Meeder Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03462

Meeder Funds Trust

6125 Memorial Drive

Dublin, OH 43017

Bruce McKibben

c/o Meeder Funds Trust

6125 Memorial Drive

Dublin, OH 43017

Registrant’s telephone number, including area code: 800-325-3539

Date of fiscal year end: December 31, 2021

Date of reporting period: June 30, 2021

Item 1. Report to Stockholders.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.meederinvestment.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-325-3539 or by sending an email request to meederfunds@meederinvestment.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-800-325-3539 or send an email request to meederfunds@meederinvestment.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the Fund complex if you invest directly with a Fund.

TABLE OF CONTENTS


Letter to Shareholders	1
Portfolio Composition	3
Schedules of Investments	9
Statements of Assets & Liabilities	90
Statements of Operations	92
Statements of Changes in Net Assets	94
Financial Highlights	98
Notes to Financial Statements	108
Shareholder Expense Analysis	126

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. (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, 2021

CAPITAL MARKETS UPDATE AS OF JUNE 30, 2021

●

S&P 500 Index Reaches All-Time High

●

Labor Markets Remain Soft

●

Fed Not Yet Concerned About Inflation

U.S. MARKETS

The S&P 500 Index slowly and quietly reached new highs during the second quarter. At the end of the June, the total return for the S&P 500 Index was +15% year-to-date and reached a record high level of 4,297. When looking at Russell Indices, small cap stocks were the best performers followed by mid and large cap stocks. Value oriented companies still outperformed their growth peers, with nearly all the styles posting double digit returns year-to-date. Emerging and developed international markets, as represented by the MSCI EM and MSCI EAFE indices, have year-to-date total returns that are more than +7% and +8% respectively. Bonds, represented by the Bloomberg Barclays Aggregate Bond Index, continue to struggle in this risk-on environment and are -2% year-to-date.

ECONOMY

The U.S. economy showed broad strength throughout the second quarter of 2021. In June, the national unemployment rate remained stable at 5.9%. According to the Bureau of Labor, the U.S. manufacturing sector continued its expansion at a slower rate, as the ISM Manufacturing PMI Index fell slightly from 61.2 in May to 60.6 in June. Over the same period, the ISM Services PMI Index fell from an all-time high of 64.0 to 60.1. A level above 50 indicates that the sector is expanding, while a level below 50 demonstrates a contraction.

The housing market continues to have low inventory, as mortgage rates remain near all-time lows. This has kept single family housing prices elevated across the country. Another contributor is the fact that commodities such as steel, copper and lumber reached new highs earlier this year before retreating. This slowed new housing starts dramatically, as those planning to build homes were forced to delay or abandon construction due to the spike in raw material costs. Part of this increase is likely attributed to the Federal COVID-19 relief legislation that has put trillions of dollars into the U.S. economy to ease the impact from the pandemic and has increased the demand for a limited amount of supply.

THE FED’S VIEW ON INFLATION

The Fed remains committed to fulfilling their dual mandate, which is to help the economy reach full employment and maintain price stability. At the most recent meeting on June 16, the Federal Reserve Open Market Committee met and forecasted that inflation will rise above their 2% threshold up to 3.4% by the end of 2021.

They will remain committed to reacting to inflation once it occurs and not when signs of inflation are beginning to become evident. The Fed also acknowledged that their actions have not always benefitted everyone equally and that certain ethnic and gender groups bore more of the economic burden than other parts of the labor force when they attempted to combat potential inflation.

The Fed also has the opinion that inflation rising above its threshold for a measured amount of time will not cause negative long-term implications for the economy. Currently the Fed believes that the inflation we are experiencing now is from parts of the economy that were impacted by the reopening after the pandemic and that it will be “transitory,” or not persistent.

Fed Chair Jerome Powell stated it is “very, very unlikely” that the U.S. would see inflationary pressures like we did in the 1970s. Meanwhile, the U.S. core personal consumption expenditure (PCE) index increased 3.4% year-over-year as of May 2021, making it the highest change since 1992. This index is different from CPI because it excludes the asset classes that have historically experienced more price volatility, such as food and energy. In addition, it also includes medical care expenses paid for by employers.

One additional update from the Fed’s most recent meeting showed a change in the dot-plot. This is a tool that many economists follow and is a poll of Fed members that forecasts when changes in interest rates could occur. The latest poll indicated that two rate hikes could be possible in 2023 and was a major shift toward monetary tightening from the prior poll. Chairman Powell reiterated that these projections should be taken with a “big grain of salt.”

U.S. COVID-19 UPDATE

According to the CDC, more than 58% of the population age 18 and older are fully vaccinated in the U.S., and more than 67% have received at least one dose. The success rate of the vaccinations in use remains excellent. More than 156 million people have been fully vaccinated and less than 700 people of those fully vaccinated have died with COVID-19.

2021 Semiannual Report | June 30, 2021

Page 1

Although the U.S. is getting closer to fully reopening, a labor shortage is becoming more widespread. Many businesses are not able to completely reopen, as they are having difficulty finding workers. One of the unintended consequences of COVID-19 relief is that, in some cases, the government provided stimulus checks to unemployed workers that amounted to more than the employees made while working. Therefore, many unemployed Americans are not returning to work because they are making more money than if they return to work. This is contributing to a record number of U.S. nonfarm job openings. According to the BLS the U.S. reached more than 9.2 million openings in May.

POTENTIAL CAPITAL GAINS TAX CHANGES

Recently, the White House proposed a higher top capital gains tax rate for long-term investments of American households making at least $1 million. It would be an increase from 23.8% (that includes the 3.8% Medicare surtax) to 43.4% (including the 3.8% Medicare surtax). This would make it even higher than the proposed top income tax rate of 39.6%. The administration is also considering supporting the American Families Plan. The one unusual caveat is that the White House is planning to implement this tax retroactive from the date of the announcement, which was late April 2021. Finally, the administration is also proposing a capital gains tax on unrealized capital gains upon the owner’s death. This is not to be confused with estate taxes, which are also commonly referred to as “death taxes.”

WE STAND READY

So much has happened that it is hard to believe we are halfway through 2021. The medical community now agrees that the worst of the pandemic in the U.S. seems to be behind us, as we inch closer to herd immunity. The economy continues to strengthen from the havoc wreaked by this event and life is getting closer to returning to normal, as fans are attending indoor and outdoor sporting events and concerts. Please know that regardless of what the future holds, we will continue to follow our data-driven models and make fact-based decisions when managing our investment portfolios. Thank you for letting us continue to serve you as we stand ready for what lies ahead.

Sincerely,

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

Page 2

2021 Semiannual Report | June 30, 2021

Portfolio Composition

June 30, 2021

Muirfield Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Information Technology	29.4%
Healthcare	18.6%
Consumer Discretionary	11.8%
Communication Services	11.6%
Financials	11.2%
Industrials	5.2%
Real Estate Investment Trust	3.3%
Energy	2.9%
Utilities	2.5%
Materials	1.9%
Consumer Staples	1.6%
Total	100.0%

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

Top 10 Holdings as of June 30, 2021	% of total net assets
Microsoft Corp.	4.4%
Apple, Inc.	3.0%
Amazon.com, Inc.	2.5%
Alphabet, Inc. - Class C	2.0%
Berkshire Hathaway, Inc. - Class B	1.6%
Facebook, Inc.	1.4%
Johnson & Johnson	1.4%
Home Depot, Inc./The	1.3%
Alphabet Inc. - CL A	1.1%
Adobe, Inc.	1.0%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	81.9%
Money Market Registered Investment Companies	15.4%
Bank Obligations	0.1%
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 it holds in a proprietary money market fund.

Spectrum Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Information Technology	28.8%
Healthcare	19.5%
Consumer Discretionary	12.1%
Financials	11.7%
Communication Services	10.7%
Industrials	5.1%
Real Estate Investment Trust	3.3%
Energy	2.6%
Consumer Staples	2.4%
Utilities	2.3%
Materials	1.5%
Total	100.0%

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

Top 10 Holdings as of June 30, 2021	% of total net assets
Microsoft Corp.	5.3%
Amazon.com, Inc.	2.4%
Apple, Inc.	2.3%
Alphabet, Inc. - Class C	2.3%
Johnson & Johnson	1.9%
Home Depot, Inc./The	1.7%
Berkshire Hathaway, Inc. - Class B	1.5%
Intuit, Inc.	1.5%
Facebook, Inc.	1.4%
Merck & Co., Inc.	1.1%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	81.1%
Money Market Registered Investment Companies	16.1%
Other Assets/Liabilities (Net)	2.8%
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 it holds in a proprietary money market fund.

Page 4

2021 Semiannual Report | June 30, 2021

Global Allocation Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Information Technology	28.7%
Healthcare	18.7%
Consumer Discretionary	11.7%
Communication Services	11.3%
Financials	11.1%
Industrials	5.8%
Real Estate Investment Trust	3.3%
Energy	3.0%
Utilities	2.3%
Consumer Staples	2.1%
Materials	2.0%
Total	100.0%

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

Registered Investment Company Industry Concentration as of June 30, 2021	% of total common stocks
U.S. Fixed Income	47.6%
International Fixed Income	5.4%
International Equity	47.0%
Total	100.0%

As a percentage of total registered investment companies. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2021	% of total net assets
iShares Core MSCI EAFE ETF	6.6%
Microsoft Corp.	2.0%
iShares 0-5 Year High Yield Corporate Bond ETF	1.8%
iShares Core MSCI Emerging Markets ETF	1.7%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	1.5%
Apple, Inc.	1.3%
Amazon.com, Inc.	1.1%
Xtrackers USD High Yield Corporate Bond ETF	1.0%
Alphabet Inc. - CL A	0.9%
SPDR Bloomberg Barclays High Yield Bond ETF	0.7%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	37.4%
Equity Registered Investment Companies	8.4%
Fixed Income Registered Investment Companies	9.4%
Money Market Registered Investment Companies	35.8%
Bank Obligations	1.6%
Other Assets/Liabilities (Net)	7.4%
Total	100.0%
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 it holds in a proprietary money market fund.

Balanced Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Information Technology	29.4%
Healthcare	18.6%
Consumer Discretionary	11.8%
Communication Services	11.4%
Financials	11.4%
Industrials	5.1%
Real Estate Investment Trust	3.3%
Energy	2.9%
Utilities	2.5%
Materials	1.9%
Consumer Staples	1.7%
Total	100.0%

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

Registered Investment Company Industry Concentration as of June 30, 2021	% of total common stocks
U.S. Fixed Income	89.9%
International Fixed Income	10.1%
Total	100.0%

As a percentage of total registered investment companies. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2021	% of total net assets
iShares 0-5 Year High Yield Corporate Bond ETF	5.7%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	4.8%
Xtrackers USD High Yield Corporate Bond ETF	3.1%
Microsoft Corp.	3.1%
SPDR Bloomberg Barclays High Yield Bond ETF	2.3%
Apple, Inc.	2.1%
Vanguard Short-Term Bond ETF	2.1%
Lord Abbett High Yield Fund - Class I	1.9%
iShares JP Morgan USD Emerging Markets Bond ETF	1.8%
Amazon.com, Inc.	1.7%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	57.0%
Fixed Income Registered Investment Companies	29.6%
Money Market Registered Investment Companies	13.2%
Bank Obligations	0.2%
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 it holds in a proprietary money market fund.

2021 Semiannual Report | June 30, 2021

Page 5

Moderate Allocation Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Information Technology	29.0%
Healthcare	18.6%
Consumer Discretionary	11.7%
Communication Services	11.5%
Financials	11.1%
Industrials	5.4%
Real Estate Investment Trust	3.3%
Energy	3.0%
Consumer Staples	2.2%
Utilities	2.2%
Materials	2.0%
Total	100.0%

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

Registered Investment Company Industry Concentration as of June 30, 2021	% of total common stocks
U.S. Fixed Income	89.9%
International Fixed Income	10.1%
Total	100.0%

As a percentage of total registered investment companies. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2021	% of total net assets
iShares 0-5 Year High Yield Corporate Bond ETF	9.5%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	8.0%
Xtrackers USD High Yield Corporate Bond ETF	5.2%
SPDR Bloomberg Barclays High Yield Bond ETF	3.9%
Vanguard Short-Term Bond ETF	3.5%
Lord Abbett High Yield Fund - Class I	3.2%
iShares JP Morgan USD Emerging Markets Bond ETF	3.0%
Microsoft Corp.	2.1%
Frost Total Return Bond Fund - Class I	2.0%
Segall Bryant & Hamill Plus Bond Fund - Class I	1.7%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	39.4%
Fixed Income Registered Investment Companies	49.6%
Money Market Registered Investment Companies	12.3%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	-1.4%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances it holds in a proprietary money market fund.

Conservative Allocation Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Information Technology	28.6%
Healthcare	18.7%
Financials	11.8%
Consumer Discretionary	11.6%
Communication Services	11.3%
Industrials	5.4%
Real Estate Investment Trust	3.3%
Energy	3.0%
Utilities	2.2%
Consumer Staples	2.1%
Materials	2.0%
Total	100.0%

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

Registered Investment Company Industry Concentration as of June 30, 2021	% of total common stocks
U.S. Fixed Income	89.8%
International Fixed Income	10.2%
Total	100.0%

As a percentage of total registered investment companies. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2021	% of total net assets
iShares 0-5 Year High Yield Corporate Bond ETF	13.2%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	11.1%
Xtrackers USD High Yield Corporate Bond ETF	7.3%
SPDR Bloomberg Barclays High Yield Bond ETF	5.6%
Vanguard Short-Term Bond ETF	5.0%
Lord Abbett High Yield Fund - Class I	4.5%
iShares JP Morgan USD Emerging Markets Bond ETF	4.3%
Frost Total Return Bond Fund - Class I	2.8%
Segall Bryant & Hamill Plus Bond Fund - Class I	2.4%
DoubleLine Total Return Bond Fund - Class I	2.4%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	21.8%
Fixed Income Registered Investment Companies	69.6%
Money Market Registered Investment Companies	12.7%
Other Assets/Liabilities (Net)	-4.1%
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 it holds in a proprietary money market fund.

Page 6

2021 Semiannual Report | June 30, 2021

Dynamic Allocation Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Information Technology	28.6%
Healthcare	18.7%
Consumer Discretionary	11.7%
Communication Services	11.3%
Financials	11.3%
Industrials	5.5%
Real Estate Investment Trust	3.3%
Energy	3.0%
Utilities	2.4%
Consumer Staples	2.1%
Materials	2.1%
Total	100.0%

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

Registered Investment Company Industry Concentration as of June 30, 2021	% of total common stocks
U.S. Fixed Income	44.5%
International Fixed Income	44.2%
International Equity	11.3%
Total	100.0%

As a percentage of total registered investment companies. Concentrations are subject to change.

Top 10 Holdings as of June 30, 2021	% of total net assets
Microsoft Corp.	3.6%
Apple, Inc.	2.3%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	2.2%
iShares JP Morgan USD Emerging Markets Bond ETF	2.2%
Amazon.com, Inc.	2.1%
Alphabet, Inc. - Class C	1.6%
Berkshire Hathaway, Inc. - Class B	1.3%
Johnson & Johnson	1.2%
Facebook, Inc.	1.2%
Home Depot, Inc./The	1.0%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	67.5%
Fixed Income Registered Investment Companies	4.4%
Equity Registered Investment Companies	0.6%
Money Market Registered Investment Companies	23.3%
Bank Obligations	0.4%
Other Assets/Liabilities (Net)	3.8%
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 it holds in a proprietary money market fund.

Quantex Fund

Common Stock Sector Concentration as of June 30, 2021	% of total common stocks
Consumer Discretionary	19.4%
Industrials	17.1%
Financials	13.9%
Real Estate Investment Trust	9.2%
Energy	8.7%
Information Technology	8.3%
Materials	7.3%
Utilities	6.3%
Communication Services	4.2%
Healthcare	3.7%
Consumer Staples	1.9%
Total	100.0%

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

Top 10 Holdings as of June 30, 2021	% of total net assets
L Brands, Inc.	1.2%
Textron, Inc.	1.2%
Gap, Inc./The	1.1%
DXC Technology Co.	1.1%
Iron Mountain, Inc.	1.1%
Robert Half International, Inc.	1.1%
LKQ Corp.	1.1%
International Flavors & Fragrances, Inc.	1.1%
Invesco, Ltd.	1.1%
SL Green Realty Corp.	1.1%

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

Asset Allocation as of June 30, 2021	% of total net assets
Common Stocks (United States)	94.8%
Money Market Registered Investment Companies	3.8%
Other Assets/Liabilities (Net)	1.4%
Total	100.0%

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances it holds in a proprietary money market fund.

2021 Semiannual Report | June 30, 2021

Page 7

Tactical Income Fund

Fixed Income Sector Concentration as of June 30, 2021	% of total fixed income securities
High-Yield	60.7%
Core Intermediate-Term	29.0%
Emerging Markets Debt	10.2%
U.S. Government	0.1%
Total	100.0%

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

Top 10 Holdings as of June 30, 2021	% of total net assets
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	19.8%
iShares 0-5 Year High Yield Corporate Bond ETF	19.8%
Xtrackers USD High Yield Corporate Bond ETF	8.0%
SPDR Bloomberg Barclays High Yield Bond ETF	6.0%
Vanguard Short-Term Bond ETF	5.4%
Lord Abbett High Yield Fund - Class I	5.0%
iShares JP Morgan USD Emerging Markets Bond ETF	5.0%
Payden Emerging Markets Bond Fund - Class I	5.0%
Frost Total Return Bond Fund - Class I	4.0%
DoubleLine Total Return Bond Fund - Class I	3.5%

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

Prime Money Market Fund

Sector Concentration as of June 30, 2021	% of total net assets
Commercial Paper	38.9%
Repurchase Agreements	23.6%
Variable Rate Demand Notes	11.4%
Money Market Registered Investment Companies	7.0%
Corporate Obligations	6.6%
Certificates of Deposit	6.5%
Bank Obligations	4.4%
U.S. Government and Agency Obligations	1.5%
Other Assets/Liabilities (Net)	0.1%
Total	100.0%

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

Top 10 Holdings as of June 30, 2021	% of total net assets
South Street Repo, 0.09%, due 7/1/2021	14.7%
StoneX Repo, 0.18%, due 7/1/2021	8.8%
Federated Hermes Government Obligations Fund, 0.03%	7.0%
Caterpillar Financial Power Investment Floating Rate Demand Note, 0.20%	5.2%
Chesham Finance, LLC, 0.06%, 7/9/2021	4.4%
MUFG Bank LTD/New York, NY Yankee CD, 0.32%, 10/15/2021	2.1%
State of Ohio Department of Rehabilitation & Correction, 0.03%, 7/7/2021	1.8%
Banco Santander, 0.17%, 9/3/2021	1.8%
Cooperatieve Rabobank, 0.11%, 11/1/2021	1.8%
ANZ New Zealand Int’l LTD, 2.88%, 7/25/2021	1.5%

As a percentage of total net assets.

Institutional Prime Money Market Fund

Sector Concentration as of June 30, 2021	% of total net assets
Commercial Paper	50.9%
Repurchase Agreements	21.5%
Variable Rate Demand Notes	10.5%
Corporate Obligations	7.4%
Certificates of Deposit	5.3%
Money Market Registered Investment Companies	2.4%
U.S. Government and Agency Obligations	1.5%
Bank Obligations	0.5%
Total	100.0%

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

Top 10 Holdings as of June 30, 2021	% of total net assets
StoneX Repo, 0.18%, due 7/1/2021	11.6%
South Street Repo, 0.09%, due 7/1/2021	9.9%
Caterpillar Financial Power Investment Floating Rate Demand Note, 0.20%	5.1%
Chesham Finance, LLC, 0.06%, 7/9/2021	3.7%
Anglesea Funding, 0.18%, 7/6/2021	2.6%
Federated Hermes Government Obligations Fund, 0.03%	2.4%
Sumitomo Mitsui Trust Bank LTD/New York, NY, 0.12%, 11/1/2021	2.0%
Halkin Finance, LLC, 0.07%, 7/6/2021	1.7%
Collateralized Commercial Paper V Co., LLC, 0.14%, 7/12/2021	1.7%
Ebury Finance, LLC, 0.17%, 8/9/2021	1.7%

As a percentage of total net assets.

Page 8

2021 Semiannual Report | June 30, 2021

2021 Semiannual Report
Fund Holdings & Financial Statements

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 81.9%
Communication Services — 9.5%
Activision Blizzard, Inc.		48,593		4,637,716
Alphabet, Inc. - Class A ⁽¹⁾		2,794		6,822,361
Alphabet, Inc. - Class C ⁽¹⁾		4,869		12,203,272
AMC Entertainment Holdings, Inc. - Class A ⁽¹⁾		4,686		265,602
AMC Networks, Inc. - Class A ⁽¹⁾		285		19,038
AT&T, Inc.		211,335		6,082,221
Cinemark Holdings, Inc. ⁽¹⁾		226		4,961
Comcast Corp. - Class A		75,114		4,283,000
DHI Group, Inc. ⁽¹⁾		3,945		13,334
Electronic Arts, Inc.		8,332		1,198,392
Facebook, Inc. ⁽¹⁾		25,454		8,850,610
Fluent, Inc. ⁽¹⁾		3,878		11,363
Fox Corp. - Class A		278		10,322
Gray Television, Inc.		5,271		123,341
Interpublic Group of Cos., Inc./The		2,650		86,099
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		7,081		28,820
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		4,062		84,083
Live Nation Entertainment, Inc. ⁽¹⁾		807		70,685
Lumen Technologies, Inc.		15		204
Magnite, Inc. ⁽¹⁾		1,439		48,696
Meredith Corp. ⁽¹⁾		608		26,412
Netflix, Inc. ⁽¹⁾		4,011		2,118,650
News Corp. - Class A		8,728		224,921
Nexstar Media Group, Inc.		3,422		506,045
Omnicom Group, Inc.		7,083		566,569
Pinterest, Inc. - Class A ⁽¹⁾		5,535		436,988
Roku, Inc. - Class A ⁽¹⁾		1,788		821,139
TEGNA, Inc.		2,623		49,207
Telephone and Data Systems, Inc.		4,927		111,646
Twitter, Inc. ⁽¹⁾		7,368		506,992
Verizon Communications, Inc.		87,131		4,881,950
ViacomCBS, Inc.		4,896		221,299
Vimeo, Inc. ⁽¹⁾		346		16,954
Walt Disney Co./The		19,255		3,384,451
WideOpenWest, Inc. ⁽¹⁾		1		21
World Wrestling Entertainment, Inc.		2,587		149,761
Yelp, Inc. ⁽¹⁾		839		33,526
				58,900,651

Consumer Discretionary — 9.7%
Adient PLC ⁽¹⁾		977		44,160
Alterra Mountain Co. ⁽¹⁾		1,218		294,512
Amazon.com, Inc. ⁽¹⁾		4,505		15,497,921

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		2,754		28,504
American Eagle Outfitters, Inc.		853		32,013
American Public Education, Inc. ⁽¹⁾		1,486		42,113
Aptiv PLC ⁽¹⁾		250		39,333
Aramark		5,457		203,273
Arcimoto, Inc. ⁽¹⁾		1,827		31,406
AutoNation, Inc. ⁽¹⁾		363		34,416
Bed Bath & Beyond, Inc. ⁽¹⁾		461		15,347
Best Buy Co., Inc.		21,593		2,482,763
Big Lots, Inc.		2,314		152,747
Boyd Gaming Corp. ⁽¹⁾		2,953		181,580
Brinker International, Inc. ⁽¹⁾		804		49,727
Caleres, Inc.		941		25,680
Camping World Holdings, Inc.		4,506		184,701
Capri Holdings, Ltd. ⁽¹⁾		3,755		214,748
Chico’s FAS, Inc. ⁽¹⁾		237		1,559
Conn’s, Inc. ⁽¹⁾		809		20,630
Container Store Group, Inc./The ⁽¹⁾		84		1,095
Crocs, Inc. ⁽¹⁾		6,723		783,364
Dana, Inc.		6,588		156,531
Darden Restaurants, Inc.		3,801		554,908
Del Taco Restaurants, Inc.		4,505		45,095
Dick’s Sporting Goods, Inc.		3,556		356,276
Dillard’s, Inc. - Class A		92		16,641
DR Horton, Inc.		9,975		901,441
eBay, Inc.		4,100		287,861
Ethan Allen Interiors, Inc.		569		15,704
Everi Holdings, Inc. ⁽¹⁾		3,431		85,569
Express, Inc. ⁽¹⁾		320		2,077
Fiesta Restaurant Group, Inc. ⁽¹⁾		902		12,114
Foot Locker, Inc.		6,501		400,657
Ford Motor Co. ⁽¹⁾		38,263		568,588
Fossil Group, Inc. ⁽¹⁾		840		11,995
Fox Factory Holding Corp. ⁽¹⁾		415		64,599
GameStop Corp. ⁽¹⁾		679		145,401
Gap, Inc./The		3,825		128,711
General Motors Co. ⁽¹⁾		26,455		1,565,342
Genesco, Inc. ⁽¹⁾		209		13,309
Genius Brands International, Inc. ⁽¹⁾		1,095		2,015
G-III Apparel Group, Ltd. ⁽¹⁾		1,718		56,453
Goodyear Tire & Rubber Co./The ⁽¹⁾		2,360		40,474
Greenlane Holdings, Inc. ⁽¹⁾		2,846		12,722
Group 1 Automotive, Inc.		377		58,220
GrowGeneration Corp. ⁽¹⁾		1,120		53,872
H&R Block, Inc.		6,219		146,022

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

Page 10

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Hanesbrands, Inc.		3,531		65,924
Home Depot, Inc./The		24,375		7,772,944
Houghton Mifflin Harcourt Co. ⁽¹⁾		1,588		17,532
International Game Technology PLC		6,489		155,476
Kohl’s Corp.		3,534		194,759
Kontoor Brands, Inc.		461		26,005
L Brands, Inc.		818		58,945
Lands’ End, Inc. ⁽¹⁾		458		18,801
Lear Corp.		1,636		286,758
Lennar Corp.		8,301		824,704
Lovesac Co./The ⁽¹⁾		167		13,325
Lowe’s Cos., Inc.		27,843		5,400,707
M/I Homes, Inc. ⁽¹⁾		6,006		352,372
Macy’s, Inc. ⁽¹⁾		1,433		27,170
MarineMax, Inc. ⁽¹⁾		492		23,980
McDonald’s Corp.		12,350		2,852,727
MGM Resorts International		1,780		75,917
Modine Manufacturing Co. ⁽¹⁾		3,207		53,204
Mohawk Industries, Inc. ⁽¹⁾		1,931		371,119
Nautilus, Inc. ⁽¹⁾		753		12,688
Newell Brands, Inc.		939		25,794
NIKE, Inc. - Class B		6,549		1,011,755
ODP Corp./The ⁽¹⁾		1,745		83,777
OneWater Marine, Inc.		2,440		102,553
Overstock.com, Inc. ⁽¹⁾		817		75,327
Party City Holdco, Inc. ⁽¹⁾		813		7,585
Penske Automotive Group, Inc.		3,544		267,537
Qurate Retail, Inc. - Class A		8,845		115,781
RCI Hospitality Holdings, Inc.		564		37,337
Red Rock Resorts, Inc. ⁽¹⁾		2,018		85,765
Rent-A-Center, Inc./TX		14,411		764,792
Ross Stores, Inc.		16,647		2,064,228
Sally Beauty Holdings, Inc. ⁽¹⁾		3,035		66,982
Scientific Games Corp. ⁽¹⁾		1,112		86,113
Shoe Carnival, Inc.		406		29,066
Signet Jewelers, Ltd.		366		29,569
Smith & Wesson Brands, Inc.		3,253		112,879
Sonic Automotive, Inc.		1,111		49,706
Sonos, Inc. ⁽¹⁾		2,518		88,709
Steven Madden, Ltd.		1,760		77,018
Tapestry, Inc. ⁽¹⁾		5,662		246,184
Target Corp.		6,670		1,612,406
Tempur Sealy International, Inc.		720		28,217
Tenneco, Inc. ⁽¹⁾		4,496		86,863
Tesla, Inc. ⁽¹⁾		9,025		6,134,293
Texas Roadhouse, Inc.		3,963		381,241

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Thor Industries, Inc.		2,774		313,462
Town Sports International Holdings, Inc. ⁽¹⁾		4,613		819
Travel + Leisure Co.		1,957		116,344
Tupperware Brands Corp. ⁽¹⁾		451		10,711
Urban Outfitters, Inc. ⁽¹⁾		205		8,450
Vera Bradley, Inc. ⁽¹⁾		3,655		45,285
Vista Outdoor, Inc. ⁽¹⁾		227		10,506
Vuzix Corp. ⁽¹⁾		1,165		21,378
Waitr Holdings, Inc. ⁽¹⁾		4,579		8,151
Williams-Sonoma, Inc.		1,262		201,478
Winnebago Industries, Inc.		7,738		525,874
Zumiez, Inc. ⁽¹⁾		3,176		155,592
				59,758,773

Consumer Staples — 1.3%
Albertsons Cos., Inc.		7,024		138,092
Bunge, Ltd.		35,773		2,795,660
Conagra Brands, Inc.		10,350		376,533
Darling Ingredients, Inc. ⁽¹⁾		22,567		1,523,273
Ingles Markets, Inc.		242		14,101
Kraft Heinz Co./The		31,948		1,302,839
Performance Food Group Co. ⁽¹⁾		706		34,234
Spectrum Brands Holdings, Inc.		9,966		847,509
Tyson Foods, Inc.		2,064		152,241
United Natural Foods, Inc. ⁽¹⁾		751		27,772
Walgreens Boots Alliance, Inc.		4,094		215,385
Walmart, Inc.		5,499		775,469
				8,203,108

Energy — 2.3%
Aemetis, Inc. ⁽¹⁾		61		681
Amplify Energy Corp. ⁽¹⁾		5,650		22,883
Antero Resources Corp. ⁽¹⁾		1,635		24,574
APA Corp.		7,395		159,954
Ardmore Shipping Corp.		2,122		8,955
Baker Hughes Co.		7,368		168,506
Berry Corp.		2,346		15,765
Bristow Group, Inc. ⁽¹⁾		2		51
Cactus, Inc.		2,042		74,982
Centennial Resource Development, Inc./DE ⁽¹⁾		216		1,464
ChampionX Corp. ⁽¹⁾		1,317		33,781
Chevron Corp.		4,716		493,954
Cimarex Energy Co.		4,184		303,131
Clean Energy Fuels Corp. ⁽¹⁾		3,288		33,373
ConocoPhillips		16,973		1,033,656

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

2021 Semiannual Report | June 30, 2021

Page 11

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
CONSOL Energy, Inc. ⁽¹⁾		2,275		42,019
Contango Oil & Gas Co. ⁽¹⁾		5,086		21,972
Continental Resources, Inc./OK		1,043		39,665
CVR Energy, Inc.		616		11,063
Delek US Holdings, Inc.		1,456		31,479
Devon Energy Corp.		14,173		413,710
DHT Holdings, Inc.		2,433		15,790
Diamondback Energy, Inc.		2,715		254,911
Dorian LPG, Ltd. ⁽¹⁾		1,336		18,864
EOG Resources, Inc.		7,425		619,542
Exxon Mobil Corp.		88,704		5,595,448
Frank’s International NV ⁽¹⁾		6,089		18,450
Golar LNG, Ltd. ⁽¹⁾		304		4,028
Goodrich Petroleum Corp. ⁽¹⁾		527		7,868
Hallador Energy Co. ⁽¹⁾		6,198		16,704
Hess Corp.		2,109		184,158
Kinder Morgan, Inc.		4,907		89,455
Laredo Petroleum, Inc. ⁽¹⁾		360		33,404
Magnolia Oil & Gas Corp. ⁽¹⁾		2,000		31,260
Marathon Oil Corp.		1		14
Meta Materials, Inc. ⁽¹⁾		1,491		11,168
Nabors Industries, Ltd. ⁽¹⁾		283		32,330
NextDecade Corp. ⁽¹⁾		1,241		5,125
Nine Energy Service, Inc. ⁽¹⁾		7,051		20,730
Northern Oil and Gas, Inc. ⁽¹⁾		2,539		52,735
Oceaneering International, Inc. ⁽¹⁾		2,050		31,919
ONEOK, Inc.		30,821		1,714,880
Ovintiv, Inc.		4,446		139,916
PDC Energy, Inc.		1,403		64,243
Phillips 66		1,058		90,798
Pioneer Natural Resources Co.		3,376		548,668
Profire Energy, Inc. ⁽¹⁾		101		114
Range Resources Corp. ⁽¹⁾		473		7,927
Schlumberger NV		19,514		624,643
Scorpio Tankers, Inc.		1,414		31,179
SM Energy Co.		1,555		38,300
Southwestern Energy Co. ⁽¹⁾		11,724		66,475
Targa Resources Corp.		21,825		970,121
Teekay Corp. ⁽¹⁾		3,538		13,161
Teekay Tankers, Ltd. ⁽¹⁾		346		4,989
Transocean, Ltd. ⁽¹⁾		3,468		15,675
Uranium Energy Corp. ⁽¹⁾		6,476		17,226
W&T Offshore, Inc. ⁽¹⁾		115		558
Whiting Petroleum Corp. ⁽¹⁾		1,191		64,969
World Fuel Services Corp.		2,754		87,384
				14,480,747

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Financials — 9.2%
Affiliated Managers Group, Inc.		1,681		259,227
Aflac, Inc.		3,054		163,878
AGNC Investment Corp.		61,351		1,036,218
Allstate Corp./The		5,558		724,986
Ally Financial, Inc.		18,249		909,530
American Express Co.		727		120,122
American Financial Group, Inc./OH		2,395		298,704
American International Group, Inc.		70,735		3,366,986
Ameris Bancorp		1,489		75,388
Annaly Capital Management, Inc.		9,435		83,783
Arbor Realty Trust, Inc.		13,568		241,782
Associated Banc-Corp		15,406		315,515
Athene Holding, Ltd. ⁽¹⁾		2,019		136,283
B Riley Financial, Inc.		4,559		344,205
Bank of America Corp.		75,531		3,114,143
Bank of New York Mellon Corp./The		17,616		902,468
Bank of NT Butterfield & Son, Ltd./The		3,351		118,793
Bank OZK		2,742		115,603
BankUnited, Inc.		3,643		155,520
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		34,697		9,642,990
BGC Partners, Inc.		1,336		7,575
Cadence BanCorp ⁽¹⁾		3,464		72,328
Capital Bancorp, Inc. ⁽¹⁾		237		4,847
Capital One Financial Corp.		7,925		1,225,918
Charles Schwab Corp./The		14,427		1,050,430
Cincinnati Financial Corp.		1,850		215,747
Citigroup, Inc.		22,533		1,594,210
Citizens Financial Group, Inc.		10,341		474,342
Civista Bancshares, Inc.		1,292		28,553
CNB Financial Corp./PA		705		16,088
Curo Group Holdings Corp.		6,959		118,303
Customers Bancorp, Inc. ⁽¹⁾		320		12,477
Dynex Capital, Inc.		1		19
East West Bancorp, Inc.		3,839		275,218
Ellington Financial, Inc.		8,919		170,799
Evercore, Inc.		4,917		692,166
Fidelity National Financial, Inc.		15,190		660,157
Fifth Third Bancorp		23,804		910,027
First American Financial Corp.		9,464		590,080
First Choice Bancorp		359		10,932
First Horizon Corp.		20,369		351,976
FNB Corp./PA		9,027		111,303
Granite Point Mortgage Trust, Inc.		312		4,602
Hartford Financial Services Group, Inc./The		5,361		332,221
Hilltop Holdings, Inc.		4,713		171,553

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

Page 12

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Independent Bank Corp./MI		2		43
Invesco, Ltd.		5,425		145,010
JPMorgan Chase & Co.		26,554		4,130,209
KeyCorp		12,176		251,434
LendingClub Corp. ⁽¹⁾		1,924		34,882
Lincoln National Corp.		178		11,186
Loews Corp.		2,490		136,079
Medley Management, Inc. ⁽¹⁾		235		1,448
MetLife, Inc.		16,901		1,011,525
Moelis & Co.		2,215		126,011
Morgan Stanley		20,151		1,847,645
Mr Cooper Group, Inc. ⁽¹⁾		5,005		165,465
Nicolet Bankshares, Inc. ⁽¹⁾		523		36,788
Northrim BanCorp, Inc.		3,133		133,936
Old Republic International Corp.		61		1,520
OneMain Holdings, Inc.		2,117		126,829
Oppenheimer Holdings, Inc.		3,062		155,672
PacWest Bancorp		4,478		184,314
Pinnacle Financial Partners, Inc.		220		19,424
PNC Financial Services Group, Inc./The		4,819		919,272
Popular, Inc.		5,621		421,856
Progressive Corp./The		23,986		2,355,665
Prudential Financial, Inc.		463		47,444
Pzena Investment Management, Inc.		8,003		88,113
Radian Group, Inc.		7,696		171,236
RBB Bancorp		7,968		192,985
Regions Financial Corp.		32,882		663,559
Siebert Financial Corp. ⁽¹⁾		615		2,958
Signature Bank/New York NY		550		135,108
Silvercrest Asset Management Group, Inc.		156		2,346
SLM Corp.		9,972		208,814
Stewart Information Services Corp.		13,933		789,862
StoneX Group, Inc. ⁽¹⁾		210		12,741
SVB Financial Group ⁽¹⁾		814		452,934
Synchrony Financial		83,778		4,064,909
Synovus Financial Corp.		6,285		275,786
Tiptree, Inc. - Class A		228		2,120
Truist Financial Corp.		20,990		1,164,945
Umpqua Holdings Corp.		9,901		182,673
Unum Group		24,482		695,289
US Bancorp		21,738		1,238,414
Valley National Bancorp		2,685		36,060
Virtus Investment Partners, Inc.		1,265		351,379
Walker & Dunlop, Inc.		3,546		370,131
Waterstone Financial, Inc.		1		20
Wells Fargo & Co.		40,861		1,850,595

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Western Alliance Bancorp		2,225		206,591
Wintrust Financial Corp.		1,076		81,378
Zions Bancorp NA		1,583		83,677
				56,816,275

Healthcare — 15.2%
Abbott Laboratories		17,536		2,032,948
AbbVie, Inc.		45,998		5,181,215
Abeona Therapeutics, Inc. ⁽¹⁾		1,589		2,479
ADMA Biologics, Inc. ⁽¹⁾		571		914
Adverum Biotechnologies, Inc. ⁽¹⁾		2,628		9,198
Affimed NV ⁽¹⁾		3,448		29,308
Agilent Technologies, Inc.		15,306		2,262,380
Agios Pharmaceuticals, Inc. ⁽¹⁾		2,230		122,895
Alector, Inc. ⁽¹⁾		1,617		33,682
Alexion Pharmaceuticals, Inc. ⁽¹⁾		1,979		363,562
Align Technology, Inc. ⁽¹⁾		1,387		847,457
Alkermes PLC ⁽¹⁾		4,223		103,548
Allakos, Inc. ⁽¹⁾		91		7,769
Alphatec Holdings, Inc. ⁽¹⁾		105		1,609
AmerisourceBergen Corp.		1		114
Amgen, Inc.		14,081		3,432,244
Amneal Pharmaceuticals, Inc. ⁽¹⁾		7,509		38,446
Anavex Life Sciences Corp. ⁽¹⁾		136		3,109
Apellis Pharmaceuticals, Inc. ⁽¹⁾		735		46,452
Arbutus Biopharma Corp. ⁽¹⁾		10,022		30,367
Arcutis Biotherapeutics, Inc. ⁽¹⁾		1,009		27,536
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		2,295		190,072
Arvinas, Inc. ⁽¹⁾		963		74,151
Assertio Holdings, Inc. ⁽¹⁾		3,622		5,650
Avid Bioservices, Inc. ⁽¹⁾		1,701		43,631
Axogen, Inc. ⁽¹⁾		1,103		23,836
Baxter International, Inc.		2,952		237,636
Beam Therapeutics, Inc. ⁽¹⁾		1,164		149,818
Becton Dickinson and Co.		2,626		638,617
Beyondspring, Inc. ⁽¹⁾		1,410		14,720
BioDelivery Sciences International, Inc. ⁽¹⁾		8,213		29,403
Biogen, Inc. ⁽¹⁾		6,524		2,259,065
Bio-Rad Laboratories, Inc. ⁽¹⁾		595		383,353
Blueprint Medicines Corp. ⁽¹⁾		1,007		88,576
Bridgebio Pharma, Inc. ⁽¹⁾		533		32,492
Bristol-Myers Squibb Co.		73,093		4,884,074
Bruker Corp.		934		70,965
Cardinal Health, Inc.		2,144		122,401
CareDx, Inc. ⁽¹⁾		1,780		162,906
CASI Pharmaceuticals, Inc. ⁽¹⁾		1,515		2,348

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

2021 Semiannual Report | June 30, 2021

Page 13

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Catalent, Inc. ⁽¹⁾		6,462		698,671
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		8,335		47,926
Centene Corp. ⁽¹⁾		2,756		200,995
Centogene NV ⁽¹⁾		2,388		24,931
Cerecor, Inc. ⁽¹⁾		9,099		29,754
Cerner Corp.		28,300		2,211,928
Charles River Laboratories International, Inc. ⁽¹⁾		1,151		425,778
Chimerix, Inc. ⁽¹⁾		2,374		18,992
Community Health Systems, Inc. ⁽¹⁾		1,533		23,670
Computer Programs and Systems, Inc.		1		33
CureVac NV ⁽¹⁾		15		1,102
CVS Health Corp.		27,856		2,324,305
CytomX Therapeutics, Inc. ⁽¹⁾		42		266
Danaher Corp.		14,052		3,770,995
Denali Therapeutics, Inc. ⁽¹⁾		1,170		91,775
DENTSPLY SIRONA, Inc.		1,896		119,941
Dicerna Pharmaceuticals, Inc. ⁽¹⁾		929		34,670
Dynavax Technologies Corp. ⁽¹⁾		1,419		13,977
Editas Medicine, Inc. ⁽¹⁾		714		40,441
Elanco Animal Health, Inc. Contingent Value Rights ^(1)(5)(7)		3,328		0
Eli Lilly & Co.		13,280		3,048,026
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		8,468		16,851
Emergent BioSolutions, Inc. ⁽¹⁾		1,621		102,107
Endo International PLC ⁽¹⁾		8,652		40,491
Enochian Biosciences, Inc. ⁽¹⁾		365		1,814
Ensign Group, Inc./The		46		3,987
Envista Holdings Corp. ⁽¹⁾		1,291		55,784
Evelo Biosciences, Inc. ⁽¹⁾		2,190		30,091
Exact Sciences Corp. ⁽¹⁾		2,272		282,432
Exelixis, Inc. ⁽¹⁾		8,079		147,199
Fate Therapeutics, Inc. ⁽¹⁾		1,392		120,812
Fulgent Genetics, Inc. ⁽¹⁾		58		5,349
Galectin Therapeutics, Inc. ⁽¹⁾		2,312		7,398
Genprex, Inc. ⁽¹⁾		4,419		14,804
Geron Corp. ⁽¹⁾		1		1
Gilead Sciences, Inc.		32,568		2,242,632
Globus Medical, Inc. ⁽¹⁾		25		1,938
Halozyme Therapeutics, Inc. ⁽¹⁾		1		45
HCA Healthcare, Inc.		4,539		938,393
Hill-Rom Holdings, Inc.		2,308		262,166
Hologic, Inc. ⁽¹⁾		3,903		260,408
Horizon Therapeutics Plc ⁽¹⁾		6,528		611,282
Humana, Inc.		155		68,622
Humanigen, Inc. ⁽¹⁾		1,176		20,439
IGM Biosciences, Inc. ⁽¹⁾		109		9,069

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Illumina, Inc. ⁽¹⁾		23		10,884
Incyte Corp. ⁽¹⁾		2,272		191,143
Inogen, Inc. ⁽¹⁾		332		21,636
Insmed, Inc. ⁽¹⁾		455		12,949
Intellia Therapeutics, Inc. ⁽¹⁾		912		147,662
Intra-Cellular Therapies, Inc. ⁽¹⁾		822		33,554
Intuitive Surgical, Inc. ⁽¹⁾		794		730,194
IQVIA Holdings, Inc. ⁽¹⁾		1,170		283,514
Jazz Pharmaceuticals PLC ⁽¹⁾		586		104,097
Johnson & Johnson		53,276		8,776,688
Jounce Therapeutics, Inc. ⁽¹⁾		1,471		10,003
Kodiak Sciences, Inc. ⁽¹⁾		580		53,940
La Jolla Pharmaceutical Co. ⁽¹⁾		1,637		7,006
Lexicon Pharmaceuticals, Inc. ⁽¹⁾		1,056		4,847
Ligand Pharmaceuticals, Inc. ⁽¹⁾		102		13,381
MacroGenics, Inc. ⁽¹⁾		956		25,678
Madrigal Pharmaceuticals, Inc. ⁽¹⁾		1,418		138,127
MannKind Corp. ⁽¹⁾		8,017		43,693
Marinus Pharmaceuticals, Inc. ⁽¹⁾		265		4,754
McKesson Corp.		4,049		774,331
Medtronic PLC		43,760		5,431,929
Merck & Co., Inc.		66,125		5,142,541
Merit Medical Systems, Inc. ⁽¹⁾		1,718		111,086
Moderna, Inc. ⁽¹⁾		9,276		2,179,674
Morphic Holding, Inc. ⁽¹⁾		7		402
Myriad Genetics, Inc. ⁽¹⁾		271		8,287
Natera, Inc. ⁽¹⁾		2,533		287,571
NextGen Healthcare, Inc. ⁽¹⁾		3,016		50,035
Novavax, Inc. ⁽¹⁾		992		210,612
Novocure, Ltd. ⁽¹⁾		775		171,911
Oncocyte Corp. ⁽¹⁾		1,736		9,965
OptimizeRx Corp. ⁽¹⁾		1		62
Owens & Minor, Inc.		1,232		52,151
Pacific Biosciences of California, Inc. ⁽¹⁾		867		30,319
Palatin Technologies, Inc. ⁽¹⁾		15,629		9,534
PerkinElmer, Inc.		2,624		405,172
Perrigo Co. PLC		12,651		580,048
Pfizer, Inc.		99,537		3,897,869
PRA Health Sciences, Inc. ⁽¹⁾		81		13,382
Precigen, Inc. ⁽¹⁾		3,023		19,710
Prothena Corp. PLC ⁽¹⁾		700		35,987
Puma Biotechnology, Inc. ⁽¹⁾		4,850		44,523
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		4,966		2,773,710
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		2,678		52,435
Rigel Pharmaceuticals, Inc. ⁽¹⁾		1,162		5,043
Rocket Pharmaceuticals, Inc. ⁽¹⁾		291		12,888
Royalty Pharma PLC		7,703		315,746

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

Page 14

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Sage Therapeutics, Inc. ⁽¹⁾		782		44,425
Seagen, Inc. ⁽¹⁾		2,323		366,755
Signify Health, Inc. ⁽¹⁾		476		14,485
Solid Biosciences, Inc. ⁽¹⁾		31		113
Sorrento Therapeutics, Inc. ⁽¹⁾		5,336		51,706
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		4,853		18,199
SpringWorks Therapeutics, Inc. ⁽¹⁾		522		43,018
STAAR Surgical Co. ⁽¹⁾		1,012		154,330
STERIS PLC		17		3,507
Stoke Therapeutics, Inc. ⁽¹⁾		547		18,412
Stryker Corp.		17,462		4,535,405
Sutro Biopharma, Inc. ⁽¹⁾		1,321		24,557
TherapeuticsMD, Inc. ⁽¹⁾		1		1
Thermo Fisher Scientific, Inc.		6,373		3,214,987
Translate Bio, Inc. ⁽¹⁾		1,114		30,680
TransMedics Group, Inc. ⁽¹⁾		108		3,583
Turning Point Therapeutics, Inc. ⁽¹⁾		1,069		83,403
Twist Bioscience Corp. ⁽¹⁾		1,481		197,343
Tyme Technologies, Inc. ⁽¹⁾		1,855		2,337
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		749		71,417
United Therapeutics Corp. ⁽¹⁾		2,944		528,183
UnitedHealth Group, Inc.		7,941		3,179,894
Veeva Systems, Inc. ⁽¹⁾		1,711		532,035
Verrica Pharmaceuticals, Inc. ⁽¹⁾		1,953		22,069
Viatris, Inc.		29,603		423,027
ViewRay, Inc. ⁽¹⁾		4,530		29,898
Voyager Therapeutics, Inc. ⁽¹⁾		8		33
WaVe Life Sciences, Ltd. ⁽¹⁾		631		4,202
West Pharmaceutical Services, Inc.		2,426		871,177
Xencor, Inc. ⁽¹⁾		1,817		62,668
Zimmer Biomet Holdings, Inc.		8,188		1,316,794
ZIOPHARM Oncology, Inc. ⁽¹⁾		1,838		4,852
Zoetis, Inc.		14,565		2,714,333
				94,171,737

Industrials — 4.3%
ABM Industries, Inc.		4,269		189,330
Acuity Brands, Inc.		1,416		264,834
AGCO Corp.		2,971		387,359
Allegiant Travel Co. ⁽¹⁾		550		106,700
Altra Industrial Motion Corp.		568		36,931
ArcBest Corp.		627		36,485
Array Technologies, Inc. ⁽¹⁾		1,025		15,990
ASGN, Inc. ⁽¹⁾		1,474		142,875
Atkore, Inc. ⁽¹⁾		1,063		75,473
Avis Budget Group, Inc. ⁽¹⁾		528		41,126

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
BGSF, Inc.		1,548		19,102
Boise Cascade Co.		9,573		558,585
Brady Corp.		2,013		112,809
Builders FirstSource, Inc. ⁽¹⁾		3,169		135,190
Caterpillar, Inc.		6,346		1,381,080
ChargePoint Holdings, Inc. ⁽¹⁾		3,783		131,421
Comfort Systems USA, Inc.		1,369		107,864
Costamare, Inc.		397		4,689
Covenant Logistics Group, Inc. ⁽¹⁾		1,275		26,367
Cummins, Inc.		4,437		1,081,785
Deere & Co.		8,130		2,867,532
Eagle Bulk Shipping, Inc. ⁽¹⁾		76		3,596
EMCOR Group, Inc.		1,185		145,980
Emerson Electric Co.		10,473		1,007,922
Encore Wire Corp.		1,347		102,089
EnerSys		3,327		325,148
Eos Energy Enterprises, Inc. ⁽¹⁾		222		3,987
FedEx Corp.		3,276		977,329
Franklin Electric Co., Inc.		1,578		127,218
FTC Solar, Inc. ⁽¹⁾		1		13
Genco Shipping & Trading, Ltd.		1,946		36,740
Generac Holdings, Inc. ⁽¹⁾		1,189		493,613
Graco, Inc.		6,619		501,058
GrafTech International, Ltd.		7,707		89,555
Granite Construction, Inc.		1,360		56,481
Harsco Corp. ⁽¹⁾		1,422		29,037
Hertz Global Holdings, Inc. ⁽¹⁾		541		4,728
Hillenbrand, Inc.		2,956		130,300
HNI Corp.		1,456		64,020
Huntington Ingalls Industries, Inc.		6,336		1,335,312
Hyliion Holdings Corp. ⁽¹⁾		606		7,060
Hyster-Yale Materials Handling, Inc.		861		62,836
JB Hunt Transport Services, Inc.		2,142		349,039
Korn Ferry		1,762		127,833
L B Foster Co. - Class A ⁽¹⁾		11		205
Lawson Products, Inc./DE ⁽¹⁾		108		5,779
LSI Industries, Inc.		1		8
Manitowoc Co., Inc./The ⁽¹⁾		1,840		45,080
ManpowerGroup, Inc.		15,805		1,879,373
Matson, Inc.		1,479		94,656
Matthews International Corp.		1,362		48,978
Maxar Technologies, Inc.		483		19,281
Mesa Air Group, Inc. ⁽¹⁾		2,980		27,803
Miller Industries, Inc./TN		4,972		196,096
Moog, Inc.		449		37,743
Mueller Industries, Inc.		11,271		488,147

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

2021 Semiannual Report | June 30, 2021

Page 15

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
MYR Group, Inc. ⁽¹⁾		759		69,008
National Presto Industries, Inc.		444		45,133
nVent Electric PLC		1		31
Oshkosh Corp.		2,382		296,892
Owens Corning		5,178		506,926
Parker-Hannifin Corp.		1,630		500,589
Pitney Bowes, Inc.		1,902		16,681
Plug Power, Inc. ⁽¹⁾		5,137		175,634
Primoris Services Corp.		8,022		236,087
Quad/Graphics, Inc. ⁽¹⁾		10,459		43,405
Quanta Services, Inc.		28,711		2,600,355
Regal Beloit Corp.		3,567		476,230
Resideo Technologies, Inc. ⁽¹⁾		2,226		66,780
REV Group, Inc.		1,390		21,809
Rush Enterprises, Inc.		7,174		310,204
Ryder System, Inc.		5,982		444,642
Shyft Group, Inc./The		2,019		75,531
SkyWest, Inc. ⁽¹⁾		4,683		201,697
Steelcase, Inc. - Class A		2,575		38,908
Stem, Inc. ⁽¹⁾		2,665		95,967
Sterling Construction Co., Inc. ⁽¹⁾		460		11,100
Terex Corp.		1,575		75,002
Textainer Group Holdings, Ltd. ⁽¹⁾		2,545		85,945
Textron, Inc.		5,750		395,428
Titan Machinery, Inc. ⁽¹⁾		682		21,101
Toro Co./The		1,519		166,908
Triton International, Ltd.		3,333		174,449
Triumph Group, Inc. ⁽¹⁾		2,727		56,585
TrueBlue, Inc. ⁽¹⁾		758		21,307
Tutor Perini Corp. ⁽¹⁾		2,702		37,423
United Parcel Service, Inc. - Class B		10,194		2,120,046
Valmont Industries, Inc.		1,128		266,264
Vectrus, Inc. ⁽¹⁾		1,259		59,916
View, Inc. ⁽¹⁾		451		3,824
Werner Enterprises, Inc.		3,178		141,485
Yellow Corp. ⁽¹⁾		3,297		21,463
				26,428,325

Information Technology — 24.0%
3D Systems Corp. ⁽¹⁾		1,655		66,150
Accenture PLC		2,982		879,064
Adobe, Inc. ⁽¹⁾		11,000		6,442,040
Alarm.com Holdings, Inc. ⁽¹⁾		2,736		231,739
Alliance Data Systems Corp.		1,552		161,703
Alpha & Omega Semiconductor, Ltd. ⁽¹⁾		1		30
American Software, Inc./GA		218		4,787

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Amkor Technology, Inc.		2,936		69,495
Apple, Inc.		136,475		18,691,616
Applied Materials, Inc.		37,377		5,322,485
Arrow Electronics, Inc. ⁽¹⁾		9,081		1,033,690
Aspen Technology, Inc. ⁽¹⁾		460		63,268
Autodesk, Inc. ⁽¹⁾		4,536		1,324,058
Avaya Holdings Corp. ⁽¹⁾		580		15,602
Avnet, Inc.		15,671		628,094
Belden, Inc.		1,109		56,082
Bill.com Holdings, Inc. ⁽¹⁾		479		87,743
Broadcom, Inc.		5,110		2,436,652
Cadence Design Systems, Inc. ⁽¹⁾		30,807		4,215,014
Calix, Inc. ⁽¹⁾		2,816		133,760
CDK Global, Inc.		17,399		864,556
CDW Corp./DE		6,539		1,142,036
Cerence, Inc. ⁽¹⁾		1,253		133,708
ChannelAdvisor Corp. ⁽¹⁾		6,897		169,045
Cisco Systems, Inc./Delaware		68,004		3,604,212
Cloudflare, Inc. ⁽¹⁾		253		26,778
Cognizant Technology Solutions Corp.		29,224		2,024,054
CommScope Holding Co., Inc. ⁽¹⁾		4,657		99,241
CommVault Systems, Inc. ⁽¹⁾		15,942		1,246,186
Concentrix Corp. ⁽¹⁾		1,323		212,738
Conduent, Inc. ⁽¹⁾		10,762		80,715
Corning, Inc.		21,246		868,961
Crowdstrike Holdings, Inc. ⁽¹⁾		2,454		616,715
Dell Technologies, Inc. - Class C ⁽¹⁾		1,519		151,399
Digital Turbine, Inc. ⁽¹⁾		7,886		599,573
DocuSign, Inc. ⁽¹⁾		1,810		506,022
Dolby Laboratories, Inc.		20,037		1,969,437
DXC Technology Co. ⁽¹⁾		4,386		170,791
Dynatrace, Inc. ⁽¹⁾		1,760		102,819
Ebix, Inc.		302		10,238
EPAM Systems, Inc. ⁽¹⁾		3,870		1,977,415
Extreme Networks, Inc. ⁽¹⁾		1		11
Fortinet, Inc. ⁽¹⁾		4,591		1,093,530
Hewlett Packard Enterprise Co.		26,537		386,909
HP, Inc.		57,928		1,748,846
HubSpot, Inc. ⁽¹⁾		1,137		662,553
Ideanomics, Inc. ⁽¹⁾		6,245		17,736
Insight Enterprises, Inc. ⁽¹⁾		311		31,103
Intel Corp.		68,853		3,865,407
International Business Machines Corp.		23,237		3,406,312
Intuit, Inc.		10,709		5,249,231
J2 Global, Inc. ⁽¹⁾		9,479		1,303,836
Jabil, Inc.		15,359		892,665

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

Page 16

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Kimball Electronics, Inc. ⁽¹⁾		2,219		48,241
KLA Corp.		12,166		3,944,339
Lam Research Corp.		5,831		3,794,232
Manhattan Associates, Inc. ⁽¹⁾		5,159		747,230
Marathon Digital Holdings, Inc. ⁽¹⁾		1,338		41,973
Mastercard, Inc.		3,671		1,340,245
McAfee Corp. ⁽¹⁾		8,928		250,163
Methode Electronics, Inc.		2,440		120,072
Micron Technology, Inc. ⁽¹⁾		11,634		988,657
Microsoft Corp.		100,359		27,187,253
MicroStrategy, Inc. ⁽¹⁾		105		69,773
MicroVision, Inc. ⁽¹⁾		1,807		30,267
MKS Instruments, Inc.		1,361		242,190
MoneyGram International, Inc. ⁽¹⁾		2,370		23,890
NortonLifeLock, Inc.		18,739		510,076
NVIDIA Corp.		6,940		5,552,694
ON Semiconductor Corp. ⁽¹⁾		3,261		124,831
OneSpan, Inc. ⁽¹⁾		1,061		27,098
Oracle Corp.		41,212		3,207,942
PagerDuty, Inc. ⁽¹⁾		575		24,484
Palantir Technologies, Inc. ⁽¹⁾		10,102		266,289
Plantronics, Inc. ⁽¹⁾		521		21,741
Priority Technology Holdings, Inc. ⁽¹⁾		1,599		12,216
Progress Software Corp.		4,327		200,124
PTC, Inc. ⁽¹⁾		1,378		194,656
Qorvo, Inc. ⁽¹⁾		186		36,391
QUALCOMM, Inc.		33,145		4,737,415
Rimini Street, Inc. ⁽¹⁾		2,411		14,852
Riot Blockchain, Inc. ⁽¹⁾		1,184		44,601
salesforce.com, Inc. ⁽¹⁾		9,237		2,256,322
Sapiens International Corp. NV		650		17,076
SecureWorks Corp. ⁽¹⁾		2,734		50,661
Skyworks Solutions, Inc.		2,458		471,322
SPS Commerce, Inc. ⁽¹⁾		3,200		319,520
SS&C Technologies Holdings, Inc.		42,271		3,046,048
StarTek, Inc. ⁽¹⁾		2,955		21,069
Stratasys, Ltd. ⁽¹⁾		2,350		60,771
Synopsys, Inc. ⁽¹⁾		3,241		893,835
Teradata Corp. ⁽¹⁾		2,028		101,339
Teradyne, Inc.		4,075		545,887
Texas Instruments, Inc.		17,285		3,323,906
Trade Desk, Inc./The ⁽¹⁾		4,503		348,352
Trimble, Inc. ⁽¹⁾		11,472		938,754
TTEC Holdings, Inc.		1,302		134,223
Twilio, Inc. - Class A ⁽¹⁾		751		296,014
Ultra Clean Holdings, Inc. ⁽¹⁾		2,623		140,908

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Viant Technology, Inc. ⁽¹⁾		3,158		94,045
Visa, Inc.		10,570		2,471,477
Wix.com, Ltd. ⁽¹⁾		848		246,157
Xerox Holdings Corp.		7,566		177,725
Xperi Holding Corp.		7,679		170,781
Zebra Technologies Corp. - Class A ⁽¹⁾		1,586		839,771
Zscaler, Inc. ⁽¹⁾		2,385		515,303
				148,383,051

Materials — 1.6%
AdvanSix, Inc. ⁽¹⁾		2,820		84,205
Amyris, Inc. ⁽¹⁾		2,228		36,472
Avery Dennison Corp.		6,463		1,358,781
Avient Corp.		1,655		81,360
Celanese Corp.		1,717		260,297
Chemours Co./The		1,624		56,515
Cleveland-Cliffs, Inc. ⁽¹⁾		4,665		100,577
Coeur Mining, Inc. ⁽¹⁾		925		8,214
Commercial Metals Co.		2,004		61,563
Corteva, Inc.		4,783		212,126
Dow, Inc.		9,658		611,158
Eastman Chemical Co.		1,013		118,268
Element Solutions, Inc.		1,489		34,813
Freeport-McMoRan, Inc.		16,982		630,202
Greif, Inc. - Class A		178		10,778
Hawkins, Inc.		2,468		80,827
Hecla Mining Co.		1		7
Huntsman Corp.		16,704		442,990
Intrepid Potash, Inc. ⁽¹⁾		230		7,328
Koppers Holdings, Inc. ⁽¹⁾		3,059		98,959
Kronos Worldwide, Inc.		1		14
Louisiana-Pacific Corp.		5,679		342,387
LyondellBasell Industries NV		4,284		440,695
Mosaic Co./The		4,542		144,935
Newmont Corp.		34,523		2,188,068
Nucor Corp.		3,512		336,906
O-I Glass, Inc. ⁽¹⁾		2,166		35,371
Olin Corp.		1,535		71,009
Ramaco Resources, Inc. ⁽¹⁾		59		323
Rayonier Advanced Materials, Inc. ⁽¹⁾		3,221		21,548
Reliance Steel & Aluminum Co.		8,305		1,253,225
Ryerson Holding Corp. ⁽¹⁾		752		10,979
Southern Copper Corp.		2,125		136,680
Steel Dynamics, Inc.		908		54,117
SunCoke Energy, Inc.		4,250		30,345
Trinseo SA		760		45,478

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

2021 Semiannual Report | June 30, 2021

Page 17

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Tronox Holdings PLC		1,643		36,803
Westlake Chemical Corp.		3,236		291,531
Westrock Co.		1,864		99,202
				9,835,056

Real Estate Investment Trust — 2.7%
Altisource Portfolio Solutions SA ⁽¹⁾		2,985		26,537
American Homes 4 Rent		14,412		559,906
American Tower Corp.		5,605		1,514,135
Ashford Hospitality Trust, Inc.		3,429		15,636
CareTrust REIT, Inc.		5,923		137,591
CatchMark Timber Trust, Inc.		6,032		70,574
CBL & Associates Properties, Inc. ⁽¹⁾		19,530		2,359
Columbia Property Trust, Inc.		1		17
CorEnergy Infrastructure Trust, Inc.		7,400		48,988
CorePoint Lodging, Inc. ⁽¹⁾		1		11
Corporate Office Properties Trust		13,469		376,997
CubeSmart		18,769		869,380
Cushman & Wakefield PLC ⁽¹⁾		1		17
CyrusOne, Inc.		709		50,708
DiamondRock Hospitality Co. ⁽¹⁾		1,436		13,929
EastGroup Properties, Inc.		1,143		187,966
Extra Space Storage, Inc.		12,049		1,973,867
Gaming and Leisure Properties, Inc.		9,548		442,359
GEO Group, Inc./The		2		14
Getty Realty Corp.		2,530		78,810
Gladstone Commercial Corp.		4,952		111,717
Healthcare Realty Trust, Inc.		30,281		914,486
Healthcare Trust of America, Inc. - Class A		21,723		580,004
Host Hotels & Resorts, Inc. ⁽¹⁾		4,343		74,222
Invitation Homes, Inc.		2,439		90,950
Iron Mountain, Inc.		2,199		93,062
Lamar Advertising Co.		16,726		1,746,529
Life Storage, Inc.		2,335		250,662
LTC Properties, Inc.		22,929		880,244
National Health Investors, Inc.		5,324		356,974
National Storage Affiliates Trust		30,638		1,549,057
Newmark Group, Inc.		3,080		36,991
Omega Healthcare Investors, Inc.		10,081		365,839
Piedmont Office Realty Trust, Inc.		4,089		75,524
PotlatchDeltic Corp.		3,681		195,645
PS Business Parks, Inc.		2,828		418,770
Public Storage		5,812		1,747,610
SBA Communications Corp.		727		231,695
Spirit MTA REIT Liquidating Trust ^(1)(5)(7)		9,151		0
Stratus Properties, Inc. ⁽¹⁾		728		17,960

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Tanger Factory Outlet Centers, Inc.		517		9,745
Universal Health Realty Income Trust		2,194		135,041
Urstadt Biddle Properties, Inc.		809		15,678
Weyerhaeuser Co.		13,239		455,686
				16,723,892

Utilities — 2.1%
AES Corp./The		12,368		322,434
DTE Energy Co.		28,264		3,663,015
Duke Energy Corp.		20,592		2,032,842
Entergy Corp.		6,396		637,681
MDU Resources Group, Inc.		46,005		1,441,797
Portland General Electric Co.		14,388		662,999
Public Service Enterprise Group, Inc.		53,247		3,180,976
UGI Corp.		16,656		771,356
				12,713,100

Total Common Stocks (United States) (Cost $351,705,917)				506,414,715

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁶⁾		2,612		80,685
Total Preferred Stock (United States) (Cost $65,288)				80,685

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁵⁾		7		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁵⁾		7		0
Extraction Oil & Gas, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁵⁾		49		0
Extraction Oil & Gas, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁵⁾		24		0
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		122		1,220
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁵⁾		23		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		128		799
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		63		364
Total Warrants (United States) (Cost $8,296)				2,383

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

Page 18

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 15.4%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽²⁾		95,026,893		95,045,898
Total Money Market Registered Investment Companies (Cost $95,024,200)				95,045,898

Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 0.30%, 7/1/2021 ⁽³⁾		248,719		248,719
Metro City Bank Deposit Account, 0.10%, 7/1/2021 ⁽³⁾		248,345		248,345
Pacific Mercantile Bank Deposit Account, 0.10%, 7/1/2021 ⁽³⁾		246,946		246,946
Total Bank Obligations (Cost $744,010)				744,010
Total Investments — 97.4% (Cost $447,547,711)				602,287,691
Other Assets less Liabilities — 2.6%				16,387,347
Total Net Assets — 100.0%				618,675,038

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		4,313		60,425
Meeder Dynamic Allocation Fund - Retail Class		10,895		164,188
Meeder Muirfield Fund - Retail Class		7,717		72,077
Meeder Conservative Allocation Fund - Retail Class		1,304		32,157
Total Trustee Deferred Compensation (Cost $246,569)				328,847

	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		628		9/16/2021		72,348,740		(2,107,460	)
Mini MSCI Emerging Markets Index Futures		271		9/16/2021		18,493,040		43,502
Russell 2000 Mini Index Futures		18		9/16/2021		2,077,020		(7,374	)
Standard & Poors 500 Mini Futures		68		9/16/2021		14,581,240		149,281
E-mini Standard & Poors MidCap 400 Futures		16		9/16/2021		4,307,840		(47,573	)
Total Futures Contracts		1,001				111,807,880		(1,969,624	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

(3)

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, 2021. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(5)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

(6)	Preferred stock. Dividend rate unknown.

(7)	Expiration date unknown.

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

2021 Semiannual Report | June 30, 2021

Page 19

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — 81.1%
Communication Services — 8.7%
Activision Blizzard, Inc.		17,351		1,655,979
Alphabet, Inc. - Class A ⁽¹⁾		567		1,384,495
Alphabet, Inc. - Class C ⁽¹⁾		1,812		4,541,452
AMC Entertainment Holdings, Inc. - Class A ⁽¹⁾		1,485		84,170
AMC Networks, Inc. - Class A ⁽¹⁾		130		8,684
AT&T, Inc.		74,130		2,133,461
Cinemark Holdings, Inc. ⁽¹⁾		259		5,685
Comcast Corp. - Class A		16,411		935,755
DHI Group, Inc. ⁽¹⁾		1,981		6,696
DISH Network Corp. ⁽¹⁾		248		10,366
Entravision Communications Corp.		1,693		11,309
Facebook, Inc. ⁽¹⁾		8,232		2,862,349
Fluent, Inc. ⁽¹⁾		2,081		6,097
Fox Corp. - Class A		178		6,609
Gray Television, Inc.		2,529		59,179
Liberty Media Corp.-Liberty Formula One ⁽¹⁾		406		19,573
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		2,300		9,361
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		1,230		25,461
Live Nation Entertainment, Inc. ⁽¹⁾		432		37,839
Lumen Technologies, Inc.		2,856		38,813
Magnite, Inc. ⁽¹⁾		478		16,176
Meredith Corp. ⁽¹⁾		156		6,777
Netflix, Inc. ⁽¹⁾		1,361		718,894
News Corp. - Class A		2,394		61,693
Nexstar Media Group, Inc.		397		58,708
Pinterest, Inc. - Class A ⁽¹⁾		1,749		138,084
Roku, Inc. - Class A ⁽¹⁾		557		255,802
TEGNA, Inc.		1,923		36,075
Twitter, Inc. ⁽¹⁾		2,515		173,057
Verizon Communications, Inc.		20,424		1,144,357
ViacomCBS, Inc.		1,232		55,686
Vimeo, Inc. ⁽¹⁾		389		19,061
Walt Disney Co./The		3,713		652,634
WideOpenWest, Inc. ⁽¹⁾		501		10,376
World Wrestling Entertainment, Inc.		771		44,633
Yelp, Inc. ⁽¹⁾		345		13,786
				17,249,132

Consumer Discretionary — 9.8%
Adient PLC ⁽¹⁾		326		14,735
Alterra Mountain Co. ⁽¹⁾		414		100,105
Amazon.com, Inc. ⁽¹⁾		1,374		4,726,780
American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		830		8,591
American Eagle Outfitters, Inc.		198		7,431

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
American Public Education, Inc. ⁽¹⁾		134		3,798
Aptiv PLC ⁽¹⁾		255		40,119
Aramark		2,010		74,873
Arcimoto, Inc. ⁽¹⁾		487		8,372
AutoNation, Inc. ⁽¹⁾		262		24,840
Bed Bath & Beyond, Inc. ⁽¹⁾		205		6,824
Best Buy Co., Inc.		7,452		856,831
Big Lots, Inc.		497		32,807
Biglari Holdings, Inc. - Class B ⁽¹⁾		13		2,073
Boyd Gaming Corp. ⁽¹⁾		934		57,432
Brinker International, Inc. ⁽¹⁾		351		21,709
Caleres, Inc.		266		7,259
Camping World Holdings, Inc.		677		27,750
Capri Holdings, Ltd. ⁽¹⁾		1,237		70,744
Chico’s FAS, Inc. ⁽¹⁾		382		2,514
Conn’s, Inc. ⁽¹⁾		258		6,579
Crocs, Inc. ⁽¹⁾		1,874		218,358
Dana, Inc.		1,945		46,213
Darden Restaurants, Inc.		799		116,646
Del Taco Restaurants, Inc.		80		801
Designer Brands, Inc. ⁽¹⁾		68		1,125
Dick’s Sporting Goods, Inc.		874		87,566
Dillard’s, Inc. - Class A		28		5,065
Dollar Tree, Inc. ⁽¹⁾		23		2,289
DR Horton, Inc.		1,893		171,070
eBay, Inc.		546		38,335
Everi Holdings, Inc. ⁽¹⁾		1,074		26,786
Express, Inc. ⁽¹⁾		145		941
Fiesta Restaurant Group, Inc. ⁽¹⁾		347		4,660
Foot Locker, Inc.		2,207		136,017
Ford Motor Co. ⁽¹⁾		7,446		110,648
Fossil Group, Inc. ⁽¹⁾		259		3,699
Fox Factory Holding Corp. ⁽¹⁾		192		29,887
GameStop Corp. ⁽¹⁾		215		46,040
Gap, Inc./The		1,013		34,087
General Motors Co. ⁽¹⁾		8,013		474,129
Genesco, Inc. ⁽¹⁾		75		4,776
Genius Brands International, Inc. ⁽¹⁾		295		543
G-III Apparel Group, Ltd. ⁽¹⁾		617		20,275
Goodyear Tire & Rubber Co./The ⁽¹⁾		943		16,172
Greenlane Holdings, Inc. ⁽¹⁾		1,026		4,586
Group 1 Automotive, Inc.		144		22,238
GrowGeneration Corp. ⁽¹⁾		401		19,288
Hanesbrands, Inc.		1,512		28,229
Home Depot, Inc./The		10,374		3,308,165
Houghton Mifflin Harcourt Co. ⁽¹⁾		411		4,537
Installed Building Products, Inc.		4		489

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

Page 20

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
International Game Technology PLC		1,974		47,297
Kohl’s Corp.		1,191		65,636
Kontoor Brands, Inc.		132		7,446
L Brands, Inc.		377		27,167
Lands’ End, Inc. ⁽¹⁾		165		6,773
Lear Corp.		550		96,404
Lennar Corp.		3,268		324,676
Lovesac Co./The ⁽¹⁾		55		4,388
Lowe’s Cos., Inc.		11,206		2,173,628
M/I Homes, Inc. ⁽¹⁾		1,673		98,155
Macy’s, Inc. ⁽¹⁾		689		13,063
MarineMax, Inc. ⁽¹⁾		1		49
McDonald’s Corp.		2,698		623,211
MGM Resorts International		940		40,091
Modine Manufacturing Co. ⁽¹⁾		708		11,746
Mohawk Industries, Inc. ⁽¹⁾		1,916		368,236
Nathan’s Famous, Inc.		42		2,995
Nautilus, Inc. ⁽¹⁾		293		4,937
Newell Brands, Inc.		920		25,272
NIKE, Inc. - Class B		2,111		326,128
Nordstrom, Inc. ⁽¹⁾		91		3,328
ODP Corp./The ⁽¹⁾		563		27,030
OneWater Marine, Inc.		1,248		52,453
Overstock.com, Inc. ⁽¹⁾		270		24,894
Papa John’s International, Inc.		48		5,013
Party City Holdco, Inc. ⁽¹⁾		275		2,566
Penske Automotive Group, Inc.		2,688		202,917
Qurate Retail, Inc. - Class A		2,706		35,422
RCI Hospitality Holdings, Inc.		204		13,505
Red Rock Resorts, Inc. ⁽¹⁾		672		28,560
Rent-A-Center, Inc./TX		2,515		133,471
Ross Stores, Inc.		5,222		647,528
Sally Beauty Holdings, Inc. ⁽¹⁾		910		20,084
Scientific Games Corp. ⁽¹⁾		363		28,111
Shoe Carnival, Inc.		89		6,372
Signet Jewelers, Ltd.		119		9,614
Smith & Wesson Brands, Inc.		931		32,306
Sonos, Inc. ⁽¹⁾		1,015		35,758
Steven Madden, Ltd.		698		30,544
Tapestry, Inc. ⁽¹⁾		1,813		78,829
Target Corp.		1,984		479,612
Tempur Sealy International, Inc.		408		15,990
Tenneco, Inc. ⁽¹⁾		1,371		26,488
Tesla, Inc. ⁽¹⁾		2,467		1,676,820
Texas Roadhouse, Inc.		1,124		108,129
Thor Industries, Inc.		1,441		162,833
Tupperware Brands Corp. ⁽¹⁾		138		3,278

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Urban Outfitters, Inc. ⁽¹⁾		128		5,276
Vera Bradley, Inc. ⁽¹⁾		1,811		22,438
Vista Outdoor, Inc. ⁽¹⁾		111		5,137
Vuzix Corp. ⁽¹⁾		379		6,955
Waitr Holdings, Inc. ⁽¹⁾		1,303		2,319
Williams-Sonoma, Inc.		358		57,155
Winnebago Industries, Inc.		797		54,164
Zumiez, Inc. ⁽¹⁾		1,106		54,183
				19,452,206

Consumer Staples — 1.9%
Albertsons Cos., Inc.		2,759		54,242
Bunge, Ltd.		16,525		1,291,429
Conagra Brands, Inc.		3,148		114,524
Darling Ingredients, Inc. ⁽¹⁾		21,928		1,480,140
Ingles Markets, Inc.		95		5,536
Kraft Heinz Co./The		6,215		253,448
Performance Food Group Co. ⁽¹⁾		367		17,796
Rite Aid Corp. ⁽¹⁾		63		1,027
Spectrum Brands Holdings, Inc.		2,978		253,249
Tyson Foods, Inc.		276		20,358
United Natural Foods, Inc. ⁽¹⁾		246		9,097
Walgreens Boots Alliance, Inc.		1,352		71,129
Walmart, Inc.		1,946		274,425
				3,846,400

Energy — 2.1%
Aemetis, Inc. ⁽¹⁾		15		168
Antero Resources Corp. ⁽¹⁾		441		6,628
APA Corp.		2,557		55,308
Ardmore Shipping Corp.		720		3,038
Baker Hughes Co.		1,949		44,574
Berry Corp.		2,275		15,288
Bristow Group, Inc. ⁽¹⁾		36		922
Cactus, Inc.		575		21,114
ChampionX Corp. ⁽¹⁾		1,127		28,908
Cimarex Energy Co.		1,122		81,289
Clean Energy Fuels Corp. ⁽¹⁾		992		10,069
ConocoPhillips		5,160		314,244
CONSOL Energy, Inc. ⁽¹⁾		708		13,077
Contango Oil & Gas Co. ⁽¹⁾		1,362		5,884
Continental Resources, Inc./OK		354		13,463
CVR Energy, Inc.		146		2,622
Delek US Holdings, Inc.		506		10,940
Devon Energy Corp.		5,077		148,198
DHT Holdings, Inc.		1,154		7,489
Diamondback Energy, Inc.		858		80,558

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

2021 Semiannual Report | June 30, 2021

Page 21

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Dorian LPG, Ltd. ⁽¹⁾		593		8,373
EOG Resources, Inc.		2,405		200,673
Exxon Mobil Corp.		28,938		1,825,409
Frank’s International NV ⁽¹⁾		1,521		4,609
Golar LNG, Ltd. ⁽¹⁾		130		1,723
Goodrich Petroleum Corp. ⁽¹⁾		382		5,703
Hess Corp.		726		63,394
ION Geophysical Corp. ⁽¹⁾		2,321		4,851
Laredo Petroleum, Inc. ⁽¹⁾		92		8,537
Magnolia Oil & Gas Corp. ⁽¹⁾		681		10,644
Marathon Oil Corp.		6,448		87,822
Meta Materials, Inc. ⁽¹⁾		418		3,131
Nabors Industries, Ltd. ⁽¹⁾		72		8,225
NextDecade Corp. ⁽¹⁾		390		1,611
Nine Energy Service, Inc. ⁽¹⁾		1,914		5,627
Northern Oil and Gas, Inc. ⁽¹⁾		672		13,957
Oceaneering International, Inc. ⁽¹⁾		643		10,012
ONEOK, Inc.		4,850		269,854
Overseas Shipholding Group, Inc. ⁽¹⁾		720		1,505
Ovintiv, Inc.		1,482		46,639
PDC Energy, Inc.		392		17,950
Phillips 66		264		22,656
Pioneer Natural Resources Co.		1,050		170,646
Range Resources Corp. ⁽¹⁾		238		3,989
Renewable Energy Group, Inc. ⁽¹⁾		52		3,242
Schlumberger NV		6,213		198,878
Scorpio Tankers, Inc.		332		7,321
SM Energy Co.		543		13,374
Southwestern Energy Co. ⁽¹⁾		3,508		19,890
Targa Resources Corp.		5,985		266,033
Teekay Corp. ⁽¹⁾		1,555		5,785
Transocean, Ltd. ⁽¹⁾		1,622		7,331
Uranium Energy Corp. ⁽¹⁾		1,683		4,477
US Silica Holdings, Inc. ⁽¹⁾		77		890
Whiting Petroleum Corp. ⁽¹⁾		326		17,783
World Fuel Services Corp.		774		24,559
				4,230,884

Financials — 9.5%
Affiliated Managers Group, Inc.		671		103,475
AGNC Investment Corp.		20,772		350,839
Ally Financial, Inc.		4,769		237,687
American Express Co.		328		54,195
American Financial Group, Inc./OH		604		75,331
American International Group, Inc.		28,765		1,369,214
Ameris Bancorp		197		9,974
Annaly Capital Management, Inc.		1,532		13,604

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Arbor Realty Trust, Inc.		4,210		75,022
Associated Banc-Corp		6,299		129,004
Bank of America Corp.		24,739		1,019,989
Bank of New York Mellon Corp./The		3,239		165,934
Bank of NT Butterfield & Son, Ltd./The		888		31,480
Bank OZK		652		27,488
BankUnited, Inc.		949		40,513
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		10,878		3,023,214
BGC Partners, Inc.		819		4,644
Cadence BanCorp ⁽¹⁾		108		2,255
Capital Bancorp, Inc. ⁽¹⁾		1,243		25,419
Capital One Financial Corp.		2,650		409,929
Charles Schwab Corp./The		5,243		381,743
Cincinnati Financial Corp.		208		24,257
Citigroup, Inc.		7,358		520,579
Citizens Financial Group, Inc.		3,131		143,619
Civista Bancshares, Inc.		566		12,509
CNB Financial Corp./PA		184		4,199
Crawford & Co. - Class B		792		6,811
Curo Group Holdings Corp.		3,891		66,147
Customers Bancorp, Inc. ⁽¹⁾		333		12,984
East West Bancorp, Inc.		1,032		73,984
Ellington Financial, Inc.		4,032		77,213
Evercore, Inc.		984		138,518
Fifth Third Bancorp		6,487		247,998
First Choice Bancorp		327		9,957
First Horizon Corp.		5,966		103,092
FNB Corp./PA		1,550		19,112
Granite Point Mortgage Trust, Inc.		187		2,758
Hartford Financial Services Group, Inc./The		1,798		111,422
Hilltop Holdings, Inc.		1,401		50,996
Huntington Bancshares, Inc./OH		233		3,325
Independent Bank Corp./MI		63		1,368
Invesco, Ltd.		1,948		52,070
Investors Title Co.		43		7,509
JPMorgan Chase & Co.		8,237		1,281,183
KeyCorp		4,116		84,995
LendingClub Corp. ⁽¹⁾		583		10,570
LPL Financial Holdings, Inc.		162		21,867
MetLife, Inc.		1,496		89,536
Moelis & Co.		805		45,796
Morgan Stanley		6,172		565,911
Mr Cooper Group, Inc. ⁽¹⁾		1,593		52,665
MVB Financial Corp.		1,668		71,157
NewStar Financial Contingent Value Rights ^(1)(6)(9)		95		0
Northrim BanCorp, Inc.		1,376		58,824

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

Page 22

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Old Republic International Corp.		3,159		78,691
OneMain Holdings, Inc.		211		12,641
Oppenheimer Holdings, Inc.		974		49,518
PacWest Bancorp		1,569		64,580
Pinnacle Financial Partners, Inc.		384		33,903
PNC Financial Services Group, Inc./The		1,522		290,337
Popular, Inc.		1,046		78,502
Progressive Corp./The		20,506		2,013,894
Pzena Investment Management, Inc.		3,069		33,790
Radian Group, Inc.		1,728		38,448
Raymond James Financial, Inc.		90		11,691
RBB Bancorp		2,089		50,596
Regions Financial Corp.		10,922		220,406
SB Financial Group, Inc.		568		10,508
Siebert Financial Corp. ⁽¹⁾		152		731
Signature Bank/New York NY		216		53,060
SLM Corp.		3,608		75,552
Stewart Information Services Corp.		2,427		137,587
StoneX Group, Inc. ⁽¹⁾		113		6,856
SVB Financial Group ⁽¹⁾		271		150,793
Synchrony Financial		33,568		1,628,719
Synovus Financial Corp.		1,868		81,968
Tiptree, Inc. - Class A		420		3,906
Truist Financial Corp.		6,777		376,124
Umpqua Holdings Corp.		3,353		61,863
Unum Group		15,984		453,946
US Bancorp		7,083		403,519
Valley National Bancorp		430		5,775
Virtus Investment Partners, Inc.		335		93,053
Walker & Dunlop, Inc.		845		88,201
Wells Fargo & Co.		13,210		598,281
Western Alliance Bancorp		615		57,103
Wintrust Financial Corp.		342		25,865
Zions Bancorp NA		725		38,324
				18,852,615

Healthcare — 15.9%
Abbott Laboratories		4,939		572,578
AbbVie, Inc.		14,562		1,640,264
Abeona Therapeutics, Inc. ⁽¹⁾		619		966
Adverum Biotechnologies, Inc. ⁽¹⁾		1,341		4,694
Affimed NV ⁽¹⁾		1,108		9,418
Agilent Technologies, Inc.		3,612		533,890
Agios Pharmaceuticals, Inc. ⁽¹⁾		691		38,081
Alector, Inc. ⁽¹⁾		551		11,477
Alexion Pharmaceuticals, Inc. ⁽¹⁾		677		124,372
Align Technology, Inc. ⁽¹⁾		407		248,677

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Alkermes PLC ⁽¹⁾		601		14,737
Allakos, Inc. ⁽¹⁾		57		4,866
Alphatec Holdings, Inc. ⁽¹⁾		80		1,226
Amgen, Inc.		4,678		1,140,263
Amicus Therapeutics, Inc. ⁽¹⁾		69		665
Amneal Pharmaceuticals, Inc. ⁽¹⁾		1,938		9,923
Apellis Pharmaceuticals, Inc. ⁽¹⁾		262		16,558
Arbutus Biopharma Corp. ⁽¹⁾		3,246		9,835
Arcutis Biotherapeutics, Inc. ⁽¹⁾		301		8,214
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		725		60,045
Arvinas, Inc. ⁽¹⁾		233		17,941
Atara Biotherapeutics, Inc. ⁽¹⁾		189		2,939
Avid Bioservices, Inc. ⁽¹⁾		338		8,670
Axogen, Inc. ⁽¹⁾		308		6,656
Baxter International, Inc.		2,021		162,691
Beam Therapeutics, Inc. ⁽¹⁾		322		41,445
Becton Dickinson and Co.		1		243
Beyondspring, Inc. ⁽¹⁾		627		6,546
BioDelivery Sciences International, Inc. ⁽¹⁾		1,345		4,815
Biogen, Inc. ⁽¹⁾		3,879		1,343,181
Bio-Techne Corp.		458		206,219
Blueprint Medicines Corp. ⁽¹⁾		290		25,508
Bridgebio Pharma, Inc. ⁽¹⁾		267		16,276
Bristol-Myers Squibb Co.		20,658		1,380,368
Bruker Corp.		781		59,340
Calyxt, Inc. ⁽¹⁾		276		1,110
Cardinal Health, Inc.		5,229		298,524
CareDx, Inc. ⁽¹⁾		565		51,709
CASI Pharmaceuticals, Inc. ⁽¹⁾		1,242		1,925
Catalent, Inc. ⁽¹⁾		1,660		179,479
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		2,184		12,558
Centene Corp. ⁽¹⁾		56		4,084
Centogene NV ⁽¹⁾		664		6,932
Cerecor, Inc. ⁽¹⁾		2,238		7,318
Cerner Corp.		8,273		646,618
Charles River Laboratories International, Inc. ⁽¹⁾		389		143,899
Checkpoint Therapeutics, Inc. ⁽¹⁾		915		2,699
Chimerix, Inc. ⁽¹⁾		725		5,800
Community Health Systems, Inc. ⁽¹⁾		548		8,461
Computer Programs and Systems, Inc.		797		26,484
Corvus Pharmaceuticals, Inc. ⁽¹⁾		645		1,722
CureVac NV ⁽¹⁾		80		5,878
CVS Health Corp.		8,689		725,010
Danaher Corp.		5,606		1,504,426
Denali Therapeutics, Inc. ⁽¹⁾		399		31,298
DENTSPLY SIRONA, Inc.		2,337		147,839

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

2021 Semiannual Report | June 30, 2021

Page 23

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Dicerna Pharmaceuticals, Inc. ⁽¹⁾		359		13,398
Dynavax Technologies Corp. ⁽¹⁾		786		7,742
Editas Medicine, Inc. ⁽¹⁾		310		17,558
Elanco Animal Health, Inc. Contingent Value Rights ^(1)(6)(9)		2,012		0
Eli Lilly & Co.		4,153		953,197
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		2,837		5,646
Emergent BioSolutions, Inc. ⁽¹⁾		479		30,172
Endo International PLC ⁽¹⁾		2,246		10,511
Ensign Group, Inc./The		117		10,140
Envista Holdings Corp. ⁽¹⁾		970		41,914
Evelo Biosciences, Inc. ⁽¹⁾		660		9,068
Exact Sciences Corp. ⁽¹⁾		730		90,746
Exelixis, Inc. ⁽¹⁾		1,964		35,784
Fate Therapeutics, Inc. ⁽¹⁾		450		39,056
Fulgent Genetics, Inc. ⁽¹⁾		16		1,476
Galectin Therapeutics, Inc. ⁽¹⁾		727		2,326
Genprex, Inc. ⁽¹⁾		1,467		4,914
Gilead Sciences, Inc.		8,855		609,755
Globus Medical, Inc. ⁽¹⁾		193		14,963
Guardant Health, Inc. ⁽¹⁾		46		5,713
Halozyme Therapeutics, Inc. ⁽¹⁾		20		908
HCA Healthcare, Inc.		1,723		356,213
Hill-Rom Holdings, Inc.		1,919		217,979
Hologic, Inc. ⁽¹⁾		178		11,876
Horizon Therapeutics Plc ⁽¹⁾		5,689		532,718
Humanigen, Inc. ⁽¹⁾		409		7,108
Idera Pharmaceuticals, Inc. ⁽¹⁾		833		1,000
IGM Biosciences, Inc. ⁽¹⁾		51		4,243
Illumina, Inc. ⁽¹⁾		54		25,553
Incyte Corp. ⁽¹⁾		909		76,474
InfuSystem Holdings, Inc. ⁽¹⁾		1,886		39,210
Inogen, Inc. ⁽¹⁾		76		4,953
Insmed, Inc. ⁽¹⁾		461		13,120
Intellia Therapeutics, Inc. ⁽¹⁾		280		45,335
Intra-Cellular Therapies, Inc. ⁽¹⁾		207		8,450
Johnson & Johnson		22,348		3,681,610
Jounce Therapeutics, Inc. ⁽¹⁾		361		2,455
Karuna Therapeutics, Inc. ⁽¹⁾		3		342
Kodiak Sciences, Inc. ⁽¹⁾		268		24,924
La Jolla Pharmaceutical Co. ⁽¹⁾		873		3,736
Ligand Pharmaceuticals, Inc. ⁽¹⁾		11		1,443
MacroGenics, Inc. ⁽¹⁾		288		7,736
Madrigal Pharmaceuticals, Inc. ⁽¹⁾		474		46,172
Mallinckrodt PLC ⁽¹⁾		2,967		860
MannKind Corp. ⁽¹⁾		2,811		15,320
Marinus Pharmaceuticals, Inc. ⁽¹⁾		32		574

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Medtronic PLC		12,952		1,607,732
Merck & Co., Inc.		29,145		2,266,607
Merit Medical Systems, Inc. ⁽¹⁾		492		31,813
Moderna, Inc. ⁽¹⁾		5,023		1,180,305
Morphic Holding, Inc. ⁽¹⁾		15		861
Myriad Genetics, Inc. ⁽¹⁾		72		2,202
Natera, Inc. ⁽¹⁾		720		81,742
National HealthCare Corp.		49		3,425
NextGen Healthcare, Inc. ⁽¹⁾		950		15,761
Novavax, Inc. ⁽¹⁾		315		66,878
Novocure, Ltd. ⁽¹⁾		198		43,920
Oncocyte Corp. ⁽¹⁾		905		5,195
Otonomy, Inc. ⁽¹⁾		2,774		6,186
Owens & Minor, Inc.		180		7,619
Pacific Biosciences of California, Inc. ⁽¹⁾		434		15,177
PerkinElmer, Inc.		880		135,881
Perrigo Co. PLC		3,660		167,811
Pfizer, Inc.		32,875		1,287,385
Precigen, Inc. ⁽¹⁾		946		6,168
Prothena Corp. PLC ⁽¹⁾		227		11,670
PTC Therapeutics, Inc. ⁽¹⁾		260		10,990
Puma Biotechnology, Inc. ⁽¹⁾		1,432		13,146
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		3,346		1,868,875
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		788		15,429
Rigel Pharmaceuticals, Inc. ⁽¹⁾		1,848		8,020
Rocket Pharmaceuticals, Inc. ⁽¹⁾		152		6,732
Royalty Pharma PLC		1,770		72,552
Seagen, Inc. ⁽¹⁾		219		34,576
Sesen Bio, Inc. ⁽¹⁾		171		790
Solid Biosciences, Inc. ⁽¹⁾		36		132
Sorrento Therapeutics, Inc. ⁽¹⁾		1,693		16,405
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		1,088		4,080
SpringWorks Therapeutics, Inc. ⁽¹⁾		156		12,856
STAAR Surgical Co. ⁽¹⁾		324		49,410
Stoke Therapeutics, Inc. ⁽¹⁾		235		7,910
Stryker Corp.		5,727		1,487,474
Sutro Biopharma, Inc. ⁽¹⁾		386		7,176
Tenet Healthcare Corp. ⁽¹⁾		138		9,245
Thermo Fisher Scientific, Inc.		2,559		1,290,939
Translate Bio, Inc. ⁽¹⁾		413		11,374
TransMedics Group, Inc. ⁽¹⁾		23		763
Turning Point Therapeutics, Inc. ⁽¹⁾		360		28,087
Twist Bioscience Corp. ⁽¹⁾		465		61,961
Tyme Technologies, Inc. ⁽¹⁾		549		692
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		243		23,170
United Therapeutics Corp. ⁽¹⁾		761		136,531
Universal Health Services, Inc.		15		2,196

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

Page 24

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Veeva Systems, Inc. ⁽¹⁾		483		150,189
Verrica Pharmaceuticals, Inc. ⁽¹⁾		294		3,322
Viatris, Inc.		9,003		128,653
ViewRay, Inc. ⁽¹⁾		1,413		9,326
WaVe Life Sciences, Ltd. ⁽¹⁾		457		3,044
Xencor, Inc. ⁽¹⁾		627		21,625
Zentalis Pharmaceuticals, Inc. ⁽¹⁾		65		3,458
Zimmer Biomet Holdings, Inc.		1,802		289,798
ZIOPHARM Oncology, Inc. ⁽¹⁾		1,005		2,653
				31,319,668

Industrials — 4.1%
AAR Corp.		88		3,410
ABM Industries, Inc.		1,764		78,233
Acuity Brands, Inc.		441		82,480
AGCO Corp.		1,058		137,942
Allegiant Travel Co. ⁽¹⁾		34		6,596
Altra Industrial Motion Corp.		206		13,394
ArcBest Corp.		194		11,289
Array Technologies, Inc. ⁽¹⁾		620		9,672
ASGN, Inc. ⁽¹⁾		475		46,042
Atkore, Inc. ⁽¹⁾		408		28,968
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		56		3,814
Avis Budget Group, Inc. ⁽¹⁾		176		13,709
Axon Enterprise, Inc. ⁽¹⁾		42		7,426
BGSF, Inc.		485		5,985
Boise Cascade Co.		2,968		173,183
Brady Corp.		986		55,255
Builders FirstSource, Inc. ⁽¹⁾		1,031		43,982
Caterpillar, Inc.		2,090		454,847
ChargePoint Holdings, Inc. ⁽¹⁾		1,112		38,631
Comfort Systems USA, Inc.		561		44,201
Covenant Logistics Group, Inc. ⁽¹⁾		574		11,870
CSX Corp.		1,955		62,716
Deere & Co.		2,281		804,532
Echo Global Logistics, Inc. ⁽¹⁾		102		3,135
Emerson Electric Co.		2,776		267,162
Encore Wire Corp.		837		63,436
EnerSys		1,090		106,526
Eos Energy Enterprises, Inc. ⁽¹⁾		62		1,114
FedEx Corp.		1,116		332,936
Franklin Electric Co., Inc.		895		72,155
Genco Shipping & Trading, Ltd.		492		9,289
Generac Holdings, Inc. ⁽¹⁾		323		134,093
General Electric Co.		759		10,216
Graco, Inc.		3,901		295,306
GrafTech International, Ltd.		2,452		28,492

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Granite Construction, Inc.		634		26,330
Harsco Corp. ⁽¹⁾		623		12,722
Hertz Global Holdings, Inc. ⁽¹⁾		134		1,171
Hillenbrand, Inc.		651		28,696
HNI Corp.		378		16,621
Hub Group, Inc. ⁽¹⁾		51		3,365
Huntington Ingalls Industries, Inc.		1,627		342,890
Hyster-Yale Materials Handling, Inc.		270		19,705
JB Hunt Transport Services, Inc.		1,024		166,861
JELD-WEN Holding, Inc. ⁽¹⁾		148		3,886
Korn Ferry		284		20,604
Lawson Products, Inc./DE ⁽¹⁾		40		2,140
Manitowoc Co., Inc./The ⁽¹⁾		493		12,079
ManpowerGroup, Inc.		2,999		356,611
Matson, Inc.		395		25,280
Matthews International Corp.		703		25,280
Maxar Technologies, Inc.		247		9,860
Meritor, Inc. ⁽¹⁾		288		6,745
Mesa Air Group, Inc. ⁽¹⁾		1,252		11,681
Miller Industries, Inc./TN		2,261		89,174
Mueller Industries, Inc.		4,330		187,532
MYR Group, Inc. ⁽¹⁾		138		12,547
National Presto Industries, Inc.		108		10,978
Old Dominion Freight Line, Inc.		166		42,131
Oshkosh Corp.		609		75,906
Owens Corning		1,823		178,472
PAE, Inc. ⁽¹⁾		125		1,113
Parker-Hannifin Corp.		772		237,089
Pitney Bowes, Inc.		597		5,236
Plug Power, Inc. ⁽¹⁾		1,663		56,858
Primoris Services Corp.		1,690		49,737
Quad/Graphics, Inc. ⁽¹⁾		3,694		15,330
Quanta Services, Inc.		9,777		885,503
Regal Beloit Corp.		1,428		190,652
Resideo Technologies, Inc. ⁽¹⁾		700		21,000
REV Group, Inc.		409		6,417
Ryder System, Inc.		1,977		146,950
Saia, Inc. ⁽¹⁾		14		2,933
Shyft Group, Inc./The		647		24,204
SkyWest, Inc. ⁽¹⁾		1,873		80,670
Steelcase, Inc. - Class A		799		12,073
Stem, Inc. ⁽¹⁾		817		29,420
Sterling Construction Co., Inc. ⁽¹⁾		7		169
Terex Corp.		545		25,953
Textainer Group Holdings, Ltd. ⁽¹⁾		724		24,449
Textron, Inc.		2,700		185,679
Titan Machinery, Inc. ⁽¹⁾		334		10,334

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

2021 Semiannual Report | June 30, 2021

Page 25

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Triton International, Ltd.		1,540		80,604
Triumph Group, Inc. ⁽¹⁾		1,020		21,165
TrueBlue, Inc. ⁽¹⁾		345		9,698
Tutor Perini Corp. ⁽¹⁾		634		8,781
United Parcel Service, Inc. - Class B		3,013		626,614
United Rentals, Inc. ⁽¹⁾		24		7,656
Univar Solutions, Inc. ⁽¹⁾		354		8,631
Valmont Industries, Inc.		552		130,300
Vectrus, Inc. ⁽¹⁾		1,322		62,914
View, Inc. ⁽¹⁾		246		2,086
Werner Enterprises, Inc.		1,882		83,787
WESCO International, Inc. ⁽¹⁾		130		13,367
Yellow Corp. ⁽¹⁾		1,038		6,757
				8,225,433

Information Technology — 23.4%
3D Systems Corp. ⁽¹⁾		526		21,024
Accenture PLC		557		164,198
Adobe, Inc. ⁽¹⁾		3,126		1,830,711
ADTRAN, Inc.		90		1,859
Alarm.com Holdings, Inc. ⁽¹⁾		919		77,839
Alliance Data Systems Corp.		521		54,283
American Software, Inc./GA		46		1,010
Amkor Technology, Inc.		1,453		34,393
Apple, Inc.		33,197		4,546,661
Applied Materials, Inc.		12,477		1,776,725
Arrow Electronics, Inc. ⁽¹⁾		2,715		309,048
Autodesk, Inc. ⁽¹⁾		1,159		338,312
Avid Technology, Inc. ⁽¹⁾		114		4,463
Avnet, Inc.		4,145		166,132
Belden, Inc.		524		26,499
Bill.com Holdings, Inc. ⁽¹⁾		185		33,888
Broadcom, Inc.		1,656		789,647
Brooks Automation, Inc.		562		53,547
Cadence Design Systems, Inc. ⁽¹⁾		12,938		1,770,177
Calix, Inc. ⁽¹⁾		1,365		64,838
CDK Global, Inc.		8,159		405,421
CDW Corp./DE		1,563		272,978
Cerence, Inc. ⁽¹⁾		446		47,593
ChannelAdvisor Corp. ⁽¹⁾		2,425		59,437
Cisco Systems, Inc./Delaware		20,630		1,093,390
Cloudflare, Inc. ⁽¹⁾		62		6,562
Cognizant Technology Solutions Corp.		7,689		532,540
CommScope Holding Co., Inc. ⁽¹⁾		1,255		26,744
CommVault Systems, Inc. ⁽¹⁾		3,225		252,098
Concentrix Corp. ⁽¹⁾		370		59,496
Conduent, Inc. ⁽¹⁾		3,442		25,815

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Corning, Inc.		6,627		271,044
Crowdstrike Holdings, Inc. ⁽¹⁾		768		193,006
Dell Technologies, Inc. - Class C ⁽¹⁾		477		47,543
Digital Turbine, Inc. ⁽¹⁾		2,278		173,196
DocuSign, Inc. ⁽¹⁾		343		95,893
Dolby Laboratories, Inc.		5,221		513,172
DXC Technology Co. ⁽¹⁾		1,416		55,139
Dynatrace, Inc. ⁽¹⁾		675		39,434
Ebix, Inc.		92		3,119
EPAM Systems, Inc. ⁽¹⁾		1,197		611,619
Fortinet, Inc. ⁽¹⁾		1,387		330,370
Hewlett Packard Enterprise Co.		9,667		140,945
HP, Inc.		24,417		737,149
HubSpot, Inc. ⁽¹⁾		308		179,478
Ideanomics, Inc. ⁽¹⁾		2,037		5,785
Information Services Group, Inc.		3,086		18,053
Intel Corp.		22,444		1,260,006
Intuit, Inc.		6,089		2,984,645
J2 Global, Inc. ⁽¹⁾		2,021		277,989
Jabil, Inc.		6,169		358,542
Kimball Electronics, Inc. ⁽¹⁾		975		21,197
KLA Corp.		4,796		1,554,911
Kopin Corp. ⁽¹⁾		95		777
Lam Research Corp.		1,536		999,475
Manhattan Associates, Inc. ⁽¹⁾		1,311		189,885
Marathon Digital Holdings, Inc. ⁽¹⁾		430		13,489
Mastercard, Inc.		147		53,668
McAfee Corp. ⁽¹⁾		2,425		67,949
Methode Electronics, Inc.		1,040		51,178
Micron Technology, Inc. ⁽¹⁾		4,159		353,432
Microsoft Corp.		38,945		10,550,201
MicroStrategy, Inc. ⁽¹⁾		26		17,277
MicroVision, Inc. ⁽¹⁾		357		5,980
MKS Instruments, Inc.		361		64,240
MoneyGram International, Inc. ⁽¹⁾		727		7,328
NETGEAR, Inc. ⁽¹⁾		135		5,173
NortonLifeLock, Inc.		5,183		141,081
NVIDIA Corp.		2,194		1,755,419
ON Semiconductor Corp. ⁽¹⁾		1,404		53,745
OneSpan, Inc. ⁽¹⁾		396		10,114
Oracle Corp.		12,105		942,253
PagerDuty, Inc. ⁽¹⁾		362		15,414
Palantir Technologies, Inc. ⁽¹⁾		2,560		67,482
Plantronics, Inc. ⁽¹⁾		146		6,093
Priority Technology Holdings, Inc. ⁽¹⁾		395		3,018
Progress Software Corp.		1,584		73,260
Qorvo, Inc. ⁽¹⁾		21		4,109

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

Page 26

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks (United States) - Long — continued
QUALCOMM, Inc.		9,589			1,370,556
Rimini Street, Inc. ⁽¹⁾		592			3,647
Riot Blockchain, Inc. ⁽¹⁾		380			14,315
salesforce.com, Inc. ⁽¹⁾		3,005			734,031
Sanmina Corp. ⁽¹⁾		65			2,532
ScanSource, Inc. ⁽¹⁾		307			8,636
SecureWorks Corp. ⁽¹⁾		1,127			20,883
Skyworks Solutions, Inc.		760			145,730
SS&C Technologies Holdings, Inc.		11,352			818,025
StarTek, Inc. ⁽¹⁾		1,008			7,187
Teradata Corp. ⁽¹⁾		675			33,730
Teradyne, Inc.		851			114,000
Texas Instruments, Inc.		5,035			968,231
Trade Desk, Inc./The ⁽¹⁾		1,605			124,163
Trimble, Inc. ⁽¹⁾		3,303			270,284
TTEC Holdings, Inc.		515			53,091
Twilio, Inc. - Class A ⁽¹⁾		325			128,102
Ultra Clean Holdings, Inc. ⁽¹⁾		1,015			54,526
Viant Technology, Inc. ⁽¹⁾		773			23,020
Visa, Inc.		3,151			736,767
Wix.com, Ltd. ⁽¹⁾		266			77,214
Xperi Holding Corp.		2,138			47,549
Zebra Technologies Corp. - Class A ⁽¹⁾		443			234,564
Zscaler, Inc. ⁽¹⁾		684			147,785
					46,310,171

Materials — 1.2%
AdvanSix, Inc. ⁽¹⁾		798			23,828
Amyris, Inc. ⁽¹⁾		685			11,213
Avery Dennison Corp.		2,102			441,924
Avient Corp.		496			24,383
Celanese Corp.		873			132,347
Chemours Co./The		578			20,114
Cleveland-Cliffs, Inc. ⁽¹⁾		1,631			35,164
Coeur Mining, Inc. ⁽¹⁾		660			5,861
Commercial Metals Co.		478			14,684
Corteva, Inc.		1,463			64,884
Dow, Inc.		3,077			194,713
Eastman Chemical Co.		57			6,655
Element Solutions, Inc.		934			21,837
Ferroglobe PLC Contingent Value Rights ^(1)(6)(8)(9)		(2,326	)		0
Freeport-McMoRan, Inc.		5,154			191,265
Greif, Inc. - Class A		248			15,016
Hawkins, Inc.		760			24,890
Huntsman Corp.		4,530			120,136
Intrepid Potash, Inc. ⁽¹⁾		105			3,345

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Koppers Holdings, Inc. ⁽¹⁾		1,081		34,970
Kronos Worldwide, Inc.		208		2,979
Louisiana-Pacific Corp.		1,986		119,736
LyondellBasell Industries NV		1,421		146,178
Mosaic Co./The		1,505		48,025
Nucor Corp.		1,106		106,099
O-I Glass, Inc. ⁽¹⁾		774		12,639
Olin Corp.		443		20,493
PPG Industries, Inc.		42		7,130
Ramaco Resources, Inc. ⁽¹⁾		90		492
Rayonier Advanced Materials, Inc. ⁽¹⁾		881		5,894
Reliance Steel & Aluminum Co.		2,157		325,491
Southern Copper Corp.		498		32,031
Steel Dynamics, Inc.		291		17,344
SunCoke Energy, Inc.		659		4,705
Trinseo SA		239		14,302
Tronox Holdings PLC		451		10,102
Westlake Chemical Corp.		1,065		95,946
Westrock Co.		708		37,680
				2,394,495

Real Estate Investment Trust — 2.7%
Altisource Portfolio Solutions SA ⁽¹⁾		1,218		10,828
American Homes 4 Rent		4,032		156,643
American Tower Corp.		1,233		333,083
Ashford Hospitality Trust, Inc.		1,032		4,706
CareTrust REIT, Inc.		1,542		35,821
CatchMark Timber Trust, Inc.		5,866		68,632
Clipper Realty, Inc.		2,259		16,604
Columbia Property Trust, Inc.		261		4,539
CorEnergy Infrastructure Trust, Inc.		2,123		14,054
CorePoint Lodging, Inc. ⁽¹⁾		283		3,028
Corporate Office Properties Trust		3,420		95,726
CubeSmart		7,335		339,757
CyrusOne, Inc.		110		7,867
DiamondRock Hospitality Co. ⁽¹⁾		404		3,919
EastGroup Properties, Inc.		1,055		173,495
Extra Space Storage, Inc.		3,068		502,600
GEO Group, Inc./The		1,082		7,704
Gladstone Commercial Corp.		1,770		39,931
Healthcare Realty Trust, Inc.		12,162		367,292
Healthcare Trust of America, Inc. - Class A		6,416		171,307
Host Hotels & Resorts, Inc. ⁽¹⁾		1,662		28,404
Lamar Advertising Co.		4,299		448,902
Life Storage, Inc.		586		62,907
LTC Properties, Inc.		1,573		60,387
Maui Land & Pineapple Co., Inc. ⁽¹⁾		559		5,998

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

2021 Semiannual Report | June 30, 2021

Page 27

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
National Health Investors, Inc.		672		45,058
National Storage Affiliates Trust		24,194		1,223,249
New Senior Investment Group, Inc.		328		2,880
Newmark Group, Inc.		922		11,073
Omega Healthcare Investors, Inc.		1,711		62,092
PotlatchDeltic Corp.		1,086		57,721
Prologis, Inc.		23		2,749
PS Business Parks, Inc.		1,163		172,217
Public Storage		1,887		567,402
Rafael Holdings, Inc. ⁽¹⁾		993		50,693
Stratus Properties, Inc. ⁽¹⁾		205		5,057
Tanger Factory Outlet Centers, Inc. ⁽²⁾		48		905
Trinity Place Holdings, Inc. ⁽¹⁾		3,358		7,085
Universal Health Realty Income Trust		614		37,792
Urstadt Biddle Properties, Inc.		103		1,996
Welltower, Inc.		109		9,058
Weyerhaeuser Co.		2,553		87,874
				5,309,035
Utilities — 1.8%
AES Corp./The		1,502		39,157
DTE Energy Co.		13,117		1,699,962
Duke Energy Corp.		5,391		532,200
Entergy Corp.		661		65,902
MDU Resources Group, Inc.		4,942		154,882
Portland General Electric Co.		5,904		272,056
Public Service Enterprise Group, Inc.		12,904		770,885
UGI Corp.		2,014		93,254
				3,628,298

Total Common Stocks (United States) - Long (Cost $113,834,693)				160,818,337

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁷⁾		198		6,116
Total Preferred Stock (United States) (Cost $4,949)				6,116

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁶⁾		1		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁶⁾		1		0
Extraction Oil & Gas, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁶⁾		11		0
Extraction Oil & Gas, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁶⁾		5		0
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		29		290
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁶⁾		7		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		47		293
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		23		133
Total Warrants (United States) (Cost $2,879)				716

Money Market Registered Investment Companies — 16.1%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽⁴⁾		31,946,897		31,953,286
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		902		902
Total Money Market Registered Investment Companies (Cost $31,946,784)				31,954,188
Total Investments — Long — 97.2% (Cost $145,789,305)				192,779,357
Other Assets less Liabilities — 2.8%				5,607,352
Total Net Assets — 100.0%				198,386,709

Trustee Deferred Compensation ⁽⁵⁾
Meeder Balanced Fund - Retail Class		580		8,126
Meeder Dynamic Allocation Fund - Retail Class		1,356		20,435
Meeder Muirfield Fund - Retail Class		1,727		16,130
Meeder Conservative Allocation Fund - Retail Class		184		4,537
Total Trustee Deferred Compensation (Cost $39,518)				49,228

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

Page 28

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Spectrum Fund
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		204		9/16/2021		23,501,820		(656,506	)
Mini MSCI Emerging Markets Index Futures		88		9/16/2021		6,005,120		16,932
Russell 2000 Mini Index Futures		7		9/16/2021		807,730		6,894
Standard & Poors 500 Mini Futures		27		9/16/2021		5,789,610		99,836
E-mini Standard & Poors MidCap 400 Futures		6		9/16/2021		1,615,440		6,275
Total Futures Contracts		332				37,719,720		(526,569	)

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2021.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

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

(6)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

(7)	Preferred stock. Dividend rate unknown.

(8)	Short security.

(9)	Expiration date unknown.

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

2021 Semiannual Report | June 30, 2021

Page 29

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 37.4%
Communication Services — 4.2%
Activision Blizzard, Inc.		1,713		163,489
Alphabet, Inc. - Class A ⁽¹⁾		85		207,552
Alphabet, Inc. - Class C ⁽¹⁾		171		428,581
AMC Entertainment Holdings, Inc. - Class A ⁽¹⁾		165		9,352
AMC Networks, Inc. - Class A ⁽¹⁾		8		534
AT&T, Inc.		7,452		214,469
Cinemark Holdings, Inc. ⁽¹⁾		20		439
Comcast Corp. - Class A		2,087		119,001
Cumulus Media, Inc. ⁽¹⁾		79		1,157
CuriosityStream, Inc. ⁽¹⁾		12		164
DHI Group, Inc. ⁽¹⁾		306		1,034
DISH Network Corp. ⁽¹⁾		10		418
Electronic Arts, Inc.		136		19,561
Facebook, Inc. ⁽¹⁾		915		318,155
Fluent, Inc. ⁽¹⁾		188		551
Gray Television, Inc.		233		5,452
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		240		977
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		150		3,105
Live Nation Entertainment, Inc. ⁽¹⁾		33		2,890
Magnite, Inc. ⁽¹⁾		48		1,624
Meredith Corp. ⁽¹⁾		17		738
Netflix, Inc. ⁽¹⁾		145		76,590
News Corp. - Class A		293		7,551
Nexstar Media Group, Inc.		121		17,893
Omnicom Group, Inc.		469		37,515
Pinterest, Inc. - Class A ⁽¹⁾		209		16,501
Roku, Inc. - Class A ⁽¹⁾		65		29,851
TEGNA, Inc.		180		3,377
Telephone and Data Systems, Inc.		119		2,697
Twitter, Inc. ⁽¹⁾		272		18,716
Verizon Communications, Inc.		3,385		189,662
ViacomCBS, Inc.		106		4,791
Vimeo, Inc. ⁽¹⁾		48		2,352
Walt Disney Co./The		574		100,892
World Wrestling Entertainment, Inc.		91		5,268
Yelp, Inc. ⁽¹⁾		37		1,479
				2,014,378

Consumer Discretionary — 4.4%
Adient PLC ⁽¹⁾		37		1,672
Alterra Mountain Co. ⁽¹⁾		42		10,156
Amazon.com, Inc. ⁽¹⁾		158		543,545
American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		58		600
American Eagle Outfitters, Inc.		34		1,276

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
American Public Education, Inc. ⁽¹⁾		31		879
Aptiv PLC ⁽¹⁾		21		3,304
Aramark		202		7,525
Arcimoto, Inc. ⁽¹⁾		68		1,169
AutoNation, Inc. ⁽¹⁾		10		948
Bed Bath & Beyond, Inc. ⁽¹⁾		18		599
Best Buy Co., Inc.		916		105,322
Big Lots, Inc.		59		3,895
Boyd Gaming Corp. ⁽¹⁾		109		6,702
Brinker International, Inc. ⁽¹⁾		36		2,227
Caleres, Inc.		32		873
Camping World Holdings, Inc.		128		5,247
Capri Holdings, Ltd. ⁽¹⁾		130		7,435
Chico’s FAS, Inc. ⁽¹⁾		13		86
Conn’s, Inc. ⁽¹⁾		28		714
Container Store Group, Inc./The ⁽¹⁾		1		13
Crocs, Inc. ⁽¹⁾		230		26,800
Dana, Inc.		236		5,607
Darden Restaurants, Inc.		98		14,307
Del Taco Restaurants, Inc.		36		360
Designer Brands, Inc. ⁽¹⁾		4		66
Dick’s Sporting Goods, Inc.		52		5,210
Dillard’s, Inc. - Class A		3		543
DR Horton, Inc.		458		41,389
eBay, Inc.		83		5,827
Ethan Allen Interiors, Inc.		1		28
Everi Holdings, Inc. ⁽¹⁾		126		3,142
Express, Inc. ⁽¹⁾		13		84
Fiesta Restaurant Group, Inc. ⁽¹⁾		38		510
Foot Locker, Inc.		223		13,743
Ford Motor Co. ⁽¹⁾		1,100		16,346
Fossil Group, Inc. ⁽¹⁾		31		443
Fox Factory Holding Corp. ⁽¹⁾		18		2,802
GameStop Corp. ⁽¹⁾		24		5,139
Gap, Inc./The		133		4,475
General Motors Co. ⁽¹⁾		917		54,259
Genesco, Inc. ⁽¹⁾		8		509
Genius Brands International, Inc. ⁽¹⁾		52		96
G-III Apparel Group, Ltd. ⁽¹⁾		69		2,267
Goodyear Tire & Rubber Co./The ⁽¹⁾		85		1,458
Greenlane Holdings, Inc. ⁽¹⁾		103		460
Group 1 Automotive, Inc.		15		2,316
GrowGeneration Corp. ⁽¹⁾		37		1,780
Hanesbrands, Inc.		149		2,782
Home Depot, Inc./The		859		273,927
Houghton Mifflin Harcourt Co. ⁽¹⁾		57		629
International Game Technology PLC		225		5,391

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

Page 30

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Kohl’s Corp.		133		7,330
Kontoor Brands, Inc.		12		677
L Brands, Inc.		33		2,378
Lands’ End, Inc. ⁽¹⁾		18		739
Lear Corp.		63		11,043
Lennar Corp.		358		35,567
Lovesac Co./The ⁽¹⁾		6		479
Lowe’s Cos., Inc.		981		190,285
M/I Homes, Inc. ⁽¹⁾		169		9,915
Macy’s, Inc. ⁽¹⁾		30		569
McDonald’s Corp.		430		99,326
MGM Resorts International		60		2,559
Modine Manufacturing Co. ⁽¹⁾		77		1,277
Mohawk Industries, Inc. ⁽¹⁾		150		28,829
Nautilus, Inc. ⁽¹⁾		20		337
NIKE, Inc. - Class B		216		33,370
ODP Corp./The ⁽¹⁾		59		2,833
OneWater Marine, Inc.		144		6,052
Overstock.com, Inc. ⁽¹⁾		30		2,766
Party City Holdco, Inc. ⁽¹⁾		30		280
Qurate Retail, Inc. - Class A		315		4,123
RCI Hospitality Holdings, Inc.		18		1,192
Red Rock Resorts, Inc. ⁽¹⁾		77		3,273
Rent-A-Center, Inc./TX		393		20,857
Ross Stores, Inc.		692		85,808
Sally Beauty Holdings, Inc. ⁽¹⁾		100		2,207
Scientific Games Corp. ⁽¹⁾		40		3,098
Shoe Carnival, Inc.		8		573
Signet Jewelers, Ltd.		12		969
Smith & Wesson Brands, Inc.		102		3,539
Sonic Automotive, Inc.		14		626
Sonos, Inc. ⁽¹⁾		38		1,339
Steven Madden, Ltd.		98		4,288
Tapestry, Inc. ⁽¹⁾		196		8,522
Target Corp.		246		59,468
Tempur Sealy International, Inc.		19		745
Tenneco, Inc. ⁽¹⁾		150		2,898
Tesla, Inc. ⁽¹⁾		306		207,988
Texas Roadhouse, Inc.		122		11,736
Thor Industries, Inc.		156		17,628
Town Sports International Holdings, Inc. ⁽¹⁾		378		67
Tractor Supply Co.		3		558
Tupperware Brands Corp. ⁽¹⁾		16		380
Urban Outfitters, Inc. ⁽¹⁾		7		289
Vera Bradley, Inc. ⁽¹⁾		167		2,069
Vista Outdoor, Inc. ⁽¹⁾		11		509
Vuzix Corp. ⁽¹⁾		44		807

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Waitr Holdings, Inc. ⁽¹⁾		169		301
Williams-Sonoma, Inc.		45		7,184
XPEL, Inc. ⁽¹⁾		20		1,677
Zumiez, Inc. ⁽¹⁾		105		5,144
				2,093,355

Consumer Staples — 0.8%
Bunge, Ltd.		1,478		115,506
Celsius Holdings, Inc. ⁽¹⁾		1		76
Conagra Brands, Inc.		471		17,135
Darling Ingredients, Inc. ⁽¹⁾		1,589		107,258
Ingles Markets, Inc.		19		1,107
Kraft Heinz Co./The		1,734		70,713
Performance Food Group Co. ⁽¹⁾		21		1,018
Rite Aid Corp. ⁽¹⁾		1		16
Spectrum Brands Holdings, Inc.		342		29,084
Tyson Foods, Inc.		25		1,844
United Natural Foods, Inc. ⁽¹⁾		25		925
Walgreens Boots Alliance, Inc.		170		8,944
Walmart, Inc.		200		28,204
				381,830

Energy — 1.1%
Aemetis, Inc. ⁽¹⁾		2		22
Amplify Energy Corp. ⁽¹⁾		202		818
Antero Resources Corp. ⁽¹⁾		45		676
APA Corp.		302		6,532
Ardmore Shipping Corp.		46		194
Baker Hughes Co.		271		6,198
Berry Corp.		68		457
Bristow Group, Inc. ⁽¹⁾		2		51
Cactus, Inc.		59		2,166
ChampionX Corp. ⁽¹⁾		146		3,745
Cimarex Energy Co.		143		10,360
Clean Energy Fuels Corp. ⁽¹⁾		112		1,137
ConocoPhillips		571		34,774
CONSOL Energy, Inc. ⁽¹⁾		80		1,478
Contango Oil & Gas Co. ⁽¹⁾		187		808
Continental Resources, Inc./OK		36		1,369
CVR Energy, Inc.		10		180
Delek US Holdings, Inc.		53		1,146
Devon Energy Corp.		576		16,813
DHT Holdings, Inc.		174		1,129
Diamondback Energy, Inc.		104		9,765
Dorian LPG, Ltd. ⁽¹⁾		43		607
EOG Resources, Inc.		257		21,444
Exxon Mobil Corp.		3,760		237,181

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

2021 Semiannual Report | June 30, 2021

Page 31

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Frank’s International NV ⁽¹⁾		182		551
Golar LNG, Ltd. ⁽¹⁾		6		80
Goodrich Petroleum Corp. ⁽¹⁾		30		448
Hess Corp.		72		6,287
Laredo Petroleum, Inc. ⁽¹⁾		14		1,299
Magnolia Oil & Gas Corp. ⁽¹⁾		76		1,188
Meta Materials, Inc. ⁽¹⁾		53		397
Nabors Industries, Ltd. ⁽¹⁾		9		1,028
NextDecade Corp. ⁽¹⁾		46		190
Nine Energy Service, Inc. ⁽¹⁾		225		662
Northern Oil and Gas, Inc. ⁽¹⁾		83		1,724
Oceaneering International, Inc. ⁽¹⁾		74		1,152
ONEOK, Inc.		1,215		67,603
Ovintiv, Inc.		173		5,444
PDC Energy, Inc.		48		2,198
Phillips 66		57		4,892
Pioneer Natural Resources Co.		108		17,552
Range Resources Corp. ⁽¹⁾		14		235
Renewable Energy Group, Inc. ⁽¹⁾		3		187
Schlumberger NV		673		21,543
Scorpio Tankers, Inc.		50		1,103
SM Energy Co.		59		1,453
Southwestern Energy Co. ⁽¹⁾		415		2,353
Targa Resources Corp.		711		31,604
Teekay Corp. ⁽¹⁾		121		450
Transocean, Ltd. ⁽¹⁾		140		633
Uranium Energy Corp. ⁽¹⁾		231		614
Westmoreland Coal Co. ⁽¹⁾⁽⁷⁾		539		0
Whiting Petroleum Corp. ⁽¹⁾		36		1,964
World Fuel Services Corp.		97		3,078
				536,962

Financials — 4.1%
Affiliated Managers Group, Inc.		46		7,094
AGNC Investment Corp.		1,831		30,926
Allstate Corp./The		103		13,435
Ally Financial, Inc.		542		27,013
American Express Co.		18		2,974
American Financial Group, Inc./OH		68		8,481
American International Group, Inc.		3,114		148,226
Ameris Bancorp		40		2,025
Annaly Capital Management, Inc.		77		684
Arbor Realty Trust, Inc.		481		8,571
Associated Banc-Corp		766		15,688
Bank of America Corp.		2,831		116,722
Bank of New York Mellon Corp./The		648		33,197
Bank of NT Butterfield & Son, Ltd./The		113		4,006

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Bank OZK		77		3,246
BankUnited, Inc.		118		5,037
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		1,219		338,784
BGC Partners, Inc.		99		561
Capital One Financial Corp.		282		43,623
Charles Schwab Corp./The		581		42,303
Cincinnati Financial Corp.		51		5,948
Citigroup, Inc.		788		55,751
Citizens Financial Group, Inc.		294		13,486
Civista Bancshares, Inc.		51		1,127
CNB Financial Corp./PA		60		1,369
Curo Group Holdings Corp.		52		884
Customers Bancorp, Inc. ⁽¹⁾		9		351
East West Bancorp, Inc.		117		8,388
Elevate Credit, Inc. ⁽¹⁾		87		311
Ellington Financial, Inc.		370		7,086
Evercore, Inc.		133		18,722
Fidelity National Financial, Inc.		348		15,124
Fifth Third Bancorp		770		29,437
First American Financial Corp.		262		16,336
First Choice Bancorp		10		305
First Horizon Corp.		823		14,221
FNB Corp./PA		290		3,576
Granite Point Mortgage Trust, Inc.		68		1,003
Hartford Financial Services Group, Inc./The		189		11,712
Hilltop Holdings, Inc.		171		6,224
Huntington Bancshares, Inc./OH		22		314
Invesco, Ltd.		199		5,319
JPMorgan Chase & Co.		940		146,208
KeyCorp		512		10,573
LendingClub Corp. ⁽¹⁾		72		1,305
Loews Corp.		29		1,585
LPL Financial Holdings, Inc.		6		810
Medley Management, Inc. ⁽¹⁾		21		129
MetLife, Inc.		10		599
Moelis & Co.		89		5,063
Morgan Stanley		798		73,169
Mr Cooper Group, Inc. ⁽¹⁾		257		8,496
NewStar Financial Contingent Value Rights ^(1)(7)(9)		34		0
Nicolet Bankshares, Inc. ⁽¹⁾		5		352
Northrim BanCorp, Inc.		125		5,344
OneMain Holdings, Inc.		56		3,355
Oppenheimer Holdings, Inc.		61		3,101
PacWest Bancorp		207		8,520
Pinnacle Financial Partners, Inc.		48		4,238
PNC Financial Services Group, Inc./The		186		35,481

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

Page 32

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description		Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Popular, Inc.			201		15,085
Progressive Corp./The	��		1,445		141,913
Pzena Investment Management, Inc.			268		2,951
Radian Group, Inc.			260		5,785
RBB Bancorp			42		1,017
Regions Financial Corp.			845		17,052
Siebert Financial Corp. ⁽¹⁾			14		67
Signature Bank/New York NY			25		6,141
Silvercrest Asset Management Group, Inc.			74		1,113
SLM Corp.			356		7,455
Stewart Information Services Corp.			407		23,073
StoneX Group, Inc. ⁽¹⁾			4		243
SVB Financial Group ⁽¹⁾			30		16,693
Synchrony Financial			2,955		143,377
Synovus Financial Corp.			241		10,575
Tiptree, Inc. - Class A			16		149
Truist Financial Corp.			774		42,957
Umpqua Holdings Corp.			429		7,915
Unum Group			698		19,823
US Bancorp			614		34,980
Valley National Bancorp			84		1,128
Virtus Investment Partners, Inc.			35		9,722
Walker & Dunlop, Inc.			84		8,768
Wells Fargo & Co.			1,457		65,988
Western Alliance Bancorp			78		7,242
Wins Finance Holdings, Inc. ⁽¹⁾			37		93
Wintrust Financial Corp.			27		2,042
Zions Bancorp NA			70		3,700
					1,974,965

Healthcare — 7.0%
Abbott Laboratories			456		52,864
AbbVie, Inc.			1,823		205,343
Abeona Therapeutics, Inc. ⁽¹⁾			95		148
AcelRx Pharmaceuticals, Inc. ⁽¹⁾			50		69
ADMA Biologics, Inc. ⁽¹⁾			28		45
Adverum Biotechnologies, Inc. ⁽¹⁾			139		487
Affimed NV ⁽¹⁾			134		1,139
AgeX Therapeutics, Inc. ⁽¹⁾			13		20
Agilent Technologies, Inc.			723		106,867
Agios Pharmaceuticals, Inc. ⁽¹⁾			72		3,968
Alector, Inc. ⁽¹⁾			65		1,354
Alexion Pharmaceuticals, Inc. ⁽¹⁾			93		17,085
Align Technology, Inc. ⁽¹⁾			45		27,495
Alkermes PLC ⁽¹⁾			91		2,231
Allakos, Inc. ⁽¹⁾			2		171
Amgen, Inc.			608		148,200

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Amneal Pharmaceuticals, Inc. ⁽¹⁾		233		1,193
Anavex Life Sciences Corp. ⁽¹⁾		19		434
Anthem, Inc.		2		764
Apellis Pharmaceuticals, Inc. ⁽¹⁾		22		1,390
Arbutus Biopharma Corp. ⁽¹⁾		389		1,179
Arcutis Biotherapeutics, Inc. ⁽¹⁾		35		955
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		82		6,791
Arvinas, Inc. ⁽¹⁾		28		2,156
Assertio Holdings, Inc. ⁽¹⁾		132		206
Atara Biotherapeutics, Inc. ⁽¹⁾		9		140
Axogen, Inc. ⁽¹⁾		59		1,275
Beam Therapeutics, Inc. ⁽¹⁾		37		4,762
Beyondspring, Inc. ⁽¹⁾		56		585
BioDelivery Sciences International, Inc. ⁽¹⁾		595		2,130
Biogen, Inc. ⁽¹⁾		384		132,968
Bio-Rad Laboratories, Inc. ⁽¹⁾		22		14,174
Bio-Techne Corp.		24		10,806
Blueprint Medicines Corp. ⁽¹⁾		35		3,079
Bridgebio Pharma, Inc. ⁽¹⁾		24		1,463
Bristol-Myers Squibb Co.		2,620		175,068
Calyxt, Inc. ⁽¹⁾		21		84
CareDx, Inc. ⁽¹⁾		62		5,674
CASI Pharmaceuticals, Inc. ⁽¹⁾		17		26
Catalent, Inc. ⁽¹⁾		158		17,083
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		308		1,771
cbdMD, Inc. ⁽¹⁾		7		20
Centogene NV ⁽¹⁾		74		773
Cerecor, Inc. ⁽¹⁾		297		971
Cerner Corp.		463		36,188
Charles River Laboratories International, Inc. ⁽¹⁾		3		1,110
Chimerix, Inc. ⁽¹⁾		39		312
Community Health Systems, Inc. ⁽¹⁾		65		1,004
Computer Programs and Systems, Inc.		34		1,130
Conformis, Inc. ⁽¹⁾		10		12
CureVac NV ⁽¹⁾		6		441
CVS Health Corp.		1,029		85,860
Danaher Corp.		661		177,386
Denali Therapeutics, Inc. ⁽¹⁾		42		3,294
DENTSPLY SIRONA, Inc.		328		20,749
Dicerna Pharmaceuticals, Inc. ⁽¹⁾		40		1,493
Dynavax Technologies Corp. ⁽¹⁾		102		1,005
Editas Medicine, Inc. ⁽¹⁾		31		1,756
Elanco Animal Health, Inc. Contingent Value Rights ^(1)(7)(9)		99		0
Eli Lilly & Co.		448		102,825
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		257		511

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

2021 Semiannual Report | June 30, 2021

Page 33

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Emergent BioSolutions, Inc. ⁽¹⁾		56		3,527
Endo International PLC ⁽¹⁾		288		1,348
Ensign Group, Inc./The		3		260
Envista Holdings Corp. ⁽¹⁾		11		475
Evelo Biosciences, Inc. ⁽¹⁾		67		921
Exact Sciences Corp. ⁽¹⁾		80		9,945
Exelixis, Inc. ⁽¹⁾		195		3,553
Fate Therapeutics, Inc. ⁽¹⁾		49		4,253
Fulgent Genetics, Inc. ⁽¹⁾		2		184
Galectin Therapeutics, Inc. ⁽¹⁾		63		202
Genprex, Inc. ⁽¹⁾		180		603
Gilead Sciences, Inc.		1,261		86,832
HCA Healthcare, Inc.		177		36,593
Hill-Rom Holdings, Inc.		198		22,491
Hologic, Inc. ⁽¹⁾		66		4,404
Horizon Therapeutics Plc ⁽¹⁾		525		49,161
Humana, Inc.		5		2,214
Humanigen, Inc. ⁽¹⁾		47		817
IGM Biosciences, Inc. ⁽¹⁾		3		250
Inogen, Inc. ⁽¹⁾		11		717
Insmed, Inc. ⁽¹⁾		45		1,281
Intellia Therapeutics, Inc. ⁽¹⁾		32		5,181
Intra-Cellular Therapies, Inc. ⁽¹⁾		18		735
Johnson & Johnson		1,878		309,382
Jounce Therapeutics, Inc. ⁽¹⁾		43		292
Kodiak Sciences, Inc. ⁽¹⁾		27		2,511
La Jolla Pharmaceutical Co. ⁽¹⁾		56		240
MacroGenics, Inc. ⁽¹⁾		40		1,074
Madrigal Pharmaceuticals, Inc. ⁽¹⁾		53		5,163
Mallinckrodt PLC ⁽¹⁾		22		6
MannKind Corp. ⁽¹⁾		309		1,684
Marinus Pharmaceuticals, Inc. ⁽¹⁾		12		215
McKesson Corp.		173		33,085
Medtronic PLC		1,537		190,788
Merck & Co., Inc.		2,656		206,557
Merit Medical Systems, Inc. ⁽¹⁾		56		3,621
Moderna, Inc. ⁽¹⁾		459		107,856
Myriad Genetics, Inc. ⁽¹⁾		3		92
Natera, Inc. ⁽¹⁾		84		9,537
NextGen Healthcare, Inc. ⁽¹⁾		112		1,858
Novavax, Inc. ⁽¹⁾		35		7,431
Novocure, Ltd. ⁽¹⁾		22		4,880
Oncocyte Corp. ⁽¹⁾		95		545
Owens & Minor, Inc.		10		423
Pacific Biosciences of California, Inc. ⁽¹⁾		34		1,189
Palatin Technologies, Inc. ⁽¹⁾		689		420
PerkinElmer, Inc.		85		13,125

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Perrigo Co. PLC		540		24,759
Pfizer, Inc.		3,860		151,158
PolarityTE, Inc. ⁽¹⁾		3		3
Precigen, Inc. ⁽¹⁾		104		678
Prothena Corp. PLC ⁽¹⁾		22		1,131
PTC Therapeutics, Inc. ⁽¹⁾		11		465
Puma Biotechnology, Inc. ⁽¹⁾		164		1,506
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		267		149,130
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		82		1,606
Rocket Pharmaceuticals, Inc. ⁽¹⁾		14		620
Royalty Pharma PLC		327		13,404
Seagen, Inc. ⁽¹⁾		93		14,683
Sesen Bio, Inc. ⁽¹⁾		52		240
Sorrento Therapeutics, Inc. ⁽¹⁾		194		1,880
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		179		671
SpringWorks Therapeutics, Inc. ⁽¹⁾		16		1,319
STAAR Surgical Co. ⁽¹⁾		37		5,643
Stoke Therapeutics, Inc. ⁽¹⁾		22		741
Stryker Corp.		590		153,241
Sutro Biopharma, Inc. ⁽¹⁾		46		855
Tenet Healthcare Corp. ⁽¹⁾		12		804
Thermo Fisher Scientific, Inc.		248		125,109
Translate Bio, Inc. ⁽¹⁾		46		1,267
TransMedics Group, Inc. ⁽¹⁾		6		199
Turning Point Therapeutics, Inc. ⁽¹⁾		32		2,497
Twist Bioscience Corp. ⁽¹⁾		50		6,663
Tyme Technologies, Inc. ⁽¹⁾		70		88
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		25		2,384
United Therapeutics Corp. ⁽¹⁾		95		17,044
UnitedHealth Group, Inc.		12		4,805
Veeva Systems, Inc. ⁽¹⁾		10		3,110
Verrica Pharmaceuticals, Inc. ⁽¹⁾		73		825
Viatris, Inc.		1,031		14,733
ViewRay, Inc. ⁽¹⁾		189		1,247
WaVe Life Sciences, Ltd. ⁽¹⁾		61		406
West Pharmaceutical Services, Inc.		50		17,955
Xencor, Inc. ⁽¹⁾		73		2,518
Zimmer Biomet Holdings, Inc.		147		23,641
ZIOPHARM Oncology, Inc. ⁽¹⁾		104		275
Zoetis, Inc.		294		54,790
				3,332,496

Industrials — 2.2%
ABM Industries, Inc.		110		4,879
Acuity Brands, Inc.		46		8,603
AGCO Corp.		125		16,298
Altra Industrial Motion Corp.		18		1,170

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

Page 34

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
ArcBest Corp.		23		1,338
Array Technologies, Inc. ⁽¹⁾		61		952
ASGN, Inc. ⁽¹⁾		41		3,974
Atkore, Inc. ⁽¹⁾		46		3,266
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		9		613
Avis Budget Group, Inc. ⁽¹⁾		20		1,558
Axon Enterprise, Inc. ⁽¹⁾		1		177
BGSF, Inc.		48		592
Boise Cascade Co.		254		14,821
Brady Corp.		113		6,333
Builders FirstSource, Inc. ⁽¹⁾		114		4,863
Caterpillar, Inc.		228		49,620
ChargePoint Holdings, Inc. ⁽¹⁾		126		4,377
Comfort Systems USA, Inc.		6		473
Costamare, Inc.		25		295
Covenant Logistics Group, Inc. ⁽¹⁾		66		1,365
Cummins, Inc.		320		78,019
Deere & Co.		292		102,991
Eagle Bulk Shipping, Inc. ⁽¹⁾		4		189
Eaton Corp. PLC		97		14,373
EMCOR Group, Inc.		269		33,138
Emerson Electric Co.		328		31,567
Encore Wire Corp.		75		5,684
EnerSys		114		11,141
Eos Energy Enterprises, Inc. ⁽¹⁾		7		126
FedEx Corp.		116		34,606
Franklin Electric Co., Inc.		54		4,353
Genco Shipping & Trading, Ltd.		81		1,529
Generac Holdings, Inc. ⁽¹⁾		55		22,833
Graco, Inc.		101		7,646
GrafTech International, Ltd.		284		3,300
Granite Construction, Inc.		34		1,412
Harsco Corp. ⁽¹⁾		71		1,450
Hertz Global Holdings, Inc. ⁽¹⁾		19		166
Hillenbrand, Inc.		58		2,557
HNI Corp.		30		1,319
Huntington Ingalls Industries, Inc.		186		39,200
Hyster-Yale Materials Handling, Inc.		32		2,335
JB Hunt Transport Services, Inc.		90		14,666
Korn Ferry		30		2,177
Lawson Products, Inc./DE ⁽¹⁾		6		321
Manitowoc Co., Inc./The ⁽¹⁾		61		1,495
ManpowerGroup, Inc.		470		55,888
Matson, Inc.		47		3,008
Matthews International Corp.		84		3,021
Maxar Technologies, Inc.		24		958
Mesa Air Group, Inc. ⁽¹⁾		318		2,967

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Miller Industries, Inc./TN		174		6,863
Moog, Inc.		7		588
Mueller Industries, Inc.		360		15,592
MYR Group, Inc. ⁽¹⁾		10		909
National Presto Industries, Inc.		16		1,626
NL Industries, Inc.		11		72
Old Dominion Freight Line, Inc.		25		6,345
Oshkosh Corp.		87		10,844
Owens Corning		80		7,832
Parker-Hannifin Corp.		82		25,183
Pitney Bowes, Inc.		75		658
Plug Power, Inc. ⁽¹⁾		174		5,949
Primoris Services Corp.		614		18,070
Quad/Graphics, Inc. ⁽¹⁾		381		1,581
Quanta Services, Inc.		1,185		107,325
Radiant Logistics, Inc. ⁽¹⁾		67		464
Regal Beloit Corp.		180		24,032
Resideo Technologies, Inc. ⁽¹⁾		67		2,010
REV Group, Inc.		49		769
Rush Enterprises, Inc.		196		8,475
Ryder System, Inc.		194		14,420
Saia, Inc. ⁽¹⁾		1		209
Shyft Group, Inc./The		78		2,918
SkyWest, Inc. ⁽¹⁾		181		7,796
Steelcase, Inc. - Class A		132		1,995
Stem, Inc. ⁽¹⁾		96		3,457
Terex Corp.		61		2,905
Textainer Group Holdings, Ltd. ⁽¹⁾		86		2,904
Textron, Inc.		574		39,474
Titan Machinery, Inc. ⁽¹⁾		25		774
Triton International, Ltd.		119		6,228
Triumph Group, Inc. ⁽¹⁾		142		2,947
TrueBlue, Inc. ⁽¹⁾		36		1,012
Tutor Perini Corp. ⁽¹⁾		54		748
United Parcel Service, Inc. - Class B		349		72,582
Valmont Industries, Inc.		25		5,901
Vectrus, Inc. ⁽¹⁾		46		2,189
View, Inc. ⁽¹⁾		29		246
Werner Enterprises, Inc.		156		6,945
Yellow Corp. ⁽¹⁾		120		781
				1,031,620

Information Technology — 10.7%
3D Systems Corp. ⁽¹⁾		59		2,358
Accenture PLC		83		24,468
Adobe, Inc. ⁽¹⁾		375		219,615
Alarm.com Holdings, Inc. ⁽¹⁾		105		8,894

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

2021 Semiannual Report | June 30, 2021

Page 35

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Alliance Data Systems Corp.		55		5,730
American Software, Inc./GA		18		395
Amkor Technology, Inc.		123		2,911
Apple, Inc.		4,576		626,729
Applied Materials, Inc.		1,317		187,541
Arrow Electronics, Inc. ⁽¹⁾		349		39,727
Autodesk, Inc. ⁽¹⁾		160		46,704
Avaya Holdings Corp. ⁽¹⁾		13		350
Avnet, Inc.		649		26,012
Belden, Inc.		49		2,478
Bill.com Holdings, Inc. ⁽¹⁾		17		3,114
Broadcom, Inc.		192		91,553
Cadence Design Systems, Inc. ⁽¹⁾		1,086		148,587
Calix, Inc. ⁽¹⁾		79		3,753
CDK Global, Inc.		870		43,230
CDW Corp./DE		180		31,437
Cerence, Inc. ⁽¹⁾		47		5,015
ChannelAdvisor Corp. ⁽¹⁾		214		5,245
Cisco Systems, Inc./Delaware		2,244		118,932
Cognizant Technology Solutions Corp.		960		66,490
CommScope Holding Co., Inc. ⁽¹⁾		199		4,241
CommVault Systems, Inc. ⁽¹⁾		390		30,486
Concentrix Corp. ⁽¹⁾		48		7,718
Conduent, Inc. ⁽¹⁾		454		3,405
Corning, Inc.		714		29,203
Crowdstrike Holdings, Inc. ⁽¹⁾		86		21,613
Dell Technologies, Inc. - Class C ⁽¹⁾		98		9,768
Digital Turbine, Inc. ⁽¹⁾		175		13,305
DocuSign, Inc. ⁽¹⁾		53		14,817
Dolby Laboratories, Inc.		541		53,175
DXC Technology Co. ⁽¹⁾		162		6,308
Dynatrace, Inc. ⁽¹⁾		71		4,148
Ebix, Inc.		13		441
EPAM Systems, Inc. ⁽¹⁾		172		87,885
Extreme Networks, Inc. ⁽¹⁾		41		458
Fortinet, Inc. ⁽¹⁾		157		37,396
Hewlett Packard Enterprise Co.		643		9,375
HP, Inc.		1,959		59,142
HubSpot, Inc. ⁽¹⁾		36		20,978
Ideanomics, Inc. ⁽¹⁾		240		682
Information Services Group, Inc.		45		263
Intel Corp.		2,691		151,073
International Business Machines Corp.		1,126		165,060
Intuit, Inc.		377		184,794
J2 Global, Inc. ⁽¹⁾		181		24,897
Jabil, Inc.		504		29,292
Kimball Electronics, Inc. ⁽¹⁾		50		1,087

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
KLA Corp.		477		154,648
Kopin Corp. ⁽¹⁾		6		49
Lam Research Corp.		191		124,284
Manhattan Associates, Inc. ⁽¹⁾		163		23,609
Marathon Digital Holdings, Inc. ⁽¹⁾		49		1,537
Mastercard, Inc.		72		26,286
McAfee Corp. ⁽¹⁾		284		7,958
Methode Electronics, Inc.		133		6,545
Micron Technology, Inc. ⁽¹⁾		451		38,326
Microsoft Corp.		3,537		958,173
MicroStrategy, Inc. ⁽¹⁾		4		2,658
MicroVision, Inc. ⁽¹⁾		47		787
MKS Instruments, Inc.		43		7,652
MoneyGram International, Inc. ⁽¹⁾		84		847
NortonLifeLock, Inc.		657		17,884
NVIDIA Corp.		242		193,624
ON Semiconductor Corp. ⁽¹⁾		112		4,287
OneSpan, Inc. ⁽¹⁾		60		1,532
Oracle Corp.		1,404		109,287
PagerDuty, Inc. ⁽¹⁾		41		1,746
Palantir Technologies, Inc. ⁽¹⁾		267		7,038
Plantronics, Inc. ⁽¹⁾		21		876
Priority Technology Holdings, Inc. ⁽¹⁾		59		451
Progress Software Corp.		166		7,678
Qorvo, Inc. ⁽¹⁾		4		783
QUALCOMM, Inc.		1,251		178,805
Rimini Street, Inc. ⁽¹⁾		62		382
Riot Blockchain, Inc. ⁽¹⁾		46		1,733
salesforce.com, Inc. ⁽¹⁾		334		81,586
ScanSource, Inc. ⁽¹⁾		26		731
SecureWorks Corp. ⁽¹⁾		151		2,798
Skyworks Solutions, Inc.		66		12,656
Sonim Technologies, Inc. ⁽¹⁾		194		108
SPS Commerce, Inc. ⁽¹⁾		36		3,595
SS&C Technologies Holdings, Inc.		1,609		115,945
StarTek, Inc. ⁽¹⁾		131		934
Stratasys, Ltd. ⁽¹⁾		82		2,121
Teradata Corp. ⁽¹⁾		76		3,798
Teradyne, Inc.		129		17,281
TESSCO Technologies, Inc. ⁽¹⁾		18		111
Texas Instruments, Inc.		580		111,534
Trade Desk, Inc./The ⁽¹⁾		170		13,151
Trimble, Inc. ⁽¹⁾		343		28,068
TTEC Holdings, Inc.		68		7,010
Twilio, Inc. - Class A ⁽¹⁾		31		12,219
Ultra Clean Holdings, Inc. ⁽¹⁾		63		3,384
Viant Technology, Inc. ⁽¹⁾		88		2,621

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

Page 36

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Visa, Inc.		393		91,891
Wix.com, Ltd. ⁽¹⁾		29		8,418
Xperi Holding Corp.		268		5,960
Zebra Technologies Corp. - Class A ⁽¹⁾		46		24,357
Zscaler, Inc. ⁽¹⁾		78		16,853
				5,128,873

Materials — 0.8%
AdvanSix, Inc. ⁽¹⁾		97		2,896
Amyris, Inc. ⁽¹⁾		78		1,277
Avery Dennison Corp.		239		50,247
Avient Corp.		58		2,851
Celanese Corp.		46		6,974
Chemours Co./The		80		2,784
Cleveland-Cliffs, Inc. ⁽¹⁾		185		3,989
Coeur Mining, Inc. ⁽¹⁾		61		542
Commercial Metals Co.		92		2,826
Corteva, Inc.		148		6,564
Dow, Inc.		370		23,414
Eastman Chemical Co.		85		9,924
Element Solutions, Inc.		50		1,169
Flotek Industries, Inc. ⁽¹⁾		207		358
Freeport-McMoRan, Inc.		615		22,823
Greif, Inc. - Class A		14		848
Hawkins, Inc.		78		2,555
Huntsman Corp.		569		15,090
Intrepid Potash, Inc. ⁽¹⁾		11		350
Koppers Holdings, Inc. ⁽¹⁾		94		3,041
Louisiana-Pacific Corp.		204		12,299
LyondellBasell Industries NV		144		14,813
Mosaic Co./The		169		5,393
Newmont Corp.		1,433		90,824
Nucor Corp.		126		12,087
O-I Glass, Inc. ⁽¹⁾		86		1,404
Olin Corp.		60		2,776
Rayonier Advanced Materials, Inc. ⁽¹⁾		114		763
Reliance Steel & Aluminum Co.		249		37,574
Ryerson Holding Corp. ⁽¹⁾		46		672
Southern Copper Corp.		61		3,924
Steel Dynamics, Inc.		33		1,967
SunCoke Energy, Inc.		111		793
Trinseo SA		28		1,676
Tronox Holdings PLC		68		1,523
Westlake Chemical Corp.		107		9,640
Westrock Co.		80		4,258
				362,908

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Real Estate Investment Trust — 1.2%
Altisource Portfolio Solutions SA ⁽¹⁾		164		1,458
American Homes 4 Rent		421		16,356
American Tower Corp.		166		44,843
Ashford Hospitality Trust, Inc.		121		552
CareTrust REIT, Inc.		190		4,414
CatchMark Timber Trust, Inc.		326		3,814
CBL & Associates Properties, Inc. ⁽¹⁾		792		96
CorEnergy Infrastructure Trust, Inc.		247		1,635
Corporate Office Properties Trust		406		11,364
CubeSmart		825		38,214
CyrusOne, Inc.		22		1,573
DiamondRock Hospitality Co. ⁽¹⁾		35		340
EastGroup Properties, Inc.		80		13,156
Extra Space Storage, Inc.		302		49,474
Getty Realty Corp.		87		2,710
Healthcare Realty Trust, Inc.		939		28,358
Healthcare Trust of America, Inc. - Class A		664		17,729
Host Hotels & Resorts, Inc. ⁽¹⁾		118		2,017
Invitation Homes, Inc.		19		709
Iron Mountain, Inc.		175		7,406
Lamar Advertising Co.		626		65,367
Life Storage, Inc.		69		7,407
LTC Properties, Inc.		501		19,233
Maui Land & Pineapple Co., Inc. ⁽¹⁾		8		86
National Health Investors, Inc.		144		9,655
National Storage Affiliates Trust		2,070		104,659
Newmark Group, Inc.		98		1,177
Omega Healthcare Investors, Inc.		242		8,782
PotlatchDeltic Corp.		136		7,228
PS Business Parks, Inc.		163		24,137
Public Storage		195		58,635
RAIT Financial Trust ⁽¹⁾⁽⁷⁾		287		0
SBA Communications Corp.		56		17,847
Spirit MTA REIT Liquidating Trust ^(1)(7)(9)		385		0
Stratus Properties, Inc. ⁽¹⁾		29		715
Tanger Factory Outlet Centers, Inc.		7		132
Trinity Place Holdings, Inc. ⁽¹⁾		331		698
Universal Health Realty Income Trust		81		4,986
Weyerhaeuser Co.		368		12,667
				589,629

Utilities — 0.9%
AES Corp./The		246		6,413
DTE Energy Co.		982		127,267
Duke Energy Corp.		703		69,400
Entergy Corp.		111		11,067

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

2021 Semiannual Report | June 30, 2021

Page 37

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
MDU Resources Group, Inc.		944		29,585
Portland General Electric Co.		794		36,588
Public Service Enterprise Group, Inc.		1,803		107,711
UGI Corp.		462		21,373
				409,404

Total Common Stocks (United States) (Cost $12,583,327)				17,856,420

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁸⁾		81		2,502
Total Preferred Stock (United States) (Cost $2,025)				2,502

Warrants (United States) — 0.0%
Extraction Oil & Gas, Inc. A Warrants, Expiration Date 1/20/2025 ⁽⁷⁾		2		0
Extraction Oil & Gas, Inc. B Warrants, Expiration Date 1/20/2026 ⁽⁷⁾		1		0
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026		4		40
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024		12		75
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025		9		52
Total Warrants (United States) (Cost $65)				167

Registered Investment Companies — 17.8%
U.S. Fixed Income — 8.5%
Baird Core Plus Bond Fund - Class I		9,252		109,916
Dodge & Cox Income Fund		9,523		136,464
DoubleLine Total Return Bond Fund - Class I		14,665		154,565
Frost Total Return Bond Fund - Class I		17,567		182,169
Guggenheim Total Return Bond Fund - Class I		2,418		70,306
iShares 0-5 Year High Yield Corporate Bond ETF ⁽¹⁰⁾		18,502		852,202
Lord Abbett High Yield Fund - Class I		38,924		296,990
PGIM Total Return Bond Fund - Class R6		6,151		69,815
Pioneer Bond Fund - Class K		13,764		139,426
Segall Bryant & Hamill Plus Bond Fund - Class I		14,509		158,439
SPDR Bloomberg Barclays High Yield Bond ETF ^(2)(10)		3,250		357,370

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
SPDR Bloomberg Barclays Short Term High Yield Bond ETF ⁽¹⁰⁾		26,170		721,769
Vanguard Short-Term Bond ETF ⁽¹⁰⁾		3,816		313,523
Xtrackers USD High Yield Corporate Bond ETF ⁽¹⁰⁾		11,840		477,270
				4,040,224

International Fixed Income — 0.9%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽¹⁰⁾		2,368		266,305
Payden Emerging Markets Bond Fund - Class I		8,538		115,184
TCW Emerging Markets Income Fund - Class I		8,652		70,943
				452,432

International Equity — 8.4%
iShares Core MSCI EAFE ETF ⁽¹⁰⁾		42,298		3,166,428
iShares Core MSCI Emerging Markets ETF ⁽¹⁰⁾		12,312		824,783
				3,991,211

Total Registered Investment Companies (Cost $7,067,180)				8,483,867

Money Market Registered Investment Companies — 35.8%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽⁴⁾		16,728,623		16,731,969
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		347,346		347,346
Total Money Market Registered Investment Companies (Cost $17,075,236)				17,079,315

Bank Obligations — 1.6%
First Merchants Bank Deposit Account, 0.30%, 7/1/2021 ⁽⁵⁾		248,719		248,719
Metro City Bank Deposit Account, 0.10%, 7/1/2021 ⁽⁵⁾		248,345		248,345
Pacific Mercantile Bank Deposit Account, 0.10%, 7/1/2021 ⁽⁵⁾		246,946		246,946
Total Bank Obligations (Cost $744,010)				744,010
Total Investments — 92.6% (Cost $37,471,843)				44,166,281
Other Assets less Liabilities — 7.4%				3,528,390
Total Net Assets — 100.0%				47,694,671

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

Page 38

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		1,776		24,882
Meeder Dynamic Allocation Fund - Retail Class		4,559		68,704
Meeder Muirfield Fund - Retail Class		2,092		19,539
Meeder Conservative Allocation Fund - Retail Class		517		12,749
Total Trustee Deferred Compensation (Cost $91,679)				125,874

	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		118		9/16/2021		13,594,190		(390,894	)
Mini MSCI Emerging Markets Index Futures		50		9/16/2021		3,412,000		8,387
Russell 2000 Mini Index Futures		3		9/16/2021		346,170		(1,229	)
Standard & Poors 500 Mini Futures		13		9/16/2021		2,787,590		28,470
E-mini Standard & Poors MidCap 400 Futures		3		9/16/2021		807,720		(8,920	)
Total Futures Contracts		187				20,947,670		(364,186	)

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2021.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

(5)

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

(7)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

(8)	Preferred stock. Dividend rate unknown.

(9)	Expiration date unknown.

(10) Exchange-traded fund.

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

2021 Semiannual Report | June 30, 2021

Page 39

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 57.0%
Communication Services — 6.5%
Activision Blizzard, Inc.		22,724		2,168,779
Alphabet, Inc. - Class A ⁽¹⁾		1,129		2,756,781
Alphabet, Inc. - Class C ⁽¹⁾		2,278		5,709,397
AMC Entertainment Holdings, Inc. - Class A ⁽¹⁾		2,192		124,243
AMC Networks, Inc. - Class A ⁽¹⁾		118		7,882
AT&T, Inc.		98,813		2,843,838
Cinemark Holdings, Inc. ⁽¹⁾		78		1,712
Comcast Corp. - Class A		37,267		2,124,964
Cumulus Media, Inc. ⁽¹⁾		29		425
DHI Group, Inc. ⁽¹⁾		3,441		11,631
Electronic Arts, Inc.		3,493		502,398
Entravision Communications Corp.		948		6,333
Facebook, Inc. ⁽¹⁾		11,965		4,160,350
Fluent, Inc. ⁽¹⁾		1,788		5,239
Gray Television, Inc.		2,532		59,249
Interpublic Group of Cos., Inc./The		855		27,779
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		3,347		13,622
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		1,947		40,303
Live Nation Entertainment, Inc. ⁽¹⁾		308		26,978
Magnite, Inc. ⁽¹⁾		707		23,925
Meredith Corp. ⁽¹⁾		267		11,598
Netflix, Inc. ⁽¹⁾		1,883		994,619
News Corp. - Class A		4,606		118,697
Nexstar Media Group, Inc.		1,495		221,081
Omnicom Group, Inc.		3,079		246,289
Pinterest, Inc. - Class A ⁽¹⁾		2,702		213,323
Roku, Inc. - Class A ⁽¹⁾		837		384,392
TEGNA, Inc.		1,227		23,019
Telephone and Data Systems, Inc.		3,387		76,749
Twitter, Inc. ⁽¹⁾		3,466		238,495
Verizon Communications, Inc.		35,205		1,972,536
ViacomCBS, Inc.		1,734		78,377
Vimeo, Inc. ⁽¹⁾		205		10,045
Walt Disney Co./The		9,259		1,627,454
World Wrestling Entertainment, Inc.		1,233		71,378
Yelp, Inc. ⁽¹⁾		482		19,261
				26,923,141

Consumer Discretionary — 6.7%
Adient PLC ⁽¹⁾		474		21,425
Alterra Mountain Co. ⁽¹⁾		553		133,715
Amazon.com, Inc. ⁽¹⁾		2,106		7,244,977
American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		1,409		14,583

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
American Eagle Outfitters, Inc.		338		12,685
American Public Education, Inc. ⁽¹⁾		488		13,830
Aptiv PLC ⁽¹⁾		91		14,317
Aramark		2,508		93,423
Arcimoto, Inc. ⁽¹⁾		869		14,938
AutoNation, Inc. ⁽¹⁾		140		13,273
Bed Bath & Beyond, Inc. ⁽¹⁾		212		7,057
Best Buy Co., Inc.		10,324		1,187,054
Big Lots, Inc.		998		65,878
Boyd Gaming Corp. ⁽¹⁾		1,451		89,222
Brinker International, Inc. ⁽¹⁾		387		23,936
Caleres, Inc.		442		12,062
Camping World Holdings, Inc.		3,267		133,914
Capri Holdings, Ltd. ⁽¹⁾		1,782		101,913
Chico’s FAS, Inc. ⁽¹⁾		113		744
Conn’s, Inc. ⁽¹⁾		381		9,716
Container Store Group, Inc./The ⁽¹⁾		46		600
Crocs, Inc. ⁽¹⁾		3,039		354,104
Dana, Inc.		3,086		73,323
Darden Restaurants, Inc.		1,366		199,422
Del Taco Restaurants, Inc.		1,134		11,351
Dick’s Sporting Goods, Inc.		1,390		139,264
Dillard’s, Inc. - Class A		41		7,416
DR Horton, Inc.		5,218		471,551
eBay, Inc.		1,865		130,942
Ethan Allen Interiors, Inc.		157		4,333
Everi Holdings, Inc. ⁽¹⁾		1,653		41,226
Express, Inc. ⁽¹⁾		129		837
Fiesta Restaurant Group, Inc. ⁽¹⁾		459		6,164
Foot Locker, Inc.		2,942		181,315
Ford Motor Co. ⁽¹⁾		15,325		227,730
Fossil Group, Inc. ⁽¹⁾		388		5,541
Fox Factory Holding Corp. ⁽¹⁾		191		29,731
GameStop Corp. ⁽¹⁾		317		67,882
Gap, Inc./The		1,670		56,196
General Motors Co. ⁽¹⁾		12,885		762,405
Genesco, Inc. ⁽¹⁾		101		6,432
Genius Brands International, Inc. ⁽¹⁾		482		887
G-III Apparel Group, Ltd. ⁽¹⁾		839		27,570
Goodyear Tire & Rubber Co./The ⁽¹⁾		1,288		22,089
Greenlane Holdings, Inc. ⁽¹⁾		1,347		6,021
Group 1 Automotive, Inc.		180		27,797
GrowGeneration Corp. ⁽¹⁾		473		22,751
H&R Block, Inc.		2,892		67,904
Hanesbrands, Inc.		1,683		31,422
Home Depot, Inc./The		11,398		3,634,708

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

Page 40

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Houghton Mifflin Harcourt Co. ⁽¹⁾		761		8,401
International Game Technology PLC		3,047		73,006
Kohl’s Corp.		1,629		89,774
Kontoor Brands, Inc.		207		11,677
L Brands, Inc.		363		26,158
Lands’ End, Inc. ⁽¹⁾		240		9,852
Lear Corp.		782		137,069
Lennar Corp.		4,213		418,562
Lovesac Co./The ⁽¹⁾		78		6,224
Lowe’s Cos., Inc.		13,021		2,525,683
M/I Homes, Inc. ⁽¹⁾		2,223		130,423
Macy’s, Inc. ⁽¹⁾		672		12,741
MarineMax, Inc. ⁽¹⁾		476		23,200
McDonald’s Corp.		6,239		1,441,147
MGM Resorts International		793		33,821
Modine Manufacturing Co. ⁽¹⁾		1,348		22,363
Mohawk Industries, Inc. ⁽¹⁾		848		162,977
Nautilus, Inc. ⁽¹⁾		366		6,167
NIKE, Inc. - Class B		3,101		479,073
ODP Corp./The ⁽¹⁾		814		39,080
OneWater Marine, Inc.		1,216		51,108
Overstock.com, Inc. ⁽¹⁾		384		35,405
Party City Holdco, Inc. ⁽¹⁾		387		3,611
Penske Automotive Group, Inc.		1,832		138,298
Qurate Retail, Inc. - Class A		4,274		55,947
RCI Hospitality Holdings, Inc.		292		19,330
Red Rock Resorts, Inc. ⁽¹⁾		990		42,075
Rent-A-Center, Inc./TX		5,916		313,962
Ross Stores, Inc.		8,885		1,101,740
Sally Beauty Holdings, Inc. ⁽¹⁾		1,477		32,597
Scientific Games Corp. ⁽¹⁾		550		42,592
Shoe Carnival, Inc.		184		13,173
Signet Jewelers, Ltd.		172		13,896
Smith & Wesson Brands, Inc.		1,468		50,940
Sonic Automotive, Inc.		386		17,270
Sonos, Inc. ⁽¹⁾		1,214		42,769
Steven Madden, Ltd.		880		38,509
Tapestry, Inc. ⁽¹⁾		2,701		117,439
Target Corp.		3,091		747,218
Tempur Sealy International, Inc.		333		13,050
Tenneco, Inc. ⁽¹⁾		2,282		44,088
Tesla, Inc. ⁽¹⁾		4,226		2,872,412
Texas Roadhouse, Inc.		1,849		177,874
Thor Industries, Inc.		1,445		163,285
Town Sports International Holdings, Inc. ⁽¹⁾		1,777		316
Tupperware Brands Corp. ⁽¹⁾		198		4,703

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Urban Outfitters, Inc. ⁽¹⁾		96		3,957
Vera Bradley, Inc. ⁽¹⁾		1,925		23,851
Vista Outdoor, Inc. ⁽¹⁾		110		5,091
Vuzix Corp. ⁽¹⁾		551		10,111
Waitr Holdings, Inc. ⁽¹⁾		2,001		3,562
Williams-Sonoma, Inc.		601		95,950
Winnebago Industries, Inc.		1,584		107,649
Zumiez, Inc. ⁽¹⁾		1,456		71,329
				27,960,081

Consumer Staples — 1.0%
Albertsons Cos., Inc.		4,425		86,996
Bunge, Ltd.		19,796		1,547,057
Conagra Brands, Inc.		4,881		177,571
Darling Ingredients, Inc. ⁽¹⁾		8,665		584,888
Ingles Markets, Inc.		146		8,507
Kraft Heinz Co./The		14,565		593,961
Performance Food Group Co. ⁽¹⁾		308		14,935
Spectrum Brands Holdings, Inc.		4,592		390,504
Tyson Foods, Inc.		1,009		74,424
United Natural Foods, Inc. ⁽¹⁾		359		13,276
Walgreens Boots Alliance, Inc.		1,781		93,698
Walmart, Inc.		2,862		403,599
				3,989,416

Energy — 1.7%
Aemetis, Inc. ⁽¹⁾		28		313
Amplify Energy Corp. ⁽¹⁾		2,733		11,069
Antero Resources Corp. ⁽¹⁾		757		11,378
APA Corp.		3,528		76,311
Ardmore Shipping Corp.		588		2,481
Baker Hughes Co.		3,111		71,149
Berry Corp.		185		1,243
Cactus, Inc.		933		34,260
Centennial Resource Development, Inc./DE ⁽¹⁾		80		542
ChampionX Corp. ⁽¹⁾		481		12,338
Chevron Corp.		3,338		349,622
Cimarex Energy Co.		2,033		147,291
Clean Energy Fuels Corp. ⁽¹⁾		1,557		15,804
ConocoPhillips		7,767		473,010
CONSOL Energy, Inc. ⁽¹⁾		1,079		19,929
Contango Oil & Gas Co. ⁽¹⁾		2,411		10,416
Continental Resources, Inc./OK		479		18,216
CVR Energy, Inc.		196		3,520
Delek US Holdings, Inc.		673		14,550

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

2021 Semiannual Report | June 30, 2021

Page 41

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Devon Energy Corp.		6,568		191,720
DHT Holdings, Inc.		1,006		6,529
Diamondback Energy, Inc.		1,263		118,583
Dorian LPG, Ltd. ⁽¹⁾		557		7,865
EOG Resources, Inc.		3,457		288,452
Exxon Mobil Corp.		42,345		2,671,123
Frank’s International NV ⁽¹⁾		2,858		8,660
Golar LNG, Ltd. ⁽¹⁾		126		1,670
Goodrich Petroleum Corp. ⁽¹⁾		118		1,762
Hallador Energy Co. ⁽¹⁾		1,603		4,320
Hess Corp.		926		80,858
Kinder Morgan, Inc.		927		16,899
Laredo Petroleum, Inc. ⁽¹⁾		179		16,609
Magnolia Oil & Gas Corp. ⁽¹⁾		839		13,114
Matador Resources Co.		3		108
Meta Materials, Inc. ⁽¹⁾		696		5,213
Nabors Industries, Ltd. ⁽¹⁾		132		15,080
NextDecade Corp. ⁽¹⁾		590		2,437
Nine Energy Service, Inc. ⁽¹⁾		3,175		9,335
Northern Oil and Gas, Inc. ⁽¹⁾		1,179		24,488
Oceaneering International, Inc. ⁽¹⁾		945		14,714
ONEOK, Inc.		13,995		778,682
Ovintiv, Inc.		2,247		70,713
PDC Energy, Inc.		689		31,549
Phillips 66		468		40,164
Pioneer Natural Resources Co.		1,575		255,969
Range Resources Corp. ⁽¹⁾		261		4,374
Schlumberger NV		9,170		293,532
Scorpio Tankers, Inc.		646		14,244
SM Energy Co.		650		16,010
Southwestern Energy Co. ⁽¹⁾		5,605		31,780
Targa Resources Corp.		10,316		458,546
Teekay Corp. ⁽¹⁾		1,504		5,595
Teekay Tankers, Ltd. ⁽¹⁾		91		1,312
Transocean, Ltd. ⁽¹⁾		1,866		8,434
Uranium Energy Corp. ⁽¹⁾		3,172		8,438
W&T Offshore, Inc. ⁽¹⁾		144		698
Whiting Petroleum Corp. ⁽¹⁾		557		30,384
World Fuel Services Corp.		1,233		39,123
				6,862,528

Financials — 6.5%
Affiliated Managers Group, Inc.		658		101,470
Aflac, Inc.		2,367		127,013
AGNC Investment Corp.		27,784		469,272
Allstate Corp./The		2,668		348,014

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Ally Financial, Inc.		8,481		422,693
American Express Co.		279		46,099
American Financial Group, Inc./OH		1,105		137,816
American International Group, Inc.		35,866		1,707,222
Ameris Bancorp		468		23,695
Annaly Capital Management, Inc.		2,995		26,596
Arbor Realty Trust, Inc.		6,547		116,668
Associated Banc-Corp		8,534		174,776
Athene Holding, Ltd. ⁽¹⁾		2,294		154,845
B Riley Financial, Inc.		3,658		276,179
Bank of America Corp.		35,537		1,465,191
Bank of New York Mellon Corp./The		7,989		409,276
Bank of NT Butterfield & Son, Ltd./The		2,896		102,663
Bank OZK		1,231		51,899
BankUnited, Inc.		2,087		89,094
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		16,219		4,507,584
BGC Partners, Inc.		606		3,436
Cadence BanCorp ⁽¹⁾		1,849		38,607
Capital Bancorp, Inc. ⁽¹⁾		130		2,659
Capital One Financial Corp.		3,848		595,247
Charles Schwab Corp./The		6,991		509,015
Cincinnati Financial Corp.		1,033		120,468
Citigroup, Inc.		10,392		735,234
Citizens Financial Group, Inc.		4,662		213,846
Civista Bancshares, Inc.		664		14,674
CNB Financial Corp./PA		704		16,065
Curo Group Holdings Corp.		3,701		62,917
East West Bancorp, Inc.		1,714		122,877
Ellington Financial, Inc.		4,199		80,411
Evercore, Inc.		2,109		296,884
Fidelity National Financial, Inc.		7,170		311,608
Fifth Third Bancorp		10,839		414,375
First American Financial Corp.		3,646		227,328
First Choice Bancorp		84		2,558
First Horizon Corp.		9,874		170,623
FNB Corp./PA		5,184		63,919
Granite Point Mortgage Trust, Inc.		385		5,679
Hartford Financial Services Group, Inc./The		2,605		161,432
Hilltop Holdings, Inc.		2,134		77,678
Invesco, Ltd.		2,576		68,856
JPMorgan Chase & Co.		11,984		1,863,991
KeyCorp		5,324		109,941
LendingClub Corp. ⁽¹⁾		910		16,498
Loews Corp.		1,270		69,406
Medley Management, Inc. ⁽¹⁾		101		622
MetLife, Inc.		6,095		364,786

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

Page 42

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Moelis & Co.		893		50,803
Morgan Stanley		9,396		861,519
Mr Cooper Group, Inc. ⁽¹⁾		2,498		82,584
Nicolet Bankshares, Inc. ⁽¹⁾		297		20,891
Northrim BanCorp, Inc.		1,346		57,542
OneMain Holdings, Inc.		1,020		61,108
Oppenheimer Holdings, Inc.		1,524		77,480
PacWest Bancorp		2,039		83,925
Pinnacle Financial Partners, Inc.		23		2,031
PNC Financial Services Group, Inc./The		2,276		434,170
Popular, Inc.		1,607		120,605
Progressive Corp./The		13,225		1,298,827
Pzena Investment Management, Inc.		3,249		35,771
Radian Group, Inc.		3,718		82,726
RBB Bancorp		2,913		70,553
Regions Financial Corp.		15,574		314,283
Siebert Financial Corp. ⁽¹⁾		248		1,193
Signature Bank/New York NY		287		70,502
Silvercrest Asset Management Group, Inc.		283		4,256
SLM Corp.		4,664		97,664
Stewart Information Services Corp.		6,018		341,160
StoneX Group, Inc. ⁽¹⁾		129		7,826
SVB Financial Group ⁽¹⁾		381		212,000
Synchrony Financial		38,349		1,860,693
Synovus Financial Corp.		3,005		131,859
Tiptree, Inc. - Class A		152		1,414
Truist Financial Corp.		9,943		551,837
Umpqua Holdings Corp.		4,555		84,040
Unum Group		17,942		509,553
US Bancorp		11,410		650,028
Valley National Bancorp		1,044		14,021
Virtus Investment Partners, Inc.		571		158,607
Walker & Dunlop, Inc.		1,568		163,668
Wells Fargo & Co.		19,130		866,398
Western Alliance Bancorp		1,069		99,257
Wintrust Financial Corp.		461		34,865
Zions Bancorp NA		1,232		65,124
				27,080,488

Healthcare — 10.6%
Abbott Laboratories		7,963		923,151
AbbVie, Inc.		20,657		2,326,804
Abeona Therapeutics, Inc. ⁽¹⁾		864		1,348
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		4		6
ADMA Biologics, Inc. ⁽¹⁾		94		150
Adverum Biotechnologies, Inc. ⁽¹⁾		1,204		4,214

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Affimed NV ⁽¹⁾		1,771		15,054
Agilent Technologies, Inc.		7,087		1,047,529
Agios Pharmaceuticals, Inc. ⁽¹⁾		1,005		55,386
Alector, Inc. ⁽¹⁾		739		15,393
Alexion Pharmaceuticals, Inc. ⁽¹⁾		976		179,301
Align Technology, Inc. ⁽¹⁾		656		400,816
Alkermes PLC ⁽¹⁾		1,978		48,501
Allakos, Inc. ⁽¹⁾		35		2,988
AmerisourceBergen Corp.		96		10,991
Amgen, Inc.		7,165		1,746,469
Amneal Pharmaceuticals, Inc. ⁽¹⁾		3,573		18,294
Anavex Life Sciences Corp. ⁽¹⁾		67		1,532
Apellis Pharmaceuticals, Inc. ⁽¹⁾		329		20,793
Arbutus Biopharma Corp. ⁽¹⁾		4,684		14,193
Arcutis Biotherapeutics, Inc. ⁽¹⁾		460		12,553
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		1,060		87,789
Arvinas, Inc. ⁽¹⁾		449		34,573
Assertio Holdings, Inc. ⁽¹⁾		726		1,133
Avid Bioservices, Inc. ⁽¹⁾		656		16,826
Axogen, Inc. ⁽¹⁾		614		13,269
Baxter International, Inc.		795		63,998
Beam Therapeutics, Inc. ⁽¹⁾		549		70,662
Becton Dickinson and Co.		1,088		264,591
Beyondspring, Inc. ⁽¹⁾		614		6,410
BioDelivery Sciences International, Inc. ⁽¹⁾		4,471		16,006
Biogen, Inc. ⁽¹⁾		3,112		1,077,592
Bio-Rad Laboratories, Inc. ⁽¹⁾		128		82,469
Blueprint Medicines Corp. ⁽¹⁾		453		39,846
Bridgebio Pharma, Inc. ⁽¹⁾		220		13,411
Bristol-Myers Squibb Co.		31,586		2,110,577
Bruker Corp.		301		22,870
Cardinal Health, Inc.		1,576		89,974
CareDx, Inc. ⁽¹⁾		808		73,948
CASI Pharmaceuticals, Inc. ⁽¹⁾		685		1,062
Catalent, Inc. ⁽¹⁾		3,096		334,740
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		2,831		16,278
Centene Corp. ⁽¹⁾		642		46,821
Centogene NV ⁽¹⁾		1,080		11,275
Cerecor, Inc. ⁽¹⁾		4,062		13,283
Cerner Corp.		14,805		1,157,159
Charles River Laboratories International, Inc. ⁽¹⁾		578		213,814
Chimerix, Inc. ⁽¹⁾		649		5,192
Community Health Systems, Inc. ⁽¹⁾		728		11,240
CureVac NV ⁽¹⁾		4		294
CVS Health Corp.		13,249		1,105,497

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

2021 Semiannual Report | June 30, 2021

Page 43

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
CytomX Therapeutics, Inc. ⁽¹⁾		50		317
Danaher Corp.		6,978		1,872,616
Denali Therapeutics, Inc. ⁽¹⁾		552		43,299
DENTSPLY SIRONA, Inc.		514		32,516
Dicerna Pharmaceuticals, Inc. ⁽¹⁾		429		16,010
Dynavax Technologies Corp. ⁽¹⁾		682		6,718
Editas Medicine, Inc. ⁽¹⁾		345		19,541
Elanco Animal Health, Inc. Contingent Value Rights ^(1)(7)(9)		1,792		0
Eli Lilly & Co.		6,263		1,437,484
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		4,480		8,915
Emergent BioSolutions, Inc. ⁽¹⁾		706		44,471
Endo International PLC ⁽¹⁾		4,154		19,441
Enochian Biosciences, Inc. ⁽¹⁾		99		492
Ensign Group, Inc./The		9		780
Envista Holdings Corp. ⁽¹⁾		446		19,272
Evelo Biosciences, Inc. ⁽¹⁾		998		13,713
Exact Sciences Corp. ⁽¹⁾		1,062		132,017
Exelixis, Inc. ⁽¹⁾		3,483		63,460
Fate Therapeutics, Inc. ⁽¹⁾		661		57,368
Fulgent Genetics, Inc. ⁽¹⁾		32		2,951
Galectin Therapeutics, Inc. ⁽¹⁾		952		3,046
Genprex, Inc. ⁽¹⁾		2,193		7,347
Gilead Sciences, Inc.		14,866		1,023,673
Halozyme Therapeutics, Inc. ⁽¹⁾		55		2,498
HCA Healthcare, Inc.		2,126		439,529
Hill-Rom Holdings, Inc.		1,607		182,539
Hologic, Inc. ⁽¹⁾		2,210		147,451
Horizon Therapeutics Plc ⁽¹⁾		2,831		265,095
Humanigen, Inc. ⁽¹⁾		552		9,594
IGM Biosciences, Inc. ⁽¹⁾		42		3,494
Illumina, Inc. ⁽¹⁾		34		16,089
Incyte Corp. ⁽¹⁾		676		56,872
Inogen, Inc. ⁽¹⁾		133		8,668
Insmed, Inc. ⁽¹⁾		217		6,176
Intellia Therapeutics, Inc. ⁽¹⁾		429		69,459
Intra-Cellular Therapies, Inc. ⁽¹⁾		362		14,777
Intuitive Surgical, Inc. ⁽¹⁾		308		283,249
IQVIA Holdings, Inc. ⁽¹⁾		462		111,952
Jazz Pharmaceuticals PLC ⁽¹⁾		296		52,581
Johnson & Johnson		24,914		4,104,332
Jounce Therapeutics, Inc. ⁽¹⁾		674		4,583
Kodiak Sciences, Inc. ⁽¹⁾		274		25,482
La Jolla Pharmaceutical Co. ⁽¹⁾		706		3,022
Lexicon Pharmaceuticals, Inc. ⁽¹⁾		436		2,001
Ligand Pharmaceuticals, Inc. ⁽¹⁾		54		7,084

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
MacroGenics, Inc. ⁽¹⁾		492		13,215
Madrigal Pharmaceuticals, Inc. ⁽¹⁾		662		64,485
MannKind Corp. ⁽¹⁾		3,790		20,656
Marinus Pharmaceuticals, Inc. ⁽¹⁾		94		1,686
McKesson Corp.		1,919		366,990
Medtronic PLC		20,795		2,581,283
Merck & Co., Inc.		30,990		2,410,092
Merit Medical Systems, Inc. ⁽¹⁾		841		54,379
Moderna, Inc. ⁽¹⁾		4,417		1,037,907
Myriad Genetics, Inc. ⁽¹⁾		93		2,844
Natera, Inc. ⁽¹⁾		1,184		134,420
NextGen Healthcare, Inc. ⁽¹⁾		1,409		23,375
Novavax, Inc. ⁽¹⁾		465		98,724
Novocure, Ltd. ⁽¹⁾		363		80,521
Oncocyte Corp. ⁽¹⁾		437		2,508
Owens & Minor, Inc.		495		20,953
Pacific Biosciences of California, Inc. ⁽¹⁾		451		15,771
Palatin Technologies, Inc. ⁽¹⁾		3,025		1,845
PerkinElmer, Inc.		1,197		184,829
Perrigo Co. PLC		5,856		268,498
Pfizer, Inc.		45,082		1,765,411
Precigen, Inc. ⁽¹⁾		1,400		9,128
Prothena Corp. PLC ⁽¹⁾		318		16,348
Puma Biotechnology, Inc. ⁽¹⁾		2,320		21,298
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		2,488		1,389,648
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		1,329		26,022
Rocket Pharmaceuticals, Inc. ⁽¹⁾		117		5,182
Royalty Pharma PLC		3,525		144,490
Sage Therapeutics, Inc. ⁽¹⁾		438		24,883
Seagen, Inc. ⁽¹⁾		1,059		167,195
Signify Health, Inc. ⁽¹⁾		110		3,347
Sorrento Therapeutics, Inc. ⁽¹⁾		2,502		24,244
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		2,244		8,415
SpringWorks Therapeutics, Inc. ⁽¹⁾		254		20,932
STAAR Surgical Co. ⁽¹⁾		479		73,048
STERIS PLC		202		41,673
Stoke Therapeutics, Inc. ⁽¹⁾		249		8,381
Stryker Corp.		8,191		2,127,448
Sutro Biopharma, Inc. ⁽¹⁾		620		11,526
Thermo Fisher Scientific, Inc.		2,942		1,484,151
Translate Bio, Inc. ⁽¹⁾		516		14,211
TransMedics Group, Inc. ⁽¹⁾		63		2,090
Turning Point Therapeutics, Inc. ⁽¹⁾		473		36,903
Twist Bioscience Corp. ⁽¹⁾		668		89,011
Tyme Technologies, Inc. ⁽¹⁾		739		931
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		311		29,654

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

Page 44

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
United Therapeutics Corp. ⁽¹⁾		1,399		250,995
UnitedHealth Group, Inc.		3,795		1,519,670
Veeva Systems, Inc. ⁽¹⁾		712		221,396
Verrica Pharmaceuticals, Inc. ⁽¹⁾		911		10,294
Viatris, Inc.		13,312		190,228
ViewRay, Inc. ⁽¹⁾		2,193		14,474
Voyager Therapeutics, Inc. ⁽¹⁾		1		4
WaVe Life Sciences, Ltd. ⁽¹⁾		230		1,532
West Pharmaceutical Services, Inc.		749		268,966
Xencor, Inc. ⁽¹⁾		765		26,385
Zimmer Biomet Holdings, Inc.		3,861		620,926
ZIOPHARM Oncology, Inc. ⁽¹⁾		948		2,503
Zoetis, Inc.		8,034		1,497,216
				44,045,179

Industrials — 2.9%
ABM Industries, Inc.		1,886		83,644
Acuity Brands, Inc.		658		123,066
AGCO Corp.		1,446		188,529
Allegiant Travel Co. ⁽¹⁾		133		25,802
Altra Industrial Motion Corp.		274		17,815
ArcBest Corp.		314		18,272
Array Technologies, Inc. ⁽¹⁾		428		6,677
ASGN, Inc. ⁽¹⁾		710		68,820
Atkore, Inc. ⁽¹⁾		597		42,387
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		1		68
Avis Budget Group, Inc. ⁽¹⁾		247		19,239
BGSF, Inc.		665		8,206
Boise Cascade Co.		4,989		291,108
Brady Corp.		1,596		89,440
Builders FirstSource, Inc. ⁽¹⁾		1,520		64,843
Caterpillar, Inc.		3,079		670,083
ChargePoint Holdings, Inc. ⁽¹⁾		1,755		60,969
Comfort Systems USA, Inc.		487		38,371
Covenant Logistics Group, Inc. ⁽¹⁾		935		19,336
Deere & Co.		3,755		1,324,426
Eagle Bulk Shipping, Inc. ⁽¹⁾		32		1,514
EMCOR Group, Inc.		1,562		192,423
Emerson Electric Co.		4,303		414,121
Encore Wire Corp.		627		47,520
EnerSys		1,506		147,181
Eos Energy Enterprises, Inc. ⁽¹⁾		73		1,311
FedEx Corp.		1,532		457,042
Franklin Electric Co., Inc.		640		51,597
Genco Shipping & Trading, Ltd.		867		16,369
Generac Holdings, Inc. ⁽¹⁾		557		231,239

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Graco, Inc.		4,870		368,659
GrafTech International, Ltd.		3,775		43,866
Granite Construction, Inc.		639		26,538
Harsco Corp. ⁽¹⁾		622		12,701
Hertz Global Holdings, Inc. ⁽¹⁾		244		2,133
Hillenbrand, Inc.		1,299		57,260
HNI Corp.		577		25,371
Huntington Ingalls Industries, Inc.		2,852		601,059
Hyliion Holdings Corp. ⁽¹⁾		53		617
Hyster-Yale Materials Handling, Inc.		412		30,068
JB Hunt Transport Services, Inc.		914		148,936
Korn Ferry		690		50,060
Lawson Products, Inc./DE ⁽¹⁾		97		5,190
Manitowoc Co., Inc./The ⁽¹⁾		879		21,536
ManpowerGroup, Inc.		6,874		817,387
Matson, Inc.		675		43,200
Matthews International Corp.		544		19,562
Maxar Technologies, Inc.		207		8,263
Mesa Air Group, Inc. ⁽¹⁾		1,933		18,035
Miller Industries, Inc./TN		1,780		70,203
Mueller Industries, Inc.		5,057		219,019
MYR Group, Inc. ⁽¹⁾		422		38,368
National Presto Industries, Inc.		219		22,261
Oshkosh Corp.		1,049		130,747
Owens Corning		2,082		203,828
Parker-Hannifin Corp.		998		306,496
Pitney Bowes, Inc.		895		7,849
Plug Power, Inc. ⁽¹⁾		2,394		81,851
Primoris Services Corp.		2,946		86,701
Quad/Graphics, Inc. ⁽¹⁾		4,894		20,310
Quanta Services, Inc.		14,985		1,357,191
Regal Beloit Corp.		2,169		289,583
Resideo Technologies, Inc. ⁽¹⁾		1,078		32,340
REV Group, Inc.		644		10,104
Rush Enterprises, Inc.		2,943		127,255
Ryder System, Inc.		2,744		203,962
Shyft Group, Inc./The		983		36,774
SkyWest, Inc. ⁽¹⁾		2,208		95,099
Steelcase, Inc. - Class A		1,270		19,190
Stem, Inc. ⁽¹⁾		1,240		44,652
Terex Corp.		772		36,763
Textainer Group Holdings, Ltd. ⁽¹⁾		1,154		38,971
Textron, Inc.		3,334		229,279
Titan Machinery, Inc. ⁽¹⁾		281		8,694
Triton International, Ltd.		1,454		76,102
Triumph Group, Inc. ⁽¹⁾		1,305		27,079

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

2021 Semiannual Report | June 30, 2021

Page 45

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
TrueBlue, Inc. ⁽¹⁾		353		9,923
Tutor Perini Corp. ⁽¹⁾		1,224		16,952
United Parcel Service, Inc. - Class B		4,754		988,689
Valmont Industries, Inc.		431		101,738
Vectrus, Inc. ⁽¹⁾		631		30,029
View, Inc. ⁽¹⁾		131		1,111
Werner Enterprises, Inc.		2,017		89,797
Yellow Corp. ⁽¹⁾		1,524		9,921
				12,090,690

Information Technology — 16.7%
3D Systems Corp. ⁽¹⁾		770		30,777
Accenture PLC		1,503		443,069
Adobe, Inc. ⁽¹⁾		5,174		3,030,101
Alarm.com Holdings, Inc. ⁽¹⁾		1,478		125,187
Alliance Data Systems Corp.		706		73,558
American Software, Inc./GA		145		3,184
Amkor Technology, Inc.		1,258		29,777
Apple, Inc.		64,783		8,872,680
Applied Materials, Inc.		17,479		2,489,010
Arrow Electronics, Inc. ⁽¹⁾		3,762		428,228
Autodesk, Inc. ⁽¹⁾		2,006		585,551
Avaya Holdings Corp. ⁽¹⁾		613		16,490
Avnet, Inc.		7,484		299,959
Belden, Inc.		477		24,122
Bill.com Holdings, Inc. ⁽¹⁾		229		41,948
Broadcom, Inc.		2,367		1,128,680
Cadence Design Systems, Inc. ⁽¹⁾		14,406		1,971,029
Calix, Inc. ⁽¹⁾		1,494		70,965
CDK Global, Inc.		9,118		453,073
CDW Corp./DE		3,620		632,233
Cerence, Inc. ⁽¹⁾		596		63,599
ChannelAdvisor Corp. ⁽¹⁾		3,182		77,991
Cisco Systems, Inc./Delaware		31,351		1,661,603
Cloudflare, Inc. ⁽¹⁾		28		2,964
Cognizant Technology Solutions Corp.		13,241		917,072
CommScope Holding Co., Inc. ⁽¹⁾		2,051		43,707
CommVault Systems, Inc. ⁽¹⁾		8,091		632,473
Concentrix Corp. ⁽¹⁾		614		98,731
Conduent, Inc. ⁽¹⁾		5,154		38,655
Corning, Inc.		9,966		407,609
Crowdstrike Holdings, Inc. ⁽¹⁾		1,148		288,504
Dell Technologies, Inc. - Class C ⁽¹⁾		587		58,506
Digital Turbine, Inc. ⁽¹⁾		3,520		267,626
DocuSign, Inc. ⁽¹⁾		909		254,129
Dolby Laboratories, Inc.		8,889		873,700

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
DXC Technology Co. ⁽¹⁾		2,039		79,399
Dynatrace, Inc. ⁽¹⁾		841		49,131
Ebix, Inc.		135		4,577
EPAM Systems, Inc. ⁽¹⁾		2,153		1,100,097
Extreme Networks, Inc. ⁽¹⁾		330		3,683
Fortinet, Inc. ⁽¹⁾		2,140		509,727
Hewlett Packard Enterprise Co.		12,000		174,960
HP, Inc.		26,841		810,330
HubSpot, Inc. ⁽¹⁾		532		310,007
Ideanomics, Inc. ⁽¹⁾		2,914		8,276
Intel Corp.		32,461		1,822,361
International Business Machines Corp.		9,713		1,423,829
Intuit, Inc.		5,008		2,454,771
J2 Global, Inc. ⁽¹⁾		4,233		582,249
Jabil, Inc.		6,393		371,561
Kimball Electronics, Inc. ⁽¹⁾		898		19,523
KLA Corp.		5,351		1,734,848
Lam Research Corp.		2,763		1,797,884
Manhattan Associates, Inc. ⁽¹⁾		2,507		363,114
Marathon Digital Holdings, Inc. ⁽¹⁾		626		19,638
Mastercard, Inc.		1,862		679,798
McAfee Corp. ⁽¹⁾		4,292		120,262
Methode Electronics, Inc.		1,861		91,580
Micron Technology, Inc. ⁽¹⁾		5,574		473,679
Microsoft Corp.		46,931		12,713,608
MicroStrategy, Inc. ⁽¹⁾		46		30,567
MicroVision, Inc. ⁽¹⁾		829		13,886
MKS Instruments, Inc.		612		108,905
MoneyGram International, Inc. ⁽¹⁾		1,111		11,199
NortonLifeLock, Inc.		10,337		281,373
NVIDIA Corp.		3,226		2,581,123
ON Semiconductor Corp. ⁽¹⁾		1,742		66,684
OneSpan, Inc. ⁽¹⁾		402		10,267
Oracle Corp.		19,158		1,491,259
PagerDuty, Inc. ⁽¹⁾		260		11,071
Palantir Technologies, Inc. ⁽¹⁾		4,661		122,864
Plantronics, Inc. ⁽¹⁾		240		10,015
Priority Technology Holdings, Inc. ⁽¹⁾		851		6,502
Progress Software Corp.		1,907		88,199
PTC, Inc. ⁽¹⁾		357		50,430
Qorvo, Inc. ⁽¹⁾		319		62,412
QUALCOMM, Inc.		15,458		2,209,412
Rimini Street, Inc. ⁽¹⁾		1,223		7,534
Riot Blockchain, Inc. ⁽¹⁾		554		20,869
salesforce.com, Inc. ⁽¹⁾		4,355		1,063,796
SecureWorks Corp. ⁽¹⁾		1,755		32,520

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

Page 46

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Skyworks Solutions, Inc.		1,101		211,117
SPS Commerce, Inc. ⁽¹⁾		2,195		219,171
SS&C Technologies Holdings, Inc.		18,584		1,339,163
StarTek, Inc. ⁽¹⁾		1,269		9,048
Stratasys, Ltd. ⁽¹⁾		1,083		28,006
Synopsys, Inc. ⁽¹⁾		1,702		469,395
Teradata Corp. ⁽¹⁾		935		46,722
Teradyne, Inc.		2,247		301,008
TESSCO Technologies, Inc. ⁽¹⁾		129		793
Texas Instruments, Inc.		8,200		1,576,860
Trade Desk, Inc./The ⁽¹⁾		2,118		163,848
Trimble, Inc. ⁽¹⁾		5,443		445,401
TTEC Holdings, Inc.		568		58,555
Twilio, Inc. - Class A ⁽¹⁾		337		132,832
Ultra Clean Holdings, Inc. ⁽¹⁾		1,052		56,513
Viant Technology, Inc. ⁽¹⁾		1,360		40,501
Visa, Inc.		5,140		1,201,835
Wix.com, Ltd. ⁽¹⁾		386		112,048
Xerox Holdings Corp.		2,442		57,363
Xperi Holding Corp.		3,666		81,532
Zebra Technologies Corp. - Class A ⁽¹⁾		733		388,116
Zscaler, Inc. ⁽¹⁾		1,119		241,771
				69,617,867

Materials — 1.1%
AdvanSix, Inc. ⁽¹⁾		1,382		41,267
Amyris, Inc. ⁽¹⁾		1,043		17,074
Avery Dennison Corp.		3,201		672,978
Avient Corp.		767		37,706
Celanese Corp.		677		102,633
Chemours Co./The		813		28,292
Cleveland-Cliffs, Inc. ⁽¹⁾		2,270		48,941
Coeur Mining, Inc. ⁽¹⁾		523		4,644
Commercial Metals Co.		555		17,050
Corteva, Inc.		2,337		103,646
Dow, Inc.		4,378		277,040
Eastman Chemical Co.		401		46,817
Element Solutions, Inc.		629		14,706
Freeport-McMoRan, Inc.		7,867		291,944
Hawkins, Inc.		1,181		38,678
Huntsman Corp.		7,710		204,469
Intrepid Potash, Inc. ⁽¹⁾		89		2,836
Koppers Holdings, Inc. ⁽¹⁾		1,356		43,867
Louisiana-Pacific Corp.		3,276		197,510
LyondellBasell Industries NV		1,995		205,226
Mosaic Co./The		2,180		69,564

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Newmont Corp.		15,691		994,496
Nucor Corp.		1,710		164,040
O-I Glass, Inc. ⁽¹⁾		990		16,167
Olin Corp.		765		35,389
Ramaco Resources, Inc. ⁽¹⁾		584		3,194
Rayonier Advanced Materials, Inc. ⁽¹⁾		1,492		9,981
Reliance Steel & Aluminum Co.		3,287		496,008
Ryerson Holding Corp. ⁽¹⁾		471		6,877
Southern Copper Corp.		1,105		71,074
Steel Dynamics, Inc.		647		38,561
SunCoke Energy, Inc.		2,318		16,551
Trinseo SA		379		22,679
Tronox Holdings PLC		829		18,570
Westlake Chemical Corp.		1,472		132,612
Westrock Co.		981		52,209
				4,545,296

Real Estate Investment Trust — 1.9%
Altisource Portfolio Solutions SA ⁽¹⁾		1,412		12,553
American Homes 4 Rent		6,290		244,367
American Tower Corp.		2,549		688,587
Ashford Hospitality Trust, Inc.		1,612		7,351
CareTrust REIT, Inc.		2,696		62,628
CatchMark Timber Trust, Inc.		2,764		32,339
CBL & Associates Properties, Inc. ⁽¹⁾		7,569		914
Clipper Realty, Inc.		61		448
Columbia Property Trust, Inc.		114		1,982
CorEnergy Infrastructure Trust, Inc.		3,409		22,568
CorePoint Lodging, Inc. ⁽¹⁾		547		5,853
Corporate Office Properties Trust		5,755		161,082
CubeSmart		9,126		422,716
CyrusOne, Inc.		289		20,669
DiamondRock Hospitality Co. ⁽¹⁾		545		5,287
EastGroup Properties, Inc.		1,082		177,935
Extra Space Storage, Inc.		5,732		939,016
Gaming and Leisure Properties, Inc.		722		33,450
Getty Realty Corp.		1,105		34,421
Gladstone Commercial Corp.		1,808		40,788
Healthcare Realty Trust, Inc.		15,468		467,134
Healthcare Trust of America, Inc. - Class A		10,639		284,061
Highwoods Properties, Inc.		248		11,202
Host Hotels & Resorts, Inc. ⁽¹⁾		2,139		36,556
Invitation Homes, Inc.		1,162		43,331
Iron Mountain, Inc.		19		804
Lamar Advertising Co.		6,958		726,554
Life Storage, Inc.		760		81,586

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

2021 Semiannual Report | June 30, 2021

Page 47

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
LTC Properties, Inc.		10,956		420,601
National Health Investors, Inc.		1,629		109,224
National Storage Affiliates Trust		17,260		872,666
Newmark Group, Inc.		1,366		16,406
Omega Healthcare Investors, Inc.		4,620		167,660
Paramount Group, Inc.		207		2,084
Piedmont Office Realty Trust, Inc.		1,294		23,900
PotlatchDeltic Corp.		1,720		91,418
PS Business Parks, Inc.		1,185		175,475
Public Storage		2,795		840,429
SBA Communications Corp.		403		128,436
Spirit MTA REIT Liquidating Trust ^(1)(7)(9)		3,461		0
Stratus Properties, Inc. ⁽¹⁾		331		8,166
Tanger Factory Outlet Centers, Inc.		155		2,922
Universal Health Realty Income Trust		1,147		70,598
Urstadt Biddle Properties, Inc.		1,152		22,326
Weyerhaeuser Co.		8,735		300,659
				7,819,152
Utilities — 1.4%
AES Corp./The		5,651		147,322
DTE Energy Co.		13,277		1,720,602
Duke Energy Corp.		9,695		957,090
Entergy Corp.		2,944		293,517
MDU Resources Group, Inc.		17,427		546,162
Portland General Electric Co.		7,574		349,010
Public Service Enterprise Group, Inc.		25,030		1,495,292
UGI Corp.		8,228		381,021
				5,890,016

Total Common Stocks (United States) (Cost $165,208,841)				236,823,854

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁸⁾		994		30,705
Total Preferred Stock (United States) (Cost $24,845)				30,705

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁷⁾		3		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁷⁾		3		0

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Warrants (United States) — continued
Extraction Oil & Gas, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁷⁾		19		0
Extraction Oil & Gas, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁷⁾		10		0
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		57		570
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁷⁾		9		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		56		349
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		28		162
Total Warrants (United States) (Cost $3,256)				1,081

Registered Investment Companies — 29.6%
U.S. Fixed Income — 26.6%
Baird Core Plus Bond Fund - Class I		254,051		3,018,123
Dodge & Cox Income Fund		257,907		3,695,804
DoubleLine Total Return Bond Fund - Class I		401,768		4,234,631
Frost Total Return Bond Fund - Class I		473,363		4,908,775
Guggenheim Total Return Bond Fund - Class I		62,289		1,811,359
iShares 0-5 Year High Yield Corporate Bond ETF ⁽¹⁰⁾		513,397		23,647,066
Lord Abbett High Yield Fund - Class I		1,032,915		7,881,143
PGIM Total Return Bond Fund - Class R6		171,384		1,945,211
Pioneer Bond Fund - Class K		374,298		3,791,641
Segall Bryant & Hamill Plus Bond Fund - Class I		387,990		4,236,852
SPDR Bloomberg Barclays High Yield Bond ETF ^(2)(10)		88,402		9,720,684
SPDR Bloomberg Barclays Short Term High Yield Bond ETF ⁽¹⁰⁾		725,769		20,016,709
Vanguard Short-Term Bond ETF ⁽¹⁰⁾		105,496		8,667,551
Xtrackers USD High Yield Corporate Bond ETF ⁽¹⁰⁾		317,147		12,784,196
				110,359,745

International Fixed Income — 3.0%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽¹⁰⁾		66,498		7,478,365
Payden Emerging Markets Bond Fund - Class I		225,061		3,036,074

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

Page 48

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
TCW Emerging Markets Income Fund - Class I		224,165		1,838,149
				12,352,588

Total Registered Investment Companies (Cost $118,351,881)				122,712,333

Money Market Registered Investment Companies — 13.2%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽⁴⁾		44,776,404		44,785,359
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		9,888,148		9,888,148
Total Money Market Registered Investment Companies (Cost $54,654,415)				54,673,507

Bank Obligations — 0.2%
First Merchants Bank Deposit Account, 0.30%, 7/1/2021 ⁽⁵⁾		248,719		248,719
Metro City Bank Deposit Account, 0.10%, 7/1/2021 ⁽⁵⁾		248,345		248,345
Pacific Mercantile Bank Deposit Account, 0.10%, 7/1/2021 ⁽⁵⁾		246,946		246,946
Total Bank Obligations (Cost $744,010)				744,010
Total Investments — 100.0% (Cost $338,987,249)				414,985,490
Liabilities less Other Assets — (0.0%)				(71,223	)
Total Net Assets — 100.0%				414,914,267

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		2,848		39,900
Meeder Dynamic Allocation Fund - Retail Class		7,133		107,494
Meeder Muirfield Fund - Retail Class		4,950		46,233
Meeder Conservative Allocation Fund - Retail Class		852		21,010
Total Trustee Deferred Compensation (Cost $161,613)				214,637

Balanced Fund
	Net Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		298		9/16/2021		34,331,090		(992,898	)
Mini MSCI Emerging Markets Index Futures		128		9/16/2021		8,734,720		20,551
Russell 2000 Mini Index Futures		10		9/16/2021		1,153,900		(192	)
Standard & Poors 500 Mini Futures		34		9/16/2021		7,290,620		85,923
E-mini Standard & Poors MidCap 400 Futures		7		9/16/2021		1,884,680		(8,164	)
Total Futures Contracts		477				53,395,010		(894,780	)

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2021.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

(5)

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

(7)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

(8)	Preferred stock. Dividend rate unknown.

(9)	Expiration date unknown.

(10) Exchange-traded fund.

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

2021 Semiannual Report | June 30, 2021

Page 49

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 39.4%
Communication Services — 4.5%
Activision Blizzard, Inc.		6,708		640,212
Alphabet, Inc. - Class A ⁽¹⁾		290		708,119
Alphabet, Inc. - Class C ⁽¹⁾		672		1,684,247
AMC Entertainment Holdings, Inc. - Class A ⁽¹⁾		646		36,615
AMC Networks, Inc. - Class A ⁽¹⁾		29		1,937
AT&T, Inc.		29,180		839,800
Cinemark Holdings, Inc. ⁽¹⁾		55		1,207
Comcast Corp. - Class A		11,315		645,181
Cumulus Media, Inc. ⁽¹⁾		12		176
CuriosityStream, Inc. ⁽¹⁾		18		246
DHI Group, Inc. ⁽¹⁾		1,245		4,208
Electronic Arts, Inc.		729		104,852
Facebook, Inc. ⁽¹⁾		3,978		1,383,190
Fluent, Inc. ⁽¹⁾		689		2,019
Fox Corp. - Class A		47		1,745
Gray Television, Inc.		912		21,341
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		988		4,021
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		512		10,598
Live Nation Entertainment, Inc. ⁽¹⁾		82		7,182
Magnite, Inc. ⁽¹⁾		190		6,430
Meredith Corp. ⁽¹⁾		55		2,389
Netflix, Inc. ⁽¹⁾		550		290,516
News Corp. - Class A		1,268		32,676
Nexstar Media Group, Inc.		458		67,729
Omnicom Group, Inc.		1,311		104,867
Pinterest, Inc. - Class A ⁽¹⁾		797		62,923
Roku, Inc. - Class A ⁽¹⁾		249		114,353
TEGNA, Inc.		551		10,337
Telephone and Data Systems, Inc.		718		16,270
Twitter, Inc. ⁽¹⁾		1,036		71,287
Verizon Communications, Inc.		12,298		689,057
ViacomCBS, Inc.		553		24,996
Vimeo, Inc. ⁽¹⁾		173		8,477
Walt Disney Co./The		2,319		407,611
World Wrestling Entertainment, Inc.		299		17,309
Yelp, Inc. ⁽¹⁾		135		5,395
				8,029,518

Consumer Discretionary — 4.6%
Adient PLC ⁽¹⁾		134		6,057
Alterra Mountain Co. ⁽¹⁾		159		38,446
Amazon.com, Inc. ⁽¹⁾		621		2,136,339
American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		270		2,795
American Eagle Outfitters, Inc.		85		3,190

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
American Public Education, Inc. ⁽¹⁾		146		4,138
Aptiv PLC ⁽¹⁾		43		6,765
Aramark		779		29,018
Arcimoto, Inc. ⁽¹⁾		267		4,590
AutoNation, Inc. ⁽¹⁾		21		1,991
Bed Bath & Beyond, Inc. ⁽¹⁾		55		1,831
Best Buy Co., Inc.		3,662		421,057
Big Lots, Inc.		238		15,710
Boyd Gaming Corp. ⁽¹⁾		424		26,072
Brinker International, Inc. ⁽¹⁾		136		8,412
Caleres, Inc.		126		3,439
Camping World Holdings, Inc.		406		16,642
Capri Holdings, Ltd. ⁽¹⁾		549		31,397
Chico’s FAS, Inc. ⁽¹⁾		22		145
Conn’s, Inc. ⁽¹⁾		104		2,652
Crocs, Inc. ⁽¹⁾		921		107,315
Dana, Inc.		847		20,125
Darden Restaurants, Inc.		350		51,097
Del Taco Restaurants, Inc.		111		1,111
Designer Brands, Inc. ⁽¹⁾		14		232
Dick’s Sporting Goods, Inc.		215		21,541
Dillard’s, Inc. - Class A		12		2,171
DR Horton, Inc.		1,590		143,688
eBay, Inc.		397		27,873
Everi Holdings, Inc. ⁽¹⁾		485		12,096
Express, Inc. ⁽¹⁾		49		318
Fiesta Restaurant Group, Inc. ⁽¹⁾		139		1,867
Foot Locker, Inc.		858		52,879
Ford Motor Co. ⁽¹⁾		2,891		42,960
Fossil Group, Inc. ⁽¹⁾		118		1,685
Fox Factory Holding Corp. ⁽¹⁾		66		10,274
GameStop Corp. ⁽¹⁾		94		20,129
Gap, Inc./The		463		15,580
General Motors Co. ⁽¹⁾		3,916		231,710
Genesco, Inc. ⁽¹⁾		49		3,120
Genius Brands International, Inc. ⁽¹⁾		200		368
G-III Apparel Group, Ltd. ⁽¹⁾		258		8,478
Goodyear Tire & Rubber Co./The ⁽¹⁾		332		5,694
Greenlane Holdings, Inc. ⁽¹⁾		372		1,663
Group 1 Automotive, Inc.		59		9,111
GrowGeneration Corp. ⁽¹⁾		151		7,263
Hanesbrands, Inc.		525		9,802
Home Depot, Inc./The		3,365		1,073,065
Houghton Mifflin Harcourt Co. ⁽¹⁾		231		2,550
International Game Technology PLC		887		21,253
Kohl’s Corp.		497		27,390
Kontoor Brands, Inc.		63		3,554

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

Page 50

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
L Brands, Inc.		144		10,377
Lands’ End, Inc. ⁽¹⁾		72		2,956
Lear Corp.		234		41,016
Lennar Corp.		1,380		137,103
Lovesac Co./The ⁽¹⁾		21		1,676
Lowe’s Cos., Inc.		3,844		745,621
M/I Homes, Inc. ⁽¹⁾		447		26,225
Macy’s, Inc. ⁽¹⁾		178		3,375
McDonald’s Corp.		1,661		383,674
MGM Resorts International		180		7,677
Modine Manufacturing Co. ⁽¹⁾		301		4,994
Mohawk Industries, Inc. ⁽¹⁾		731		140,491
Nathan’s Famous, Inc.		23		1,640
Nautilus, Inc. ⁽¹⁾		97		1,634
NIKE, Inc. - Class B		848		131,008
ODP Corp./The ⁽¹⁾		241		11,570
OneWater Marine, Inc.		476		20,006
Overstock.com, Inc. ⁽¹⁾		116		10,695
Party City Holdco, Inc. ⁽¹⁾		115		1,073
Penske Automotive Group, Inc.		186		14,041
Qurate Retail, Inc. - Class A		1,111		14,543
RCI Hospitality Holdings, Inc.		96		6,355
Red Rock Resorts, Inc. ⁽¹⁾		293		12,453
Rent-A-Center, Inc./TX		1,332		70,689
Ross Stores, Inc.		2,693		333,932
Sally Beauty Holdings, Inc. ⁽¹⁾		405		8,938
Scientific Games Corp. ⁽¹⁾		162		12,545
Shoe Carnival, Inc.		38		2,720
Signet Jewelers, Ltd.		49		3,959
Smith & Wesson Brands, Inc.		408		14,158
Sonic Automotive, Inc.		129		5,771
Sonos, Inc. ⁽¹⁾		162		5,707
Steven Madden, Ltd.		375		16,410
Tapestry, Inc. ⁽¹⁾		869		37,784
Target Corp.		872		210,797
Tempur Sealy International, Inc.		135		5,291
Tenneco, Inc. ⁽¹⁾		636		12,288
Tesla, Inc. ⁽¹⁾		1,183		804,085
Texas Roadhouse, Inc.		486		46,753
Thor Industries, Inc.		743		83,959
Town Sports International Holdings, Inc. ⁽¹⁾		961		171
Tupperware Brands Corp. ⁽¹⁾		65		1,544
Urban Outfitters, Inc. ⁽¹⁾		37		1,525
Vera Bradley, Inc. ⁽¹⁾		668		8,277
Vista Outdoor, Inc. ⁽¹⁾		33		1,527
Vuzix Corp. ⁽¹⁾		166		3,046
Waitr Holdings, Inc. ⁽¹⁾		592		1,054

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Williams-Sonoma, Inc.		164		26,183
Winnebago Industries, Inc.		76		5,165
XPEL, Inc. ⁽¹⁾		68		5,703
Zumiez, Inc. ⁽¹⁾		422		20,674
				8,179,506

Consumer Staples — 0.9%
Albertsons Cos., Inc.		133		2,615
Bunge, Ltd.		5,746		449,050
Celsius Holdings, Inc. ⁽¹⁾		3		228
Conagra Brands, Inc.		982		35,725
Darling Ingredients, Inc. ⁽¹⁾		6,609		446,108
Ingles Markets, Inc.		55		3,205
Kraft Heinz Co./The		8,014		326,811
Performance Food Group Co. ⁽¹⁾		82		3,976
Spectrum Brands Holdings, Inc.		1,324		112,593
Tyson Foods, Inc.		129		9,515
United Natural Foods, Inc. ⁽¹⁾		102		3,772
Walgreens Boots Alliance, Inc.		606		31,882
Walmart, Inc.		840		118,457
				1,543,937

Energy — 1.2%
Aemetis, Inc. ⁽¹⁾		8		89
Amplify Energy Corp. ⁽¹⁾		764		3,094
Antero Resources Corp. ⁽¹⁾		176		2,645
APA Corp.		1,148		24,831
Ardmore Shipping Corp.		241		1,017
Baker Hughes Co.		895		20,469
Berry Corp.		449		3,017
Cactus, Inc.		241		8,850
ChampionX Corp. ⁽¹⁾		627		16,083
Cimarex Energy Co.		559		40,500
Clean Energy Fuels Corp. ⁽¹⁾		437		4,436
ConocoPhillips		2,299		140,009
CONSOL Energy, Inc. ⁽¹⁾		302		5,578
Contango Oil & Gas Co. ⁽¹⁾		700		3,024
Continental Resources, Inc./OK		153		5,819
CVR Energy, Inc.		24		431
Delek US Holdings, Inc.		192		4,151
Devon Energy Corp.		2,065		60,277
DHT Holdings, Inc.		613		3,978
Diamondback Energy, Inc.		345		32,392
Dorian LPG, Ltd. ⁽¹⁾		248		3,502
EOG Resources, Inc.		1,051		87,695
Exxon Mobil Corp.		14,854		936,990
Frank’s International NV ⁽¹⁾		706		2,139

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

2021 Semiannual Report | June 30, 2021

Page 51

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Golar LNG, Ltd. ⁽¹⁾		33		437
Goodrich Petroleum Corp. ⁽¹⁾		104		1,553
Hallador Energy Co. ⁽¹⁾		121		326
Hess Corp.		357		31,173
Laredo Petroleum, Inc. ⁽¹⁾		50		4,640
Magnolia Oil & Gas Corp. ⁽¹⁾		294		4,595
Meta Materials, Inc. ⁽¹⁾		205		1,535
Nabors Industries, Ltd. ⁽¹⁾		32		3,656
NextDecade Corp. ⁽¹⁾		168		694
Nine Energy Service, Inc. ⁽¹⁾		905		2,661
Northern Oil and Gas, Inc. ⁽¹⁾		324		6,729
Oceaneering International, Inc. ⁽¹⁾		284		4,422
ONEOK, Inc.		4,921		273,804
Ovintiv, Inc.		710		22,344
PDC Energy, Inc.		179		8,196
Phillips 66		192		16,477
Pioneer Natural Resources Co.		428		69,559
Profire Energy, Inc. ⁽¹⁾		11		12
Range Resources Corp. ⁽¹⁾		59		989
Renewable Energy Group, Inc. ⁽¹⁾		5		312
Schlumberger NV		2,652		84,891
Scorpio Tankers, Inc.		158		3,484
SM Energy Co.		211		5,197
Southwestern Energy Co. ⁽¹⁾		1,590		9,015
Targa Resources Corp.		2,982		132,550
Teekay Corp. ⁽¹⁾		502		1,867
Transocean, Ltd. ⁽¹⁾		513		2,319
Uranium Energy Corp. ⁽¹⁾		887		2,359
W&T Offshore, Inc. ⁽¹⁾		48		233
Westmoreland Coal Co. ⁽¹⁾⁽⁷⁾		773		0
Whiting Petroleum Corp. ⁽¹⁾		142		7,746
World Fuel Services Corp.		344		10,915
				2,125,706

Financials — 4.4%
Affiliated Managers Group, Inc.		237		36,548
AGNC Investment Corp.		7,420		125,324
Allstate Corp./The		253		33,001
Ally Financial, Inc.		1,957		97,537
American Express Co.		65		10,740
American Financial Group, Inc./OH		277		34,547
American International Group, Inc.		12,194		580,434
Ameris Bancorp		76		3,848
Annaly Capital Management, Inc.		477		4,236
Arbor Realty Trust, Inc.		1,478		26,338
Associated Banc-Corp		3,073		62,935
Bank of America Corp.		10,910		449,819

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Bank of New York Mellon Corp./The		1,958		100,308
Bank of NT Butterfield & Son, Ltd./The		492		17,441
Bank OZK		268		11,299
BankUnited, Inc.		410		17,503
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		4,781		1,328,736
BGC Partners, Inc.		222		1,259
Capital One Financial Corp.		1,307		202,180
Charles Schwab Corp./The		2,264		164,842
Cincinnati Financial Corp.		183		21,341
Citigroup, Inc.		3,038		214,939
Citizens Financial Group, Inc.		1,369		62,796
Civista Bancshares, Inc.		288		6,365
CNB Financial Corp./PA		167		3,811
Curo Group Holdings Corp.		950		16,150
Customers Bancorp, Inc. ⁽¹⁾		100		3,899
East West Bancorp, Inc.		455		32,619
Elevate Credit, Inc. ⁽¹⁾		771		2,752
Ellington Financial, Inc.		1,687		32,306
Evercore, Inc.		405		57,012
Fidelity National Financial, Inc.		1,395		60,627
Fifth Third Bancorp		3,372		128,912
First American Financial Corp.		316		19,703
First Choice Bancorp		59		1,797
First Horizon Corp.		3,040		52,531
FNB Corp./PA		1,434		17,681
Granite Point Mortgage Trust, Inc.		197		2,906
Hartford Financial Services Group, Inc./The		778		48,213
Hilltop Holdings, Inc.		671		24,424
Invesco, Ltd.		815		21,785
JPMorgan Chase & Co.		3,476		540,657
KeyCorp		1,625		33,556
LendingClub Corp. ⁽¹⁾		251		4,551
LPL Financial Holdings, Inc.		25		3,375
Medley Management, Inc. ⁽¹⁾		27		166
MetLife, Inc.		891		53,326
Moelis & Co.		324		18,432
Morgan Stanley		2,820		258,566
Mr Cooper Group, Inc. ⁽¹⁾		941		31,109
NewStar Financial Contingent Value Rights ^(1)(7)(9)		31		0
Northrim BanCorp, Inc.		388		16,587
OneMain Holdings, Inc.		197		11,802
Oppenheimer Holdings, Inc.		252		12,812
PacWest Bancorp		839		34,533
Pinnacle Financial Partners, Inc.		175		15,451
PNC Financial Services Group, Inc./The		691		131,815
Popular, Inc.		540		40,527
Progressive Corp./The		5,824		571,975

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

Page 52

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Prudential Financial, Inc.		58		5,943
Pzena Investment Management, Inc.		929		10,228
Radian Group, Inc.		954		21,227
RBB Bancorp		83		2,010
Regions Financial Corp.		4,795		96,763
Siebert Financial Corp. ⁽¹⁾		46		221
Signature Bank/New York NY		98		24,074
SLM Corp.		1,450		30,363
Stewart Information Services Corp.		1,873		106,180
StoneX Group, Inc. ⁽¹⁾		43		2,609
SVB Financial Group ⁽¹⁾		116		64,546
Synchrony Financial		11,571		561,425
Synovus Financial Corp.		924		40,545
Tiptree, Inc. - Class A		146		1,358
Truist Financial Corp.		2,971		164,891
Umpqua Holdings Corp.		1,353		24,963
Unum Group		4,153		117,945
US Bancorp		3,020		172,049
Valley National Bancorp		266		3,572
Virtus Investment Partners, Inc.		145		40,277
Walker & Dunlop, Inc.		395		41,230
Wells Fargo & Co.		5,693		257,836
Western Alliance Bancorp		302		28,041
Wintrust Financial Corp.		103		7,790
Zions Bancorp NA		173		9,145
				7,755,915

Healthcare — 7.3%
Abbott Laboratories		2,091		242,410
AbbVie, Inc.		6,882		775,188
Abeona Therapeutics, Inc. ⁽¹⁾		291		454
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		67		92
ADMA Biologics, Inc. ⁽¹⁾		80		128
Adverum Biotechnologies, Inc. ⁽¹⁾		456		1,596
Affimed NV ⁽¹⁾		538		4,573
AgeX Therapeutics, Inc. ⁽¹⁾		108		167
Agilent Technologies, Inc.		1,739		257,042
Agios Pharmaceuticals, Inc. ⁽¹⁾		300		16,533
Alector, Inc. ⁽¹⁾		254		5,291
Alexion Pharmaceuticals, Inc. ⁽¹⁾		409		75,137
Align Technology, Inc. ⁽¹⁾		188		114,868
Alkermes PLC ⁽¹⁾		935		22,926
Allakos, Inc. ⁽¹⁾		6		512
Amgen, Inc.		2,164		527,475
Amneal Pharmaceuticals, Inc. ⁽¹⁾		949		4,859
Anavex Life Sciences Corp. ⁽¹⁾		121		2,766
Apellis Pharmaceuticals, Inc. ⁽¹⁾		97		6,130

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Arbutus Biopharma Corp. ⁽¹⁾		1,529		4,633
Arcutis Biotherapeutics, Inc. ⁽¹⁾		140		3,821
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		319		26,420
Arvinas, Inc. ⁽¹⁾		124		9,548
Asensus Surgical, Inc. ⁽¹⁾		359		1,138
Assertio Holdings, Inc. ⁽¹⁾		218		340
Avid Bioservices, Inc. ⁽¹⁾		133		3,411
Axogen, Inc. ⁽¹⁾		231		4,992
Beam Therapeutics, Inc. ⁽¹⁾		146		18,792
Beyondspring, Inc. ⁽¹⁾		235		2,453
BioDelivery Sciences International, Inc. ⁽¹⁾		1,905		6,820
Biogen, Inc. ⁽¹⁾		1,532		530,486
Bio-Rad Laboratories, Inc. ⁽¹⁾		8		5,154
Bio-Techne Corp.		100		45,026
Blueprint Medicines Corp. ⁽¹⁾		128		11,259
Bridgebio Pharma, Inc. ⁽¹⁾		91		5,547
Bristol-Myers Squibb Co.		10,345		691,253
Bruker Corp.		245		18,615
Calyxt, Inc. ⁽¹⁾		108		434
Cardinal Health, Inc.		2,094		119,546
CareDx, Inc. ⁽¹⁾		246		22,514
CASI Pharmaceuticals, Inc. ⁽¹⁾		102		158
Catalent, Inc. ⁽¹⁾		663		71,684
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		1,537		8,838
cbdMD, Inc. ⁽¹⁾		26		75
Centene Corp. ⁽¹⁾		326		23,775
Centogene NV ⁽¹⁾		308		3,216
Cerecor, Inc. ⁽¹⁾		1,193		3,901
Cerner Corp.		2,779		217,207
Charles River Laboratories International, Inc. ⁽¹⁾		158		58,447
Chimerix, Inc. ⁽¹⁾		203		1,624
Community Health Systems, Inc. ⁽¹⁾		255		3,937
Computer Programs and Systems, Inc.		83		2,758
Conformis, Inc. ⁽¹⁾		569		654
CureVac NV ⁽¹⁾		17		1,249
CVS Health Corp.		4,664		389,164
Danaher Corp.		2,929		786,026
Denali Therapeutics, Inc. ⁽¹⁾		157		12,315
DENTSPLY SIRONA, Inc.		41		2,594
Dicerna Pharmaceuticals, Inc. ⁽¹⁾		168		6,270
Dynavax Technologies Corp. ⁽¹⁾		389		3,832
Editas Medicine, Inc. ⁽¹⁾		119		6,740
Edwards Lifesciences Corp. ⁽¹⁾		7		725
Elanco Animal Health, Inc. Contingent Value Rights ^(1)(7)(9)		162		0
ElectroCore, Inc. ⁽¹⁾		30		36

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

2021 Semiannual Report | June 30, 2021

Page 53

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Eli Lilly & Co.		1,790		410,841
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		1,474		2,933
Emergent BioSolutions, Inc. ⁽¹⁾		214		13,480
Endo International PLC ⁽¹⁾		1,217		5,696
Enochian Biosciences, Inc. ⁽¹⁾		37		184
Ensign Group, Inc./The		8		693
Envista Holdings Corp. ⁽¹⁾		123		5,315
Evelo Biosciences, Inc. ⁽¹⁾		261		3,586
Exact Sciences Corp. ⁽¹⁾		314		39,033
Exelixis, Inc. ⁽¹⁾		1,142		20,807
Fate Therapeutics, Inc. ⁽¹⁾		193		16,750
Fulgent Genetics, Inc. ⁽¹⁾		9		830
Galectin Therapeutics, Inc. ⁽¹⁾		237		758
Genprex, Inc. ⁽¹⁾		631		2,114
Geron Corp. ⁽¹⁾		314		443
Gilead Sciences, Inc.		4,062		279,709
Globus Medical, Inc. ⁽¹⁾		9		698
HCA Healthcare, Inc.		657		135,828
Hill-Rom Holdings, Inc.		765		86,896
Hologic, Inc. ⁽¹⁾		614		40,966
Horizon Therapeutics Plc ⁽¹⁾		1,699		159,094
Humana, Inc.		41		18,152
Humanigen, Inc. ⁽¹⁾		183		3,181
IGM Biosciences, Inc. ⁽¹⁾		10		832
Illumina, Inc. ⁽¹⁾		10		4,732
Inogen, Inc. ⁽¹⁾		48		3,128
Insmed, Inc. ⁽¹⁾		136		3,871
Intellia Therapeutics, Inc. ⁽¹⁾		124		20,077
Intra-Cellular Therapies, Inc. ⁽¹⁾		81		3,306
Jazz Pharmaceuticals PLC ⁽¹⁾		90		15,988
Johnson & Johnson		7,354		1,211,498
Jounce Therapeutics, Inc. ⁽¹⁾		209		1,421
Kodiak Sciences, Inc. ⁽¹⁾		103		9,579
La Jolla Pharmaceutical Co. ⁽¹⁾		292		1,250
Lexicon Pharmaceuticals, Inc. ⁽¹⁾		29		133
MacroGenics, Inc. ⁽¹⁾		174		4,674
Madrigal Pharmaceuticals, Inc. ⁽¹⁾		228		22,209
Mallinckrodt PLC ⁽¹⁾		30		9
MannKind Corp. ⁽¹⁾		1,085		5,913
Marinus Pharmaceuticals, Inc. ⁽¹⁾		53		951
McKesson Corp.		518		99,062
Medtronic PLC		5,903		732,739
Merck & Co., Inc.		9,640		749,703
Merit Medical Systems, Inc. ⁽¹⁾		276		17,846
Moderna, Inc. ⁽¹⁾		1,453		341,426
Myriad Genetics, Inc. ⁽¹⁾		19		581
Natera, Inc. ⁽¹⁾		331		37,578

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
NextGen Healthcare, Inc. ⁽¹⁾		539		8,942
Novavax, Inc. ⁽¹⁾		137		29,086
Novocure, Ltd. ⁽¹⁾		84		18,633
Oncocyte Corp. ⁽¹⁾		240		1,378
Owens & Minor, Inc.		174		7,365
Pacific Biosciences of California, Inc. ⁽¹⁾		150		5,246
Palatin Technologies, Inc. ⁽¹⁾		1,854		1,131
PerkinElmer, Inc.		351		54,198
Perrigo Co. PLC		1,684		77,211
Pfizer, Inc.		13,035		510,451
PolarityTE, Inc. ⁽¹⁾		252		257
Precigen, Inc. ⁽¹⁾		406		2,647
Prothena Corp. PLC ⁽¹⁾		90		4,627
PTC Therapeutics, Inc. ⁽¹⁾		43		1,818
Puma Biotechnology, Inc. ⁽¹⁾		622		5,710
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		1,046		584,233
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		368		7,205
Rocket Pharmaceuticals, Inc. ⁽¹⁾		54		2,392
Royalty Pharma PLC		1,196		49,024
Seagen, Inc. ⁽¹⁾		288		45,469
Senseonics Holdings, Inc. ⁽¹⁾		145		557
Sesen Bio, Inc. ⁽¹⁾		192		887
Sorrento Therapeutics, Inc. ⁽¹⁾		757		7,335
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		583		2,186
SpringWorks Therapeutics, Inc. ⁽¹⁾		79		6,510
STAAR Surgical Co. ⁽¹⁾		144		21,960
Stoke Therapeutics, Inc. ⁽¹⁾		83		2,794
Stryker Corp.		2,562		665,428
Sutro Biopharma, Inc. ⁽¹⁾		196		3,644
Tenet Healthcare Corp. ⁽¹⁾		19		1,273
Thermo Fisher Scientific, Inc.		964		486,309
Translate Bio, Inc. ⁽¹⁾		181		4,985
TransMedics Group, Inc. ⁽¹⁾		17		564
Turning Point Therapeutics, Inc. ⁽¹⁾		119		9,284
Twist Bioscience Corp. ⁽¹⁾		202		26,917
Tyme Technologies, Inc. ⁽¹⁾		244		307
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		106		10,107
United Therapeutics Corp. ⁽¹⁾		372		66,741
UnitedHealth Group, Inc.		23		9,210
Vanda Pharmaceuticals, Inc. ⁽¹⁾		81		1,742
Veeva Systems, Inc. ⁽¹⁾		59		18,346
Verrica Pharmaceuticals, Inc. ⁽¹⁾		249		2,814
Viatris, Inc.		3,418		48,843
ViewRay, Inc. ⁽¹⁾		771		5,089
Voyager Therapeutics, Inc. ⁽¹⁾		8		33
WaVe Life Sciences, Ltd. ⁽¹⁾		225		1,499
Xencor, Inc. ⁽¹⁾		271		9,347

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

Page 54

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Zentalis Pharmaceuticals, Inc. ⁽¹⁾		13		692
Zimmer Biomet Holdings, Inc.		930		149,563
ZIOPHARM Oncology, Inc. ⁽¹⁾		379		1,001
Zoetis, Inc.		1,624		302,649
				13,017,706

Industrials — 2.1%
ABM Industries, Inc.		486		21,554
Acuity Brands, Inc.		200		37,406
AGCO Corp.		429		55,933
Altra Industrial Motion Corp.		82		5,332
ArcBest Corp.		84		4,888
Array Technologies, Inc. ⁽¹⁾		235		3,666
ASGN, Inc. ⁽¹⁾		156		15,121
Atkore, Inc. ⁽¹⁾		171		12,141
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		1		68
Avis Budget Group, Inc. ⁽¹⁾		74		5,764
BGSF, Inc.		187		2,308
Boise Cascade Co.		1,103		64,360
Brady Corp.		488		27,348
Builders FirstSource, Inc. ⁽¹⁾		463		19,752
Caterpillar, Inc.		911		198,261
ChargePoint Holdings, Inc. ⁽¹⁾		502		17,439
Comfort Systems USA, Inc.		104		8,194
Covenant Logistics Group, Inc. ⁽¹⁾		260		5,377
CSX Corp.		138		4,427
Deere & Co.		1,202		423,957
Eagle Bulk Shipping, Inc. ⁽¹⁾		16		757
EMCOR Group, Inc.		957		117,893
Emerson Electric Co.		1,177		113,274
Encore Wire Corp.		208		15,764
EnerSys		470		45,933
Eos Energy Enterprises, Inc. ⁽¹⁾		29		521
FedEx Corp.		459		136,933
Franklin Electric Co., Inc.		268		21,606
Genco Shipping & Trading, Ltd.		351		6,627
Generac Holdings, Inc. ⁽¹⁾		139		57,706
Graco, Inc.		1,833		138,758
GrafTech International, Ltd.		1,091		12,677
Granite Construction, Inc.		197		8,181
Harsco Corp. ⁽¹⁾		261		5,330
Hertz Global Holdings, Inc. ⁽¹⁾		75		656
Hillenbrand, Inc.		343		15,119
HNI Corp.		138		6,068
Huntington Ingalls Industries, Inc.		768		161,856
Hyster-Yale Materials Handling, Inc.		113		8,247
JB Hunt Transport Services, Inc.		365		59,477

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Korn Ferry		138		10,012
Lawson Products, Inc./DE ⁽¹⁾		18		963
Manitowoc Co., Inc./The ⁽¹⁾		256		6,272
ManpowerGroup, Inc.		1,775		211,065
Matson, Inc.		195		12,480
Matthews International Corp.		266		9,565
Maxar Technologies, Inc.		91		3,633
Mesa Air Group, Inc. ⁽¹⁾		784		7,315
Miller Industries, Inc./TN		443		17,472
Mueller Industries, Inc.		1,549		67,087
MYR Group, Inc. ⁽¹⁾		132		12,001
National Presto Industries, Inc.		60		6,099
NL Industries, Inc.		1		7
Old Dominion Freight Line, Inc.		90		22,842
Oshkosh Corp.		318		39,636
Owens Corning		456		44,642
Parker-Hannifin Corp.		358		109,945
Pitney Bowes, Inc.		284		2,491
Plug Power, Inc. ⁽¹⁾		689		23,557
Primoris Services Corp.		1,261		37,111
Quad/Graphics, Inc. ⁽¹⁾		1,526		6,333
Quanta Services, Inc.		4,890		442,887
Regal Beloit Corp.		704		93,991
Resideo Technologies, Inc. ⁽¹⁾		266		7,980
REV Group, Inc.		216		3,389
Rush Enterprises, Inc.		574		24,820
Ryder System, Inc.		840		62,437
Shyft Group, Inc./The		308		11,522
SkyWest, Inc. ⁽¹⁾		673		28,986
Steelcase, Inc. - Class A		429		6,482
Stem, Inc. ⁽¹⁾		375		13,504
Sterling Construction Co., Inc. ⁽¹⁾		18		434
Terex Corp.		250		11,905
Textainer Group Holdings, Ltd. ⁽¹⁾		331		11,178
Textron, Inc.		1,649		113,402
Titan Machinery, Inc. ⁽¹⁾		108		3,342
Triton International, Ltd.		415		21,721
Triumph Group, Inc. ⁽¹⁾		552		11,454
TrueBlue, Inc. ⁽¹⁾		85		2,389
Tutor Perini Corp. ⁽¹⁾		206		2,853
United Parcel Service, Inc. - Class B		1,366		284,087
Valmont Industries, Inc.		139		32,811
Vectrus, Inc. ⁽¹⁾		159		7,567
View, Inc. ⁽¹⁾		112		950
Werner Enterprises, Inc.		688		30,630

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

2021 Semiannual Report | June 30, 2021

Page 55

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Yellow Corp. ⁽¹⁾		464		3,021
				3,750,949

Information Technology — 11.4%
3D Systems Corp. ⁽¹⁾		229		9,153
Accenture PLC		279		82,246
Adobe, Inc. ⁽¹⁾		1,465		857,963
Alarm.com Holdings, Inc. ⁽¹⁾		391		33,118
Alliance Data Systems Corp.		227		23,651
American Software, Inc./GA		80		1,757
Amkor Technology, Inc.		495		11,717
Apple, Inc.		17,966		2,460,623
Applied Materials, Inc.		5,160		734,784
Arrow Electronics, Inc. ⁽¹⁾		1,165		132,612
Autodesk, Inc. ⁽¹⁾		596		173,972
Avaya Holdings Corp. ⁽¹⁾		53		1,426
Avnet, Inc.		2,163		86,693
Belden, Inc.		196		9,912
Bill.com Holdings, Inc. ⁽¹⁾		71		13,006
Broadcom, Inc.		681		324,728
Cadence Design Systems, Inc. ⁽¹⁾		4,253		581,895
Calix, Inc. ⁽¹⁾		211		10,023
CDK Global, Inc.		3,877		192,648
CDW Corp./DE		863		150,723
Cerence, Inc. ⁽¹⁾		174		18,568
ChannelAdvisor Corp. ⁽¹⁾		1,010		24,755
Cisco Systems, Inc./Delaware		9,705		514,365
Cloudflare, Inc. ⁽¹⁾		44		4,657
Cognizant Technology Solutions Corp.		3,918		271,361
CommScope Holding Co., Inc. ⁽¹⁾		644		13,724
CommVault Systems, Inc. ⁽¹⁾		1,573		122,961
Concentrix Corp. ⁽¹⁾		150		24,120
Conduent, Inc. ⁽¹⁾		1,534		11,505
Corning, Inc.		3,038		124,254
Crowdstrike Holdings, Inc. ⁽¹⁾		336		84,440
Dell Technologies, Inc. - Class C ⁽¹⁾		200		19,934
Digital Turbine, Inc. ⁽¹⁾		623		47,367
DocuSign, Inc. ⁽¹⁾		197		55,075
Dolby Laboratories, Inc.		2,335		229,507
DXC Technology Co. ⁽¹⁾		612		23,831
Dynatrace, Inc. ⁽¹⁾		263		15,364
Ebix, Inc.		47		1,593
EPAM Systems, Inc. ⁽¹⁾		682		348,475
Extreme Networks, Inc. ⁽¹⁾		294		3,281
Fortinet, Inc. ⁽¹⁾		631		150,298
Hewlett Packard Enterprise Co.		2,451		35,736
HP, Inc.		7,053		212,930

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
HubSpot, Inc. ⁽¹⁾		142		82,746
Ideanomics, Inc. ⁽¹⁾		919		2,610
Insight Enterprises, Inc. ⁽¹⁾		3		300
Intel Corp.		9,480		532,207
International Business Machines Corp.		4,333		635,174
Intuit, Inc.		1,478		724,471
J2 Global, Inc. ⁽¹⁾		684		94,084
Jabil, Inc.		2,429		141,173
Kimball Electronics, Inc. ⁽¹⁾		189		4,109
KLA Corp.		1,867		605,300
Kopin Corp. ⁽¹⁾		9		74
Lam Research Corp.		876		570,013
Manhattan Associates, Inc. ⁽¹⁾		655		94,870
Marathon Digital Holdings, Inc. ⁽¹⁾		189		5,929
Mastercard, Inc.		342		124,861
McAfee Corp. ⁽¹⁾		999		27,992
Methode Electronics, Inc.		486		23,916
Micron Technology, Inc. ⁽¹⁾		1,713		145,571
Microsoft Corp.		13,854		3,753,049
MicroStrategy, Inc. ⁽¹⁾		16		10,632
MicroVision, Inc. ⁽¹⁾		178		2,982
MKS Instruments, Inc.		174		30,963
MoneyGram International, Inc. ⁽¹⁾		331		3,336
NortonLifeLock, Inc.		2,526		68,758
NVIDIA Corp.		950		760,095
ON Semiconductor Corp. ⁽¹⁾		504		19,293
OneSpan, Inc. ⁽¹⁾		212		5,414
Oracle Corp.		5,593		435,359
PagerDuty, Inc. ⁽¹⁾		129		5,493
Palantir Technologies, Inc. ⁽¹⁾		1,029		27,124
Plantronics, Inc. ⁽¹⁾		77		3,213
Priority Technology Holdings, Inc. ⁽¹⁾		198		1,513
Progress Software Corp.		751		34,734
Qorvo, Inc. ⁽¹⁾		37		7,239
QUALCOMM, Inc.		5,276		754,099
Rimini Street, Inc. ⁽¹⁾		228		1,404
Riot Blockchain, Inc. ⁽¹⁾		176		6,630
salesforce.com, Inc. ⁽¹⁾		1,325		323,658
SecureWorks Corp. ⁽¹⁾		608		11,266
Skyworks Solutions, Inc.		288		55,224
Sonim Technologies, Inc. ⁽¹⁾		372		208
SPS Commerce, Inc. ⁽¹⁾		326		32,551
SS&C Technologies Holdings, Inc.		5,836		420,542
StarTek, Inc. ⁽¹⁾		516		3,679
Stratasys, Ltd. ⁽¹⁾		326		8,430
Teradata Corp. ⁽¹⁾		289		14,441
Teradyne, Inc.		554		74,214

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

Page 56

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
TESSCO Technologies, Inc. ⁽¹⁾		90		554
Texas Instruments, Inc.		2,267		435,944
Trade Desk, Inc./The ⁽¹⁾		669		51,754
Trimble, Inc. ⁽¹⁾		1,448		118,490
TTEC Holdings, Inc.		239		24,639
Twilio, Inc. - Class A ⁽¹⁾		115		45,328
Ultra Clean Holdings, Inc. ⁽¹⁾		351		18,856
Viant Technology, Inc. ⁽¹⁾		355		10,572
Visa, Inc.		1,525		356,576
Wix.com, Ltd. ⁽¹⁾		112		32,511
Xerox Holdings Corp.		83		1,950
Xperi Holding Corp.		963		21,417
Zebra Technologies Corp. - Class A ⁽¹⁾		229		121,253
Zscaler, Inc. ⁽¹⁾		309		66,763
				20,248,301

Materials — 0.8%
AdvanSix, Inc. ⁽¹⁾		398		11,884
Amyris, Inc. ⁽¹⁾		308		5,042
Avery Dennison Corp.		1,008		211,922
Avient Corp.		160		7,866
Celanese Corp.		221		33,504
Chemours Co./The		281		9,779
Cleveland-Cliffs, Inc. ⁽¹⁾		707		15,243
Coeur Mining, Inc. ⁽¹⁾		136		1,208
Commercial Metals Co.		172		5,284
Corteva, Inc.		609		27,009
Dow, Inc.		1,285		81,315
Eastman Chemical Co.		289		33,741
Element Solutions, Inc.		230		5,377
Flotek Industries, Inc. ⁽¹⁾		674		1,166
Freeport-McMoRan, Inc.		2,275		84,425
Greif, Inc. - Class A		49		2,967
Hawkins, Inc.		327		10,709
Huntsman Corp.		2,267		60,121
Intrepid Potash, Inc. ⁽¹⁾		43		1,370
Koppers Holdings, Inc. ⁽¹⁾		453		14,655
Kronos Worldwide, Inc.		83		1,189
Louisiana-Pacific Corp.		833		50,222
LyondellBasell Industries NV		591		60,796
Mosaic Co./The		661		21,093
Newmont Corp.		5,173		327,865
Nucor Corp.		469		44,991
O-I Glass, Inc. ⁽¹⁾		323		5,275
Olin Corp.		218		10,085
Rayonier Advanced Materials, Inc. ⁽¹⁾		455		3,044
Reliance Steel & Aluminum Co.		1,210		182,589

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Ryerson Holding Corp. ⁽¹⁾		34		496
Southern Copper Corp.		211		13,572
Steel Dynamics, Inc.		122		7,271
SunCoke Energy, Inc.		438		3,127
Trinseo SA		121		7,241
Tronox Holdings PLC		242		5,421
Westlake Chemical Corp.		438		39,459
Westrock Co.		296		15,753
				1,424,076

Real Estate Investment Trust — 1.3%
Altisource Portfolio Solutions SA ⁽¹⁾		670		5,956
American Homes 4 Rent		1,581		61,422
American Tower Corp.		633		170,999
Ashford Hospitality Trust, Inc.		476		2,171
CareTrust REIT, Inc.		698		16,215
CatchMark Timber Trust, Inc.		879		10,284
CBL & Associates Properties, Inc. ⁽¹⁾		1,741		210
Columbia Property Trust, Inc.		249		4,330
CorEnergy Infrastructure Trust, Inc.		949		6,282
Corporate Office Properties Trust		1,500		41,985
CubeSmart		2,913		134,930
CyrusOne, Inc.		131		9,369
DiamondRock Hospitality Co. ⁽¹⁾		170		1,649
EastGroup Properties, Inc.		946		155,570
Extra Space Storage, Inc.		1,502		246,058
Getty Realty Corp.		739		23,020
Gladstone Commercial Corp.		1,082		24,410
Healthcare Realty Trust, Inc.		3,561		107,542
Healthcare Trust of America, Inc. - Class A		3,056		81,595
Host Hotels & Resorts, Inc. ⁽¹⁾		562		9,605
Invitation Homes, Inc.		371		13,835
Iron Mountain, Inc.		194		8,210
Lamar Advertising Co.		2,218		231,604
Life Storage, Inc.		186		19,967
LTC Properties, Inc.		1,454		55,819
National Health Investors, Inc.		372		24,943
National Storage Affiliates Trust		8,181		413,631
Newmark Group, Inc.		401		4,816
Omega Healthcare Investors, Inc.		1,010		36,653
PotlatchDeltic Corp.		513		27,266
Prologis, Inc.		6		717
PS Business Parks, Inc.		373		55,234
Public Storage		809		243,258
RAIT Financial Trust ^(1)(2)(7)		751		0
Spirit MTA REIT Liquidating Trust ^(1)(7)(9)		1,024		0
Stratus Properties, Inc. ⁽¹⁾		106		2,615

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

2021 Semiannual Report | June 30, 2021

Page 57

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Tanger Factory Outlet Centers, Inc. ⁽²⁾		46		867
Trinity Place Holdings, Inc. ⁽¹⁾		645		1,361
Universal Health Realty Income Trust		226		13,910
Welltower, Inc.		10		831
Weyerhaeuser Co.		1,163		40,030
				2,309,169

Utilities — 0.9%
AES Corp./The		1,048		27,321
DTE Energy Co.		3,958		512,958
Duke Energy Corp.		2,830		279,378
Entergy Corp.		347		34,596
MDU Resources Group, Inc.		2,810		88,065
Portland General Electric Co.		2,703		124,554
Public Service Enterprise Group, Inc.		6,803		406,411
UGI Corp.		1,525		70,615
				1,543,898

Total Common Stocks (United States) (Cost $50,501,420)				69,928,681

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁸⁾		252		7,784
Total Preferred Stock (United States) (Cost $6,299)				7,784

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁷⁾		1		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁷⁾		1		0
Extraction Oil & Gas, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁷⁾		6		0
Extraction Oil & Gas, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁷⁾		3		0
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		15		150
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁷⁾		3		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		26		162
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		13		75
Total Warrants (United States) (Cost $875)				387

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — 49.6%
U.S. Fixed Income — 44.6%
Baird Core Plus Bond Fund - Class I		183,758		2,183,044
Dodge & Cox Income Fund		182,280		2,612,074
DoubleLine Total Return Bond Fund - Class I		287,064		3,025,652
Frost Total Return Bond Fund - Class I		337,723		3,502,188
Guggenheim Total Return Bond Fund - Class I		46,257		1,345,139
iShares 0-5 Year High Yield Corporate Bond ETF ⁽¹⁰⁾		365,975		16,856,809
Lord Abbett High Yield Fund - Class I		741,881		5,660,549
PGIM Total Return Bond Fund - Class R6		123,485		1,401,560
Pioneer Bond Fund - Class K		268,979		2,724,759
Segall Bryant & Hamill Plus Bond Fund - Class I		279,853		3,056,000
SPDR Bloomberg Barclays High Yield Bond ETF ^(2)(10)		63,451		6,977,072
SPDR Bloomberg Barclays Short Term High Yield Bond ETF ⁽¹⁰⁾		517,010		14,259,136
Vanguard Short-Term Bond ETF ⁽¹⁰⁾		76,031		6,246,707
Xtrackers USD High Yield Corporate Bond ETF ⁽¹⁰⁾		227,420		9,167,301
				79,017,990

International Fixed Income — 5.0%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽¹⁰⁾		47,896		5,386,384
Payden Emerging Markets Bond Fund - Class I		160,265		2,161,980
TCW Emerging Markets Income Fund - Class I		157,625		1,292,529
				8,840,893

Total Registered Investment Companies (Cost $84,681,851)				87,858,883

Money Market Registered Investment Companies — 12.3%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽⁴⁾		15,284,932		15,287,989
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		6,510,777		6,510,777
Total Money Market Registered Investment Companies (Cost $21,791,038)				21,798,766

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

Page 58

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Bank Obligations — 0.1%
Metro City Bank Deposit Account, 0.10%, 7/1/2021 ⁽⁵⁾		248,345		248,345
Total Bank Obligations (Cost $248,345)				248,345
Total Investments — 101.4% (Cost $157,229,828)				179,842,846
Liabilities less Other Assets — (1.4%)				(2,546,166	)
Total Net Assets — 100.0%				177,296,680

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		391		5,478
Meeder Dynamic Allocation Fund - Retail Class		912		13,744
Meeder Muirfield Fund - Retail Class		1,394		13,020
Meeder Conservative Allocation Fund - Retail Class		126		3,107
Total Trustee Deferred Compensation (Cost $28,634)				35,349

Moderate Allocation Fund
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		91		9/16/2021		10,483,655		(304,354	)
Mini MSCI Emerging Markets Index Futures		38		9/16/2021		2,593,120		6,080
Russell 2000 Mini Index Futures		5		9/16/2021		576,950		(2,048	)
Standard & Poors 500 Mini Futures		18		9/16/2021		3,859,740		44,770
E-mini Standard & Poors MidCap 400 Futures		4		9/16/2021		1,076,960		(5,866	)
Total Futures Contracts		156				18,590,425		(261,418	)

(1)	Represents non-income producing securities.

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

(3)	Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2021.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

(5)

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

(7)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

(8)	Preferred stock. Dividend rate unknown.

(9)	Expiration date unknown.

(10) Exchange-traded fund.

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

2021 Semiannual Report | June 30, 2021

Page 59

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 21.8%
Communication Services — 2.5%
Activision Blizzard, Inc.		2,977		284,125
Alphabet, Inc. - Class A ⁽¹⁾		148		361,385
Alphabet, Inc. - Class C ⁽¹⁾		298		746,883
AMC Entertainment Holdings, Inc. - Class A ⁽¹⁾		287		16,267
AMC Networks, Inc. - Class A ⁽¹⁾		14		935
AT&T, Inc.		12,945		372,557
Cinemark Holdings, Inc. ⁽¹⁾		34		746
Comcast Corp. - Class A		4,203		239,655
CuriosityStream, Inc. ⁽¹⁾		23		314
DHI Group, Inc. ⁽¹⁾		570		1,927
DISH Network Corp. ⁽¹⁾		12		502
Electronic Arts, Inc.		101		14,527
Facebook, Inc. ⁽¹⁾		1,717		597,018
Fluent, Inc. ⁽¹⁾		293		858
Fox Corp. - Class A		36		1,337
Gray Television, Inc.		425		9,945
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		449		1,827
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		236		4,885
Live Nation Entertainment, Inc. ⁽¹⁾		46		4,029
Magnite, Inc. ⁽¹⁾		91		3,079
Meredith Corp. ⁽¹⁾		24		1,043
Netflix, Inc. ⁽¹⁾		249		131,524
News Corp. - Class A		545		14,045
Nexstar Media Group, Inc.		210		31,055
Omnicom Group, Inc.		119		9,519
Pinterest, Inc. - Class A ⁽¹⁾		353		27,869
Roku, Inc. - Class A ⁽¹⁾		110		50,518
TEGNA, Inc.		285		5,347
Telephone and Data Systems, Inc.		313		7,093
Twitter, Inc. ⁽¹⁾		459		31,584
Verizon Communications, Inc.		5,753		322,341
ViacomCBS, Inc.		244		11,029
Vimeo, Inc. ⁽¹⁾		73		3,577
Walt Disney Co./The		1,057		185,789
World Wrestling Entertainment, Inc.		135		7,815
Yelp, Inc. ⁽¹⁾		54		2,158
				3,505,107

Consumer Discretionary — 2.4%
Adient PLC ⁽¹⁾		63		2,848
Alterra Mountain Co. ⁽¹⁾		71		17,168
Amazon.com, Inc. ⁽¹⁾		272		935,724
American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		145		1,501
American Eagle Outfitters, Inc.		45		1,689

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
American Public Education, Inc. ⁽¹⁾		54		1,530
Aptiv PLC ⁽¹⁾		3		472
Aramark		342		12,740
Arcimoto, Inc. ⁽¹⁾		122		2,097
AutoNation, Inc. ⁽¹⁾		18		1,707
Bed Bath & Beyond, Inc. ⁽¹⁾		28		932
Best Buy Co., Inc.		1,532		176,149
Big Lots, Inc.		122		8,053
Boyd Gaming Corp. ⁽¹⁾		194		11,929
Brinker International, Inc. ⁽¹⁾		62		3,835
Caleres, Inc.		61		1,665
Camping World Holdings, Inc.		186		7,624
Capri Holdings, Ltd. ⁽¹⁾		216		12,353
Chico’s FAS, Inc. ⁽¹⁾		60		395
Conn’s, Inc. ⁽¹⁾		49		1,250
Crocs, Inc. ⁽¹⁾		279		32,509
Dana, Inc.		364		8,649
Darden Restaurants, Inc.		157		22,920
Del Taco Restaurants, Inc.		49		490
Designer Brands, Inc. ⁽¹⁾		12		199
Dick’s Sporting Goods, Inc.		93		9,318
Dillard’s, Inc. - Class A		6		1,085
DR Horton, Inc.		775		70,037
eBay, Inc.		197		13,831
Everi Holdings, Inc. ⁽¹⁾		216		5,387
Express, Inc. ⁽¹⁾		28		182
Fiesta Restaurant Group, Inc. ⁽¹⁾		65		873
Foot Locker, Inc.		384		23,666
Ford Motor Co. ⁽¹⁾		1,484		22,052
Fossil Group, Inc. ⁽¹⁾		54		771
Fox Factory Holding Corp. ⁽¹⁾		32		4,981
GameStop Corp. ⁽¹⁾		41		8,780
Gap, Inc./The		210		7,067
General Motors Co. ⁽¹⁾		1,683		99,583
Genesco, Inc. ⁽¹⁾		16		1,019
Genius Brands International, Inc. ⁽¹⁾		102		188
G-III Apparel Group, Ltd. ⁽¹⁾		115		3,779
Goodyear Tire & Rubber Co./The ⁽¹⁾		165		2,830
Greenlane Holdings, Inc. ⁽¹⁾		185		827
Group 1 Automotive, Inc.		26		4,015
GrowGeneration Corp. ⁽¹⁾		58		2,790
Hanesbrands, Inc.		232		4,331
Home Depot, Inc./The		1,493		476,103
Houghton Mifflin Harcourt Co. ⁽¹⁾		105		1,159
International Game Technology PLC		397		9,512
Kohl’s Corp.		225		12,400
Kontoor Brands, Inc.		29		1,636

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

Page 60

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
L Brands, Inc.		68		4,900
Lands’ End, Inc. ⁽¹⁾		37		1,519
Lear Corp.		114		19,982
Lennar Corp.		579		57,524
Lovesac Co./The ⁽¹⁾		11		878
Lowe’s Cos., Inc.		1,706		330,913
M/I Homes, Inc. ⁽¹⁾		221		12,966
Macy’s, Inc. ⁽¹⁾		96		1,820
McDonald’s Corp.		766		176,938
MGM Resorts International		88		3,753
Modine Manufacturing Co. ⁽¹⁾		147		2,439
Mohawk Industries, Inc. ⁽¹⁾		237		45,549
Nautilus, Inc. ⁽¹⁾		37		623
NIKE, Inc. - Class B		366		56,543
ODP Corp./The ⁽¹⁾		102		4,897
OneWater Marine, Inc.		238		10,003
Overstock.com, Inc. ⁽¹⁾		52		4,794
Party City Holdco, Inc. ⁽¹⁾		58		541
Qurate Retail, Inc. - Class A		418		5,472
RCI Hospitality Holdings, Inc.		36		2,383
Red Rock Resorts, Inc. ⁽¹⁾		133		5,653
Rent-A-Center, Inc./TX		327		17,354
Ross Stores, Inc.		1,605		199,020
Sally Beauty Holdings, Inc. ⁽¹⁾		180		3,973
Scientific Games Corp. ⁽¹⁾		76		5,885
Shoe Carnival, Inc.		18		1,289
Signet Jewelers, Ltd.		23		1,858
Smith & Wesson Brands, Inc.		186		6,454
Sonic Automotive, Inc.		6		268
Sonos, Inc. ⁽¹⁾		44		1,550
Steven Madden, Ltd.		162		7,089
Tapestry, Inc. ⁽¹⁾		354		15,392
Target Corp.		368		88,960
Tempur Sealy International, Inc.		59		2,312
Tenneco, Inc. ⁽¹⁾		278		5,371
Tesla, Inc. ⁽¹⁾		540		367,038
Texas Roadhouse, Inc.		225		21,645
Thor Industries, Inc.		247		27,911
Town Sports International Holdings, Inc. ⁽¹⁾		464		82
Tupperware Brands Corp. ⁽¹⁾		28		665
Urban Outfitters, Inc. ⁽¹⁾		20		824
Vera Bradley, Inc. ⁽¹⁾		268		3,321
Vista Outdoor, Inc. ⁽¹⁾		26		1,203
Vuzix Corp. ⁽¹⁾		76		1,395
Waitr Holdings, Inc. ⁽¹⁾		306		545
Williams-Sonoma, Inc.		68		10,856
XPEL, Inc. ⁽¹⁾		54		4,529

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Zumiez, Inc. ⁽¹⁾		200		9,798
				3,611,307

Consumer Staples — 0.5%
Bunge, Ltd.		2,646		206,785
Celsius Holdings, Inc. ⁽¹⁾		2		152
Conagra Brands, Inc.		58		2,110
Darling Ingredients, Inc. ⁽¹⁾		2,769		186,908
Ingles Markets, Inc.		30		1,748
Kraft Heinz Co./The		3,079		125,562
Medifast, Inc.		18		5,094
Performance Food Group Co. ⁽¹⁾		38		1,843
Spectrum Brands Holdings, Inc.		573		48,728
Tyson Foods, Inc.		42		3,098
United Natural Foods, Inc. ⁽¹⁾		45		1,664
Walgreens Boots Alliance, Inc.		218		11,469
Walmart, Inc.		383		54,011
				649,172

Energy — 0.7%
Aemetis, Inc. ⁽¹⁾		5		56
Amplify Energy Corp. ⁽¹⁾		333		1,349
Antero Resources Corp. ⁽¹⁾		82		1,232
APA Corp.		488		10,555
Ardmore Shipping Corp.		4		17
Baker Hughes Co.		372		8,508
Berry Corp.		98		659
Bristow Group, Inc. ⁽¹⁾		2		51
Cactus, Inc.		106		3,892
ChampionX Corp. ⁽¹⁾		183		4,694
Cimarex Energy Co.		248		17,968
Clean Energy Fuels Corp. ⁽¹⁾		199		2,020
ConocoPhillips		1,040		63,336
CONSOL Energy, Inc. ⁽¹⁾		140		2,586
Contango Oil & Gas Co. ⁽¹⁾		323		1,395
Continental Resources, Inc./OK		73		2,776
CVR Energy, Inc.		18		323
Delek US Holdings, Inc.		85		1,838
Devon Energy Corp.		974		28,431
DHT Holdings, Inc.		204		1,324
Diamondback Energy, Inc.		174		16,337
Dorian LPG, Ltd. ⁽¹⁾		94		1,327
EOG Resources, Inc.		454		37,882
Exxon Mobil Corp.		6,591		415,760
Frank’s International NV ⁽¹⁾		314		951
Golar LNG, Ltd. ⁽¹⁾		22		292
Goodrich Petroleum Corp. ⁽¹⁾		57		851

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

2021 Semiannual Report | June 30, 2021

Page 61

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Hallador Energy Co. ⁽¹⁾		217		585
Hess Corp.		136		11,876
Laredo Petroleum, Inc. ⁽¹⁾		22		2,041
Magnolia Oil & Gas Corp. ⁽¹⁾		117		1,829
Meta Materials, Inc. ⁽¹⁾		90		674
Nabors Industries, Ltd. ⁽¹⁾		14		1,599
NextDecade Corp. ⁽¹⁾		76		314
Nine Energy Service, Inc. ⁽¹⁾		406		1,194
Northern Oil and Gas, Inc. ⁽¹⁾		151		3,136
Oceaneering International, Inc. ⁽¹⁾		135		2,102
ONEOK, Inc.		2,136		118,847
Ovintiv, Inc.		264		8,308
PDC Energy, Inc.		91		4,167
Phillips 66		84		7,209
Pioneer Natural Resources Co.		189		30,716
Profire Energy, Inc. ⁽¹⁾		5		6
Range Resources Corp. ⁽¹⁾		34		570
Renewable Energy Group, Inc. ⁽¹⁾		4		249
Schlumberger NV		1,204		38,540
Scorpio Tankers, Inc.		65		1,433
SM Energy Co.		92		2,266
Southwestern Energy Co. ⁽¹⁾		709		4,020
Targa Resources Corp.		1,226		54,496
Teekay Corp. ⁽¹⁾		254		945
Transocean, Ltd. ⁽¹⁾		237		1,071
Uranium Energy Corp. ⁽¹⁾		388		1,032
W&T Offshore, Inc. ⁽¹⁾		41		199
Westmoreland Coal Co. ⁽¹⁾⁽⁶⁾		410		0
Whiting Petroleum Corp. ⁽¹⁾		62		3,382
World Fuel Services Corp.		159		5,045
				934,261

Financials — 2.6%
Affiliated Managers Group, Inc.		95		14,650
AGNC Investment Corp.		3,327		56,193
Allstate Corp./The		205		26,740
Ally Financial, Inc.		975		48,594
American Express Co.		47		7,766
American Financial Group, Inc./OH		124		15,465
American International Group, Inc.		5,403		257,183
Ameris Bancorp		66		3,342
Annaly Capital Management, Inc.		111		986
Arbor Realty Trust, Inc.		803		14,309
Associated Banc-Corp		1,295		26,522
Athene Holding, Ltd. ⁽¹⁾		1,942		131,085
B Riley Financial, Inc.		185		13,968
Bank of America Corp.		5,017		206,851

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Bank of New York Mellon Corp./The		1,064		54,509
Bank of NT Butterfield & Son, Ltd./The		233		8,260
Bank OZK		112		4,722
BankUnited, Inc.		184		7,855
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		2,035		565,567
BGC Partners, Inc.		160		907
Capital One Financial Corp.		607		93,897
Charles Schwab Corp./The		1,039		75,650
Cincinnati Financial Corp.		59		6,881
Citigroup, Inc.		1,388		98,201
Citizens Financial Group, Inc.		493		22,614
Civista Bancshares, Inc.		85		1,879
CNB Financial Corp./PA		67		1,529
Curo Group Holdings Corp.		456		7,752
Customers Bancorp, Inc. ⁽¹⁾		54		2,105
East West Bancorp, Inc.		210		15,055
Ellington Financial, Inc.		633		12,122
Evercore, Inc.		223		31,392
Fifth Third Bancorp		1,461		55,854
First American Financial Corp.		75		4,676
First Choice Bancorp		7		213
First Horizon Corp.		1,323		22,861
FNB Corp./PA		427		5,265
Hartford Financial Services Group, Inc./The		381		23,611
Hilltop Holdings, Inc.		302		10,993
Huntington Bancshares, Inc./OH		4		57
Invesco, Ltd.		374		9,997
JPMorgan Chase & Co.		1,500		233,310
KeyCorp		735		15,178
LendingClub Corp. ⁽¹⁾		109		1,976
LPL Financial Holdings, Inc.		16		2,160
Medley Management, Inc. ⁽¹⁾		25		154
MetLife, Inc.		365		21,845
Moelis & Co.		155		8,818
Morgan Stanley		1,129		103,518
Mr Cooper Group, Inc. ⁽¹⁾		457		15,108
NewStar Financial Contingent Value Rights ^(1)(6)(8)		8		0
Northrim BanCorp, Inc.		202		8,636
Old Republic International Corp.		2,142		53,357
OneMain Holdings, Inc.		81		4,853
Oppenheimer Holdings, Inc.		113		5,745
PacWest Bancorp		287		11,813
Pinnacle Financial Partners, Inc.		85		7,505
PNC Financial Services Group, Inc./The		323		61,615
Progressive Corp./The		2,674		262,614
Pzena Investment Management, Inc.		433		4,767

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

Page 62

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Radian Group, Inc.		420		9,345
RBB Bancorp		57		1,381
Regions Financial Corp.		1,582		31,925
Siebert Financial Corp. ⁽¹⁾		17		82
Signature Bank/New York NY		44		10,809
Silvercrest Asset Management Group, Inc.		35		526
SLM Corp.		558		11,685
Stewart Information Services Corp.		927		52,552
StoneX Group, Inc. ⁽¹⁾		11		667
SVB Financial Group ⁽¹⁾		52		28,934
Synchrony Financial		5,024		243,764
Synovus Financial Corp.		438		19,219
Tiptree, Inc. - Class A		70		651
Truist Financial Corp.		1,225		67,988
Umpqua Holdings Corp.		708		13,063
Unum Group		3,497		99,315
US Bancorp		1,711		97,476
Valley National Bancorp		262		3,519
Virtus Investment Partners, Inc.		62		17,222
Walker & Dunlop, Inc.		165		17,223
Wells Fargo & Co.		2,562		116,033
Western Alliance Bancorp		138		12,813
Wintrust Financial Corp.		36		2,723
Zions Bancorp NA		154		8,140
				3,658,105

Healthcare — 4.1%
Abbott Laboratories		415		48,111
AbbVie, Inc.		3,245		365,517
Abeona Therapeutics, Inc. ⁽¹⁾		148		231
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		57		79
ADMA Biologics, Inc. ⁽¹⁾		54		86
Adverum Biotechnologies, Inc. ⁽¹⁾		220		770
Affimed NV ⁽¹⁾		229		1,947
Agilent Technologies, Inc.		799		118,100
Agios Pharmaceuticals, Inc. ⁽¹⁾		127		6,999
Alector, Inc. ⁽¹⁾		114		2,375
Alexion Pharmaceuticals, Inc. ⁽¹⁾		145		26,638
Align Technology, Inc. ⁽¹⁾		79		48,269
Alkermes PLC ⁽¹⁾		183		4,487
Allakos, Inc. ⁽¹⁾		7		598
AmerisourceBergen Corp.		7		801
Amgen, Inc.		1,044		254,475
Amneal Pharmaceuticals, Inc. ⁽¹⁾		442		2,263
Anavex Life Sciences Corp. ⁽¹⁾		62		1,417
Apellis Pharmaceuticals, Inc. ⁽¹⁾		45		2,844
Arbutus Biopharma Corp. ⁽¹⁾		684		2,073

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Arcutis Biotherapeutics, Inc. ⁽¹⁾		55		1,501
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		139		11,512
Arvinas, Inc. ⁽¹⁾		48		3,696
Asensus Surgical, Inc. ⁽¹⁾		6		19
Assertio Holdings, Inc. ⁽¹⁾		267		417
Axogen, Inc. ⁽¹⁾		95		2,053
Beam Therapeutics, Inc. ⁽¹⁾		63		8,109
Beyondspring, Inc. ⁽¹⁾		121		1,263
BioDelivery Sciences International, Inc. ⁽¹⁾		970		3,473
Biogen, Inc. ⁽¹⁾		666		230,616
Bio-Techne Corp.		42		18,911
Blueprint Medicines Corp. ⁽¹⁾		55		4,838
Bridgebio Pharma, Inc. ⁽¹⁾		48		2,926
Bristol-Myers Squibb Co.		4,388		293,206
Bruker Corp.		18		1,368
Calyxt, Inc. ⁽¹⁾		49		197
Cardinal Health, Inc.		646		36,880
CareDx, Inc. ⁽¹⁾		110		10,067
CASI Pharmaceuticals, Inc. ⁽¹⁾		44		68
Catalent, Inc. ⁽¹⁾		281		30,382
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		639		3,674
Centogene NV ⁽¹⁾		138		1,441
Cerecor, Inc. ⁽¹⁾		505		1,651
Cerner Corp.		1,119		87,461
Charles River Laboratories International, Inc. ⁽¹⁾		86		31,813
Chimerix, Inc. ⁽¹⁾		117		936
Community Health Systems, Inc. ⁽¹⁾		119		1,837
Computer Programs and Systems, Inc.		110		3,655
CureVac NV ⁽¹⁾		10		735
CVS Health Corp.		1,738		145,019
Danaher Corp.		1,204		323,105
Denali Therapeutics, Inc. ⁽¹⁾		77		6,040
DENTSPLY SIRONA, Inc.		90		5,693
Dicerna Pharmaceuticals, Inc. ⁽¹⁾		77		2,874
Dynavax Technologies Corp. ⁽¹⁾		187		1,842
Editas Medicine, Inc. ⁽¹⁾		53		3,002
Elanco Animal Health, Inc. Contingent Value Rights ^(1)(6)(8)		32		0
Eli Lilly & Co.		765		175,583
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		569		1,132
Emergent BioSolutions, Inc. ⁽¹⁾		122		7,685
Endo International PLC ⁽¹⁾		527		2,466
Enochian Biosciences, Inc. ⁽¹⁾		7		35
Ensign Group, Inc./The		15		1,300
Envista Holdings Corp. ⁽¹⁾		64		2,765
Evelo Biosciences, Inc. ⁽¹⁾		123		1,690

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

2021 Semiannual Report | June 30, 2021

Page 63

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Exact Sciences Corp. ⁽¹⁾		139		17,279
Exelixis, Inc. ⁽¹⁾		437		7,962
Fate Therapeutics, Inc. ⁽¹⁾		85		7,377
Fulgent Genetics, Inc. ⁽¹⁾		5		461
Galectin Therapeutics, Inc. ⁽¹⁾		117		374
Genprex, Inc. ⁽¹⁾		305		1,022
Gilead Sciences, Inc.		2,324		160,031
HCA Healthcare, Inc.		307		63,469
Hill-Rom Holdings, Inc.		292		33,168
Hologic, Inc. ⁽¹⁾		89		5,938
Horizon Therapeutics Plc ⁽¹⁾		850		79,594
Humanigen, Inc. ⁽¹⁾		83		1,443
IGM Biosciences, Inc. ⁽¹⁾		5		416
Inogen, Inc. ⁽¹⁾		19		1,238
Insmed, Inc. ⁽¹⁾		80		2,277
Intellia Therapeutics, Inc. ⁽¹⁾		55		8,905
Intra-Cellular Therapies, Inc. ⁽¹⁾		39		1,592
Johnson & Johnson		3,264		537,711
Jounce Therapeutics, Inc. ⁽¹⁾		83		564
Kodiak Sciences, Inc. ⁽¹⁾		46		4,278
La Jolla Pharmaceutical Co. ⁽¹⁾		152		651
Lexicon Pharmaceuticals, Inc. ⁽¹⁾		14		64
MacroGenics, Inc. ⁽¹⁾		71		1,907
Madrigal Pharmaceuticals, Inc. ⁽¹⁾		101		9,838
Mallinckrodt PLC ⁽¹⁾		20		6
MannKind Corp. ⁽¹⁾		545		2,970
Marinus Pharmaceuticals, Inc. ⁽¹⁾		21		377
McKesson Corp.		131		25,052
Medtronic PLC		2,656		329,689
Merck & Co., Inc.		4,741		368,708
Merit Medical Systems, Inc. ⁽¹⁾		104		6,725
Moderna, Inc. ⁽¹⁾		822		193,154
Molina Healthcare, Inc. ⁽¹⁾		1		253
Myriad Genetics, Inc. ⁽¹⁾		7		214
Natera, Inc. ⁽¹⁾		145		16,462
NextGen Healthcare, Inc. ⁽¹⁾		225		3,733
Novavax, Inc. ⁽¹⁾		61		12,951
Novocure, Ltd. ⁽¹⁾		39		8,651
Oncocyte Corp. ⁽¹⁾		100		574
Owens & Minor, Inc.		20		847
Pacific Biosciences of California, Inc. ⁽¹⁾		61		2,133
Palatin Technologies, Inc. ⁽¹⁾		860		525
PerkinElmer, Inc.		175		27,022
Perrigo Co. PLC		874		40,073
Pfizer, Inc.		6,528		255,636
Precigen, Inc. ⁽¹⁾		184		1,200
Prothena Corp. PLC ⁽¹⁾		41		2,108

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
PTC Therapeutics, Inc. ⁽¹⁾		19		803
Puma Biotechnology, Inc. ⁽¹⁾		304		2,791
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		455		254,136
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		157		3,074
Rocket Pharmaceuticals, Inc. ⁽¹⁾		24		1,063
Royalty Pharma PLC		524		21,479
Sesen Bio, Inc. ⁽¹⁾		107		494
Sorrento Therapeutics, Inc. ⁽¹⁾		338		3,275
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		320		1,200
SpringWorks Therapeutics, Inc. ⁽¹⁾		28		2,307
STAAR Surgical Co. ⁽¹⁾		66		10,065
Stoke Therapeutics, Inc. ⁽¹⁾		33		1,111
Stryker Corp.		994		258,172
Sutro Biopharma, Inc. ⁽¹⁾		81		1,506
Tenet Healthcare Corp. ⁽¹⁾		6		402
Thermo Fisher Scientific, Inc.		456		230,038
Translate Bio, Inc. ⁽¹⁾		80		2,203
TransMedics Group, Inc. ⁽¹⁾		7		232
Turning Point Therapeutics, Inc. ⁽¹⁾		54		4,213
Twist Bioscience Corp. ⁽¹⁾		89		11,859
Tyme Technologies, Inc. ⁽¹⁾		114		144
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		49		4,672
United Therapeutics Corp. ⁽¹⁾		155		27,809
UnitedHealth Group, Inc.		364		145,760
Veeva Systems, Inc. ⁽¹⁾		19		5,908
Verrica Pharmaceuticals, Inc. ⁽¹⁾		130		1,469
Viatris, Inc.		1,834		26,208
ViewRay, Inc. ⁽¹⁾		334		2,204
WaVe Life Sciences, Ltd. ⁽¹⁾		93		619
Xencor, Inc. ⁽¹⁾		107		3,690
Zentalis Pharmaceuticals, Inc. ⁽¹⁾		9		479
Zimmer Biomet Holdings, Inc.		349		56,126
ZIOPHARM Oncology, Inc. ⁽¹⁾		192		507
Zoetis, Inc.		539		100,448
				5,796,104

Industrials — 1.2%
ABM Industries, Inc.		155		6,874
Acuity Brands, Inc.		85		15,898
AGCO Corp.		222		28,944
Altra Industrial Motion Corp.		41		2,666
ArcBest Corp.		37		2,153
Array Technologies, Inc. ⁽¹⁾		121		1,888
ASGN, Inc. ⁽¹⁾		78		7,561
Atkore, Inc. ⁽¹⁾		81		5,751
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		3		204
Avis Budget Group, Inc. ⁽¹⁾		34		2,648

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

Page 64

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Axon Enterprise, Inc. ⁽¹⁾		1		177
BGSF, Inc.		87		1,074
Boise Cascade Co.		467		27,249
Brady Corp.		182		10,199
Builders FirstSource, Inc. ⁽¹⁾		216		9,215
Caterpillar, Inc.		413		89,881
ChargePoint Holdings, Inc. ⁽¹⁾		221		7,678
Comfort Systems USA, Inc.		63		4,964
Covenant Logistics Group, Inc. ⁽¹⁾		104		2,151
CSX Corp.		180		5,774
Deere & Co.		526		185,525
Eagle Bulk Shipping, Inc. ⁽¹⁾		5		237
EMCOR Group, Inc.		371		45,703
Emerson Electric Co.		324		31,182
Encore Wire Corp.		123		9,322
EnerSys		219		21,403
Eos Energy Enterprises, Inc. ⁽¹⁾		25		449
FedEx Corp.		204		60,859
Franklin Electric Co., Inc.		115		9,271
FTC Solar, Inc. ⁽¹⁾		5		67
Genco Shipping & Trading, Ltd.		170		3,210
Generac Holdings, Inc. ⁽¹⁾		70		29,061
Graco, Inc.		800		60,560
GrafTech International, Ltd.		468		5,438
Granite Construction, Inc.		84		3,489
Harsco Corp. ⁽¹⁾		120		2,450
Hertz Global Holdings, Inc. ⁽¹⁾		34		297
Hillenbrand, Inc.		134		5,907
HNI Corp.		66		2,902
Huntington Ingalls Industries, Inc.		311		65,543
Hyster-Yale Materials Handling, Inc.		55		4,014
JB Hunt Transport Services, Inc.		150		24,443
Korn Ferry		46		3,337
Lawson Products, Inc./DE ⁽¹⁾		5		268
Manitowoc Co., Inc./The ⁽¹⁾		110		2,695
ManpowerGroup, Inc.		809		96,198
Matson, Inc.		91		5,824
Matthews International Corp.		25		899
Maxar Technologies, Inc.		39		1,557
Mesa Air Group, Inc. ⁽¹⁾		416		3,881
Miller Industries, Inc./TN		196		7,730
Mueller Industries, Inc.		750		32,483
National Presto Industries, Inc.		29		2,948
NL Industries, Inc.		13		85
Old Dominion Freight Line, Inc.		41		10,406
Oshkosh Corp.		153		19,070
Owens Corning		244		23,888

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
PAE, Inc. ⁽¹⁾		15		134
Parker-Hannifin Corp.		163		50,059
Pitney Bowes, Inc.		108		947
Plug Power, Inc. ⁽¹⁾		312		10,667
Primoris Services Corp.		858		25,251
Quad/Graphics, Inc. ⁽¹⁾		736		3,054
Quanta Services, Inc.		2,374		215,013
Regal Beloit Corp.		232		30,974
Resideo Technologies, Inc. ⁽¹⁾		129		3,870
REV Group, Inc.		96		1,506
Rush Enterprises, Inc.		228		9,859
Ryder System, Inc.		370		27,502
Shyft Group, Inc./The		123		4,601
SkyWest, Inc. ⁽¹⁾		292		12,576
Steelcase, Inc. - Class A		216		3,264
Stem, Inc. ⁽¹⁾		167		6,014
Sterling Construction Co., Inc. ⁽¹⁾		1		24
Terex Corp.		113		5,381
Textainer Group Holdings, Ltd. ⁽¹⁾		122		4,120
Textron, Inc.		770		52,953
Titan Machinery, Inc. ⁽¹⁾		58		1,795
Triton International, Ltd.		140		7,328
Triumph Group, Inc. ⁽¹⁾		256		5,312
TrueBlue, Inc. ⁽¹⁾		55		1,546
Tutor Perini Corp. ⁽¹⁾		85		1,177
United Parcel Service, Inc. - Class B		606		126,030
United Rentals, Inc. ⁽¹⁾		2		638
Valmont Industries, Inc.		68		16,051
Vectrus, Inc. ⁽¹⁾		101		4,807
View, Inc. ⁽¹⁾		61		517
Werner Enterprises, Inc.		288		12,822
WESCO International, Inc. ⁽¹⁾		1		103
Yellow Corp. ⁽¹⁾		208		1,354
				1,662,799

Information Technology — 6.2%
3D Systems Corp. ⁽¹⁾		100		3,997
Accenture PLC		150		44,219
Adobe, Inc. ⁽¹⁾		646		378,323
ADTRAN, Inc.		18		372
Alarm.com Holdings, Inc. ⁽¹⁾		171		14,484
Alliance Data Systems Corp.		104		10,836
American Software, Inc./GA		31		681
Amkor Technology, Inc.		202		4,781
Apple, Inc.		8,292		1,135,672
Applied Materials, Inc.		2,290		326,096
Arrow Electronics, Inc. ⁽¹⁾		572		65,111

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

2021 Semiannual Report | June 30, 2021

Page 65

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Autodesk, Inc. ⁽¹⁾		238		69,472
Avaya Holdings Corp. ⁽¹⁾		8		215
Avnet, Inc.		975		39,078
Belden, Inc.		82		4,147
Bill.com Holdings, Inc. ⁽¹⁾		34		6,228
Broadcom, Inc.		227		108,243
Cadence Design Systems, Inc. ⁽¹⁾		1,887		258,179
Calix, Inc. ⁽¹⁾		138		6,555
CDK Global, Inc.		1,863		92,572
CDW Corp./DE		385		67,240
Cerence, Inc. ⁽¹⁾		85		9,070
ChannelAdvisor Corp. ⁽¹⁾		378		9,265
Cisco Systems, Inc./Delaware		4,084		216,452
Cognizant Technology Solutions Corp.		1,756		121,621
CommScope Holding Co., Inc. ⁽¹⁾		348		7,416
CommVault Systems, Inc. ⁽¹⁾		774		60,504
Concentrix Corp. ⁽¹⁾		83		13,346
Conduent, Inc. ⁽¹⁾		731		5,483
Corning, Inc.		1,223		50,021
Crowdstrike Holdings, Inc. ⁽¹⁾		150		37,697
Digital Turbine, Inc. ⁽¹⁾		312		23,721
DocuSign, Inc. ⁽¹⁾		95		26,559
Dolby Laboratories, Inc.		1,174		115,392
DXC Technology Co. ⁽¹⁾		276		10,747
Dynatrace, Inc. ⁽¹⁾		130		7,595
Ebix, Inc.		20		678
EPAM Systems, Inc. ⁽¹⁾		307		156,865
Extreme Networks, Inc. ⁽¹⁾		77		859
Fortinet, Inc. ⁽¹⁾		268		63,835
Hewlett Packard Enterprise Co.		1,269		18,502
HP, Inc.		3,413		103,038
HubSpot, Inc. ⁽¹⁾		62		36,129
Ideanomics, Inc. ⁽¹⁾		412		1,170
Insight Enterprises, Inc. ⁽¹⁾		2		200
Intel Corp.		4,592		257,795
International Business Machines Corp.		1,334		195,551
Intuit, Inc.		655		321,061
J2 Global, Inc. ⁽¹⁾		104		14,305
Jabil, Inc.		1,138		66,141
Kimball Electronics, Inc. ⁽¹⁾		63		1,370
KLA Corp.		829		268,770
Kopin Corp. ⁽¹⁾		10		82
Lam Research Corp.		389		253,122
Manhattan Associates, Inc. ⁽¹⁾		282		40,845
Marathon Digital Holdings, Inc. ⁽¹⁾		84		2,635
Mastercard, Inc.		79		28,842
McAfee Corp. ⁽¹⁾		481		13,478

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Methode Electronics, Inc.		214		10,531
Micron Technology, Inc. ⁽¹⁾		751		63,820
Microsoft Corp.		6,148		1,665,493
MicroStrategy, Inc. ⁽¹⁾		5		3,323
MicroVision, Inc. ⁽¹⁾		83		1,390
MKS Instruments, Inc.		74		13,168
MoneyGram International, Inc. ⁽¹⁾		145		1,462
NortonLifeLock, Inc.		1,248		33,971
NVIDIA Corp.		421		336,842
ON Semiconductor Corp. ⁽¹⁾		234		8,958
OneSpan, Inc. ⁽¹⁾		89		2,273
Oracle Corp.		2,252		175,296
PagerDuty, Inc. ⁽¹⁾		59		2,512
Palantir Technologies, Inc. ⁽¹⁾		473		12,468
Plantronics, Inc. ⁽¹⁾		31		1,294
Priority Technology Holdings, Inc. ⁽¹⁾		125		955
Progress Software Corp.		291		13,459
Qorvo, Inc. ⁽¹⁾		13		2,543
QUALCOMM, Inc.		2,244		320,735
Rimini Street, Inc. ⁽¹⁾		113		696
Riot Blockchain, Inc. ⁽¹⁾		80		3,014
salesforce.com, Inc. ⁽¹⁾		588		143,631
Sanmina Corp. ⁽¹⁾		15		584
ScanSource, Inc. ⁽¹⁾		96		2,700
SecureWorks Corp. ⁽¹⁾		252		4,670
Skyworks Solutions, Inc.		127		24,352
Sonim Technologies, Inc. ⁽¹⁾		265		148
SPS Commerce, Inc. ⁽¹⁾		158		15,776
SS&C Technologies Holdings, Inc.		2,916		210,127
StarTek, Inc. ⁽¹⁾		237		1,690
Stratasys, Ltd. ⁽¹⁾		141		3,646
Teradata Corp. ⁽¹⁾		131		6,546
Teradyne, Inc.		230		30,811
TESSCO Technologies, Inc. ⁽¹⁾		26		160
Texas Instruments, Inc.		1,083		208,261
Trade Desk, Inc./The ⁽¹⁾		297		22,976
Trimble, Inc. ⁽¹⁾		642		52,535
TTEC Holdings, Inc.		96		9,897
Twilio, Inc. - Class A ⁽¹⁾		52		20,496
Ultra Clean Holdings, Inc. ⁽¹⁾		149		8,004
Viant Technology, Inc. ⁽¹⁾		158		4,705
Visa, Inc.		647		151,282
Wix.com, Ltd. ⁽¹⁾		49		14,224
Xperi Holding Corp.		459		10,208
Zebra Technologies Corp. - Class A ⁽¹⁾		87		46,066

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

Page 66

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Zscaler, Inc. ⁽¹⁾		135		29,168
				8,893,529

Materials — 0.4%
AdvanSix, Inc. ⁽¹⁾		181		5,405
Amyris, Inc. ⁽¹⁾		138		2,259
Avery Dennison Corp.		430		90,403
Avient Corp.		96		4,719
Celanese Corp.		122		18,495
Chemours Co./The		118		4,106
Cleveland-Cliffs, Inc. ⁽¹⁾		330		7,115
Coeur Mining, Inc. ⁽¹⁾		79		702
Commercial Metals Co.		117		3,594
Corteva, Inc.		293		12,995
Dow, Inc.		651		41,195
Eastman Chemical Co.		87		10,157
Element Solutions, Inc.		106		2,478
Freeport-McMoRan, Inc.		1,004		37,258
Greif, Inc. - Class A		26		1,574
Hawkins, Inc.		150		4,913
Huntsman Corp.		897		23,788
Intrepid Potash, Inc. ⁽¹⁾		20		637
Koppers Holdings, Inc. ⁽¹⁾		210		6,794
Louisiana-Pacific Corp.		333		20,077
LyondellBasell Industries NV		266		27,363
Mosaic Co./The		294		9,382
Newmont Corp.		2,374		150,464
Nucor Corp.		226		21,680
O-I Glass, Inc. ⁽¹⁾		170		2,776
Olin Corp.		98		4,533
Rayonier Advanced Materials, Inc. ⁽¹⁾		190		1,271
Reliance Steel & Aluminum Co.		431		65,038
Ryerson Holding Corp. ⁽¹⁾		72		1,051
Southern Copper Corp.		136		8,748
Steel Dynamics, Inc.		69		4,112
SunCoke Energy, Inc.		213		1,521
Trinseo SA		48		2,872
Tronox Holdings PLC		108		2,419
Westlake Chemical Corp.		190		17,117
Westrock Co.		148		7,877
				626,888

Real Estate Investment Trust — 0.7%
Altisource Portfolio Solutions SA ⁽¹⁾		300		2,667
American Homes 4 Rent		762		29,604
American Tower Corp.		207		55,919
Ashford Hospitality Trust, Inc.		214		976

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
CareTrust REIT, Inc.		314		7,294
CatchMark Timber Trust, Inc.		639		7,476
CBL & Associates Properties, Inc. ⁽¹⁾		1,071		129
Columbia Property Trust, Inc.		90		1,565
CorEnergy Infrastructure Trust, Inc.		472		3,125
CorePoint Lodging, Inc. ⁽¹⁾		268		2,868
Corporate Office Properties Trust		646		18,082
CubeSmart		1,364		63,180
CyrusOne, Inc.		59		4,220
DiamondRock Hospitality Co. ⁽¹⁾		72		698
EastGroup Properties, Inc.		78		12,827
Extra Space Storage, Inc.		691		113,200
Getty Realty Corp.		277		8,629
Gladstone Commercial Corp.		138		3,113
Healthcare Realty Trust, Inc.		1,382		41,736
Healthcare Trust of America, Inc. - Class A		1,235		32,975
Host Hotels & Resorts, Inc. ⁽¹⁾		312		5,332
Invitation Homes, Inc.		157		5,855
Iron Mountain, Inc.		502		21,245
Lamar Advertising Co.		1,040		108,597
Life Storage, Inc.		182		19,538
LTC Properties, Inc.		735		28,217
Maui Land & Pineapple Co., Inc. ⁽¹⁾		5		54
National Health Investors, Inc.		83		5,565
National Storage Affiliates Trust		3,953		199,864
Newmark Group, Inc.		208		2,498
Omega Healthcare Investors, Inc.		468		16,984
PotlatchDeltic Corp.		201		10,683
Prologis, Inc.		8		956
PS Business Parks, Inc.		123		18,214
Public Storage		375		112,759
RAIT Financial Trust ⁽¹⁾⁽⁶⁾		368		0
SBA Communications Corp.		96		30,595
Spirit MTA REIT Liquidating Trust ^(1)(6)(8)		477		0
Stratus Properties, Inc. ⁽¹⁾		56		1,382
Tanger Factory Outlet Centers, Inc.		21		396
Trinity Place Holdings, Inc. ⁽¹⁾		367		774
Universal Health Realty Income Trust		154		9,479
Urstadt Biddle Properties, Inc.		64		1,240
Welltower, Inc.		4		332
Weyerhaeuser Co.		410		14,112
				1,024,954

Utilities — 0.5%
AES Corp./The		554		14,443
DTE Energy Co.		1,783		231,075
Duke Energy Corp.		1,265		124,881

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

2021 Semiannual Report | June 30, 2021

Page 67

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks (United States) — continued
Entergy Corp.		221			22,034
MDU Resources Group, Inc.		1,409			44,158
Portland General Electric Co.		1,252			57,692
Public Service Enterprise Group, Inc.		2,441			145,825
UGI Corp.		753			34,854
					674,962

Total Common Stocks (United States) (Cost $22,435,336)					31,037,188

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁷⁾		153			4,726
Total Preferred Stock (United States) (Cost $3,824)					4,726

Warrants (United States) — 0.0%
Extraction Oil & Gas, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁶⁾		3			0
Extraction Oil & Gas, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁶⁾		1			0
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		6			60
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁶⁾		1			0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		8			50
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		2			12
Total Warrants (United States) (Cost $366)					122

Registered Investment Companies — 69.6%
U.S. Fixed Income — 62.5%			��
Baird Core Plus Bond Fund - Class I		212,631			2,526,055
Dodge & Cox Income Fund		208,019			2,980,908
DoubleLine Total Return Bond Fund - Class I		328,508			3,462,472
Frost Total Return Bond Fund - Class I		385,509			3,997,733
Guggenheim Total Return Bond Fund - Class I		52,065			1,514,060
iShares 0-5 Year High Yield Corporate Bond ETF ⁽⁹⁾		408,909			18,834,349
Lord Abbett High Yield Fund - Class I		850,415			6,488,664
PGIM Total Return Bond Fund - Class R6		140,629			1,596,134
Pioneer Bond Fund - Class K		294,869			2,987,020

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
Segall Bryant & Hamill Plus Bond Fund - Class I		320,123		3,495,744
SPDR Bloomberg Barclays High Yield Bond ETF ⁽²⁾⁽⁹⁾		72,482		7,970,121
SPDR Bloomberg Barclays Short Term High Yield Bond ETF ⁽⁹⁾		575,939		15,884,398
Vanguard Short-Term Bond ETF ⁽⁹⁾		86,120		7,075,619
Xtrackers USD High Yield Corporate Bond ETF ⁽⁹⁾		259,154		10,446,498
				89,259,775

International Fixed Income — 7.1%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁹⁾		54,188		6,093,982
Payden Emerging Markets Bond Fund - Class I		184,421		2,487,845
TCW Emerging Markets Income Fund - Class I		183,372		1,503,653
				10,085,480

Total Registered Investment Companies (Cost $95,739,185)				99,345,255

Money Market Registered Investment Companies — 12.7%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽⁴⁾		10,240,711		10,242,759
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		7,899,314		7,899,314
Total Money Market Registered Investment Companies (Cost $18,137,730)				18,142,073
Total Investments — 104.1% (Cost $136,316,442)				148,529,364
Liabilities less Other Assets — (4.1%)				(5,790,860	)
Total Net Assets — 100.0%				142,738,504

Trustee Deferred Compensation ⁽⁵⁾
Meeder Balanced Fund - Retail Class		1,156		16,196
Meeder Dynamic Allocation Fund - Retail Class		2,947		44,411
Meeder Muirfield Fund - Retail Class		1,917		17,905
Meeder Conservative Allocation Fund - Retail Class		344		8,483
Total Trustee Deferred Compensation (Cost $64,282)				86,995

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

Page 68

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Conservative Allocation
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		44		9/16/2021		5,069,020		(143,582	)
Mini MSCI Emerging Markets Index Futures		19		9/16/2021		1,296,560		3,040
Russell 2000 Mini Index Futures		4		9/16/2021		461,560		2,283
Standard & Poors 500 Mini Futures		18		9/16/2021		3,859,740		46,757
E-mini Standard & Poors MidCap 400 Futures		4		9/16/2021		1,076,960		(11,893	)
Total Futures Contracts		89				11,763,840		(103,395	)

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2021.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

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

(6)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

(7)	Preferred stock. Dividend rate unknown.

(8)	Expiration date unknown.

(9)	Exchange-traded fund.

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

2021 Semiannual Report | June 30, 2021

Page 69

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 67.5%
Communication Services — 7.6%
Activision Blizzard, Inc.		13,544		1,292,639
Alphabet, Inc. - Class A ⁽¹⁾		651		1,589,605
Alphabet, Inc. - Class C ⁽¹⁾		1,357		3,401,076
AMC Entertainment Holdings, Inc. - Class A ⁽¹⁾		1,305		73,967
AMC Networks, Inc. - Class A ⁽¹⁾		79		5,277
AT&T, Inc.		58,913		1,695,516
Cinemark Holdings, Inc. ⁽¹⁾		141		3,095
Comcast Corp. - Class A		20,332		1,159,331
Cumulus Media, Inc. ⁽¹⁾		274		4,014
CuriosityStream, Inc. ⁽¹⁾		27		368
DHI Group, Inc. ⁽¹⁾		2,626		8,876
DISH Network Corp. ⁽¹⁾		48		2,006
Electronic Arts, Inc.		919		132,180
Facebook, Inc. ⁽¹⁾		6,987		2,429,450
Fluent, Inc. ⁽¹⁾		1,014		2,971
Fox Corp. - Class A		89		3,305
Gray Television, Inc.		1,722		40,295
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		1,864		7,586
Lions Gate Entertainment Corp. - Class A ⁽¹⁾		1,138		23,557
Live Nation Entertainment, Inc. ⁽¹⁾		272		23,824
Magnite, Inc. ⁽¹⁾		378		12,792
Meredith Corp. ⁽¹⁾		139		6,038
Netflix, Inc. ⁽¹⁾		1,143		603,744
News Corp. - Class A		3,084		79,475
Nexstar Media Group, Inc.		946		139,894
Omnicom Group, Inc.		1,868		149,421
Pinterest, Inc. - Class A ⁽¹⁾		1,699		134,136
Roku, Inc. - Class A ⁽¹⁾		506		232,381
Sinclair Broadcast Group, Inc.		135		4,485
TEGNA, Inc.		800		15,008
Telephone and Data Systems, Inc.		1,163		26,354
Twitter, Inc. ⁽¹⁾		2,180		150,006
Verizon Communications, Inc.		28,619		1,603,523
ViacomCBS, Inc.		1,016		45,923
Vimeo, Inc. ⁽¹⁾		418		20,482
Walt Disney Co./The		4,219		741,574
World Wrestling Entertainment, Inc.		612		35,429
Yelp, Inc. ⁽¹⁾		328		13,107
				15,912,710

Consumer Discretionary — 7.9%
Adient PLC ⁽¹⁾		270		12,204
Alterra Mountain Co. ⁽¹⁾		339		81,970
Amazon.com, Inc. ⁽¹⁾		1,261		4,338,042

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
American Axle & Manufacturing Holdings, Inc. ⁽¹⁾		678		7,017
American Eagle Outfitters, Inc.		219		8,219
American Public Education, Inc. ⁽¹⁾		247		7,000
Aptiv PLC ⁽¹⁾		199		31,309
Aramark		1,667		62,096
Arcimoto, Inc. ⁽¹⁾		534		9,179
AutoNation, Inc. ⁽¹⁾		117		11,093
Bed Bath & Beyond, Inc. ⁽¹⁾		146		4,860
Best Buy Co., Inc.		7,909		909,377
Big Lots, Inc.		467		30,827
Boyd Gaming Corp. ⁽¹⁾		786		48,331
Brinker International, Inc. ⁽¹⁾		284		17,565
Caleres, Inc.		243		6,631
Capri Holdings, Ltd. ⁽¹⁾		1,048		59,935
Chico’s FAS, Inc. ⁽¹⁾		131		862
Conn’s, Inc. ⁽¹⁾		225		5,738
Container Store Group, Inc./The ⁽¹⁾		4		52
Crocs, Inc. ⁽¹⁾		1,800		209,736
Dana, Inc.		1,730		41,105
Darden Restaurants, Inc.		904		131,975
Del Taco Restaurants, Inc.		208		2,082
Designer Brands, Inc. ⁽¹⁾		25		414
Dick’s Sporting Goods, Inc.		799		80,052
Dillard’s, Inc. - Class A		25		4,522
DR Horton, Inc.		2,942		265,869
eBay, Inc.		592		41,564
Everi Holdings, Inc. ⁽¹⁾		1,011		25,214
Express, Inc. ⁽¹⁾		111		720
Fiesta Restaurant Group, Inc. ⁽¹⁾		286		3,841
Foot Locker, Inc.		1,720		106,004
Ford Motor Co. ⁽¹⁾		7,870		116,948
Fossil Group, Inc. ⁽¹⁾		243		3,470
Fox Factory Holding Corp. ⁽¹⁾		144		22,415
GameStop Corp. ⁽¹⁾		190		40,687
Gap, Inc./The		937		31,530
General Motors Co. ⁽¹⁾		6,928		409,930
Genesco, Inc. ⁽¹⁾		62		3,948
Genius Brands International, Inc. ⁽¹⁾		366		673
G-III Apparel Group, Ltd. ⁽¹⁾		510		16,759
Goodyear Tire & Rubber Co./The ⁽¹⁾		519		8,901
Greenlane Holdings, Inc. ⁽¹⁾		784		3,504
Group 1 Automotive, Inc.		108		16,678
GrowGeneration Corp. ⁽¹⁾		418		20,106
Hanesbrands, Inc.		1,216		22,703
Home Depot, Inc./The		6,794		2,166,539
Houghton Mifflin Harcourt Co. ⁽¹⁾		460		5,078

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

Page 70

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
International Game Technology PLC		1,785		42,769
Kohl’s Corp.		1,042		57,425
Kontoor Brands, Inc.		113		6,374
L Brands, Inc.		247		17,799
Lands’ End, Inc. ⁽¹⁾		153		6,281
Lear Corp.		496		86,939
Lennar Corp.		2,738		272,020
Lovesac Co./The ⁽¹⁾		46		3,670
Lowe’s Cos., Inc.		7,761		1,505,401
M/I Homes, Inc. ⁽¹⁾		1,234		72,399
Macy’s, Inc. ⁽¹⁾		227		4,304
McDonald’s Corp.		3,223		744,481
MGM Resorts International		496		21,154
Modine Manufacturing Co. ⁽¹⁾		908		15,064
Mohawk Industries, Inc. ⁽¹⁾		1,075		206,604
Nautilus, Inc. ⁽¹⁾		186		3,134
NIKE, Inc. - Class B		1,644		253,982
ODP Corp./The ⁽¹⁾		481		23,093
OneWater Marine, Inc.		709		29,799
Overstock.com, Inc. ⁽¹⁾		235		21,667
Party City Holdco, Inc. ⁽¹⁾		225		2,099
Qurate Retail, Inc. - Class A		2,067		27,057
RCI Hospitality Holdings, Inc.		212		14,034
Red Rock Resorts, Inc. ⁽¹⁾		614		26,095
Rent-A-Center, Inc./TX		3,195		169,559
Ross Stores, Inc.		5,192		643,808
Sally Beauty Holdings, Inc. ⁽¹⁾		776		17,126
Scientific Games Corp. ⁽¹⁾		317		24,548
Shoe Carnival, Inc.		77		5,512
Signet Jewelers, Ltd.		107		8,645
Smith & Wesson Brands, Inc.		849		29,460
Sonos, Inc. ⁽¹⁾		306		10,780
Steven Madden, Ltd.		746		32,645
Tapestry, Inc. ⁽¹⁾		1,656		72,003
Target Corp.		1,927		465,833
Tempur Sealy International, Inc.		277		10,856
Tenneco, Inc. ⁽¹⁾		1,521		29,386
Tesla, Inc. ⁽¹⁾		2,454		1,667,984
Texas Roadhouse, Inc.		945		90,909
Thor Industries, Inc.		1,413		159,669
Town Sports International Holdings, Inc. ⁽¹⁾		2,090		371
Tupperware Brands Corp. ⁽¹⁾		128		3,040
Urban Outfitters, Inc. ⁽¹⁾		55		2,267
Vera Bradley, Inc. ⁽¹⁾		1,340		16,603
Vista Outdoor, Inc. ⁽¹⁾		88		4,073
Vuzix Corp. ⁽¹⁾		349		6,404
Waitr Holdings, Inc. ⁽¹⁾		1,307		2,326

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Williams-Sonoma, Inc.		345		55,079
Zumiez, Inc. ⁽¹⁾		820		40,172
				16,487,976

Consumer Staples — 1.4%
Albertsons Cos., Inc.		1,933		38,003
Bunge, Ltd.		12,026		939,832
Celsius Holdings, Inc. ⁽¹⁾		9		685
Conagra Brands, Inc.		2,979		108,376
Darling Ingredients, Inc. ⁽¹⁾		11,625		784,688
Ingles Markets, Inc.		147		8,566
Kraft Heinz Co./The		12,441		507,344
Performance Food Group Co. ⁽¹⁾		183		8,874
Spectrum Brands Holdings, Inc.		2,841		241,599
Tyson Foods, Inc.		144		10,621
United Natural Foods, Inc. ⁽¹⁾		197		7,285
Walgreens Boots Alliance, Inc.		1,215		63,921
Walmart, Inc.		1,613		227,465
				2,947,259

Energy — 2.0%
Aemetis, Inc. ⁽¹⁾		21		235
Amplify Energy Corp. ⁽¹⁾		1,603		6,492
Antero Resources Corp. ⁽¹⁾		369		5,546
APA Corp.		1,882		40,708
Ardmore Shipping Corp.		259		1,093
Baker Hughes Co.		2,068		47,295
Berry Corp.		1,542		10,362
Cactus, Inc.		475		17,442
ChampionX Corp. ⁽¹⁾		1,273		32,652
Cimarex Energy Co.		1,139		82,521
Clean Energy Fuels Corp. ⁽¹⁾		899		9,125
ConocoPhillips		4,474		272,467
CONSOL Energy, Inc. ⁽¹⁾		626		11,562
Contango Oil & Gas Co. ⁽¹⁾		1,440		6,221
Continental Resources, Inc./OK		305		11,599
CVR Energy, Inc.		79		1,419
Delek US Holdings, Inc.		381		8,237
Devon Energy Corp.		4,482		130,830
DHT Holdings, Inc.		1,239		8,041
Diamondback Energy, Inc.		791		74,267
Dorian LPG, Ltd. ⁽¹⁾		345		4,871
Energy Fuels, Inc./Canada ⁽¹⁾		106		641
EOG Resources, Inc.		2,061		171,970
Exxon Mobil Corp.		29,333		1,850,326
Frank’s International NV ⁽¹⁾		1,316		3,987
Golar LNG, Ltd. ⁽¹⁾		37		490

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

2021 Semiannual Report | June 30, 2021

Page 71

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Goodrich Petroleum Corp. ⁽¹⁾		181		2,702
Hallador Energy Co. ⁽¹⁾		131		353
Hess Corp.		623		54,400
Laredo Petroleum, Inc. ⁽¹⁾		109		10,114
Magnolia Oil & Gas Corp. ⁽¹⁾		633		9,894
Meta Materials, Inc. ⁽¹⁾		414		3,101
Nabors Industries, Ltd. ⁽¹⁾		65		7,426
NextDecade Corp. ⁽¹⁾		439		1,813
Nine Energy Service, Inc. ⁽¹⁾		1,785		5,248
Northern Oil and Gas, Inc. ⁽¹⁾		665		13,812
Oceaneering International, Inc. ⁽¹⁾		551		8,579
ONEOK, Inc.		9,506		528,914
Ovintiv, Inc.		1,427		44,908
PDC Energy, Inc.		385		17,629
Phillips 66		454		38,962
Pioneer Natural Resources Co.		865		140,580
Profire Energy, Inc. ⁽¹⁾		11		12
Range Resources Corp. ⁽¹⁾		140		2,346
Renewable Energy Group, Inc. ⁽¹⁾		31		1,933
Schlumberger NV		5,323		170,389
Scorpio Tankers, Inc.		372		8,203
SM Energy Co.		488		12,019
Southwestern Energy Co. ⁽¹⁾		3,232		18,325
Targa Resources Corp.		5,982		265,900
Teekay Corp. ⁽¹⁾		1,125		4,185
Transocean, Ltd. ⁽¹⁾		1,366		6,174
Uranium Energy Corp. ⁽¹⁾		1,786		4,751
W&T Offshore, Inc. ⁽¹⁾		148		718
Whiting Petroleum Corp. ⁽¹⁾		286		15,601
World Fuel Services Corp.		639		20,275
				4,229,665

Financials — 7.6%
Affiliated Managers Group, Inc.		364		56,132
AGNC Investment Corp.		15,324		258,822
Allstate Corp./The		736		96,004
Ally Financial, Inc.		4,105		204,593
American Express Co.		241		39,820
American Financial Group, Inc./OH		532		66,351
American International Group, Inc.		24,621		1,171,960
Ameris Bancorp		223		11,290
Annaly Capital Management, Inc.		2,624		23,301
Arbor Realty Trust, Inc.		3,540		63,083
Associated Banc-Corp		5,874		120,300
Bank of America Corp.		22,046		908,957
Bank of New York Mellon Corp./The		3,484		178,485
Bank of NT Butterfield & Son, Ltd./The		987		34,989

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Bank OZK		561		23,652
BankUnited, Inc.		886		37,823
Berkshire Hathaway, Inc. - Class B ⁽¹⁾		9,638		2,678,593
BGC Partners, Inc.		909		5,154
Capital One Financial Corp.		2,334		361,046
Charles Schwab Corp./The		4,606		335,363
Cincinnati Financial Corp.		328		38,251
Citigroup, Inc.		6,117		432,778
Citizens Financial Group, Inc.		2,430		111,464
Civista Bancshares, Inc.		487		10,763
CNB Financial Corp./PA		440		10,041
Curo Group Holdings Corp.		1,458		24,786
Customers Bancorp, Inc. ⁽¹⁾		286		11,151
East West Bancorp, Inc.		897		64,306
Elevate Credit, Inc. ⁽¹⁾		274		978
Ellington Financial, Inc.		2,860		54,769
Evercore, Inc.		1,035		145,697
Fidelity National Financial, Inc.		4,435		192,745
Fifth Third Bancorp		5,948		227,392
First American Financial Corp.		1,990		124,077
First Choice Bancorp		95		2,893
First Horizon Corp.		6,291		108,708
FNB Corp./PA		2,106		25,967
Granite Point Mortgage Trust, Inc.		165		2,434
Hartford Financial Services Group, Inc./The		1,480		91,716
Hilltop Holdings, Inc.		1,283		46,701
Independent Bank Corp./MI		1		22
Invesco, Ltd.		1,724		46,083
JPMorgan Chase & Co.		7,493		1,165,461
KeyCorp		3,872		79,957
LendingClub Corp. ⁽¹⁾		524		9,500
MetLife, Inc.		4,256		254,722
Moelis & Co.		676		38,458
Morgan Stanley		6,052		554,908
Mr Cooper Group, Inc. ⁽¹⁾		1,986		65,657
NewStar Financial Contingent Value Rights ^(1)(7)(9)		179		0
Nicolet Bankshares, Inc. ⁽¹⁾		3		211
Northrim BanCorp, Inc.		898		38,390
OneMain Holdings, Inc.		416		24,923
Oppenheimer Holdings, Inc.		552		28,064
PacWest Bancorp		1,773		72,977
Pinnacle Financial Partners, Inc.		269		23,750
PNC Financial Services Group, Inc./The		1,410		268,972
Popular, Inc.		1,409		105,745
Progressive Corp./The		11,421		1,121,656
Pzena Investment Management, Inc.		2,462		27,107

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

Page 72

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Radian Group, Inc.		1,931		42,965
RBB Bancorp		779		18,867
Regions Financial Corp.		8,919		179,985
Siebert Financial Corp. ⁽¹⁾		167		803
Signature Bank/New York NY		185		45,445
SLM Corp.		3,531		73,939
Stewart Information Services Corp.		4,581		259,697
StoneX Group, Inc. ⁽¹⁾		16		971
SVB Financial Group ⁽¹⁾		237		131,874
Synchrony Financial		23,363		1,133,573
Synovus Financial Corp.		1,763		77,360
Tiptree, Inc. - Class A		259		2,409
Truist Financial Corp.		6,197		343,934
Umpqua Holdings Corp.		2,898		53,468
Unum Group		7,771		220,696
US Bancorp		4,872		277,558
Valley National Bancorp		391		5,251
Virtus Investment Partners, Inc.		334		92,775
Walker & Dunlop, Inc.		726		75,780
Wells Fargo & Co.		11,539		522,601
Western Alliance Bancorp		612		56,824
Wintrust Financial Corp.		183		13,840
Zions Bancorp NA		599		31,663
				15,992,176

Healthcare — 12.6%
Abbott Laboratories		4,913		569,564
AbbVie, Inc.		14,405		1,622,579
Abeona Therapeutics, Inc. ⁽¹⁾		799		1,246
AcelRx Pharmaceuticals, Inc. ⁽¹⁾		87		120
ADMA Biologics, Inc. ⁽¹⁾		181		290
Adverum Biotechnologies, Inc. ⁽¹⁾		889		3,112
Affimed NV ⁽¹⁾		1,116		9,486
Agilent Technologies, Inc.		4,167		615,924
Agios Pharmaceuticals, Inc. ⁽¹⁾		573		31,578
Alector, Inc. ⁽¹⁾		514		10,707
Alexion Pharmaceuticals, Inc. ⁽¹⁾		582		106,919
Align Technology, Inc. ⁽¹⁾		363		221,793
Alkermes PLC ⁽¹⁾		1,061		26,016
Allakos, Inc. ⁽¹⁾		11		939
Amgen, Inc.		4,970		1,211,438
Amneal Pharmaceuticals, Inc. ⁽¹⁾		1,858		9,513
Anavex Life Sciences Corp. ⁽¹⁾		135		3,086
Apellis Pharmaceuticals, Inc. ⁽¹⁾		186		11,755
Arbutus Biopharma Corp. ⁽¹⁾		3,113		9,432
Arcutis Biotherapeutics, Inc. ⁽¹⁾		277		7,559
Arrowhead Pharmaceuticals, Inc. ⁽¹⁾		651		53,916

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Arvinas, Inc. ⁽¹⁾		243		18,711
Assertio Holdings, Inc. ⁽¹⁾		1,148		1,791
Atara Biotherapeutics, Inc. ⁽¹⁾		111		1,726
Axogen, Inc. ⁽¹⁾		298		6,440
Beam Therapeutics, Inc. ⁽¹⁾		292		37,583
Beyondspring, Inc. ⁽¹⁾		568		5,930
BioDelivery Sciences International, Inc. ⁽¹⁾		4,109		14,710
Biogen, Inc. ⁽¹⁾		3,032		1,049,891
Bio-Rad Laboratories, Inc. ⁽¹⁾		48		30,926
Bio-Techne Corp.		165		74,293
Blueprint Medicines Corp. ⁽¹⁾		259		22,782
Bridgebio Pharma, Inc. ⁽¹⁾		202		12,314
Bristol-Myers Squibb Co.		18,470		1,234,165
Bruker Corp.		337		25,605
Calyxt, Inc. ⁽¹⁾		60		241
Cardinal Health, Inc.		2,144		122,401
CareDx, Inc. ⁽¹⁾		484		44,296
CASI Pharmaceuticals, Inc. ⁽¹⁾		468		725
Catalent, Inc. ⁽¹⁾		1,351		146,070
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		2,747		15,795
Centene Corp. ⁽¹⁾		346		25,234
Centogene NV ⁽¹⁾		546		5,700
Cerecor, Inc. ⁽¹⁾		2,318		7,580
Cerner Corp.		4,921		384,625
Chimerix, Inc. ⁽¹⁾		662		5,296
Community Health Systems, Inc. ⁽¹⁾		506		7,813
Computer Programs and Systems, Inc.		362		12,029
CureVac NV ⁽¹⁾		50		3,674
CVS Health Corp.		9,838		820,883
Danaher Corp.		3,272		878,074
Denali Therapeutics, Inc. ⁽¹⁾		350		27,454
DENTSPLY SIRONA, Inc.		1,597		101,026
Dicerna Pharmaceuticals, Inc. ⁽¹⁾		338		12,614
Dynavax Technologies Corp. ⁽¹⁾		814		8,018
Editas Medicine, Inc. ⁽¹⁾		250		14,160
Elanco Animal Health, Inc. Contingent Value Rights ^(1)(7)(9)		1,625		0
Eli Lilly & Co.		3,565		818,239
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		2,372		4,720
Emergent BioSolutions, Inc. ⁽¹⁾		419		26,393
Endo International PLC ⁽¹⁾		2,209		10,338
Enochian Biosciences, Inc. ⁽¹⁾		66		328
Ensign Group, Inc./The		26		2,253
Envista Holdings Corp. ⁽¹⁾		75		3,241
Evelo Biosciences, Inc. ⁽¹⁾		557		7,653
Exact Sciences Corp. ⁽¹⁾		635		78,937
Exelixis, Inc. ⁽¹⁾		1,820		33,160

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

2021 Semiannual Report | June 30, 2021

Page 73

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Fate Therapeutics, Inc. ⁽¹⁾		398		34,542
Fulgent Genetics, Inc. ⁽¹⁾		15		1,383
Galectin Therapeutics, Inc. ⁽¹⁾		509		1,629
Genprex, Inc. ⁽¹⁾		1,396		4,677
Gilead Sciences, Inc.		10,139		698,172
HCA Healthcare, Inc.		1,366		282,407
Hill-Rom Holdings, Inc.		1,077		122,336
Hologic, Inc. ⁽¹⁾		786		52,442
Horizon Therapeutics Plc ⁽¹⁾		3,990		373,624
Humana, Inc.		118		52,241
Humanigen, Inc. ⁽¹⁾		373		6,483
IGM Biosciences, Inc. ⁽¹⁾		27		2,246
Inogen, Inc. ⁽¹⁾		95		6,191
Insmed, Inc. ⁽¹⁾		345		9,819
Intellia Therapeutics, Inc. ⁽¹⁾		250		40,478
Intra-Cellular Therapies, Inc. ⁽¹⁾		171		6,980
Johnson & Johnson		14,850		2,446,389
Jounce Therapeutics, Inc. ⁽¹⁾		366		2,489
Kodiak Sciences, Inc. ⁽¹⁾		200		18,600
La Jolla Pharmaceutical Co. ⁽¹⁾		566		2,422
MacroGenics, Inc. ⁽¹⁾		286		7,682
Madrigal Pharmaceuticals, Inc. ⁽¹⁾		428		41,691
Mallinckrodt PLC ⁽¹⁾		92		27
MannKind Corp. ⁽¹⁾		2,374		12,938
Marinus Pharmaceuticals, Inc. ⁽¹⁾		99		1,776
McKesson Corp.		942		180,148
Medtronic PLC		12,159		1,509,297
Merck & Co., Inc.		20,993		1,632,626
Merit Medical Systems, Inc. ⁽¹⁾		475		30,714
Moderna, Inc. ⁽¹⁾		4,581		1,076,443
Myriad Genetics, Inc. ⁽¹⁾		29		887
Natera, Inc. ⁽¹⁾		665		75,497
NextGen Healthcare, Inc. ⁽¹⁾		835		13,853
Novavax, Inc. ⁽¹⁾		278		59,022
Novocure, Ltd. ⁽¹⁾		174		38,597
Oncocyte Corp. ⁽¹⁾		435		2,497
Owens & Minor, Inc.		244		10,329
Pacific Biosciences of California, Inc. ⁽¹⁾		319		11,155
Palatin Technologies, Inc. ⁽¹⁾		4,629		2,824
PerkinElmer, Inc.		916		141,440
Perrigo Co. PLC		3,795		174,001
Pfizer, Inc.		30,864		1,208,634
Precigen, Inc. ⁽¹⁾		822		5,359
Prothena Corp. PLC ⁽¹⁾		196		10,076
PTC Therapeutics, Inc. ⁽¹⁾		133		5,622
Puma Biotechnology, Inc. ⁽¹⁾		1,343		12,329
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		2,100		1,172,934

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Rhythm Pharmaceuticals, Inc. ⁽¹⁾		676		13,236
Rocket Pharmaceuticals, Inc. ⁽¹⁾		116		5,138
Royalty Pharma PLC		1,648		67,552
Seagen, Inc. ⁽¹⁾		706		111,463
Sesen Bio, Inc. ⁽¹⁾		436		2,014
Sorrento Therapeutics, Inc. ⁽¹⁾		1,546		14,981
Spectrum Pharmaceuticals, Inc. ⁽¹⁾		1,405		5,269
SpringWorks Therapeutics, Inc. ⁽¹⁾		137		11,290
STAAR Surgical Co. ⁽¹⁾		296		45,140
Stoke Therapeutics, Inc. ⁽¹⁾		218		7,338
Stryker Corp.		4,724		1,226,965
Sutro Biopharma, Inc. ⁽¹⁾		363		6,748
Tenet Healthcare Corp. ⁽¹⁾		106		7,101
Thermo Fisher Scientific, Inc.		2,138		1,078,557
Translate Bio, Inc. ⁽¹⁾		368		10,135
TransMedics Group, Inc. ⁽¹⁾		61		2,024
Turning Point Therapeutics, Inc. ⁽¹⁾		265		20,675
Twist Bioscience Corp. ⁽¹⁾		376		50,102
Tyme Technologies, Inc. ⁽¹⁾		540		680
Ultragenyx Pharmaceutical, Inc. ⁽¹⁾		197		18,784
United Therapeutics Corp. ⁽¹⁾		772		138,505
Veeva Systems, Inc. ⁽¹⁾		78		24,254
Verrica Pharmaceuticals, Inc. ⁽¹⁾		540		6,102
Viatris, Inc.		7,892		112,777
ViewRay, Inc. ⁽¹⁾		1,500		9,900
Voyager Therapeutics, Inc. ⁽¹⁾		141		582
WaVe Life Sciences, Ltd. ⁽¹⁾		490		3,263
West Pharmaceutical Services, Inc.		741		266,093
Xencor, Inc. ⁽¹⁾		538		18,556
Zentalis Pharmaceuticals, Inc. ⁽¹⁾		31		1,649
Zimmer Biomet Holdings, Inc.		788		126,726
ZIOPHARM Oncology, Inc. ⁽¹⁾		860		2,270
Zoetis, Inc.		3,482		648,906
				26,361,532

Industrials — 3.7%
ABM Industries, Inc.		534		23,683
Acuity Brands, Inc.		356		66,583
AGCO Corp.		957		124,774
Altra Industrial Motion Corp.		212		13,784
ArcBest Corp.		159		9,252
Array Technologies, Inc. ⁽¹⁾		501		7,816
ASGN, Inc. ⁽¹⁾		402		38,966
Atkore, Inc. ⁽¹⁾		291		20,661
Atlas Air Worldwide Holdings, Inc. ⁽¹⁾		17		1,158
Avis Budget Group, Inc. ⁽¹⁾		155		12,073
Axon Enterprise, Inc. ⁽¹⁾		34		6,011

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

Page 74

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
BGSF, Inc.		328		4,048
Boise Cascade Co.		3,073		179,310
Brady Corp.		887		49,707
Builders FirstSource, Inc. ⁽¹⁾		937		39,972
Caterpillar, Inc.		1,818		395,651
ChargePoint Holdings, Inc. ⁽¹⁾		999		34,705
Comfort Systems USA, Inc.		189		14,891
Costamare, Inc.		7		83
Covenant Logistics Group, Inc. ⁽¹⁾		526		10,878
Cummins, Inc.		1,699		414,233
Deere & Co.		2,341		825,694
Eagle Bulk Shipping, Inc. ⁽¹⁾		12		568
EMCOR Group, Inc.		961		118,386
Emerson Electric Co.		3,181		306,139
Encore Wire Corp.		462		35,015
EnerSys		940		91,866
Eos Energy Enterprises, Inc. ⁽¹⁾		58		1,042
FedEx Corp.		929		277,149
Franklin Electric Co., Inc.		556		44,825
Genco Shipping & Trading, Ltd.		631		11,913
Generac Holdings, Inc. ⁽¹⁾		336		139,490
Graco, Inc.		982		74,337
GrafTech International, Ltd.		2,128		24,727
Granite Construction, Inc.		461		19,145
Harsco Corp. ⁽¹⁾		564		11,517
Hertz Global Holdings, Inc. ⁽¹⁾		144		1,259
Hillenbrand, Inc.		512		22,569
HNI Corp.		278		12,224
Huntington Ingalls Industries, Inc.		1,512		318,654
Hyster-Yale Materials Handling, Inc.		215		15,691
JB Hunt Transport Services, Inc.		729		118,791
Korn Ferry		252		18,283
Lawson Products, Inc./DE ⁽¹⁾		71		3,799
Manitowoc Co., Inc./The ⁽¹⁾		511		12,520
ManpowerGroup, Inc.		4,086		485,866
Matson, Inc.		391		25,024
Matthews International Corp.		605		21,756
Maxar Technologies, Inc.		191		7,625
Mesa Air Group, Inc. ⁽¹⁾		1,660		15,488
Miller Industries, Inc./TN		1,519		59,909
Moog, Inc.		207		17,400
Mueller Industries, Inc.		2,910		126,032
MYR Group, Inc. ⁽¹⁾		289		26,276
National Presto Industries, Inc.		121		12,300
NL Industries, Inc.		83		540
Old Dominion Freight Line, Inc.		235		59,643
Oshkosh Corp.		598		74,535

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Owens Corning		826		80,865
Parker-Hannifin Corp.		697		214,056
Pitney Bowes, Inc.		604		5,297
Plug Power, Inc. ⁽¹⁾		1,434		49,028
Primoris Services Corp.		2,368		69,690
Quad/Graphics, Inc. ⁽¹⁾		2,907		12,064
Quanta Services, Inc.		8,249		747,112
Radiant Logistics, Inc. ⁽¹⁾		25		173
Regal Beloit Corp.		1,510		201,600
Resideo Technologies, Inc. ⁽¹⁾		556		16,680
REV Group, Inc.		372		5,837
Rush Enterprises, Inc.		1,873		80,989
Ryder System, Inc.		1,590		118,185
Saia, Inc. ⁽¹⁾		19		3,980
Shyft Group, Inc./The		564		21,099
SkyWest, Inc. ⁽¹⁾		1,407		60,599
Steelcase, Inc. - Class A		385		5,817
Stem, Inc. ⁽¹⁾		758		27,296
Sterling Construction Co., Inc. ⁽¹⁾		85		2,051
Terex Corp.		418		19,905
Textainer Group Holdings, Ltd. ⁽¹⁾		649		21,917
Textron, Inc.		3,247		223,296
Titan Machinery, Inc. ⁽¹⁾		237		7,333
Triton International, Ltd.		897		46,949
Triumph Group, Inc. ⁽¹⁾		1,092		22,659
TrueBlue, Inc. ⁽¹⁾		269		7,562
Tutor Perini Corp. ⁽¹⁾		447		6,191
United Parcel Service, Inc. - Class B		2,728		567,342
Valmont Industries, Inc.		303		71,523
Vectrus, Inc. ⁽¹⁾		211		10,041
View, Inc. ⁽¹⁾		218		1,849
Werner Enterprises, Inc.		1,372		61,081
WESCO International, Inc. ⁽¹⁾		4		411
Yellow Corp. ⁽¹⁾		950		6,185
				7,702,898

Information Technology — 19.5%
3D Systems Corp. ⁽¹⁾		465		18,586
Accenture PLC		889		262,068
Adobe, Inc. ⁽¹⁾		2,976		1,742,865
Alarm.com Holdings, Inc. ⁽¹⁾		859		72,757
Alliance Data Systems Corp.		436		45,427
American Software, Inc./GA		232		5,095
Amkor Technology, Inc.		1,072		25,374
Apple, Inc.		35,676		4,886,185
Applied Materials, Inc.		10,418		1,483,523
Arrow Electronics, Inc. ⁽¹⁾		2,768		315,081

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

2021 Semiannual Report | June 30, 2021

Page 75

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Autodesk, Inc. ⁽¹⁾		1,302		380,054
Avaya Holdings Corp. ⁽¹⁾		166		4,465
Avnet, Inc.		4,923		197,314
Belden, Inc.		396		20,026
Bill.com Holdings, Inc. ⁽¹⁾		153		28,027
Broadcom, Inc.		1,413		673,775
Cadence Design Systems, Inc. ⁽¹⁾		8,587		1,174,873
Calix, Inc. ⁽¹⁾		520		24,700
CDK Global, Inc.		5,655		280,997
CDW Corp./DE		1,740		303,891
Cerence, Inc. ⁽¹⁾		363		38,736
ChannelAdvisor Corp. ⁽¹⁾		1,718		42,108
Cisco Systems, Inc./Delaware		18,508		980,924
Cloudflare, Inc. ⁽¹⁾		40		4,234
Cognizant Technology Solutions Corp.		7,417		513,701
CommScope Holding Co., Inc. ⁽¹⁾		1,393		29,685
CommVault Systems, Inc. ⁽¹⁾		4,212		329,252
Concentrix Corp. ⁽¹⁾		298		47,918
Conduent, Inc. ⁽¹⁾		3,178		23,835
Corning, Inc.		5,673		232,026
Crowdstrike Holdings, Inc. ⁽¹⁾		689		173,153
Dell Technologies, Inc. - Class C ⁽¹⁾		568		56,613
Digital Turbine, Inc. ⁽¹⁾		1,652		125,602
DocuSign, Inc. ⁽¹⁾		421		117,699
Dolby Laboratories, Inc.		4,389		431,395
DXC Technology Co. ⁽¹⁾		1,271		49,493
Dynatrace, Inc. ⁽¹⁾		553		32,306
Ebix, Inc.		105		3,560
EPAM Systems, Inc. ⁽¹⁾		1,245		636,145
Extreme Networks, Inc. ⁽¹⁾		456		5,089
Fortinet, Inc. ⁽¹⁾		1,260		300,119
Hewlett Packard Enterprise Co.		4,939		72,011
HP, Inc.		15,404		465,047
HubSpot, Inc. ⁽¹⁾		286		166,658
Ideanomics, Inc. ⁽¹⁾		1,906		5,413
Intel Corp.		19,205		1,078,169
International Business Machines Corp.		9,180		1,345,696
Intuit, Inc.		2,985		1,463,157
J2 Global, Inc. ⁽¹⁾		1,311		180,328
Jabil, Inc.		4,977		289,263
Kimball Electronics, Inc. ⁽¹⁾		473		10,283
KLA Corp.		3,769		1,221,947
Kopin Corp. ⁽¹⁾		81		663
Lam Research Corp.		1,627		1,058,689
Manhattan Associates, Inc. ⁽¹⁾		1,301		188,437
Marathon Digital Holdings, Inc. ⁽¹⁾		385		12,077
Mastercard, Inc.		667		243,515

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
McAfee Corp. ⁽¹⁾		2,311		64,754
Methode Electronics, Inc.		992		48,816
Micron Technology, Inc. ⁽¹⁾		3,537		300,574
Microsoft Corp.		27,973		7,577,886
MicroStrategy, Inc. ⁽¹⁾		31		20,600
MicroVision, Inc. ⁽¹⁾		366		6,131
MKS Instruments, Inc.		348		61,927
MoneyGram International, Inc. ⁽¹⁾		674		6,794
NortonLifeLock, Inc.		2,933		79,836
NVIDIA Corp.		1,937		1,549,794
ON Semiconductor Corp. ⁽¹⁾		764		29,246
OneSpan, Inc. ⁽¹⁾		465		11,876
Oracle Corp.		10,795		840,283
PagerDuty, Inc. ⁽¹⁾		352		14,988
Palantir Technologies, Inc. ⁽¹⁾		2,172		57,254
Plantronics, Inc. ⁽¹⁾		156		6,510
Priority Technology Holdings, Inc. ⁽¹⁾		316		2,414
Progress Software Corp.		1,415		65,444
Qorvo, Inc. ⁽¹⁾		50		9,783
QUALCOMM, Inc.		10,501		1,500,908
Rimini Street, Inc. ⁽¹⁾		592		3,647
Riot Blockchain, Inc. ⁽¹⁾		363		13,674
salesforce.com, Inc. ⁽¹⁾		2,667		651,468
SecureWorks Corp. ⁽¹⁾		1,185		21,958
Skyworks Solutions, Inc.		536		102,778
SPS Commerce, Inc. ⁽¹⁾		529		52,821
SS&C Technologies Holdings, Inc.		11,440		824,366
StarTek, Inc. ⁽¹⁾		998		7,116
Stratasys, Ltd. ⁽¹⁾		634		16,395
Teradata Corp. ⁽¹⁾		621		31,031
Teradyne, Inc.		1,042		139,586
TESSCO Technologies, Inc. ⁽¹⁾		72		443
Texas Instruments, Inc.		4,710		905,733
Trade Desk, Inc./The ⁽¹⁾		1,371		106,061
Trimble, Inc. ⁽¹⁾		2,920		238,944
TTEC Holdings, Inc.		268		27,628
Twilio, Inc. - Class A ⁽¹⁾		258		101,693
Ultra Clean Holdings, Inc. ⁽¹⁾		477		25,624
Viant Technology, Inc. ⁽¹⁾		687		20,459
Visa, Inc.		2,962		692,575
Wix.com, Ltd. ⁽¹⁾		229		66,474
Xperi Holding Corp.		2,143		47,660
Zebra Technologies Corp. - Class A ⁽¹⁾		368		194,852
Zscaler, Inc. ⁽¹⁾		625		135,038
				40,603,871

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

Page 76

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Materials — 1.4%
AdvanSix, Inc. ⁽¹⁾		759		22,664
Amyris, Inc. ⁽¹⁾		619		10,133
Avery Dennison Corp.		1,949		409,758
Avient Corp.		423		20,795
Celanese Corp.		391		59,276
Chemours Co./The		597		20,776
Cleveland-Cliffs, Inc. ⁽¹⁾		1,453		31,327
Coeur Mining, Inc. ⁽¹⁾		386		3,428
Commercial Metals Co.		621		19,077
Corteva, Inc.		1,198		53,131
Dow, Inc.		2,953		186,866
Eastman Chemical Co.		666		77,756
Element Solutions, Inc.		708		16,553
Freeport-McMoRan, Inc.		4,792		177,831
Greif, Inc. - Class A		171		10,354
Hawkins, Inc.		607		19,879
Huntsman Corp.		4,058		107,618
Intrepid Potash, Inc. ⁽¹⁾		87		2,772
Koppers Holdings, Inc. ⁽¹⁾		805		26,042
Louisiana-Pacific Corp.		1,720		103,699
LyondellBasell Industries NV		1,137		116,963
Mosaic Co./The		1,312		41,866
Newmont Corp.		12,781		810,060
Nucor Corp.		952		91,325
O-I Glass, Inc. ⁽¹⁾		680		11,104
Olin Corp.		462		21,372
Rayonier Advanced Materials, Inc. ⁽¹⁾		816		5,459
Reliance Steel & Aluminum Co.		2,149		324,284
Ryerson Holding Corp. ⁽¹⁾		141		2,059
Southern Copper Corp.		848		54,543
Steel Dynamics, Inc.		242		14,423
SunCoke Energy, Inc.		731		5,219
Trinseo SA		213		12,746
Tronox Holdings PLC		503		11,267
Westlake Chemical Corp.		847		76,306
Westrock Co.		651		34,646
				3,013,377

Real Estate Investment Trust — 2.2%
Altisource Portfolio Solutions SA ⁽¹⁾		1,252		11,130
American Homes 4 Rent		3,266		126,884
American Tower Corp.		1,740		470,044
Ashford Hospitality Trust, Inc.		941		4,291
CareTrust REIT, Inc.		1,571		36,494
CatchMark Timber Trust, Inc.		1,826		21,364

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
CBL & Associates Properties, Inc. ⁽¹⁾		5,143		621
Clipper Realty, Inc.		439		3,227
CorEnergy Infrastructure Trust, Inc.		1,975		13,075
CorePoint Lodging, Inc. ⁽¹⁾		666		7,126
Corporate Office Properties Trust		3,457		96,761
CubeSmart		6,314		292,464
CyrusOne, Inc.		288		20,598
DiamondRock Hospitality Co. ⁽¹⁾		274		2,658
EastGroup Properties, Inc.		1,126		185,171
Extra Space Storage, Inc.		1,785		292,419
Getty Realty Corp.		501		15,606
Gladstone Commercial Corp.		1,527		34,449
Healthcare Realty Trust, Inc.		8,349		252,140
Healthcare Trust of America, Inc. - Class A		5,848		156,142
Host Hotels & Resorts, Inc. ⁽¹⁾		1,091		18,645
Iron Mountain, Inc.		178		7,533
Lamar Advertising Co.		6,557		684,682
Life Storage, Inc.		803		86,202
LTC Properties, Inc.		5,484		210,531
National Health Investors, Inc.		1,462		98,027
National Storage Affiliates Trust		10,878		549,992
Newmark Group, Inc.		904		10,857
Omega Healthcare Investors, Inc.		1,988		72,145
PotlatchDeltic Corp.		1,006		53,469
PS Business Parks, Inc.		691		102,323
Public Storage		1,650		496,139
SBA Communications Corp.		142		45,255
Spirit MTA REIT Liquidating Trust ^(1)(7)(9)		3,134		0
Stratus Properties, Inc. ⁽¹⁾		214		5,279
Tanger Factory Outlet Centers, Inc. ⁽²⁾		68		1,282
Trinity Place Holdings, Inc. ⁽¹⁾		97		205
Universal Health Realty Income Trust		687		42,285
Urstadt Biddle Properties, Inc.		915		17,733
Weyerhaeuser Co.		3,497		120,367
				4,665,615

Utilities — 1.6%
AES Corp./The		2,179		56,807
DTE Energy Co.		7,761		1,005,826
Duke Energy Corp.		5,950		587,384
Entergy Corp.		1,074		107,078
MDU Resources Group, Inc.		9,193		288,109
Portland General Electric Co.		5,164		237,957
Public Service Enterprise Group, Inc.		14,175		846,815

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

2021 Semiannual Report | June 30, 2021

Page 77

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
UGI Corp.		4,251		196,854
				3,326,830

Total Common Stocks (United States) (Cost $98,448,733)				141,243,909

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁸⁾		610		18,843
Total Preferred Stock (United States) (Cost $15,247)				18,843

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁷⁾		2		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁷⁾		2		0
Extraction Oil & Gas, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁷⁾		13		0
Extraction Oil & Gas, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁷⁾		7		0
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		27		270
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁷⁾		7		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		45		281
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		22		127
Total Warrants (United States) (Cost $2,543)				678

Registered Investment Companies — 5.0%
U.S. Fixed Income — 2.2%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF ⁽¹⁰⁾		168,938		4,659,310
				4,659,310

International Fixed Income — 2.2%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽¹⁰⁾		41,183		4,631,440
				4,631,440

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
International Equity — 0.6%
iShares Core MSCI EAFE ETF ⁽¹⁰⁾		15,725		1,177,174
				1,177,174

Total Registered Investment Companies (Cost $10,117,900)				10,467,924

Money Market Registered Investment Companies — 23.3%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽⁴⁾		48,854,767		48,864,538
Morgan Stanley Government Institutional Fund, 0.03% ⁽³⁾		1,015		1,015
Total Money Market Registered Investment Companies (Cost $48,860,522)				48,865,553

Bank Obligations — 0.4%
First Merchants Bank Deposit Account, 0.30%, 7/1/2021 ⁽⁵⁾		248,719		248,719
Metro City Bank Deposit Account, 0.10%, 7/1/2021 ⁽⁵⁾		248,345		248,345
Pacific Mercantile Bank Deposit Account, 0.10%, 7/1/2021 ⁽⁵⁾		246,946		246,946
Total Bank Obligations (Cost $744,010)				744,010
Total Investments — 96.2% (Cost $158,188,956)				201,340,917
Other Assets less Liabilities — 3.8%				8,009,247
Total Net Assets — 100.0%				209,350,164

Trustee Deferred Compensation ⁽⁶⁾
Meeder Balanced Fund - Retail Class		3,521		49,329
Meeder Dynamic Allocation Fund - Retail Class		9,145		137,815
Meeder Muirfield Fund - Retail Class		4,553		42,525
Meeder Conservative Allocation Fund - Retail Class		1,044		25,745
Total Trustee Deferred Compensation (Cost $184,769)				255,414

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

Page 78

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Dynamic Allocation Fund
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		309		9/16/2021		35,598,345		(1,033,731	)
Mini MSCI Emerging Markets Index Futures		146		9/16/2021		9,963,040		23,794
Russell 2000 Mini Index Futures		9		9/16/2021		1,038,510		(3,687	)
Standard & Poors 500 Mini Futures		35		9/16/2021		7,505,050		76,650
E-mini Standard & Poors MidCap 400 Futures		8		9/16/2021		2,153,920		(23,787	)
Total Futures Contracts		507				56,258,865		(960,761	)

(1)	Represents non-income producing securities.

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

(3)	Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2021.

(4)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

(5)

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

(7)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

(8)	Preferred stock. Dividend rate unknown.

(9)	Expiration date unknown.

(10) Exchange-traded fund.

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

2021 Semiannual Report | June 30, 2021

Page 79

Schedule of Investments
June 30, 2021 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 94.8%
Communication Services — 4.0%
Interpublic Group of Cos., Inc./The		15,405		500,508
Lumen Technologies, Inc.		31,261		424,837
News Corp. - Class A		17,844		459,840
News Corp. - Class B		18,493		450,305
				1,835,490

Consumer Discretionary — 18.4%
Advance Auto Parts, Inc.		2,300		471,822
BorgWarner, Inc.		9,032		438,413
Gap, Inc./The		15,508		521,844
Hanesbrands, Inc.		22,420		418,581
Hasbro, Inc.		3,874		366,170
L Brands, Inc.		7,811		562,861
Leggett & Platt, Inc.		8,338		431,992
LKQ Corp. ⁽¹⁾		10,282		506,080
Mohawk Industries, Inc. ⁽¹⁾		2,392		459,718
Newell Brands, Inc.		15,839		435,097
Norwegian Cruise Line Holdings, Ltd. ⁽¹⁾		14,000		411,740
PulteGroup, Inc.		8,041		438,797
PVH Corp. ⁽¹⁾		3,859		415,190
Ralph Lauren Corp.		3,493		411,510
Tapestry, Inc. ⁽¹⁾		10,338		449,496
Under Armour, Inc. - Class A ⁽¹⁾		19,031		402,506
Under Armour, Inc. - Class C ⁽¹⁾		22,951		426,200
Whirlpool Corp.		1,988		433,424
Wynn Resorts, Ltd. ⁽¹⁾		3,238		396,007
				8,397,448

Consumer Staples — 1.8%
Lamb Weston Holdings, Inc.		5,074		409,269
Molson Coors Beverage Co. - Class B		7,538		404,715
				813,984

Energy — 8.3%
APA Corp.		19,315		417,783
Cabot Oil & Gas Corp.		21,032		367,219
ConocoPhillips		7,211		439,150
Devon Energy Corp.		16,721		488,086
Diamondback Energy, Inc.		4,834		453,864
HollyFrontier Corp.		10,635		349,892
Marathon Oil Corp.		33,335		454,023
NOV, Inc. ⁽¹⁾		26,390		404,295
Technip Energies NV ⁽¹⁾		6,813		92,929
TechnipFMC PLC ⁽¹⁾		34,068		308,315
				3,775,556

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Financials — 13.2%
Assurant, Inc.		2,660		415,439
Cboe Global Markets, Inc.		3,891		463,224
Comerica, Inc.		6,312		450,298
Everest Re Group, Ltd.		1,548		390,111
Franklin Resources, Inc.		14,499		463,823
Globe Life, Inc.		3,816		363,474
Huntington Bancshares, Inc./OH		27,346		390,227
Invesco, Ltd.		18,820		503,059
Lincoln National Corp.		7,202		452,574
Loews Corp.		8,048		439,823
People’s United Financial, Inc.		23,846		408,720
Unum Group		15,412		437,701
W R Berkley Corp.		5,455		406,016
Wells Fargo & Co. ⁽¹⁾⁽⁵⁾		1		0
Zions Bancorp NA		8,001		422,933
				6,007,422

Healthcare — 3.5%
DENTSPLY SIRONA, Inc.		6,920		437,759
Henry Schein, Inc. ⁽¹⁾		5,419		402,036
Perrigo Co. PLC		8,143		373,357
Universal Health Services, Inc.		2,635		385,843
				1,598,995

Industrials — 16.2%
A O Smith Corp.		6,610		476,317
Alaska Air Group, Inc. ⁽¹⁾		6,715		404,982
Allegion plc		3,113		433,641
American Airlines Group, Inc. ⁽¹⁾		20,268		429,884
CH Robinson Worldwide, Inc.		3,860		361,566
Flowserve Corp.		10,256		413,522
Fortune Brands Home & Security, Inc.		4,274		425,733
Howmet Aerospace, Inc. ⁽¹⁾		14,101		486,061
Huntington Ingalls Industries, Inc.		2,307		486,200
Nielsen Holdings PLC		17,361		428,296
Pentair PLC		6,846		462,037
Quanta Services, Inc.		5,057		458,012
Robert Half International, Inc.		5,798		515,848
Snap-on, Inc.		1,957		437,253
Teledyne Technologies, Inc. ⁽¹⁾		514		215,279
Textron, Inc.		7,660		526,778
United Airlines Holdings, Inc. ⁽¹⁾		8,378		438,086
				7,399,495

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

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Schedule of Investments
June 30, 2021 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Information Technology — 7.8%
DXC Technology Co. ⁽¹⁾		13,391		521,446
F5 Networks, Inc. ⁽¹⁾		1,945		363,054
IPG Photonics Corp. ⁽¹⁾		1,554		327,537
Jack Henry & Associates, Inc.		2,237		365,772
Juniper Networks, Inc.		15,635		427,617
NortonLifeLock, Inc.		17,436		474,608
Vontier Corp.		10,848		353,428
Western Union Co./The		16,515		379,350
Xerox Holdings Corp.		15,624		367,008
				3,579,820

Materials — 6.9%
Avery Dennison Corp.		2,336		491,121
CF Industries Holdings, Inc.		8,764		450,908
International Flavors & Fragrances, Inc.		3,380		504,972
Mosaic Co./The		13,853		442,049
Packaging Corp. of America		2,624		355,342
Sealed Air Corp.		7,913		468,845
Westrock Co.		8,324		443,003
				3,156,240

Real Estate Investment Trust — 8.7%
Apartment Income REIT Corp.		1,835		87,034
Federal Realty Investment Trust		4,257		498,793
Host Hotels & Resorts, Inc. ⁽¹⁾		27,272		466,078
Iron Mountain, Inc.		12,291		520,155
Kimco Realty Corp.		23,749		495,167
Regency Centers Corp.		7,412		474,887
SL Green Realty Corp.		6,264		501,120
UDR, Inc.		9,939		486,812
Vornado Realty Trust		9,704		452,886
				3,982,932

Utilities — 6.0%
Alliant Energy Corp.		7,031		392,049
Atmos Energy Corp.		3,797		364,930
CenterPoint Energy, Inc.		16,744		410,563
Evergy, Inc.		7,177		433,706
NiSource, Inc.		15,795		386,978
NRG Energy, Inc.		9,502		382,931
Pinnacle West Capital Corp.		4,532		371,485
				2,742,642

Total Common Stocks (United States) (Cost $32,594,479)				43,290,024

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 3.8%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽²⁾		1,723,120		1,723,465
Total Money Market Registered Investment Companies (Cost $1,723,464)				1,723,465

Bank Obligations — 0.0%
First Merchants Bank Deposit Account, 0.30%, 7/1/2021 ⁽³⁾		8,168		8,168
Metro City Bank Deposit Account, 0.10%, 7/1/2021 ⁽³⁾		19		19
Pacific Mercantile Bank Deposit Account, 0.10%, 7/1/2021 ⁽³⁾		20		20
Total Bank Obligations (Cost $8,207)				8,207
Total Investments — 98.6% (Cost $34,326,150)				45,021,696
Other Assets less Liabilities — 1.4%				626,449
Total Net Assets — 100.0%				45,648,145

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		1,041		14,584
Meeder Dynamic Allocation Fund - Retail Class		2,651		39,951
Meeder Muirfield Fund - Retail Class		1,430		13,356
Meeder Conservative Allocation Fund - Retail Class		308		7,595
Total Trustee Deferred Compensation (Cost $55,696)				75,486

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

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Schedule of Investments
June 30, 2021 (unaudited)

Quantex Fund
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		9		9/16/2021		2,423,160		(26,760	)
Total Futures Contracts		9				2,423,160		(26,760	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

(3)

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

(5)	Fair valued security deemed a Level 3 security. Security is not part of the investment strategy of the Fund.

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

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Schedule of Investments
June 30, 2021 (unaudited)

Tactical Income Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies (U.S. Fixed Income) — 96.6%
Baird Core Plus Bond Fund - Class I		144,384		1,715,283
Dodge & Cox Income Fund		142,658		2,044,294
DoubleLine Total Return Bond Fund - Class I		227,085		2,393,471
Frost Total Return Bond Fund - Class I		264,209		2,739,848
Guggenheim Total Return Bond Fund - Class I		36,565		1,063,320
iShares 0-5 Year High Yield Corporate Bond ETF ⁽³⁾		294,243		13,552,833
iShares JP Morgan USD Emerging Markets Bond ETF ⁽³⁾		30,144		3,389,994
Lord Abbett High Yield Fund - Class I		448,301		3,420,538
Payden Emerging Markets Bond Fund - Class I		251,070		3,386,934
PGIM Total Return Bond Fund - Class R6		91,814		1,042,090
Pioneer Bond Fund - Class K		203,988		2,066,400
Segall Bryant & Hamill Plus Bond Fund - Class I		218,680		2,387,984
SPDR Bloomberg Barclays High Yield Bond ETF ⁽³⁾		37,504		4,123,940
SPDR Bloomberg Barclays Short Term High Yield Bond ETF ⁽³⁾		492,144		13,573,332
Vanguard Short-Term Bond ETF ⁽³⁾		44,989		3,696,296
Xtrackers USD High Yield Corporate Bond ETF ⁽³⁾		135,579		5,465,190
Total Registered Investment Companies (U.S. Fixed Income) (Cost $64,427,104)				66,061,747

Money Market Registered Investment Companies — 3.3%
Meeder Institutional Prime Money Market Fund, 0.06% ⁽¹⁾		2,254,033		2,254,484
Total Money Market Registered Investment Companies (Cost $2,253,929)				2,254,484

U.S. Government Obligations — 0.1%
Government National Mortgage Association, 6.50%, due 7/20/2038		56,304		72,281
Total U.S. Government Obligations (Cost $60,677)				72,281
Total Investments — 100.0% (Cost $66,741,710)				68,388,512
Liabilities less Other Assets — (0.0%)				(5,339	)
Total Net Assets — 100.0%				68,383,173

Tactical Income Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽²⁾
Meeder Balanced Fund - Retail Class		1,176		16,476
Meeder Dynamic Allocation Fund - Retail Class		2,917		43,959
Meeder Muirfield Fund - Retail Class		1,678		15,673
Meeder Conservative Allocation Fund - Retail Class		354		8,730
Total Trustee Deferred Compensation (Cost $65,639)				84,838

(1)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021.

(2)	Assets of affiliates to the Total Return Bond Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

(3)	Exchange-traded fund.

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

2021 Semiannual Report | June 30, 2021

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Schedule of Investments
June 30, 2021 (unaudited)

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Bank Obligations — 4.4%
Bank Midwest Deposit Account		0.55	%⁽¹⁾		07/01/21		246,850		246,850
CIBC Bank Deposit Account		0.20	%⁽¹⁾		07/01/21		245,583		245,583
First Merchants Bank Deposit Account		0.30	%⁽¹⁾		07/01/21		248,719		248,719
Metro City Bank Deposit Account		0.10	%⁽¹⁾		07/01/21		246,358		246,358
State Bank of India Deposit Account		0.10	%⁽¹⁾		07/01/21		246,500		246,500
TIAA Bank Deposit Account		0.05	%⁽¹⁾		07/01/21		245,666		245,666
Total Bank Obligations (Cost $1,479,676)									1,479,676

Certificates of Deposit — 6.5%
Banco Santander Yankee CD		0.17	%		12/02/21		500,000		500,000
MUFG Bank LTD/New York, NY Yankee CD		0.24	%		10/14/21		500,000		500,000
MUFG Bank LTD/New York, NY Yankee CD		0.32	%		10/15/21		700,000		700,391
Toronto Dominion Bank/New York, NY (Quarterly Bloomberg Short Term Bank Yield Index + 0.05%)		0.14	%⁽²⁾		09/09/21		500,000		500,000
Total Certificates of Deposit (Cost $2,200,391)									2,200,391

Commercial Paper — 38.9%
Anglesea Funding		0.06	%		07/01/21		500,000		500,000
Anglesea Funding		0.06	%		07/02/21		500,000		499,999
Anglesea Funding		0.18	%		07/06/21		250,000		249,995
ANZ New Zealand Int’l LTD		0.20	%		11/05/21		250,000		249,824
Banco Santander		0.19	%		08/24/21		250,000		249,929
Banco Santander		0.17	%		09/03/21		600,000		599,829
BNP Paribas		0.22	%		10/01/21		250,000		249,859
Canadian Imperial Holdings, Inc.		0.15	%		03/04/22		500,000		499,488
Canadian Imperial Holdings, Inc.		0.15	%		03/07/22		500,000		499,481
Chesham Finance, LLC		0.06	%		07/09/21		1,500,000		1,499,970
Cooperatieve Rabobank		0.11	%		11/01/21		600,000		599,775
Credit Agricole Corporate and Investment Bank/New York		0.15	%		08/11/21		250,000		249,957
Halkin Finance, LLC		0.07	%		07/06/21		500,000		499,995

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
ING US Funding, LLC		0.20	%		07/09/21		280,000		279,996
ING US Funding, LLC		0.17	%		08/26/21		250,000		249,934
ING US Funding, LLC		0.17	%		09/01/21		250,000		249,927
ING US Funding, LLC		0.22	%		09/07/21		250,000		249,896
ING US Funding, LLC		0.19	%		09/22/21		250,000		249,890
JP Morgan Securities, LLC (Secured Overnight Financing Rate + 0.14%)		0.19	%⁽²⁾		07/26/21		250,000		250,000
JP Morgan Securities, LLC		0.20	%		10/15/21		250,000		249,853
JP Morgan Securities, LLC (Secured Overnight Financing Rate + 0.12%)		0.17	%⁽²⁾		07/29/21		500,000		500,000
Macquarie Bank LTD/Australia		0.08	%		07/26/21		250,000		249,986
Macquarie Bank LTD/Australia		0.13	%		08/19/21		250,000		249,956
Macquarie Bank LTD/Australia		0.09	%		09/07/21		250,000		249,958
Macquarie Bank LTD/Australia		0.10	%		10/01/21		500,000		499,872
Mizuho Bank LTD/NY		0.19	%		10/04/21		250,000		249,878
Natixis SA/New York, NY		0.15	%		08/05/21		250,000		249,964
Royal Bank of Canada		0.25	%		07/16/21		250,000		249,974
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.15	%		08/11/21		500,000		499,915
Toronto Dominion Bank/New York, NY		0.24	%		04/19/22		500,000		499,027
Toyota Motor Puerto Rico		0.27	%		07/19/21		250,000		249,966
Toyota Motor Puerto Rico		0.26	%		08/27/21		250,000		249,897
Westpac Banking Corp. (Quarterly U.S. LIBOR + 0.01%)		0.20	%⁽²⁾		07/14/21		250,000		250,009
Westpac Banking Corp.		0.20	%		08/19/21		500,000		499,864
Westpac Banking Corp.		0.20	%		12/07/21		250,000		249,777
Total Commercial Paper (Cost $13,225,640)									13,225,640

Corporate Obligations — 6.6%
ANZ New Zealand Int’l LTD		2.88	%		07/25/21		495,000		502,383
Mizuho Financial Group, Inc.		2.27	%		09/13/21		250,000		251,030
Mizuho Securities, LLC		0.18	%		07/19/21		500,000		500,000
Mizuho Securities, LLC		0.13	%		09/27/21		500,000		500,000

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

Page 84

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Corporate Obligations — continued
Toronto Dominion Bank/New York, NY (Quarterly U.S. LIBOR + 0.09%)		0.22	%⁽²⁾		09/03/21		250,000		250,000
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.125%)		0.29	%⁽²⁾		08/13/21		250,000		250,022
Total Corporate Obligations (Cost $2,253,435)									2,253,435

Repurchase Agreements — 23.6%
StoneX (Collateralized by $3,004,982 Various FNMAs and GNMAs, 1.00% - 3.00%, due 9/20/50 - 7/25/51, fair value $3,060,001) (proceeds $3,000,015), purchase date 6/30/21		0.18	%		07/01/21		3,000,000		3,000,000
South Street (Collateralized by $29,851,561 various FCSBs, FMACs, FNMAs, GNMAs, SBAs and U.S Treasury Notes, 0.25% - 6.50%, due 9/30/22 - 6/15/60, fair value $5,103,629)(proceeds $5,000,013), purchase date 6/30/21		0.09	%		07/01/21		5,000,000		5,000,000
Total Repurchase Agreements (Cost $8,000,000)									8,000,000

U.S. Government and Agency Obligations — 1.5%
Federal Agricultural Mortgage Corp. (Federal Reserve Bank Prime Loan Rate - 0.10%)		0.15	%⁽²⁾		07/07/21		500,000		500,000
Total U.S. Government and Agency Obligations (Cost $500,000)									500,000

Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Variable Rate Demand Notes — 11.4%
Caterpillar Financial Power Investment Floating Rate Demand Note		0.20	%⁽¹⁾		07/01/21		1,754,438		1,754,438
Cleveland Clinic Health System		0.02	%⁽¹⁾		07/07/21		250,000		250,000
Michigan State Finance Authority Revenue		0.10	%⁽¹⁾		07/01/21		500,000		500,000
Ohio State Adult Correctional Capital		0.02	%⁽¹⁾		07/07/21		250,000		250,000
Ohio State Parks & Recreation Capital		0.02	%⁽¹⁾		07/07/21		250,000		250,000
State of Ohio Department of Rehabilitation & Correction		0.03	%⁽¹⁾		07/07/21		600,000		600,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County		0.14	%⁽¹⁾		07/01/21		155,000		155,000
Triborough NY Bridge & Tunnel Authority		0.06	%⁽¹⁾		07/01/21		100,000		100,000
Total Variable Rate Demand Notes (Cost $3,859,438)									3,859,438

Money Market Registered Investment Companies — 7.0%
Federated Hermes Government Obligations Fund, 0.03% ⁽³⁾							2,375,441		2,375,441
Total Money Market Registered Investment Companies (Cost $2,375,441)									2,375,441
Total Investments — 99.9% (Cost $33,894,021)									33,894,021
Other Assets less Liabilities — 0.1%									19,105
Total Net Assets — 100.0%									33,913,126

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class							690		9,667
Meeder Dynamic Allocation Fund - Retail Class							1,799		27,111
Meeder Muirfield Fund - Retail Class							808		7,547
Meeder Conservative Allocation Fund - Retail Class							202		4,981
Total Trustee Deferred Compensation (Cost $35,086)									49,306

(1)

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

2021 Semiannual Report | June 30, 2021

Page 85

Schedule of Investments
June 30, 2021 (unaudited)

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, 2021. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(2)	Floating rate security. Interest rates reset periodically. The reference rate and spread are indicated in the description above. The rate shown represents the rate in effect at June 30, 2021. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3)

7-day yield as of June 30, 2021. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies.

(4)	Assets of affiliates to the Prime Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

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

Page 86

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Schedule of Investments
June 30, 2021 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Bank Obligations — 0.5%
Bank Midwest Deposit Account		0.55	%⁽¹⁾		07/01/21		246,850		246,850
CIBC Bank Deposit Account		0.20	%⁽¹⁾		07/01/21		245,583		245,583
First Merchants Bank Deposit Account		0.30	%⁽¹⁾		07/01/21		248,719		248,719
Metro City Bank Deposit Account		0.10	%⁽¹⁾		07/01/21		246,358		246,358
State Bank of India Deposit Account		0.10	%⁽¹⁾		07/01/21		246,500		246,500
TIAA Bank Deposit Account		0.05	%⁽¹⁾		07/01/21		245,666		245,666
Total Bank Obligations (Cost $1,479,676)									1,479,676

Certificates of Deposit — 5.3%
Banco Santander Yankee CD		0.17	%		12/02/21		3,000,000		3,000,219
MUFG Bank LTD/New York, NY Yankee CD		0.24	%		10/14/21		4,000,000		4,001,752
MUFG Bank LTD/New York, NY Yankee CD		0.23	%		10/28/21		1,750,000		1,750,758
Sumitomo Mitsui Trust Bank LTD/New York, NY Yankee CD		0.29	%		07/01/21		800,000		800,005
Toronto Dominion Bank/New York, NY Yankee CD		0.27	%		10/08/21		2,000,000		2,000,888
Toronto Dominion Bank/New York, NY (Quarterly Bloomberg Short Term Bank Yield Index + 0.05%)		0.14	%⁽²⁾		09/09/21		4,500,000		4,499,100
Total Certificates of Deposit (Cost $16,050,635)									16,052,722

Commercial Paper — 50.9%
Anglesea Funding		0.06	%		07/01/21		4,500,000		4,499,991
Anglesea Funding		0.06	%		07/02/21		3,000,000		2,999,988
Anglesea Funding		0.18	%		07/06/21		7,850,000		7,849,898
ANZ New Zealand Int’l LTD		0.20	%		11/05/21		2,000,000		1,999,382
Australia and New Zealand Banking Group		0.17	%		09/30/21		1,500,000		1,499,729
Banco Santander		0.15	%		08/04/21		2,500,000		2,499,783
Banco Santander		0.19	%		08/24/21		2,150,000		2,149,596
Banco Santander		0.17	%		09/03/21		4,000,000		3,998,976
Bank of Nova Scotia		0.23	%		05/03/22		1,550,000		1,547,673

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Bank of Nova Scotia		0.20	%		06/23/22		2,000,000		1,996,082
BNP Paribas		0.15	%		08/03/21		1,975,000		1,974,850
BNP Paribas		0.19	%		09/22/21		3,000,000		2,999,385
BNP Paribas		0.22	%		10/01/21		2,750,000		2,749,346
Canadian Imperial Holdings, Inc.		0.15	%		03/04/22		3,000,000		2,997,078
Canadian Imperial Holdings, Inc.		0.15	%		03/07/22		4,500,000		4,495,532
Chesham Finance, LLC		0.08	%		07/01/21		2,000,000		1,999,996
Chesham Finance, LLC		0.06	%		07/09/21		11,200,000		11,199,776
Collateralized Commercial Paper V Co., LLC		0.14	%		07/12/21		5,000,000		4,999,890
Credit Agricole Corporate and Investment Bank/New York		0.15	%		08/11/21		3,000,000		2,999,754
Ebury Finance, LLC		0.06	%		07/09/21		2,000,000		1,999,960
Ebury Finance, LLC		0.17	%		08/09/21		5,000,000		4,999,445
Halkin Finance, LLC		0.07	%		07/06/21		5,000,000		4,999,935
Halkin Finance, LLC		0.06	%		07/08/21		3,000,000		2,999,946
Halkin Finance, LLC		0.10	%		08/02/21		2,000,000		1,999,816
Halkin Finance, LLC		0.17	%		08/05/21		600,000		599,940
Halkin Finance, LLC		0.09	%		08/25/21		1,000,000		999,834
ING US Funding, LLC		0.20	%		07/09/21		2,000,000		1,999,964
ING US Funding, LLC		0.17	%		08/26/21		2,000,000		1,999,716
ING US Funding, LLC		0.17	%		09/01/21		2,000,000		1,999,682
ING US Funding, LLC		0.22	%		09/07/21		550,000		549,902
ING US Funding, LLC		0.19	%		09/22/21		3,000,000		2,999,313
ING US Funding, LLC		0.18	%		09/30/21		1,460,000		1,459,623
JP Morgan Securities, LLC (Secured Overnight Financing Rate + 0.14%)		0.19	%⁽²⁾		07/26/21		4,750,000		4,750,299
JP Morgan Securities, LLC		0.20	%		10/15/21		2,000,000		1,999,340
JP Morgan Securities, LLC (Secured Overnight Financing Rate + 0.12%)		0.17	%⁽²⁾		07/29/21		4,500,000		4,500,675
Macquarie Bank LTD/Australia		0.15	%		07/14/21		3,000,000		2,999,889
Macquarie Bank LTD/Australia		0.09	%		09/07/21		3,000,000		2,999,292
Macquarie Bank LTD/Australia		0.10	%		10/01/21		3,000,000		2,998,977
Macquarie Bank LTD/Australia		0.18	%		11/01/21		750,000		749,610
Mizuho Bank LTD/NY		0.19	%		10/04/21		3,000,000		2,999,265
Natixis SA/New York, NY		0.18	%		09/07/21		1,000,000		999,847
Royal Bank of Canada		0.25	%		07/16/21		750,000		749,976

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

2021 Semiannual Report | June 30, 2021

Page 87

Schedule of Investments
June 30, 2021 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.08	%		09/01/21		1,705,000		1,704,789
Sumitomo Mitsui Trust Bank LTD/New York, NY		0.12	%		11/01/21		6,000,000		5,997,498
Swedbank AB		0.14	%		12/15/21		2,000,000		1,998,918
Toronto Dominion Bank/New York, NY		0.24	%		04/19/22		4,500,000		4,493,772
Toronto Dominion Bank/New York, NY		0.24	%		07/28/21		1,000,000		999,931
Toyota Motor Puerto Rico		0.27	%		07/19/21		2,000,000		1,999,936
Toyota Motor Puerto Rico		0.26	%		08/27/21		3,000,000		2,999,571
Westpac Banking Corp. (Quarterly U.S. LIBOR + 0.01%)		0.20	%⁽²⁾		07/14/21		4,750,000		4,750,000
Westpac Banking Corp.		0.20	%		08/19/21		2,750,000		2,749,704
Westpac Banking Corp.		0.20	%		12/07/21		3,000,000		2,998,800
Total Commercial Paper (Cost $153,489,950)									153,503,870

Corporate Obligations — 7.4%
ANZ New Zealand Int’l LTD		2.88	%		07/25/21		3,600,000		3,653,755
Mizuho Financial Group, Inc.		2.27	%		09/13/21		4,750,000		4,768,136
Mizuho Securities, LLC		0.18	%		07/19/21		4,500,000		4,499,973
Mizuho Securities, LLC		0.13	%		09/27/21		2,500,000		2,499,945
Toronto Dominion Bank/New York, NY (Quarterly U.S. LIBOR + 0.09%)		0.22	%⁽²⁾		09/03/21		2,250,000		2,250,765
Toyota Motor Credit Corp. (Quarterly U.S. LIBOR + 0.125%)		0.29	%⁽²⁾		08/13/21		4,750,000		4,750,827
Total Corporate Obligations (Cost $22,423,678)									22,423,401

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Repurchase Agreements — 21.5%
StoneX (Collateralized by $32,675,418 various Corporate Bonds, FMACs, and FNMAs, 1.323% - 7.41%, due 9/3/21 - 7/25/51, fair value $35,994,157)(proceeds $35,000,175), purchase date 6/30/21		0.18	%		07/01/21		35,000,000		35,000,000
South Street (Collateralized by $179,109,364 various FCSBs, FMACs, FNMAs, GNMAs, SBAs and U.S Treasury Notes, 0.25% - 6.50%, due 9/30/22 - 6/15/60, fair value $30,621,773)(proceeds $30,000,075), purchase date 6/30/21		0.09	%		07/01/21		30,000,000		30,000,000
Total Repurchase Agreements (Cost $65,000,000)									65,000,000

U.S. Government and Agency Obligations — 1.5%
Federal Agricultural Mortgage Corp. (Federal Reserve Bank Prime Loan Rate - 0.10%)		0.15	%⁽²⁾		07/07/21		4,500,000		4,502,241
Total U.S. Government and Agency Obligations (Cost $4,500,000)									4,502,241

Variable Rate Demand Notes — 10.5%
Caterpillar Financial Power Investment Floating Rate Demand Note		0.20	%⁽¹⁾		07/01/21		15,288,675		15,288,675
Cleveland Clinic Health System		0.02	%⁽¹⁾		07/07/21		1,750,000		1,750,000
Michigan State Finance Authority Revenue		0.10	%⁽¹⁾		07/01/21		4,500,000		4,500,000
Ohio State Adult Correctional Capital		0.02	%⁽¹⁾		07/07/21		1,000,000		1,000,000
Ohio State Parks & Recreation Capital		0.02	%⁽¹⁾		07/07/21		2,750,000		2,750,000

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

Page 88

2021 Semiannual Report | June 30, 2021

Schedule of Investments
June 30, 2021 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Variable Rate Demand Notes — continued
State of Ohio Department of Rehabilitation & Correction		0.03	%⁽¹⁾		07/07/21		4,600,000		4,600,000
Sports & Exhibition Authority of Pittsburgh and Allegheny County		0.14	%⁽¹⁾		07/01/21		1,810,000		1,810,000
Total Variable Rate Demand Notes (Cost $31,698,675)									31,698,675

Money Market Registered Investment Companies — 2.4%
Federated Hermes Government Obligations Fund, 0.03% ⁽³⁾							7,341,568		7,341,568
Total Money Market Registered Investment Companies (Cost $7,341,568)									7,341,568
Total Investments — 100.0% (Cost $301,984,182)									302,002,153
Other Assets less Liabilities — 0.0%									54,017
Total Net Assets — 100.0%									302,056,170

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class							63		883
Meeder Dynamic Allocation Fund - Retail Class							146		2,200
Meeder Muirfield Fund - Retail Class							223		2,083
Meeder Conservative Allocation Fund - Retail Class							20		493
Total Trustee Deferred Compensation (Cost $4,614)									5,659

(1)

(2)	Floating rate security. Interest rates reset periodically. The reference rate and spread are indicated in the description above. The rate shown represents the rate in effect at June 30, 2021. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3)

(4)	Assets of affiliates to the Institutional Prime Money Market Fund held for the benefit of the Fund’s Trustees in connection with the Trustee Deferred Compensation Plan.

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

2021 Semiannual Report | June 30, 2021

Page 89

Statements of Assets & Liabilities
June 30, 2021 (unaudited)

	Muirfield Fund		Spectrum Fund		Global Allocation Fund
Assets
Investments, at fair value (1)(2)	$	507,241,793	$	160,826,071	$	27,434,312
Repurchase agreements, at fair value (1)		—		—		—
Investments in affiliates, at fair value (1)		95,045,898		31,953,286		16,731,969
Trustee deferred compensation investments, at fair value		328,847		49,228		125,874
Deposits at broker for futures contracts (3)		16,507,926		5,703,319		3,893,884
Cash held at broker for collateral on securities sold short		—		997		—
Receivable for securities sold		5,022,719		1,575,831		177,486
Receivable for capital stock issued		252,693		100,878		3,184
Receivable from investment adviser		—		—		—
Interest and dividend receivable		339,900		111,498		15,170
Prepaid expenses/other assets		49,527		29,682		25,467
Total Assets		624,789,303		200,350,790		48,407,346

Liabilities
Payable for securities purchased		5,059,107		1,608,752		178,803
Payable for collateral on securities loaned		—		902		347,346
Payable for Trustee Deferred Compensation Plan		328,847		49,228		125,874
Payable for capital stock redeemed		187,223		99,815		2,820
Dividends payable		—		—		—
Payable to investment adviser		315,055		117,354		28,310
Accrued distribution plan (12b-1) and shareholder service plan fees		69,070		20,974		3,905
Accrued transfer agent, fund accounting, CCO, and administrative fees		94,503		37,678		12,474
Accrued trustee fees		4,634		1,614		454
Other accrued liabilities		55,826		27,764		12,689
Total Liabilities		6,114,265		1,964,081		712,675

Net Assets	$	618,675,038	$	198,386,709	$	47,694,671

Net Assets
Capital	$	461,339,275	$	146,737,413	$	37,713,337
Distributable Earnings (Accumulated Deficit)		157,335,763		51,649,296		9,981,334
Total Net Assets	$	618,675,038	$	198,386,709	$	47,694,671

Net Asset Value Per Share
Retail Class
Net Assets	$	41,286,041	$	2,548,037	$	3,985,451
Shares Outstanding		4,421,674		183,781		316,622
Net Asset Value, Offering and Redemption Price Per Share	$	9.34	$	13.86	$	12.59

Adviser Class
Net Assets	$	99,734,334	$	36,465,019	$	5,405,611
Shares Outstanding		10,583,531		2,620,999		428,379
Net Asset Value, Offering and Redemption Price Per Share	$	9.42	$	13.91	$	12.62

Institutional Class
Net Assets	$	477,654,663	$	159,373,653	$	38,303,609
Shares Outstanding		50,578,356		11,415,579		3,042,852
Net Asset Value, Offering and Redemption Price Per Share	$	9.44	$	13.96	$	12.59

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	$	447,547,711	$	145,789,305	$	37,471,843
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5)	$	—	$	905	$	340,876
(3) Required margin held as collateral for futures contracts	$	6,720,787	$	2,255,396	$	1,258,754

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

Page 90

2021 Semiannual Report | June 30, 2021

Balanced Fund		Moderate Allocation Fund		Conservative Allocation Fund			Dynamic Allocation Fund		Quantex Fund		Tactical Income Fund			Prime Money Market Fund		Institutional Prime Money Market Fund

$	370,200,131	$	164,554,857	$	138,286,605		$	152,476,379	$	43,298,231	$	66,134,028		$	25,894,021	$	237,002,153
	—		—		—			—		—		—			8,000,000		65,000,000
	44,785,359		15,287,989		10,242,759			48,864,538		1,723,465		2,254,484			—		—
	214,637		35,349		86,995			255,414		75,486		84,838			49,306		5,659
	9,920,646		4,008,943		2,209,359			8,054,432		646,035		—			—		—
	—		—		—			—		—		—			—		—
	2,352,076		693,521		308,633			1,395,229		279		38			—		—
	263,184		67,091		62,166			92,077		3,246		11,718			—		—
	—		—		—			—		—		—			11,167		33,073
	229,308		98,668		79,297			95,013		58,142		31,151			11,684		101,498
	39,964		36,360		32,441			32,900		29,065		38,365			15,714		7,040
	428,005,305		184,782,778		151,308,255			211,265,982		45,833,949		68,554,622			33,981,892		302,149,423


	2,369,786		699,628		311,182			1,413,984		—		—			—		—
	9,888,148		6,510,777		7,899,314			1,015		—		—			—		—
	214,637		35,349		86,995			255,414		75,486		84,838			49,306		5,659
	249,498		88,162		149,074			42,597		39,861		34,744			—		—
	—		—		2,668			—		—		693			—		12,532
	220,571		84,058		56,380			106,678		28,443		15,536			—		—
	31,575		10,763		14,375			32,168		14,766		8,139			51		53
	73,722		34,256		28,522			39,418		12,509		13,854			8,792		46,388
	3,355		1,591		1,323			1,601		378		728			244		243
	39,746		21,514		19,918			22,943		14,361		12,917			10,373		28,378
	13,091,038		7,486,098		8,569,751			1,915,818		185,804		171,449			68,766		93,253

$	414,914,267	$	177,296,680	$	142,738,504		$	209,350,164	$	45,648,145	$	68,383,173		$	33,913,126	$	302,056,170


$	324,692,049	$	148,851,843	$	128,299,197		$	135,350,404	$	30,848,039	$	76,494,884		$	33,913,126	$	302,040,461
	90,222,218		28,444,837		14,439,307			73,999,760		14,800,106		(8,111,711	)		—		15,709
$	414,914,267	$	177,296,680	$	142,738,504		$	209,350,164	$	45,648,145	$	68,383,173		$	33,913,126	$	302,056,170



$	7,098,798	$	1,251,673	$	6,825,877		$	10,565,659	$	18,579,323	$	2,610,052
	506,578		95,048		276,748			701,196		416,394		266,552
$	14.01	$	13.17	$	24.66		$	15.07	$	44.62	$	9.79


$	69,215,087	$	28,958,139	$	21,811,648		$	27,569,467	$	4,676,363	$	9,122,358
	4,892,857		2,191,889		875,454			1,816,536		104,379		931,551
$	14.15	$	13.21	$	24.91		$	15.18	$	44.80	$	9.79


$	338,600,382	$	147,086,868	$	114,100,979		$	171,215,038	$	22,392,459	$	56,650,763
	23,889,862		11,108,403		4,567,928			11,295,359		500,644		5,787,929
$	14.17	$	13.24	$	24.98	��	$	15.16	$	44.73	$	9.79


														$	33,913,126	$	302,056,170
															33,913,126		301,994,348
														$	1.00	$	1.0002

$	338,987,249	$	157,229,828	$	136,316,442		$	158,188,956	$	34,326,150	$	66,741,710		$	33,894,021	$	301,984,182
$	9,703,970	$	6,389,524	$	7,752,180		$	1,018	$	—	$	—		$	—	$	—
$	3,207,148	$	1,096,282	$	673,199		$	3,380,830	$	121,500	$	—		$	—	$	—

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

2021 Semiannual Report | June 30, 2021

Page 91

Statements of Operations
For the Six Months Ended June 30, 2021 (unaudited)

	Muirfield Fund			Spectrum Fund			Global Allocation Fund
Investment Income
Interest	$	752		$	—		$	761
Income from affiliates		25,703			7,742			4,497
Dividends		3,612,494			1,141,111			257,223
Total Investment Income		3,638,949			1,148,853			262,481

Fund Expenses
Investment adviser		1,904,715			712,063			173,232
Transfer agent - Retail Class		28,386			4,535			2,972
Transfer agent - Adviser Class		50,941			20,131			2,871
Transfer agent - Institutional Class		232,241			89,264			21,874
Transfer agent - Money Market Funds
Fund accounting		47,820			27,842			19,000
Administrative		217,349			80,912			23,097
Trustee		14,167			4,772			1,404
Audit and tax services		6,677			6,676			6,677
Legal		2,684			2,680			2,678
Custody		26,614			8,605			2,048
Printing		3,420			1,342			273
Distribution plan (12b-1) - Retail Class (1)		53,173			9,208			6,158
Distribution plan (12b-1) - Money Market Funds
Shareholder service plan - Retail Class		42,273			7,366			3,719
Shareholder service plan - Adviser Class		17,283			5,938			871
Shareholder service plan - Institutional Class		123,024			46,120			984
Postage		7,103			4,065			222
Registration and filing		32,728			25,604			23,147
Insurance		14,471			4,770			1,083
Chief Compliance Officer		3,381			3,381			3,381
Other		20,067			14,337			11,748
Total Expenses Before Reductions		2,848,517			1,079,611			307,439

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)		(1,027	)		(281	)		(263	)

Net Expenses		2,847,490			1,079,330			307,176

Net Investment Income (Loss)		791,459			69,523			(44,695	)

Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from unaffiliated investments		48,005,751			18,648,472			2,457,407
Net realized gains (losses) from affiliated investments		(5,418	)		(1,023	)		(343	)
Net realized gains (losses) from futures contracts		13,913,693			4,349,760			2,664,854
Distributions of long-term realized gains by other investment companies		—			—			460
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		61,914,026			22,997,209			5,122,378

Net change in unrealized appreciation (depreciation) of unaffiliated investments		19,800,532			3,818,669			338,978
Net change in unrealized appreciation (depreciation) of affiliated investments		(2,672	)		(1,400	)		(1,143	)
Net change in unrealized appreciation (depreciation) of futures contracts		(4,761,153	)		(1,327,363	)		(747,665	)
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts		15,036,707			2,489,906			(409,830	)

Net Realized and Unrealized Gain (Loss) from Investments		76,950,733			25,487,115			4,712,548

Net Change in Net Assets Resulting from Operations	$	77,742,192		$	25,556,638		$	4,667,853

(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 92

2021 Semiannual Report | June 30, 2021

Balanced Fund			Moderate Allocation Fund			Conservative Allocation Fund			Dynamic Allocation Fund			Quantex Fund			Tactical Income Fund			Prime Money Market Fund			Institutional Prime Money Market Fund

$	944		$	240		$	156		$	753		$	—		$	43,552		$	31,461		$	271,573
	12,811			4,786			2,683			12,734			898			836			—			—
	3,591,657			1,864,302			1,789,324			1,215,128			407,260			904,847			—			—
	3,605,412			1,869,328			1,792,163			1,228,615			408,158			949,235			31,461			271,573


	1,353,753			521,354			349,197			762,707			168,603			133,593			67,561			450,795
	10,082			3,348			5,958			8,492			10,974			1,596
	38,317			16,485			12,271			16,746			2,573			3,717
	192,598			84,437			65,577			97,019			13,430			21,407
																			13,512			120,452
	38,431			27,037			25,332			28,536			18,877			21,060			17,759			33,404
	165,624			74,473			60,830			86,464			22,480			31,677			16,890			125,411
	9,903			4,488			3,699			5,253			1,339			1,935			649			649
	6,676			5,136			5,136			7,582			6,677			7,400			6,904			6,904
	2,682			2,680			2,679			2,680			2,678			2,678			2,680			2,684
	18,624			8,250			6,779			9,284			1,999			3,387			1,488			12,469
	2,496			1,090			968			1,451			250			444			34			1,801
	20,530			6,773			12,261			17,498			18,266			4,922
																			49			—
	16,424			5,419			9,270			10,709			2,707			3,308
	10,864			4,773			3,565			5,396			721			1,722
	96,299			38,700			30,056			39,616			8,729			14,984
	5,207			2,600			2,528			2,967			394			1,029			193			705
	30,322			24,632			25,172			26,150			22,621			26,569			10,238			2,300
	10,026			4,454			3,627			4,676			927			1,624			941			7,750
	3,381			3,381			3,381			3,381			3,381			3,381			3,367			3,356
	16,745			13,743			13,262			14,063			12,403			12,264			15,828			19,743
	2,048,984			853,254			641,549			1,150,670			320,029			298,696			158,093			788,423

	—			—			—			—			—			—			(127,909	)		(602,994	)
	—			—			—			(101,881	)		—			(36,738	)		—			—
	(8,317	)		(5,919	)		(7,562	)		(385	)		(745	)		—			—			—

	2,040,667			847,335			633,987			1,048,404			319,284			261,958			30,184			185,429

	1,564,745			1,021,993			1,158,176			180,211			88,874			687,277			1,277			86,144


	25,754,283			8,356,492			5,573,923			20,215,598			6,209,334			1,923,502			—			341
	3,416			1,289			1,827			(2,715	)		(209	)		1,378			—			—
	7,206,076			2,983,389			1,497,188			6,436,407			601,505			—			—			—
	12,170			8,825			10,131			—			—			7,536			—			—
	32,975,945			11,349,995			7,083,069			26,649,290			6,810,630			1,932,416			—			341

	4,677,261			(231,762	)		(2,494,177	)		(551,002	)		2,959,912			(3,181,204	)		—			(16,240	)
	(7,544	)		(2,908	)		(2,632	)		(974	)		—			(1,594	)		—			—
	(2,271,150	)		(861,806	)		(370,239	)		(1,728,459	)		(54,416	)		—			—			—
	2,398,567			(1,096,476	)		(2,867,048	)		(2,280,435	)		2,905,496			(3,182,798	)		—			(16,240	)

	35,374,512			10,253,519			4,216,021			24,368,855			9,716,126			(1,250,382	)		—			(15,899	)

$	36,939,257		$	11,275,512		$	5,374,197		$	24,549,066		$	9,805,000		$	(563,105	)	$	1,277		$	70,245

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

2021 Semiannual Report | June 30, 2021

Page 93

Statements of Changes in Net Assets
For the Six Months Ended June 30, 2021 (unaudited) and the Year Ended December 31, 2020

	Muirfield Fund						Spectrum Fund
	2021			2020			2021			2020
Operations
Net investment income (loss)	$	791,459		$	3,585,998		$	69,523		$	453,822
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		61,914,026			(31,461,989	)		22,997,209			(8,645,657	)
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		15,036,707			41,737,561			2,489,906			6,143,213
Net change in net assets resulting from operations		77,742,192			13,861,570			25,556,638			(2,048,622	)

Distributions to Shareholders
Retail Class		—			(891,986	)		—			(34,997	)
Adviser Class		—			(476,110	)		—			(119,760	)
Institutional Class		—			(3,575,015	)		—			(1,287,213	)
Money Market Funds
Change in net assets resulting from distributions		—			(4,943,111	)		—			(1,441,970	)

Capital Transactions:
Issued		193,258,782			119,150,871			62,123,052			33,621,402
Reinvested		—			4,887,303			—			1,436,609
Redeemed		(226,150,950	)		(240,559,569	)		(74,571,534	)		(59,355,574	)
Net change in net assets resulting from capital transactions		(32,892,168	)		(116,521,395	)		(12,448,482	)		(24,297,563	)

Total Change in Net Assets		44,850,024			(107,602,936	)		13,108,156			(27,788,155	)

Net Assets - Beginning of Year		573,825,014			681,427,950			185,278,553			213,066,708

Net Assets - End of Year	$	618,675,038		$	573,825,014		$	198,386,709		$	185,278,553

Share Transactions:
Issued		22,209,447			16,391,709			4,850,392			3,112,011
Reinvested		—			673,995			—			129,657
Redeemed		(26,097,429	)		(33,137,060	)		(5,816,477	)		(5,408,355	)
Net change in shares		(3,887,982	)		(16,071,356	)		(966,085	)		(2,166,687	)

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

Page 94

2021 Semiannual Report | June 30, 2021

Global Allocation Fund						Balanced Fund						Moderate Allocation Fund						Conservative Allocation Fund
2021			2020			2021			2020			2021			2020			2021			2020

$	(44,695	)	$	35,443		$	1,564,745		$	3,743,361		$	1,021,993		$	2,227,297		$	1,158,176		$	2,405,756
	5,122,378			(1,015,703	)		32,975,945			(14,521,799	)		11,349,995			(3,857,730	)		7,083,069			(1,828,524	)
	(409,830	)		1,760,992			2,398,567			31,078,961			(1,096,476	)		11,375,436			(2,867,048	)		8,226,540
	4,667,853			780,732			36,939,257			20,300,523			11,275,512			9,745,003			5,374,197			8,803,772


	—			(197,994	)		—			(508,216	)		—			(348,167	)		(36,029	)		(460,327	)
	—			(44,862	)		—			(178,375	)		—			(139,338	)		(210,071	)		(131,623	)
	—			(1,068,177	)		—			(2,678,233	)		—			(1,881,646	)		(1,002,435	)		(1,888,631	)

	—			(1,311,033	)		—			(3,364,824	)		—			(2,369,151	)		(1,248,535	)		(2,480,581	)


	9,711,155			4,855,089			118,000,137			85,229,485			49,978,633			37,550,739			41,270,314			31,767,589
	—			1,310,881			—			3,350,773			—			2,352,800			1,244,174			2,468,367
	(12,266,270	)		(11,477,267	)		(136,523,100	)		(117,215,009	)		(60,222,207	)		(49,054,750	)		(45,420,196	)		(36,972,468	)
	(2,555,115	)		(5,311,297	)		(18,522,963	)		(28,634,751	)		(10,243,574	)		(9,151,211	)		(2,905,708	)		(2,736,512	)

	2,112,738			(5,841,598	)		18,416,294			(11,699,052	)		1,031,938			(1,775,359	)		1,219,954			3,586,679

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

$	47,694,671		$	45,581,933		$	414,914,267		$	396,497,973		$	177,296,680		$	176,264,742		$	142,738,504		$	141,518,550


	816,946			468,221			8,841,252			7,344,043			3,947,691			3,278,868			1,687,635			1,396,311
	—			118,509			—			288,516			—			202,735			50,445			107,211
	(1,031,902	)		(1,115,719	)		(10,255,993	)		(10,012,960	)		(4,758,325	)		(4,264,615	)		(1,869,798	)		(1,623,114	)
	(214,956	)		(528,989	)		(1,414,741	)		(2,380,401	)		(810,634	)		(783,012	)		(131,718	)		(119,592	)

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

2021 Semiannual Report | June 30, 2021

Page 95

Statements of Changes in Net Assets
For the Six Months Ended June 30, 2021 (unaudited) and the Year Ended December 31, 2020

	Dynamic Allocation Fund						Quantex Fund
	2021			2020			2021			2020
Operations
Net investment income (loss)	$	180,211		$	1,051,949		$	88,874		$	320,722
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		26,649,290			7,756,721			6,810,630			(2,627,253	)
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		(2,280,435	)		17,561,498			2,905,496			(5,074,570	)
Net change in net assets resulting from operations		24,549,066			26,370,168			9,805,000			(7,381,101	)

Distributions to Shareholders
Retail Class		—			(825,448	)		—			(107,170	)
Adviser Class		—			(322,349	)		—			(5,977	)
Institutional Class		—			(3,697,919	)		—			(179,516	)
Money Market Funds
Change in net assets resulting from distributions		—			(4,845,716	)		—			(292,663	)

Capital Transactions:
Issued		62,880,140			39,358,423			14,552,837			7,663,727
Reinvested		—			4,838,177			—			278,503
Redeemed		(77,358,788	)		(66,674,299	)		(18,802,949	)		(22,913,934	)
Net change in net assets resulting from capital transactions		(14,478,648	)		(22,477,699	)		(4,250,112	)		(14,971,704	)

Total Change in Net Assets		10,070,418			(953,247	)		5,554,888			(22,645,468	)

Net Assets - Beginning of Year		199,279,746			200,232,993			40,093,257			62,738,725

Net Assets - End of Year	$	209,350,164		$	199,279,746		$	45,648,145		$	40,093,257

Share Transactions:
Issued		4,463,428			3,361,299			364,381			270,380
Reinvested		—			374,002			—			9,772
Redeemed		(5,480,047	)		(5,737,165	)		(466,824	)		(808,586	)
Net change in shares		(1,016,619	)		(2,001,864	)		(102,443	)		(528,434	)

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

Page 96

2021 Semiannual Report | June 30, 2021

Tactical Income Fund						Prime Money Market Fund						Institutional Prime Money Market Fund
2021			2020			2021			2020			2021			2020

$	687,277		$	1,406,923		$	1,277		$	161,038		$	86,144		$	1,871,667
	1,932,416			299,375			—			—			341			638
	(3,182,798	)		3,078,543			—			—			(16,240	)		14,914
	(563,105	)		4,784,841			1,277			161,038			70,245			1,887,219


	(25,732	)		(221,612	)
	(122,215	)		(112,411	)
	(689,514	)		(1,069,932	)
							(1,277	)		(161,038	)		(86,144	)		(1,871,668	)
	(837,461	)		(1,403,955	)		(1,277	)		(161,038	)		(86,144	)		(1,871,668	)


	27,024,794			23,336,398			6,967,470			21,491,888			295,898,393			472,288,464
	831,831			1,392,130			1,252			158,887			12,068			307,362
	(26,177,105	)		(21,837,670	)		(7,633,895	)		(21,895,568	)		(330,283,430	)		(506,286,355	)
	1,679,520			2,890,858			(665,173	)		(244,793	)		(34,372,969	)		(33,690,529	)

	278,954			6,271,744			(665,173	)		(244,793	)		(34,388,868	)		(33,674,978	)

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

$	68,383,173		$	68,104,219		$	33,913,126		$	34,578,299		$	302,056,170		$	336,445,038


	2,739,663			2,397,112			6,967,470			21,491,888			295,834,948			472,214,087
	85,165			141,988			1,252			158,887			12,064			307,353
	(2,656,742	)		(2,253,945	)		(7,633,895	)		(21,895,568	)		(330,206,979	)		(506,302,922	)
	168,086			285,155			(665,173	)		(244,793	)		(34,359,967	)		(33,781,482	)

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

2021 Semiannual Report | June 30, 2021

Page 97

Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2021 (unaudited) and
Each Fiscal Period Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital			Total Distributions
Muirfield Fund - Retail Class (1)(2)(3)(4)
2021	$	8.20		(0.00	)		1.14			1.14			0.00			0.00			0.00			0.00
2020	$	7.91		0.03			0.31			0.34			(0.05	)		0.00			0.00			(0.05	)
2019	$	7.16		0.07			0.89			0.96			(0.03	)		(0.18	)		0.00			(0.21	)
2018	$	7.54		0.04			(0.31	)		(0.27	)		(0.04	)		(0.07	)		0.00			(0.11	)
2017	$	6.79		0.04			1.34			1.38			(0.04	)		(0.59	)		0.00			(0.63	)
2016	$	6.47		0.05			0.32			0.37			(0.05	)		0.00			0.00			(0.05	)
Muirfield Fund - Adviser Class (1)(2)(3)(4)
2021	$	8.26		0.02			1.14			1.16			0.00			0.00			0.00			0.00
2020	$	7.97		0.05			0.31			0.36			(0.07	)		0.00			0.00			(0.07	)
2019	$	7.20		0.09			0.90			0.99			(0.04	)		(0.18	)		0.00			(0.22	)
2018	$	7.57		0.06			(0.31	)		(0.25	)		(0.05	)		(0.07	)		0.00			(0.12	)
2017	$	6.80		0.05			1.34			1.39			(0.03	)		(0.59	)		0.00			(0.62	)
2016 (7)	$	6.51		0.01			0.29			0.30			(0.01	)		0.00			0.00			(0.01	)
Muirfield Fund - Institutional Class (1)(2)(3)(4)
2021	$	8.28		0.01			1.15			1.16			0.00			0.00			0.00			0.00
2020	$	7.99		0.05			0.31			0.36			(0.07	)		0.00			0.00			(0.07	)
2019	$	7.21		0.10			0.90			1.00			(0.04	)		(0.18	)		0.00			(0.22	)
2018	$	7.57		0.08			(0.31	)		(0.23	)		(0.06	)		(0.07	)		0.00			(0.13	)
2017	$	6.80		0.07			1.33			1.40			(0.04	)		(0.59	)		0.00			(0.63	)
2016 (7)	$	6.51		0.02			0.29			0.31			(0.02	)		0.00			0.00			(0.02	)
Spectrum Fund - Retail Class (1)(2)(3)(4)
2021	$	12.15		(0.03	)		1.74			1.71			0.00			0.00			0.00			0.00
2020	$	12.19		(0.00	)		(0.03	)		(0.03	)		(0.01	)		0.00			0.00			(0.01	)
2019	$	10.89		0.04			1.38			1.42			(0.01	)		(0.11	)		0.00			(0.12	)
2018	$	11.48		0.03			(0.49	)		(0.46	)		0.00			(0.13	)		0.00			(0.13	)
2017	$	10.28		(0.01	)		1.99			1.98			0.00			(0.78	)		0.00			(0.78	)
2016	$	9.73		0.02			0.66			0.68			(0.02	)		(0.11	)		0.00			(0.13	)
Spectrum Fund - Adviser Class (1)(2)(3)(4)
2021	$	12.17		0.01			1.73			1.74			0.00			0.00			0.00	��		0.00
2020	$	12.27		0.03			(0.02	)		0.01			(0.11	)		0.00			0.00			(0.11	)
2019	$	10.95		0.07			1.37			1.44			(0.01	)		(0.11	)		0.00			(0.12	)
2018	$	11.53		0.06			(0.48	)		(0.42	)		(0.03	)		(0.13	)		0.00			(0.16	)
2017	$	10.29		0.02			2.00			2.02			0.00			(0.78	)		0.00			(0.78	)
2016 (7)	$	9.97		0.02			0.43			0.45			(0.02	)		(0.11	)		0.00			(0.13	)
Spectrum Fund - Institutional Class (1)(2)(3)(4)
2021	$	12.22		0.01			1.73			1.74			0.00			0.00			0.00			0.00
2020	$	12.31		0.04			(0.02	)		0.02			(0.11	)		0.00			0.00			(0.11	)
2019	$	10.96		0.09			1.38			1.47			(0.01	)		(0.11	)		0.00			(0.12	)
2018	$	11.54		0.08			(0.49	)		(0.41	)		(0.04	)		(0.13	)		0.00			(0.17	)
2017	$	10.29		0.05			1.98			2.03			0.00			(0.78	)		0.00			(0.78	)
2016 (7)	$	9.97		0.02			0.43			0.45			(0.02	)		(0.11	)		0.00			(0.13	)

See footnotes on pages 106 and 107.

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

Page 98

2021 Semiannual Report | June 30, 2021

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	9.34		13.90	%	$	41,286		(0.11	%)		1.24	%		1.24	%		122	%
$	8.20		4.36	%	$	134,240		0.35	%		1.28	%		1.28	%		225	%
$	7.91		13.53	%	$	189,105		0.94	%		1.28	%		1.28	%		222	%
$	7.16		(3.66	%)	$	203,287		0.54	%		1.32	%		1.32	%		225	%
$	7.54		20.29	%	$	250,322		0.49	%		1.33	%		1.33	%		276	%
$	6.79		5.72	%	$	390,817		0.73	%		1.36	%		1.35	%		414	%

$	9.42		14.04	%	$	99,734		0.36	%		0.92	%		0.92	%		122	%
$	8.26		4.67	%	$	48,953		0.64	%		0.98	%		0.98	%		225	%
$	7.97		13.81	%	$	60,024		1.14	%		1.09	%		1.09	%		222	%
$	7.20		(3.39	%)	$	61,159		0.79	%		1.10	%		1.17	%		225	%
$	7.57		20.50	%	$	41,440		0.71	%		1.11	%		1.20	%		276	%
$	6.80		4.68	%	$	154		1.32	%		0.99	%		0.99	%		414	%

$	9.44		14.01	%	$	477,655		0.29	%		0.94	%		0.94	%		122	%
$	8.28		4.66	%	$	390,632		0.73	%		0.88	%		0.97	%		225	%
$	7.99		14.01	%	$	432,299		1.35	%		0.87	%		0.98	%		222	%
$	7.21		(3.17	%)	$	346,563		1.00	%		0.90	%		0.98	%		225	%
$	7.57		20.60	%	$	186,200		0.88	%		0.91	%		1.00	%		276	%
$	6.80		4.72	%	$	845		1.33	%		0.98	%		0.98	%		414	%

$	13.86		14.07	%	$	2,548		(0.43	%)		1.48	%		1.48	%		126	%
$	12.15		(0.23	%)	$	36,604		(0.04	%)		1.73	%		1.73	%		182	%
$	12.19		13.03	%	$	51,060		0.37	%		1.77	%		1.77	%		74	%
$	10.89		(3.97	%)	$	51,083		0.26	%		1.89	%		1.89	%		97	%
$	11.48		19.28	%	$	59,441		(0.08	%)		2.16	%		2.16	%		120	%
$	10.28		6.97	%	$	124,009		0.16	%		1.99	%		1.99	%		235	%

$	13.91		14.30	%	$	36,465		0.14	%		1.10	%		1.10	%		126	%
$	12.17		0.18	%	$	12,475		0.32	%		1.36	%		1.36	%		182	%
$	12.27		13.17	%	$	15,564		0.63	%		1.51	%		1.51	%		74	%
$	10.95		(3.67	%)	$	14,486		0.49	%		1.70	%		1.70	%		97	%
$	11.53		19.65	%	$	12,921		0.21	%		1.89	%		2.01	%		120	%
$	10.29		4.49	%	$	48		1.07	%		1.88	%		1.88	%		235	%

$	13.96		14.24	%	$	159,374		0.08	%		1.13	%		1.13	%		126	%
$	12.22		0.25	%	$	136,200		0.33	%		1.32	%		1.33	%		182	%
$	12.31		13.44	%	$	146,443		0.77	%		1.38	%		1.40	%		74	%
$	10.96		(3.51	%)	$	117,166		0.71	%		1.50	%		1.50	%		97	%
$	11.54		19.75	%	$	82,513		0.45	%		1.70	%		1.82	%		120	%
$	10.29		4.52	%	$	461		1.07	%		1.87	%		1.87	%		235	%

See footnotes on pages 106 and 107.

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

2021 Semiannual Report | June 30, 2021

Page 99

Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2021 (unaudited) and
Each Fiscal Period Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital		Total Distributions
Global Allocation Fund - Retail Class (1)(2)(3)(4)
2021	$	11.40		(0.04	)		1.23			1.19			0.00			0.00			0.00		0.00
2020	$	11.32		(0.02	)		0.35			0.33			0.00			(0.25	)		0.00		(0.25	)
2019	$	10.22		0.08			1.26			1.34			(0.04	)		(0.20	)		0.00		(0.24	)
2018	$	11.53		0.05			(0.85	)		(0.80	)		(0.06	)		(0.45	)		0.00		(0.51	)
2017	$	9.56		0.04			2.09			2.13			(0.03	)		(0.13	)		0.00		(0.16	)
2016	$	9.34		0.09			0.24			0.33			(0.11	)		0.00			0.00		(0.11	)
Global Allocation Fund - Adviser Class (1)(2)(3)(4)
2021	$	11.42		(0.01	)		1.21			1.20			0.00			0.00			0.00		0.00
2020	$	11.35		0.01			0.37			0.38			(0.06	)		(0.25	)		0.00		(0.31	)
2019	$	10.24		0.11			1.25			1.36			(0.05	)		(0.20	)		0.00		(0.25	)
2018	$	11.54		0.09			(0.86	)		(0.77	)		(0.08	)		(0.45	)		0.00		(0.53	)
2017	$	9.57		0.15			2.03			2.18			(0.08	)		(0.13	)		0.00		(0.21	)
2016 (7)	$	9.41		0.06			0.16			0.22			(0.06	)		0.00			0.00		(0.06	)
Global Allocation Fund - Institutional Class (1)(2)(3)(4)
2021	$	11.38		(0.01	)		1.22			1.21			0.00			0.00			0.00		0.00
2020	$	11.36		0.02			0.35			0.37			(0.10	)		(0.25	)		0.00		(0.35	)
2019	$	10.24		0.13			1.26			1.39			(0.07	)		(0.20	)		0.00		(0.27	)
2018	$	11.55		0.11			(0.86	)		(0.75	)		(0.11	)		(0.45	)		0.00		(0.56	)
2017	$	9.58		0.12			2.09			2.21			(0.11	)		(0.13	)		0.00		(0.24	)
2016 (7)	$	9.41		0.06			0.16			0.22			(0.05	)		0.00			0.00		(0.05	)
Balanced Fund - Retail Class (1)(2)(3)(4)
2021	$	12.82		(0.01	)		1.20			1.19			0.00			0.00			0.00		0.00
2020	$	12.26		0.08			0.56			0.64			(0.08	)		0.00			0.00		(0.08	)
2019	$	11.08		0.16			1.20			1.36			(0.09	)		(0.09	)		0.00		(0.18	)
2018	$	11.61		0.12			(0.49	)		(0.37	)		(0.10	)		(0.06	)		0.00		(0.16	)
2017	$	10.74		0.09			1.49			1.58			(0.11	)		(0.60	)		0.00		(0.71	)
2016	$	10.36		0.11			0.39			0.50			(0.12	)		0.00			0.00		(0.12	)
Balanced Fund - Adviser Class (1)(2)(3)(4)
2021	$	12.92		0.06			1.17			1.23			0.00			0.00			0.00		0.00
2020	$	12.35		0.13			0.56			0.69			(0.12	)		0.00			0.00		(0.12	)
2019	$	11.15		0.19			1.21			1.40			(0.11	)		(0.09	)		0.00		(0.20	)
2018	$	11.68		0.15			(0.49	)		(0.34	)		(0.13	)		(0.06	)		0.00		(0.19	)
2017	$	10.74		0.13			1.50			1.63			(0.09	)		(0.60	)		0.00		(0.69	)
2016 (7)	$	10.49		0.04			0.25			0.29			(0.04	)		0.00			0.00		(0.04	)
Balanced Fund - Institutional Class (1)(2)(3)(4)
2021	$	12.94		0.05			1.18			1.23			0.00			0.00			0.00		0.00
2020	$	12.36		0.14			0.55			0.69			(0.11	)		0.00			0.00		(0.11	)
2019	$	11.15		0.21			1.21			1.42			(0.12	)		(0.09	)		0.00		(0.21	)
2018	$	11.68		0.18			(0.51	)		(0.33	)		(0.14	)		(0.06	)		0.00		(0.20	)
2017	$	10.75		0.16			1.47			1.63			(0.10	)		(0.60	)		0.00		(0.70	)
2016 (7)	$	10.49		0.04			0.26			0.30			(0.04	)		0.00			0.00		(0.04	)

See footnotes on pages 106 and 107.

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

Page 100

2021 Semiannual Report | June 30, 2021

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	12.59		10.44	%	$	3,985		(0.64	%)		1.68	%		1.68	%		96	%
$	11.40		2.96	%	$	9,001		(0.25	%)		1.74	%		1.74	%		179	%
$	11.32		13.17	%	$	11,154		0.76	%		1.68	%		1.68	%		185	%
$	10.22		(6.94	%)	$	13,810		0.47	%		1.63	%		1.63	%		163	%
$	11.53		22.33	%	$	35,512		0.35	%		1.63	%		1.63	%		179	%
$	9.56		3.54	%	$	75,657		1.00	%		1.41	%		1.54	%		169	%

$	12.62		10.51	%	$	5,406		(0.12	%)		1.32	%		1.32	%		96	%
$	11.42		3.42	%	$	1,740		0.09	%		1.40	%		1.40	%		179	%
$	11.35		13.34	%	$	1,772		1.01	%		1.45	%		1.45	%		185	%
$	10.24		(6.73	%)	$	1,624		0.75	%		1.44	%		1.44	%		163	%
$	11.54		22.84	%	$	1,057		1.38	%		1.33	%		1.44	%		179	%
$	9.57		2.34	%	$	30		3.79	%		1.17	%		1.17	%		169	%

$	12.59		10.63	%	$	38,304		(0.14	%)		1.29	%		1.29	%		96	%
$	11.38		3.43	%	$	34,841		0.17	%		1.31	%		1.31	%		179	%
$	11.36		13.66	%	$	38,497		1.19	%		1.25	%		1.25	%		185	%
$	10.24		(6.57	%)	$	42,976		0.94	%		1.20	%		1.20	%		163	%
$	11.55		23.07	%	$	37,369		1.13	%		1.10	%		1.21	%		179	%
$	9.58		2.34	%	$	330		3.76	%		1.18	%		1.18	%		169	%

$	14.01		9.28	%	$	7,099		(0.21	%)		1.37	%		1.37	%		109	%
$	12.82		5.27	%	$	75,449		0.65	%		1.41	%		1.41	%		189	%
$	12.26		12.29	%	$	92,815		1.34	%		1.41	%		1.41	%		180	%
$	11.08		(3.25	%)	$	90,133		1.06	%		1.43	%		1.43	%		218	%
$	11.61		14.74	%	$	97,116		0.81	%		1.49	%		1.49	%		226	%
$	10.74		4.84	%	$	229,738		1.02	%		1.46	%		1.46	%		322	%

$	14.15		9.52	%	$	69,215		0.94	%		0.99	%		0.99	%		109	%
$	12.92		5.66	%	$	18,699		1.03	%		1.04	%		1.04	%		189	%
$	12.35		12.59	%	$	20,182		1.61	%		1.14	%		1.14	%		180	%
$	11.15		(2.99	%)	$	19,301		1.31	%		1.21	%		1.23	%		218	%
$	11.68		15.21	%	$	12,137		1.13	%		1.21	%		1.30	%		226	%
$	10.74		2.77	%	$	89		2.42	%		1.06	%		1.06	%		322	%

$	14.17		9.51	%	$	338,600		0.80	%		1.01	%		1.01	%		109	%
$	12.94		5.71	%	$	302,350		1.09	%		0.98	%		1.03	%		189	%
$	12.36		12.77	%	$	295,200		1.79	%		0.96	%		1.04	%		180	%
$	11.15		(2.85	%)	$	239,375		1.51	%		1.02	%		1.05	%		218	%
$	11.68		15.25	%	$	169,586		1.35	%		1.02	%		1.11	%		226	%
$	10.75		2.83	%	$	219		2.42	%		1.07	%		1.07	%		322	%

See footnotes on pages 106 and 107.

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

2021 Semiannual Report | June 30, 2021

Page 101

Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2021 (unaudited) and
Each Fiscal Period Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital			Total Distributions
Moderate Allocation Fund - Retail Class (1)(2)(3)(4)
2021	$	12.37		(0.02	)		0.82			0.80			0.00			0.00			0.00			0.00
2020	$	11.85		0.13			0.52			0.65			(0.13	)		0.00			0.00			(0.13	)
2019	$	10.84		0.20			1.00			1.20			(0.19	)		0.00			0.00			(0.19	)
2018	$	11.66		0.18			(0.48	)		(0.30	)		(0.16	)		(0.36	)		0.00			(0.52	)
2017	$	10.46		0.07			1.60			1.67			(0.05	)		(0.42	)		0.00			(0.47	)
2016	$	9.50		0.16			0.97			1.13			(0.17	)		0.00			0.00			(0.17	)
Moderate Allocation Fund - Adviser Class (1)(2)(3)(4)
2021	$	12.39		0.09			0.73			0.82			0.00			0.00			0.00			0.00
2020	$	11.86		0.17			0.53			0.70			(0.17	)		0.00			0.00			(0.17	)
2019	$	10.85		0.24			1.00			1.24			(0.23	)		0.00			0.00			(0.23	)
2018	$	11.66		0.21			(0.49	)		(0.28	)		(0.17	)		(0.36	)		0.00			(0.53	)
2017	$	10.46		0.12			1.59			1.71			(0.09	)		(0.42	)		0.00			(0.51	)
2016 (7)	$	9.87		0.03			0.59			0.62			(0.03	)		0.00			0.00			(0.03	)
Moderate Allocation Fund - Institutional Class (1)(2)(3)(4)
2021	$	12.42		0.08			0.74			0.82			0.00			0.00			0.00			0.00
2020	$	11.89		0.17			0.53			0.70			(0.17	)		0.00			0.00			(0.17	)
2019	$	10.88		0.25			1.00			1.25			(0.24	)		0.00			0.00			(0.24	)
2018	$	11.68		0.23			(0.48	)		(0.25	)		(0.19	)		(0.36	)		0.00			(0.55	)
2017	$	10.47		0.14			1.59			1.73			(0.10	)		(0.42	)		0.00			(0.52	)
2016 (7)	$	9.87		0.03			0.59			0.62			(0.02	)		0.00			0.00			(0.02	)
Conservative Allocation Fund - Retail Class (1)(2)(3)(4)
2021	$	23.91		0.09			0.79			0.88			(0.13	)		0.00			0.00			(0.13	)
2020	$	22.85		0.37			1.04			1.41			(0.35	)		0.00			0.00			(0.35	)
2019	$	21.18		0.51			1.65			2.16			(0.49	)		0.00			0.00			(0.49	)
2018	$	22.54		0.46			(1.04	)		(0.58	)		(0.40	)		(0.38	)		0.00			(0.78	)
2017	$	21.32		0.27			1.36			1.63			(0.41	)		0.00			0.00			(0.41	)
2016	$	18.17		0.11			3.48			3.59			0.00			(0.20	)		(0.24	)		(0.44	)
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4)
2021	$	24.21		0.23			0.71			0.94			(0.24	)		0.00			0.00			(0.24	)
2020	$	23.13		0.46			1.06			1.52			(0.44	)		0.00			0.00			(0.44	)
2019	$	21.44		0.57			1.67			2.24			(0.55	)		0.00			0.00			(0.55	)
2018	$	22.82		0.52			(1.08	)		(0.56	)		(0.44	)		(0.38	)		0.00			(0.82	)
2017	$	21.34		0.36			1.35			1.71			(0.23	)		0.00			0.00			(0.23	)
2016 (7)	$	21.02		0.00	*		0.55			0.55			0.00			(0.20	)		(0.03	)		(0.23	)
Conservative Allocation Fund - Institutional Class (1)(2)(3)(4)
2021	$	24.26		0.21			0.73			0.94			(0.22	)		0.00			0.00			(0.22	)
2020	$	23.18		0.46			1.06			1.52			(0.44	)		0.00			0.00			(0.44	)
2019	$	21.49		0.59			1.68			2.27			(0.58	)		0.00			0.00			(0.58	)
2018	$	22.85		0.56			(1.07	)		(0.51	)		(0.47	)		(0.38	)		0.00			(0.85	)
2017	$	21.34		0.59			1.14			1.73			(0.22	)		0.00			0.00			(0.22	)
2016 (7)	$	21.02		0.00	*		0.55			0.55			0.00			(0.20	)		(0.03	)		(0.23	)

See footnotes on pages 106 and 107.

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

Page 102

2021 Semiannual Report | June 30, 2021

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	13.17		6.47	%	$	1,252		(0.30	%)		1.33	%		1.33	%		96	%
$	12.37		5.55	%	$	30,930		1.00	%		1.38	%		1.38	%		160	%
$	11.85		11.13	%	$	35,460		1.73	%		1.38	%		1.38	%		155	%
$	10.84		(2.60	%)	$	32,502		1.51	%		1.39	%		1.44	%		213	%
$	11.66		15.99	%	$	24,635		0.61	%		1.67	%		1.73	%		349	%
$	10.46		12.06	%	$	56,744		1.62	%		1.61	%		1.80	%		250	%

$	13.21		6.62	%	$	28,958		1.36	%		0.96	%		0.96	%		96	%
$	12.39		6.04	%	$	9,823		1.39	%		1.00	%		1.00	%		160	%
$	11.86		11.45	%	$	10,080		2.00	%		1.11	%		1.11	%		155	%
$	10.85		(2.47	%)	$	9,480		1.78	%		1.19	%		1.24	%		213	%
$	11.66		16.40	%	$	3,538		1.03	%		1.35	%		1.50	%		349	%
$	10.46		6.32	%	$	22		1.92	%		1.21	%		1.21	%		250	%

$	13.24		6.60	%	$	147,087		1.20	%		0.97	%		0.97	%		96	%
$	12.42		6.02	%	$	135,512		1.40	%		0.99	%		0.99	%		160	%
$	11.89		11.52	%	$	132,500		2.10	%		1.01	%		1.01	%		155	%
$	10.88		(2.20	%)	$	119,881		1.97	%		1.01	%		1.05	%		213	%
$	11.68		16.55	%	$	37,945		1.29	%		1.13	%		1.28	%		349	%
$	10.47		6.31	%	$	229		1.92	%		1.24	%		1.24	%		250	%

$	24.66		3.68	%	$	6,826		0.70	%		1.26	%		1.26	%		84	%
$	23.91		6.28	%	$	29,034		1.46	%		1.28	%		1.28	%		139	%
$	22.85		10.25	%	$	31,688		2.19	%		1.28	%		1.28	%		136	%
$	21.18		(2.62	%)	$	30,759		2.09	%		1.27	%		1.38	%		185	%
$	22.54		7.64	%	$	12,545		1.24	%		1.70	%		2.57	%		135	%
$	21.32		19.87	%	$	20,450		0.55	%		2.17	%		2.55	%		44	%

$	24.91		3.90	%	$	21,812		1.91	%		0.88	%		0.88	%		84	%
$	24.21		6.69	%	$	7,082		1.85	%		0.92	%		0.92	%		139	%
$	23.13		10.51	%	$	6,787		2.44	%		1.04	%		1.04	%		136	%
$	21.44		(2.50	%)	$	6,110		2.29	%		1.12	%		1.22	%		185	%
$	22.82		8.01	%	$	682		1.63	%		1.07	%		1.97	%		135	%
$	21.34		2.64	%	$	7		0.11	%		1.93	%		2.18	%		44	%

$	24.98		3.89	%	$	114,101		1.70	%		0.89	%		0.89	%		84	%
$	24.26		6.68	%	$	105,403		1.87	%		0.92	%		0.92	%		139	%
$	23.18		10.61	%	$	99,456		2.54	%		0.94	%		0.94	%		136	%
$	21.49		(2.28	%)	$	92,412		2.50	%		0.92	%		1.04	%		185	%
$	22.85		8.10	%	$	11,739		2.65	%		0.49	%		1.39	%		135	%
$	21.34		2.62	%	$	305		0.08	%		1.96	%		2.21	%		44	%

See footnotes on pages 106 and 107.

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

2021 Semiannual Report | June 30, 2021

Page 103

Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2021 (unaudited) and
Each Fiscal Period Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital		Total Distributions
Dynamic Allocation Fund - Retail Class (1)(2)(3)(4)
2021	$	13.39		(0.02	)		1.70			1.68			0.00			0.00			0.00		0.00
2020	$	11.87		0.03			1.79			1.82			(0.03	)		(0.27	)		0.00		(0.30	)
2019	$	9.79		0.11			2.23			2.34			(0.08	)		(0.18	)		0.00		(0.26	)
2018	$	10.85		0.07			(1.00	)		(0.93	)		(0.06	)		(0.07	)		0.00		(0.13	)
2017	$	9.72		0.06			1.99			2.05			(0.07	)		(0.85	)		0.00		(0.92	)
2016	$	9.36		0.10			0.40			0.50			(0.09	)		(0.05	)		0.00		(0.14	)
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4)
2021	$	13.46		0.02			1.70			1.72			0.00			0.00			0.00		0.00
2020	$	11.91		0.07			1.81			1.88			(0.06	)		(0.27	)		0.00		(0.33	)
2019	$	9.82		0.13			2.24			2.37			(0.10	)		(0.18	)		0.00		(0.28	)
2018	$	10.88		0.09			(1.00	)		(0.91	)		(0.08	)		(0.07	)		0.00		(0.15	)
2017	$	9.73		0.10			1.97			2.07			(0.07	)		(0.85	)		0.00		(0.92	)
2016 (7)	$	9.34		0.02			0.44			0.46			(0.02	)		(0.05	)		0.00		(0.07	)
Dynamic Allocation Fund - Institutional Class (1)(2)(3)(4)
2021	$	13.45		0.01			1.70			1.71			0.00			0.00			0.00		0.00
2020	$	11.90		0.08			1.80			1.88			(0.06	)		(0.27	)		0.00		(0.33	)
2019	$	9.82		0.15			2.23			2.38			(0.12	)		(0.18	)		0.00		(0.30	)
2018	$	10.86		0.12			(1.00	)		(0.88	)		(0.09	)		(0.07	)		0.00		(0.16	)
2017	$	9.72		0.12			1.97			2.09			(0.10	)		(0.85	)		0.00		(0.95	)
2016 (7)	$	9.34		0.02			0.43			0.45			(0.02	)		(0.05	)		0.00		(0.07	)
Quantex Fund - Retail Class (1)(2)(3)(4)
2021	$	35.64		0.06			8.92			8.98			0.00			0.00			0.00		0.00
2020	$	37.91		0.20			(2.28	)		(2.08	)		(0.19	)		0.00			0.00		(0.19	)
2019	$	32.22		0.19			5.75			5.94			(0.25	)		0.00			0.00		(0.25	)
2018	$	36.76		(0.01	)		(4.53	)		(4.54	)		0.00			0.00			0.00		0.00
2017	$	33.36		0.09			4.38			4.47			(0.06	)		(1.01	)		0.00		(1.07	)
2016	$	27.84		0.14			6.02			6.16			(0.16	)		(0.48	)		0.00		(0.64	)
Quantex Fund - Adviser Class (1)(2)(3)(4)
2021	$	35.75		0.14			8.91			9.05			0.00			0.00			0.00		0.00
2020	$	38.01		0.23			(2.28	)		(2.05	)		(0.21	)		0.00			0.00		(0.21	)
2019	$	32.28		0.24			5.76			6.00			(0.27	)		0.00			0.00		(0.27	)
2018	$	36.78		0.10			(4.60	)		(4.50	)		0.00			0.00			0.00		0.00
2017	$	33.37		0.21			4.35			4.56			(0.14	)		(1.01	)		0.00		(1.15	)
2016 (7)	$	30.67		0.04			3.18			3.22			(0.04	)		(0.48	)		0.00		(0.52	)
Quantex - Institutional Class (1)(2)(3)(4)
2021	$	35.70		0.09			8.94			9.03			0.00			0.00			0.00		0.00
2020	$	38.01		0.26			(2.31	)		(2.05	)		(0.26	)		0.00			0.00		(0.26	)
2019	$	32.29		0.29			5.77			6.06			(0.34	)		0.00			0.00		(0.34	)
2018	$	36.77		0.20			(4.62	)		(4.42	)		(0.06	)		0.00			0.00		(0.06	)
2017	$	33.37		0.26			4.35			4.61			(0.20	)		(1.01	)		0.00		(1.21	)
2016 (7)	$	30.67		0.04			3.18			3.22			(0.04	)		(0.48	)		0.00		(0.52	)

See footnotes on pages 106 and 107.

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

Page 104

2021 Semiannual Report | June 30, 2021

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	15.07		12.55	%	$	10,566		(0.27	%)		1.35	%		1.45	%		125	%
$	13.39		15.37	%	$	37,392		0.27	%		1.41	%		1.51	%		236	%
$	11.87		24.00	%	$	40,977		0.97	%		1.41	%		1.51	%		265	%
$	9.79		(8.66	%)	$	40,732		0.62	%		1.45	%		1.55	%		273	%
$	10.85		21.20	%	$	50,570		0.59	%		1.51	%		1.58	%		252	%
$	9.72		5.37	%	$	118,293		1.04	%		1.42	%		1.56	%		369	%

$	15.18		12.78	%	$	27,569		0.26	%		1.00	%		1.10	%		125	%
$	13.46		15.85	%	$	13,322		0.61	%		1.06	%		1.16	%		236	%
$	11.91		24.29	%	$	13,137		1.20	%		1.18	%		1.28	%		265	%
$	9.82		(8.49	%)	$	11,198		0.84	%		1.23	%		1.33	%		273	%
$	10.88		21.42	%	$	10,140		0.87	%		1.27	%		1.34	%		252	%
$	9.73		4.89	%	$	48		1.33	%		1.12	%		1.12	%		369	%

$	15.16		12.71	%	$	171,215		0.20	%		1.01	%		1.11	%		125	%
$	13.45		15.94	%	$	148,566		0.67	%		1.01	%		1.11	%		236	%
$	11.90		24.40	%	$	146,119		1.38	%		1.00	%		1.10	%		265	%
$	9.82		(8.18	%)	$	121,965		1.08	%		1.01	%		1.11	%		273	%
$	10.86		21.61	%	$	70,187		1.10	%		1.05	%		1.12	%		252	%
$	9.72		4.80	%	$	592		1.33	%		1.11	%		1.11	%		369	%

$	44.62		25.20	%	$	18,579		0.27	%		1.52	%		1.52	%		53	%
$	35.64		(5.36	%)	$	18,352		0.65	%		1.53	%		1.53	%		88	%
$	37.91		18.48	%	$	24,979		0.52	%		1.53	%		1.53	%		82	%
$	32.22		(12.35	%)	$	28,319		(0.03	%)		1.57	%		1.62	%		116	%
$	36.76		13.42	%	$	60,161		0.27	%		1.52	%		1.66	%		72	%
$	33.36		22.14	%	$	85,235		0.47	%		1.52	%		1.77	%		91	%

$	44.80		25.31	%	$	4,676		0.66	%		1.32	%		1.32	%		53	%
$	35.75		(5.25	%)	$	986		0.77	%		1.41	%		1.41	%		88	%
$	38.01		18.63	%	$	1,113		0.67	%		1.41	%		1.41	%		82	%
$	32.28		(12.22	%)	$	923		0.28	%		1.42	%		1.47	%		116	%
$	36.78		13.68	%	$	2,114		0.59	%		1.39	%		1.56	%		72	%
$	33.37		10.48	%	$	31		0.75	%		1.15	%		1.40	%		91	%

$	44.73		25.29	%	$	22,392		0.45	%		1.37	%		1.37	%		53	%
$	35.70		(5.22	%)	$	20,756		0.85	%		1.37	%		1.37	%		88	%
$	38.01		18.81	%	$	36,646		0.82	%		1.25	%		1.25	%		82	%
$	32.29		(12.05	%)	$	35,414		0.54	%		1.21	%		1.26	%		116	%
$	36.77		13.84	%	$	32,489		0.75	%		1.18	%		1.35	%		72	%
$	33.37		10.48	%	$	951		0.75	%		1.15	%		1.40	%		91	%

See footnotes on pages 106 and 107.

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

2021 Semiannual Report | June 30, 2021

Page 105

Financial Highlights
For a Share Outstanding Through the Six Months Ended June 30, 2021 (unaudited) and
Each Fiscal Period Ended December 31,

			Income from Investment Operations								Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)		Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains		From Return of Capital		Total Distributions
Tactical Income Fund - Retail Class (1)(2)(3)(4)
2021	$	9.98		0.05		(0.14	)		(0.09	)		(0.10	)		0.00		0.00		(0.10	)
2020	$	9.46		0.21		0.49			0.70			(0.18	)		0.00		0.00		(0.18	)
2019	$	9.03		0.23		0.42			0.65			(0.22	)		0.00		0.00		(0.22	)
2018	$	9.37		0.17		(0.33	)		(0.16	)		(0.18	)		0.00		0.00		(0.18	)
2017	$	9.28		0.24		0.10			0.34			(0.25	)		0.00		0.00		(0.25	)
2016	$	9.14		0.27		0.14			0.41			(0.27	)		0.00		0.00		(0.27	)
Tactical Income Fund - Adviser Class (1)(2)(3)(4)
2021	$	9.99		0.11		(0.19	)		(0.08	)		(0.12	)		0.00		0.00		(0.12	)
2020	$	9.47		0.25		0.49			0.74			(0.22	)		0.00		0.00		(0.22	)
2019	$	9.04		0.26		0.42			0.68			(0.25	)		0.00		0.00		(0.25	)
2018	$	9.38		0.21		(0.35	)		(0.14	)		(0.20	)		0.00		0.00		(0.20	)
2017	$	9.28		0.28		0.10			0.38			(0.28	)		0.00		0.00		(0.28	)
2016 (7)	$	9.46		0.09		(0.19	)		(0.10	)		(0.08	)		0.00		0.00		(0.08	)
Tactical Income Fund - Institutional Class (1)(2)(3)(4)
2021	$	9.99		0.10		(0.18	)		(0.08	)		(0.12	)		0.00		0.00		(0.12	)
2020	$	9.47		0.24		0.50			0.74			(0.22	)		0.00		0.00		(0.22	)
2019	$	9.04		0.27		0.42			0.69			(0.26	)		0.00		0.00		(0.26	)
2018	$	9.38		0.23		(0.35	)		(0.12	)		(0.22	)		0.00		0.00		(0.22	)
2017	$	9.28		0.31		0.08			0.39			(0.29	)		0.00		0.00		(0.29	)
2016 (7)	$	9.46		0.08		(0.18	)		(0.10	)		(0.08	)		0.00		0.00		(0.08	)
Prime Money Market Fund (1)(2)(3)(4)
2021	$	1.00		0.000		N/A			0.000			0.000			0.000		0.000		0.000
2020	$	1.00		0.005		N/A			0.005			(0.004	)		0.000		0.000		(0.004	)
2019	$	1.00		0.020		N/A			0.020			(0.020	)		0.000		0.000		(0.020	)
2018	$	1.00		0.016		N/A			0.016			(0.016	)		0.000		0.000		(0.016	)
2017	$	1.00		0.007		N/A			0.007			(0.007	)		0.000		0.000		(0.007	)
2016	$	1.00		0.003		N/A			0.003			(0.003	)		0.000		0.000		(0.003	)
Institutional Prime Money Market Fund (1)(2)(3)(4)
2021	$	1.0003		0.0003		(0.0004	)		(0.0001	)		0.0000			0.0000		0.0000		0.0000
2020	$	1.0000		0.0058		(0.0005	)		0.0053			(0.0050	)		0.0000		0.0000		(0.0050	)
2019	$	0.9999		0.0231		0.0000			0.0231			(0.0230	)		0.0000		0.0000		(0.0230	)
2018	$	0.9999		0.0190		0.0000			0.0190			(0.0190	)		0.0000		0.0000		(0.0190	)
2017	$	1.0001		0.0101		(0.0003	)		0.0098			(0.0100	)		0.0000		0.0000		(0.0100	)
2016 (6)	$	1.0000		0.0010		0.0001			0.0011			(0.0010	)		0.0000		0.0000		(0.0010	)

Ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after fee reductions, and ratio of expenses to average net assets before fee reductions do not include impact of expenses of the underlying security holdings as represented in the schedule of investments.

2	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

3	Total return and portfolio turnover rate are not annualized for periods of less than one full year.

4	Ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after fee reductions, and ratio of expenses to average net assets before fee reductions are annualized for periods of less than one full year.

5	Except for the Money Market Funds, net investment income per share is based on average shares outstanding during the period.

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

Page 106

2021 Semiannual Report | June 30, 2021

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (8)			Ratio of Expenses to Average Net Assets Before Fee Reductions (9)			Portfolio Turnover Rate

$	9.79		(0.94	%)	$	2,610		1.00	%		1.11	%		1.22	%		106	%
$	9.98		7.46	%	$	12,231		1.87	%		1.15	%		1.26	%		69	%
$	9.46		7.24	%	$	11,137		2.27	%		1.14	%		1.25	%		95	%
$	9.03		(1.67	%)	$	14,932		1.88	%		1.15	%		1.26	%		102	%
$	9.37		3.72	%	$	67,986		2.59	%		1.02	%		1.03	%		133	%
$	9.28		4.49	%	$	214,755		2.87	%		0.98	%		1.00	%		217	%

$	9.79		(0.76	%)	$	9,122		2.21	%		0.75	%		0.86	%		106	%
$	9.99		7.86	%	$	5,463		2.28	%		0.79	%		0.90	%		69	%
$	9.47		7.54	%	$	4,205		2.64	%		0.88	%		0.99	%		95	%
$	9.04		(1.45	%)	$	3,570		2.33	%		0.95	%		1.06	%		102	%
$	9.38		4.07	%	$	9,896		2.95	%		0.83	%		0.84	%		133	%
$	9.28		(1.05	%)	$	84		5.49	%		0.53	%		0.53	%		217	%

$	9.79		(0.76	%)	$	56,651		2.11	%		0.77	%		0.88	%		106	%
$	9.99		7.86	%	$	50,410		2.25	%		0.77	%		0.88	%		69	%
$	9.47		7.67	%	$	46,490		2.72	%		0.76	%		0.87	%		95	%
$	9.04		(1.22	%)	$	48,437		2.50	%		0.76	%		0.87	%		102	%
$	9.38		4.20	%	$	110,674		3.27	%		0.64	%		0.65	%		133	%
$	9.28		(1.08	%)	$	70		5.35	%		0.53	%		0.53	%		217	%

$	1.00		0.00	%	$	33,913		0.01	%		0.18	%		0.94	%		N/A
$	1.00		0.45	%	$	34,578		0.45	%		0.28	%		0.91	%		N/A
$	1.00		2.06	%	$	34,823		2.05	%		0.36	%		0.95	%		N/A
$	1.00		1.59	%	$	40,881		1.59	%		0.44	%		0.94	%		N/A
$	1.00		0.68	%	$	35,211		0.67	%		0.47	%		1.00	%		N/A
$	1.00		0.29	%	$	36,666		0.28	%		0.32	%		0.69	%		N/A

$	1.0002		0.02	%	$	302,056		0.06	%		0.12	%		0.52	%		N/A
$	1.0003		0.57	%	$	336,445		0.57	%		0.15	%		0.52	%		N/A
$	1.0000		2.31	%	$	370,120		2.30	%		0.13	%		0.50	%		N/A
$	0.9999		1.90	%	$	471,603		1.90	%		0.16	%		0.51	%		N/A
$	0.9999		0.96	%	$	296,547		1.01	%		0.17	%		0.56	%		N/A
$	1.0001		0.11	%	$	197,480		0.43	%		0.24	%		0.62	%		N/A

6	Commenced operations on October 7, 2016.

7	Commenced operations on October 31, 2016.

8	Ratio of expenses to average net assets after fee reductions reflects contractual or voluntary waivers and reimbursements of expenses by the investment adviser and transfer agent.

9	Ratio of expenses to average net assets before fee reductions reflects the total expenses before reductions reported in the statements of operations.

*	Actual amounts were less than one-half of a cent per share

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

2021 Semiannual Report | June 30, 2021

Page 107

Notes to Financial Statements
June 30, 2021 (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), Tactical Income Fund (Income), 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.

Effective April 16, 2021, Total Return Bond Fund changed its name to Tactical Income Fund to better align with its new principal investment strategies and new investment objective of “total return, consisting of income and long-term capital growth.” In addition, Quantex Fund changed its principal investment strategies to better align with the Fund’s adviser’s (Meeder Asset Management, Inc.) quantitative models and assessment of economic and market conditions.

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.

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Futures & options. Each Fund, except the Money Market Funds, may engage in transactions in financial futures contracts and options contracts in order to manage the risk of unanticipated changes in market values of securities held in the Fund, or which it intends to purchase. The futures and options contracts are adjusted by the daily exchange rate of the underlying currency, or index, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses in the Statements of Assets and Liabilities and the Statements of Operations until the contract settlement date, at which time amounts are reflected as realized gains and losses in the Statements of Operations.

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 Income 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, 2021, 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, 2021.

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, 2021 was as follows:

Amount of Deposits at Broker and Unrealized Appreciation (Depreciation) on Derivatives
	Type of Derivative/ Risk	Statements of Assets & Liabilities Location	Fair Value of Deposits at Broker for Futures Contracts		Value of Unrealized Appreciation (Depreciation)
Muirfield	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)	$	16,507,926	$	(1,969,624	)
Spectrum	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		5,703,319		(526,569	)
Global	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		3,893,884		(364,186	)
Balanced	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		9,920,646		(894,780	)
Moderate	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		4,008,943		(261,418	)
Conservative	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		2,209,359		(103,395	)
Dynamic	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		8,054,432		(960,761	)
Quantex	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		646,035		(26,760	)

2021 Semiannual Report | June 30, 2021

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The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2021 and related activity was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Contracts as of December 31, 2020		Long and Short Contracts Opened During the Period		Long and Short Contracts Closed/ Expired During the Period		Contracts as of June 30, 2021		Statement of Operations Location	For the Six Months Ended June 30, 2021
Muirfield	Equity contracts		991		2,972		2,962		1,001	Net realized gains (losses) from futures contracts	$	13,913,693
Spectrum	Equity contracts		299		1,136		1,103		332	Net realized gains (losses) from futures contracts		4,349,760
Global	Equity contracts		189		451		453		187	Net realized gains (losses) from futures contracts		2,664,854
Balanced	Equity contracts		487		1,504		1,514		477	Net realized gains (losses) from futures contracts		7,206,076
Moderate	Equity contracts		184		520		548		156	Net realized gains (losses) from futures contracts		2,983,389
Conservative	Equity contracts		86		297		294		89	Net realized gains (losses) from futures contracts		1,497,188
Dynamic	Equity contracts		456		1,318		1,267		507	Net realized gains (losses) from futures contracts		6,436,407
Quantex	Equity contracts		20		67		78		9	Net realized gains (losses) from futures contracts		601,505

Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Statement of Operations Location	For the Six Months Ended June 30, 2021
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts	$	(4,761,153	)
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(1,327,362	)
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(747,665	)
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(2,271,150	)
Moderate	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(861,806	)
Conservative	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(370,239	)
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(1,728,459	)
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(54,416	)

Federal income taxes. It is each Fund’s policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income and net capital gains to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2017 through December 31, 2020) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Each Fund identifies its major tax jurisdictions as U.S. Federal and certain State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations as incurred. During the six months ended June 30, 2021, 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. Income declares and pays dividends from net investment income on a monthly basis. The Money Market Funds declare dividends from net investment income on a daily basis and pay such dividends on a monthly basis. Each Fund distributes net capital gains, if any, on an annual basis.

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Distributions from net investment income and from net capital gains are determined in accordance with income tax regulations, which may differ from GAAP. Permanent differences relate to redemptions treated as distributions for tax purposes (i.e. equalization). Accordingly, timing differences relating to shareholder distributions are reflected in the components of net assets and permanent book and tax differences have been reclassified within the components of net assets based on their ultimate characterization for federal income tax purposes. For the year ended December 31, 2020, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital			Distributable Earnings (Accumulated Deficit)
Muirfield	$	—		$	—
Spectrum		—			—
Global		—			—
Balanced		—			—
Moderate		—			—
Conservative		—			—
Dynamic		1,347,314			(1,347,314	)
Quantex		(354,086	)		354,086
Income		—			—

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 are authorized to issue an unlimited number of shares. Transactions in the capital shares of the Funds for the six months ended June 30, 2021 and the year ended December 31, 2020 were as follows:

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Six Months Ended June 30, 2021
Muirfield - Retail	$	2,246,254		253,649	$	—		—
Muirfield - Adviser		100,072,380		11,608,693		—		—
Muirfield - Institutional		90,940,148		10,347,105		—		—
Spectrum - Retail		701,757		54,628		—		—
Spectrum - Adviser		36,874,468		2,896,785		—		—
Spectrum - Institutional		24,546,827		1,898,979		—		—
Global - Retail		238,998		19,839		—		—
Global - Adviser		5,507,199		463,650		—		—
Global - Institutional		3,964,958		333,457		—		—
Balanced - Retail		894,055		66,571		—		—
Balanced - Adviser		71,446,424		5,379,958		—		—
Balanced - Institutional		45,659,658		3,394,723		—		—
Moderate - Retail		178,895		14,270		—		—
Moderate - Adviser		30,530,582		2,418,079		—		—
Moderate - Institutional		19,269,156		1,515,342		—		—
Conservative - Retail		426,762		17,693		35,908		1,466
Conservative - Adviser		23,223,484		950,016		209,783		8,514
Conservative - Institutional		17,620,068		719,926		998,483		40,465
Dynamic - Retail		513,417		35,861		—		—
Dynamic - Adviser		29,780,225		2,124,783		—		—
Dynamic - Institutional		32,586,498		2,302,784		—		—
Quantex - Retail		4,162,459		96,184		—		—
Quantex - Adviser		4,486,841		118,772		—		—
Quantex - Institutional		5,903,537		149,425		—		—
Income - Retail		253,569		25,723		25,270		2,590
Income - Adviser		10,178,605		1,025,089		122,215		12,499
Income - Institutional		16,592,620		1,688,851		684,346		70,076
Prime Money Market		6,967,470		6,967,470		1,252		1,252
Institutional Prime Money Market		295,898,393		295,834,948		12,068		12,064

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

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Six Months Ended June 30, 2021
Muirfield - Retail	$	(104,313,846	)		(12,204,160	)	$	(102,067,592	)		(11,950,511	)
Muirfield - Adviser		(60,239,161	)		(6,951,973	)		39,833,219			4,656,720
Muirfield - Institutional		(61,597,943	)		(6,941,296	)		29,342,205			3,405,809
Spectrum - Retail		(36,570,611	)		(2,882,537	)		(35,868,854	)		(2,827,909	)
Spectrum - Adviser		(16,615,836	)		(1,300,442	)		20,258,632			1,596,343
Spectrum - Institutional		(21,385,087	)		(1,633,498	)		3,161,740			265,481
Global - Retail		(5,854,415	)		(492,490	)		(5,615,417	)		(472,651	)
Global - Adviser		(2,230,952	)		(187,708	)		3,276,247			275,942
Global - Institutional		(4,180,903	)		(351,704	)		(215,945	)		(18,247	)
Balanced - Retail		(71,751,163	)		(5,446,919	)		(70,857,108	)		(5,380,348	)
Balanced - Adviser		(25,826,463	)		(1,934,740	)		45,619,961			3,445,218
Balanced - Institutional		(38,945,474	)		(2,874,334	)		6,714,184			520,389
Moderate - Retail		(30,480,033	)		(2,419,014	)		(30,301,138	)		(2,404,744	)
Moderate - Adviser		(12,871,730	)		(1,019,008	)		17,658,852			1,399,071
Moderate - Institutional		(16,870,444	)		(1,320,303	)		2,398,712			195,039
Conservative - Retail		(23,083,705	)		(956,587	)		(22,621,035	)		(937,428	)
Conservative - Adviser		(9,145,377	)		(375,620	)		14,287,890			582,910
Conservative - Institutional		(13,191,114	)		(537,591	)		5,427,437			222,800
Dynamic - Retail		(29,626,588	)		(2,126,826	)		(29,113,171	)		(2,090,965	)
Dynamic - Adviser		(18,332,145	)		(1,298,274	)		11,448,080			826,509

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	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Dynamic - Institutional	$	(29,400,055	)		(2,054,947	)	$	3,186,443			247,837
Quantex - Retail		(7,761,369	)		(194,707	)		(3,598,910	)		(98,523	)
Quantex - Adviser		(1,716,575	)		(41,956	)		2,770,266			76,816
Quantex - Institutional		(9,325,005	)		(230,161	)		(3,421,468	)		(80,736	)
Income - Retail		(9,796,646	)		(986,888	)		(9,517,807	)		(958,575	)
Income - Adviser		(6,409,589	)		(652,888	)		3,891,231			384,700
Income - Institutional		(9,970,870	)		(1,016,966	)		7,306,096			741,961
Prime Money Market		(7,633,895	)		(7,633,895	)		(665,173	)		(665,173	)
Institutional Prime Money Market		(330,283,430	)		(330,206,979	)		(34,372,969	)		(34,359,967	)

Year Ended December 31, 2020
Muirfield - Retail	$	(66,817,586	)		(9,261,883	)	$	(54,282,718	)		(7,522,085	)
Muirfield - Adviser		(24,726,534	)		(3,396,916	)		(11,688,625	)		(1,599,901	)
Muirfield - Institutional		(149,015,449	)		(20,478,261	)		(50,550,052	)		(6,949,370	)
Spectrum - Retail		(16,054,832	)		(1,493,176	)		(12,680,335	)		(1,177,542	)
Spectrum - Adviser		(5,661,594	)		(526,084	)		(2,548,766	)		(243,282	)
Spectrum - Institutional		(37,639,148	)		(3,389,095	)		(9,068,462	)		(745,863	)
Global - Retail		(3,342,556	)		(325,492	)		(1,978,270	)		(196,478	)
Global - Adviser		(514,491	)		(50,884	)		(23,212	)		(3,719	)
Global - Institutional		(7,620,220	)		(739,343	)		(3,309,815	)		(328,792	)
Balanced - Retail		(27,794,588	)		(2,375,037	)		(19,889,835	)		(1,683,416	)
Balanced - Adviser		(6,642,344	)		(564,264	)		(2,210,955	)		(186,403	)
Balanced - Institutional		(82,778,077	)		(7,073,659	)		(6,533,961	)		(510,582	)
Moderate - Retail		(9,844,841	)		(850,289	)		(5,826,548	)		(493,441	)
Moderate - Adviser		(3,716,438	)		(323,871	)		(666,112	)		(56,835	)
Moderate - Institutional		(35,493,471	)		(3,090,455	)		(2,658,551	)		(232,736	)
Conservative - Retail		(8,490,522	)		(374,117	)		(4,035,335	)		(172,720	)
Conservative - Adviser		(2,433,929	)		(106,506	)		(30,944	)		(878	)
Conservative - Institutional		(26,048,017	)		(1,142,491	)		1,329,767			54,006
Dynamic - Retail		(12,417,374	)		(1,072,111	)		(7,769,453	)		(661,181	)
Dynamic - Adviser		(5,090,584	)		(439,774	)		(1,258,752	)		(112,985	)
Dynamic - Institutional		(49,166,341	)		(4,225,280	)		(13,449,494	)		(1,227,698	)
Quantex - Retail		(6,470,912	)		(227,906	)		(4,175,263	)		(143,968	)
Quantex - Adviser		(317,629	)		(11,169	)		(35,270	)		(1,730	)
Quantex - Institutional		(16,125,393	)		(569,511	)		(10,761,171	)		(382,736	)
Income - Retail		(3,315,674	)		(341,917	)		444,051			47,829
Income - Adviser		(3,126,254	)		(323,216	)		1,018,206			102,651
Income - Institutional		(15,395,742	)		(1,588,812	)		1,428,601			134,675
Prime Money Market		(21,895,568	)		(21,895,568	)		(244,793	)		(244,793	)
Institutional Prime Money Market		(506,286,355	)		(506,302,922	)		(33,690,529	)		(33,781,482	)

2021 Semiannual Report | June 30, 2021

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Offsetting Assets & Liabilities. The Funds are party to enforceable master netting arrangements between counter parties, such as the securities lending agreement, which provides for the right of offset under certain circumstances, such as the event of default. The securities lending transactions have an overnight and continuous contractual maturity. Risks arise from the possible inability of counterparties to meet the terms of their contracts. The table below reflects the offsetting assets and liabilities relating to securities lending, futures contracts, and repurchase agreements shown on the Statements of Assets and Liabilities at June 30, 2021.

										Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description/ Fund	Gross Amounts of Recognized Assets/ Liabilities			Gross Amounts Offset in the Statements of Assets and Liabilities			Net Amounts Presented in the Statements of Assets and Liabilities			Financial Instruments*			Collateral Pledged (Received)*			Net Amount
Assets:
Securities Loaned
Spectrum	$	905		$	—		$	905		$	—		$	(905	)	$	—
Global		340,876			—			340,876			—			(340,876	)		—
Balanced		9,703,970			—			9,703,970			—			(9,703,970	)		—
Moderate		6,389,524			—			6,389,524			—			(6,389,524	)		—
Conservative		7,752,180			—			7,752,180			—			(7,752,180	)		—
Dynamic		1,018			—			1,018			—			(1,018	)		—

Repurchase Agreements
Prime Money Market	$	8,000,000		$	—		$	8,000,000		$	(8,000,000	)	$	—		$	—
Institutional Prime Money Market		65,000,000			—			65,000,000			(65,000,000	)		—			—

Liabilities:
Futures Contracts
Muirfield	$	(2,162,407	)	$	(192,783	)	$	(1,969,624	)	$	—		$	1,969,624		$	—
Spectrum		(663,272	)		(136,703	)		(526,569	)		—			526,569			—
Global		(401,043	)		(36,857	)		(364,186	)		—			364,186			—
Balanced		(1,011,042	)		(116,262	)		(894,780	)		—			894,780			—
Moderate		(315,323	)		(53,905	)		(261,418	)		—			261,418			—
Conservative		(156,704	)		(53,309	)		(103,395	)		—			103,395			—
Dynamic		(1,061,205	)		(100,444	)		(960,761	)		—			960,761			—
Quantex		(26,760	)		—			(26,760	)		—			26,760			—

*	The amount is limited to the net amounts of financial assets and liabilities and accordingly does not include excess collateral pledged.

Other. The Funds record security transactions on the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Gains and losses realized from the sale of securities are determined on the specific identification basis. Dividend income and dividend expenses are recognized on the ex-dividend date and interest income (including amortization of premium and accretion of discount) is recognized as earned. Short-term capital gain distributions from underlying funds are classified as dividend income for financial reporting purposes. Long-term capital gains distributions are separately stated. Discounts and premiums are amortized using the effective yield over the lives of the respective securities. Distributions received from partnerships are recorded as return of capital distributions. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

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

Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into which may result in a realized gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.

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2021 Semiannual Report | June 30, 2021

Distributions received from the Funds’ investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

3. Securities Valuations

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (including publicly traded partnerships, real estate investment trusts, American depositary receipts, exchange traded funds, and common stock). Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation and are categorized in level 1 of the fair value hierarchy.

Investments in registered open-end investment companies, including money market funds, are valued at the daily redemption net asset value as reported by the underlying fund and are categorized in level 1 of the fair value hierarchy.

Short-term notes (including bank obligations, commercial paper, corporate obligations, repurchase agreements, U.S. government agency obligations, and floating rate demand notes). Short-term notes held in the Funds, except Prime Money Market, maturing more than sixty days after the valuation date, are valued at the last sales price as of the close of business on the day of valuation, or, lacking any sales, at the most recent bid price or yield equivalent as obtained from dealers that make markets in such securities. When valued at last sales price, the securities will be categorized as level 1. When using bid prices or yield equivalents, they will be categorized as level 2. When such securities are valued within sixty days or less to maturity, the difference between the valuation existing on the sixty-first day before maturity and maturity value is amortized on a straight-line basis to maturity and will be categorized as level 2.

All securities held in Prime Money Market, other than money market registered investment companies, are valued at amortized cost, which approximates fair value, and will be categorized as level 2.

Certificates of deposit. Except for Institutional Money Market, certificates of deposit are valued at acquisition cost, which approximates fair value, and will be categorized as level 2. For Institutional Money Market, certificates of deposit are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data, and will be categorized as level 2.

U.S. government obligations. U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. In either case, these securities will be categorized as level 2.

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.

2021 Semiannual Report | June 30, 2021

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For the six months ended June 30, 2021, 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. However, the Funds have disclosed holding level 3 securities with fair valuations of zero. The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of June 30, 2021.

Muirfield - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	506,414,715		$	—	$	—	$	506,414,715
Preferred stocks		80,685			—		—		80,685
Warrants		2,383			—		—		2,383
Money market registered investment companies		95,045,898			—		—		95,045,898
Bank obligations		—			744,010		—		744,010
Total	$	601,543,681		$	744,010	$	—	$	602,287,691
Trustee deferred compensation***	$	328,847		$	—	$	—	$	328,847
Futures contracts**	$	(1,969,624	)	$	—	$	—	$	(1,969,624	)

Spectrum - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	160,818,337		$	—	$	—	$	160,818,337
Preferred stocks		6,116			—		—		6,116
Warrants		716			—		—		716
Money market registered investment companies		31,954,188			—		—		31,954,188
Total	$	192,779,357		$	—	$	—	$	192,779,357
Trustee deferred compensation***	$	49,228		$	—	$	—	$	49,228
Futures contracts**	$	(526,569	)	$	—	$	—	$	(526,569	)

Global - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	17,856,420		$	—	$	—	$	17,856,420
Preferred stocks		2,502			—		—		2,502
Warrants		167			—		—		167
Registered investment companies		8,483,867			—		—		8,483,867
Money market registered investment companies		17,079,315			—		—		17,079,315
Bank obligations		—			744,010		—		744,010
Total	$	43,422,271		$	744,010	$	—	$	44,166,281
Trustee deferred compensation***	$	125,874		$	—	$	—	$	125,874
Futures contracts**	$	(364,186	)	$	—	$	—	$	(364,186	)

Balanced - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	236,823,854		$	—	$	—	$	236,823,854
Preferred stocks		30,705			—		—		30,705
Warrants		1,081			—		—		1,081
Registered investment companies		122,712,333			—		—		122,712,333
Money market registered investment companies		54,673,507			—		—		54,673,507
Bank obligations		—			744,010		—		744,010
Total	$	414,241,480		$	744,010	$	—	$	414,985,490
Trustee deferred compensation***	$	214,637		$	—	$	—	$	214,637
Futures contracts**	$	(894,780	)	$	—	$	—	$	(894,780	)

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2021 Semiannual Report | June 30, 2021

Moderate - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	69,928,681		$	—	$	—	$	69,928,681
Preferred stocks		7,784			—		—		7,784
Warrants		387			—		—		387
Registered investment companies		87,858,883			—		—		87,858,883
Money market registered investment companies		21,798,766			—		—		21,798,766
Bank obligations		—			248,345		—		248,345
Total	$	179,594,501		$	248,345	$	—	$	179,842,846
Trustee deferred compensation***	$	35,349		$	—	$	—	$	35,349
Futures contracts**	$	(261,418	)	$	—	$	—	$	(261,418	)

Conservative - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	31,037,188		$	—	$	—	$	31,037,188
Preferred stocks		4,726			—		—		4,726
Warrants		122			—		—		122
Registered investment companies		99,345,255			—		—		99,345,255
Money market registered investment companies		18,142,073			—		—		18,142,073
Total	$	148,529,364		$	—	$	—	$	148,529,364
Trustee deferred compensation***	$	86,995		$	—	$	—	$	86,995
Futures contracts**	$	(103,395	)	$	—	$	—	$	(103,395	)

Dynamic - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	141,243,909		$	—	$	—	$	141,243,909
Preferred stocks		18,843			—		—		18,843
Warrants		678			—		—		678
Registered investment companies		10,467,924			—		—		10,467,924
Money market registered investment companies		48,865,553			—		—		48,865,553
Bank obligations		—			744,010		—		744,010
Total	$	200,596,907		$	744,010	$	—	$	201,340,917
Trustee deferred compensation***	$	255,414		$	—	$	—	$	255,414
Futures contracts**	$	(960,761	)	$	—	$	—	$	(960,761	)

Quantex - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	43,290,024		$	—	$	—	$	43,290,024
Money market registered investment companies		1,723,465			—		—		1,723,465
Bank obligations		—			8,207		—		8,207
Total	$	45,013,489		$	8,207	$	—	$	45,021,696
Trustee deferred compensation***	$	75,486		$	—	$	—	$	75,486
Futures contracts**	$	(26,760	)	$	—	$	—	$	(26,760	)

Income - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	66,061,747	$	—	$	—	$	66,061,747
Money market registered investment companies		2,254,484		—		—		2,254,484
U.S. government obligations		—		72,281		—		72,281
Total	$	68,316,231	$	72,281	$	—	$	68,388,512
Trustee deferred compensation***	$	84,838	$	—	$	—	$	84,838

2021 Semiannual Report | June 30, 2021

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Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	1,479,676	$	—	$	1,479,676
Certificates of deposit		—		2,200,391		—		2,200,391
Commercial paper		—		13,225,640		—		13,225,640
Corporate obligations		—		2,253,435		—		2,253,435
Repurchase agreements		—		8,000,000		—		8,000,000
U.S. government and agency obligations		—		500,000		—		500,000
Variable rate demand notes		—		3,859,438		—		3,859,438
Money market registered investment companies		2,375,441		—		—		2,375,441
Total	$	2,375,441	$	31,518,580	$	—	$	33,894,021
Trustee deferred compensation***	$	49,306	$	—	$	—	$	49,306

Institutional Prime Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	1,479,676	$	—	$	1,479,676
Certificates of deposit		—		16,052,722		—		16,052,722
Commercial paper		—		153,503,870		—		153,503,870
Corporate obligations		—		22,423,401		—		22,423,401
Repurchase agreements		—		65,000,000		—		65,000,000
U.S. government and agency obligations		—		4,502,241		—		4,502,241
Variable rate demand notes		—		31,698,675		—		31,698,675
Money market registered investment companies		7,341,568		—		—		7,341,568
Total	$	7,341,568	$	294,660,585	$	—	$	302,002,153
Trustee deferred compensation***	$	5,659	$	—	$	—	$	5,659

*	See schedules of investments for industry classifications.

**	Futures contracts include unrealized gain/loss on contracts open at June 30, 2021.

***	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, 2021, 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	$	586,915,960	$	606,365,188
Spectrum		197,483,798		210,273,137
Global		25,227,784		27,879,871
Balanced		376,837,935		384,092,898
Moderate		147,391,690		148,641,151
Conservative		109,228,081		111,214,615
Dynamic		188,937,595		215,017,355
Quantex		21,584,842		23,697,055
Income		69,520,920		61,314,330

For the six months ended June 30, 2021, 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
Income		$	305,199			$	6,796,519

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2021 Semiannual Report | June 30, 2021

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 monthly fee at the following annual rates:

	Percentage of Average Daily Net Assets up to $50 Million	Percentage of Average Daily Net Assets Exceeding $50 Million up to $100 Million	Percentage of Average Daily Net Assets Exceeding $100 Million up to $200 Million	Percentage of Average Daily Net Assets Exceeding $200 Million
Muirfield	1.00%	0.75%	0.60%	0.60%
Spectrum	0.75%	0.75%	0.75%	0.60%
Global	0.75%	0.75%	0.75%	0.60%
Balanced	0.75%	0.75%	0.75%	0.60%
Moderate	0.60%	0.60%	0.60%	0.60%
Conservative	0.50%	0.50%	0.50%	0.50%
Dynamic	0.75%	0.75%	0.75%	0.60%
Quantex	0.75%	0.75%	0.60%	0.60%
Income	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, 2021, $101,881 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, 2021, $36,738 of investment advisory fees were waived in Income.

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 a monthly fee at an annual rate equal to the greater of the following:

	Minimum Fee		Percentage of Average Daily Net Assets up to $500 Million			Percentage of Average Daily Net Assets Exceeding $500 Million
Muirfield	$	4,000		0.12	%		0.03	%
Spectrum		4,000		0.12	%		0.03	%
Global		4,000		0.12	%		0.03	%
Balanced		4,000		0.12	%		0.03	%
Moderate		4,000		0.12	%		0.03	%
Conservative		4,000		0.12	%		0.03	%
Dynamic		4,000		0.12	%		0.03	%
Quantex		4,000		0.12	%		0.03	%
Income		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	%

Management may voluntarily waive fees for any Fund. During the six months ended June 30, 2021, there were no transfer agent fees waived.

2021 Semiannual Report | June 30, 2021

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MFSCo provides the Trust with certain administrative services. In compensation for such services, each Fund pays MFSCo a monthly fee at the following annual rates:

	Percentage of Average Daily Net Assets up to $50 Million			Percentage of Average Daily Net Assets Exceeding $50 Million up to $500 Million			Percentage of Average Daily Net Assets Exceeding $500 Million
Muirfield		0.10	%		0.08	%		0.03	%
Spectrum		0.10	%		0.08	%		0.03	%
Global		0.10	%		0.08	%		0.03	%
Balanced		0.10	%		0.08	%		0.03	%
Moderate		0.10	%		0.08	%		0.03	%
Conservative		0.10	%		0.08	%		0.03	%
Dynamic		0.10	%		0.08	%		0.03	%
Quantex		0.10	%		0.08	%		0.03	%
Income		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 a monthly fee at an annual rate equal to the greater of a minimum fee or at a rate based on the percentage of average daily net assets. The annual rates are as follows:

	Minimum Fee		Percentage of Average Daily Net Assets up to $10 Million			Percentage of Average Daily Net Assets Exceeding $10 Million up to $30 Million			Percentage of Average Daily Net Assets Exceeding $30 Million up to $80 Million			Percentage of Average Daily Net Assets Exceeding $80 Million
Muirfield	$	7,500		0.15	%		0.10	%		0.02	%		0.01	%
Spectrum		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Global		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Balanced		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Moderate		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Conservative		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Dynamic		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Quantex		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Income		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	%

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2021 Semiannual Report | June 30, 2021

For the six months ended June 30, 2021, MAM agreed to voluntarily waive and/or reimburse investment advisory fees. The amounts voluntarily waived and/or reimbursed and the impact to the net expense ratio (excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses) for each Fund are as follows:

Voluntary
Investment
Advisory Fee
Reimbursements

Impact of Voluntary
Investment
Advisory Fee
Reimbursements to
Average Net Assets

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

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

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

Muirfield

—

N/A

Spectrum

—

N/A

Global

—

N/A

Balanced

—

N/A

Moderate

—

N/A

Conservative

—

N/A

Dynamic

—

N/A

Quantex

—

N/A

Income

—

N/A

Prime Money Market

127,909

0.63

N/A

Institutional Prime Money Market

602,994

0.37

N/A

Certain Funds have entered into securities lending arrangements with Huntington National Bank (“HNB”). Under the terms of the agreement, HNB is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned. The cash collateral is invested in short term instruments as noted in the Schedules of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against charges incurred by the Funds. HNB is paid a fee for administering the securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement. As of June 30, 2021, 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, 2021, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	1,027
Spectrum		281
Global		263
Balanced		8,317
Moderate		5,919
Conservative		7,562
Dynamic		385
Quantex		745

2021 Semiannual Report | June 30, 2021

Page 121

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, 2021, total 12b-1 plan expense payments made to the Funds’ affiliated distributor was $46,906. The annual adopted 12b-1 plan maximum limitations for the six months ended June 30, 2021, are as follows:

	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets - Retail Class	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets - Adviser Class	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets - Institutional Class	12b-1 Plan Expense Payments Made to Affiliates
Muirfield	N/A	0.20%	N/A	N/A	$ 18,816
Spectrum	N/A	0.25%	N/A	N/A	1,249
Global	N/A	0.25%	N/A	N/A	1,047
Balanced	N/A	0.25%	N/A	N/A	3,098
Moderate	N/A	0.25%	N/A	N/A	581
Conservative	N/A	0.25%	N/A	N/A	4,314
Dynamic	N/A	0.25%	N/A	N/A	5,462
Quantex	N/A	0.20%	N/A	N/A	11,312
Income	N/A	0.25%	N/A	N/A	1,027
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

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, 2021 are as follows:

	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets - Retail Class	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets - Adviser Class	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets - Institutional Class
Muirfield	0.20%	0.25%	0.10%
Spectrum	0.20%	0.25%	0.10%
Global	0.20%	0.25%	0.10%
Balanced	0.20%	0.25%	0.10%
Moderate	0.20%	0.25%	0.10%
Conservative	0.20%	0.25%	0.10%
Dynamic	0.20%	0.25%	0.10%
Quantex	0.20%	0.25%	0.10%
Income	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.

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2021 Semiannual Report | June 30, 2021

During the six months ended June 30, 2021, several of the Funds invested in the Institutional Prime Money Market Fund, an affiliate, as described in Section 2(a)(3) of the Investment Company Act of 1940. The purchases/sales amounts in the following table are presented on a gross basis, while the statement of changes in net assets shows subscriptions and redemptions into and out of the Institutional Prime Money Market Fund on a net basis. The Funds’ investments in the Institutional Prime Money Market Fund, which had a 7-day yield of 0.06% on June 30, 2021, were as follows:

	12/31/20 Fair Value		Purchases		Sales			Realized Gains (Losses)			6/30/21 Cost		Change in Unrealized			Income		6/30/21 Fair Value
Muirfield	$	103,888,380	$	49,984,931	$	(58,819,323	)	$	(5,418	)	$	95,024,200	$	(2,672	)	$	25,703	$	95,045,898
Spectrum		29,284,214		22,209,024		(19,537,529	)		(1,023	)		31,945,882		(1,400	)		7,742		31,953,286
Global		15,663,819		7,153,482		(6,083,846	)		(343	)		16,727,890		(1,143	)		4,497		16,731,969
Balanced		51,634,402		67,998,754		(74,843,669	)		3,416			44,766,267		(7,544	)		12,811		44,785,359
Moderate		21,697,124		36,558,105		(42,965,621	)		1,289			15,280,261		(2,908	)		4,786		15,287,989
Conservative		10,428,429		35,644,347		(35,829,212	)		1,827			10,238,417		(2,632	)		2,683		10,242,759
Dynamic		36,649,409		41,245,079		(29,026,261	)		(2,715	)		48,859,507		(974	)		12,734		48,864,538
Quantex		572,132		12,856,482		(11,704,940	)		(209	)		1,723,464		—			898		1,723,465
Income		2,539,651		37,541,258		(37,826,209	)		1,378			2,253,929		(1,594	)		836		2,254,484

6. Federal Tax Information

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

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

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

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

2021 Semiannual Report | June 30, 2021

Page 123

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

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

As of December 31, 2020, the components of distributable earnings/(accumulated deficit) on a tax basis for the Funds were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital and Other Gains and (Losses)			Unrealized Appreciation/ (Depreciation)**		Total Distributable Earnings/ (Accumulated Deficit)
Muirfield	$	3,491,212	$	—	$	(51,771,922	)	$	127,874,281	$	79,593,571
Spectrum		375,632		—		(15,777,518	)		41,494,544		26,092,658
Global		2,142		—		(817,020	)		6,128,359		5,313,481
Balanced		3,650,774		—		(18,053,218	)		67,685,405		53,282,961
Moderate		49,608		—		(4,617,494	)		21,737,211		17,169,325
Conservative		112,005		—		(3,758,279	)		13,959,919		10,313,645
Dynamic		1,214,054		6,659,482		(180,790	)		41,757,948		49,450,694
Quantex		59,964		—		(2,801,255	)		7,736,397		4,995,106
Income		17,706		—		(11,369,543	)		4,640,692		(6,711,145	)
Institutional Prime Money Market		4,233		—		(6,836	)		34,211		31,608

*	Total dividends paid may differ from the amount reported in the Statements of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. Short-term capital gains distributions are taxed as ordinary income.

**	The differences between book- and tax-basis unrealized appreciation/(depreciation) are attributable primarily to: wash sales, return of capital adjustments, and the realization for tax purposes of unrealized gains/(losses) on certain derivative instruments.

For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2020, which are not subject to expiration and are available to offset future capital gains, if any. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders:

	Short-Term Capital Loss Carryforward		Long-Term Capital Loss Carryforward		Capital Loss Carryforward Utilized
Muirfield	$	38,859,565	$	12,676,746	$	—
Spectrum		8,209,937		7,488,535		—
Global		726,448		—		—
Balanced		12,003,395		5,895,753		—
Moderate		3,969,072		623,132		—
Conservative		3,508,900		187,874		—
Quantex		2,746,626		—		—
Income		8,949,457		2,355,920		333,274
Institutional Prime Money Market		1,203		1,504		638

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2021 Semiannual Report | June 30, 2021

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, 2021, beneficial owners that held more than 25% of the voting securities of the Funds and may be deemed to control the Funds are as follows:

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

8. Contingencies and Commitments

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

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 (unaudited)

The Trust files a complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-PORT. In addition, Prime Money Market Fund and Institutional Prime Money Market Fund file their complete schedules of portfolio holdings with the SEC each month on Form N-MFP. Forms N-PORT and N-MFP are available on the SEC’s website at www.sec.gov. Information regarding Fund holdings is also available at www.meederinvestment.com.

The investment adviser is responsible for exercising the voting rights associated with the securities purchased or held by the Funds. A description of the policies and procedures that the adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the most recent 12-month period ending June 30 are available, without charge, by calling 1-800-325-3539 or on the SEC’s website at www.sec.gov.

2021 Semiannual Report | June 30, 2021

Page 125

Shareholder Expense Analysis (unaudited)

Shareholders of mutual funds pay ongoing expenses, such as advisory fees, distribution and service fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested for the period of time indicated in the table below.

The Actual Expense example provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g.: an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense example provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return of any Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Beginning Account Value December 31, 2020				Ending Account Value June 30, 2021				Expenses Paid During Period¹				Net Expense Ratio²
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Muirfield Fund
Retail Class	$	1,000.00	$	1,000.00	$	1,139.00	$	1,018.65	$	6.58	$	6.21		1.24	%
Adviser Class		1,000.00		1,000.00		1,140.40		1,020.23		4.88		4.61		0.92	%
Institutional Class		1,000.00		1,000.00		1,140.10		1,020.13		4.99		4.71		0.94	%
Spectrum Fund
Retail Class		1,000.00		1,000.00		1,140.70		1,017.46		7.86		7.40		1.48	%
Adviser Class		1,000.00		1,000.00		1,143.00		1,019.34		5.84		5.51		1.10	%
Institutional Class		1,000.00		1,000.00		1,142.40		1,019.19		6.00		5.66		1.13	%
Global Allocation Fund
Retail Class		1,000.00		1,000.00		1,104.40		1,016.46		8.77		8.40		1.68	%
Adviser Class		1,000.00		1,000.00		1,105.10		1,018.25		6.89		6.61		1.32	%
Institutional Class		1,000.00		1,000.00		1,106.30		1,018.40		6.74		6.46		1.29	%
Balanced Fund
Retail Class		1,000.00		1,000.00		1,092.80		1,018.00		7.11		6.85		1.37	%
Adviser Class		1,000.00		1,000.00		1,095.20		1,019.89		5.14		4.96		0.99	%
Institutional Class		1,000.00		1,000.00		1,095.10		1,019.79		5.25		5.06		1.01	%
Moderate Allocation Fund
Retail Class		1,000.00		1,000.00		1,064.70		1,018.20		6.81		6.66		1.33	%
Adviser Class		1,000.00		1,000.00		1,066.20		1,020.03		4.92		4.81		0.96	%
Institutional Class		1,000.00		1,000.00		1,066.00		1,019.98		4.97		4.86		0.97	%
Conservative Allocation Fund
Retail Class		1,000.00		1,000.00		1,036.80		1,018.55		6.36		6.31		1.26	%
Adviser Class		1,000.00		1,000.00		1,039.00		1,020.43		4.45		4.41		0.88	%
Institutional Class		1,000.00		1,000.00		1,038.90		1,020.38		4.50		4.46		0.89	%
Dynamic Allocation Fund
Retail Class		1,000.00		1,000.00		1,125.50		1,018.10		7.11		6.76		1.35	%
Adviser Class		1,000.00		1,000.00		1,127.80		1,019.84		5.28		5.01		1.00	%
Institutional Class		1,000.00		1,000.00		1,127.10		1,019.79		5.33		5.06		1.01	%

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2021 Semiannual Report | June 30, 2021

	Beginning Account Value December 31, 2020				Ending Account Value June 30, 2021				Expenses Paid During Period¹				Net Expense Ratio²
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Quantex Fund
Retail Class	$	1,000.00	$	1,000.00	$	1,252.00	$	1,017.26	$	8.49	$	7.60		1.52	%
Adviser Class		1,000.00		1,000.00		1,253.10		1,018.25		7.37		6.61		1.32	%
Institutional Class		1,000.00		1,000.00		1,252.90		1,018.00		7.65		6.85		1.37	%
Tactical Income Fund
Retail Class		1,000.00		1,000.00		990.60		1,019.29		5.48		5.56		1.11	%
Adviser Class		1,000.00		1,000.00		992.40		1,021.08		3.71		3.76		0.75	%
Institutional Class		1,000.00		1,000.00		992.40		1,020.98		3.80		3.86		0.77	%
Prime Money Market Fund		1,000.00		1,000.00		1,000.00		1,023.90		0.89		0.90		0.18	%
Institutional Prime Money Market Fund		1,000.00		1,000.00		1,000.20		1,024.20		0.60		0.60		0.12	%

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 181/365 (to reflect the total number of days in the six-month period).

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

2021 Semiannual Report | June 30, 2021

Page 127

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. and Mutual Funds Service Company.

QUESTIONS

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2021 Semiannual Report | June 30, 2021

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.
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:

	2021		2020
Audit Fees	$	119,400	$	119,400
Audit-Related Fees		0		0
Tax Fees		41,000		43,500
All Other Fees		2,250		2,239

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 $37,600 and $60,000 respectively.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Items 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant's disclosure controls and procedures allow timely preparation and review of the information for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics filed herewith as EX-99.CODE ETH.

(a)(2) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR270.30a-2(a)). Filed herewith as EX-99.CERT.

(b) Certifications of principal executive officer and principal financial officer, under Section 906 of the Sarbanes-Oxley Act of 2002, and 18 U.S.C. ss.1350. Filed herewith as EX-99.906 CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Meeder Funds

By:	/s/ Bruce E. McKibben
	Bruce E. McKibben, Treasurer

Date:	September 3, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Bruce E. McKibben
	Bruce E. McKibben, Treasurer

Date:	September 3, 2021

By:	/s/ Robert S. Meeder, Jr.
	Robert S. Meeder, Jr., President

Date:	September 3, 2021

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