020 Semiannual Report | June 30, 2020 |
Page 139 |
Privacy Policy
Meeder Investment Management and the Meeder Funds are committed to maintaining the financial privacy of our current, former and prospective customers. This policy explains how we protect the security and confidentiality of our customer’s information.
PERSONAL INFORMATION WE COLLECT
We may collect information about Meeder customers from a variety of sources, including:
|
● |
Information provided by you or your representative on applications or forms, such as your name, address, date of birth, social security number and investment objectives; |
|
● |
Information about the transactions in your account, such as your account balance and transaction history; and |
|
● |
Information we obtain from third parties regarding you, to verify your identity or transfer your account. |
INFORMATION WE SHARE WITH OUR AFFILIATES
Our affiliates are financial service providers that offer transfer agency, customer accounting, customer servicing, investment advisory, and other financial services. We share information with our affiliates to service your account. In addition, we may also share information with our affiliates to alert you to other products or services offered by Meeder to the extent provided by law. Information collected from customers whose accounts are opened through investment professionals is not shared with Meeder affiliates for marketing purposes.
INFORMATION WE SHARE WITH THIRD PARTIES
On occasion, we share information we collect about you with unaffiliated third parties to perform services in connection with your account, such as processing transactions, preparing and mailing account statements, and other forms of customer servicing. Information provided to third parties may not be used for any other purpose and Meeder does not permit unaffiliated third parties to use customer information to market their products or services.
HOW WE PROTECT INFORMATION ABOUT YOU
We maintain policies, and require all unaffiliated third parties to maintain policies, to safeguard customer information. We restrict access to nonpublic personal information about you to those persons who need to know that information in order to provide products and services to you. We also maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information.
WHO THIS POLICY APPLIES TO
This policy applies to customers who open relationships directly with Meeder. It applies to Meeder Funds and Meeder’s affiliated companies, including Meeder Asset Management, Meeder Advisory Services, Meeder Public Funds, Meeder Distribution Services, Inc. (f.k.a. Adviser Dealer Services, Inc.) and Mutual Funds Service Company.
QUESTIONS
Contact us at 800-325-3539 or visit us online at www.meederinvestment.com
Page 140 |
2020 Semiannual Report | June 30, 2020 |
Manager and Investment Adviser
Meeder Asset Management, Inc.
6125 Memorial Drive
P.O. Box 7177
Dublin, Ohio 43017
Board of Trustees
Stuart M. Allen
Anthony V. D’Angelo
Robert S. Meeder, Jr.
Jeffrey R. Provence
Custodian
The Huntington National Bank
Columbus, Ohio 43215
Transfer Agent & Dividend Disbursing Agent
Mutual Funds Service Co.
6125 Memorial Drive
Dublin, Ohio 43017
Distributor
Meeder Distribution Services, Inc. (f.k.a. Adviser Dealer Services, Inc.)
6125 Memorial Drive
Dublin, Ohio 43017
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, Ohio 44115
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function. There were no amendments made to, or waivers granted from, the code of ethics during the fiscal year.
Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Trust has determined that Jeffrey R. Provence is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Provence is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
| 2020 | 2019 | |||||||
| Audit Fees | $ | 119,400 | $ | 123,400 | ||||
| Audit-Related Fees | 0 | 300 | ||||||
| Tax Fees | 43,500 | 51,000 | ||||||
| All Other Fees | 2,239 | 1,971 | ||||||
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements, including, but not limited to, mileage, lodging, and meals. Tax fees include amounts related to tax compliance, tax planning, and tax advice, including the review and preparation of the Funds’ income tax returns, the review and preparation of the Funds’ excise tax returns, the review of supporting schedules and documentation provided by management, the review and recalculation of the Funds’ estimated distribution calculations, and the review of wash sales for reasonableness. All other fees include amounts related to the registrant’s annual filing of Form N1A.
(e)(1) A purpose of the Audit Committee is to approve the engagement of the registrant’s independent auditors (i) to render audit and non-audit services for the registrant in accordance with Rule 2-01(c)(7)(i) of Regulation S-X, subject to the waiver provisions set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X, and (ii) to render non-audit services for the registrant’s investment advisors (other than a sub-advisor whose role is primarily portfolio management and is subcontracted or overseen by another investment advisor) and any other entity controlling by, or under common control with the investment advisor that provides ongoing services to the registrant, in each case under (ii) if the engagement relates directly to the operations and financial reporting of the registrant, in accordance with Rule 2-01(c)(7)(ii) of Regulation S-X, subject to waiver provisions set forth in Rule 2-01(c)(7)(ii) of Regulation S-X.
(e)(2) 0% of services included in (b) – (d) above were approved pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant were $37,000 and $69,450 respectively.
(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Items 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.
(b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of Ethics filed herewith as EX-99.CODE ETH.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Meeder Funds
| By: | /s/ Bruce E. McKibben |
| Bruce E. McKibben, Treasurer | |
| Date: | September 4, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Bruce E. McKibben |
| Bruce E. McKibben, Treasurer | |
| Date: | September 4, 2020 |
| By: | /s/ Robert S. Meeder, Jr. |
| Robert S. Meeder, Jr., President | |
| Date: | September 4, 2020 |