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, 2023

Date of reporting period: June 30, 2023

Item 1.

Report to Stockholders.

TABLE OF CONTENTS


Portfolio Composition	1
Schedules of Investments	8
Statements of Assets and Liabilities	44
Statements of Operations	46
Statements of Changes in Net Assets	48
Financial Highlights	52
Notes to Financial Statements	62
Shareholder Expense Analysis	80
Other Items	82

This Semi-Annual Report is prepared and distributed for the general information of the shareholders of the Funds. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. Investors are advised to consider carefully the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus contains this and other information about the Funds.

Meeder Funds are distributed by Meeder Distribution Services, Inc. (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.

Portfolio Composition

June 30, 2023

Muirfield Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Information Technology	31.4%
Healthcare	17.3%
Consumer Discretionary	13.9%
Financials	13.8%
Industrials	8.5%
Energy	6.7%
Communication Services	5.0%
Materials	1.3%
Consumer Staples	1.1%
Real Estate Investment Trust	0.9%
Utilities	0.1%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
Microsoft Corp	5.1%
Apple Inc	5.0%
Berkshire Hathaway Inc	4.4%
Alphabet Inc	2.0%
Mastercard Inc	1.9%
NVIDIA Corp	1.8%
Texas Instruments Inc	1.7%
UnitedHealth Group Inc	1.4%
Chevron Corp	1.2%
Exxon Mobil Corp	1.2%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	62.4%
Money Market Registered Investment Companies	35.6%
Other Assets/Liabilities (Net)	2.0%
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.

Spectrum Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Information Technology	31.4%
Healthcare	17.5%
Financials	14.5%
Consumer Discretionary	12.1%
Industrials	9.2%
Energy	6.4%
Communication Services	5.2%
Materials	1.3%
Real Estate Investment Trust	1.3%
Consumer Staples	1.1%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
Berkshire Hathaway Inc	4.4%
Microsoft Corp	4.4%
Apple Inc	4.4%
Alphabet Inc	1.8%
UnitedHealth Group Inc	1.6%
NVIDIA Corp	1.6%
Mastercard Inc	1.5%
Chevron Corp	1.5%
Copart Inc	1.4%
Texas Instruments Inc	1.2%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	55.0%
Money Market Registered Investment Companies	42.5%
Other Assets/Liabilities (Net)	2.5%
Total	100.0%

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

Page 2

2023 Semi-Annual Report | June 30, 2023

Global Allocation Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Information Technology	31.3%
Healthcare	17.2%
Financials	17.2%
Consumer Discretionary	9.8%
Industrials	9.6%
Energy	6.3%
Communication Services	5.0%
Consumer Staples	1.4%
Real Estate Investment Trust	1.1%
Materials	1.0%
Utilities	0.1%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2023	% of total common stocks
U.S. Fixed Income	34.9%
International Fixed Income	5.8%
International Equity	59.3%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
iShares Core MSCI EAFE ETF	8.8%
Apple Inc	3.0%
Berkshire Hathaway Inc	2.9%
Microsoft Corp	2.8%
iShares Core MSCI Emerging Markets ETF	1.9%
iShares Core U.S. Aggregate Bond ETF	1.4%
SPDR Bloomberg High Yield Bond ETF	1.3%
Alphabet Inc	1.2%
Mastercard Inc	1.1%
Copart Inc	1.1%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	36.0%
Equity Registered Investment Companies	10.6%
Fixed Income Registered Investment Companies	7.3%
Money Market Registered Investment Companies	43.2%
Other Assets/Liabilities (Net)	2.9%
Total	100.0%

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

Balanced Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Information Technology	31.4%
Healthcare	17.0%
Financials	14.7%
Consumer Discretionary	12.4%
Industrials	9.7%
Energy	6.2%
Communication Services	5.1%
Materials	1.3%
Consumer Staples	1.1%
Real Estate Investment Trust	1.0%
Utilities	0.1%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2023	% of total common stocks
U.S. Fixed Income	84.9%
International Fixed Income	15.1%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
Apple Inc	4.5%
Microsoft Corp	4.3%
iShares Core U.S. Aggregate Bond ETF	4.2%
SPDR Bloomberg High Yield Bond ETF	4.2%
Berkshire Hathaway Inc	3.9%
iShares JP Morgan USD Emerging Markets Bond ETF	3.3%
Xtrackers USD High Yield Corporate Bond ETF	1.8%
Alphabet Inc	1.7%
Copart Inc	1.7%
NVIDIA Corp	1.6%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	53.0%
Fixed Income Registered Investment Companies	21.6%
Money Market Registered Investment Companies	24.6%
Other Assets/Liabilities (Net)	0.8%
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.

2023 Semi-Annual Report | June 30, 2023

Page 3

Moderate Allocation Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Information Technology	31.3%
Healthcare	17.6%
Financials	16.7%
Consumer Discretionary	10.0%
Industrials	9.5%
Energy	6.6%
Communication Services	4.8%
Materials	1.2%
Consumer Staples	1.1%
Real Estate Investment Trust	1.1%
Utilities	0.1%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2023	% of total common stocks
U.S. Fixed Income	85.0%
International Fixed Income	15.0%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
iShares Core U.S. Aggregate Bond ETF	7.2%
SPDR Bloomberg High Yield Bond ETF	7.0%
iShares JP Morgan USD Emerging Markets Bond ETF	5.5%
Xtrackers USD High Yield Corporate Bond ETF	3.0%
Apple Inc	2.7%
Microsoft Corp	2.6%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	2.5%
PGIM Short-Term Corporate Bond Fund - Class Q	2.5%
Berkshire Hathaway Inc	2.3%
iShares 3-7 Year Treasury Bond ETF	2.2%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	31.4%
Fixed Income Registered Investment Companies	36.6%
Money Market Registered Investment Companies	31.0%
Other Assets/Liabilities (Net)	1.0%
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.

Conservative Allocation Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Information Technology	31.4%
Healthcare	17.4%
Financials	16.2%
Consumer Discretionary	10.7%
Industrials	8.0%
Energy	6.9%
Communication Services	5.2%
Materials	1.6%
Consumer Staples	1.4%
Real Estate Investment Trust	0.9%
Utilities	0.3%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2023	% of total common stocks
U.S. Fixed Income	85.5%
International Fixed Income	14.5%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
iShares Core U.S. Aggregate Bond ETF	11.1%
SPDR Bloomberg High Yield Bond ETF	9.9%
iShares JP Morgan USD Emerging Markets Bond ETF	7.7%
Xtrackers USD High Yield Corporate Bond ETF	4.2%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	3.7%
PGIM Short-Term Corporate Bond Fund - Class Q	3.6%
iShares 3-7 Year Treasury Bond ETF	3.2%
Segall Bryant & Hamill Plus Bond Fund - Class I	2.6%
DoubleLine Total Return Bond Fund - Class I	2.5%
Baird Core Plus Bond Fund - Class I	2.2%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	22.1%
Fixed Income Registered Investment Companies	53.2%
Money Market Registered Investment Companies	24.3%
Other Assets/Liabilities (Net)	0.4%
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.

Page 4

2023 Semi-Annual Report | June 30, 2023

Dynamic Allocation Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Information Technology	31.3%
Healthcare	17.7%
Financials	16.0%
Consumer Discretionary	11.9%
Industrials	9.0%
Energy	6.0%
Communication Services	5.1%
Consumer Staples	1.1%
Materials	1.1%
Real Estate Investment Trust	0.7%
Utilities	0.1%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2023	% of total common stocks
U.S. Fixed Income	73.1%
International Fixed Income	14.4%
International Equity	12.5%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
Apple Inc	6.4%
Berkshire Hathaway Inc (1)	6.4%
Microsoft Corp	5.9%
Alphabet Inc (1)	2.4%
NVIDIA Corp	2.1%
Copart Inc (1)	2.0%
Mastercard Inc	1.8%
Texas Instruments Inc	1.8%
iShares Core U.S. Aggregate Bond ETF (5)	1.6%
UnitedHealth Group Inc	1.3%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	75.1%
Fixed Income Registered Investment Companies	3.0%
Equity Registered Investment Companies	0.4%
Money Market Registered Investment Companies	19.1%
Other Assets/Liabilities (Net)	2.4%
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.

Quantex Fund

Common Stock Sector Concentration as of June 30, 2023	% of total common stocks
Consumer Discretionary	24.5%
Industrials	17.4%
Information Technology	12.7%
Healthcare	10.4%
Financials	9.7%
Real Estate Investment Trust	7.4%
Communication Services	5.8%
Materials	5.4%
Utilities	3.1%
Consumer Staples	2.4%
Energy	1.2%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
Carnival Corp	1.3%
Royal Caribbean Cruises Ltd	1.2%
PulteGroup Inc	1.0%
Generac Holdings Inc	0.9%
Pentair PLC	0.8%
American Airlines Group Inc	0.8%
Norwegian Cruise Line Holdings Ltd	0.8%
CarMax Inc	0.8%
FleetCor Technologies Inc	0.8%
DaVita Inc	0.8%

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

Asset Allocation as of June 30, 2023	% of total net assets
Common Stocks (United States)	58.6%
Money Market Registered Investment Companies	37.1%
Other Assets/Liabilities (Net)	4.3%
Total	100.0%

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

2023 Semi-Annual Report | June 30, 2023

Page 5

Tactical Income Fund

Fixed Income Sector Concentration as of June 30, 2023	% of total fixed income securities
High Yield	22.3%
Investment Grade	14.1%
Emerging Markets	11.2%
U.S. Government	7.1%
Cash & Equivalents	45.3%
Total	100.0%

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

Top 10 Holdings as of June 30, 2023	% of total net assets
SPDR Bloomberg High Yield Bond ETF	14.0%
iShares JP Morgan USD Emerging Markets Bond ETF	11.1%
iShares Core 1-5 Year USD Bond ETF	7.5%
BBH Limited Duration Fund - Class I	7.1%
Xtrackers USD High Yield Corporate Bond ETF	6.0%
iShares Trust iShares 1-5 Year Investment Grade Co	5.8%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	3.1%
Government National Mortgage Association, 6.50%, due 7/20/2038	0.1%

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

Institutional Prime Money Market Fund

Sector Concentration as of June 30, 2023	% of total net assets
Commercial Paper	49.8%
Repurchase Agreements	27.3%
Certificates of Deposit	20.5%
Money Market Registered Investment Companies	1.4%
Corporate Obligations	0.8%
Variable Rate Demand Notes	0.3%
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, 2023	% of total net assets
StoneX Repo, 5.29%, due 7/3/2023	7.8%
Loop Capital Repo, 5.10%, due 7/3/2023	7.0%
Truist Repo, 5.12%, due 7/3/2023	4.7%
Halkin Finance, LLC, 5.08%, due 7/3/2023	4.7%
South Street Repo, 5.09%, due 7/3/2023	3.9%
South Street Repo, 5.14%, due 7/3/2023	3.9%
Anglesea Funding, 5.09%, 7/5/2023	3.3%
Sumitomo Mitsui Banking Corp./NY, 5.41%, due 9/1/2023	2.5%
Groupe BPCE, 5.71%, 9/13/2023	1.6%
Svenska Handelsbanken AB, 5.24%, due 8/29/2023	1.6%

As a percentage of total net assets.

Page 6

2023 Semi-Annual Report | June 30, 2023

2023 Semi-Annual Report
Fund Holdings & Financial Statements

Schedules of Investments
June 30, 2023 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 62.4%
Communication Services — 3.1%
Alphabet Inc ⁽¹⁾		114,194		13,814,048
AMC Networks Inc ⁽¹⁾		3,244		38,766
Comcast Corp		54,213		2,252,550
IDT Corp ⁽¹⁾		14,530		375,601
Liberty TripAdvisor Holdings Inc ⁽¹⁾		8,364		5,437
Meta Platforms Inc ⁽¹⁾		7,934		2,276,899
Netflix Inc ⁽¹⁾		6,988		3,078,144
Telephone and Data Systems Inc		3,121		25,686
Verizon Communications Inc		802		29,826
Walt Disney Co/The ⁽¹⁾		555		49,550
				21,946,507

Consumer Discretionary — 8.7%
Amazon.com Inc ⁽¹⁾		5,891		767,951
Best Buy Co Inc		18,181		1,489,933
Booking Holdings Inc ⁽¹⁾		1,828		4,936,203
BorgWarner Inc		32,732		1,600,922
Burlington Stores Inc ⁽¹⁾		1,776		279,525
Cavco Industries Inc ⁽¹⁾		160		47,200
Dana Inc		3,684		62,628
Domino’s Pizza Inc		3,596		1,211,816
DR Horton Inc		28,820		3,507,106
Expedia Group Inc ⁽¹⁾		34,011		3,720,463
Frontdoor Inc ⁽¹⁾		3,994		127,409
Garmin Ltd		56,292		5,870,693
Gentex Corp		3,507		102,615
Grand Canyon Education Inc ⁽¹⁾		8,910		919,601
Home Depot Inc/The		2,785		865,132
La-Z-Boy Inc		288		8,248
Lear Corp		133		19,092
Leggett & Platt Inc		1,463		43,334
Lennar Corp		40,449		5,068,664
Lululemon Athletica Inc ⁽¹⁾		8,864		3,355,024
M/I Homes Inc ⁽¹⁾		16,719		1,457,730
MasterCraft Boat Holdings Inc ⁽¹⁾		1,033		31,661
MDC Holdings Inc		123		5,753
Meritage Homes Corp		2,823		401,628
Mohawk Industries Inc ⁽¹⁾		26,850		2,769,846
NVR Inc ⁽¹⁾		102		647,763
O’Reilly Automotive Inc ⁽¹⁾		2,583		2,467,540
Papa John’s International Inc		3,986		294,286
PulteGroup Inc		11,605		901,476
Red Rock Resorts Inc		177		8,280
Ross Stores Inc		11,917		1,336,253
Skyline Champion Corp ⁽¹⁾		26,489		1,733,705

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Tapestry Inc		6,717		287,488
Tempur Sealy International Inc		40,782		1,634,135
Texas Roadhouse Inc		3,284		368,728
ONE Group Hospitality Inc/The ⁽¹⁾		3,356		24,566
TJX Cos Inc/The		50,941		4,319,287
Toll Brothers Inc		11,296		893,175
Town Sports International Holdings Inc ⁽¹⁾⁽⁴⁾		4,613		0
Tractor Supply Co		2,478		547,886
Tupperware Brands Corp ⁽¹⁾		19,775		15,820
Ulta Beauty Inc ⁽¹⁾		2,927		1,377,432
Whirlpool Corp		2,021		300,705
Wingstop Inc		2,248		449,960
Yum! Brands Inc		31,869		4,415,450
				60,694,112

Consumer Staples — 0.7%
Bunge Ltd		8,678		818,769
Cal-Maine Foods Inc		2,194		98,730
Casey’s General Stores Inc		2,764		674,084
Flowers Foods Inc		1,313		32,667
General Mills Inc		10,224		784,181
Hershey Co/The		2,034		507,890
Kroger Co/The		953		44,791
Medifast Inc		5,631		518,953
Pilgrim’s Pride Corp ⁽¹⁾		934		20,072
Sysco Corp		19,386		1,438,441
Walmart Inc		201		31,593
				4,970,171

Energy — 4.2%
Antero Midstream Corp		784		9,094
Arch Resources Inc		194		21,875
Berry Corp		2,368		16,292
Cheniere Energy Inc		599		91,264
Chevron Corp		53,081		8,352,295
Chord Energy Corp		169		25,992
Civitas Resources Inc		998		69,231
ConocoPhillips		26,875		2,784,519
Coterra Energy Inc		886		22,416
Devon Energy Corp		1,653		79,906
Diamondback Energy Inc		799		104,957
EOG Resources Inc		17,908		2,049,392
Exxon Mobil Corp		75,726		8,121,614
HF Sinclair Corp		1,857		82,841
International Seaways Inc		155		5,927
Kinder Morgan Inc		1,272		21,904

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

Page 8

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Magnolia Oil & Gas Corp		936		19,562
Marathon Oil Corp		337		7,758
ONEOK Inc		6,531		403,093
Ovintiv Inc		8,791		334,673
PBF Energy Inc		416		17,031
PDC Energy Inc		4,115		292,741
Peabody Energy Corp		502		10,873
Phillips 66		21,060		2,008,703
Pioneer Natural Resources Co		12,463		2,582,084
SandRidge Energy Inc		406		6,192
Scorpio Tankers Inc		404		19,081
SM Energy Co		1,906		60,287
Targa Resources Corp		904		68,794
Teekay Corp ⁽¹⁾		3,592		21,696
Valero Energy Corp		12,566		1,473,992
Vital Energy Inc ⁽¹⁾		429		19,369
				29,205,448

Financials — 8.6%
Ally Financial Inc		50,009		1,350,743
American Express Co		21,199		3,692,866
American International Group Inc		1,872		107,715
Bank of New York Mellon Corp/The		21,608		961,988
Berkshire Hathaway Inc ⁽¹⁾		89,731		30,598,271
Capital One Financial Corp		5,201		568,833
Chubb Ltd		2,130		410,153
East West Bancorp Inc		4,761		251,333
Essent Group Ltd		8,807		412,168
First American Financial Corp		14,206		810,026
First Interstate BancSystem Inc		4,638		110,570
Fiserv Inc ⁽¹⁾		6,958		877,752
Jackson Financial Inc		15,783		483,118
LPL Financial Holdings Inc		1,592		346,149
Marsh & McLennan Cos Inc		19,167		3,604,929
Mastercard Inc		33,206		13,059,920
Medley Management Inc ⁽¹⁾		235		0
New York Community Bancorp Inc		10,287		115,626
NMI Holdings Inc ⁽¹⁾		4,033		104,132
OFG Bancorp		257		6,703
State Street Corp		11,091		811,639
Stewart Information Services Corp		15,866		652,727
Synchrony Financial		22,466		762,047
				60,099,408

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Healthcare — 10.8%
Abbott Laboratories		5,649		615,854
AbbVie Inc		41,941		5,650,711
AmerisourceBergen Corp		1,541		296,535
Amgen Inc		24,934		5,535,847
Avid Bioservices Inc ⁽¹⁾		1,777		24,825
Biogen Inc ⁽¹⁾		6,659		1,896,816
Bristol-Myers Squibb Co		22,092		1,412,783
Cardinal Health Inc		4,627		437,575
Centene Corp ⁽¹⁾		32,145		2,168,180
Chemed Corp		33		17,875
CVS Health Corp		17,520		1,211,158
Elevance Health Inc		5,562		2,471,141
Eli Lilly & Co		11,733		5,502,542
Embecta Corp		990		21,384
Galectin Therapeutics Inc ⁽¹⁾		3,817		5,496
Gilead Sciences Inc		42,535		3,278,172
HCA Healthcare Inc		6,668		2,023,605
Humana Inc		4,020		1,797,463
IDEXX Laboratories Inc ⁽¹⁾		928		466,069
Inspire Medical Systems Inc ⁽¹⁾		1,660		538,902
Intuitive Surgical Inc ⁽¹⁾		23,314		7,971,989
IQVIA Holdings Inc ⁽¹⁾		6,608		1,485,280
Johnson & Johnson		12,180		2,016,034
Lantheus Holdings Inc ⁽¹⁾		3,736		313,525
McKesson Corp		2,971		1,269,538
Merck & Co Inc		38,169		4,404,321
Organon & Co		3,391		70,567
Pfizer Inc		62,933		2,308,382
Quest Diagnostics Inc		2,409		338,609
Reata Pharmaceuticals Inc ⁽¹⁾		267		27,223
Cigna Group/The		6,455		1,811,273
UnitedHealth Group Inc		20,941		10,065,082
Vertex Pharmaceuticals Inc ⁽¹⁾		4,638		1,632,159
Viatris Inc		29,587		295,278
West Pharmaceutical Services Inc		2,576		985,243
Zimmer Biomet Holdings Inc		9,445		1,375,192
Zoetis Inc		20,945		3,606,938
				75,349,566

Industrials — 5.3%
Alaska Air Group Inc ⁽¹⁾		24,185		1,286,158
Applied Industrial Technologies Inc		38		5,504
Argan Inc		752		29,636
BlueLinx Holdings Inc ⁽¹⁾		1,082		101,470
Boise Cascade Co		11,244		1,015,895

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

2023 Semi-Annual Report | June 30, 2023

Page 9

Schedules of Investments
June 30, 2023 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Builders FirstSource Inc ⁽¹⁾		17,877		2,431,272
BWX Technologies Inc		2,982		213,422
Copa Holdings SA		4,660		515,303
Copart Inc ⁽¹⁾		86,050		7,848,621
Delta Air Lines Inc		7,197		342,145
Dover Corp		40,593		5,993,556
Eaton Corp PLC		79		15,887
EMCOR Group Inc		10,061		1,859,072
EnerSys		1,489		161,586
Genco Shipping & Trading Ltd		3,389		47,548
Graco Inc		48,416		4,180,722
WW Grainger Inc		557		439,245
Heidrick & Struggles International Inc		1,275		33,749
Hubbell Inc		1,165		386,267
Lockheed Martin Corp		1,819		837,431
ManpowerGroup Inc		4,915		390,251
Matson Inc		7,463		580,099
MSC Industrial Direct Co Inc		6,640		632,659
Northrop Grumman Corp		5,298		2,414,828
nVent Electric PLC		2,601		134,394
Owens Corning		9,825		1,282,163
PACCAR Inc		2,389		199,840
Ryder System Inc		438		37,138
Southwest Airlines Co		7,537		272,915
StarTek Inc ⁽¹⁾		2,934		8,567
TrueBlue Inc ⁽¹⁾		505		8,944
UFP Industries Inc		498		48,331
Union Pacific Corp		6,409		1,311,410
United Airlines Holdings Inc ⁽¹⁾		29,913		1,641,326
Univar Solutions Inc ⁽¹⁾		845		30,285
Valmont Industries Inc		140		40,747
Westinghouse Air Brake Technologies Corp		132		14,476
Waste Management Inc		3,022		524,075
Watsco Inc		12		4,578
				37,321,515

Information Technology — 19.6%
Adobe Inc ⁽¹⁾		6,346		3,103,131
Alpha & Omega Semiconductor Ltd ⁽¹⁾		3,977		130,446
Analog Devices Inc		8,288		1,614,585
Apple Inc		181,076		35,123,312
Applied Materials Inc		3,821		552,287
Arrow Electronics Inc ⁽¹⁾		1,112		159,272
Avnet Inc		8,301		418,785
Broadcom Inc		3,589		3,113,206
Cisco Systems Inc		74,784		3,869,324

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Dell Technologies Inc		372		20,129
Digital Turbine Inc ⁽¹⁾		10,344		95,992
DocuSign Inc ⁽¹⁾		10,715		547,429
Intuit Inc		8,201		3,757,616
Jabil Inc		26,703		2,882,055
KLA Corp		1,734		841,025
Lam Research Corp		2,138		1,374,435
Microchip Technology Inc		27,459		2,460,052
Microsoft Corp		104,602		35,621,166
NetApp Inc		6,829		521,736
NVIDIA Corp		30,156		12,756,591
ON Semiconductor Corp ⁽¹⁾		3,174		300,197
Oracle Corp		40,989		4,881,380
QUALCOMM Inc		38,283		4,557,208
Roper Technologies Inc		2,219		1,066,895
Skyworks Solutions Inc		38,553		4,267,432
TD SYNNEX Corp		4,290		403,260
Teradyne Inc		5,653		629,348
Texas Instruments Inc		66,398		11,952,968
Vishay Intertechnology Inc		330		9,702
				137,030,964

Materials — 0.8%
Alpha Metallurgical Resources Inc		278		45,692
CF Industries Holdings Inc		7,802		541,615
Clearwater Paper Corp ⁽¹⁾		293		9,177
Eagle Materials Inc		957		178,404
Linde PLC		14		5,335
LyondellBasell Industries NV		7,697		706,816
Nucor Corp		2,890		473,902
PPG Industries Inc		24,130		3,578,479
Reliance Steel & Aluminum Co		239		64,910
Ryerson Holding Corp		1,645		71,360
Schnitzer Steel Industries Inc		1,053		31,579
Sylvamo Corp		1,976		79,929
				5,787,198

Real Estate Investment Trust — 0.6%
CorEnergy Infrastructure Trust Inc		13,458		15,073
Essex Property Trust Inc		9,928		2,326,130
Simon Property Group Inc		13,707		1,582,883
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁴⁾		9,151		0
				3,924,086

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

Page 10

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Utilities — 0.0%
Clearway Energy Inc		1,377		39,327
Consolidated Edison Inc		1,727		156,121
				195,448

Total Common Stocks (United States) (Cost $331,504,303)				436,524,423

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7%		2,612		69,793
Total Preferred Stock (United States) (Cost $65,288)				69,793

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁴⁾		7		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁴⁾		7		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁴⁾		57		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁴⁾		28		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		349		3,521
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		122		1,403
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁴⁾		23		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		128		2,982
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		63		998
Total Warrants (United States) (Cost $8,512)				8,904

Money Market Registered Investment Companies — 35.6%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		249,014,974		249,014,974
Total Money Market Registered Investment Companies (Cost $248,905,818)				249,014,974
Total Investments — 98.0% (Cost $580,483,921)				685,618,094
Other Assets less Liabilities — 2.0%				13,726,249
Total Net Assets — 100.0%				699,344,343

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		5,741		69,638
Meeder Dynamic Allocation Fund - Retail Class		15,074		191,741
Meeder Muirfield Fund - Retail Class		10,914		96,698
Meeder Conservative Allocation Fund - Retail Class		1,694		36,082
Total Trustee Deferred Compensation (Cost $357,751)				394,159

	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		30		9/15/2023		7,932,300		118,594
Mini MSCI EAFE Index Futures		970		9/15/2023		104,541,750		(586,038	)
Mini MSCI Emerging Markets Index Futures		462		9/15/2023		23,051,490		(532,543	)
Russell 2000 Mini Index Futures		505		9/15/2023		48,068,425		206,037
Standard & Poors 500 Mini Futures		55		9/15/2023		12,342,688		32,657
Total Futures Contracts		2,022				195,936,653		(761,293	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

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

(4)	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.

2023 Semi-Annual Report | June 30, 2023

Page 11

Schedules of Investments
June 30, 2023 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — 55.0%
Communication Services — 2.8%
Alphabet Inc ⁽¹⁾		28,755		3,478,492
AMC Networks Inc ⁽¹⁾		2,368		28,298
Comcast Corp		10,542		438,020
Meta Platforms Inc ⁽¹⁾		2,017		578,839
Netflix Inc ⁽¹⁾		2,045		900,802
Walt Disney Co/The ⁽¹⁾		336		29,998
				5,454,449

Consumer Discretionary — 6.7%
Amazon.com Inc ⁽¹⁾		1,368		178,332
Beachbody Co Inc/The ⁽¹⁾		14,976		6,269
Best Buy Co Inc		5,052		414,011
Booking Holdings Inc ⁽¹⁾		330		891,109
BorgWarner Inc		7,262		355,184
Burlington Stores Inc ⁽¹⁾		337		53,040
Century Communities Inc		2,181		167,108
Domino’s Pizza Inc		617		207,923
DR Horton Inc		774		94,188
Ethan Allen Interiors Inc		206		5,826
Expedia Group Inc ⁽¹⁾		6,829		747,024
Frontdoor Inc ⁽¹⁾		1,128		35,983
Garmin Ltd		13,139		1,370,266
Gentex Corp		644		18,843
Grand Canyon Education Inc ⁽¹⁾		2,172		224,172
Home Depot Inc/The		951		295,419
Installed Building Products Inc		38		5,326
Leggett & Platt Inc		1,463		43,334
Lennar Corp		8,058		1,009,748
Lululemon Athletica Inc ⁽¹⁾		1,708		646,478
M/I Homes Inc ⁽¹⁾		5,932		517,211
Meritage Homes Corp		35		4,979
Mohawk Industries Inc ⁽¹⁾		12,621		1,301,982
O’Reilly Automotive Inc ⁽¹⁾		388		370,656
Papa John’s International Inc		2,308		170,400
PulteGroup Inc		70		5,438
Ross Stores Inc		3,740		419,366
Skyline Champion Corp ⁽¹⁾		6,131		401,274
Tapestry Inc		2,247		96,172
Tempur Sealy International Inc		10,307		413,001
Texas Roadhouse Inc		446		50,077
TJX Cos Inc/The		6,745		571,909
Toll Brothers Inc		3,563		281,726
TopBuild Corp ⁽¹⁾		21		5,586
Tractor Supply Co		297		65,667
Tupperware Brands Corp ⁽¹⁾		16,075		12,860
Ulta Beauty Inc ⁽¹⁾		635		298,828

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Wingstop Inc		525		105,084
Yum! Brands Inc		6,951		963,061
				12,824,860

Consumer Staples — 0.6%
Archer-Daniels-Midland Co		5,097		385,129
Bunge Ltd		3,331		314,280
Casey’s General Stores Inc		733		178,764
General Mills Inc		2,348		180,092
Kroger Co/The		456		21,432
Medifast Inc		1,383		127,457
				1,207,154

Energy — 3.5%
Berry Corp		842		5,793
Cheniere Energy Inc		1,616		246,214
Chevron Corp		17,956		2,825,377
Civitas Resources Inc		117		8,116
ConocoPhillips		4,322		447,802
Diamondback Energy Inc		501		65,811
DT Midstream Inc		2,203		109,203
EOG Resources Inc		2,411		275,915
Exxon Mobil Corp		14,339		1,537,858
ONEOK Inc		1,546		95,419
Ovintiv Inc		682		25,964
PDC Energy Inc		1,385		98,529
Phillips 66		2,912		277,747
Pioneer Natural Resources Co		2,087		432,385
Scorpio Tankers Inc		395		18,656
Teekay Corp ⁽¹⁾		1,555		9,392
Valero Energy Corp		2,133		250,201
Vital Energy Inc ⁽¹⁾		434		19,595
				6,749,977

Financials — 8.0%
Ally Financial Inc		8,459		228,478
American Express Co		6,867		1,196,231
Bank of New York Mellon Corp/The		1,673		74,482
Berkshire Hathaway Inc ⁽¹⁾		24,740		8,436,340
Capital One Financial Corp		2,343		256,254
Chubb Ltd		2,298		442,503
Compass Diversified Holdings		3,111		67,478
Essent Group Ltd		2,896		135,533
First American Financial Corp		3,379		192,671
First Interstate BancSystem Inc		793		18,905
Fiserv Inc ⁽¹⁾		4,491		566,540

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

Page 12

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Investors Title Co		43		6,278
Jackson Financial Inc		15,424		472,129
Marsh & McLennan Cos Inc		941		176,983
Mastercard Inc		7,297		2,869,910
State Street Corp		456		33,370
Stewart Information Services Corp		2,427		99,847
Synchrony Financial		3,699		125,470
				15,399,402

Healthcare — 9.6%
AbbVie Inc		7,956		1,071,912
Amgen Inc		2,878		638,974
Avid Bioservices Inc ⁽¹⁾		1,776		24,811
Biogen Inc ⁽¹⁾		535		152,395
Bristol-Myers Squibb Co		15,531		993,207
Cardinal Health Inc		1,860		175,900
Centene Corp ⁽¹⁾		6,337		427,431
CVS Health Corp		2,604		180,015
Elevance Health Inc		629		279,458
Eli Lilly & Co		2,771		1,299,544
Embecta Corp		1,550		33,480
Gilead Sciences Inc		8,067		621,724
HCA Healthcare Inc		2,806		851,565
Humana Inc		944		422,091
IDEXX Laboratories Inc ⁽¹⁾		179		89,899
Inspire Medical Systems Inc ⁽¹⁾		534		173,358
Intuitive Surgical Inc ⁽¹⁾		4,070		1,391,696
IQVIA Holdings Inc ⁽¹⁾		2,106		473,366
Johnson & Johnson		6,462		1,069,590
Lantheus Holdings Inc ⁽¹⁾		809		67,891
McKesson Corp		2,375		1,014,861
Merck & Co Inc		8,819		1,017,624
Pfizer Inc		16,502		605,293
Quest Diagnostics Inc		1,363		191,583
Cigna Group/The		2,529		709,637
UnitedHealth Group Inc		6,417		3,084,267
Vertex Pharmaceuticals Inc ⁽¹⁾		513		180,530
Viatris Inc		664		6,627
West Pharmaceutical Services Inc		880		336,574
Zimmer Biomet Holdings Inc		3,174		462,134
Zoetis Inc		2,913		501,648
				18,549,085

Industrials — 5.0%
Alaska Air Group Inc ⁽¹⁾		5,358		284,938
BlueLinx Holdings Inc ⁽¹⁾		529		49,610
Boise Cascade Co		1,218		110,046

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Builders FirstSource Inc ⁽¹⁾		3,116		423,776
Copart Inc ⁽¹⁾		28,678		2,615,720
Delta Air Lines Inc		1,256		59,710
Dover Corp		9,230		1,362,810
EMCOR Group Inc		1,800		332,604
EnerSys		335		36,354
Graco Inc		15,122		1,305,785
Hudson Technologies Inc ⁽¹⁾		2,565		24,675
IBEX Holdings Ltd ⁽¹⁾		740		15,710
Karat Packaging Inc		287		5,238
Lockheed Martin Corp		1,473		678,140
ManpowerGroup Inc		353		28,028
Matson Inc		3,870		300,815
MSC Industrial Direct Co Inc		193		18,389
Northrop Grumman Corp		1,146		522,347
Owens Corning		2,183		284,882
PACCAR Inc		1,564		130,829
StarTek Inc ⁽¹⁾		2,176		6,354
Union Pacific Corp		3,358		687,114
United Airlines Holdings Inc ⁽¹⁾		6,023		330,482
Westinghouse Air Brake Technologies Corp		62		6,800
Waste Management Inc		477		82,721
				9,703,877

Information Technology — 17.4%
Adobe Inc ⁽¹⁾		2,098		1,025,901
Analog Devices Inc		2,444		476,116
Apple Inc		43,465		8,430,906
Applied Materials Inc		1,992		287,924
Arrow Electronics Inc ⁽¹⁾		730		104,558
Avnet Inc		4,145		209,115
Broadcom Inc		950		824,059
Cadence Design Systems Inc ⁽¹⁾		3,382		793,147
Cisco Systems Inc		11,719		606,341
DocuSign Inc ⁽¹⁾		6,030		308,073
Intuit Inc		2,339		1,071,706
Jabil Inc		2,621		282,885
KLA Corp		257		124,650
Lam Research Corp		857		550,931
Microchip Technology Inc		4,938		442,395
Micron Technology Inc		437		27,579
Microsoft Corp		24,761		8,432,110
NetApp Inc		2,150		164,260
NVIDIA Corp		7,217		3,052,935
ON Semiconductor Corp ⁽¹⁾		1,545		146,126
Oracle Corp		8,497		1,011,908
QUALCOMM Inc		6,635		789,830

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

2023 Semi-Annual Report | June 30, 2023

Page 13

Schedules of Investments
June 30, 2023 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Roper Technologies Inc		613		294,730
Skyworks Solutions Inc		12,512		1,384,953
TD SYNNEX Corp		332		31,208
Texas Instruments Inc		13,155		2,368,163
				33,242,509

Materials — 0.7%
CF Industries Holdings Inc		443		30,753
LyondellBasell Industries NV		1,840		168,967
PPG Industries Inc		6,818		1,011,109
Reliance Steel & Aluminum Co		168		45,627
Ryerson Holding Corp		765		33,186
Schnitzer Steel Industries Inc		1,923		57,671
Sylvamo Corp		905		36,607
				1,383,920

Real Estate Investment Trust — 0.7%
Essex Property Trust Inc		3,188		746,948
Simon Property Group Inc		5,458		630,290
				1,377,238

Total Common Stocks (United States) - Long (Cost $79,281,197)				105,892,471

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁵⁾		198		5,291
Total Preferred Stock (United States) (Cost $4,949)				5,291

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁴⁾		1		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁴⁾		1		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁴⁾		13		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁴⁾		6		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		29		334
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		86		868

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Warrants (United States — continued
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁴⁾		7		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		47		1,095
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		23		364
Total Warrants (United States) (Cost $2,899)				2,661

Money Market Registered Investment Companies — 42.5%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		81,914,116		81,914,116
Morgan Stanley Institutional Liquidity Fund Institutionial, 5.02%		25,011		25,011
Total Money Market Registered Investment Companies (Cost 81,902,186)				81,939,127
Total Investments - Long — 97.5% (Cost $161,191,231)				187,839,550
Other Assets less Liabilities — 2.5%				4,762,530
Total Net Assets — 100.0%				192,602,080

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		919		11,147
Meeder Dynamic Allocation Fund - Retail Class		2,247		28,582
Meeder Muirfield Fund - Retail Class		2,654		23,514
Meeder Conservative Allocation Fund - Retail Class		284		6,049
Total Trustee Deferred Compensation (Cost $66,202)				69,292

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

Page 14

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Spectrum 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		18		9/15/2023		4,759,380		71,156
Mini MSCI EAFE Index Futures		267		9/15/2023		28,775,925		(161,335	)
Mini MSCI Emerging Markets Index Futures		127		9/15/2023		6,336,665		(146,213	)
Russell 2000 Mini Index Futures		140		9/15/2023		13,325,900		56,527
Standard & Poors 500 Mini Futures		68		9/15/2023		15,260,050		270,880
Total Futures Contracts		620				68,457,920		91,015

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

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

(4)	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.

2023 Semi-Annual Report | June 30, 2023

Page 15

Schedules of Investments
June 30, 2023 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 36.0%
Communication Services — 1.8%
Alphabet Inc ⁽¹⁾		3,099		374,886
AMC Networks Inc ⁽¹⁾		543		6,489
Comcast Corp		985		40,927
IDT Corp ⁽¹⁾		437		11,296
Liberty TripAdvisor Holdings Inc ⁽¹⁾		262		170
Meta Platforms Inc ⁽¹⁾		209		59,979
Netflix Inc ⁽¹⁾		191		84,134
				577,881

Consumer Discretionary — 3.5%
Amazon.com Inc ⁽¹⁾		44		5,736
AutoZone Inc ⁽¹⁾		1		2,493
Best Buy Co Inc		344		28,191
Booking Holdings Inc ⁽¹⁾		29		78,310
BorgWarner Inc		640		31,302
Cavco Industries Inc ⁽¹⁾		2		590
Chico’s FAS Inc ⁽¹⁾		42		225
Domino’s Pizza Inc		63		21,230
DR Horton Inc		92		11,195
Ethan Allen Interiors Inc		10		283
Expedia Group Inc ⁽¹⁾		1,134		124,048
Frontdoor Inc ⁽¹⁾		38		1,212
Garmin Ltd		995		103,769
Gentex Corp		24		702
Grand Canyon Education Inc ⁽¹⁾		113		11,663
Home Depot Inc/The		125		38,830
KB Home		340		17,581
Lear Corp		2		287
Leggett & Platt Inc		68		2,014
Lennar Corp		1,040		130,322
Lululemon Athletica Inc ⁽¹⁾		176		66,616
M/I Homes Inc ⁽¹⁾		131		11,422
MasterCraft Boat Holdings Inc ⁽¹⁾		19		582
Mohawk Industries Inc ⁽¹⁾		506		52,199
O’Reilly Automotive Inc ⁽¹⁾		20		19,106
Papa John’s International Inc		479		35,365
Ross Stores Inc		439		49,225
Skyline Champion Corp ⁽¹⁾		442		28,929
Tapestry Inc		235		10,058
Tempur Sealy International Inc		1,075		43,075
Tesla Inc ⁽¹⁾		13		3,403
Texas Roadhouse Inc		7		786
TJX Cos Inc/The		880		74,615
Town Sports International Holdings Inc ⁽¹⁾⁽⁴⁾		378		0
Tractor Supply Co		104		22,994
Tupperware Brands Corp ⁽¹⁾		118		94

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Wingstop Inc		51		10,208
Yum! Brands Inc		756		104,744
				1,143,404

Consumer Staples — 0.5%
Archer-Daniels-Midland Co		292		22,064
Bunge Ltd		30		2,831
General Mills Inc		108		8,284
Kroger Co/The		59		2,773
Medifast Inc		146		13,455
Pilgrim’s Pride Corp ⁽¹⁾		13		279
Kraft Heinz Co/The		1,106		39,263
Walmart Inc		496		77,961
				166,910

Energy — 2.3%
Berry Corp		67		461
Chevron Corp		1,670		262,775
Civitas Resources Inc		7		486
ConocoPhillips		367		38,025
Devon Energy Corp		9		435
Diamondback Energy Inc		43		5,648
EOG Resources Inc		166		18,997
Exxon Mobil Corp		1,598		171,386
HF Sinclair Corp		6		268
ONEOK Inc		668		41,229
Ovintiv Inc		269		10,241
PDC Energy Inc		448		31,871
Phillips 66		338		32,238
Pioneer Natural Resources Co		276		57,182
Range Resources Corp		183		5,380
SM Energy Co		10		316
Targa Resources Corp		326		24,809
Teekay Corp ⁽¹⁾		121		731
Valero Energy Corp		257		30,146
Vital Energy Inc ⁽¹⁾		6		271
Westmoreland Coal Co ⁽¹⁾⁽⁴⁾		539		0
				732,895

Financials — 6.2%
Ally Financial Inc		1,109		29,954
American Express Co		718		125,076
Bank of New York Mellon Corp/The		1,039		46,256
Berkshire Hathaway Inc ⁽¹⁾		2,748		937,068
Capital One Financial Corp		589		64,419
Charles Schwab Corp/The		419		23,749

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

Page 16

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Chubb Ltd		139		26,766
First American Financial Corp		172		9,807
First Interstate BancSystem Inc		502		11,968
Fiserv Inc ⁽¹⁾		489		61,687
Jackson Financial Inc		220		6,734
LPL Financial Holdings Inc		58		12,611
Marsh & McLennan Cos Inc		1,308		246,009
Mastercard Inc		924		363,409
Medley Management Inc ⁽¹⁾		21		0
NMI Holdings Inc ⁽¹⁾		35		904
Old Republic International Corp		14		352
RAIT Financial Trust ⁽¹⁾⁽⁴⁾		287		0
State Street Corp		199		14,563
Stewart Information Services Corp		410		16,867
Synchrony Financial		40		1,357
				1,999,556

Healthcare — 6.2%
Abbott Laboratories		88		9,594
AbbVie Inc		804		108,323
Alaunos Therapeutics Inc ⁽¹⁾		620		316
AmerisourceBergen Corp		9		1,732
Amgen Inc		343		76,153
Avid Bioservices Inc ⁽¹⁾		234		3,269
Biogen Inc ⁽¹⁾		31		8,830
Bristol-Myers Squibb Co		464		29,673
Cardinal Health Inc		625		59,106
Centene Corp ⁽¹⁾		749		50,520
CVS Health Corp		378		26,131
Elevance Health Inc		111		49,316
Eli Lilly & Co		353		165,550
Embecta Corp		79		1,706
Gilead Sciences Inc		1,358		104,661
HCA Healthcare Inc		332		100,755
Humana Inc		42		18,779
IDEXX Laboratories Inc ⁽¹⁾		114		57,254
Inspire Medical Systems Inc ⁽¹⁾		42		13,635
Intuitive Surgical Inc ⁽¹⁾		472		161,396
IQVIA Holdings Inc ⁽¹⁾		141		31,693
Johnson & Johnson		1,422		235,369
Lantheus Holdings Inc ⁽¹⁾		133		11,161
McKesson Corp		95		40,594
Merck & Co Inc		885		102,120
Pfizer Inc		887		32,535
Quest Diagnostics Inc		92		12,932
Cigna Group/The		143		40,126
UnitedHealth Group Inc		420		201,869

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Vertex Pharmaceuticals Inc ⁽¹⁾		86		30,264
Viatris Inc		1,031		10,289
West Pharmaceutical Services Inc		48		18,359
Zimmer Biomet Holdings Inc		568		82,701
Zoetis Inc		621		106,942
				2,003,653

Industrials — 3.5%
AGCO Corp		4		526
Alaska Air Group Inc ⁽¹⁾		653		34,727
Allegiant Travel Co ⁽¹⁾		7		884
BlueLinx Holdings Inc ⁽¹⁾		9		844
Boise Cascade Co		13		1,175
Builders FirstSource Inc ⁽¹⁾		530		72,080
BWX Technologies Inc		42		3,006
Comfort Systems USA Inc		2		328
Copart Inc ⁽¹⁾		3,898		355,537
Crane Co		2		178
Crane NXT Co		2		113
Delta Air Lines Inc		35		1,664
Dover Corp		1,018		150,308
EMCOR Group Inc		270		49,891
Emerson Electric Co		93		8,406
EnerSys		14		1,519
Graco Inc		1,107		95,589
WW Grainger Inc		14		11,040
Hubbell Inc		18		5,968
Karat Packaging Inc		15		274
Lockheed Martin Corp		92		42,355
ManpowerGroup Inc		3		238
Matson Inc		81		6,296
Northrop Grumman Corp		31		14,130
nVent Electric PLC		215		11,109
Owens Corning		328		42,804
PACCAR Inc		109		9,118
Sensata Technologies Holding PLC		7		315
Southwest Airlines Co		11		398
StarTek Inc ⁽¹⁾		131		383
Terex Corp		4		239
UFP Industries Inc		100		9,705
Union Pacific Corp		572		117,043
United Airlines Holdings Inc ⁽¹⁾		628		34,458
Univar Solutions Inc ⁽¹⁾		6		215
Westinghouse Air Brake Technologies Corp		330		36,191
				1,119,054

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

2023 Semi-Annual Report | June 30, 2023

Page 17

Schedules of Investments
June 30, 2023 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Information Technology — 11.2%
Adobe Inc ⁽¹⁾		195		95,353
Amkor Technology Inc		107		3,183
Analog Devices Inc		253		49,287
Apple Inc		5,026		974,893
Applied Materials Inc		558		80,653
Arrow Electronics Inc ⁽¹⁾		349		49,987
Avnet Inc		503		25,376
Broadcom Inc		98		85,008
Cadence Design Systems Inc ⁽¹⁾		119		27,908
Cisco Systems Inc		853		44,134
Dell Technologies Inc		9		487
DocuSign Inc ⁽¹⁾		812		41,485
Intuit Inc		146		66,896
Jabil Inc		228		24,608
Lam Research Corp		76		48,857
Microchip Technology Inc		1,005		90,038
Microsoft Corp		2,697		918,440
NetApp Inc		307		23,455
NVIDIA Corp		802		339,262
ON Semiconductor Corp ⁽¹⁾		125		11,823
Oracle Corp		1,043		124,211
QUALCOMM Inc		1,020		121,421
Roper Technologies Inc		14		6,731
Salesforce Inc ⁽¹⁾		36		7,605
Skyworks Solutions Inc		1,265		140,023
TD SYNNEX Corp		19		1,786
Texas Instruments Inc		1,414		254,548
Vishay Intertechnology Inc		8		235
				3,657,693

Materials — 0.4%
Alpha Metallurgical Resources Inc		4		657
CF Industries Holdings Inc		179		12,426
Dow Inc		13		692
Nucor Corp		134		21,973
PPG Industries Inc		532		78,896
Reliance Steel & Aluminum Co		2		543
Ryerson Holding Corp		40		1,735
Schnitzer Steel Industries Inc		52		1,559
				118,481

Real Estate Investment Trust — 0.4%
CorEnergy Infrastructure Trust Inc		583		653
Essex Property Trust Inc		305		71,462

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Simon Property Group Inc		510		58,895
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁴⁾		385		0
				131,010

Utilities �� 0.0%
Brookfield Renewable Corp		13		410
				410

Total Common Stocks (United States) (Cost $8,982,199)				11,650,947

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7%		81		2,164
Total Preferred Stock (United States) (Cost $2,025)				2,164

Warrants (United States) — 0.0%
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁴⁾		2		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁴⁾		1		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		11		111
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		4		46
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		12		280
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		7		111
Total Warrants (United States) (Cost $93)				548

Registered Investment Companies — 17.9%
U.S. Fixed Income — 6.3%
Baird Core Plus Bond Fund - Class I		9,334		92,970
BBH Limited Duration Fund - Class I		5,179		52,051
Diamond Hill Short Duration Securitized Bond Fund - Class Y		18,602		175,605
DoubleLine Total Return Bond Fund - Class I		14,350		126,423
Frost Total Return Bond Fund - Class I		8,030		75,002
iShares 3-7 Year Treasury Bond ETF ⁽⁵⁾		1,146		132,088
iShares Core U.S. Aggregate Bond ETF ⁽⁵⁾		4,690		459,386
PGIM Short-Term Corporate Bond Fund - Class Q		16,988		173,621

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

Page 18

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
Segall Bryant & Hamill Plus Bond Fund - Class I		14,589		133,932
SPDR Bloomberg High Yield Bond ETF ⁽⁵⁾		4,677		430,424
Xtrackers USD High Yield Corporate Bond ETF ⁽⁵⁾		5,297		182,747
				2,034,249

International Fixed Income — 1.0%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁵⁾		3,924		339,583
				339,583

International Equity — 10.6%
iShares Core MSCI EAFE ETF ⁽⁵⁾		42,298		2,855,115
iShares Core MSCI Emerging Markets ETF ⁽⁵⁾		12,312		606,858
				3,461,973

Total Registered Investment Companies (Cost $5,148,066)				5,835,805

Money Market Registered Investment Companies — 43.2%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		14,003,689		14,003,689
Total Money Market Registered Investment Companies (Cost $13,998,187)				14,003,689
Total Investments — 97.1% (Cost $28,130,570)				31,493,153
Other Assets less Liabilities — 2.9%				938,582
Total Net Assets — 100.0%				32,431,735

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		2,071		25,121
Meeder Dynamic Allocation Fund - Retail Class		5,594		71,156
Meeder Muirfield Fund - Retail Class		2,430		21,530
Meeder Conservative Allocation Fund - Retail Class		581		12,375
Total Trustee Deferred Compensation (Cost $113,877)				130,182

Global Allocation Fund
	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
Mini MSCI EAFE Index Futures		107			9/15/2023		11,531,925			(65,640	)
Mini MSCI Emerging Markets Index Futures		54			9/15/2023		2,694,330			(62,741	)
Russell 2000 Mini Index Futures		11			9/15/2023		1,047,035			4,887
Standard & Poors 500 Mini Futures		(6	)		9/15/2023		(1,346,475	)		(30,029	)
Total Futures Contracts		166					13,926,815			(153,523	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

(3)	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.

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

(5)	Exchange-traded fund.

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

2023 Semi-Annual Report | June 30, 2023

Page 19

Schedules of Investments
June 30, 2023 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 53.0%
Communication Services — 2.7%
Alphabet Inc ⁽¹⁾		49,908		6,037,371
AMC Networks Inc ⁽¹⁾		3,918		46,820
Comcast Corp		22,615		939,653
IDT Corp ⁽¹⁾		5,933		153,368
Meta Platforms Inc ⁽¹⁾		3,593		1,031,119
Netflix Inc ⁽¹⁾		3,020		1,330,280
Verizon Communications Inc		198		7,364
				9,545,975

Consumer Discretionary — 6.6%
Amazon.com Inc ⁽¹⁾		4,199		547,382
Best Buy Co Inc		7,051		577,829
Booking Holdings Inc ⁽¹⁾		619		1,671,504
BorgWarner Inc		10,796		528,032
Burlington Stores Inc ⁽¹⁾		407		64,058
Cavco Industries Inc ⁽¹⁾		84		24,780
Domino’s Pizza Inc		1,086		365,971
DR Horton Inc		12,217		1,486,687
Ethan Allen Interiors Inc		151		4,270
Expedia Group Inc ⁽¹⁾		14,924		1,632,536
Frontdoor Inc ⁽¹⁾		498		15,886
Garmin Ltd		21,277		2,218,978
Gentex Corp		423		12,377
Grand Canyon Education Inc ⁽¹⁾		2,053		211,890
Home Depot Inc/The		1,601		497,335
Lear Corp		42		6,029
Leggett & Platt Inc		349		10,337
Lennar Corp		14,864		1,862,608
Lululemon Athletica Inc ⁽¹⁾		3,449		1,305,447
M/I Homes Inc ⁽¹⁾		4,804		418,861
MasterCraft Boat Holdings Inc ⁽¹⁾		383		11,739
Mohawk Industries Inc ⁽¹⁾		13,603		1,403,285
NVR Inc ⁽¹⁾		27		171,467
O’Reilly Automotive Inc ⁽¹⁾		784		748,955
Papa John’s International Inc		2,701		199,415
PulteGroup Inc		6,485		503,755
Red Rock Resorts Inc		135		6,315
Ross Stores Inc		5,459		612,118
Skyline Champion Corp ⁽¹⁾		8,506		556,718
Tapestry Inc		2,980		127,544
Tempur Sealy International Inc		16,362		655,625
Tesla Inc ⁽¹⁾		252		65,966
Texas Roadhouse Inc		277		31,102
ONE Group Hospitality Inc/The ⁽¹⁾		1,514		11,082
TJX Cos Inc/The		18,918		1,604,057

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Toll Brothers Inc		5,634		445,480
Town Sports International Holdings Inc ⁽¹⁾⁽⁴⁾		1,777		0
Tractor Supply Co		1,565		346,022
Tupperware Brands Corp ⁽¹⁾		5,977		4,782
Ulta Beauty Inc ⁽¹⁾		280		131,767
Whirlpool Corp		2,818		419,290
Wingstop Inc		538		107,686
Yum! Brands Inc		12,071		1,672,437
				23,299,404

Consumer Staples — 0.6%
Archer-Daniels-Midland Co		6,695		505,874
Bunge Ltd		2,201		207,664
Cal-Maine Foods Inc		1,638		73,710
Casey’s General Stores Inc		1,363		332,408
Flowers Foods Inc		250		6,220
General Mills Inc		4,816		369,387
Hershey Co/The		381		95,136
Kroger Co/The		267		12,549
Medifast Inc		3,580		329,933
Pilgrim’s Pride Corp ⁽¹⁾		240		5,158
Sysco Corp		2,674		198,411
				2,136,450

Energy — 3.3%
Arch Resources Inc		54		6,089
Callon Petroleum Co ⁽¹⁾		1,160		40,681
Cheniere Energy Inc		1,066		162,416
Chevron Corp		22,549		3,548,085
Civitas Resources Inc		438		30,384
ConocoPhillips		7,878		816,240
Coterra Energy Inc		180		4,554
Devon Energy Corp		1,759		85,030
Diamondback Energy Inc		802		105,351
DT Midstream Inc		780		38,665
EOG Resources Inc		7,426		849,831
Exxon Mobil Corp		30,084		3,226,509
HF Sinclair Corp		465		20,744
Marathon Oil Corp		482		11,096
ONEOK Inc		1,571		96,962
Ovintiv Inc		2,633		100,238
PBF Energy Inc		163		6,673
PDC Energy Inc		4,924		350,293
Phillips 66		4,563		435,219
Pioneer Natural Resources Co		6,069		1,257,375
Scorpio Tankers Inc		111		5,243

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

Page 20

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
SM Energy Co		226		7,148
Targa Resources Corp		1,541		117,270
Teekay Corp ⁽¹⁾		1,515		9,151
Valero Energy Corp		2,180		255,714
Vital Energy Inc ⁽¹⁾		93		4,199
				11,591,160

Financials — 7.8%
Ally Financial Inc		18,531		500,522
American Express Co		10,732		1,869,514
Bank of New York Mellon Corp/The		10,738		478,056
Berkshire Hathaway Inc ⁽¹⁾		40,435		13,788,335
Capital One Financial Corp		4,895		535,366
Charles Schwab Corp/The		4,448		252,113
Chubb Ltd		4,619		889,435
East West Bancorp Inc		3,912		206,514
Essent Group Ltd		3,983		186,404
First American Financial Corp		2,684		153,042
First Interstate BancSystem Inc		4,316		102,893
Fiserv Inc ⁽¹⁾		5,938		749,079
International Money Express Inc ⁽¹⁾		216		5,298
Jackson Financial Inc		5,507		168,569
LPL Financial Holdings Inc		1,105		240,260
Marsh & McLennan Cos Inc		11,097		2,087,124
Mastercard Inc		12,267		4,824,611
Medley Management Inc ⁽¹⁾		101		0
New York Community Bancorp Inc		2,442		27,448
NMI Holdings Inc ⁽¹⁾		1,375		35,503
State Street Corp		3,034		222,028
Stewart Information Services Corp		6,217		255,767
Synchrony Financial		6,231		211,356
				27,789,237

Healthcare — 9.0%
Abbott Laboratories		1,668		181,845
AbbVie Inc		16,139		2,174,407
AmerisourceBergen Corp		109		20,975
Amgen Inc		8,499		1,886,948
Avid Bioservices Inc ⁽¹⁾		2,080		29,058
Biogen Inc ⁽¹⁾		2,170		618,125
Bristol-Myers Squibb Co		7,306		467,219
Cardinal Health Inc		2,858		270,281
Centene Corp ⁽¹⁾		12,951		873,545
Chemed Corp		15		8,125
CVS Health Corp		8,574		592,721
Elevance Health Inc		2,141		951,225

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Eli Lilly & Co		5,365		2,516,078
Embecta Corp		1,536		33,178
Gilead Sciences Inc		18,158		1,399,437
HCA Healthcare Inc		4,698		1,425,749
Humana Inc		1,317		588,870
IDEXX Laboratories Inc ⁽¹⁾		1,369		687,553
Inspire Medical Systems Inc ⁽¹⁾		788		255,816
Intuitive Surgical Inc ⁽¹⁾		9,991		3,416,323
IQVIA Holdings Inc ⁽¹⁾		2,967		666,893
Johnson & Johnson		9,780		1,618,786
Lantheus Holdings Inc ⁽¹⁾		2,445		205,184
McKesson Corp		1,847		789,242
Merck & Co Inc		15,616		1,801,930
Pfizer Inc		21,305		781,467
Quest Diagnostics Inc		1,260		177,106
Cigna Group/The		3,106		871,544
UnitedHealth Group Inc		7,096		3,410,621
Vertex Pharmaceuticals Inc ⁽¹⁾		2,528		889,628
Viatris Inc		5,057		50,469
West Pharmaceutical Services Inc		1,700		650,199
Zimmer Biomet Holdings Inc		4,962		722,467
Zoetis Inc		5,099		878,099
				31,911,113

Industrials — 5.1%
AGCO Corp		425		55,854
Alaska Air Group Inc ⁽¹⁾		8,334		443,202
Argan Inc		199		7,843
BlueLinx Holdings Inc ⁽¹⁾		466		43,701
Boise Cascade Co		2,273		205,366
Builders FirstSource Inc ⁽¹⁾		10,214		1,389,104
Copart Inc ⁽¹⁾		64,828		5,912,962
Dover Corp		18,787		2,773,901
Eaton Corp PLC		30		6,033
EMCOR Group Inc		2,846		525,884
Emerson Electric Co		66		5,966
EnerSys		163		17,689
Enovix Corp ⁽¹⁾		327		5,899
Genco Shipping & Trading Ltd		330		4,630
Graco Inc		16,218		1,400,424
WW Grainger Inc		40		31,544
Heidrick & Struggles International Inc		232		6,141
Lockheed Martin Corp		2,632		1,211,720
ManpowerGroup Inc		2,195		174,283
Matson Inc		2,223		172,794
MSC Industrial Direct Co Inc		1,550		147,684

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

2023 Semi-Annual Report | June 30, 2023

Page 21

Schedules of Investments
June 30, 2023 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Northrop Grumman Corp		1,369		623,990
nVent Electric PLC		1,655		85,514
Owens Corning		4,514		589,077
PACCAR Inc		1,564		130,829
Ryder System Inc		145		12,295
Sensata Technologies Holding PLC		460		20,695
Terex Corp		1,353		80,950
UFP Industries Inc		83		8,055
Union Pacific Corp		5,579		1,141,575
United Airlines Holdings Inc ⁽¹⁾		11,328		621,567
Univar Solutions Inc ⁽¹⁾		213		7,634
Valmont Industries Inc		34		9,896
Westinghouse Air Brake Technologies Corp		3,045		333,945
				18,208,646

Information Technology — 16.7%
Adobe Inc ⁽¹⁾		3,971		1,941,779
Analog Devices Inc		4,110		800,669
Apple Inc		81,420		15,793,037
Applied Materials Inc		528		76,317
Avnet Inc		7,482		377,467
Broadcom Inc		1,676		1,453,813
CDW Corp/DE		432		79,272
Cisco Systems Inc		20,355		1,053,168
DocuSign Inc ⁽¹⁾		6,798		347,310
Intuit Inc		1,048		480,183
Jabil Inc		13,835		1,493,212
KLA Corp		240		116,405
Lam Research Corp		852		547,717
Microchip Technology Inc		11,405		1,021,774
Micron Technology Inc		1,537		97,000
Microsoft Corp		45,243		15,407,044
NetApp Inc		4,345		331,958
NVIDIA Corp		13,153		5,563,982
ON Semiconductor Corp ⁽¹⁾		2,479		234,464
Oracle Corp		18,056		2,150,289
QUALCOMM Inc		15,254		1,815,836
Roper Technologies Inc		345		165,876
Skyworks Solutions Inc		21,510		2,380,942
Texas Instruments Inc		28,897		5,202,038
Varonis Systems Inc ⁽¹⁾		630		16,790
				58,948,342

Materials — 0.7%
Alpha Metallurgical Resources Inc		55		9,040
CF Industries Holdings Inc		2,646		183,685

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Mosaic Co/The		196		6,860
Nucor Corp		1,969		322,877
PPG Industries Inc		12,042		1,785,829
Reliance Steel & Aluminum Co		56		15,209
Ryerson Holding Corp		557		24,163
Schnitzer Steel Industries Inc		681		20,423
Steel Dynamics Inc		591		64,378
Sylvamo Corp		230		9,304
				2,441,768

Real Estate Investment Trust — 0.5%
CorEnergy Infrastructure Trust Inc		5,403		6,051
Essex Property Trust Inc		4,838		1,133,442
Simon Property Group Inc		6,318		729,603
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁴⁾		3,461		0
				1,869,096
Utilities — 0.0%
Clearway Energy Inc		555		15,851
				15,851

Total Common Stocks (United States) (Cost $139,862,308)				187,757,042

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7%		994		26,560
Total Preferred Stock (United States) (Cost $24,845)				26,560

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁴⁾		3		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁴⁾		3		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁴⁾		22		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁴⁾		12		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		157		1,584
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		57		656
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁴⁾		9		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		56		1,305

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

Page 22

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Warrants (United States — continued
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		28		444
Total Warrants (United States) (Cost $3,304)				3,989

Registered Investment Companies — 21.6%
U.S. Fixed Income — 18.3%
Baird Core Plus Bond Fund - Class I		320,093		3,188,125
BBH Limited Duration Fund - Class I		155,377		1,561,543
Diamond Hill Short Duration Securitized Bond Fund - Class Y		547,124		5,164,854
DoubleLine Total Return Bond Fund - Class I		407,815		3,592,850
Frost Total Return Bond Fund - Class I		232,969		2,175,926
iShares 3-7 Year Treasury Bond ETF ⁽⁵⁾		39,510		4,553,923
iShares Core U.S. Aggregate Bond ETF ⁽⁵⁾		153,149		15,000,944
PGIM Short-Term Corporate Bond Fund - Class Q		499,660		5,106,523
Segall Bryant & Hamill Plus Bond Fund - Class I		411,033		3,773,280
SPDR Bloomberg High Yield Bond ETF ⁽⁵⁾		160,023		14,726,917
Xtrackers USD High Yield Corporate Bond ETF ⁽⁵⁾		180,972		6,243,534
				65,088,419

International Fixed Income — 3.3%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁵⁾		133,482		11,551,532
				11,551,532

Total Registered Investment Companies (Cost $77,613,938)				76,639,951

Money Market Registered Investment Companies — 24.6%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		87,089,919		87,089,919
Total Money Market Registered Investment Companies (Cost $87,051,051)				87,089,919
Total Investments — 99.2% (Cost $304,555,446)				351,517,461
Other Assets less Liabilities — 0.8%				2,963,653
Total Net Assets — 100.0%				354,481,114

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		3,700		44,881
Meeder Dynamic Allocation Fund - Retail Class		9,663		122,913
Meeder Muirfield Fund - Retail Class		6,776		60,035
Meeder Conservative Allocation Fund - Retail Class		1,079		22,983
Total Trustee Deferred Compensation (Cost $227,718)				250,812

	Net 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		(11	)		9/15/2023		(2,908,510	)		(54,222	)
Mini MSCI EAFE Index Futures		345			9/15/2023		37,182,375			(207,298	)
Mini MSCI Emerging Markets Index Futures		164			9/15/2023		8,182,780			(188,969	)
Russell 2000 Mini Index Futures		178			9/15/2023		16,942,930			71,192
Standard & Poors 500 Mini Futures		(98	)		9/15/2023		(21,992,425	)		(490,464	)
Total Futures Contracts		578					37,407,150			(869,761	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

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

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

(5)	Exchange-traded fund.

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

2023 Semi-Annual Report | June 30, 2023

Page 23

Schedules of Investments
June 30, 2023 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 31.4%
Communication Services — 1.5%
Alphabet Inc - Class A ⁽¹⁾		839		100,428
Alphabet Inc - Class C ⁽¹⁾		13,354		1,615,433
AMC Networks Inc ⁽¹⁾		1,518		18,140
Comcast Corp		3,615		150,203
IDT Corp ⁽¹⁾		1,500		38,775
Meta Platforms Inc ⁽¹⁾		480		137,750
Netflix Inc ⁽¹⁾		810		356,797
Telephone and Data Systems Inc		152		1,251
Verizon Communications Inc		27		1,004
				2,419,781

Consumer Discretionary — 3.1%
Amazon.com Inc ⁽¹⁾		306		39,890
AutoZone Inc ⁽¹⁾		29		72,307
Best Buy Co Inc		2,142		175,537
Booking Holdings Inc ⁽¹⁾		134		361,844
BorgWarner Inc		2,233		109,216
Burlington Stores Inc ⁽¹⁾		137		21,562
Cavco Industries Inc ⁽¹⁾		9		2,655
Domino’s Pizza Inc		218		73,464
DR Horton Inc		2,830		344,383
Expedia Group Inc ⁽¹⁾		4,741		518,618
Frontdoor Inc ⁽¹⁾		58		1,850
Garmin Ltd		4,457		464,821
Gentex Corp		70		2,048
Grand Canyon Education Inc ⁽¹⁾		218		22,500
Home Depot Inc/The		41		12,736
Lear Corp		9		1,292
Lennar Corp		4,254		533,069
Lululemon Athletica Inc ⁽¹⁾		985		372,823
M/I Homes Inc ⁽¹⁾		607		52,924
Mohawk Industries Inc ⁽¹⁾		2,223		229,325
O’Reilly Automotive Inc ⁽¹⁾		190		181,507
Papa John’s International Inc		797		58,843
Ross Stores Inc		2,082		233,455
Skyline Champion Corp ⁽¹⁾		1,278		83,645
Tapestry Inc		846		36,209
Tempur Sealy International Inc		4,657		186,606
Tesla Inc ⁽¹⁾		119		31,151
Texas Roadhouse Inc		279		31,326
TJX Cos Inc/The		3,853		326,696
Town Sports International Holdings Inc ⁽¹⁾⁽⁴⁾		961		0
Tractor Supply Co		357		78,933
Wingstop Inc		134		26,821
Yum! Brands Inc		2,594		359,399
				5,047,455

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Consumer Staples — 0.4%
Cal-Maine Foods Inc		695		31,275
Casey’s General Stores Inc		228		55,605
Coca-Cola Consolidated Inc		2		1,272
Flowers Foods Inc		66		1,642
General Mills Inc		469		35,972
Hershey Co/The		474		118,358
Kroger Co/The		159		7,473
Medifast Inc		880		81,101
Pilgrim’s Pride Corp ⁽¹⁾		54		1,160
Sysco Corp		89		6,604
Kraft Heinz Co/The		1,662		59,001
Walmart Inc		1,116		175,413
				574,876

Energy — 2.1%
Arch Resources Inc		11		1,240
Berry Corp		301		2,071
Callon Petroleum Co ⁽¹⁾		43		1,508
Cheniere Energy Inc		55		8,380
Chevron Corp		8,352		1,314,187
Chord Energy Corp		13		1,999
Civitas Resources Inc		93		6,451
Comstock Resources Inc		114		1,322
ConocoPhillips		1,122		116,250
Coterra Energy Inc		54		1,366
Devon Energy Corp		61		2,949
Diamondback Energy Inc		174		22,857
EOG Resources Inc		691		79,078
Exxon Mobil Corp		6,815		730,909
HF Sinclair Corp		123		5,487
International Seaways Inc		33		1,262
Kinder Morgan Inc		68		1,171
Magnolia Oil & Gas Corp		67		1,400
Marathon Oil Corp		67		1,542
Murphy Oil Corp		54		2,068
ONEOK Inc		2,659		164,113
Ovintiv Inc		898		34,187
PBF Energy Inc		55		2,252
PDC Energy Inc		1,705		121,294
Peabody Energy Corp		56		1,213
Phillips 66		1,508		143,833
Pioneer Natural Resources Co		1,418		293,781
Range Resources Corp		1,341		39,425
SandRidge Energy Inc		69		1,052
Scorpio Tankers Inc		54		2,550
SM Energy Co		52		1,645

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

Page 24

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Targa Resources Corp		1,541		117,270
Teekay Corp ⁽¹⁾		502		3,032
Valero Energy Corp		843		98,884
Vital Energy Inc ⁽¹⁾		30		1,355
Westmoreland Coal Co ⁽¹⁾⁽⁴⁾		773		0
				3,329,383

Financials — 5.3%
Ally Financial Inc		6,117		165,220
American Express Co		3,259		567,718
American International Group Inc		132		7,595
Bank of New York Mellon Corp/The		3,980		177,190
Berkshire Hathaway Inc ⁽¹⁾		10,900		3,716,900
Capital One Financial Corp		2,034		222,459
Charles Schwab Corp/The		2,083		118,064
Chubb Ltd		368		70,862
East West Bancorp Inc		3,452		182,231
First American Financial Corp		246		14,027
First Interstate BancSystem Inc		903		21,528
Fiserv Inc ⁽¹⁾		2,979		375,801
Jackson Financial Inc		1,298		39,732
LPL Financial Holdings Inc		699		151,984
Marsh & McLennan Cos Inc		5,172		972,750
Mastercard Inc		3,730		1,467,009
Medley Management Inc ⁽¹⁾		27		0
NMI Holdings Inc ⁽¹⁾		209		5,396
Old Republic International Corp		118		2,970
RAIT Financial Trust ⁽¹⁾⁽⁴⁾		751		0
State Street Corp		789		57,739
Stewart Information Services Corp		1,904		78,331
Synchrony Financial		399		13,534
				8,429,040

Healthcare — 5.4%
Abbott Laboratories		435		47,424
AbbVie Inc		3,772		508,202
AmerisourceBergen Corp		25		4,811
Amgen Inc		1,274		282,853
Avid Bioservices Inc ⁽¹⁾		874		12,210
Biogen Inc ⁽¹⁾		426		121,346
Bristol-Myers Squibb Co		3,008		192,362
Cardinal Health Inc		1,879		177,697
Centene Corp ⁽¹⁾		3,254		219,482
Chemed Corp		2		1,083
CVS Health Corp		2,785		192,527
Elevance Health Inc		518		230,142
Eli Lilly & Co		1,472		690,339

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Gilead Sciences Inc		5,138		395,986
HCA Healthcare Inc		1,656		502,563
Humana Inc		264		118,042
IDEXX Laboratories Inc ⁽¹⁾		419		210,434
Inspire Medical Systems Inc ⁽¹⁾		167		54,215
Intuitive Surgical Inc ⁽¹⁾		2,339		799,798
IQVIA Holdings Inc ⁽¹⁾		1,490		334,907
Johnson & Johnson		5,768		954,719
Lantheus Holdings Inc ⁽¹⁾		772		64,786
McKesson Corp		298		127,338
Merck & Co Inc		3,381		390,134
Organon & Co		48		999
Pfizer Inc		3,577		131,204
Quest Diagnostics Inc		1,012		142,247
Regeneron Pharmaceuticals Inc ⁽¹⁾		16		11,497
Cigna Group/The		323		90,634
UnitedHealth Group Inc		1,750		841,120
Vertex Pharmaceuticals Inc ⁽¹⁾		571		200,941
Viatris Inc		3,418		34,112
West Pharmaceutical Services Inc		268		102,502
Zimmer Biomet Holdings Inc		1,667		242,715
Zoetis Inc		2,527		435,175
				8,866,546

Industrials — 3.0%
AGCO Corp		308		40,477
Alaska Air Group Inc ⁽¹⁾		2,175		115,667
AMETEK Inc		19		3,076
Argan Inc		41		1,616
BlueLinx Holdings Inc ⁽¹⁾		77		7,221
Boise Cascade Co		147		13,281
Builders FirstSource Inc ⁽¹⁾		1,870		254,320
BWX Technologies Inc		363		25,980
Cintas Corp		207		102,896
Copa Holdings SA		11		1,216
Copart Inc ⁽¹⁾		14,188		1,294,087
Crane Co		12		1,069
Crane NXT Co		12		677
Dover Corp		4,507		665,459
Eaton Corp PLC		9		1,810
EMCOR Group Inc		1,027		189,769
Emerson Electric Co		13		1,175
Encore Wire Corp		47		8,739
EnerSys		54		5,860
Genco Shipping & Trading Ltd		138		1,936
Generac Holdings Inc ⁽¹⁾		127		18,940
Graco Inc		4,356		376,141

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

2023 Semi-Annual Report | June 30, 2023

Page 25

Schedules of Investments
June 30, 2023 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
WW Grainger Inc		93		73,339
Heidrick & Struggles International Inc		70		1,853
Lockheed Martin Corp		499		229,730
ManpowerGroup Inc		171		13,577
Matson Inc		349		27,128
Northrop Grumman Corp		335		152,693
nVent Electric PLC		1,004		51,877
Owens Corning		1,793		233,987
PACCAR Inc		1,307		109,331
Paycom Software Inc		62		19,917
Ryder System Inc		25		2,120
Sensata Technologies Holding PLC		35		1,575
Southwest Airlines Co		111		4,019
StarTek Inc ⁽¹⁾		631		1,843
Terex Corp		212		12,684
UFP Industries Inc		41		3,979
Union Pacific Corp		1,846		377,729
United Airlines Holdings Inc ⁽¹⁾		2,933		160,934
Univar Solutions Inc ⁽¹⁾		48		1,720
Valmont Industries Inc		13		3,784
Westinghouse Air Brake Technologies Corp		1,836		201,354
				4,816,585

Information Technology — 9.8%
Adobe Inc ⁽¹⁾		975		476,765
Analog Devices Inc		1,071		208,642
Apple Inc		22,638		4,391,093
Applied Materials Inc		2,011		290,670
Avnet Inc		2,163		109,123
Broadcom Inc		440		381,669
Cisco Systems Inc		528		27,319
DocuSign Inc ⁽¹⁾		2,543		129,922
Intuit Inc		555		254,295
Jabil Inc		2,198		237,230
Lam Research Corp		417		268,073
Microchip Technology Inc		4,378		392,225
Microsoft Corp		12,364		4,210,431
NetApp Inc		1,707		130,415
NVIDIA Corp		3,431		1,451,382
ON Semiconductor Corp ⁽¹⁾		599		56,653
Oracle Corp		3,727		443,848
QUALCOMM Inc		4,586		545,917
Skyworks Solutions Inc		5,575		617,097
Texas Instruments Inc		6,853		1,233,677
				15,856,446

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Materials — 0.4%
Alpha Metallurgical Resources Inc		55		9,040
CF Industries Holdings Inc		695		48,247
Dow Inc		708		37,708
Eagle Materials Inc		11		2,051
Mosaic Co/The		33		1,155
Nucor Corp		645		105,767
PPG Industries Inc		2,342		347,319
Reliance Steel & Aluminum Co		14		3,802
Ryerson Holding Corp		105		4,555
Schnitzer Steel Industries Inc		157		4,708
Steel Dynamics Inc		247		26,906
SunCoke Energy Inc		184		1,448
Sylvamo Corp		48		1,942
Warrior Met Coal Inc		39		1,519
				596,167

Real Estate Investment Trust — 0.4%
CorEnergy Infrastructure Trust Inc		2,011		2,252
Essex Property Trust Inc		1,235		289,361
Simon Property Group Inc		2,369		273,572
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁴⁾		1,024		0
				565,185

Utilities — 0.0%
Brookfield Renewable Corp		108		3,404
Clearway Energy Inc		103		2,942
				6,346

Total Common Stocks (United States) (Cost $39,848,029)				50,507,810

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7%		252		6,733
Total Preferred Stock (United States) (Cost $6,299)				6,733

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

Page 26

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Moderate Allocation 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⁾⁽⁴⁾		1		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁴⁾		1		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁴⁾		7		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁴⁾		3		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		48		484
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		15		173
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁴⁾		3		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		26		606
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		13		206
Total Warrants (United States) (Cost $941)				1,469

Registered Investment Companies — 36.6%
U.S. Fixed Income — 31.1%
Baird Core Plus Bond Fund - Class I		241,059		2,400,949
BBH Limited Duration Fund - Class I		113,943		1,145,131
Diamond Hill Short Duration Securitized Bond Fund - Class Y		426,572		4,026,837
DoubleLine Total Return Bond Fund - Class I		309,573		2,727,336
Frost Total Return Bond Fund - Class I		174,795		1,632,589
iShares 3-7 Year Treasury Bond ETF ⁽⁵⁾		30,662		3,534,102
iShares Core U.S. Aggregate Bond ETF ⁽⁵⁾		118,078		11,565,740
PGIM Short-Term Corporate Bond Fund - Class Q		388,628		3,971,783
Segall Bryant & Hamill Plus Bond Fund - Class I		313,664		2,879,436
SPDR Bloomberg High Yield Bond ETF ⁽⁵⁾		121,983		11,226,096
Xtrackers USD High Yield Corporate Bond ETF ⁽⁵⁾		138,106		4,764,657
				49,874,656

International Fixed Income — 5.5%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁵⁾		101,661		8,797,743
				8,797,743

Total Registered Investment Companies (Cost $59,431,817)				58,672,399

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 31.0%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		49,722,286		49,722,286
Total Money Market Registered Investment Companies (Cost $49,702,270)				49,722,286
Total Investments — 99.0% (Cost $148,989,356)				158,910,697
Other Assets less Liabilities — 1.0%				1,574,921
Total Net Assets — 100.0%				160,485,618

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		668		8,103
Meeder Dynamic Allocation Fund - Retail Class		1,627		20,695
Meeder Muirfield Fund - Retail Class		2,187		19,377
Meeder Conservative Allocation Fund - Retail Class		210		4,473
Total Trustee Deferred Compensation (Cost $50,594)				52,648

	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		7		9/15/2023		1,850,870		27,672
Mini MSCI EAFE Index Futures		112		9/15/2023		12,070,800		(68,567	)
Mini MSCI Emerging Markets Index Futures		53		9/15/2023		2,644,435		(60,793	)
Russell 2000 Mini Index Futures		58		9/15/2023		5,520,730		22,851
Standard & Poors 500 Mini Futures		2		9/15/2023		448,825		1,073
Total Futures Contracts		232				22,535,660		(77,764	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

(3)	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.

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

(5)	Exchange-traded fund.

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

2023 Semi-Annual Report | June 30, 2023

Page 27

Schedules of Investments
June 30, 2023 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 22.1%
Communication Services — 1.1%
Alphabet Inc ⁽¹⁾		6,914		836,387
AMC Networks Inc ⁽¹⁾		795		9,500
Comcast Corp		2,269		94,277
IDT Corp ⁽¹⁾		32		827
Meta Platforms Inc ⁽¹⁾		827		237,332
Netflix Inc ⁽¹⁾		376		165,624
Verizon Communications Inc		93		3,459
				1,347,406

Consumer Discretionary — 2.3%
Amazon.com Inc ⁽¹⁾		765		99,725
AutoZone Inc ⁽¹⁾		7		17,454
Best Buy Co Inc		694		56,873
Booking Holdings Inc ⁽¹⁾		80		216,026
BorgWarner Inc		1,092		53,410
Burlington Stores Inc ⁽¹⁾		341		53,670
Cavco Industries Inc ⁽¹⁾		3		885
Chico’s FAS Inc ⁽¹⁾		62		332
ContextLogic Inc ⁽¹⁾		1		7
Domino’s Pizza Inc		132		44,483
Expedia Group Inc ⁽¹⁾		2,428		265,599
Frontdoor Inc ⁽¹⁾		18		574
Garmin Ltd		2,145		223,702
Gentex Corp		53		1,551
Grand Canyon Education Inc ⁽¹⁾		58		5,986
Home Depot Inc/The		108		33,549
La-Z-Boy Inc		25		716
Lennar Corp		2,349		294,353
Light & Wonder Inc ⁽¹⁾		233		16,021
LKQ Corp		1,141		66,486
Lululemon Athletica Inc ⁽¹⁾		400		151,400
M/I Homes Inc ⁽¹⁾		41		3,575
Mohawk Industries Inc ⁽¹⁾		1,110		114,508
O’Reilly Automotive Inc ⁽¹⁾		81		77,379
Papa John’s International Inc		329		24,290
Qurate Retail Inc ⁽¹⁾		353		349
Ross Stores Inc		1,577		176,829
Skyline Champion Corp ⁽¹⁾		726		47,517
Tempur Sealy International Inc		1,921		76,974
Tesla Inc ⁽¹⁾		113		29,580
Texas Roadhouse Inc		406		45,586
TJX Cos Inc/The		2,191		185,775
Town Sports International Holdings Inc ⁽¹⁾⁽⁴⁾		464		0
Tractor Supply Co		1		221
Tupperware Brands Corp ⁽¹⁾		164		131
Ulta Beauty Inc ⁽¹⁾		201		94,590

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Whirlpool Corp		347		51,630
Wingstop Inc		84		16,813
Yum! Brands Inc		1,695		234,842
				2,783,391

Consumer Staples — 0.3%
Archer-Daniels-Midland Co		14		1,058
Cal-Maine Foods Inc		821		36,945
Costco Wholesale Corp		23		12,383
Flowers Foods Inc		10		249
General Mills Inc		333		25,541
Hershey Co/The		285		71,165
Kraft Heinz Co/The		4,317		153,254
Kroger Co/The		97		4,559
Medifast Inc		615		56,678
Pilgrim’s Pride Corp ⁽¹⁾		64		1,375
Sysco Corp		32		2,374
				365,581

Energy — 1.5%
APA Corp		157		5,365
Arch Resources Inc		11		1,240
Callon Petroleum Co ⁽¹⁾		45		1,578
Chevron Corp		3,248		511,073
Chord Energy Corp		11		1,692
Civitas Resources Inc		52		3,607
Comstock Resources Inc		12		139
ConocoPhillips		1,247		129,202
Coterra Energy Inc		55		1,392
Devon Energy Corp		72		3,480
Diamondback Energy Inc		448		58,849
EOG Resources Inc		1,291		147,742
Exxon Mobil Corp		5,451		584,620
FLEX LNG Ltd		39		1,191
HF Sinclair Corp		73		3,257
Kinder Morgan Inc		10		172
Magnolia Oil & Gas Corp		24		502
Marathon Oil Corp		19		437
Murphy Oil Corp		23		881
ONEOK Inc		486		29,996
Ovintiv Inc		500		19,035
PDC Energy Inc		485		34,503
Phillips 66		877		83,648
Pioneer Natural Resources Co		487		100,897
SandRidge Energy Inc		18		275
SM Energy Co		80		2,530
Targa Resources Corp		302		22,982

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

Page 28

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Teekay Corp ⁽¹⁾		65		393
Valero Energy Corp		327		38,357
Vital Energy Inc ⁽¹⁾		135		6,095
Westmoreland Coal Co ⁽¹⁾⁽⁴⁾		410		0
World Kinect Corp		33		682
				1,795,812

Financials — 3.7%
Ally Financial Inc		2,495		67,390
American Express Co		1,549		269,836
Axis Capital Holdings Ltd		2		108
Bank of New York Mellon Corp/The		992		44,164
Berkshire Hathaway Inc ⁽¹⁾		7,456		2,542,496
Capital One Financial Corp		185		20,233
Charles Schwab Corp/The		785		44,494
Chubb Ltd		80		15,405
East West Bancorp Inc		2,699		142,480
Essent Group Ltd		152		7,114
First American Financial Corp		233		13,286
First Interstate BancSystem Inc		746		17,785
Fiserv Inc ⁽¹⁾		1,472		185,693
International Money Express Inc ⁽¹⁾		5		123
Jackson Financial Inc		1,519		46,497
LPL Financial Holdings Inc		219		47,617
Marsh & McLennan Cos Inc		236		44,387
Mastercard Inc		1,567		616,301
Medley Management Inc ⁽¹⁾		25		0
New York Community Bancorp Inc		461		5,182
NMI Holdings Inc ⁽¹⁾		111		2,866
Old Republic International Corp		23		579
RAIT Financial Trust ⁽¹⁾⁽⁴⁾		368		0
State Street Corp		229		16,758
Stewart Information Services Corp		220		9,051
Synchrony Financial		842		28,561
				4,188,406

Healthcare — 3.9%
Abbott Laboratories		530		57,781
AbbVie Inc		1,910		257,334
Align Technology Inc ⁽¹⁾		60		21,218
AmerisourceBergen Corp		108		20,782
Amgen Inc		878		194,934
Amneal Pharmaceuticals Inc ⁽¹⁾		442		1,370
Avalo Therapeutics Inc ⁽¹⁾		62		22
Avid Bioservices Inc ⁽¹⁾		193		2,696
Biogen Inc ⁽¹⁾		215		61,243
Bristol-Myers Squibb Co		1,491		95,349

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Cardinal Health Inc		722		68,280
Centene Corp ⁽¹⁾		2,047		138,070
Centogene NV ⁽¹⁾		138		207
CVS Health Corp		1,600		110,608
Elevance Health Inc		291		129,288
Eli Lilly & Co		864		405,199
Eloxx Pharmaceuticals Inc ⁽¹⁾		15		58
Embecta Corp		30		648
Genprex Inc ⁽¹⁾		271		257
Gilead Sciences Inc		1,984		152,907
HCA Healthcare Inc		923		280,112
Humana Inc		181		80,931
IDEXX Laboratories Inc ⁽¹⁾		332		166,740
Inspire Medical Systems Inc ⁽¹⁾		75		24,348
Intuitive Surgical Inc ⁽¹⁾		1,467		501,626
IQVIA Holdings Inc ⁽¹⁾		864		194,201
Johnson & Johnson		1,946		322,102
Lantheus Holdings Inc ⁽¹⁾		459		38,519
McKesson Corp		78		33,330
Medtronic PLC		20		1,762
Merck & Co Inc		460		53,079
MiMedx Group Inc ⁽¹⁾		22		145
Oncocyte Corp ⁽¹⁾		195		45
Organon & Co		36		749
Palatin Technologies Inc ⁽¹⁾		34		71
Pfizer Inc		163		5,979
Quest Diagnostics Inc		631		88,693
Cigna Group/The		32		8,979
UnitedHealth Group Inc		976		469,105
Universal Health Services Inc		11		1,735
Vertex Pharmaceuticals Inc ⁽¹⁾		330		116,130
Viatris Inc		1,051		10,489
West Pharmaceutical Services Inc		161		61,578
Zimmer Biomet Holdings Inc		1,585		230,776
Zoetis Inc		348		59,929
				4,469,404

Industrials — 1.8%
AGCO Corp		109		14,325
Alaska Air Group Inc ⁽¹⁾		2,280		121,250
AMETEK Inc		6		971
Argan Inc		14		552
BlueLinx Holdings Inc ⁽¹⁾		22		2,063
Boise Cascade Co		47		4,246
Builders FirstSource Inc ⁽¹⁾		1,108		150,688
Cintas Corp		63		31,316
Comfort Systems USA Inc		9		1,478

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

2023 Semi-Annual Report | June 30, 2023

Page 29

Schedules of Investments
June 30, 2023 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Copart Inc ⁽¹⁾		5,626		513,147
Crane Co		6		535
Crane NXT Co		6		339
Delta Air Lines Inc		3		143
Donaldson Co Inc		12		750
Dover Corp		2,274		335,756
EMCOR Group Inc		253		46,749
Encore Wire Corp		94		17,477
EnerSys		30		3,256
Genco Shipping & Trading Ltd		7		98
Generac Holdings Inc ⁽¹⁾		197		29,379
Graco Inc		3,262		281,674
WW Grainger Inc		42		33,121
Heidrick & Struggles International Inc		15		397
Hubbell Inc		104		34,482
JB Hunt Transport Services Inc		338		61,188
Lockheed Martin Corp		32		14,732
Matson Inc		107		8,317
MSC Industrial Direct Co Inc		186		17,722
Northrop Grumman Corp		13		5,925
Owens Corning		586		76,473
PACCAR Inc		914		76,456
Sensata Technologies Holding PLC		10		450
SkyWest Inc ⁽¹⁾		29		1,181
Terex Corp		145		8,675
UFP Industries Inc		6		582
Union Pacific Corp		354		72,435
United Airlines Holdings Inc ⁽¹⁾		1,222		67,051
Univar Solutions Inc ⁽¹⁾		4		143
Valmont Industries Inc		3		873
Vicor Corp ⁽¹⁾		25		1,350
Westinghouse Air Brake Technologies Corp		412		45,184
				2,082,929

Information Technology — 7.0%
Adobe Inc ⁽¹⁾		506		247,429
Analog Devices Inc		700		136,367
Apple Inc		11,424		2,215,913
Applied Materials Inc		227		32,811
Avnet Inc		2		101
Broadcom Inc		265		229,869
CDW Corp/DE		33		6,056
Cisco Systems Inc		794		41,082
Digital Turbine Inc ⁽¹⁾		2,459		22,820
Intel Corp		510		17,054
Intuit Inc		246		112,715
Jabil Inc		1,134		122,393

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Lam Research Corp		200		128,572
Microchip Technology Inc		2,565		229,798
Microsoft Corp		6,274		2,136,551
NetApp Inc		403		30,789
NVIDIA Corp		1,706		721,672
Oracle Corp		1,641		195,427
QUALCOMM Inc		2,985		355,334
Skyworks Solutions Inc		2,971		328,860
Texas Instruments Inc		4,550		819,091
Vishay Intertechnology Inc		15		441
				8,131,145

Materials — 0.4%
CF Industries Holdings Inc		336		23,325
LyondellBasell Industries NV		729		66,944
Mosaic Co/The		6		210
Nucor Corp		693		113,638
PPG Industries Inc		1,391		206,285
Reliance Steel & Aluminum Co		4		1,086
Ryerson Holding Corp		41		1,779
Sylvamo Corp		24		971
Warrior Met Coal Inc		17		662
				414,900

Real Estate Investment Trust — 0.0%
Essex Property Trust Inc		584		136,831
Simon Property Group Inc		874		100,930
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁴⁾		477		0
				237,761

Utilities — 0.1%
Alliant Energy Corp		944		49,541
Brookfield Renewable Corp		97		3,057
Clearway Energy Inc		22		628
OGE Energy Corp		762		27,363
				80,589

Total Common Stocks (United States) (Cost $22,620,379)				25,897,324

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7%		153		4,088
Total Preferred Stock (United States) (Cost $3,824)				4,088

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

Page 30

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Warrants (United States) — 0.0%
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁴⁾		4		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁴⁾		1		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		6		69
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		21		212
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁴⁾		1		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		8		186
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		2		32
Total Warrants (United States) (Cost $374)				499

Registered Investment Companies — 53.2%
U.S. Fixed Income — 45.5%
Baird Core Plus Bond Fund - Class I		260,361		2,593,196
BBH Limited Duration Fund - Class I		129,355		1,300,020
Diamond Hill Short Duration Securitized Bond Fund - Class Y		454,067		4,286,392
DoubleLine Total Return Bond Fund - Class I		333,943		2,942,038
Frost Total Return Bond Fund - Class I		188,487		1,760,465
iShares 3-7 Year Treasury Bond ETF ⁽⁵⁾		32,768		3,776,840
iShares Core U.S. Aggregate Bond ETF ⁽⁵⁾		132,591		12,987,288
PGIM Short-Term Corporate Bond Fund - Class Q		409,719		4,187,325
Segall Bryant & Hamill Plus Bond Fund - Class I		338,170		3,104,400
SPDR Bloomberg High Yield Bond ETF ⁽⁵⁾		125,487		11,548,567
Xtrackers USD High Yield Corporate Bond ETF ⁽⁵⁾		141,842		4,893,549
				53,380,080

International Fixed Income — 7.7%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁵⁾		104,229		9,019,978
				9,019,978

Total Registered Investment Companies (Cost $63,225,684)				62,400,058

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 24.3%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		28,451,104		28,451,104
Total Money Market Registered Investment Companies (Cost $28,438,311)				28,451,104
Total Investments — 99.6% (Cost $114,288,572)				116,753,073
Other Assets less Liabilities — 0.4%				484,978
Total Net Assets — 100.0%				117,238,051

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		1,483		17,989
Meeder Dynamic Allocation Fund - Retail Class		3,940		50,117
Meeder Muirfield Fund - Retail Class		2,596		23,001
Meeder Conservative Allocation Fund - Retail Class		430		9,159
Total Trustee Deferred Compensation (Cost $89,741)				100,266

	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		(3	)		9/15/2023		(793,230	)		(15,874	)
Mini MSCI EAFE Index Futures		50			9/15/2023		5,388,750			(32,396	)
Mini MSCI Emerging Markets Index Futures		23			9/15/2023		1,147,585			(26,051	)
Russell 2000 Mini Index Futures		26			9/15/2023		2,474,810			11,308
Standard & Poors 500 Mini Futures		(10	)		9/15/2023		(2,244,125	)		(45,696	)
Total Futures Contracts		86					5,973,790			(108,709	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

(3)	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.

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

(5)	Exchange-traded fund.

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

2023 Semi-Annual Report | June 30, 2023

Page 31

Schedules of Investments
June 30, 2023 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 75.1%
Communication Services — 3.9%
Alphabet Inc ⁽¹⁾		49,151		5,945,796
AMC Networks Inc ⁽¹⁾		3,181		38,013
Comcast Corp		23,344		969,943
IDT Corp ⁽¹⁾		4,101		106,011
Meta Platforms Inc ⁽¹⁾		3,512		1,007,874
Netflix Inc ⁽¹⁾		3,032		1,335,566
Verizon Communications Inc		524		19,488
Walt Disney Co/The ⁽¹⁾		770		68,746
				9,491,437

Consumer Discretionary — 8.9%
Amazon.com Inc ⁽¹⁾		3,206		417,934
Best Buy Co Inc		7,613		623,885
Booking Holdings Inc ⁽¹⁾		587		1,585,094
BorgWarner Inc		13,172		644,243
Burlington Stores Inc ⁽¹⁾		759		119,459
Chico’s FAS Inc ⁽¹⁾		743		3,975
Domino’s Pizza Inc		1,207		406,747
DR Horton Inc		11,902		1,448,354
Expedia Group Inc ⁽¹⁾		13,942		1,525,115
Frontdoor Inc ⁽¹⁾		1,100		35,090
Garmin Ltd		21,363		2,227,947
Gentex Corp		2,116		61,914
Home Depot Inc/The		1,861		578,101
Leggett & Platt Inc		1,463		43,334
Lennar Corp - Class A		13,757		1,723,890
Lennar Corp - Class B ⁽¹⁾		35		3,954
Lululemon Athletica Inc ⁽¹⁾		3,164		1,197,574
M/I Homes Inc ⁽¹⁾		4,603		401,336
Mohawk Industries Inc ⁽¹⁾		15,347		1,583,197
NVR Inc ⁽¹⁾		7		44,454
O’Reilly Automotive Inc ⁽¹⁾		731		698,324
Papa John’s International Inc		2,647		195,428
PulteGroup Inc		4,944		384,050
Ross Stores Inc		6,937		777,846
Skyline Champion Corp ⁽¹⁾		7,804		510,772
Tapestry Inc		2,344		100,323
Tempur Sealy International Inc		14,869		595,801
Texas Roadhouse Inc		562		63,101
TJX Cos Inc/The		18,243		1,546,824
Toll Brothers Inc		4,740		374,792
Town Sports International Holdings Inc ⁽¹⁾⁽⁴⁾		2,090		0
Tractor Supply Co		1,069		236,356
Tupperware Brands Corp ⁽¹⁾		13,119		10,495
Ulta Beauty Inc ⁽¹⁾		192		90,354
Wingstop Inc		631		126,301

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States — continued
Yum! Brands Inc		10,971		1,520,032
				21,906,396

Consumer Staples — 0.9%
Archer-Daniels-Midland Co		5,347		404,019
Bunge Ltd		5,318		501,753
Casey’s General Stores Inc		1,186		289,242
Flowers Foods Inc		107		2,662
General Mills Inc		2,839		217,751
Kroger Co/The		295		13,865
Medifast Inc		2,387		219,986
Sysco Corp		3,842		285,076
Walmart Inc		1,097		172,426
				2,106,780

Energy — 4.5%
Ardmore Shipping Corp		6,127		75,668
Berry Corp		1,448		9,962
Callon Petroleum Co ⁽¹⁾		4,721		165,565
Cheniere Energy Inc		1,552		236,463
Chevron Corp		17,727		2,789,343
Civitas Resources Inc		84		5,827
Comstock Resources Inc		272		3,155
ConocoPhillips		8,323		862,346
Devon Energy Corp		4,369		211,197
Diamondback Energy Inc		886		116,385
DT Midstream Inc		4,022		199,371
EOG Resources Inc		3,293		376,851
Exxon Mobil Corp		22,960		2,462,460
Marathon Oil Corp		331		7,620
NexTier Oilfield Solutions Inc ⁽¹⁾		3,682		32,917
ONEOK Inc		8,473		522,954
Ovintiv Inc		2,155		82,041
PDC Energy Inc		4,568		324,968
Phillips 66		3,526		336,310
Pioneer Natural Resources Co		6,564		1,359,930
SM Energy Co		465		14,708
Solaris Oilfield Infrastructure Inc		279		2,324
Targa Resources Corp		1,920		146,112
Teekay Corp ⁽¹⁾		1,128		6,813
Valero Energy Corp		6,229		730,662
Vital Energy Inc ⁽¹⁾		55		2,483
				11,084,435

Financials — 12.0%
Ally Financial Inc		17,080		461,331

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

Page 32

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States — continued
American Express Co		11,315		1,971,073
Bank of New York Mellon Corp/The		15,170		675,368
Berkshire Hathaway Inc ⁽¹⁾		46,329		15,798,189
Capital One Financial Corp		2,763		302,189
Charles Schwab Corp/The		733		41,546
Chubb Ltd		4,940		951,246
Essent Group Ltd		5,653		264,560
First American Financial Corp		4,425		252,314
First Interstate BancSystem Inc		4,571		108,973
Fiserv Inc ⁽¹⁾		7,464		941,584
Jackson Financial Inc		6,503		199,057
LPL Financial Holdings Inc		608		132,197
Marsh & McLennan Cos Inc		12,002		2,257,336
Mastercard Inc		11,565		4,548,515
New York Community Bancorp Inc		3,652		41,048
Old Republic International Corp		241		6,066
State Street Corp		2,125		155,508
Stewart Information Services Corp		4,581		188,462
Synchrony Financial		5,758		195,311
				29,491,873

Healthcare — 13.3%
Abbott Laboratories		2,641		287,922
AbbVie Inc		15,474		2,084,812
Agilent Technologies Inc		224		26,936
Alaunos Therapeutics Inc ⁽¹⁾		4,281		2,183
Amgen Inc		8,058		1,789,037
Avid Bioservices Inc ⁽¹⁾		1,546		21,598
Biogen Inc ⁽¹⁾		2,174		619,264
Bristol-Myers Squibb Co		8,032		513,646
Cardinal Health Inc		13,693		1,294,947
Centene Corp ⁽¹⁾		13,188		889,531
CVS Health Corp		9,097		628,876
Elevance Health Inc		1,998		887,691
Eli Lilly & Co		5,256		2,464,959
Embecta Corp		928		20,045
Gilead Sciences Inc		15,525		1,196,512
HCA Healthcare Inc		4,260		1,292,825
Humana Inc		1,074		480,218
IDEXX Laboratories Inc ⁽¹⁾		1,501		753,847
Inspire Medical Systems Inc ⁽¹⁾		655		212,639
Intuitive Surgical Inc ⁽¹⁾		9,248		3,162,261
IQVIA Holdings Inc ⁽¹⁾		3,541		795,911
Johnson & Johnson		13,698		2,267,293
Lantheus Holdings Inc ⁽¹⁾		2,501		209,884
McKesson Corp		2,301		983,240
Merck & Co Inc		9,007		1,039,318

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States — continued
Organon & Co		348		7,242
Pfizer Inc		16,915		620,442
Quest Diagnostics Inc		916		128,753
Cigna Group/The		2,398		672,879
UnitedHealth Group Inc		6,794		3,265,468
Vertex Pharmaceuticals Inc ⁽¹⁾		2,126		748,161
Viatris Inc		7,721		77,056
West Pharmaceutical Services Inc		3,305		1,264,063
Zimmer Biomet Holdings Inc		4,069		592,446
Zoetis Inc		7,744		1,333,594
				32,635,499

Industrials — 6.7%
Alaska Air Group Inc ⁽¹⁾		9,105		484,204
Boise Cascade Co		1,198		108,239
Builders FirstSource Inc ⁽¹⁾		7,277		989,672
BWX Technologies Inc		112		8,016
Copa Holdings SA		631		69,776
Copart Inc ⁽¹⁾		54,750		4,993,748
Delta Air Lines Inc		2,811		133,635
Dover Corp		17,916		2,645,297
EMCOR Group Inc		1,844		340,734
Graco Inc		13,835		1,194,652
WW Grainger Inc		32		25,235
Karat Packaging Inc		223		4,070
Lockheed Martin Corp		2,596		1,195,146
ManpowerGroup Inc		1,994		158,324
Matson Inc		2,940		228,526
MSC Industrial Direct Co Inc		1,550		147,684
Northrop Grumman Corp		1,410		642,678
nVent Electric PLC		338		17,464
Owens Corning		6,290		820,845
PACCAR Inc		1,697		141,954
SkyWest Inc ⁽¹⁾		692		28,178
Southwest Airlines Co		182		6,590
StarTek Inc ⁽¹⁾		1,629		4,757
UFP Industries Inc		286		27,756
Union Pacific Corp		4,661		953,734
United Airlines Holdings Inc ⁽¹⁾		11,742		644,284
Westinghouse Air Brake Technologies Corp		3,045		333,945
Waste Management Inc		1,269		220,070
				16,569,213

Information Technology — 23.6%
Adobe Inc ⁽¹⁾		3,081		1,506,578
Analog Devices Inc		4,748		924,958
Apple Inc		81,597		15,827,370

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

2023 Semi-Annual Report | June 30, 2023

Page 33

Schedules of Investments
June 30, 2023 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States — continued
Applied Materials Inc		1,919		277,372
Arrow Electronics Inc ⁽¹⁾		2,707		387,724
Avnet Inc		4,923		248,365
Broadcom Inc		1,732		1,502,389
Cadence Design Systems Inc ⁽¹⁾		2,955		693,007
CDW Corp/DE	��	140		25,690
Cisco Systems Inc		18,437		953,930
DocuSign Inc ⁽¹⁾		9,551		487,961
Intel Corp		2,364		79,052
Intuit Inc		1,212		555,326
Jabil Inc		9,079		979,896
KLA Corp		292		141,626
Lam Research Corp		1,537		988,076
Microchip Technology Inc		11,688		1,047,128
Microsoft Corp		42,563		14,494,405
NetApp Inc		5,409		413,248
NVIDIA Corp		12,457		5,269,560
ON Semiconductor Corp ⁽¹⁾		1,778		168,163
Oracle Corp		16,719		1,991,066
QUALCOMM Inc		15,175		1,806,432
Roper Technologies Inc		212		101,930
Skyworks Solutions Inc		22,169		2,453,887
TD SYNNEX Corp		400		37,600
Teradyne Inc		829		92,293
Texas Instruments Inc		25,152		4,527,863
				57,982,895

Materials — 0.8%
Alpha Metallurgical Resources Inc		112		18,408
CF Industries Holdings Inc		3,740		259,631
Nucor Corp		2,289		375,350
PPG Industries Inc		8,839		1,310,824
Ryerson Holding Corp		140		6,073
Schnitzer Steel Industries Inc		981		29,420
Warrior Met Coal Inc		1,812		70,577
				2,070,283

Real Estate Investment Trust — 0.5%
CorEnergy Infrastructure Trust Inc		5,320		5,958
Essex Property Trust Inc		5,629		1,318,877
Rafael Holdings Inc ⁽¹⁾		1,612		3,369
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁴⁾		3,134		0
				1,328,204

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States — continued
Utilities — 0.0%
Brookfield Renewable Corp		854		26,918
				26,918

Total Common Stocks (United States) (Cost $144,891,376)				184,693,933

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁶⁾		610		16,299
Total Preferred Stock (United States) (Cost $15,247)				16,299

Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 ⁽¹⁾⁽⁴⁾		2		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 ⁽¹⁾⁽⁴⁾		2		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 ⁽¹⁾⁽⁴⁾		15		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 ⁽¹⁾⁽⁴⁾		8		0
Hertz Global Holdings Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		89		898
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		27		311
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 ⁽¹⁾⁽⁴⁾		7		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		45		1,049
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		22		348
Total Warrants (United States) (Cost $2,715)				2,606

Registered Investment Companies — 3.4%
U.S. Fixed Income — 2.5%
iShares 3-7 Year Treasury Bond ETF ⁽⁵⁾		140		16,136
iShares Core U.S. Aggregate Bond ETF ⁽⁵⁾		40,921		4,008,211
SPDR Bloomberg High Yield Bond ETF ⁽⁵⁾		17,537		1,613,930
Xtrackers USD High Yield Corporate Bond ETF ⁽⁵⁾		15,787		544,652
				6,182,929

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

Page 34

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
International Fixed Income — 0.5%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁵⁾		14,070		1,217,618
				1,217,618

International Equity — 0.4%
iShares Core MSCI EAFE ETF ⁽⁵⁾		15,725		1,061,438
				1,061,438

Total Registered Investment Companies (Cost $8,410,166)				8,461,985

Money Market Registered Investment Companies — 19.1%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		46,986,910		46,986,910
Total Money Market Registered Investment Companies (Cost $46,967,098)				46,986,910
Total Investments — 97.6% (Cost $200,286,602)				240,161,733
Other Assets less Liabilities — 2.4%				5,722,766
Total Net Assets — 100.0%				245,884,499

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		4,276		51,868
Meeder Dynamic Allocation Fund - Retail Class		11,621		147,819
Meeder Muirfield Fund - Retail Class		5,781		51,220
Meeder Conservative Allocation Fund - Retail Class		1,227		26,135
Total Trustee Deferred Compensation (Cost $242,690)				277,042

Dynamic Allocation 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		(30	)		9/15/2023		(7,932,300	)		(188,112	)
Mini MSCI EAFE Index Futures		580			9/15/2023		62,509,500			(315,945	)
Mini MSCI Emerging Markets Index Futures		282			9/15/2023		14,070,390			(314,173	)
Russell 2000 Mini Index Futures		150			9/15/2023		14,277,750			63,824
Standard & Poors 500 Mini Futures		(159	)		9/15/2023		(35,681,588	)		(701,346	)
Total Futures Contracts		823					47,243,753			(1,455,752	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

(3)	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.

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

(5)	Exchange-traded fund.

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

2023 Semi-Annual Report | June 30, 2023

Page 35

Schedules of Investments
June 30, 2023 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 58.6%
Communication Services — 3.4%
DISH Network Corp ⁽¹⁾		13,671		90,092
Interpublic Group of Cos Inc/The		5,740		221,449
Lumen Technologies Inc		36,157		81,715
Match Group Inc ⁽¹⁾		4,323		180,918
News Corp - Class A		10,579		206,291
News Corp - Class B		10,447		206,015
Paramount Global		11,228		178,637
				1,165,117

Consumer Discretionary — 14.4%
Advance Auto Parts Inc		1,281		90,054
Bath & Body Works Inc		4,509		169,088
BorgWarner Inc		4,805		235,013
Caesars Entertainment Inc ⁽¹⁾		4,598		234,360
CarMax Inc ⁽¹⁾		3,211		268,761
Carnival Corp ⁽¹⁾		24,173		455,178
Domino’s Pizza Inc		569		191,747
Expedia Group Inc ⁽¹⁾		2,116		231,469
Hasbro Inc		3,130		202,730
MGM Resorts International		5,791		254,341
Mohawk Industries Inc ⁽¹⁾		1,816		187,339
Newell Brands Inc		14,336		124,723
Norwegian Cruise Line Holdings Ltd ⁽¹⁾		12,527		272,713
Pool Corp		643		240,894
PulteGroup Inc		4,195		325,868
Ralph Lauren Corp		1,776		218,981
Royal Caribbean Cruises Ltd ⁽¹⁾		3,935		408,217
Tapestry Inc		5,010		214,428
VF Corp		6,901		131,740
Whirlpool Corp		1,345		200,123
Wynn Resorts Ltd		2,282		241,002
				4,898,769

Consumer Staples — 1.4%
Lamb Weston Holdings Inc		2,023		232,544
Molson Coors Beverage Co		3,901		256,842
				489,386

Energy — 0.7%
EQT Corp		6,074		249,824
				249,824

Financials — 5.7%
Assurant Inc		1,517		190,717
Comerica Inc		2,928		124,030

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Everest Re Group Ltd		580		198,279
FleetCor Technologies Inc ⁽¹⁾		1,053		264,387
Franklin Resources Inc		7,179		191,751
Globe Life Inc		1,620		177,584
Invesco Ltd		10,655		179,111
Jack Henry & Associates Inc		1,105		184,900
Lincoln National Corp		6,278		161,721
MarketAxess Holdings Inc		679		177,504
Signature Bank/New York NY		1,708		359
SVB Financial Group ⁽¹⁾		798		413
Zions Bancorp NA		3,958		106,312
				1,957,068

Healthcare — 6.1%
Bio-Rad Laboratories Inc ⁽¹⁾		456		172,879
Bio-Techne Corp		2,336		190,688
Catalent Inc ⁽¹⁾		4,287		185,884
Charles River Laboratories International Inc ⁽¹⁾		881		185,230
DaVita Inc ⁽¹⁾		2,581		259,313
DENTSPLY SIRONA Inc		5,931		237,359
Henry Schein Inc ⁽¹⁾		2,439		197,803
Organon & Co		6,845		142,444
Teleflex Inc		778		188,299
Universal Health Services Inc		1,368		215,829
Viatris Inc		11,014		109,920
				2,085,648

Industrials — 10.2%
A O Smith Corp		3,009		218,995
Alaska Air Group Inc ⁽¹⁾		4,559		242,448
Allegion plc		1,801		216,156
American Airlines Group Inc ⁽¹⁾		15,425		276,725
CH Robinson Worldwide Inc		2,170		204,740
Ceridian HCM Holding Inc ⁽¹⁾		3,101		207,674
Generac Holdings Inc ⁽¹⁾		1,987		296,321
Huntington Ingalls Industries Inc		849		193,232
Masco Corp		4,078		233,996
Nordson Corp		812		201,522
Pentair PLC		4,290		277,134
Robert Half International Inc		2,636		198,280
Snap-on Inc		849		244,673
Stanley Black & Decker Inc		2,544		238,398
United Airlines Holdings Inc ⁽¹⁾		4,352		238,794
				3,489,088

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

Page 36

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Information Technology — 7.4%
Akamai Technologies Inc ⁽¹⁾		2,273		204,275
DXC Technology Co ⁽¹⁾		7,068		188,857
F5 Inc ⁽¹⁾		1,066		155,913
Juniper Networks Inc		5,969		187,009
NetApp Inc		3,188		243,563
Qorvo Inc ⁽¹⁾		2,145		218,854
Seagate Technology Holdings PLC		3,551		219,700
Teradyne Inc		2,234		248,708
Trimble Inc ⁽¹⁾		3,376		178,725
Tyler Technologies Inc ⁽¹⁾		602		250,715
Western Digital Corp ⁽¹⁾		6,135		232,701
Zebra Technologies Corp ⁽¹⁾		742		219,506
				2,548,526

Materials — 3.2%
Celanese Corp		1,895		219,441
Eastman Chemical Co		2,364		197,914
International Paper Co		5,470		174,001
Packaging Corp of America		1,513		199,958
Sealed Air Corp		3,486		139,440
Westrock Co		5,478		159,245
				1,089,999

Real Estate Investment Trust — 4.3%
Boston Properties Inc		2,895		166,723
Camden Property Trust		1,748		190,305
Federal Realty Investment Trust		1,834		177,476
Host Hotels & Resorts Inc		12,171		204,838
Kimco Realty Corp		9,158		180,596
Regency Centers Corp		3,090		190,869
UDR Inc		5,008		215,144
Vornado Realty Trust		8,445		153,192
				1,479,143

Utilities — 1.8%
NiSource Inc		7,066		193,255
NRG Energy Inc		6,050		226,210
Pinnacle West Capital Corp		2,600		211,796
				631,261

Total Common Stocks (United States) (Cost $17,852,063)				20,083,829

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Preferred Stock (United States) — 0.0%
Wells Fargo & Co. Preferred ⁽⁴⁾		1		0
Total Preferred Stock (United States) (Cost $0)				0

Warrants (United States) — 0.0%
ABIOMED Inc - CVR ⁽⁴⁾		546		0
Total Warrants (United States) (Cost $0)				0

Money Market Registered Investment Companies — 37.1%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽²⁾		12,718,332		12,718,332
Total Money Market Registered Investment Companies (Cost $12,715,028)				12,718,332
Total Investments — 95.7% (Cost $30,567,091)				32,802,161
Other Assets less Liabilities — 4.3%				1,490,462
Total Net Assets — 100.0%				34,292,623

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		1,238		15,017
Meeder Dynamic Allocation Fund - Retail Class		3,311		42,116
Meeder Muirfield Fund - Retail Class		1,717		15,213
Meeder Conservative Allocation Fund - Retail Class		353		7,519
Total Trustee Deferred Compensation (Cost $70,691)				79,865

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

2023 Semi-Annual Report | June 30, 2023

Page 37

Schedules of Investments
June 30, 2023 (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		4		9/15/2023		1,057,640		23,055
Standard & Poors 500 Mini Futures		58		9/15/2023		13,015,925		286,032
Total Futures Contracts		62				14,073,565		309,087

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

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

(4)	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.

Page 38

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Tactical Income Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — 54.6%
U.S. Fixed Income — 43.5%
BBH Limited Duration Fund - Class I		483,153		4,855,688
Diamond Hill Short Duration Securitized Bond Fund - Class Y		224,483		2,119,121
iShares Core 1-5 Year USD Bond ETF ⁽³⁾		109,025		5,084,926
iShares Trust iShares 1-5 Year Investment Grade Co ⁽³⁾		78,102		3,918,377
SPDR Bloomberg High Yield Bond ETF ⁽³⁾		103,838		9,556,211
Xtrackers USD High Yield Corporate Bond ETF ⁽³⁾		119,059		4,107,536
				29,641,859

International Fixed Income — 11.1%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽³⁾		87,142		7,541,269
				7,541,269

Total Registered Investment Companies (Cost $37,426,550)				37,183,128

Money Market Registered Investment Companies — 45.1%
Meeder Institutional Prime Money Market Fund, 5.13% ⁽¹⁾		30,713,447		30,713,447
Total Money Market Registered Investment Companies (Cost $30,710,233)				30,713,447

U.S. Government Obligations — 0.1%
Government National Mortgage Association, 6.50%, due 7/20/2038		64,098		71,069
Total U.S. Government Obligations (Cost $68,188)				71,069
Total Investments — 99.8% (Cost $68,204,971)				67,967,644
Other Assets less Liabilities — 0.2%				107,335
Total Net Assets — 100.0%				68,074,979

Tactical Income Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽²⁾
Meeder Balanced Fund - Retail Class		1,431		17,358
Meeder Dynamic Allocation Fund - Retail Class		3,724		47,369
Meeder Muirfield Fund - Retail Class		2,111		18,703
Meeder Conservative Allocation Fund - Retail Class		417		8,882
Total Trustee Deferred Compensation (Cost $84,955)				92,312

(1)	Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2023.

(2)	Assets of affiliates to the Tactical Income 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.

2023 Semi-Annual Report | June 30, 2023

Page 39

Schedules of Investments
June 30, 2023 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — 20.5%
Banco Santander NY (Secured Overnight Financing Rate + 0.40%)		5.49	%⁽²⁾		07/05/23		10,000,000		10,000,360
Bank of America Corp.		5.15	%		07/17/23		5,000,000		4,999,750
Bank of Montreal Chicago (Secured Overnight Financing Rate + 0.58%)		5.67	%⁽²⁾		07/21/23		10,000,000		10,002,930
Bank of Montreal Chicago		5.01	%		10/06/23		5,000,000		4,991,235
Bank of Nova Scotia (Secured Overnight Financing Rate + 0.68%)		5.77	%⁽²⁾		08/04/23		1,700,000		1,700,826
Bank of Nova Scotia (Secured Overnight Financing Rate + 0.47%)		5.56	%⁽²⁾		11/07/23		850,000		850,171
BNP Paribas NY (Secured Overnight Financing Rate + 0.14%)		5.23	%⁽²⁾		10/02/23		10,000,000		9,997,790
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.63%)		5.72	%⁽²⁾		07/07/23		600,000		600,065
Credit Agricole		3.75	%		07/13/23		2,000,000		1,998,906
HSBC USA, Inc. (Secured Overnight Financing Rate + 0.67%)		5.76	%⁽²⁾		07/12/23		9,100,000		9,101,465
Mitsubishi UFJ Trust (Secured Overnight Financing Rate + 0.57%)		5.66	%⁽²⁾		07/03/23		10,000,000		10,000,350
Mizuho Bank, Ltd./NY (Secured Overnight Financing Rate + 0.15%)		5.24	%⁽²⁾		09/05/23		10,000,000		9,999,230
Royal Bank of Canada		4.03	%		08/11/23		5,000,000		4,992,130
Royal Bank of Canada		4.88	%		09/22/23		5,000,000		4,989,890
Skandinaviska Enskilda Banken AB (Secured Overnight Financing Rate + 0.53%)		5.62	%⁽²⁾		09/18/23		9,175,000		9,181,973
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.32%)		5.41	%⁽²⁾		09/01/23		16,000,000		16,004,016

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — continued
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.88%)		5.97	%⁽²⁾		11/21/23		560,000		561,121
Toronto Dominion Bank		3.00	%		07/03/23		5,000,000		4,999,075
Toronto Dominion Bank		4.07	%		07/18/23		3,914,000		3,911,620
Westpac Banking Corp. (Secured Overnight Financing Rate + 0.44%)		5.53	%⁽²⁾		12/15/23		10,000,000		10,005,740
Westpac Banking Corp.		5.31	%		12/08/23		2,500,000		2,497,038
Total Certificates of Deposit (Cost $131,385,940)									131,385,681

Commercial Paper — 49.8%
American Honda Finance Corp.		5.48	%		07/07/23		5,000,000		4,994,955
American Honda Finance Corp.		5.45	%		07/10/23		5,000,000		4,992,765
Anglesea Funding		5.09	%		07/05/23		21,500,000		21,484,886
ANZ New Zealand Int’l, LTD		5.15	%		07/10/23		500,000		499,296
ANZ New Zealand Int’l, LTD		5.30	%		09/28/23		10,000,000		9,867,750
ANZ New Zealand Int’l, LTD (Secured Overnight Financing Rate + 0.56%)		5.62	%⁽²⁾		09/15/23		5,975,000		5,979,230
ANZ New Zealand Int’l, LTD (Secured Overnight Financing Rate + 0.35%)		5.40	%⁽²⁾		12/14/23		5,000,000		5,000,220
Banco Santander NY		5.26	%		08/15/23		10,000,000		9,932,980
Bank of Montreal Chicago		5.41	%		08/07/23		3,500,000		3,480,883
Bank of Nova Scotia		5.82	%		06/11/24		2,500,000		2,362,380
Bank of Nova Scotia (Secured Overnight Financing Rate + 0.48%)		5.41	%⁽²⁾		01/31/24		10,000,000		10,000,710
Bank of Nova Scotia (Secured Overnight Financing Rate + 0.27%)		5.64	%⁽²⁾		07/05/23		5,000,000		5,000,320
Cabot Trail Funding		5.69	%		01/02/24		5,000,000		4,855,155
Canadian Imperial Holdings, Inc.		5.69	%		03/01/24		7,500,000		7,212,225
Canadian Imperial Holdings, Inc.		5.60	%		11/30/23		2,000,000		1,953,370

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

Page 40

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Collateralized Commercial Paper FLEX Co.		5.12	%		08/02/23		6,400,000		6,369,261
Columbia Funding Co.		5.11	%		08/01/23		3,500,000		3,483,739
Columbia Funding Co.		5.10	%		08/10/23		5,000,000		4,970,065
CommonWealth Bank		5.70	%		02/20/24		5,000,000		4,819,150
CommonWealth Bank (Secured Overnight Financing Rate + 0.50%)		5.59	%⁽²⁾		03/25/24		5,000,000		4,998,955
Fairway Financial Co.		5.34	%		10/16/23		2,400,000		2,360,242
Great Bear Funding		5.24	%		07/05/23		1,000,000		999,297
Groupe BPCE (Secured Overnight Financing Rate + 0.65%)		5.71	%⁽²⁾		09/13/23		10,000,000		10,009,150
Halkin Finance, LLC		5.08	%		07/03/23		30,000,000		29,987,340
HSBC USA, Inc.		5.36	%		07/14/23		3,435,000		3,428,161
HSBC USA, Inc.		5.22	%		08/01/23		900,000		895,804
ING US Funding		5.05	%		08/08/23		5,000,000		4,972,135
ING US Funding		5.20	%		08/24/23		5,000,000		4,959,615
Liberty Street Funds		5.13	%		07/14/23		410,000		409,184
Liberty Street Funds		5.47	%		09/06/23		3,000,000		2,969,418
Longship Funding LLC		5.16	%		07/07/23		1,000,000		999,014
Macquarie Bank, LTD/Australia		5.02	%		08/01/23		5,000,000		4,976,915
Macquarie Bank, LTD/Australia		5.26	%		08/17/23		1,000,000		993,011
Macquarie Bank, LTD/Australia		5.37	%		09/06/23		3,000,000		2,969,679
Macquarie Bank, LTD/Australia		5.37	%		09/12/23		4,000,000		3,955,872
Macquarie Bank, LTD/Australia		5.41	%		11/09/23		1,000,000		979,606
Macquarie Bank, LTD/Australia		5.03	%		07/24/23		4,491,000		4,475,520
MetLife Short Term		5.05	%		07/24/23		2,825,000		2,815,251
MUFG Bank, Ltd./New York, NY		5.02	%		07/20/23		5,000,000		4,985,890
MUFG Bank, Ltd./New York, NY		5.64	%		11/10/23		7,000,000		6,857,193
National Bank of Canada		5.23	%		07/27/23		10,000,000		9,961,520
National Bank of Canada		5.41	%		10/31/23		3,039,000		2,982,423
National Bank of Canada		5.35	%		11/08/23		5,000,000		4,900,550
National Bank of Canada (Secured Overnight Financing Rate + 0.62%)		5.26	%⁽²⁾		07/19/23		10,000,000		10,000,640

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
National Australia Bank, Ltd. (Secured Overnight Financing Rate + 0.41%)		5.47	%⁽²⁾		10/13/23		10,000,000		10,005,150
National Australia Bank, Ltd. (Secured Overnight Financing Rate + 0.25%)		5.54	%⁽²⁾		03/06/24		6,000,000		5,990,643
Natixis NY Branch		5.18	%		07/03/23		600,000		599,746
Ridgefield Funding Company		5.19	%		07/14/23		4,000,000		3,992,040
Ridgefield Funding Company		5.22	%		07/17/23		5,000,000		4,987,875
Ridgefield Funding Company		5.41	%		08/18/23		766,000		760,492
Royal Bank of Canada		5.33	%		02/02/24		5,000,000		4,829,205
Royal Bank of Canada		5.67	%		12/08/23		1,650,000		1,609,245
Skandinaviska Enskilda Banken AB (Secured Overnight Financing Rate + 0.54%)		5.14	%⁽²⁾		07/06/23		5,000,000		5,000,175
Sumitomo Mitsui Banking Corp./NY		5.51	%		09/21/23		3,500,000		3,456,457
Svenska Handelsbanken AB		5.04	%		07/13/23		2,500,000		2,495,440
Svenska Handelsbanken AB		5.01	%		07/24/23		4,000,000		3,986,500
Svenska Handelsbanken AB		4.96	%		08/01/23		5,000,000		4,977,460
Svenska Handelsbanken AB (Secured Overnight Financing Rate + 0.69%)		5.24	%⁽²⁾		08/29/23		10,000,000		10,008,270
Toronto Dominion Bank (Secured Overnight Financing Rate + 0.72%)		5.20	%⁽²⁾		08/10/23		5,175,000		5,178,177
Toyota Motor Credit Corp.		5.46	%		01/19/24		1,000,000		968,620
Westpac Banking Corp.		5.24	%		08/25/23		1,310,000		1,299,622
Westpac Banking Corp.		5.29	%		10/11/23		5,000,000		4,922,995
Total Commercial Paper (Cost $320,315,681)									320,169,836

Corporate Obligations — 0.8%
Citigroup Global Markets, Inc.		3.80	%		07/30/23		5,000,000		4,991,650
Total Corporate Obligations (Cost $5,000,000)									4,991,650

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

2023 Semi-Annual Report | June 30, 2023

Page 41

Schedules of Investments
June 30, 2023 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Repurchase Agreements — 27.3%
Loop Capital (Collateralized by $46,346,780 FHLMC, 5.00%, due 10/1/52, fair value $45,900,000)(proceeds $45,019,125) purchase date 6/30/23		5.10	%		07/03/23		45,000,000		45,000,000
StoneX (Collateralized by $54,085,417 (principal) various Corporate Bonds, Asset-Backed securities, and FNMAs, 0.40% - 9.25%, due 9/15/23 - 4/22/52, fair value $51,626,570)(proceeds $50,022,042) purchase date 6/30/23		5.29	%		07/03/23		50,000,000		50,000,000
South Street (Collateralized by $26,814,200 (principal) various FMACs and FNMAs, 2.00% - 5.50%, due 6/1/27 - 7/1/53, fair value $25,265,300)(proceeds $25,010,604), purchase date 6/30/23		5.09	%		07/03/23		25,000,000		25,000,000
South Street (Collateralized by $26,056,354 (principal) various FMACs, FNMAs, and SBAs, 2.00% - 9.41%, due 2/1/25 - 7/1/53, fair value $25,321,885)(proceeds $25,010,708), purchase date 6/30/23		5.14	%		07/03/23		25,000,000		25,000,000

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Repurchase Agreements — continued
Truist (Collateralized by $31,109,231 (principal) various Corporate Bonds, 1.70% - 6.73%, due 5/1/25 - 8/1/59, fair value $30,601,281)(proceeds $30,012,800), purchase date 6/30/23		5.12	%		07/03/23		30,000,000		30,000,000
Total Repurchase Agreements (Cost $175,000,000)									175,000,000

Variable Rate Demand Notes — 0.3%
Pittsburgh & Allegheny County PA Sports & Exhibition Authority		5.20	%⁽¹⁾		07/06/23		1,715,000		1,715,000
Total Variable Rate Demand Notes (Cost $1,715,000)									1,715,000

Money Market Registered Investment Companies — 1.4%
Federated Hermes Government Obligations Fund, 4.97% ⁽³⁾							9,244,194		9,244,194
Total Money Market Registered Investment Companies (Cost $9,244,194)									9,244,194
Total Investments — 100.1% (Cost $642,660,815)									642,506,361
Liabilities less Other Assets — (0.1%)									(514,378	)
Total Net Assets — 100.0%									641,991,983

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

Page 42

2023 Semi-Annual Report | June 30, 2023

Schedules of Investments
June 30, 2023 (unaudited)

Institutional Prime Money Market Fund
Security Description	Principal Amount ($) or Shares		Fair Value ($)
Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		105		1,274
Meeder Dynamic Allocation Fund - Retail Class		256		3,256
Meeder Muirfield Fund - Retail Class		346		3,066
Meeder Conservative Allocation Fund - Retail Class		33		703
Total Trustee Deferred Compensation (Cost $7,992)				8,299

(1)

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, 2023. 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, 2023. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3)

7-day yield as of June 30, 2023. 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 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.

2023 Semi-Annual Report | June 30, 2023

Page 43

Statements of Assets and Liabilities
June 30, 2023 (unaudited)

	Muirfield Fund		Spectrum Fund
Assets
Investments, at fair value (1)(2)	$	436,603,120	$	105,925,434
Repurchase agreements, at fair value (1)		—		—
Investments in affiliates, at fair value (1)		249,014,974		81,914,116
Trustee deferred compensation investments, at fair value		394,159		69,292
Deposits at broker for futures contracts (3)		14,076,381		4,892,158
Receivable for securities sold		10,786,088		2,616,468
Receivable for capital stock issued		368,521		49,250
Interest and dividend receivable		1,241,224		400,275
Prepaid expenses/other assets		44,715		29,109
Total Assets		712,529,182		195,896,102

Liabilities
Payable for securities purchased		10,842,293		2,632,492
Payable for Trustee Deferred Compensation Plan		394,159		69,292
Payable for capital stock redeemed		1,280,580		345,488
Dividends payable		7,690		—
Payable to investment adviser		373,048		120,517
Accrued distribution plan (12b-1) and shareholder service plan fees		120,724		23,515
Accrued transfer agent, fund accounting, CCO, and administration fees and expenses		106,285		39,935
Accrued trustee fees		3,338		1,013
Other accrued liabilities		56,722		61,770
Total Liabilities		13,184,839		3,294,022

Net Assets	$	699,344,343	$	192,602,080

Net Assets
Capital	$	588,506,058	$	157,568,821
Distributable Earnings (Accumulated Deficit)		110,838,285		35,033,259
Total Net Assets	$	699,344,343	$	192,602,080

Net Asset Value Per Share
Retail Class
Net Assets	$	41,863,735	$	2,180,443
Shares Outstanding		4,726,745		169,145
Net Asset Value, Offering and Redemption Price Per Share	$	8.86	$	12.89

Adviser Class
Net Assets	$	99,873,985	$	35,270,638
Shares Outstanding		11,111,114		2,707,396
Net Asset Value, Offering and Redemption Price Per Share	$	8.99	$	13.03

Institutional Class
Net Assets	$	557,606,623	$	155,150,999
Shares Outstanding		61,981,180		11,873,662
Net Asset Value, Offering and Redemption Price Per Share	$	9.00	$	13.07

Net Asset Value Per Share - Money Market Fund
Net Assets
Shares Outstanding
Net Asset Value, Offering and Redemption Price Per Share

(1) Investments and affiliated investments at cost (See Note #4)	$	572,909,366	$	161,191,231
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5)	$	—	$	—
(3) Required margin held as collateral for futures contracts	$	8,041,399	$	2,951,727

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

Page 44

2023 Semi-Annual Report | June 30, 2023

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

$	17,489,464	$	264,427,542	$	109,188,411	$	88,301,969		$	193,174,823	$	20,083,829	$	37,254,197		$	467,506,361
	—		—		—		—			—		—		—			175,000,000
	14,003,689		87,089,919		49,722,286		28,451,104			46,986,910		12,718,332		30,713,447			—
	130,182		250,812		52,648		100,266			277,042		79,865		92,312			8,299
	899,652		3,191,497		1,558,914		496,481			5,794,270		1,501,567		—			—
	288,337		4,641,530		1,247,401		640,372			4,563,445		—		—			—
	6,480		132,495		41,821		71,993			106,281		7,121		21,021			—
	68,377		521,766		305,676		205,187			264,020		81,950		167,695			2,329,973
	25,580		35,345		35,250		32,373			32,685		28,267		32,606			16,306
	32,911,761		360,290,906		162,152,407		118,299,745			251,199,476		34,500,931		68,281,278			644,860,939


	291,525		4,704,495		1,292,795		681,712			4,590,600		—		9,831			—
	130,182		250,812		52,648		100,266			277,042		79,865		92,312			8,299
	5,892		487,609		155,157		154,659			202,019		65,986		39,430			—
	—		284		1,492		728			1,983		3,511		197			2,737,526
	20,214		203,861		81,137		49,356			130,790		20,976		16,674			—
	3,297		47,868		18,422		18,180			30,593		7,827		9,973			53
	11,135		68,649		34,586		26,922			49,000		11,377		15,861			87,183
	233		1,936		899		754			969		263		421			155
	17,548		44,278		29,653		29,117			31,981		18,503		21,600			35,740
	480,026		5,809,792		1,666,789		1,061,694			5,314,977		208,308		206,299			2,868,956

$	32,431,735	$	354,481,114	$	160,485,618	$	117,238,051		$	245,884,499	$	34,292,623	$	68,074,979		$	641,991,983


$	29,853,168	$	317,438,832	$	157,013,759	$	121,765,202		$	212,416,471	$	30,285,043	$	82,198,674		$	642,144,493
	2,578,567		37,042,282		3,471,859		(4,527,151	)		33,468,028		4,007,580		(14,123,695	)		(152,510	)
$	32,431,735	$	354,481,114	$	160,485,618	$	117,238,051		$	245,884,499	$	34,292,623	$	68,074,979		$	641,991,983



$	2,539,616	$	7,153,059	$	829,649	$	5,465,059		$	10,487,862	$	12,730,884	$	2,351,290
	234,825		589,930		73,079		256,623			824,707		364,450		262,580
$	10.81	$	12.13	$	11.35	$	21.30		$	12.72	$	34.93	$	8.95


$	3,749,040	$	67,899,878	$	32,070,020	$	19,508,157		$	25,008,535	$	3,859,484	$	9,426,535
	343,363		5,539,610		2,810,213		905,647			1,938,808		109,469		1,051,171
$	10.92	$	12.26	$	11.41	$	21.54		$	12.90	$	35.26	$	8.97


$	26,143,079	$	279,428,177	$	127,585,949	$	92,264,835		$	210,388,102	$	17,702,255	$	56,297,154
	2,399,727		22,759,833		11,167,724		4,271,565			16,353,918		503,196		6,282,089
$	10.89	$	12.28	$	11.42	$	21.60		$	12.86	$	35.18	$	8.96


																$	641,991,983
																	642,023,960
																$	1.0000

$	28,130,570	$	304,555,446	$	148,989,356	$	114,288,572		$	200,286,602	$	30,567,091	$	68,204,971		$	642,660,815
$	—	$	—	$	—	$	—		$	—	$	—	$	—		$	—
$	474,721	$	2,262,626	$	928,301	$	306,132		$	4,221,084	$	707,200	$	—		$	—

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

2023 Semi-Annual Report | June 30, 2023

Page 45

Statements of Operations
For the Six Months Ended June 30, 2023 (unaudited)

	Muirfield Fund			Spectrum Fund
Investment Income
Interest	$	1,135		$	109
Income from affiliates		6,093,892			2,089,319
Dividends		3,109,721			679,318
Total Investment Income		9,204,748			2,768,746

Fund Expenses
Investment advisory fees		2,136,548			706,523
Transfer agent fees and expenses - Retail Class		19,672			1,068
Transfer agent fees and expenses - Adviser Class		47,144			20,620
Transfer agent fees and expenses - Institutional Class		258,734			91,356
Transfer agent fees and expenses - Money Market Fund
Fund accounting fees		51,862			27,971
Administration fees		230,290			80,376
Trustee fees		15,657			4,621
Audit fees		8,495			8,496
Legal fees		3,223			3,223
Custody fees		32,415			9,326
Printing expenses		7,665			3,548
Distribution plan (12b-1) fees - Retail Class (1)		40,258			2,225
Shareholder service plan fees - Retail Class		26,208			1,780
Shareholder service plan fees - Adviser Class		797			190
Shareholder service plan fees - Institutional Class		208,089			53,443
Postage expenses		11,232			6,617
Registration fees		37,799			24,682
Insurance expenses		16,285			4,222
Chief Compliance Officer fees		3,761			3,761
Other expenses		27,523			17,602
Total Expenses Before Reductions		3,183,657			1,071,650

Expenses voluntarily reimbursed/waived by investment adviser (See Note #5)		—			—
Securities lending credit (See Note #5)		—			(78	)

Net Expenses		3,183,657			1,071,572

Net Investment Income (Loss)		6,021,091			1,697,174

Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from unaffiliated investments		10,970,677			5,616,972
Net realized gains (losses) from affiliated investments		1,988			4,663
Net realized gains (losses) from futures contracts		(5,178,436	)		(781,576	)
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		5,794,229			4,840,059

Net change in unrealized appreciation (depreciation) of unaffiliated investments		42,584,377			8,376,549
Net change in unrealized appreciation (depreciation) of affiliated investments		(2,398	)		(4,366	)
Net change in unrealized appreciation (depreciation) of futures contracts		(1,300,209	)		526,139
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts		41,281,770			8,898,322

Net Realized and Unrealized Gain (Loss) from Investments		47,075,999			13,738,381

Net Change in Net Assets Resulting from Operations	$	53,097,090		$	15,435,555

(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 46

2023 Semi-Annual Report | June 30, 2023

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

$	6,108		$	167,381		$	127,836		$	135,658		$	17,331		$	—		$	120,897		$	16,480,747
	348,953			2,313,613			1,299,389			754,117			1,125,036			291,129			568,701			—
	176,311			2,602,676			1,349,668			1,266,935			1,298,967			179,834			741,815			—
	531,372			5,083,670			2,776,893			2,156,710			2,441,334			470,963			1,431,413			16,480,747


	119,806			1,202,665			481,527			301,375			835,639			123,186			137,670			903,472
	1,494			3,968			597			3,258			5,228			7,580			938
	2,433			40,187			18,830			12,517			14,414			2,225			4,126
	15,242			166,296			76,878			56,555			117,403			9,905			22,470
																						224,734
	17,735			36,088			26,576			24,578			29,971			17,825			21,423			51,681
	15,974			145,314			69,217			53,234			96,377			16,425			32,548			229,748
	1,021			8,445			4,006			3,116			5,495			1,047			1,856			624
	8,637			7,976			8,636			8,636			8,636			8,637			8,072			7,571
	3,223			3,223			3,223			3,223			3,223			3,223			3,223			3,204
	1,565			17,447			7,821			6,017			10,794			1,654			3,429			27,283
	329			4,928			2,454			2,291			3,188			446			1,012			3,719
	3,113			8,267			1,243			6,787			10,893			12,632			2,931
	2,288			5,476			819			3,038			4,976			3,095			1,740
	6			272			97			95			155			30			96
	1,499			97,838			44,269			32,661			52,734			3,393			18,454
	476			8,128			4,239			4,295			5,312			775			1,644			1,677
	22,645			28,627			23,568			24,072			34,068			23,078			23,268			6,501
	741			7,285			3,440			2,546			5,265			705			1,506			20,663
	3,761			3,761			3,761			3,761			3,761			3,761			3,761			3,761
	14,268			21,342			17,023			16,228			18,067			14,256			15,013			34,528
	236,256			1,817,533			798,224			568,283			1,265,599			253,878			305,180			1,519,166

	—			—			—			—			(100,274	)		—			(37,859	)		(903,472	)
	—			—			—			—			—			—			—			—

	236,256			1,817,533			798,224			568,283			1,165,325			253,878			267,321			615,694

	295,116			3,266,137			1,978,669			1,588,427			1,276,009			217,085			1,164,092			15,865,053


	230,153			1,162,462			(459,781	)		(1,490,584	)		2,637,646			2,177,048			(896,850	)		2,809
	416			12,655			3,651			(620	)		6,250			(494	)		367			—
	513,606			(3,481,832	)		(525,367	)		(430,177	)		1,865,632			346,233			—			—
	744,175			(2,306,715	)		(981,497	)		(1,921,381	)		4,509,528			2,522,787			(896,483	)		2,809

	1,464,644			21,911,771			6,301,393			4,440,233			20,417,590			(916,266	)		1,139,449			(26,932	)
	(373	)		(13,850	)		(6,482	)		(2,314	)		(5,504	)		509			(618	)		—
	330,858			(1,282,110	)		190,056			(53,289	)		610,073			707,588			—			—
	1,795,129			20,615,811			6,484,967			4,384,630			21,022,159			(208,169	)		1,138,831			(26,932	)

	2,539,304			18,309,096			5,503,470			2,463,249			25,531,687			2,314,618			242,348			(24,123	)

$	2,834,420		$	21,575,233		$	7,482,139		$	4,051,676		$	26,807,696		$	2,531,703		$	1,406,440		$	15,840,930

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

2023 Semi-Annual Report | June 30, 2023

Page 47

Statements of Changes in Net Assets
For the Six Months Ended June 30, 2023 (unaudited) and the Year Ended December 31, 2022

	Muirfield Fund						Spectrum Fund
	2023			2022			2023			2022
Operations
Net investment income (loss)	$	6,021,091		$	4,192,165		$	1,697,174		$	946,417
Net realized gains (losses) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		5,794,229			10,647,459			4,840,059			6,200,023
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		41,281,770			(96,853,122	)		8,898,322			(30,701,279	)
Net change in net assets resulting from operations		53,097,090			(82,013,498	)		15,435,555			(23,554,839	)

Distributions to Shareholders
Retail Class		(236,152	)		(1,037,037	)		(9,487	)		(48,367	)
Adviser Class		(665,007	)		(2,518,745	)		(243,411	)		(916,716	)
Institutional Class		(3,701,968	)		(13,506,315	)		(956,321	)		(4,076,838	)
Money Market Fund
Change in net assets resulting from distributions		(4,603,127	)		(17,062,097	)		(1,209,219	)		(5,041,921	)

Capital Transactions:
Issued		75,277,980			173,001,385			13,450,326			34,617,151
Reinvested		4,548,434			16,522,225			1,207,942			5,015,633
Redeemed		(65,053,200	)		(174,842,415	)		(20,441,009	)		(37,981,293	)
Net change in net assets resulting from capital transactions		14,773,214			14,681,195			(5,782,741	)		1,651,491

Total Change in Net Assets		63,267,177			(84,394,400	)		8,443,595			(26,945,269	)

Net Assets - Beginning of Year		636,077,166			720,471,566			184,158,485			211,103,754

Net Assets - End of Period/Year	$	699,344,343		$	636,077,166		$	192,602,080		$	184,158,485

Share Transactions:
Issued		8,755,386			19,687,102			1,075,167			2,699,636
Reinvested		514,646			1,938,275			93,677			406,298
Redeemed		(7,544,867	)		(20,301,814	)		(1,631,660	)		(2,977,091	)
Net change in shares		1,725,165			1,323,563			(462,816	)		128,843

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

Page 48

2023 Semi-Annual Report | June 30, 2023

Global Allocation Fund						Balanced Fund						Moderate Allocation Fund						Conservative Allocation Fund
2023			2022			2023			2022			2023			2022			2023			2022

$	295,116		$	81,828		$	3,266,137		$	3,063,016		$	1,978,669		$	1,794,800		$	1,588,427		$	1,650,473
	744,175			(908,957	)		(2,306,715	)		(5,472,333	)		(981,497	)		(4,912,396	)		(1,921,381	)		(4,554,048	)
	1,795,129			(4,901,505	)		20,615,811			(39,784,367	)		6,484,967			(15,175,162	)		4,384,630			(10,543,725	)
	2,834,420			(5,728,634	)		21,575,233			(42,193,684	)		7,482,139			(18,292,758	)		4,051,676			(13,447,300	)


	(14,071	)		(18,338	)		(47,103	)		(235,650	)		(9,620	)		(29,590	)		(61,241	)		(97,079	)
	(31,229	)		(31,247	)		(556,367	)		(2,483,575	)		(362,153	)		(913,063	)		(278,574	)		(418,971	)
	(190,700	)		(190,868	)		(2,286,182	)		(10,529,353	)		(1,456,657	)		(3,734,734	)		(1,203,330	)		(1,819,093	)

	(236,000	)		(240,453	)		(2,889,652	)		(13,248,578	)		(1,828,430	)		(4,677,387	)		(1,543,145	)		(2,335,143	)


	2,790,830			4,937,882			29,886,451			72,790,300			11,867,064			32,951,993			9,463,443			26,477,489
	235,905			239,130			2,879,663			13,138,981			1,822,196			4,649,341			1,538,705			2,320,415
	(4,854,938	)		(12,802,206	)		(42,684,061	)		(72,023,363	)		(17,379,519	)		(29,867,265	)		(16,678,951	)		(27,078,721	)
	(1,828,203	)		(7,625,194	)		(9,917,947	)		13,905,918			(3,690,259	)		7,734,069			(5,676,803	)		1,719,183

	770,217			(13,594,281	)		8,767,634			(41,536,344	)		1,963,450			(15,236,076	)		(3,168,272	)		(14,063,260	)

	31,661,518			45,255,799			345,713,480			387,249,824			158,522,168			173,758,244			120,406,323			134,469,583

$	32,431,735		$	31,661,518		$	354,481,114		$	345,713,480		$	160,485,618		$	158,522,168		$	117,238,051		$	120,406,323


	263,429			476,289			2,510,600			5,868,495			1,055,323			2,818,277			439,717			1,191,691
	21,750			23,319			238,067			1,115,552			160,756			419,117			71,434			109,084
	(459,558	)		(1,255,187	)		(3,577,628	)		(5,847,014	)		(1,544,930	)		(2,563,757	)		(775,737	)		(1,220,358	)
	(174,379	)		(755,579	)		(828,961	)		1,137,033			(328,851	)		673,637			(264,586	)		80,417

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

2023 Semi-Annual Report | June 30, 2023

Page 49

Statements of Changes in Net Assets
For the Six Months Ended June 30, 2023 (unaudited) and the Year Ended December 31, 2022

	Dynamic Allocation Fund
	2023			2022
Operations
Net investment income (loss)	$	1,276,009		$	1,141,553
Net realized gains (losses) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		4,509,528			(7,144,258	)
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		21,022,159			(31,379,715	)
Net change in net assets resulting from operations		26,807,696			(37,382,420	)

Distributions to Shareholders
Retail Class		(23,704	)		(277,373	)
Adviser Class		(96,940	)		(821,467	)
Institutional Class		(809,600	)		(6,547,141	)
Money Market Fund
Change in net assets resulting from distributions		(930,244	)		(7,645,981	)

Capital Transactions:
Issued		30,131,974			59,839,928
Reinvested		927,017			7,577,815
Redeemed		(26,068,139	)		(45,104,562	)
Net change in net assets resulting from capital transactions		4,990,852			22,313,181

Total Change in Net Assets		30,868,304			(22,715,220	)

Net Assets - Beginning of Year		215,016,195			237,731,415

Net Assets - End of Period/Year	$	245,884,499		$	215,016,195

Share Transactions:
Issued		2,467,604			4,841,994
Reinvested		72,876			633,922
Redeemed		(2,140,424	)		(3,687,590	)
Net change in shares		400,056			1,788,326

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

Page 50

2023 Semi-Annual Report | June 30, 2023

Quantex Fund						Tactical Income Fund						Institutional Prime Money Market Fund
2023			2022			2023			2022			2023			2022

$	217,085		$	95,229		$	1,164,092		$	1,121,035		$	15,865,053		$	11,476,246
	2,522,787			(801,148	)		(896,483	)		(3,422,380	)		2,809			757
	(208,169	)		(4,793,158	)		1,138,831			(1,705,580	)		(26,932	)		(93,978	)
	2,531,703			(5,499,077	)		1,406,440			(4,006,925	)		15,840,930			11,383,025


	(55,168	)		(354,444	)		(38,341	)		(32,054	)
	(20,703	)		(96,619	)		(185,389	)		(175,671	)
	(89,026	)		(426,957	)		(998,548	)		(917,046	)
													(15,865,053	)		(11,475,492	)
	(164,897	)		(878,020	)		(1,222,278	)		(1,124,771	)		(15,865,053	)		(11,475,492	)


	2,422,602			3,580,398			8,173,542			18,954,073			385,638,850			1,037,794,871
	159,542			869,434			1,220,027			1,122,527			1,000,351			685,718
	(2,823,626	)		(7,932,328	)		(8,829,363	)		(16,959,409	)		(437,705,641	)		(972,298,987	)
	(241,482	)		(3,482,496	)		564,206			3,117,191			(51,066,440	)		66,181,602

	2,125,324			(9,859,593	)		748,368			(2,014,505	)		(51,090,563	)		66,089,135

	32,167,299			42,026,892			67,326,611			69,341,116			693,082,546			626,993,411

$	34,292,623		$	32,167,299		$	68,074,979		$	67,326,611		$	641,991,983		$	693,082,546


	72,227			102,272			907,386			2,059,279			385,621,712			1,038,099,219
	4,619			28,783			135,728			124,210			1,000,302			685,953
	(82,681	)		(225,437	)		(981,274	)		(1,845,711	)		(437,696,347	)		(972,566,847	)
	(5,835	)		(94,382	)		61,840			337,778			(51,074,333	)		66,218,325

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

2023 Semi-Annual Report | June 30, 2023

Page 51

Financial Highlights
For the Six Months Ended June 30, 2023 (unaudited) and the Years 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)
2023	$	8.24		0.07			0.60			0.67			(0.05	)		0.00			0.00		(0.05	)
2022	$	9.53		0.03			(1.09	)		(1.06	)		(0.06	)		(0.17	)		0.00		(0.23	)
2021	$	8.20		(0.01	)		1.66			1.65			(0.07	)		(0.25	)		0.00		(0.32	)
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	)
Muirfield Fund - Adviser Class (1)(2)(3)(4)
2023	$	8.36		0.08			0.61			0.69			(0.06	)		0.00			0.00		(0.06	)
2022	$	9.63		0.06			(1.10	)		(1.04	)		(0.06	)		(0.17	)		0.00		(0.23	)
2021	$	8.26		0.03			1.67			1.70			(0.08	)		(0.25	)		0.00		(0.33	)
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	)
Muirfield Fund - Institutional Class (1)(2)(3)(4)
2023	$	8.37		0.08			0.61			0.69			(0.06	)		0.00			0.00		(0.06	)
2022	$	9.65		0.06			(1.11	)		(1.05	)		(0.06	)		(0.17	)		0.00		(0.23	)
2021	$	8.28		0.03			1.66			1.69			(0.07	)		(0.25	)		0.00		(0.32	)
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	)
Spectrum Fund - Retail Class (1)(2)(3)(4)
2023	$	11.95		0.09			0.91			1.00			(0.06	)		0.00			0.00		(0.06	)
2022	$	13.88		0.01			(1.61	)		(1.60	)		(0.09	)		(0.24	)		0.00		(0.33	)
2021	$	12.15		(0.06	)		2.56			2.50			(0.03	)		(0.74	)		0.00		(0.77	)
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	)
Spectrum Fund - Adviser Class (1)(2)(3)(4)
2023	$	12.08		0.12			0.92			1.04			(0.09	)		0.00			0.00		(0.09	)
2022	$	13.96		0.07			(1.62	)		(1.55	)		(0.09	)		(0.24	)		0.00		(0.33	)
2021	$	12.17		0.02			2.54			2.56			(0.03	)		(0.74	)		0.00		(0.77	)
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	)
Spectrum Fund - Institutional Class (1)(2)(3)(4)
2023	$	12.11		0.11			0.93			1.04			(0.08	)		0.00			0.00		(0.08	)
2022	$	14.01		0.06			(1.62	)		(1.56	)		(0.10	)		(0.24	)		0.00		(0.34	)
2021	$	12.22		0.01			2.55			2.56			(0.03	)		(0.74	)		0.00		(0.77	)
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	)

See footnotes on pages 60 and 61.

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

Page 52

2023 Semi-Annual Report | June 30, 2023

					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 (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate

$	8.86		8.14	%	$	41,864		1.56	%		1.20	%		1.20	%		139	%
$	8.24		(11.19	%)	$	38,206		0.37	%		1.20	%		1.20	%		267	%
$	9.53		20.20	%	$	43,353		(0.06	%)		1.21	%		1.21	%		197	%
$	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	%

$	8.99		8.27	%	$	99,874		1.89	%		0.87	%		0.87	%		139	%
$	8.36		(10.85	%)	$	94,282		0.71	%		0.87	%		0.87	%		267	%
$	9.63		20.61	%	$	104,300		0.33	%		0.90	%		0.90	%		197	%
$	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	%

$	9.00		8.26	%	$	557,607		1.81	%		0.95	%		0.95	%		139	%
$	8.37		(10.93	%)	$	503,589		0.63	%		0.94	%		0.95	%		267	%
$	9.65		20.55	%	$	572,819		0.27	%		0.94	%		0.95	%		197	%
$	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	%

$	12.89		8.38	%	$	2,180		1.41	%		1.53	%		1.53	%		145	%
$	11.95		(11.52	%)	$	1,715		0.08	%		1.52	%		1.52	%		289	%
$	13.88		20.58	%	$	2,526		(0.43	%)		1.49	%		1.49	%		200	%
$	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	%

$	13.03		8.62	%	$	35,271		1.86	%		1.08	%		1.08	%		145	%
$	12.08		(11.08	%)	$	33,536		0.56	%		1.08	%		1.08	%		289	%
$	13.96		21.07	%	$	38,190		0.11	%		1.09	%		1.09	%		200	%
$	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	%

$	13.07		8.60	%	$	155,151		1.79	%		1.15	%		1.15	%		145	%
$	12.11		(11.19	%)	$	148,907		0.49	%		1.15	%		1.15	%		289	%
$	14.01		20.98	%	$	170,388		0.05	%		1.13	%		1.13	%		200	%
$	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	%

See footnotes on pages 60 and 61.

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

2023 Semi-Annual Report | June 30, 2023

Page 53

Financial Highlights
For the Six Months Ended June 30, 2023 (unaudited) and the Years 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)
2023	$	9.98		0.08			0.81			0.89			(0.06	)		0.00			0.00		(0.06	)
2022	$	11.55		(0.02	)		(1.47	)		(1.49	)		(0.03	)		(0.05	)		0.00		(0.08	)
2021	$	11.40		(0.08	)		1.52			1.44			0.00			(1.29	)		0.00		(1.29	)
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	)
Global Allocation Fund - Adviser Class (1)(2)(3)(4)
2023	$	10.08		0.10			0.83			0.93			(0.09	)		0.00			0.00		(0.09	)
2022	$	11.61		0.03			(1.48	)		(1.45	)		(0.03	)		(0.05	)		0.00		(0.08	)
2021	$	11.42		(0.02	)		1.50			1.48			0.00			(1.29	)		0.00		(1.29	)
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	)
Global Allocation Fund - Institutional Class (1)(2)(3)(4)
2023	$	10.05		0.10			0.82			0.92			(0.08	)		0.00			0.00		(0.08	)
2022	$	11.58		0.03			(1.48	)		(1.45	)		(0.03	)		(0.05	)		0.00		(0.08	)
2021	$	11.38		(0.02	)		1.51			1.49			0.00			(1.29	)		0.00		(1.29	)
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	)
Balanced Fund - Retail Class (1)(2)(3)(4)
2023	$	11.50		0.09			0.62			0.71			(0.08	)		0.00			0.00		(0.08	)
2022	$	13.42		0.06			(1.55	)		(1.49	)		(0.23	)		(0.20	)		0.00		(0.43	)
2021	$	12.82		(0.01	)		1.71			1.70			(0.16	)		(0.94	)		0.00		(1.10	)
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	)
Balanced Fund - Adviser Class (1)(2)(3)(4)
2023	$	11.62		0.11			0.63			0.74			(0.10	)		0.00			0.00		(0.10	)
2022	$	13.53		0.11			(1.57	)		(1.46	)		(0.25	)		(0.20	)		0.00		(0.45	)
2021	$	12.92		0.11			1.66			1.77			(0.22	)		(0.94	)		0.00		(1.16	)
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	)
Balanced Fund - Institutional Class (1)(2)(3)(4)
2023	$	11.64		0.11			0.63			0.74			(0.10	)		0.00			0.00		(0.10	)
2022	$	13.56		0.11			(1.58	)		(1.47	)		(0.25	)		(0.20	)		0.00		(0.45	)
2021	$	12.94		0.10			1.67			1.77			(0.21	)		(0.94	)		0.00		(1.15	)
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	)

See footnotes on pages 60 and 61.

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

Page 54

2023 Semi-Annual Report | June 30, 2023

					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 (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate

$	10.81		8.92	%	$	2,540		1.46	%		1.87	%		1.87	%		90	%
$	9.98		(12.94	%)	$	2,399		(0.18	%)		1.81	%		1.81	%		243	%
$	11.55		12.58	%	$	3,567		(0.63	%)		1.72	%		1.72	%		173	%
$	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	%

$	10.92		9.23	%	$	3,749		1.86	%		1.43	%		1.43	%		90	%
$	10.08		(12.52	%)	$	4,088		0.28	%		1.37	%		1.37	%		243	%
$	11.61		12.90	%	$	5,099		(0.14	%)		1.31	%		1.31	%		173	%
$	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	%

$	10.89		9.16	%	$	26,143		1.88	%		1.45	%		1.45	%		90	%
$	10.05		(12.56	%)	$	25,175		0.25	%		1.37	%		1.37	%		243	%
$	11.58		13.05	%	$	36,590		(0.16	%)		1.30	%		1.30	%		173	%
$	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	%

$	12.13		6.19	%	$	7,153		1.51	%		1.39	%		1.39	%		116	%
$	11.50		(11.09	%)	$	6,117		0.48	%		1.39	%		1.39	%		365	%
$	13.42		13.23	%	$	7,086		(0.09	%)		1.36	%		1.36	%		205	%
$	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	%

$	12.26		6.38	%	$	67,900		1.93	%		0.97	%		0.97	%		116	%
$	11.62		(10.77	%)	$	65,668		0.89	%		0.97	%		0.97	%		365	%
$	13.53		13.71	%	$	71,034		0.78	%		0.97	%		0.97	%		205	%
$	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	%

$	12.28		6.37	%	$	279,428		1.86	%		1.04	%		1.04	%		116	%
$	11.64		(10.80	%)	$	273,928		0.86	%		1.00	%		1.05	%		365	%
$	13.56		13.71	%	$	309,130		0.69	%		1.00	%		1.02	%		205	%
$	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	%

See footnotes on pages 60 and 61.

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

2023 Semi-Annual Report | June 30, 2023

Page 55

Financial Highlights
For the Six Months Ended June 30, 2023 (unaudited) and the Years 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)
2023	$	10.97		0.12			0.38			0.50			(0.12	)		0.00			0.00		(0.12	)
2022	$	12.64		0.08			(1.43	)		(1.35	)		(0.24	)		(0.08	)		0.00		(0.32	)
2021	$	12.37		(0.02	)		1.10			1.08			(0.05	)		(0.76	)		0.00		(0.81	)
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	)
Moderate Allocation Fund - Adviser Class (1)(2)(3)(4)
2023	$	11.01		0.14			0.39			0.53			(0.13	)		0.00			0.00		(0.13	)
2022	$	12.66		0.14			(1.45	)		(1.31	)		(0.26	)		(0.08	)		0.00		(0.34	)
2021	$	12.39		0.16			0.97			1.13			(0.10	)		(0.76	)		0.00		(0.86	)
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	)
Moderate Allocation Fund - Institutional Class (1)(2)(3)(4)
2023	$	11.03		0.14			0.38			0.52			(0.13	)		0.00			0.00		(0.13	)
2022	$	12.68		0.13			(1.44	)		(1.31	)		(0.26	)		(0.08	)		0.00		(0.34	)
2021	$	12.42		0.14			0.98			1.12			(0.10	)		(0.76	)		0.00		(0.86	)
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	)
Conservative Allocation Fund - Retail Class (1)(2)(3)(4)
2023	$	20.85		0.25			0.44			0.69			(0.24	)		0.00			0.00		(0.24	)
2022	$	23.64		0.22			(2.64	)		(2.42	)		(0.25	)		(0.12	)		0.00		(0.37	)
2021	$	23.91		0.22			0.89			1.11			(0.24	)		(1.14	)		0.00		(1.38	)
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	)
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4)
2023	$	21.11		0.29			0.44			0.73			(0.30	)		0.00			0.00		(0.30	)
2022	$	23.91		0.31			(2.69	)		(2.38	)		(0.30	)		(0.12	)		0.00		(0.42	)
2021	$	24.21		0.41			0.81			1.22			(0.38	)		(1.14	)		0.00		(1.52	)
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	)
Conservative Allocation Fund - Institutional Class (1)(2)(3)(4)
2023	$	21.15		0.28			0.45			0.73			(0.28	)		0.00			0.00		(0.28	)
2022	$	23.96		0.29			(2.69	)		(2.40	)		(0.29	)		(0.12	)		0.00		(0.41	)
2021	$	24.26		0.38			0.81			1.19			(0.35	)		(1.14	)		0.00		(1.49	)
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	)

See footnotes on pages 60 and 61.

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

Page 56

2023 Semi-Annual Report | June 30, 2023

					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 (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate

$	11.35		4.57	%	$	830		2.12	%		1.35	%		1.35	%		106	%
$	10.97		(10.75	%)	$	1,033		0.73	%		1.36	%		1.36	%		446	%
$	12.64		8.74	%	$	1,190		(0.22	%)		1.34	%		1.34	%		211	%
$	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	%

$	11.41		4.83	%	$	32,070		2.52	%		0.94	%		0.94	%		106	%
$	11.01		(10.39	%)	$	30,879		1.18	%		0.94	%		0.94	%		446	%
$	12.66		9.15	%	$	29,781		1.13	%		0.94	%		0.94	%		211	%
$	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	%

$	11.42		4.73	%	$	127,586		2.45	%		1.01	%		1.01	%		106	%
$	11.03		(10.39	%)	$	126,610		1.09	%		1.00	%		1.00	%		446	%
$	12.68		9.05	%	$	142,788		1.01	%		0.99	%		0.99	%		211	%
$	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	%

$	21.30		3.32	%	$	5,465		2.34	%		1.23	%		1.23	%		99	%
$	20.85		(10.24	%)	$	5,328		1.01	%		1.21	%		1.21	%		543	%
$	23.64		4.64	%	$	6,879		0.78	%		1.22	%		1.23	%		210	%
$	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	%

$	21.54		3.46	%	$	19,508		2.71	%		0.87	%		0.87	%		99	%
$	21.11		(9.94	%)	$	21,189		1.40	%		0.87	%		0.87	%		543	%
$	23.91		5.04	%	$	22,283		1.56	%		0.87	%		0.88	%		210	%
$	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	%

$	21.60		3.46	%	$	92,265		2.64	%		0.94	%		0.94	%		99	%
$	21.15		(10.00	%)	$	93,889		1.33	%		0.94	%		0.94	%		543	%
$	23.96		4.94	%	$	105,307		1.42	%		0.92	%		0.93	%		210	%
$	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	%

See footnotes on pages 60 and 61.

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

2023 Semi-Annual Report | June 30, 2023

Page 57

Financial Highlights
For the Six Months Ended June 30, 2023 (unaudited) and the Years 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)
2023	$	11.36		0.05			1.34			1.39			(0.03	)		0.00			0.00		(0.03	)
2022	$	13.93		0.03			(2.18	)		(2.15	)		(0.06	)		(0.36	)		0.00		(0.42	)
2021	$	13.39		(0.03	)		2.65			2.62			(0.08	)		(2.00	)		0.00		(2.08	)
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	)
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4)
2023	$	11.52		0.07			1.36			1.43			(0.05	)		0.00			0.00		(0.05	)
2022	$	14.07		0.07			(2.20	)		(2.13	)		(0.06	)		(0.36	)		0.00		(0.42	)
2021	$	13.46		0.04			2.65			2.69			(0.08	)		(2.00	)		0.00		(2.08	)
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	)
Dynamic Allocation Fund - Institutional Class (1)(2)(3)(4)
2023	$	11.49		0.07			1.35			1.42			(0.05	)		0.00			0.00		(0.05	)
2022	$	14.04		0.06			(2.19	)		(2.13	)		(0.06	)		(0.36	)		0.00		(0.42	)
2021	$	13.45		0.03			2.64			2.67			(0.08	)		(2.00	)		0.00		(2.08	)
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	)
Quantex Fund - Retail Class (1)(2)(3)(4)
2023	$	32.58		0.20			2.30			2.50			(0.15	)		0.00			0.00		(0.15	)
2022	$	38.89		0.05			(5.47	)		(5.42	)		(0.89	)		0.00			0.00		(0.89	)
2021	$	35.64		(0.02	)		9.77			9.75			(0.02	)		(6.48	)		0.00		(6.50	)
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
Quantex Fund - Adviser Class (1)(2)(3)(4)
2023	$	32.88		0.24			2.33			2.57			(0.19	)		0.00			0.00		(0.19	)
2022	$	39.15		0.13			(5.51	)		(5.38	)		(0.89	)		0.00			0.00		(0.89	)
2021	$	35.75		0.13			9.77			9.90			(0.02	)		(6.48	)		0.00		(6.50	)
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
Quantex - Institutional Class (1)(2)(3)(4)
2023	$	32.80		0.24			2.32			2.56			(0.18	)		0.00			0.00		(0.18	)
2022	$	39.07		0.12			(5.50	)		(5.38	)		(0.89	)		0.00			0.00		(0.89	)
2021	$	35.70		0.09			9.78			9.87			(0.02	)		(6.48	)		0.00		(6.50	)
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	)

See footnotes on pages 60 and 61.

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

Page 58

2023 Semi-Annual Report | June 30, 2023

					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 (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate

$	12.72		12.24	%	$	10,488		0.81	%		1.33	%		1.42	%		133	%
$	11.36		(15.53	%)	$	7,767		0.22	%		1.32	%		1.41	%		295	%
$	13.93		19.54	%	$	9,850		(0.21	%)		1.34	%		1.43	%		213	%
$	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	%

$	12.90		12.42	%	$	25,009		1.18	%		0.96	%		1.05	%		133	%
$	11.52		(15.23	%)	$	23,048		0.57	%		0.96	%		1.05	%		295	%
$	14.07		20.02	%	$	28,129		0.25	%		0.98	%		1.07	%		213	%
$	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	%

$	12.86		12.36	%	$	210,388		1.12	%		1.01	%		1.10	%		133	%
$	11.49		(15.26	%)	$	184,201		0.53	%		1.02	%		1.11	%		295	%
$	14.04		19.88	%	$	199,753		0.21	%		1.00	%		1.09	%		213	%
$	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	%

$	34.93		7.68	%	$	12,731		1.18	%		1.68	%		1.68	%		38	%
$	32.58		(13.75	%)	$	12,477		0.15	%		1.60	%		1.60	%		56	%
$	38.89		27.34	%	$	16,406		(0.05	%)		1.60	%		1.60	%		64	%
$	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	%

$	35.26		7.83	%	$	3,859		1.44	%		1.43	%		1.43	%		38	%
$	32.88		(13.55	%)	$	3,646		0.36	%		1.38	%		1.38	%		56	%
$	39.15		27.68	%	$	4,575		0.31	%		1.33	%		1.33	%		64	%
$	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	%

$	35.18		7.81	%	$	17,702		1.40	%		1.47	%		1.47	%		38	%
$	32.80		(13.58	%)	$	16,045		0.34	%		1.40	%		1.40	%		56	%
$	39.07		27.63	%	$	21,046		0.20	%		1.36	%		1.36	%		64	%
$	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	%

See footnotes on pages 60 and 61.

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

2023 Semi-Annual Report | June 30, 2023

Page 59

Financial Highlights
For the Six Months Ended June 30, 2023 (unaudited) and the Years 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)
2022	$	8.93		0.14		0.03			0.17			(0.15	)		0.00		0.00		(0.15	)
2022	$	9.63		0.12		(0.70	)		(0.58	)		(0.12	)		0.00		0.00		(0.12	)
2021	$	9.98		0.13		(0.33	)		(0.20	)		(0.15	)		0.00		0.00		(0.15	)
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	)
Tactical Income Fund - Adviser Class (1)(2)(3)(4)
2023	$	8.94		0.16		0.03			0.19			(0.16	)		0.00		0.00		(0.16	)
2022	$	9.64		0.16		(0.70	)		(0.54	)		(0.16	)		0.00		0.00		(0.16	)
2021	$	9.99		0.21		(0.37	)		(0.16	)		(0.19	)		0.00		0.00		(0.19	)
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	)
Tactical Income Fund - Institutional Class (1)(2)(3)(4)
2023	$	8.94		0.15		0.03			0.18			(0.16	)		0.00		0.00		(0.16	)
2022	$	9.64		0.15		(0.70	)		(0.55	)		(0.15	)		0.00		0.00		(0.15	)
2021	$	9.99		0.20		(0.36	)		(0.16	)		(0.19	)		0.00		0.00		(0.19	)
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	)
Institutional Prime Money Market Fund (1)(2)(3)(4)
2023	$	1.0000		0.0231		0.0009			0.0240			(0.0240	)		0.0000		0.0000		(0.0240	)
2022	$	1.0001		0.0167		(0.0008	)		0.0159			(0.0160	)		0.0000		0.0000		(0.0160	)
2021	$	1.0003		0.0005		0.0003			0.0008			(0.0010	)		0.0000		0.0000		(0.0010	)
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	)

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.

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

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2023 Semi-Annual Report | June 30, 2023

					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 (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate

$	8.95		1.88	%	$	2,351		3.06	%		1.11	%		1.22	%		78	%
$	8.93		(5.99	%)	$	2,247		1.27	%		1.11	%		1.22	%		514	%
$	9.63		(2.01	%)	$	2,721		1.10	%		1.14	%		1.25	%		250	%
$	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	%

$	8.97		2.18	%	$	9,427		3.45	%		0.71	%		0.82	%		78	%
$	8.94		(5.65	%)	$	10,625		1.77	%		0.71	%		0.82	%		514	%
$	9.64		(1.60	%)	$	8,982		1.98	%		0.75	%		0.86	%		250	%
$	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	%

$	8.96		2.02	%	$	56,297		3.38	%		0.78	%		0.89	%		78	%
$	8.94		(5.70	%)	$	54,455		1.65	%		0.78	%		0.89	%		514	%
$	9.64		(1.62	%)	$	57,638		1.90	%		0.79	%		0.90	%		250	%
$	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	%

$	1.0000		2.43	%	$	641,992		4.79	%		0.19	%		0.46	%		N/A
$	1.0000		1.63	%	$	693,083		1.67	%		0.17	%		0.45	%		N/A
$	1.0001		0.03	%	$	626,993		0.05	%		0.11	%		0.50	%		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

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 Fund, net investment income per share is based on average shares outstanding during the period.

6	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.

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

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

2023 Semi-Annual Report | June 30, 2023

Page 61

Notes to Financial Statements
June 30, 2023 (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 ten 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), and Institutional Prime Money Market Fund (Money Market)(the Funds).

Each Fund, except Money Market, offers three classes of shares: Retail Class, Adviser Class, and Institutional Class. Money Market offers 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.

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. Money Market has adopted policies and procedures to impose liquidity fees on redemptions or temporary redemption gates in the event that the Fund’s weekly liquid assets fall below designated thresholds and the Board of Trustees determines that such liquidity fees or redemption gates are in the best interests of the Fund.

For more information regarding the Funds’ objectives, strategies, and differences in share classes, please refer to the Funds’ prospectus.

2. Significant Accounting Policies

The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The Trust is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services Companies. The following summarizes the significant accounting policies of the Trust and the Funds:

Securities valuation. All investments in securities are recorded at their estimated fair value, as described in Note #3.

Repurchase agreements. Each Fund may engage in repurchase agreement transactions whereby the Fund takes possession of an underlying debt instrument subject to an obligation of the seller to repurchase the instrument from the Fund and an obligation of the Fund to resell the instrument at an agreed upon price and term. At all times, the Fund maintains the fair value of collateral, including accrued interest, of at least 100% of the amount of the repurchase agreement, plus accrued interest. If the seller defaults or the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.

Short sales. Spectrum may enter into short sales as part of its overall portfolio management strategy or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including ETFs. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert, or exchange securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its position in a permissible manner. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund’s needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short and borrowing costs will be borne by the Fund and are reflected in the Statements of Operations.

Futures & options. Each Fund, except Money Market, 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

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2023 Semi-Annual Report | June 30, 2023

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 Money Market, it is normal practice for each Fund to invest in futures contracts on a daily basis. The Funds, except for Income and Money Market, typically utilize equity index futures contracts to equitize cash positions or adjust targeted stock market exposure. Except for Money Market, 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, 2023, 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, 2023.

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, 2023 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)	$	14,076,381	$	(761,293	)
Spectrum	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		4,892,158		91,015
Global	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		899,652		(153,523	)
Balanced	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		3,191,497		(869,761	)
Moderate	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,558,914		(77,764	)
Conservative	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		496,481		(108,709	)
Dynamic	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		5,794,270		(1,455,752	)
Quantex	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,501,567		309,087

2023 Semi-Annual Report | June 30, 2023

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The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2023 and related activity was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Net Long Contracts as of December 31, 2022		Long and Short Contracts Opened During the Period		Long and Short Contracts Closed/ Expired During the Period		Net Long Contracts as of June 30, 2023		Statement of Operations Location	For the Six Months Ended June 30, 2023
Muirfield	Equity contracts		359		6,924		5,261		2,022	Net realized gains (losses) from futures contracts	$	(5,178,436	)
Spectrum	Equity contracts		162		1,922		1,464		620	Net realized gains (losses) from futures contracts		(781,576	)
Global	Equity contracts		140		395		369		166	Net realized gains (losses) from futures contracts		513,606
Balanced	Equity contracts		108		2,855		2,385		578	Net realized gains (losses) from futures contracts		(3,481,832	)
Moderate	Equity contracts		97		781		646		232	Net realized gains (losses) from futures contracts		(525,367	)
Conservative	Equity contracts		34		393		341		86	Net realized gains (losses) from futures contracts		(430,177	)
Dynamic	Equity contracts		750		2,705		2,632		823	Net realized gains (losses) from futures contracts		1,865,632
Quantex	Equity contracts		53		209		200		62	Net realized gains (losses) from futures contracts		346,233

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, 2023
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts	$	(1,300,208	)
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		526,137
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		330,859
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(1,282,110	)
Moderate	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		190,057
Conservative	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(53,289	)
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		610,074
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		707,588

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, 2019 through December 31, 2022) 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, 2023, 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. Money Market declares dividends from net investment income on a daily basis and pays such dividends on a monthly basis. Each Fund distributes net capital gains, if any, on an annual basis.

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2023 Semi-Annual Report | June 30, 2023

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, 2022, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital		Distributable Earnings (Accumulated Deficit)
Muirfield	$	3,579,913	$	(3,579,913	)
Spectrum		1,100,385		(1,100,385	)

Investment income & expenses allocation. For all Funds, except Money Market, 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, 2023 and the year ended December 31, 2022 were as follows:

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Six Months Ended June 30, 2023
Muirfield - Retail	$	3,342,830		393,022	$	222,966		25,705
Muirfield - Adviser		4,873,008		566,216		663,828		75,139
Muirfield - Institutional		67,062,142		7,796,148		3,661,640		413,802
Spectrum - Retail		471,341		37,553		9,487		747
Spectrum - Adviser		1,233,808		98,870		243,135		18,873
Spectrum - Institutional		11,745,177		938,744		955,320		74,057
Global - Retail		126,790		12,116		14,067		1,308
Global - Adviser		59,256		5,553		31,309		2,878
Global - Institutional		2,604,784		245,760		190,529		17,564
Balanced - Retail		890,678		76,362		46,862		3,934
Balanced - Adviser		4,259,199		357,759		555,339		45,962
Balanced - Institutional		24,736,574		2,076,479		2,277,462		188,171
Moderate - Retail		79,308		7,073		9,243		822
Moderate - Adviser		1,950,156		173,331		361,814		31,938
Moderate - Institutional		9,837,600		874,919		1,451,139		127,996
Conservative - Retail		153,510		7,221		61,176		2,880
Conservative - Adviser		1,134,072		52,822		278,263		12,938
Conservative - Institutional		8,175,861		379,674		1,199,266		55,616
Dynamic - Retail		2,205,496		180,655		20,769		1,661
Dynamic - Adviser		840,732		68,219		96,892		7,598
Dynamic - Institutional		27,085,746		2,218,730		809,356		63,617
Quantex - Retail		92,129		2,792		49,901		1,456
Quantex - Adviser		245,556		7,426		20,631		594
Quantex - Institutional		2,084,917		62,009		89,010		2,569
Income - Retail		174,813		19,366		38,183		4,254
Income - Adviser		424,646		47,154		185,303		20,602
Income - Institutional		7,574,083		840,866		996,541		110,872
Money Market		385,638,850		385,621,712		1,000,351		1,000,302

2023 Semi-Annual Report | June 30, 2023

Page 65

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Year Ended December 31, 2022
Muirfield - Retail	$	10,367,547		1,196,225	$	979,107		116,491
Muirfield - Adviser		15,179,589		1,706,964		2,505,775		293,990
Muirfield - Institutional		147,454,249		16,783,913		13,037,343		1,527,794
Spectrum - Retail		339,270		26,671		48,366		3,966
Spectrum - Adviser		4,736,600		364,858		910,490		73,892
Spectrum - Institutional		29,541,281		2,308,107		4,056,777		328,440
Global - Retail		461,718		45,302		18,332		1,800
Global - Adviser		504,831		45,774		31,246		3,038
Global - Institutional		3,971,333		385,213		189,552		18,481
Balanced - Retail		2,251,109		187,078		234,363		20,124
Balanced - Adviser		11,960,964		952,401		2,472,129		210,136
Balanced - Institutional		58,578,227		4,729,016		10,432,489		885,292
Moderate - Retail		371,399		32,399		28,570		2,590
Moderate - Adviser		8,553,108		714,051		910,055		82,141
Moderate - Institutional		24,027,486		2,071,827		3,710,716		334,386
Conservative - Retail		420,026		19,355		96,843		4,612
Conservative - Adviser		4,219,912		187,079		417,614		19,655
Conservative - Institutional		21,837,551		985,257		1,805,958		84,817
Dynamic - Retail		1,300,362		109,675		239,533		20,280
Dynamic - Adviser		3,065,143		239,717		803,118		67,012
Dynamic - Institutional		55,474,423		4,492,602		6,535,164		546,630
Quantex - Retail		643,824		19,080		347,726		11,571
Quantex - Adviser		377,374		10,236		94,910		3,125
Quantex - Institutional		2,559,200		72,956		426,798		14,087
Income - Retail		251,290		27,068		31,953		3,546
Income - Adviser		3,585,479		388,928		175,491		19,417
Income - Institutional		15,117,304		1,643,283		915,083		101,247
Money Market		1,037,794,871		1,038,099,219		685,718		685,953

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Six Months Ended June 30, 2023
Muirfield - Retail	$	(2,790,141	)		(328,317	)	$	775,655			90,410
Muirfield - Adviser		(6,965,955	)		(810,590	)		(1,429,119	)		(169,235	)
Muirfield - Institutional		(55,297,104	)		(6,405,960	)		15,426,678			1,803,990
Spectrum - Retail		(155,940	)		(12,626	)		324,888			25,674
Spectrum - Adviser		(2,321,487	)		(186,191	)		(844,544	)		(68,448	)
Spectrum - Institutional		(17,963,582	)		(1,432,843	)		(5,263,085	)		(420,042	)
Global - Retail		(201,504	)		(19,033	)		(60,647	)		(5,609	)
Global - Adviser		(759,810	)		(70,844	)		(669,245	)		(62,413	)
Global - Institutional		(3,893,624	)		(369,681	)		(1,098,311	)		(106,357	)
Balanced - Retail		(263,480	)		(22,409	)		674,060			57,887
Balanced - Adviser		(6,159,073	)		(516,881	)		(1,344,535	)		(113,160	)
Balanced - Institutional		(36,261,508	)		(3,038,338	)		(9,247,472	)		(773,688	)
Moderate - Retail		(326,474	)		(29,032	)		(237,923	)		(21,137	)
Moderate - Adviser		(2,237,133	)		(199,320	)		74,837			5,949
Moderate - Institutional		(14,815,912	)		(1,316,578	)		(3,527,173	)		(313,663	)
Conservative - Retail		(191,413	)		(9,044	)		23,273			1,057
Conservative - Adviser		(3,525,081	)		(164,011	)		(2,112,746	)		(98,251	)
Conservative - Institutional		(12,962,457	)		(602,682	)		(3,587,330	)		(167,392	)
Dynamic - Retail		(501,127	)		(41,470	)		1,725,138			140,846
Dynamic - Adviser		(1,689,322	)		(138,406	)		(751,698	)		(62,589	)
Dynamic - Institutional		(23,877,690	)		(1,960,548	)		4,017,412			321,799

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2023 Semi-Annual Report | June 30, 2023

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Quantex - Retail	$	(754,115	)		(22,749	)	$	(612,085	)		(18,501	)
Quantex - Adviser		(318,475	)		(9,444	)		(52,288	)		(1,424	)
Quantex - Institutional		(1,751,036	)		(50,488	)		422,891			14,090
Income - Retail		(113,135	)		(12,631	)		99,861			10,989
Income - Adviser		(1,843,889	)		(204,775	)		(1,233,940	)		(137,019	)
Income - Institutional		(6,872,339	)		(763,868	)		1,698,285			187,870
Money Market		(437,705,641	)		(437,696,347	)		(51,066,440	)		(51,074,333	)

Year Ended December 31, 2022
Muirfield - Retail	$	(10,392,577	)		(1,227,021	)	$	954,077			85,695
Muirfield - Adviser		(13,699,847	)		(1,554,998	)		3,985,517			445,956
Muirfield - Institutional		(150,749,991	)		(17,519,795	)		9,741,601			791,912
Spectrum - Retail		(877,124	)		(69,156	)		(489,488	)		(38,519	)
Spectrum - Adviser		(5,121,441	)		(398,943	)		525,649			39,807
Spectrum - Institutional		(31,982,728	)		(2,508,992	)		1,615,330			127,555
Global - Retail		(1,183,450	)		(115,504	)		(703,400	)		(68,402	)
Global - Adviser		(861,702	)		(82,102	)		(325,625	)		(33,290	)
Global - Institutional		(10,757,054	)		(1,057,581	)		(6,596,169	)		(653,887	)
Balanced - Retail		(2,421,578	)		(202,999	)		63,894			4,203
Balanced - Adviser		(9,478,358	)		(761,567	)		4,954,735			400,970
Balanced - Institutional		(60,123,427	)		(4,882,448	)		8,887,289			731,860
Moderate - Retail		(400,784	)		(34,930	)		(815	)		59
Moderate - Adviser		(4,030,289	)		(344,725	)		5,432,874			451,467
Moderate - Institutional		(25,436,192	)		(2,184,102	)		2,302,010			222,111
Conservative - Retail		(1,283,281	)		(59,368	)		(766,412	)		(35,401	)
Conservative - Adviser		(3,005,162	)		(134,934	)		1,632,364			71,800
Conservative - Institutional		(22,790,278	)		(1,026,056	)		853,231			44,018
Dynamic - Retail		(1,862,469	)		(153,154	)		(322,574	)		(23,199	)
Dynamic - Adviser		(3,808,817	)		(304,891	)		59,444			1,838
Dynamic - Institutional		(39,433,276	)		(3,229,545	)		22,576,311			1,809,687
Quantex - Retail		(2,362,224	)		(69,565	)		(1,370,674	)		(38,914	)
Quantex - Adviser		(700,448	)		(19,309	)		(228,164	)		(5,948	)
Quantex - Institutional		(4,869,656	)		(136,563	)		(1,883,658	)		(49,520	)
Income - Retail		(565,332	)		(61,447	)		(282,089	)		(30,833	)
Income - Adviser		(1,394,981	)		(151,845	)		2,365,989			256,500
Income - Institutional		(14,999,096	)		(1,632,419	)		1,033,291			112,111
Money Market		(972,298,987	)		(972,566,847	)		66,181,602			66,218,325

2023 Semi-Annual Report | June 30, 2023

Page 67

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, 2023.

										Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description/ Fund (1)	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 (2)			Collateral Pledged (Received) (2)		Net Amount
Assets:
Futures Contracts
Spectrum	$	398,563		$	(307,548	)	$	91,015		$	—		$	—	$	91,015
Quantex		309,087			—			309,087			—			—		309,087

Repurchase Agreements
Money Market	$	175,000,000		$	—		$	175,000,000		$	(175,000,000	)	$	—	$	—

Liabilities:
Futures Contracts
Muirfield	$	(1,118,581	)	$	357,288		$	(761,293	)	$	—		$	761,293	$	—
Global		(158,410	)		4,887			(153,523	)		—			153,523		—
Balanced		(940,953	)		71,192			(869,761	)		—			869,761		—
Moderate		(129,361	)		51,597			(77,764	)		—			77,764		—
Conservative		(120,016	)		11,307			(108,709	)		—			108,709		—
Dynamic		(1,519,576	)		63,824			(1,455,752	)		—			1,455,752		—

(1) There were no securities on loan as of June 30, 2023.

(2) 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.

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.

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2023 Semi-Annual Report | June 30, 2023

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 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 the 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, which approximates fair value, and will be categorized as level 2.

Certificates of deposit. Except for Money Market, certificates of deposit are valued at acquisition cost, which approximates fair value, and will be categorized as level 2. For 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.

In the event market quotations or evaluated prices obtained from a pricing service are not readily available when the NAV is calculated, the Funds will utilize the fair value of the investment. This may occur in the event the Funds cannot obtain current market quotations for a security, cannot obtain current evaluated prices from a pricing service, or the price furnished is not deemed reliable and representative of the fair value of the security. In these cases, the Valuation & Pricing Committee, established and designated by the Board of Trustees as its valuation designee pursuant to Rule 2a-5 under the 1940 Act, determines the fair value of the security in accordance with procedures adopted by the Adviser. Depending on the method used to determine fair value, valuations for these securities may be classified as Level 2 or Level 3 as appropriate in the fair value hierarchy.

The Valuation & Pricing Committee is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation & Pricing Committee is also authorized to select and retain pricing services to provide fair value evaluations of the current value of certain investments for which market quotations are not readily available. The Valuation & Pricing Committee supervises various methods used

2023 Semi-Annual Report | June 30, 2023

Page 69

to review market quotations and evaluated prices for reliability, including the resolution of price challenges by the Adviser to evaluated prices for a given security. In the event market quotations or evaluated prices are not readily available for an investment, the Valuation & Pricing Committee will determine the fair value of the investment in accordance with its procedures. Fair valuations are periodically reviewed by the Board of Trustees, which maintains oversight of the Adviser’s fair valuation policy and procedures.

For the six months ended June 30, 2023, 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, 2023.

Muirfield - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	436,524,423		$	—	$	—	$	436,524,423
Preferred stocks		69,793			—		—		69,793
Warrants		8,904			—		—		8,904
Money market registered investment companies		249,014,974			—		—		249,014,974
Total	$	685,618,094		$	—	$	—	$	685,618,094
Trustee deferred compensation***	$	394,159		$	—	$	—	$	394,159
Futures contracts**	$	(761,293	)	$	—	$	—	$	(761,293	)

Spectrum - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	105,892,471	$	—	$	—	$	105,892,471
Preferred stocks		5,291		—		—		5,291
Warrants		2,661		—		—		2,661
Money market registered investment companies		81,939,127		—		—		81,939,127
Total	$	187,839,550	$	—	$	—	$	187,839,550
Trustee deferred compensation***	$	69,292	$	—	$	—	$	69,292
Futures contracts**	$	91,015	$	—	$	—	$	91,015

Global - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	11,650,947		$	—	$	—	$	11,650,947
Preferred stocks		2,164			—		—		2,164
Warrants		548			—		—		548
Registered investment companies		5,835,805			—		—		5,835,805
Money market registered investment companies		14,003,689			—		—		14,003,689
Total	$	31,493,153		$	—	$	—	$	31,493,153
Trustee deferred compensation***	$	130,182		$	—	$	—	$	130,182
Futures contracts**	$	(153,523	)	$	—	$	—	$	(153,523	)

Balanced - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	187,757,042		$	—	$	—	$	187,757,042
Preferred stocks		26,560			—		—		26,560
Warrants		3,989			—		—		3,989
Registered investment companies		76,639,951			—		—		76,639,951
Money market registered investment companies		87,089,919			—		—		87,089,919
Total	$	351,517,461		$	—	$	—	$	351,517,461
Trustee deferred compensation***	$	250,812		$	—	$	—	$	250,812
Futures contracts**	$	(869,761	)	$	—	$	—	$	(869,761	)

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2023 Semi-Annual Report | June 30, 2023

Moderate - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	50,507,810		$	—	$	—	$	50,507,810
Preferred stocks		6,733			—		—		6,733
Warrants		1,469			—		—		1,469
Registered investment companies		58,672,399			—		—		58,672,399
Money market registered investment companies		49,722,286			—		—		49,722,286
Total	$	158,910,697		$	—	$	—	$	158,910,697
Trustee deferred compensation***	$	52,648		$	—	$	—	$	52,648
Futures contracts**	$	(77,764	)	$	—	$	—	$	(77,764	)

Conservative - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	25,897,324		$	—	$	—	$	25,897,324
Preferred stocks		4,088			—		—		4,088
Warrants		499			—		—		499
Registered investment companies		62,400,058			—		—		62,400,058
Money market registered investment companies		28,451,104			—		—		28,451,104
Total	$	116,753,073		$	—	$	—	$	116,753,073
Trustee deferred compensation***	$	100,266		$	—	$	—	$	100,266
Futures contracts**	$	(108,709	)	$	—	$	—	$	(108,709	)

Dynamic - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	184,693,933		$	—	$	—	$	184,693,933
Preferred stocks		16,299			—		—		16,299
Warrants		2,606			—		—		2,606
Registered investment companies		8,461,985			—		—		8,461,985
Money market registered investment companies		46,986,910			—		—		46,986,910
Total	$	240,161,733		$	—	$	—	$	240,161,733
Trustee deferred compensation***	$	277,042		$	—	$	—	$	277,042
Futures contracts**	$	(1,455,752	)	$	—	$	—	$	(1,455,752	)

Quantex - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	20,083,829	$	—	$	—	$	20,083,829
Money market registered investment companies		12,718,332		—		—		12,718,332
Total	$	32,802,161	$	—	$	—	$	32,802,161
Trustee deferred compensation***	$	79,865	$	—	$	—	$	79,865
Futures contracts**	$	309,087	$	—	$	—	$	309,087

Income - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	37,183,128	$	—	$	—	$	37,183,128
Money market registered investment companies		30,713,447		—		—		30,713,447
U.S. government obligations		—		71,069		—		71,069
Total	$	67,896,575	$	71,069	$	—	$	67,967,644
Trustee deferred compensation***	$	92,312	$	—	$	—	$	92,312

2023 Semi-Annual Report | June 30, 2023

Page 71

Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Certificates of deposit	$	—	$	131,385,681	$	—	$	131,385,681
Commercial paper		—		320,169,836		—		320,169,836
Corporate obligations		—		4,991,650		—		4,991,650
Repurchase agreements		—		175,000,000		—		175,000,000
Variable rate demand notes		—		1,715,000		—		1,715,000
Money market registered investment companies		9,244,194		—		—		9,244,194
Total	$	9,244,194	$	633,262,167	$	—	$	642,506,361
Trustee deferred compensation***	$	8,299	$	—	$	—	$	8,299

*	See schedules of investments for industry classifications.

**	Futures contracts include unrealized gain/loss on contracts open at June 30, 2023.

***	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, 2023, 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	$	573,259,353	$	554,438,140
Spectrum		144,209,852		140,262,243
Global		16,303,683		14,238,582
Balanced		304,661,862		277,974,005
Moderate		120,101,740		104,969,533
Conservative		90,527,005		80,732,308
Dynamic		245,339,076		233,701,229
Quantex		7,360,445		8,145,510
Income		32,399,793		41,395,441

For the six months ended June 30, 2023, 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		$	2,044			$	—

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2023 Semi-Annual Report | June 30, 2023

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%
Money Market		0.40%		0.40%		0.25%		0.25%

Fee Waivers & Expense Limitation Agreements. MAM can contractually agree 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 would not be subject to recoupment. During the six months ended June 30, 2023, there were no fees contractually waived or reimbursed for any of the Funds.

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%
Money Market		4,000		0.08%		0.03%

2023 Semi-Annual Report | June 30, 2023

Page 73

Management may voluntarily waive fees for any Fund. During the six months ended June 30, 2023, there were no transfer agent fees waived.

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%
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%
Money Market		30,000		0.15%		0.10%		0.02%		0.01%

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2023 Semi-Annual Report | June 30, 2023

For the six months ended June 30, 2023, 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
Waivers and/or
Reimbursements

Impact of Voluntary
Investment
Advisory Fee
Waivers and/or
Reimbursements to
Average Net Assets

Impact of Voluntary
Investment
Advisory Fee
Waivers and/or
Reimbursements to
Average Net Assets
- Retail Class

Impact of Voluntary
Investment
Advisory Fee
Waivers and/or
Reimbursements to
Average Net Assets
- Adviser Class

Impact of Voluntary
Investment
Advisory Fee
Waivers and/or
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

100,274

N/A

0.09%

Quantex

—

N/A

Income

37,859

N/A

0.11%

Money Market

903,472

0.27%

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 disclosed 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, 2023, no Funds were loaning any securities. Any cash collateral received is invested in securities as listed in each Fund’s Schedule of Investments. For the six months ended June 30, 2023, income earned through securities lending arrangements was as follows:

		Amount Received to Reduce Gross Expenses
Spectrum		$	78

2023 Semi-Annual Report | June 30, 2023

Page 75

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, 2023, total 12b-1 plan expense payments made to the Funds’ affiliated distributor was $35,533. The Funds’ affiliated distributor did not receive any brokerage commissions from executed trades from the Funds. The annual adopted 12b-1 plan maximum limitations for the six months ended June 30, 2023, 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

14,300

Spectrum

N/A

0.25%

N/A

497

Global

N/A

0.25%

N/A

730

Balanced

N/A

0.25%

N/A

2,238

Moderate

N/A

0.25%

N/A

254

Conservative

N/A

0.25%

N/A

3,318

Dynamic

N/A

0.25%

N/A

4,845

Quantex

N/A

0.20%

N/A

8,505

Income

N/A

0.25%

N/A

846

Money Market

0.20%

N/A

The Funds (other than Money Market) 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, 2023 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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2023 Semi-Annual Report | June 30, 2023

During the six months ended June 30, 2023, 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 5.13% on June 30, 2023, were as follows:

	12/31/22 Fair Value		Purchases		Sales			Realized Gains (Losses)			6/30/23 Cost		Change in Unrealized			Income		6/30/23 Fair Value
Muirfield	$	270,676,198	$	38,549,237	$	(60,210,050	)	$	1,988		$	248,905,818	$	(2,399	)	$	6,093,892	$	249,014,974
Spectrum		97,085,841		5,567,233		(20,739,255	)		4,663			81,877,174		(4,366	)		2,089,319		81,914,116
Global		16,061,419		5,575,141		(7,632,915	)		416			13,998,187		(372	)		348,953		14,003,689
Balanced		108,408,697		86,619,883		(107,937,465	)		12,655			87,051,051		(13,851	)		2,313,613		87,089,919
Moderate		53,903,745		55,655,338		(59,833,966	)		3,651			49,702,270		(6,482	)		1,299,389		49,722,286
Conservative		27,330,467		58,389,142		(57,265,570	)		(620	)		28,438,311		(2,315	)		754,117		28,451,104
Dynamic		52,503,793		22,153,016		(27,670,645	)		6,250			46,967,098		(5,504	)		1,125,036		46,986,910
Quantex		11,930,714		5,771,284		(4,983,680	)		(494	)		12,715,028		508			291,129		12,718,332
Income		11,331,750		76,711,646		(57,329,697	)		367			30,710,233		(619	)		568,701		30,713,447

6. Federal Tax Information

The following information is computed on a tax basis for each item as of December 31, 2022:

	Tax Cost of Portfolio Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation

Muirfield	$	578,775,324	$	77,233,960	$	(20,545,031	)	$	56,688,929
Spectrum		167,909,090		20,498,091		(3,352,744	)		17,145,347
Global		29,188,296		2,320,562		(594,724	)		1,725,838
Balanced		322,436,320		33,541,605		(11,407,435	)		22,134,170
Moderate		156,073,730		7,204,505		(4,788,300	)		2,416,205
Conservative		123,043,148		1,278,096		(4,267,325	)		(2,989,229	)
Dynamic		196,277,195		27,731,097		(10,480,037	)		17,251,060
Quantex		28,502,608		3,641,207		(600,601	)		3,040,606
Income		68,725,364		129,934		(1,531,126	)		(1,401,192	)
Money Market		694,253,701		106,249		(233,771	)		(127,522	)

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2022 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Total Dividends Paid*
Muirfield	$	4,249,878	$	—	$	12,812,219	$	17,062,097
Spectrum		958,594		471,996		3,611,331		5,041,921
Global		82,102		—		158,351		240,453
Balanced		3,501,995		3,906,305		5,840,278		13,248,578
Moderate		2,235,676		1,370,093		1,071,618		4,677,387
Conservative		1,641,226		—		693,917		2,335,143
Dynamic		1,144,644		—		6,501,337		7,645,981
Quantex		132,707		745,313		—		878,020
Income		1,124,771		—		—		1,124,771
Money Market		11,475,492		—		—		11,475,492

2023 Semi-Annual Report | June 30, 2023

Page 77

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2021 were as follows:

	Ordinary Income		Net Short Term Capital Gains		Net Long Term Capital Gains		Total Dividends Paid*
Muirfield	$	5,065,877	$	—	$	18,443,632	$	23,509,509
Spectrum		452,969		4,113,237		6,510,816		11,077,022
Global		—		1,360,991		3,161,379		4,522,370
Balanced		6,001,952		1,250,419		23,688,712		30,941,083
Moderate		1,372,700		—		9,814,301		11,187,001
Conservative		2,100,379		—		5,989,643		8,090,022
Dynamic		1,183,701		13,748,460		15,898,271		30,830,432
Quantex		18,344		449,273		5,591,196		6,058,813
Income		1,295,798		—		—		1,295,798
Money Market		193,478		—		—		193,478

As of December 31, 2022, 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	$	3,941	$	9,575,215	$	(343,850	)	$	56,688,929		$	65,924,235
Spectrum		856		4,823,435		(62,330	)		17,145,347			21,907,308
Global		5,777		—		(1,751,468	)		1,725,838			(19,853	)
Balanced		16,998		—		(3,794,467	)		22,134,170			18,356,701
Moderate		11,859		—		(4,609,914	)		2,416,205			(2,181,850	)
Conservative		18,243		—		(4,064,696	)		(2,989,229	)		(7,035,682	)
Dynamic		15,175		—		(9,675,659	)		17,251,060			7,590,576
Quantex		8,276		—		(1,408,108	)		3,040,606			1,640,774
Income		6,744		—		(12,913,409	)		(1,401,192	)		(14,307,857	)
Money Market		8,335		—		(9,200	)		(127,522	)		(128,387	)

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

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

For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2022, 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	$	—	$	—	$	—
Spectrum		—		—		—
Global		1,638,945		—		—
Balanced		3,574,313		—		—
Moderate		4,562,609		—		—
Conservative		3,977,742		—		—
Dynamic		9,438,465		—		—
Quantex		1,338,555		—		—
Income		12,355,351		474,948		—
Money Market		—		1,721		757

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2023 Semi-Annual Report | June 30, 2023

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, 2023, 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
Money Market	Muirfield	39%

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.

2023 Semi-Annual Report | June 30, 2023

Page 79

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 January 1, 2023				Ending Account Value June 30, 2023				Expenses Paid During Period¹				Net Expense Ratio²
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Muirfield Fund
Retail Class	$	1,000.00	$	1,000.00	$	1,081.40	$	1,019.05	$	6.26	$	6.07		1.20	%
Adviser Class		1,000.00		1,000.00		1,082.70		1,020.71		4.54		4.41		0.87	%
Institutional Class		1,000.00		1,000.00		1,082.60		1,020.31		4.96		4.81		0.95	%
Spectrum Fund
Retail Class		1,000.00		1,000.00		1,083.80		1,017.40		7.99		7.74		1.53	%
Adviser Class		1,000.00		1,000.00		1,086.20		1,019.65		5.65		5.47		1.08	%
Institutional Class		1,000.00		1,000.00		1,086.00		1,019.30		6.01		5.82		1.15	%
Global Allocation Fund
Retail Class		1,000.00		1,000.00		1,089.20		1,015.69		9.79		9.45		1.87	%
Adviser Class		1,000.00		1,000.00		1,092.30		1,017.90		7.50		7.23		1.43	%
Institutional Class		1,000.00		1,000.00		1,091.60		1,017.80		7.60		7.33		1.45	%
Balanced Fund
Retail Class		1,000.00		1,000.00		1,061.90		1,018.10		7.18		7.03		1.39	%
Adviser Class		1,000.00		1,000.00		1,063.80		1,020.21		5.02		4.91		0.97	%
Institutional Class		1,000.00		1,000.00		1,063.70		1,019.85		5.38		5.27		1.04	%
Moderate Allocation Fund
Retail Class		1,000.00		1,000.00		1,045.70		1,018.30		6.92		6.83		1.35	%
Adviser Class		1,000.00		1,000.00		1,048.30		1,020.36		4.83		4.76		0.94	%
Institutional Class		1,000.00		1,000.00		1,047.30		1,020.00		5.18		5.11		1.01	%
Conservative Allocation Fund
Retail Class		1,000.00		1,000.00		1,033.20		1,018.90		6.27		6.23		1.23	%
Adviser Class		1,000.00		1,000.00		1,034.60		1,020.71		4.44		4.41		0.87	%
Institutional Class		1,000.00		1,000.00		1,034.60		1,020.36		4.79		4.76		0.94	%
Dynamic Allocation Fund
Retail Class		1,000.00		1,000.00		1,122.40		1,018.40		7.08		6.73		1.33	%
Adviser Class		1,000.00		1,000.00		1,124.20		1,020.26		5.11		4.86		0.96	%
Institutional Class		1,000.00		1,000.00		1,123.60		1,020.00		5.38		5.11		1.01	%

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2023 Semi-Annual Report | June 30, 2023

	Beginning Account Value January 1, 2023				Ending Account Value June 30, 2023				Expenses Paid During Period¹				Net Expense Ratio²
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Quantex Fund
Retail Class	$	1,000.00	$	1,000.00	$	1,076.80	$	1,016.65	$	8.75	$	8.49		1.68	%
Adviser Class		1,000.00		1,000.00		1,078.30		1,017.90		7.45		7.23		1.43	%
Institutional Class		1,000.00		1,000.00		1,078.10		1,017.70		7.66		7.44		1.47	%
Tactical Income Fund
Retail Class		1,000.00		1,000.00		1,018.80		1,019.50		5.62		5.62		1.11	%
Adviser Class		1,000.00		1,000.00		1,021.80		1,021.51		3.60		3.60		0.71	%
Institutional Class		1,000.00		1,000.00		1,020.20		1,021.16		3.95		3.95		0.78	%
Institutional Prime Money Market Fund		1,000.00		1,000.00		1,024.30		1,024.12		0.96		0.96		0.19	%

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.

2023 Semi-Annual Report | June 30, 2023

Page 81

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, Institutional Prime Money Market Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. Forms N-PORT and N-MFP are available on the SEC’s website at www.sec.gov. Information regarding Fund holdings is also available at www.meederinvestment.com.

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

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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:

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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;

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Information about the transactions in your account, such as your account balance and transaction history; and

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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 and Mutual Funds Service Company.

QUESTIONS

Page 84

2023 Semi-Annual Report | June 30, 2023

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.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202

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:

	2023	2022
Audit Fees	$120,000	$108,000
Audit-Related Fees	0	0
Tax Fees	38,000	50,500
All Other Fees	1,500	2,250

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 $31,375 and $92,200 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 6, 2023

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 6, 2023

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

Date:

September 6, 2023

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