2026
Quarterly
Report
|
March
31,
2026
Page
1
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Schedules
of
Investments
March
31,
2026
(unaudited)
Spectrum
Fund
Long
Positions
Security
Description
Shares,
Contracts
or
Principal
Amount
($)
Fair
Value
($)
Common
Stocks
-
Long
—
87
.6
%
Communication
Services
—
8.7%
Alphabet
Inc
-
Class
C
.................
33,664
9,656,855
AMC
Networks
Inc
(1)
..................
18,534
125,846
Angi
Inc
(1)
.........................
1,041
7,131
AT&T
Inc
..........................
3,691
107,002
ATN
International
Inc
..................
8,206
223,367
Bandwidth
Inc
(1)
.....................
15,515
276,477
Bumble
Inc
(1)
.......................
2,949
9,614
Cable
One
Inc
......................
256
23,350
Cargurus
Inc
(1)
......................
12,792
435,568
Charter
Communications
Inc
(1)
...........
3,372
727,947
Cinemark
Holdings
Inc
................
8,388
239,226
Comcast
Corp
......................
8,954
257,069
EverQuote
Inc
(1)
.....................
15,460
238,393
Globalstar
Inc
(1)
.....................
1,197
79,505
Ibotta
Inc
(1)
........................
1,289
38,631
IDT
Corp
..........................
922
45,270
John
Wiley
&
Sons
Inc
.................
10,221
389,420
Marcus
Corp/The
....................
7,566
129,908
Meta
Platforms
Inc
...................
7,601
4,348,760
Millicom
International
Cellular
SA
.........
141
10,567
Netflix
Inc
(1)
........................
5,782
555,939
New
York
Times
Co/The
................
3,539
296,320
Omnicom
Group
Inc
..................
6,893
519,112
Pubmatic,
Inc
(1)
.....................
19,822
162,144
QuinStreet
Inc
(1)
.....................
26,306
315,935
Reddit
Inc
(1)
........................
40
5,386
Sirius
XM
Holdings
I
..................
2,216
51,145
Sphere
Entertainment
(1)
................
149
17,493
Thryv
Holdings
Inc
(1)
..................
15,008
41,122
Verizon
Communications
Inc
............
9,659
484,882
Walt
Disney
Co/The
..................
7,598
732,295
Yelp
Inc
(1)
.........................
16,974
419,937
20,971,616
Consumer
Discretionary
—
8.7%
Abercrombie
&
Fitch
Co
(1)
...............
745
68,071
Adient
PLC
(1)
.......................
5,772
116,652
Amazon.com
Inc
(1)
...................
18,115
3,772,811
American
Eagle
Outfitters
Inc
............
6,318
105,511
American
Public
Education
Inc
(1)
..........
3,872
220,239
Bath
&
Body
Works
Inc
................
2,874
53,658
Best
Buy
Co
Inc
.....................
3,754
241,007
BorgWarner
Inc
.....................
194
10,526
Boyd
Gaming
Corp
...................
4,282
351,895
Brinker
International
Inc
(1)
..............
1,994
284,683
Brunswick
Corp/DE
..................
3,153
229,412
Cavco
Industries
Inc
(1)
.................
291
140,928
Century
Communities
Inc
...............
1,412
81,021
Champion
Homes
Inc
(1)
................
2,914
216,714
Citi
Trends
Inc
(1)
.....................
2,315
100,286
Deckers
Outdoor
Corp
(1)
................
1,982
198,378
eBay
Inc
..........................
1,447
131,706
Expedia
Group
Inc
...................
1,552
358,341
Flexsteel
Industries
Inc
................
3,818
171,581
Frontdoor
Inc
(1)
......................
933
49,318
Genesco
Inc
(1)
......................
1,123
32,556
Gentherm
Inc
(1)
.....................
865
24,030
GigaCloud
Technology
Inc
(1)
.............
1,330
60,355
Installed
Building
Products
Inc
...........
112
29,697
J
Jill
Inc
..........................
5,948
68,164
La-Z-Boy
Inc
.......................
14,160
455,102
LCI
Industries
......................
2,107
259,119
Lear
Corp
.........................
6,802
823,586
Leggett
&
Platt
Inc
...................
7,113
70,276
Lululemon
Athletica
Inc
(1)
...............
362
55,422
MasterCraft
Boat
Holdings
Inc
(1)
..........
10,713
219,724
Mohawk
Industries
Inc
(1)
...............
9,073
893,328
Monarch
Casino
&
Resort
Inc
............
882
84,319
Murphy
USA
Inc
.....................
21
10,373
NVR
Inc
(1)
.........................
186
1,225,708
O'Reilly
Automotive
Inc
(1)
...............
23,614
2,179,808
Oxford
Industries
Inc
..................
8,941
344,318
Phinia
Inc
.........................
930
63,649
PulteGroup
Inc
......................
1,913
224,988
PVH
Corp
.........................
709
49,460
Ralph
Lauren
Corp
...................
1,531
526,649
Rent
the
Runway
Inc
..................
1,893
9,049
Ross
Stores
Inc
.....................
4,047
876,702
Sonos
Inc
(1)
........................
4,382
58,719
Strategic
Education
Inc
................
944
78,314
Strattec
Security
Corp
(1)
................
440
34,470
Sturm
Ruger
&
Co
Inc
.................
5,956
238,776
Tapestry
Inc
.......................
3,404
480,338
Tesla
Inc
(1)
.........................
4,750
1,765,813
Texas
Roadhouse
Inc
.................
6,149
1,015,446
ThredUp
Inc
(1)
......................
6,405
21,008
TJX
Cos
Inc/The
.....................
8,193
1,308,422
Toll
Brothers
Inc
.....................
1,722
235,001
Ulta
Beauty
Inc
(1)
....................
852
445,349
Visteon
Corp
.......................
2,943
268,137
YETI
Holdings
Inc
(1)
...................
1,004
36,736
Zumiez
Inc
(1)
.......................
412
9,130
21,484,779
Consumer
Staples
—
2.2%
Archer-Daniels-Midland
Co
.............
228
16,573
BOSTON
BEER
COMPANY
(1)
.............
905
208,512
Cal-Maine
Foods
Inc
..................
5,751
455,192
Costco
Wholesale
Corp
................
2,138
2,130,367
2026
Quarterly
Report
|
March
31,
2026
Page
2
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Schedules
of
Investments
March
31,
2026
(unaudited)
Dollar
General
Corp
..................
1,501
178,214
Estee
Lauder
Cos
Inc/The
..............
543
38,971
Fresh
Del
Monte
Produce
Inc
............
2,195
88,371
J
&
J
Snack
Foods
Corp
...............
155
12,287
Kroger
Co/The
......................
11,788
852,980
Nu
Skin
Enterprises
Inc
................
13,821
100,617
PepsiCo
Inc
........................
3,448
535,440
Post
Holdings
Inc
(1)
...................
696
68,807
Simply
Good
Foods
Co/The
(1)
............
7,100
101,885
Walmart
Inc
.......................
5,827
724,180
5,512,396
Energy
—
3.7%
Antero
Resources
Corp
(1)
...............
6,967
295,679
Archrock
Inc
.......................
375
13,050
Chevron
Corp
......................
6,885
1,424,507
ConocoPhillips
......................
4,387
579,084
Crescent
Energy
Co
..................
12,875
173,813
Diamondback
Energy
Inc
...............
6,342
1,254,384
EOG
Resources
Inc
...................
7,460
1,078,492
Exxon
Mobil
Corp
....................
11,518
1,954,144
Forum
Energy
Technologies
Inc
(1)
.........
934
54,788
Kodiak
Gas
Services
Inc
...............
5,793
337,848
Liberty
Energy
Inc
...................
6,429
185,155
Lightbridge
Corp
(1)
...................
5,167
55,080
Matador
Resources
Co
................
4,646
293,534
Peabody
Energy
Corp
.................
1,073
35,355
PrimeEnergy
Resources
Corp
(1)
...........
269
62,637
Ranger
Energy
Services
Inc
.............
1,702
29,172
Riley
Exploration
Permian
Inc
............
650
23,693
SLB
Ltd
..........................
5,458
280,487
SM
Energy
Co
......................
12,774
398,293
Teekay
Corp
Ltd
.....................
1,555
18,987
Teekay
Tankers
Ltd
...................
1,925
141,141
Valero
Energy
Corp
...................
660
163,073
Weatherford
International
PLC
...........
518
48,992
Williams
Cos
Inc/The
.................
1,884
137,118
9,038,506
Financials
—
14.5%
Alerus
Financial
Cor
..................
3,795
89,979
Allstate
Corp/The
....................
962
199,461
Ally
Financial
Inc
....................
23,686
929,202
American
International
Group
Inc
.........
3,126
235,232
Ameriprise
Financial
Inc
...............
509
226,200
Arch
Capital
Group
Ltd
(1)
...............
91
8,735
Axis
Capital
Holdings
Ltd
...............
3,307
335,363
Banc
of
California
Inc
.................
7,023
123,464
Bank
of
New
York
Mellon
Corp/The
........
10,802
1,281,441
Bank
of
NT
Butterfield
&
Son
Ltd/The
.......
1,607
84,335
BankUnited
Inc
.....................
5,663
255,741
Berkshire
Hathaway
Inc
(1)
..............
11,367
5,447,066
Block
Inc
(1)
........................
1,508
90,751
Bread
Financial
Holdings
Inc
............
7,226
541,155
Capital
One
Financial
Corp
..............
6,264
1,142,742
Chubb
Ltd
.........................
37
12,059
Citizens
Financial
Group
Inc
.............
10,431
625,547
Customers
Bancorp
Inc
(1)
...............
19,227
1,334,546
Dave
Inc
(1)
.........................
631
109,851
Essent
Group
Ltd
....................
3,534
206,527
Euronet
Worldwide
Inc
(1)
...............
2,251
149,399
Fidelity
D&D
Bancorp
Inc
...............
2,024
87,599
First
American
Financial
Corp
............
17,356
1,046,393
First
Hawaiian
Inc
....................
321
7,909
FirstCash
Holdings
Inc
.................
1,010
189,880
Global
Payments
Inc
..................
11,599
780,613
HCI
Group
Inc
......................
410
63,390
Heritage
Insurance
Holdings
Inc
(1)
.........
3,522
92,452
Intercontinental
Exchange
Inc
............
4,813
756,989
Investors
Title
Co
....................
1,068
232,119
Jack
Henry
&
Associates
Inc
............
5,721
904,147
Jackson
Financial
Inc
.................
4,913
519,402
LendingTree
Inc
(1)
....................
5,208
223,319
MarketWise
Inc
.....................
502
9,397
Mastercard
Inc
.....................
11,631
5,811,545
Mercury
General
Corp
.................
470
41,430
MFA
Financial
Inc
....................
1,564
14,983
Moelis
...........................
5,547
316,179
Morningstar
Inc
.....................
6,353
1,073,975
National
Bank
Holdings
Corp
............
1,251
48,989
OppFi
Inc
.........................
2,295
17,694
Pagseguro
Digital
Ltd
.................
10,308
103,286
Pathward
Financial
Inc
................
9,543
851,522
Popular
Inc
........................
9,220
1,237,047
PROG
Holdings
Inc
...................
6,285
180,317
QCR
Holdings
Inc
....................
1,995
170,473
Selectquote
Inc
(1)
....................
10,853
6,832
Silvercrest
Asset
Management
Group
Inc
....
1,396
18,762
State
Street
Corp
....................
17,025
2,154,684
Stewart
Information
Services
Corp
........
8,483
522,383
Synchrony
Financial
..................
15,303
1,040,910
Toast
Inc
(1)
........................
19,101
506,368
TrustCo
Bank
Corp
NY
.................
255
11,164
United
Bankshares
Inc/WV
..............
10,424
431,762
United
Fire
Group
Inc
.................
1,471
54,515
Westamerica
BanCorp
.................
5,218
272,119
Wintrust
Financial
Corp
................
12,716
1,766,761
34,996,105
Health
Care
—
9.9%
AbbVie
Inc
........................
10,411
2,264,288
ACADIA
Pharmaceuticals
Inc
(1)
...........
984
21,904
ADMA
Biologics
Inc
(1)
.................
9,759
87,929
Amgen
Inc
........................
6,477
2,278,932
Amylyx
Pharmaceuticals
Inc
(1)
............
661
9,188
AnaptysBio
Inc
(1)
.....................
240
13,310
Bioage
Labs,
Inc
(1)
...................
631
11,036
Biogen
Inc
(1)
.......................
980
179,663
2026
Quarterly
Report
|
March
31,
2026
Page
3
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Schedules
of
Investments
March
31,
2026
(unaudited)
BioMarin
Pharmaceutical
Inc
(1)
...........
1,668
94,225
Bristol-Myers
Squibb
Co
...............
1,678
101,771
Cardinal
Health
Inc
...................
2,499
528,064
CareDx
Inc
(1)
.......................
4,891
84,908
Castle
Biosciences
I
(1)
.................
387
9,501
Catalyst
Pharmaceuticals
Inc
(1)
...........
10,392
257,306
Cencora
Inc
........................
35
10,995
Centene
Corp
(1)
.....................
1,872
61,289
Charles
River
Laboratories
International
Inc
(1)
.
1,859
320,677
Cigna
Group/The
....................
2,529
674,611
Corvus
Pharmaceutica
(1)
...............
754
11,031
CVS
Health
Corp
....................
5,202
373,608
Definitive
Healthcare
Corp
(1)
.............
7,001
8,611
Elevance
Health
Inc
..................
2,416
707,284
Eli
Lilly
&
Co
.......................
3,078
2,831,052
Emergent
BioSolutions
Inc
(1)
.............
2,057
17,073
Enanta
Pharmaceuticals
Inc
(1)
............
2,025
25,576
Encompass
Health
Corp
...............
4,626
447,473
Envista
Holdings
Corp
(1)
................
440
11,163
Gilead
Sciences
Inc
..................
15,062
2,099,191
HCA
Healthcare
Inc
...................
1,971
932,756
HealthStream
Inc
....................
3,925
81,287
Humana
Inc
.......................
1,408
244,133
IDEXX
Laboratories
Inc
(1)
...............
107
60,122
Insulet
Corp
(1)
......................
253
53,090
Johnson
&
Johnson
..................
13,613
3,327,562
Kodiak
Sciences
Inc
(1)
.................
481
18,336
Lifecore
Biomedical
(1)
.................
2,873
10,688
McKesson
Corp
.....................
437
378,162
Merck
&
Co
Inc
.....................
7,447
895,800
Metagenomi
Therapeutics
Inc
(1)
..........
5,496
7,365
Monopar
Therapeutics
Inc
(1)
.............
637
34,901
Natera
Inc
(1)
........................
2,803
560,572
National
Research
Corp
................
2,884
48,970
Omnicell
Inc
(1)
......................
5,632
187,996
Pacira
BioSciences
Inc
(1)
...............
2,036
46,014
Perrigo
Co
PLC
.....................
1,976
21,222
Phibro
Animal
Health
Corp
..............
1,969
108,905
Quest
Diagnostics
Inc
.................
108
21,166
Regeneron
Pharmaceuticals
Inc
..........
883
682,241
STERIS
PLC
........................
2,445
540,663
TACTILE
SYS
TECHNOLO
(1)
..............
323
8,440
Tenet
Healthcare
Corp
(1)
................
51
9,624
Third
Harmonic
Bio
Inc
(1)
(2)
..............
2,083
0
United
Therapeutics
Corp
(1)
.............
250
148,245
UnitedHealth
Group
Inc
................
3,176
859,394
Universal
Health
Services
Inc
............
2,096
375,121
Veracyte
Inc
(1)
......................
1,925
62,004
Vericel
Corp
(1)
......................
1,900
61,123
Vertex
Pharmaceuticals
Inc
(1)
............
865
386,257
Viatris
Inc
.........................
664
8,971
West
Pharmaceutical
Services
Inc
.........
338
84,716
Zoetis
Inc
.........................
2,576
304,509
24,112,014
Industrials
—
10.9%
AECOM
...........................
952
80,749
Allegion
plc
........................
699
101,558
Allison
Transmission
Holdings
Inc
.........
275
32,191
AMETEK
Inc
.......................
4,595
984,984
Apogee
Enterprises
Inc
................
1,234
41,388
Argan
Inc
.........................
393
214,047
Armstrong
World
Industries
Inc
...........
377
62,130
ATI
Inc
(1)
..........................
830
120,732
Atkore
Inc
.........................
3,499
206,126
AZZ
Inc
..........................
98
12,263
Bloom
Energy
Corp
(1)
..................
777
105,276
Blue
Bird
Corp
(1)
.....................
6,916
392,760
Boise
Cascade
Co
...................
883
66,976
BWX
Technologies
Inc
.................
4,092
836,773
Carpenter
Technology
Corp
.............
406
160,025
Caterpillar
Inc
......................
933
660,993
CH
Robinson
Worldwide
Inc
.............
833
138,336
Comfort
Systems
USA
Inc
..............
968
1,334,862
Cummins
Inc
.......................
1,156
621,951
Delta
Air
Lines
Inc
...................
13,752
914,233
Eaton
Corp
PLC
.....................
1,118
399,875
EnerSys
..........................
2,951
512,648
Equifax
Inc
........................
4,258
766,738
FedEx
Corp
........................
1,860
662,495
Fluor
Corp
(1)
........................
4,153
193,737
FTAI
Aviation
Ltd
....................
74
18,130
GE
Vernova
Inc
.....................
1,352
1,180,161
General
Dynamics
Corp
................
6,469
2,220,290
Greenbrier
Cos
Inc/The
................
1,026
54,019
Hubbell
Inc
........................
1,624
796,962
Huntington
Ingalls
Industries
Inc
..........
1,587
602,901
IBEX
Holdings
Ltd
(1)
...................
15,955
427,913
IDEX
Corp
.........................
515
97,618
Innodata
Inc
(1)
......................
4,438
171,396
Johnson
Controls
International
plc
.........
788
103,189
Kforce
Inc
.........................
2,557
74,767
Kratos
Defense
&
Security
Solutions
Inc
(1)
....
996
70,228
Leonardo
DRS
Inc
...................
7,655
340,801
Lincoln
Electric
Holdings
Inc
.............
1,520
378,602
Liquidity
Services
I
(1)
..................
3,175
97,060
Lockheed
Martin
Corp
.................
1,600
967,024
Mueller
Industries
Inc
.................
4,063
450,180
MYR
Group
Inc
(1)
....................
1,172
330,879
Nextpower
Inc
(1)
.....................
1,500
180,825
Northrop
Grumman
Corp
...............
1,560
1,064,294
NuScale
Power
Corp
(1)
.................
7,389
80,097
Omega
Flex
Inc
.....................
482
14,961
PACCAR
Inc
........................
4,912
567,336
Power
Solutions
International
Inc
(1)
........
1,345
81,884
Primoris
Services
Corp
................
3,500
500,640
2026
Quarterly
Report
|
March
31,
2026
Page
4
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Schedules
of
Investments
March
31,
2026
(unaudited)
Quad/Graphics
Inc
...................
2,461
16,267
Resolute
Holdings
Management
Inc
(1)
.......
118
19,151
Rocket
Lab
Corp
(1)
...................
2,276
146,165
Rockwell
Automation
Inc
...............
1,239
444,652
Ryder
System
Inc
....................
73
14,944
Sensata
Technologies
Holding
PLC
........
3,274
115,310
SkyWest
Inc
(1)
......................
3,891
357,311
Southwest
Airlines
Co
.................
4,801
180,374
Stanley
Black
&
Decker
Inc
.............
1,863
132,385
Toro
Co/The
.......................
87
8,129
Trane
Technologies
PLC
................
168
70,012
UFP
Industries
Inc
...................
1,723
158,723
United
Airlines
Holdings
Inc
(1)
............
14,244
1,311,445
United
Rentals
Inc
...................
954
695,046
V2X,
Inc.
(1)
.........................
6,091
417,234
Valmont
Industries
Inc
.................
260
103,888
Vicor
Corp
(1)
........................
104
16,744
Wabash
National
Corp
.................
9,524
82,097
Willdan
Group
Inc
(1)
...................
1,868
143,014
WW
Grainger
Inc
....................
105
114,535
25,043,429
Information
Technology
—
22.2%
Advanced
Micro
Devices
Inc
(1)
...........
2,692
547,634
Amkor
Technology
Inc
.................
10,792
485,964
Amphenol
Corp
.....................
5,413
683,933
Apple
Inc
.........................
45,138
11,455,573
Applied
Materials
Inc
.................
3,476
1,188,062
ASGN
Inc
(1)
........................
6,294
243,641
Avnet
Inc
.........................
2,361
145,485
Broadcom
Inc
......................
12,182
3,770,451
Calix
Inc
(1)
.........................
152
7,446
CDW
Corp/DE
......................
80
9,682
Cirrus
Logic
Inc
(1)
....................
512
74,045
Cisco
Systems
Inc
...................
9,514
738,191
Clear
Secure
Inc
....................
1,796
86,944
Cognex
Corp
.......................
1,855
90,876
Consensus
Cloud
Solutions
Inc
(1)
..........
14,856
352,681
Corning
Inc
........................
1,663
226,118
Credo
Technology
Group
Holding
Ltd
(1)
......
1,825
171,313
Digital
Turbine
Inc
(1)
..................
4,282
12,332
Dropbox
Inc
(1)
......................
19,498
442,995
DXC
Technology
Co
(1)
.................
18,898
237,548
Everpure
Inc
(1)
......................
2,784
164,367
Evolv
Technologies
Holdings
Inc
(1)
.........
3,421
20,697
First
Solar
Inc
(1)
.....................
340
67,068
Freshworks
Inc
(1)
....................
6,156
49,433
Hut
8
Corp
(1)
.......................
7,215
338,456
Ingram
Micro
Holding
.................
245
5,711
INSIGHT
ENTERPRISES
(1)
...............
1,747
117,066
Intel
Corp
(1)
........................
696
30,714
Intuit
Inc
..........................
568
245,592
KLA
Corp
.........................
183
269,451
Lam
Research
Corp
..................
1,267
270,707
LiveRamp
Holdings
Inc
(1)
...............
4,804
127,402
Manhattan
Associates
Inc
(1)
.............
54
7,188
Micron
Technology
Inc
................
3,674
1,241,224
Microsoft
Corp
......................
25,722
9,521,513
MongoDB
Inc
(1)
.....................
323
79,061
Monolithic
Power
Systems
Inc
...........
54
59,041
nLight
Inc
(1)
........................
106
6,044
NVIDIA
Corp
.......................
70,038
12,214,627
OneSpan
Inc
.......................
30,602
322,239
Ooma
Inc
(1)
........................
3,359
48,873
Oracle
Corp
........................
6,419
944,299
Pagaya
Technologies
Ltd
(1)
..............
7,080
82,482
Photronics
Inc
(1)
.....................
11,158
450,895
QUALCOMM
Inc
.....................
11,209
1,443,495
RingCentral
Inc
.....................
732
27,223
Sandisk
Corp/DE
(1)
...................
164
104,196
SCANSOURCE
INC
(1)
..................
8,706
316,028
Skyworks
Solutions
Inc
................
7,744
414,691
TD
SYNNEX
Corp
....................
1,615
272,467
Teledyne
Technologies
Inc
(1)
.............
45
27,225
Teradata
Corp
(1)
.....................
1,694
43,417
Teradyne
Inc
.......................
302
89,531
Texas
Instruments
Inc
.................
9,985
1,938,488
TTM
Technologies
Inc
(1)
................
2,503
243,842
Ubiquiti
Inc
........................
388
306,633
Ultra
Clean
Holdings
Inc
(1)
..............
3,136
194,996
VeriSign
Inc
........................
463
114,991
Viant
Technology
Inc
(1)
.................
8,617
96,510
Viasat
Inc
(1)
........................
4,548
208,298
Vistance
Networks
...................
709
12,904
Western
Digital
Corp
..................
1,122
303,490
Zebra
Technologies
Corp
(1)
..............
579
121,057
53,934,546
Materials
—
2.5%
Alcoa
Corp
........................
5,754
381,663
Anglogold
Ashanti
Plc
.................
2,149
209,227
Balchem
Corp
......................
693
117,450
Caledonia
Mining
Corp
PLC
.............
1,151
26,001
Century
Aluminum
Co
(1)
................
2,166
127,123
CF
Industries
Holdings
Inc
..............
1,400
181,776
Coeur
Mining
Inc
(1)
...................
7,808
146,556
Commercial
Metals
Co
................
97
5,959
Compass
Minerals
International
Inc
(1)
.......
3,001
70,073
Contango
Silver
&
Gold
Inc
(1)
.............
1,095
20,531
Core
Molding
Technologies
Inc
(1)
..........
1,201
26,902
Critical
Metals
Corp
(1)
.................
2,862
22,724
Crown
Holdings
Inc
..................
5,624
563,806
Ecolab
Inc
.........................
648
172,381
Freeport-McMoRan
Inc
................
7,675
451,137
Hecla
Mining
Co
.....................
3,620
67,441
Idaho
Strategic
Resources
Inc
(1)
..........
2,512
80,685
Ingevity
Corp
(1)
......................
561
39,960
Innospec
Inc
.......................
438
31,983
2026
Quarterly
Report
|
March
31,
2026
Page
5
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Schedules
of
Investments
March
31,
2026
(unaudited)
Kaiser
Aluminum
Corp
.................
3,345
403,106
Louisiana-Pacific
Corp
................
594
43,213
Materion
Corp
......................
1,021
147,688
Newmont
Corp
.....................
10,426
1,128,615
NioCorp
Developments
Ltd
(1)
............
5,285
23,571
Reliance
Inc
.......................
2,381
723,634
Southern
Copper
Corp
.................
190
32,691
SSR
Mining
Inc
(1)
....................
3,215
94,521
Steel
Dynamics
Inc
...................
1,817
327,060
United
States
Antimony
Corp
(1)
...........
6,105
53,297
United
States
Lime
&
Minerals
Inc
.........
821
107,231
Warrior
Met
Coal
Inc
..................
319
29,715
5,857,720
Real
Estate
—
3.2%
CBL
&
Associates
Properties
Inc
..........
21,372
821,326
Chatham
Lodging
Trust
................
6,031
47,464
CoStar
Group
Inc
(1)
...................
5,391
217,473
Jones
Lang
LaSalle
Inc
(1)
...............
2,631
800,666
Kite
Realty
Group
Trust
................
23,888
586,450
NET
Lease
Office
Properties
.............
38,347
441,757
Orion
Properties
Inc
..................
39,876
85,733
RE/MAX
Holdings
Inc
(1)
................
31,707
182,632
Rexford
Industrial
Realty
Inc
.............
8,703
284,849
Simon
Property
Group
Inc
..............
11,211
2,091,188
Sun
Communities
Inc
.................
17,883
2,252,543
7,812,081
Utilities
—
1.1%
American
Electric
Power
Co
Inc
..........
339
44,436
American
States
Water
Co
..............
2,038
154,114
Consolidated
Edison
Inc
...............
3,665
414,805
Consolidated
Water
Co
Ltd
..............
2,749
91,047
Edison
International
..................
703
51,446
Eversource
Energy
...................
4,303
298,112
FirstEnergy
Corp
....................
2,036
103,144
Hallador
Energy
Co
(1)
..................
3,927
63,932
National
Fuel
Gas
Co
..................
4,598
432,028
NextEra
Energy
Inc
...................
4,935
458,363
NRG
Energy
Inc
.....................
367
53,633
Portland
General
Electric
Co
.............
3,213
169,550
Southwest
Gas
Holdings
Inc
.............
6,303
547,731
2,882,341
Total
Common
Stocks
-
Long
(Cost
$
163,008,476
)
................
211,645,533
Money
Market
Registered
Investment
Companies
—
11
.3
%
Meeder
Government
Money
Market
Fund
,
3.56
%
(3)
........................
27,213,737
27,213,737
Total
Money
Market
Registered
Investment
Companies
(Cost
$
27,213,737
)
.................
27,213,737
Short
Positions
Security
Description
Shares,
Contracts
or
Principal
Amount
($)
Fair
Value
($)
Common
Stocks
-
Short
—
-
19
.7
%
Communication
Services
—
-0.3%
Cogent
Communications
Holdings
Inc
......
(1,338)
(25,208)
Gogo
Inc
(1)
.........................
(3,185)
(12,804)
Liberty
Media
Corp-Liberty
Formula
One
(1)
...
(8,109)
(689,427)
(727,439)
Consumer
Discretionary
—
-1.3%
America's
Car-Mart
Inc/TX
(1)
.............
(2,462)
(31,341)
Choice
Hotels
International
Inc
...........
(83)
(8,590)
Coupang
Inc
(1)
......................
(7,451)
(140,675)
DoorDash
Inc
(1)
.....................
(436)
(65,465)
Dream
Finders
Homes
Inc
(1)
.............
(15,057)
(209,593)
GameStop
Corp
(1)
....................
(53,489)
(1,232,387)
Genius
Sports
Ltd
(1)
...................
(8,823)
(39,086)
Hilton
Grand
Vacations
Inc
(1)
.............
(12,366)
(483,758)
Kura
Sushi
USA
Inc
(1)
..................
(1,918)
(133,857)
Legacy
Housing
Corp
(1)
................
(11,876)
(242,627)
Marriott
Vacations
Worldwide
Corp
........
(2,685)
(174,847)
McGraw
Hill
Inc
(1)
....................
(5,044)
(69,103)
RCI
Hospitality
Holdings
Inc
.............
(298)
(6,797)
Six
Flags
Entertainment
Corp
(1)
...........
(2,081)
(36,938)
Steven
Madden
Ltd
..................
(9,902)
(335,876)
Under
Armour
Inc
Class
A
(1)
.............
(13,571)
(80,205)
Vail
Resorts
Inc
.....................
(322)
(41,319)
(3,332,464)
Consumer
Staples
—
-1.0%
Brown-Forman
Corp
(1)
.................
(31,758)
(839,682)
Celsius
Holdings
Inc
(1)
.................
(1,923)
(68,228)
Chefs'
Warehouse
Inc/The
(1)
.............
(3,639)
(216,339)
FitLife
Brands
Inc
(1)
...................
(1,497)
(21,257)
Kimberly-Clark
Corp
..................
(8,545)
(824,336)
Limoneira
Co
.......................
(20,430)
(274,171)
Vita
Coco
Co
Inc/The
(1)
.................
(6,123)
(293,353)
Vital
Farms,
Inc.
(1)
....................
(4,017)
(56,720)
Westrock
Coffee
Co
(1)
.................
(3,200)
(13,600)
(2,607,686)
Energy
—
-0.3%
Centrus
Energy
Corp
(1)
.................
(1,260)
(218,723)
Texas
Pacific
Land
Corp
...............
(820)
(389,139)
(607,862)
Financials
—
-5.7%
Baldwin
Insurance
Group
Inc/The
(1)
........
(1,687)
(37,013)
Bank
of
Marin
Bancorp
................
(56,476)
(1,447,480)
Brookfield
Asset
Management
Ltd
.........
(28,377)
(1,261,358)
Brown
&
Brown
Inc
..................
(11,629)
(758,327)
2026
Quarterly
Report
|
March
31,
2026
Page
6
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Schedules
of
Investments
March
31,
2026
(unaudited)
Bullish
(1)
..........................
(2,793)
(99,794)
Carlyle
Group
Inc/The
.................
(6,201)
(300,066)
Coinbase
Global
Inc
(1)
.................
(1,444)
(252,137)
Eagle
Bancorp
Inc
...................
(14,998)
(373,000)
Esquire
Financial
Holdings
Inc
...........
(53)
(5,698)
First
Internet
Bancorp
.................
(14,358)
(292,616)
First
Western
Financ
(1)
.................
(27,654)
(679,735)
Flagstar
Bank
NA
....................
(32,682)
(430,422)
Gbank
Financial
Hold
(1)
................
(11,002)
(294,414)
Glacier
Bancorp
Inc
..................
(23,004)
(1,027,589)
Hippo
Holdings
Inc
(1)
..................
(1,451)
(37,813)
Live
Oak
Bancshares
Inc
...............
(29,911)
(989,157)
MBIA
Inc
(1)
.........................
(12,018)
(71,026)
Navient
Corp.
......................
(29,315)
(239,797)
NI
Holdings
Inc
(1)
....................
(7,013)
(90,398)
OceanFirst
Financial
Corp
..............
(3,198)
(57,692)
Orchid
Island
Capital
Inc
...............
(94,597)
(665,017)
Preferred
Bank/Los
Angeles
CA
..........
(6,940)
(629,389)
Ready
Capital
Corp
...................
(69,376)
(112,389)
Renasant
Corp
......................
(19,589)
(707,751)
Ryan
Specialty
Holdings
Inc
.............
(3,921)
(132,295)
ServisFirst
Bancshares
Inc
..............
(3,491)
(254,250)
Tradeweb
Markets
Inc
.................
(12,020)
(1,414,273)
Triumph
Financial
Inc
(1)
................
(15,452)
(921,866)
Upstart
Holdings
Inc
(1)
.................
(12,951)
(332,193)
(13,914,955)
Health
Care
—
-1.0%
Azenta
Inc
(1)
.......................
(861)
(18,193)
Baxter
International
Inc
................
(46,280)
(777,504)
Beta
Bionics,
Inc
(1)
...................
(1,563)
(15,661)
Capricor
Therapeutic
(1)
................
(2,890)
(87,856)
Ceribell
Inc
(1)
.......................
(5,487)
(100,577)
Hims
&
Hers
Health
Inc
(1)
...............
(5,425)
(112,623)
KalVista
Pharmaceuti
(1)
................
(3,960)
(79,715)
Ocular
Therapeutix
Inc
(1)
...............
(3,198)
(27,087)
OMEROS
CORP
(1)
....................
(493)
(5,206)
OrthoPediatrics
Corp
(1)
.................
(2,003)
(31,788)
PROCEPT
BioRobotics
Corp
(1)
............
(6,338)
(158,513)
Rapport
Therapeutics
Inc
(1)
..............
(4,733)
(148,096)
RxSight
Inc
(1)
.......................
(10,268)
(63,251)
Summit
Therapeutics
Inc
(1)
..............
(9,835)
(186,472)
Surgery
Partners
Inc
(1)
.................
(15,462)
(184,307)
Tandem
Diabetes
Care
Inc
(1)
.............
(894)
(17,138)
Tempus
AI
Inc
(1)
.....................
(5,460)
(246,901)
Ultragenyx
Pharmaceutical
Inc
(1)
..........
(7,156)
(149,918)
(2,410,806)
Industrials
—
-4.0%
AAON
Inc
.........................
(9,807)
(811,529)
AeroVironment
Inc
(1)
..................
(1,446)
(264,690)
Alta
Equipment
Group
.................
(1,571)
(8,436)
Avis
Budget
Group
Inc
(1)
................
(1,278)
(186,396)
Boeing
Co/The
(1)
.....................
(4,147)
(825,377)
Casella
Waste
Systems
Inc
(1)
............
(12,599)
(999,605)
CSW
Industrials
Inc
..................
(4,612)
(1,201,795)
First
Advantage
Corp
(1)
................
(21,595)
(253,957)
Hyster-Yale
Inc
.....................
(6,534)
(212,420)
Kadant
Inc
........................
(3,014)
(881,143)
Mayville
Engineering
(1)
.................
(14,049)
(252,180)
Montrose
Environmental
Group
Inc
(1)
.......
(2,878)
(62,999)
NOW
Inc
(1)
.........................
(34,709)
(413,384)
Paychex
Inc
.......................
(9,200)
(847,504)
Perma-Fix
Environmental
Services
Inc
(1)
.....
(10,255)
(109,626)
QXO
Inc
(1)
.........................
(33,650)
(653,483)
RXO
Inc
(1)
.........................
(24,588)
(359,477)
Tennant
Co
........................
(5,132)
(340,765)
TIC
Solutions
Inc
(1)
...................
(11,311)
(74,426)
Titan
International
Inc
(1)
................
(41,998)
(290,206)
Transcat
Inc
(1)
......................
(1,532)
(112,525)
Vestis
Corp
(1)
.......................
(15,267)
(119,999)
Watsco
Inc
........................
(27)
(9,822)
Xometry
Inc
(1)
......................
(1,998)
(81,598)
(9,373,342)
Information
Technology
—
-1.4%
Aehr
Test
Syst
(1)
.....................
(1,859)
(68,932)
Alkami
Technology
Inc
(1)
...............
(6,706)
(105,083)
Cohu
Inc
(1)
.........................
(47,713)
(1,460,972)
Commvault
Systems
Inc
(1)
..............
(5,611)
(437,041)
I3
Verticals
Inc
(1)
.....................
(6,867)
(153,546)
Impinj
Inc
(1)
........................
(1,730)
(177,671)
IonQ
Inc
(1)
.........................
(4,166)
(120,106)
Life360
Inc
(1)
.......................
(8,336)
(340,276)
NextNav
Inc
(1)
......................
(5,464)
(87,533)
Rubrik
Inc
(1)
........................
(3,435)
(168,212)
Samsara
Inc
(1)
......................
(1,881)
(59,609)
Zscaler
Inc
(1)
.......................
(721)
(101,149)
(3,280,130)
Materials
—
-0.9%
Amcor
Plc
.........................
(7,836)
(311,481)
FMC
Corp
.........................
(2,176)
(37,471)
Hawkins
Inc
.......................
(710)
(109,056)
International
Paper
Co
.................
(9,003)
(321,407)
James
Hardie
Industries
PLC
(1)
...........
(50,932)
(964,652)
Knife
River
Corp
(1)
....................
(3,631)
(296,471)
MP
Materials
Corp
(1)
..................
(5,780)
(278,943)
(2,319,481)
Real
Estate
—
-3.3%
Acadia
Realty
Trust
...................
(74,603)
(1,426,409)
BRT
Apartments
Corp
.................
(8,294)
(110,642)
Macerich
Co/The
....................
(10,077)
(190,455)
Medical
Properties
Trust
Inc
.............
(10,135)
(46,925)
NETSTREIT
Corp
....................
(82,381)
(1,551,234)
Safehold
Inc
.......................
(39,193)
(530,281)
2026
Quarterly
Report
|
March
31,
2026
Page
7
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Schedules
of
Investments
March
31,
2026
(unaudited)
Seaport
Entertainment
Group
Inc
(1)
........
(9,759)
(209,623)
SL
Green
Realty
Corp
.................
(29,365)
(1,084,743)
Smartstop
Self
Storage
REIT
Inc
..........
(41,621)
(1,260,284)
Stratus
Properties
I
(1)
..................
(1,543)
(47,092)
UMH
Properties
Inc
...................
(96,831)
(1,397,271)
(7,854,959)
Utilities
—
-0.5%
Oklo
Inc
(1)
.........................
(2,953)
(146,439)
Otter
Tail
Corp
......................
(5,431)
(476,679)
Talen
Energy
Corp
(1)
..................
(1,387)
(442,772)
(1,065,890)
Total
Common
Stocks
-
Short
–
-
19
.7
%
(Proceeds
Received
$
(
54,520,249
)
)
......
(47,495,014)
Total
Investments
—
Long
—
98
.9
%
(Cost
$
190,222,213
)
................
238,859,270
Other
Assets
less
Liabilities
—
20
.8
%
......
50,266,844
Total
Net
Assets
—
100
.0
%
.............
241,631,100
Trustee
Deferred
Compensation
(4)
Meeder
Balanced
Fund
-
Retail
Class
.......
1,296
17,430
Meeder
Conservative
Allocation
Fund
-
Retail
Class
..........................
381
9,127
Meeder
Dynamic
Allocation
Fund
-
Retail
Class
3,250
47,152
Meeder
Muirfield
Fund
-
Retail
Class
.......
4,183
41,332
Total
Trustee
Deferred
Compensation
(Cost
$
102,340
)
...................
115,041
Long
(Short)
Contracts
Expiration
Date
Notional
Value
of
Contracts
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Futures
Contracts
Index
Futures
Mini
MSCI
EAFE
Futures
-
June
2026
.........
196
6/18/26
28,430,780
(
457,886
)
Mini
MSCI
Emg
Mkt
Futures
-
June
2026
........
109
6/18/26
7,927,570
(
304,086
)
Russell
2000
Futures
Mini
June
2026
.........
62
6/18/26
7,787,820
(
22,552
)
S&P
500
Mini
Futures
June
2026
............
(52)
6/18/26
(17,083,950)
(
270,533
)
S&P
Mid
Cap
Futures
EMini
June
2026
.........
(14)
6/18/26
(4,755,100)
(
87,384
)
Total
Futures
Contracts
..
301
22,307,120
(
1,142,441
)
(1)
Represents
non-income
producing
securities.
(2)
Fair
valued
security
deemed
a
Level
3
security.
Security
is
not
part
of
the
investment
strategy
of
the
Fund.
(3)
Investment
in
affiliate.
The
yield
shown
represents
the
7-day
yield
in
effect
at
March
31,
2026.
(4)
Assets
of
affiliates
to
the
Spectrum
Fund
held
for
the
benefit
of
the
Fund’s
Trustees
in
connection
with
the
Trustee
Deferred
Compensation
Plan.