Meeder Funds N-CSRCertified 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: December 31, 2023

Item 1. Report to Stockholders. 

TABLE OF CONTENTS

This 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.

Letter to Shareholders

December 31, 2023

While 2023 will go down as a very positive year for the stock market, careful readers of history will take note of how narrow the participation in its rally was. The group known as the Magnificent 7, which includes Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla, combined to produce a return of +107% in 2023. This performance was primarily because these companies are leading their respective peers in innovation by heavily incorporating artificial intelligence into their products and business models. This adoption drove the difference between the market-cap-weighted S&P 500 Index and the Equally Weighted S&P 500 Index returns of 26.3% and 13.8%, respectively.

The last two months of the year also carried most of the load for last year’s performance. Market breadth improved near the end of October when Inflation data was less than market expectations. Investor confidence increased that the Fed would no longer tighten monetary policy, and interest rates fell at a historic rate. The 10-year Treasury yield declined from roughly 5% to 3.8% in just two months! For perspective, this move in yields was more substantial than 98% of all 2-month moves going back to 1962. These events propelled robust growth for stock and bond returns in the fourth quarter to boost 2023 total returns.

The Federal Reserve Remains at Center Stage

The Fed remained at the center of investment discussions during the year as the committee continued its quest to contain the highest inflation the U.S. has experienced since the early 1980s. The Fed raised interest rates four times in 2023 and increased the federal funds rate to a range of 5.25%-5.50%, its highest level in 22 years. The Fed raised the cost of capital to reduce inflation, which is intended to dampen the robust economic growth the U.S. is experiencing. It is a delicate balance, as the Fed aims to slow growth while avoiding pushing the economy into a recession by lowering rates before economic growth stops, creating a soft landing.

The “elephant in the room” is that the Fed has only accomplished a soft landing twice in nine rising-rate cycles since 1970. At the December FOMC meeting, Powell admitted that the Fed does not have a good track record in orchestrating soft economic landings. Investors are concerned that this could occur again and continue to watch the U.S. employment situation closely as a leading indicator. Thankfully, the December jobs report showed that the Fed is one step closer to achieving its soft landing as unemployment remained relatively stagnant at 3.7%, and job openings continue to decline. As economic activity continues to slow, employers in the U.S. are choosing not to fill open positions rather than eliminating existing ones and is a trend the Fed wants to continue.

A New Year

Regardless of the geopolitical or market-driven events in 2024, know that we remain steadfast in our commitment to improving investor outcomes. We will continue to follow our data-driven quantitative investment models to provide clarity by removing emotion from the decision-making process when making investment decisions. On behalf of all of us at Meeder Investment Management, thank you for giving us the privilege of helping to achieve your financial goals.

Sincerely,

Robert S. Meeder

President & CEO

Data Source: Bloomberg, as of December 31, 2023. Notes: Index performance shown for illustrative purposes only. You cannot invest into an index. Past performance is no guarantee of future results.

2023 Annual Report

Fund Summaries

Muirfield Fund

The Meeder Muirfield Fund Institutional Class returned 13.70% for the year ended December 31, 2023, compared to the Morningstar Moderate Target Risk Index benchmark return of 13.22%.

This fund uses Meeder’s Defensive Equity strategy, which follows a rules-based and data-driven approach to using the Meeder Investment Positioning (IPS) model. This model is used to determine the reward relative to the risk of the stock market and identifies when a respective fund should be increasing or decreasing its equity allocation.

Muirfield achieved positive performance relative to its benchmark in 2023, primarily driven by the Defensive Equity Strategy and its overweight to equities and underweight to cash and fixed income throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 50% cash and a 50% allocation to equities. The Fund remained defensive for the entire year but greatly increased its equity allocation as Meeder’s quantitative models improved. By mid-year, the strategy had a 91% equity allocation and by the end of the year it finished with a 95% allocation to equities. This overweight to equities, especially during an incredibly strong fourth quarter for the equity market, bolstered the Fund’s relative performance.

Our global equity allocation was a positive contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Conservative Allocation’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of U.S. equities in 2023 compared to their international counterparts, the fund’s global equity allocation positively contributed to performance.

The performance of our stock selection strategy was negative in 2023. Within the U.S. portion of Muirfield’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to large-cap stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. Our overweight to value stocks and underweight to stocks displaying low beta detracted from performance. From a sector perspective, the underweight to the Consumer Staples, Utilities, and Real Estate sectors positively contributed to performance throughout the year, while the overweight to Energy and underweight to Communication Services detracted from performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to reduce equity exposure in the fund’s Defensive Equity exposure was additive to performance relative to the benchmark in 2023.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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

The Meeder Spectrum Fund Institutional Class returned 14.06% for the year ended December 31, 2023, compared to the Morningstar Moderate Target Risk Index benchmark return of 13.22%.

This fund uses our Defensive Equity strategy, which follows a rules-based and data-driven approach to using the Meeder Investment Positioning (IPS) model. This model is used to determine the reward relative to the risk of the stock market and identifies when a respective fund should be increasing or decreasing its equity allocation.

Spectrum achieved positive performance relative to its benchmark in 2023, partially driven by the Defensive Equity Strategy and its overweight to equities and underweight to cash and fixed income throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 50% cash and a 50% allocation to equities. The Fund remained defensive for the entire year but greatly increased its equity allocation as Meeder’s quantitative models improved. By mid-year, the strategy had a 91% equity allocation and by the end of the year it finished with a 95% allocation to equities. This overweight to equities, especially during an incredibly strong fourth quarter for the equity market, bolstered the Fund’s relative performance.

Our global equity allocation was a positive contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Spectrum’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of U.S. equities in 2023 compared to their international counterparts, the fund’s global equity allocation positively contributed to performance.

The performance of our stock selection strategy was negative in 2023. Within the U.S. portion of Spectrum’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to large-cap stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. Our overweight to value stocks and underweight to stocks displaying low beta detracted from performance. From a sector perspective, the underweight to the Consumer Staples, Utilities, and Real Estate sectors positively contributed to performance throughout the year, while the overweight to Energy and underweight to Communication Services detracted from performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to reduce equity exposure in the fund’s Defensive Equity exposure was additive to performance relative to the benchmark in 2023.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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.

Global Allocation Fund

The Meeder Global Allocation Fund Institutional Class returned 15.87% for the year ended December 31, 2023, compared to the Morningstar Global Allocation Index benchmark return of 15.46%.

A portion (90%) of the Fund uses our Defensive Equity strategy, which follows a rules-based and data-driven approach to using the Meeder Investment Positioning (IPS) model. This model is used to determine the reward relative to the risk of the stock market and identifies when a respective fund should be increasing or decreasing its equity allocation. The remaining portion (10%) of the fund is allocated to fixed income securities.

The Meeder Global Allocation Fund achieved positive performance relative to its benchmark in 2023, partially driven by the Defensive Equity Strategy and its overweight to equities and underweight to cash and fixed income throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 50% cash and a 50% allocation to equities. The Fund remained defensive for the entire year but greatly increased its equity allocation as Meeder’s quantitative models improved. By mid-year, the strategy had a 91% equity allocation and by the end of the year it finished with a 95% allocation to equities. This overweight to equities, especially during an incredibly strong fourth quarter for the equity market, bolstered the Fund’s relative performance.

Our global equity allocation was a positive contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Global Allocation’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of U.S. equities in 2023 compared to their international counterparts, the fund’s global equity allocation positively contributed to performance.

The performance of our stock selection strategy was negative in 2023. Within the U.S. portion of Global Allocation’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to large-cap stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance.

Our overweight to value stocks and underweight to stocks displaying low beta detracted from performance. From a sector perspective, the underweight to the Consumer Staples, Utilities, and Real Estate sectors positively contributed to performance throughout the year, while the overweight to Energy and underweight to Communication Services detracted from performance.

The Global Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings.

In 2023, the Federal Reserve continued to increase the Fed Funds target rate during the first half of the year and held the rate between 5.25-5.50% at the end of the year. The sharp rise in interest rates during the first half of 2023 led to negative returns in longer duration bonds through October but a historic decline in interest rates during the last two months of the year led to overall positive returns for the asset class. In November, yields on the 10-year U.S. Treasury declined rapidly from near 5.0% to 3.88% at the end of the year, as expectations for further Fed rate hikes disappeared from the marketplace and investors began pricing in Fed rate cuts in 2024. Disinflationary economic data was the key driver leading the bond market rally during the quarter. The Global Allocation Fund’s fixed-income strategy's duration remained shorter than its benchmark for most of 2023 but lengthened it to above 5 years in mid-November to take advantage of declining bond market yields in November and December.

High yield spreads also narrowed last year, which lead to strong relative performance by this segment of fixed income, outperforming both US investment grade and emerging markets bonds. On a relative basis, exposure to U.S. high yield and emerging market bonds in 2023 positively contributed to the strategy’s performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to reduce equity exposure in the fund’s Defensive Equity exposure was additive to performance relative to the benchmark in 2023.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Registered Investment Company Geographic Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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

The Meeder Balanced Fund Institutional Class returned 12.53% for the year ended December 31, 2023, compared to the Morningstar Moderate Target Risk Index benchmark return of 13.22%.

A portion (70%) of the fund uses our Defensive Equity strategy, which follows a rules-based and data-driven approach to using the Meeder Investment Positioning (IPS) model. This model is used to determine the reward relative to the risk of the stock market and identifies when a respective fund should be increasing or decreasing its equity allocation. The remaining portion (30%) of the fund is allocated to fixed income securities.

The Balanced Fund slightly underperformed its benchmark in 2023, driven partially by the Defensive Equity Strategy and its underweight to equities and overweight to cash during the early part of the year. The Defensive Equity Strategy entered the year with a significant defensive position of 50% cash and a 50% allocation to equities. The Fund remained defensive for the entire year but greatly increased its equity allocation as Meeder’s quantitative models improved. By mid-year, the strategy had a 91% equity allocation and by the end of the year it finished with a 95% allocation to equities.

Our global equity allocation was a positive contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within the Balanced Fund’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of U.S. equities in 2023 compared to their international counterparts, the fund’s global equity allocation positively contributed to performance.

The performance of our stock selection strategy was negative in 2023. Within the U.S. portion of the Balanced Fund’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to large-cap stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. Our overweight to value stocks and underweight to stocks displaying low beta detracted from performance. From a sector perspective, the underweight to the Consumer Staples, Utilities, and Real Estate sectors positively contributed to performance throughout the year, while the overweight to Energy and underweight to Communication Services detracted from performance.

The Balanced Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings.

In 2023, the Federal Reserve continued to increase the Fed Funds target rate during the first half of the year and held the rate between 5.25-5.50% at the end of the year. The sharp rise in interest rates during the first half of 2023 led to negative returns in longer duration bonds through October but a historic decline in interest rates during the last two months of the year led to overall positive returns for the asset class. In November, yields on the 10-year U.S. Treasury declined rapidly from near 5.0% to 3.88% at the end of the year, as expectations for further Fed rate hikes disappeared from the marketplace and investors began pricing in Fed rate cuts in 2024. Disinflationary economic data was the key driver leading the bond market rally during the quarter. The Balanced fixed-income strategy's duration remained shorter than its benchmark for most of 2023 but lengthened it to above 5 years in mid-November to take advantage of declining bond market yields in November and December.

High yield spreads also narrowed last year, which lead to strong relative performance by this segment of fixed income, outperforming both US investment grade and emerging markets bonds. On a relative basis, exposure to U.S. high yield and emerging market bonds in 2023 positively contributed to the strategy’s performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to gain equity exposure in the fund’s Defensive Equity exposure slightly detracted from performance relative to the benchmark in 2023.

Investment Objective

The investment objective of the Fund is to provide income and long-term capital appreciation.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Registered Investment Company Geographic Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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.

Moderate Allocation Fund

The Meeder Moderate Allocation Fund Institutional Class returned 11.36% for the year ended December 31, 2023, compared to the Morningstar Moderately Conservative Target Risk Index benchmark return of 10.89%.

A portion (50%) of the fund uses our Defensive Equity strategy, which follows a rules-based and data-driven approach to using the Meeder Investment Positioning (IPS) model. This model is used to determine the reward relative to the risk of the stock market and identifies when a respective fund should be increasing or decreasing its equity allocation. The remaining portion (50%) of the fund is allocated to fixed income securities.

The Meeder Moderate Allocation Fund achieved positive performance relative to its benchmark in 2023, partially driven by the Defensive Equity Strategy and its overweight to equities and underweight to cash and fixed income throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 50% cash and a 50% allocation to equities. The Fund remained defensive for the entire year but greatly increased its equity allocation as Meeder’s quantitative models improved. By mid-year, the strategy had a 91% equity allocation and by the end of the year it finished with a 95% allocation to equities.

Our global equity allocation was a positive contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Moderate Allocation’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of U.S. equities in 2023 compared to their international counterparts, the fund’s global equity allocation positively contributed to performance.

The performance of our stock selection strategy was negative in 2023. Within the U.S. portion of Moderate Allocation’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to large-cap stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance.

Our overweight to value stocks and underweight to stocks displaying low beta detracted from performance. From a sector perspective, the underweight to the Consumer Staples, Utilities, and Real Estate sectors positively contributed to performance throughout the year, while the overweight to Energy and underweight to Communication Services detracted from performance.

The Moderate Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings.

In 2023, the Federal Reserve continued to increase the Fed Funds target rate during the first half of the year and held the rate between 5.25-5.50% at the end of the year. The sharp rise in interest rates during the first half of 2023 led to negative returns in longer duration bonds through October but a historic decline in interest rates during the last two months of the year led to overall positive returns for the asset class. In November, yields on the 10-year U.S. Treasury declined rapidly from near 5.0% to 3.88% at the end of the year, as expectations for further Fed rate hikes disappeared from the marketplace and investors began pricing in Fed rate cuts in 2024. Disinflationary economic data was the key driver leading the bond market rally during the quarter. The Moderate Allocation fixed-income strategy's duration remained shorter than its benchmark for most of 2023 but lengthened it to above 5 years in mid-November to take advantage of declining bond market yields in November and December.

High yield spreads also narrowed last year, which lead to strong relative performance by this segment of fixed income, outperforming both US investment grade and emerging markets bonds. On a relative basis, exposure to U.S. high yield and emerging market bonds in 2023 positively contributed to the strategy’s performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to reduce equity exposure in the fund’s Defensive Equity exposure was additive to performance relative to the benchmark in 2023.

Investment Objective

The investment objective of the Fund is to provide total return, including capital appreciation, and current income.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Registered Investment Company Geographic Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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

The Meeder Conservative Allocation Fund Institutional Class returned 10.03% for the year ended December 31, 2023, compared to the Morningstar Conservative Target Risk Index benchmark return of 7.74%.

A portion (30%) of the fund uses our Defensive Equity strategy, which follows a rules-based and data-driven approach to using the Meeder Investment Positioning (IPS) model. This model is used to determine the reward relative to the risk of the stock market and identifies when a respective fund should be increasing or decreasing its equity allocation. The remaining portion (70%) of the fund is allocated to fixed income securities.

The Meeder Conservative Allocation Fund achieved positive performance relative to its benchmark in 2023, partially driven by the Defensive Equity Strategy and its overweight to equities and underweight to cash and fixed income throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 50% cash and a 50% allocation to equities. The Fund remained defensive for the entire year but greatly increased its equity allocation as Meeder’s quantitative models improved. By mid-year, the strategy had a 91% equity allocation and by the end of the year it finished with a 95% allocation to equities. This overweight to equities, especially during an incredibly strong fourth quarter for the equity market, bolstered the Fund’s relative performance.

Our global equity allocation was a positive contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Conservative Allocation’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of U.S. equities in 2023 compared to their international counterparts, the fund’s global equity allocation positively contributed to performance.

The performance of our stock selection strategy was negative in 2023. Within the U.S. portion of Conservative Allocation’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to large-cap stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. Our overweight to value stocks and underweight to stocks displaying low beta detracted from performance. From a sector perspective, the underweight to the Consumer Staples, Utilities, and Real Estate sectors positively contributed to performance throughout the year, while the overweight to Energy and underweight to Communication Services detracted from performance.

The Conservative Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings.

In 2023, the Federal Reserve continued to increase the Fed Funds target rate during the first half of the year and held the rate between 5.25-5.50% at the end of the year. The sharp rise in interest rates during the first half of 2023 led to negative returns in longer duration bonds through October but a historic decline in interest rates during the last two months of the year led to overall positive returns for the asset class. In November, yields on the 10-year U.S. Treasury declined rapidly from near 5.0% to 3.88% at the end of the year, as expectations for further Fed rate hikes disappeared from the marketplace and investors began pricing in Fed rate cuts in 2024. Disinflationary economic data was the key driver leading the bond market rally during the quarter. The Conservative Allocation Fund’s fixed-income strategy's duration remained significantly shorter than its benchmark for most of 2023 but lengthened it to above 5 years in mid-November to take advantage of declining bond market yields in November and December.

High yield spreads also narrowed last year, which lead to strong relative performance by this segment of fixed income, outperforming both US investment grade and emerging markets bonds. On a relative basis, exposure to U.S. high yield and emerging market bonds in 2023 positively contributed to the strategy’s performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to reduce equity exposure in the fund’s Defensive Equity exposure was additive to performance relative to the benchmark in 2023.

Investment Objective

The investment objective of the Fund is to provide income and long-term capital appreciation.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Registered Investment Company Geographic Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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.

Dynamic Allocation Fund

The Meeder Dynamic Allocation Fund Institutional Class returned 20.74% for the year ended December 31, 2023, compared to the Morningstar Aggressive Target Index benchmark return of 18.30%.

The Dynamic Allocation Fund maintains a more aggressive objective and remains nearly fully invested (95%) in the stock market. Our global equity allocation was a positive contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Dynamic Allocation’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of U.S. equities in 2023 compared to their international counterparts, the fund’s global equity allocation positively contributed to performance.

The performance of our stock selection strategy was negative in 2023. Within the U.S. portion of Dynamic Allocation’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to large-cap stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. Our overweight to value stocks and underweight to stocks displaying low beta detracted from performance. From a sector perspective, the underweight to the Consumer Staples, Utilities, and Real Estate sectors positively contributed to performance throughout the year, while the overweight to Energy and underweight to Communication Services detracted from performance.

The Dynamic Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings.

A small portion of the fund (5%) is allocated to fixed income. In 2023, the Federal Reserve continued to increase the Fed Funds target rate during the first half of the year and held the rate between 5.25-5.50% at the end of the year. The sharp rise in interest rates during the first half of 2023 led to negative returns in longer duration bonds through October but a historic decline in interest rates during the last two months of the year led to overall positive returns for the asset class. In November, yields on the 10-year U.S. Treasury declined rapidly from near 5.0% to 3.88% at the end of the year, as expectations for further Fed rate hikes disappeared from the marketplace and investors began pricing in Fed rate cuts in 2024. Disinflationary economic data was the key driver leading the bond market rally during the quarter. The Dynamic Allocation Fund’s fixed-income strategy's duration remained shorter than its benchmark for most of 2023 but lengthened it to above 5 years in mid-November to take advantage of declining bond market yields in November and December.

High yield spreads also narrowed last year, which lead to strong relative performance by this segment of fixed income, outperforming both US investment grade and emerging markets bonds. On a relative basis, exposure to U.S. high yield and emerging market bonds in 2023 positively contributed to the strategy’s performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Registered Investment Company Geographic Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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

The Meeder Quantex Fund Institutional Class returned 14.40% for the year ended December 31, 2023, compared to the S&P Midcap 400 Index benchmark return of 16.44%.

The fund maintains a more aggressive objective and remains fully invested (100%) in the U.S. stock market, primarily in U.S. midcap stocks. While the fund utilizes a quantitative strategy to identify small-and mid-cap stocks that have significant growth potential, it can also tactically allocate up to 40% of the portfolio to U.S. large-cap equities based on our expectations of market cap segments.

The performance of our stock selection strategy for this fund was negative in 2023, a major drive of the Fund’s underperformance this year. With value stocks underperforming, the fund’s holdings in the Financials and Communications sectors were unprofitable, including positions in Signature Bank of New York and SVB Financial Group. Consumer Discretionary stocks performed well for the Fund in 2023,

led by Royal Caribbean, Carnival Corp., and Pulte Group. The Fund’s tactical allocation to U.S. large-cap equities during the year was very beneficial for performance. This was primarily related to a strong year from U.S. large-cap equities, which outpaced both their U.S. mid- and small-cap peers during the year.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions and manage the portfolio's equity exposure. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance.

Investment Objective

The investment objective of the Fund is to provide long-term capital appreciation.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

Common Stock Sector Concentration

as of December 31, 2023

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

Asset Allocation

as of December 31, 2023

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.

Tactical Income Fund

The Meeder Tactical Income Institutional Class returned 7.44% for the year ended December 31, 2023, compared to the Bloomberg U.S. Treasury Bill 1-3 Month Index benchmark return of 5.14%.

This fund tactically shifts portfolio exposure utilizing quantitative models designed to actively manage the credit quality, emerging market bond exposure, and duration of U.S. Treasury holdings.

In 2023, the Federal Reserve continued to increase the Fed Funds target rate during the first half of the year and held the rate between 5.25-5.50% at the end of the year. The sharp rise in interest rates during the first half of 2023 led to negative returns in longer duration bonds through October but a historic decline in interest rates during the last two months of the year led to overall positive returns for the asset class. In November, yields on the 10-year U.S. Treasury declined rapidly from near 5.0% to 3.88% at the end of the year, as expectations for further Fed rate hikes disappeared from the marketplace and investors began pricing in Fed rate cuts in 2024. Disinflationary economic data was the key driver leading the bond market rally during the quarter. The Tactical fixed-income strategy's duration remained longer than its benchmark for 2023 and lengthened it to above 3 years in early November to take advantage of declining bond market yields in November and December. The overall duration positioning was a positive contributor to its relative performance.

High yield spreads also narrowed last year, which lead to strong relative performance by this segment of fixed income, outperforming both US investment grade and emerging markets bonds. On a relative basis, exposure to U.S. high yield and emerging market bonds in 2023 positively contributed to the strategy’s performance.

Investment Objective

The investment objective of the Fund is to provide long-term total return and income.

Average Annual Total Returns

as of December 31, 2023

Growth of $10,000

as of December 31,2023

The Growth of $10,000 chart compares the performance of the Fund’s Retail Share Class over the period shown with dividends and capital gains reinvested to the Fund’s benchmark. Benchmark indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. Historical performance attributed to the Institutional and Adviser Share Classes prior to their inception dates is based on the performance of the Retail Share Class. No adjustment has been made to reflect class-specific distribution or servicing fees. Returns may reflect the effect of voluntary fee waivers or expense reimbursements over the period shown. Without these waivers, performance would have been lower.

The performance data shown represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current month-end performance data, please visit our website at www.meederfunds.com.

Top 10 Holdings

as of December 31, 2023

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

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

Institutional Prime Money Market Fund

The Meeder Institutional Prime Money Market Fund (the Fund) reported a 7-day net yield of 5.45% as of December 31, 2023. The total return for the Fund was 5.20% for the full year period.

The Fund offers a floating net asset value (FNAV) A FNAV fund is characterized by a net asset value which could vary incrementally above or below $1.00 per share. The objective of this fund is to maintain a FNAV near $1.00 per share while offering a safe investment vehicle and competitive returns to shareholders. A FNAV was reported at year-end 2023 as $1.0003. The advisor to the Fund accomplished the objective by investing in short-term, high-quality money market debt obligations. Money market debt obligations may be offered by the U.S. Government and its agencies but may also include obligations of fundamentally sound corporate issuers.

Investors have historically demonstrated confidence in the money market fund industry because of two key features. Safety and liquidity are at the core of money fund investment strategy. Safety is expressed through the selection of investments which are anticipated to provide minimal principal volatility. While liquidity is generated by maintaining high quality investments and ample funds to accommodate investor requests to redeem shares. These attributes proved important once again as the Federal Open Market Committee’s (FOMC) interest rate hiking cycle persisted into the first half of 2023. In the first quarter of 2023 the accumulation of restrictive policy actions were too much for some financial institutions to navigate. As a result, the banking industry suffered investment losses which dented depositor confidence. A couple of institutions opted to seek support from the federal government to shore up stability.

To accommodate the markets events of early 2023, the advisor adopted a strategy to maintain investments with shorter average maturities. This was additive to performance and supported the objective of minimizing downward pressure on the FNAV. In the second half of 2023, with renewed market stability and easing inflation pressures, the FOMC chose to withhold from additional interest rate increases. This offered the advisor the ability to add favorable investments with greater yield while not jeopardizing safety or liquidity. The average maturity of the fund was extended from 30 days to nearly 40 days during the second half of 2023. More aggressive strategies were analyzed during this period, however economic data was not sufficiently conclusive to rule out further actions from the FOMC. As a result, the advisor believed a more conservative strategy was required to protect shareholders.

The advisor addressed additional fund safety measures directly through a strategy focused on extending liquidity limits of the portfolio and investing in securities which historically perform favorably in the aforementioned interest rate environment. As a result, the Fund maintained daily liquidity assets of nearly 35% and weekly liquid assets of almost 45%. This exceeded required levels of 10% and 30%, respectively.

As we move forward, our efforts will be focused on supplementary monetary adjustments by the FOMC, and the resulting impact of how these actions may have on the economy. The strategies implemented in 2023, we believe, were prudent and provided shareholders with exceptional safety as interest rates rose to an elevated level. Currently, we believe the Fund should be positioned to maintain stable performance through 2024. In the event our view changes, we will review our strategy relative to market opportunities and act in the best interest of shareholders.

Investment Objective

The investment objective of the Fund is to provide current income consistent with liquidity and the preservation of capital.

Average Annual Total Returns

as of December 31, 2023

Yields

as of December 31, 2023

Investment performance assumes reinvestment of all dividend and capital gain distributions. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s performance prior to October 7, 2016 reflects the performance of a predecessor fund, the Institutional Class of the Meeder Prime Money Market Fund, which was distributed and transferred to the Institutional Prime Money Market Fund upon its inception. The subsidized 7-day current yield is the current annualized net yield of the Fund. The unsubsidized 7-day current yield does not reflect the effect of any fee waivers or expense reimbursements made by the Fund’s investment adviser. The 7-day current yield more closely reflects the current earnings of the Fund than total return.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Top 10 Holdings

as of December 31, 2023

As a percentage of total net assets.

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

2023 Annual Report

Fund Holdings & Financial Statements

Schedules of Investments

December 31, 2023

Muirfield Fund

Muirfield Fund

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

Schedules of Investments

December 31, 2023

Muirfield Fund

Muirfield Fund

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

Schedules of Investments

December 31, 2023

Muirfield Fund

Muirfield Fund

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

Schedules of Investments

December 31, 2023

Muirfield Fund

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

Schedules of Investments

December 31, 2023

Spectrum Fund

Spectrum Fund

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

Schedules of Investments

December 31, 2023

Spectrum Fund

Spectrum Fund