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, 2024

Date of reporting period: June 30, 2024

Item 1. Report to Stockholders.

0000702435mf:SPMidCap4001AdditionalIndexMember2015-09-300000702435mf:MorningstarModeratelyConservativeTargetRiskIndex27AdditionalIndexMember2024-01-012024-06-300000702435mf:Russell3000Index6BroadBasedIndexMember2024-04-300000702435mf:Russell3000Index10BroadBasedIndexMember2021-08-310000702435mf:MorningstarAggressiveTargetRiskIndex11AdditionalIndexMember2022-10-310000702435mf:Russell3000Index12BroadBasedIndexMember2024-06-30

Retail Class FLMFX

Muirfield Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Muirfield Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$59.90	1.13%

Total Return Based on a $10,000 Investment

	Retail Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,960	9,803	9,861
Aug-14	10,337	10,214	10,063
Sep-14	10,070	10,001	9,801
Oct-14	10,236	10,276	9,909
Nov-14	10,512	10,525	10,002
Dec-14	10,516	10,525	9,915
Jan-15	10,217	10,232	9,841
Feb-15	10,756	10,825	10,129
Mar-15	10,621	10,715	10,051
Apr-15	10,606	10,763	10,184
May-15	10,726	10,912	10,176
Jun-15	10,516	10,729	10,030
Jul-15	10,621	10,909	10,054
Aug-15	10,022	10,250	9,694
Sep-15	9,767	9,952	9,515
Oct-15	10,127	10,738	9,916
Nov-15	10,127	10,797	9,874
Dec-15	9,938	10,576	9,738
Jan-16	9,446	9,979	9,429
Feb-16	9,400	9,976	9,474
Mar-16	9,830	10,678	9,947
Apr-16	9,815	10,744	10,072
May-16	9,938	10,936	10,101
Jun-16	9,922	10,959	10,186
Jul-16	10,276	11,394	10,470
Aug-16	10,291	11,423	10,492
Sep-16	10,307	11,441	10,532
Oct-16	10,050	11,193	10,378
Nov-16	10,389	11,694	10,435
Dec-16	10,507	11,922	10,572
Jan-17	10,661	12,147	10,743
Feb-17	11,064	12,599	10,960
Mar-17	11,048	12,607	11,015
Apr-17	11,188	12,741	11,130
May-17	11,312	12,871	11,258
Jun-17	11,389	12,987	11,301
Jul-17	11,652	13,232	11,494
Aug-17	11,714	13,258	11,551
Sep-17	11,931	13,581	11,685
Oct-17	12,226	13,877	11,831
Nov-17	12,505	14,299	11,991
Dec-17	12,638	14,442	12,122
Jan-18	13,292	15,203	12,451
Feb-18	12,756	14,642	12,094
Mar-18	12,504	14,349	12,016
Apr-18	12,588	14,403	12,029
May-18	12,789	14,810	12,102
Jun-18	12,739	14,907	12,084
Jul-18	13,108	15,401	12,294
Aug-18	13,510	15,942	12,402
Sep-18	13,468	15,968	12,389
Oct-18	12,444	14,793	11,805
Nov-18	12,544	15,089	11,970
Dec-18	12,176	13,685	11,545
Jan-19	12,346	14,859	12,179
Feb-19	12,516	15,382	12,390
Mar-19	12,601	15,606	12,547
Apr-19	12,890	16,230	12,789
May-19	12,091	15,179	12,407
Jun-19	12,822	16,246	12,940
Jul-19	12,959	16,487	12,981
Aug-19	12,669	16,151	12,870
Sep-19	12,891	16,434	13,059
Oct-19	13,095	16,788	13,275
Nov-19	13,454	17,426	13,459
Dec-19	13,824	17,929	13,742
Jan-20	13,614	17,910	13,706
Feb-20	12,583	16,444	13,098
Mar-20	11,307	14,182	11,903
Apr-20	11,814	16,061	12,751
May-20	12,076	16,919	13,159
Jun-20	12,163	17,306	13,419
Jul-20	12,619	18,289	13,896
Aug-20	13,408	19,614	14,312
Sep-20	12,999	18,900	14,063
Oct-20	12,595	18,492	13,875
Nov-20	13,826	20,741	15,043
Dec-20	14,426	21,675	15,504
Jan-21	14,426	21,578	15,409
Feb-21	14,795	22,253	15,596
Mar-21	15,341	23,050	15,840
Apr-21	16,027	24,238	16,296
May-21	16,203	24,349	16,521
Jun-21	16,431	24,950	16,629
Jul-21	16,572	25,371	16,748
Aug-21	16,977	26,095	16,967
Sep-21	16,359	24,924	16,517
Oct-21	17,084	26,610	16,924
Nov-21	16,855	26,205	16,617
Dec-21	17,340	27,236	17,084
Jan-22	16,630	25,634	16,439
Feb-22	16,430	24,988	16,187
Mar-22	16,503	25,799	16,197
Apr-22	15,612	23,484	15,250
May-22	15,666	23,452	15,294
Jun-22	15,066	21,490	14,361
Jul-22	15,521	23,506	15,096
Aug-22	15,157	22,629	14,636
Sep-22	14,647	20,531	13,511
Oct-22	15,194	22,214	13,963
Nov-22	15,744	23,374	14,876
Dec-22	15,401	22,005	14,559
Jan-23	15,924	23,521	15,358
Feb-23	15,550	22,971	14,924
Mar-23	15,756	23,585	15,189
Apr-23	15,980	23,837	15,328
May-23	15,831	23,929	15,059
Jun-23	16,655	25,563	15,566
Jul-23	17,125	26,480	15,938
Aug-23	16,824	25,968	15,584
Sep-23	16,166	24,731	15,055
Oct-23	15,695	24,076	14,625
Nov-23	16,675	26,321	15,703
Dec-23	17,486	27,717	16,485
Jan-24	17,698	28,024	16,464
Feb-24	18,641	29,541	16,731
Mar-24	19,391	30,494	17,130
Apr-24	18,485	29,152	16,592
May-24	19,507	30,530	17,030
Jun-24	19,796	31,475	17,175

The Growth of $10,000 chart compares the performance of the Fund 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.

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.

Fund Statistics

Total Net Assets	$868,805,924
# of Portfolio Holdings	161
Portfolio Turnover Rate	150%
Advisory Fees and Waivers	2,543,674

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Retail Class	18.86%	9.07%	7.07%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.56%

What did the Fund invest in?

Top 10 Holdings

Berkshire Hathaway Inc	7.2%
Microsoft Corp	5.9%
NVIDIA Corp	4.6%
Amazon.com Inc	4.0%
Alphabet Inc	3.6%
Apple Inc	2.6%
Texas Instruments Inc	2.6%
Meta Platforms Inc	2.4%
Johnson & Johnson	1.9%
Merck & Co Inc	1.9%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.2%^{Footnote Reference}
Materials	0.4%^{Footnote Reference}
Energy	1.4%^{Footnote Reference}
Consumer Staples	2.4%^{Footnote Reference}
Industrials	6.7%^{Footnote Reference}
Communication Services	9.2%^{Footnote Reference}
Consumer Discretionary	14.0%^{Footnote Reference}
Health Care	15.6%^{Footnote Reference}
Financials	15.7%^{Footnote Reference}
Information Technology	34.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	72.2%^{Footnote Reference}
Money Market Registered Investment Companies	26.3%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.5%

Footnote	Description
Footnote	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.

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, proxy voting information and other important materials, scan the QR code or visit www.meederinvestment.com/meeder-funds-resources.

Householding

To reduce fund expenses, only one copy of most shareholder documents are delivered to shareholders with multiple accounts at the same address. If you wish to receive copies of this document for each account, please contact the Meeder Funds at 866.633.3371 or contact your financial intermediary.

Retail Class FLMFX

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.meederinvestment.com/meeder-funds-resources

Muirfield Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class GBPAX

Global Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Global Allocation Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$72.94	1.41%

Total Return Based on a $10,000 Investment

	Adviser Class	Russell 3000 Index	Morningstar Global Allocation Index
Jun-14	10,000	10,000	10,000
Jul-14	9,757	9,803	9,872
Aug-14	10,073	10,214	10,046
Sep-14	9,655	10,001	9,734
Oct-14	9,793	10,276	9,803
Nov-14	9,834	10,525	9,890
Dec-14	9,731	10,525	9,778
Jan-15	9,590	10,232	9,722
Feb-15	10,049	10,825	10,021
Mar-15	9,956	10,715	9,947
Apr-15	10,012	10,763	10,113
May-15	10,031	10,912	10,073
Jun-15	9,806	10,729	9,918
Jul-15	9,806	10,909	9,951
Aug-15	9,131	10,250	9,561
Sep-15	8,793	9,952	9,369
Oct-15	9,309	10,738	9,775
Nov-15	9,309	10,797	9,688
Dec-15	9,029	10,576	9,584
Jan-16	8,439	9,979	9,263
Feb-16	8,323	9,976	9,324
Mar-16	8,951	10,678	9,819
Apr-16	8,951	10,744	9,968
May-16	8,942	10,936	9,939
Jun-16	8,922	10,959	10,020
Jul-16	9,272	11,394	10,321
Aug-16	9,301	11,423	10,337
Sep-16	9,398	11,441	10,398
Oct-16	9,145	11,193	10,193
Nov-16	9,213	11,694	10,123
Dec-16	9,359	11,922	10,255
Jan-17	9,604	12,147	10,462
Feb-17	9,819	12,599	10,668
Mar-17	9,927	12,607	10,759
Apr-17	10,064	12,741	10,912
May-17	10,210	12,871	11,106
Jun-17	10,269	12,987	11,139
Jul-17	10,602	13,232	11,369
Aug-17	10,700	13,258	11,434
Sep-17	10,925	13,581	11,555
Oct-17	11,210	13,877	11,690
Nov-17	11,366	14,299	11,872
Dec-17	11,497	14,442	12,005
Jan-18	12,095	15,203	12,424
Feb-18	11,657	14,642	12,072
Mar-18	11,487	14,349	11,984
Apr-18	11,557	14,403	11,991
May-18	11,567	14,810	12,009
Jun-18	11,428	14,907	11,965
Jul-18	11,718	15,401	12,171
Aug-18	11,818	15,942	12,274
Sep-18	11,828	15,968	12,259
Oct-18	10,928	14,793	11,646
Nov-18	11,008	15,089	11,781
Dec-18	10,723	13,685	11,343
Jan-19	10,881	14,859	11,936
Feb-19	11,017	15,382	12,108
Mar-19	11,095	15,606	12,258
Apr-19	11,326	16,230	12,491
May-19	10,728	15,179	12,132
Jun-19	11,352	16,246	12,678
Jul-19	11,310	16,487	12,699
Aug-19	11,100	16,151	12,622
Sep-19	11,321	16,434	12,738
Oct-19	11,573	16,788	12,980
Nov-19	11,794	17,426	13,144
Dec-19	12,154	17,929	13,445
Jan-20	11,887	17,910	13,427
Feb-20	11,084	16,444	12,806
Mar-20	9,799	14,182	11,616
Apr-20	10,163	16,061	12,412
May-20	10,420	16,919	12,797
Jun-20	10,537	17,306	13,078
Jul-20	10,891	18,289	13,629
Aug-20	11,480	19,614	14,116
Sep-20	11,191	18,900	13,831
Oct-20	10,900	18,492	13,628
Nov-20	12,030	20,741	14,763
Dec-20	12,571	21,675	15,266
Jan-21	12,548	21,578	15,169
Feb-21	12,791	22,253	15,303
Mar-21	13,110	23,050	15,482
Apr-21	13,539	24,238	15,991
May-21	13,803	24,349	16,188
Jun-21	13,891	24,950	16,286
Jul-21	13,924	25,371	16,410
Aug-21	14,167	26,095	16,645
Sep-21	13,682	24,924	16,134
Oct-21	14,156	26,610	16,585
Nov-21	13,814	26,205	16,303
Dec-21	14,192	27,236	16,687
Jan-22	13,703	25,634	16,008
Feb-22	13,471	24,988	15,700
Mar-22	13,410	25,799	15,716
Apr-22	12,701	23,484	14,653
May-22	12,738	23,452	14,672
Jun-22	12,224	21,490	13,730
Jul-22	12,542	23,506	14,445
Aug-22	12,139	22,629	13,937
Sep-22	11,344	20,531	12,839
Oct-22	11,870	22,214	13,268
Nov-22	12,739	23,374	14,148
Dec-22	12,415	22,005	13,833
Jan-23	13,142	23,521	14,603
Feb-23	12,735	22,971	14,194
Mar-23	13,068	23,585	14,577
Apr-23	13,290	23,837	14,726
May-23	12,994	23,929	14,530
Jun-23	13,561	25,563	15,062
Jul-23	13,946	26,480	15,429
Aug-23	13,548	25,968	15,096
Sep-23	13,039	24,731	14,553
Oct-23	12,665	24,076	14,187
Nov-23	13,651	26,321	15,251
Dec-23	14,379	27,717	15,971
Jan-24	14,341	28,024	15,949
Feb-24	14,883	29,541	16,288
Mar-24	15,386	30,494	16,653
Apr-24	14,805	29,152	16,152
May-24	15,462	30,530	16,652
Jun-24	15,538	31,475	16,876

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.

Fund Statistics

Total Net Assets	$36,167,888
# of Portfolio Holdings	146
Portfolio Turnover Rate	100%
Advisory Fees and Waivers	128,889

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Adviser Class	14.58%	6.48%	4.51%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Global Allocation Index	12.04%	5.89%	5.37%

What did the Fund invest in?

Top 10 Holdings

iShares Core MSCI EAFE ETF	8.5%
Berkshire Hathaway Inc	3.0%
Microsoft Corp	2.9%
Fidelity Total Bond Fund - Class Z	2.5%
Baird Core Plus Bond Fund - Class I	2.2%
NVIDIA Corp	2.1%
iShares Core MSCI Emerging Markets ETF	1.8%
Alphabet Inc	1.7%
Amazon.com Inc	1.6%
Frost Total Return Bond Fund - Class I	1.3%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.4%^{Footnote Reference}
Energy	2.3%^{Footnote Reference}
Consumer Staples	2.5%^{Footnote Reference}
Industrials	8.7%^{Footnote Reference}
Communication Services	9.1%^{Footnote Reference}
Consumer Discretionary	13.1%^{Footnote Reference}
Health Care	13.7%^{Footnote Reference}
Financials	14.9%^{Footnote Reference}
Information Technology	35.0%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	30.7%^{Footnote Reference}
Registered Investment Companies	20.0%^{Footnote Reference}
Money Market Registered Investment Companies	46.7%^{Footnote Reference}
Assets/Other Liabilities (Net)	2.6%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class GBPAX

Global Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class SRUIX

Spectrum Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Spectrum Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$47.08	0.89%

Total Return Based on a $10,000 Investment

	Institutional Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jan-15	10,000	10,000	10,000
Jan-15	9,770	9,722	9,925
Feb-15	10,350	10,285	10,216
Mar-15	10,310	10,180	10,137
Apr-15	10,170	10,226	10,271
May-15	10,290	10,368	10,263
Jun-15	10,100	10,194	10,115
Jul-15	10,280	10,365	10,140
Aug-15	9,770	9,739	9,777
Sep-15	9,650	9,455	9,596
Oct-15	10,050	10,202	10,000
Nov-15	10,090	10,258	9,959
Dec-15	9,879	10,048	9,821
Jan-16	9,463	9,481	9,509
Feb-16	9,504	9,478	9,555
Mar-16	9,920	10,145	10,032
Apr-16	9,808	10,208	10,158
May-16	9,940	10,391	10,187
Jun-16	9,869	10,412	10,273
Jul-16	10,214	10,825	10,560
Aug-16	10,224	10,853	10,582
Sep-16	10,235	10,870	10,622
Oct-16	10,123	10,635	10,467
Nov-16	10,417	11,111	10,524
Dec-16	10,581	11,327	10,663
Jan-17	10,704	11,541	10,835
Feb-17	11,126	11,970	11,054
Mar-17	11,136	11,978	11,109
Apr-17	11,208	12,105	11,225
May-17	11,290	12,229	11,355
Jun-17	11,342	12,339	11,398
Jul-17	11,578	12,572	11,592
Aug-17	11,630	12,596	11,650
Sep-17	11,907	12,903	11,785
Oct-17	12,206	13,185	11,932
Nov-17	12,514	13,585	12,094
Dec-17	12,670	13,721	12,225
Jan-18	13,329	14,444	12,558
Feb-18	12,835	13,912	12,197
Mar-18	12,583	13,633	12,119
Apr-18	12,681	13,684	12,132
May-18	12,868	14,071	12,206
Jun-18	12,813	14,163	12,187
Jul-18	13,186	14,633	12,399
Aug-18	13,615	15,147	12,508
Sep-18	13,615	15,172	12,494
Oct-18	12,506	14,055	11,906
Nov-18	12,605	14,336	12,072
Dec-18	12,226	13,002	11,644
Jan-19	12,405	14,118	12,283
Feb-19	12,572	14,614	12,496
Mar-19	12,617	14,828	12,654
Apr-19	12,962	15,420	12,898
May-19	12,170	14,422	12,513
Jun-19	12,896	15,435	13,050
Jul-19	13,007	15,664	13,092
Aug-19	12,762	15,345	12,980
Sep-19	12,996	15,614	13,170
Oct-19	13,108	15,950	13,389
Nov-19	13,520	16,557	13,574
Dec-19	13,870	17,035	13,859
Jan-20	13,565	17,016	13,823
Feb-20	12,473	15,623	13,210
Mar-20	10,940	13,475	12,005
Apr-20	11,357	15,259	12,860
May-20	11,526	16,075	13,272
Jun-20	11,650	16,443	13,534
Jul-20	12,123	17,376	14,014
Aug-20	12,923	18,635	14,435
Sep-20	12,519	17,957	14,184
Oct-20	12,121	17,569	13,993
Nov-20	13,293	19,707	15,172
Dec-20	13,904	20,593	15,636
Jan-21	13,916	20,501	15,541
Feb-21	14,234	21,142	15,729
Mar-21	14,769	21,900	15,975
Apr-21	15,440	23,029	16,435
May-21	15,611	23,134	16,662
Jun-21	15,884	23,705	16,771
Jul-21	16,043	24,105	16,891
Aug-21	16,464	24,793	17,112
Sep-21	15,866	23,681	16,658
Oct-21	16,652	25,282	17,069
Nov-21	16,402	24,897	16,759
Dec-21	16,821	25,877	17,230
Jan-22	16,161	24,355	16,579
Feb-22	15,993	23,741	16,325
Mar-22	16,101	24,512	16,336
Apr-22	15,248	22,312	15,381
May-22	15,272	22,282	15,425
Jun-22	14,708	20,418	14,484
Jul-22	15,152	22,333	15,225
Aug-22	14,804	21,500	14,761
Sep-22	14,278	19,506	13,626
Oct-22	14,784	21,106	14,082
Nov-22	15,316	22,208	15,004
Dec-22	14,940	20,907	14,684
Jan-23	15,557	22,347	15,489
Feb-23	15,187	21,825	15,052
Mar-23	15,359	22,408	15,319
Apr-23	15,557	22,647	15,459
May-23	15,433	22,735	15,187
Jun-23	16,224	24,288	15,699
Jul-23	16,671	25,158	16,074
Aug-23	16,386	24,673	15,717
Sep-23	15,752	23,497	15,183
Oct-23	15,303	22,875	14,750
Nov-23	16,239	25,008	15,837
Dec-23	17,041	26,334	16,626
Jan-24	17,162	26,626	16,604
Feb-24	18,048	28,067	16,874
Mar-24	18,707	28,973	17,276
Apr-24	17,901	27,698	16,734
May-24	18,962	29,006	17,175
Jun-24	19,218	29,904	17,322

Fund Statistics

Total Net Assets	$211,678,626
# of Portfolio Holdings	496
Portfolio Turnover Rate	139%
Advisory Fees and Waivers	747,751

Average Annual Total Returns

.	1 Year	5 Year	Since Inception
Institutional Class (Inception Date: 1/1/15)	18.45%	8.31%	7.12%
Russell 3000 Index	23.13%	14.14%	12.23%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.96%

What did the Fund invest in?

Top 10 Holdings

Microsoft Corp	5.1%
iShares Short Treasury Bond ETF	4.4%
Berkshire Hathaway Inc	4.3%
NVIDIA Corp	3.9%
Apple Inc	3.4%
Mastercard Inc	2.7%
Alphabet Inc	2.6%
Amazon.com Inc	2.4%
Texas Instruments Inc	2.3%
Exxon Mobil Corp	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Real Estate	- 2.5%^{Footnote Reference}
Materials	- 1.2%^{Footnote Reference}
Consumer Staples	1.6%^{Footnote Reference}
Utilities	1.6%^{Footnote Reference}
Communication Services	8.3%^{Footnote Reference}
Industrials	8.5%^{Footnote Reference}
Energy	8.9%^{Footnote Reference}
Health Care	10.2%^{Footnote Reference}
Consumer Discretionary	14.0%^{Footnote Reference}
Financials	15.5%^{Footnote Reference}
Information Technology	35.1%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	68.6%^{Footnote Reference}
Registered Investment Companies	4.4%^{Footnote Reference}
Money Market Registered Investment Companies	2.7%^{Footnote Reference}
Assets/Other Liabilities (Net)	24.3%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class SRUIX

Spectrum Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLDOX

Moderate Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Moderate Allocation Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$69.28	1.35%

Total Return Based on a $10,000 Investment

	Retail Class	Bloomberg U.S. Aggregate Bond Index	Morningstar Moderately Conservative Target Risk Index
Jun-15	10,000	10,000	10,000
Jul-15	10,090	10,070	10,037
Aug-15	9,490	10,055	9,801
Sep-15	9,240	10,123	9,700
Oct-15	9,847	10,125	9,973
Nov-15	9,787	10,098	9,925
Dec-15	9,585	10,065	9,836
Jan-16	9,111	10,204	9,669
Feb-16	9,060	10,276	9,729
Mar-16	9,677	10,371	10,076
Apr-16	9,728	10,410	10,178
May-16	9,905	10,413	10,195
Jun-16	9,930	10,600	10,313
Jul-16	10,420	10,667	10,520
Aug-16	10,333	10,655	10,530
Sep-16	10,364	10,649	10,566
Oct-16	10,110	10,567	10,436
Nov-16	10,607	10,317	10,396
Dec-16	10,740	10,332	10,491
Jan-17	10,787	10,352	10,615
Feb-17	11,162	10,422	10,778
Mar-17	11,043	10,416	10,816
Apr-17	11,105	10,497	10,918
May-17	11,069	10,577	11,032
Jun-17	11,249	10,567	11,051
Jul-17	11,426	10,612	11,192
Aug-17	11,354	10,707	11,259
Sep-17	11,725	10,656	11,336
Oct-17	12,034	10,663	11,434
Nov-17	12,354	10,649	11,533
Dec-17	12,458	10,698	11,630
Jan-18	12,757	10,575	11,812
Feb-18	12,468	10,474	11,557
Mar-18	12,351	10,542	11,523
Apr-18	12,361	10,463	11,506
May-18	12,490	10,538	11,576
Jun-18	12,458	10,525	11,569
Jul-18	12,651	10,527	11,710
Aug-18	12,855	10,595	11,801
Sep-18	12,828	10,527	11,779
Oct-18	12,247	10,444	11,385
Nov-18	12,268	10,506	11,512
Dec-18	12,134	10,699	11,297
Jan-19	12,347	10,813	11,751
Feb-19	12,458	10,806	11,891
Mar-19	12,570	11,014	12,056
Apr-19	12,750	11,017	12,217
May-19	12,391	11,212	12,022
Jun-19	12,873	11,353	12,410
Jul-19	12,964	11,378	12,451
Aug-19	12,896	11,673	12,451
Sep-19	12,986	11,611	12,561
Oct-19	13,099	11,646	12,713
Nov-19	13,257	11,640	12,831
Dec-19	13,484	11,632	13,020
Jan-20	13,461	11,855	13,081
Feb-20	12,972	12,069	12,760
Mar-20	12,084	11,998	11,958
Apr-20	12,415	12,211	12,606
May-20	12,677	12,268	12,916
Jun-20	12,791	12,345	13,122
Jul-20	13,180	12,530	13,507
Aug-20	13,569	12,428	13,767
Sep-20	13,326	12,422	13,595
Oct-20	13,097	12,366	13,451
Nov-20	13,853	12,488	14,255
Dec-20	14,233	12,505	14,564
Jan-21	14,176	12,415	14,469
Feb-21	14,268	12,236	14,492
Mar-21	14,509	12,083	14,610
Apr-21	14,889	12,178	14,938
May-21	14,981	12,218	15,096
Jun-21	15,154	12,304	15,206
Jul-21	15,211	12,442	15,336
Aug-21	15,395	12,418	15,465
Sep-21	15,061	12,310	15,142
Oct-21	15,385	12,307	15,385
Nov-21	15,246	12,344	15,210
Dec-21	15,477	12,312	15,491
Jan-22	15,060	12,047	14,996
Feb-22	14,926	11,912	14,777
Mar-22	14,840	11,581	14,662
Apr-22	14,326	11,142	13,921
May-22	14,338	11,214	13,970
Jun-22	13,775	11,038	13,328
Jul-22	14,032	11,307	13,895
Aug-22	13,787	10,988	13,494
Sep-22	13,443	10,513	12,619
Oct-22	13,629	10,377	12,866
Nov-22	14,019	10,759	13,564
Dec-22	13,814	10,710	13,345
Jan-23	14,191	11,040	13,950
Feb-23	13,927	10,754	13,588
Mar-23	14,091	11,027	13,865
Apr-23	14,192	11,094	13,978
May-23	14,078	10,973	13,783
Jun-23	14,445	10,934	14,084
Jul-23	14,674	10,927	14,310
Aug-23	14,508	10,857	14,078
Sep-23	14,178	10,581	13,657
Oct-23	13,934	10,414	13,345
Nov-23	14,651	10,886	14,173
Dec-23	15,321	11,302	14,799
Jan-24	15,373	11,271	14,790
Feb-24	15,722	11,112	14,899
Mar-24	16,096	11,215	15,171
Apr-24	15,552	10,931	14,738
May-24	16,096	11,117	15,084
Jun-24	16,303	11,222	15,225

Fund Statistics

Total Net Assets	$174,590,060
# of Portfolio Holdings	150
Portfolio Turnover Rate	87%
Advisory Fees and Waivers	503,423

Average Annual Total Returns

.	1 Year	5 Year	Since Inception
Retail Class (Inception Date: 6/30/15)	12.86%	4.84%	5.58%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.29%
Morningstar Moderately Conservative Target Risk Index	8.10%	4.17%	4.78%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	12.3%
Baird Core Plus Bond Fund - Class I	11.8%
Frost Total Return Bond Fund - Class I	6.6%
Dodge & Cox Income Fund - Class I	3.9%
Berkshire Hathaway Inc	3.8%
Microsoft Corp	3.6%
Fidelity Advisor High Income Advantage Fund - Class Z	3.6%
iShares 20+ Year Treasury Bond ETF	3.6%
BrandywineGLOBAL High Yield Fund - Class I	3.6%
NVIDIA Corp	2.6%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.5%^{Footnote Reference}
Consumer Staples	2.6%^{Footnote Reference}
Energy	2.7%^{Footnote Reference}
Industrials	8.4%^{Footnote Reference}
Communication Services	8.9%^{Footnote Reference}
Consumer Discretionary	13.0%^{Footnote Reference}
Financials	14.6%^{Footnote Reference}
Health Care	14.8%^{Footnote Reference}
Information Technology	34.2%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	38.1%^{Footnote Reference}
Registered Investment Companies	48.9%^{Footnote Reference}
Money Market Registered Investment Companies	12.2%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.8%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLDOX

Moderate Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLCGX

Sector Rotation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Sector Rotation Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$85.03	1.65%

Total Return Based on a $10,000 Investment

	Retail Class	Russell 3000 Index	S&P MidCap 400	Russell 2000 Index
Jun-14	10,000	10,000	10,000	10,000
Jul-14	9,750	9,803	9,573	9,395
Aug-14	10,182	10,214	10,059	9,861
Sep-14	9,675	10,001	9,602	9,264
Oct-14	9,945	10,276	9,944	9,875
Nov-14	10,054	10,525	10,128	9,884
Dec-14	10,095	10,525	10,211	10,165
Jan-15	9,673	10,232	10,097	9,838
Feb-15	10,210	10,825	10,614	10,422
Mar-15	10,109	10,715	10,754	10,604
Apr-15	10,267	10,763	10,594	10,333
May-15	10,244	10,912	10,782	10,569
Jun-15	10,069	10,729	10,640	10,649
Jul-15	9,911	10,909	10,654	10,525
Aug-15	9,474	10,250	10,060	9,863
Sep-15	9,083	9,952	9,736	9,379
Oct-15	9,722	10,738	10,284	9,908
Nov-15	9,938	10,797	10,423	10,230
Dec-15	9,320	10,576	9,989	9,717
Jan-16	8,667	9,979	9,421	8,862
Feb-16	8,835	9,976	9,554	8,862
Mar-16	9,856	10,678	10,367	9,569
Apr-16	10,150	10,744	10,494	9,719
May-16	10,144	10,936	10,737	9,938
Jun-16	10,124	10,959	10,781	9,932
Jul-16	10,658	11,394	11,244	10,525
Aug-16	10,772	11,423	11,300	10,711
Sep-16	10,832	11,441	11,228	10,830
Oct-16	10,311	11,193	10,928	10,315
Nov-16	11,269	11,694	11,802	11,466
Dec-16	11,384	11,922	12,061	11,787
Jan-17	11,503	12,147	12,263	11,833
Feb-17	11,534	12,599	12,585	12,062
Mar-17	11,582	12,607	12,536	12,078
Apr-17	11,585	12,741	12,641	12,210
May-17	11,414	12,871	12,579	11,962
Jun-17	11,739	12,987	12,783	12,375
Jul-17	11,896	13,232	12,896	12,467
Aug-17	11,640	13,258	12,698	12,308
Sep-17	12,209	13,581	13,195	13,077
Oct-17	12,257	13,877	13,493	13,188
Nov-17	12,865	14,299	13,989	13,568
Dec-17	12,911	14,442	14,020	13,513
Jan-18	13,234	15,203	14,423	13,867
Feb-18	12,542	14,642	13,784	13,330
Mar-18	12,448	14,349	13,912	13,502
Apr-18	12,609	14,403	13,876	13,619
May-18	13,006	14,810	14,448	14,445
Jun-18	13,301	14,907	14,509	14,549
Jul-18	13,557	15,401	14,765	14,803
Aug-18	13,891	15,942	15,237	15,441
Sep-18	13,800	15,968	15,070	15,069
Oct-18	12,648	14,793	13,631	13,433
Nov-18	12,788	15,089	14,057	13,646
Dec-18	11,317	13,685	12,466	12,025
Jan-19	12,655	14,859	13,770	13,378
Feb-19	13,017	15,382	14,354	14,073
Mar-19	12,894	15,606	14,272	13,779
Apr-19	13,122	16,230	14,846	14,247
May-19	11,541	15,179	13,663	13,139
Jun-19	12,574	16,246	14,707	14,067
Jul-19	12,338	16,487	14,882	14,148
Aug-19	11,347	16,151	14,257	13,450
Sep-19	12,279	16,434	14,694	13,730
Oct-19	12,621	16,788	14,860	14,091
Nov-19	13,128	17,426	15,302	14,671
Dec-19	13,408	17,929	15,732	15,094
Jan-20	12,616	17,910	15,321	14,610
Feb-20	11,272	16,444	13,867	13,380
Mar-20	8,011	14,182	11,059	10,473
Apr-20	9,369	16,061	12,628	11,912
May-20	9,726	16,919	13,552	12,687
Jun-20	9,892	17,306	13,722	13,135
Jul-20	10,414	18,289	14,355	13,499
Aug-20	10,783	19,614	14,859	14,260
Sep-20	10,432	18,900	14,377	13,783
Oct-20	10,603	18,492	14,689	14,072
Nov-20	12,137	20,741	16,786	16,666
Dec-20	12,689	21,675	17,881	18,107
Jan-21	12,842	21,578	18,150	19,019
Feb-21	14,138	22,253	19,384	20,204
Mar-21	15,085	23,050	20,289	20,407
Apr-21	15,847	24,238	21,203	20,835
May-21	16,307	24,349	21,245	20,878
Jun-21	15,887	24,950	21,027	21,283
Jul-21	15,531	25,371	21,100	20,514
Aug-21	15,765	26,095	21,511	20,973
Sep-21	15,281	24,924	20,657	20,355
Oct-21	15,958	26,610	21,872	21,221
Nov-21	15,363	26,205	21,230	20,336
Dec-21	16,159	27,236	22,308	20,791
Jan-22	15,681	25,634	20,700	18,789
Feb-22	15,660	24,988	20,930	18,990
Mar-22	16,043	25,799	21,220	19,226
Apr-22	14,912	23,484	19,712	17,321
May-22	15,033	23,452	19,860	17,347
Jun-22	13,471	21,490	17,949	15,920
Jul-22	14,592	23,506	19,897	17,582
Aug-22	14,052	22,629	19,279	17,222
Sep-22	12,717	20,531	17,507	15,572
Oct-22	13,963	22,214	19,348	17,286
Nov-22	14,735	23,374	20,532	17,690
Dec-22	13,938	22,005	19,395	16,542
Jan-23	15,465	23,521	21,184	18,154
Feb-23	14,849	22,971	20,800	17,847
Mar-23	14,152	23,585	20,133	16,995
Apr-23	14,075	23,837	19,975	16,689
May-23	13,702	23,929	19,338	16,535
Jun-23	15,009	25,563	21,110	17,879
Jul-23	15,546	26,480	21,980	18,973
Aug-23	15,000	25,968	21,345	18,024
Sep-23	14,102	24,731	20,223	16,962
Oct-23	13,360	24,076	19,143	15,806
Nov-23	14,745	26,321	20,772	17,236
Dec-23	15,910	27,717	22,583	19,342
Jan-24	15,646	28,024	22,196	18,590
Feb-24	16,209	29,541	23,514	19,641
Mar-24	16,820	30,494	24,830	20,344
Apr-24	16,108	29,152	23,336	18,912
May-24	16,794	30,530	24,360	19,861
Jun-24	17,067	31,475	23,975	19,677

Fund Statistics

Total Net Assets	$36,570,948
# of Portfolio Holdings	583
Portfolio Turnover Rate	164%
Advisory Fees and Waivers	132,883

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Retail Class	13.72%	6.30%	5.49%
Russell 3000 Index	23.13%	14.14%	12.15%
S&P MidCap 400	13.57%	10.27%	9.14%
Russell 2000 Index	10.06%	6.94%	7.00%

What did the Fund invest in?

Top 10 Holdings

Amazon.com Inc	3.9%
Microsoft Corp	3.6%
Apple Inc	3.3%
NVIDIA Corp	3.2%
Alphabet Inc	2.9%
Meta Platforms Inc	1.6%
Fidelity Total Bond Fund - Class Z	1.4%
Baird Core Plus Bond Fund - Class I	1.4%
Tesla Inc	1.2%
Home Depot Inc/The	0.8%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Consumer Staples	2.3%^{Footnote Reference}
Real Estate	3.3%^{Footnote Reference}
Materials	3.4%^{Footnote Reference}
Health Care	7.7%^{Footnote Reference}
Financials	8.5%^{Footnote Reference}
Communication Services	11.5%^{Footnote Reference}
Industrials	12.4%^{Footnote Reference}
Consumer Discretionary	20.8%^{Footnote Reference}
Information Technology	30.1%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	56.5%^{Footnote Reference}
Registered Investment Companies	4.9%^{Footnote Reference}
Money Market Registered Investment Companies	36.8%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.8%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLCGX

Sector Rotation Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class DVOAX

Moderate Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$48.27	0.94%

Total Return Based on a $10,000 Investment

	Adviser Class	Bloomberg U.S. Aggregate Bond Index	Morningstar Moderately Conservative Target Risk Index
Jun-15	10,000	10,000	10,000
Jul-15	10,090	10,070	10,037
Aug-15	9,490	10,055	9,801
Sep-15	9,240	10,123	9,700
Oct-15	9,847	10,125	9,973
Nov-15	9,787	10,098	9,925
Dec-15	9,585	10,065	9,836
Jan-16	9,111	10,204	9,669
Feb-16	9,060	10,276	9,729
Mar-16	9,677	10,371	10,076
Apr-16	9,728	10,410	10,178
May-16	9,905	10,413	10,195
Jun-16	9,930	10,600	10,313
Jul-16	10,420	10,667	10,520
Aug-16	10,333	10,655	10,530
Sep-16	10,364	10,649	10,566
Oct-16	10,110	10,567	10,436
Nov-16	10,607	10,317	10,396
Dec-16	10,748	10,332	10,491
Jan-17	10,795	10,352	10,615
Feb-17	11,180	10,422	10,778
Mar-17	11,057	10,416	10,816
Apr-17	11,129	10,497	10,918
May-17	11,088	10,577	11,032
Jun-17	11,275	10,567	11,051
Jul-17	11,463	10,612	11,192
Aug-17	11,381	10,707	11,259
Sep-17	11,763	10,656	11,336
Oct-17	12,083	10,663	11,434
Nov-17	12,393	10,649	11,533
Dec-17	12,511	10,698	11,630
Jan-18	12,811	10,575	11,812
Feb-18	12,522	10,474	11,557
Mar-18	12,414	10,542	11,523
Apr-18	12,425	10,463	11,506
May-18	12,554	10,538	11,576
Jun-18	12,522	10,525	11,569
Jul-18	12,727	10,527	11,710
Aug-18	12,932	10,595	11,801
Sep-18	12,905	10,527	11,779
Oct-18	12,321	10,444	11,385
Nov-18	12,342	10,506	11,512
Dec-18	12,203	10,699	11,297
Jan-19	12,428	10,813	11,751
Feb-19	12,540	10,806	11,891
Mar-19	12,658	11,014	12,056
Apr-19	12,839	11,017	12,217
May-19	12,478	11,212	12,022
Jun-19	12,968	11,353	12,410
Jul-19	13,059	11,378	12,451
Aug-19	13,002	11,673	12,451
Sep-19	13,093	11,611	12,561
Oct-19	13,207	11,646	12,713
Nov-19	13,377	11,640	12,831
Dec-19	13,600	11,632	13,020
Jan-20	13,588	11,855	13,081
Feb-20	13,106	12,069	12,760
Mar-20	12,201	11,998	11,958
Apr-20	12,546	12,211	12,606
May-20	12,810	12,268	12,916
Jun-20	12,925	12,345	13,122
Jul-20	13,329	12,530	13,507
Aug-20	13,733	12,428	13,767
Sep-20	13,491	12,422	13,595
Oct-20	13,259	12,366	13,451
Nov-20	14,035	12,488	14,255
Dec-20	14,421	12,505	14,564
Jan-21	14,363	12,415	14,469
Feb-21	14,456	12,236	14,492
Mar-21	14,700	12,083	14,610
Apr-21	15,096	12,178	14,938
May-21	15,189	12,218	15,096
Jun-21	15,376	12,304	15,206
Jul-21	15,445	12,442	15,336
Aug-21	15,632	12,418	15,465
Sep-21	15,306	12,310	15,142
Oct-21	15,634	12,307	15,385
Nov-21	15,505	12,344	15,210
Dec-21	15,741	12,312	15,491
Jan-22	15,330	12,047	14,996
Feb-22	15,194	11,912	14,777
Mar-22	15,119	11,581	14,662
Apr-22	14,597	11,142	13,921
May-22	14,609	11,214	13,970
Jun-22	14,037	11,038	13,328
Jul-22	14,299	11,307	13,895
Aug-22	14,062	10,988	13,494
Sep-22	13,714	10,513	12,619
Oct-22	13,915	10,377	12,866
Nov-22	14,312	10,759	13,564
Dec-22	14,105	10,710	13,345
Jan-23	14,502	11,040	13,950
Feb-23	14,233	10,754	13,588
Mar-23	14,412	11,027	13,865
Apr-23	14,515	11,094	13,978
May-23	14,400	10,973	13,783
Jun-23	14,786	10,934	14,084
Jul-23	15,032	10,927	14,310
Aug-23	14,863	10,857	14,078
Sep-23	14,526	10,581	13,657
Oct-23	14,292	10,414	13,345
Nov-23	15,022	10,886	14,173
Dec-23	15,718	11,302	14,799
Jan-24	15,770	11,271	14,790
Feb-24	16,126	11,112	14,899
Mar-24	16,521	11,215	15,171
Apr-24	15,965	10,931	14,738
May-24	16,535	11,117	15,084
Jun-24	16,746	11,222	15,225

Fund Statistics

Total Net Assets	$174,590,060
# of Portfolio Holdings	150
Portfolio Turnover Rate	87%
Advisory Fees and Waivers	503,423

Average Annual Total Returns

.	1 Year	5 Year	Since Inception
Adviser Class (Inception Date: 6/30/15)	13.26%	5.25%	5.90%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.29%
Morningstar Moderately Conservative Target Risk Index	8.10%	4.17%	4.78%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	12.3%
Baird Core Plus Bond Fund - Class I	11.8%
Frost Total Return Bond Fund - Class I	6.6%
Dodge & Cox Income Fund - Class I	3.9%
Berkshire Hathaway Inc	3.8%
Microsoft Corp	3.6%
Fidelity Advisor High Income Advantage Fund - Class Z	3.6%
iShares 20+ Year Treasury Bond ETF	3.6%
BrandywineGLOBAL High Yield Fund - Class I	3.6%
NVIDIA Corp	2.6%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.5%^{Footnote Reference}
Consumer Staples	2.6%^{Footnote Reference}
Energy	2.7%^{Footnote Reference}
Industrials	8.4%^{Footnote Reference}
Communication Services	8.9%^{Footnote Reference}
Consumer Discretionary	13.0%^{Footnote Reference}
Financials	14.6%^{Footnote Reference}
Health Care	14.8%^{Footnote Reference}
Information Technology	34.2%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	38.1%^{Footnote Reference}
Registered Investment Companies	48.9%^{Footnote Reference}
Money Market Registered Investment Companies	12.2%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.8%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class DVOAX

Moderate Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class FLMAX

Muirfield Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$44.58	0.84%

Total Return Based on a $10,000 Investment

	Adviser Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,960	9,803	9,861
Aug-14	10,337	10,214	10,063
Sep-14	10,070	10,001	9,801
Oct-14	10,236	10,276	9,909
Nov-14	10,512	10,525	10,002
Dec-14	10,516	10,525	9,915
Jan-15	10,217	10,232	9,841
Feb-15	10,756	10,825	10,129
Mar-15	10,621	10,715	10,051
Apr-15	10,606	10,763	10,184
May-15	10,726	10,912	10,176
Jun-15	10,516	10,729	10,030
Jul-15	10,621	10,909	10,054
Aug-15	10,022	10,250	9,694
Sep-15	9,767	9,952	9,515
Oct-15	10,127	10,738	9,916
Nov-15	10,127	10,797	9,874
Dec-15	9,938	10,576	9,738
Jan-16	9,446	9,979	9,429
Feb-16	9,400	9,976	9,474
Mar-16	9,830	10,678	9,947
Apr-16	9,815	10,744	10,072
May-16	9,938	10,936	10,101
Jun-16	9,922	10,959	10,186
Jul-16	10,276	11,394	10,470
Aug-16	10,291	11,423	10,492
Sep-16	10,307	11,441	10,532
Oct-16	10,050	11,193	10,378
Nov-16	10,405	11,694	10,435
Dec-16	10,520	11,922	10,572
Jan-17	10,675	12,147	10,743
Feb-17	11,077	12,599	10,960
Mar-17	11,077	12,607	11,015
Apr-17	11,201	12,741	11,130
May-17	11,340	12,871	11,258
Jun-17	11,433	12,987	11,301
Jul-17	11,681	13,232	11,494
Aug-17	11,743	13,258	11,551
Sep-17	11,976	13,581	11,685
Oct-17	12,270	13,877	11,831
Nov-17	12,549	14,299	11,991
Dec-17	12,676	14,442	12,122
Jan-18	13,346	15,203	12,451
Feb-18	12,810	14,642	12,094
Mar-18	12,559	14,349	12,016
Apr-18	12,643	14,403	12,029
May-18	12,844	14,810	12,102
Jun-18	12,793	14,907	12,084
Jul-18	13,162	15,401	12,294
Aug-18	13,581	15,942	12,402
Sep-18	13,539	15,968	12,389
Oct-18	12,515	14,793	11,805
Nov-18	12,616	15,089	11,970
Dec-18	12,246	13,685	11,545
Jan-19	12,416	14,859	12,179
Feb-19	12,586	15,382	12,390
Mar-19	12,671	15,606	12,547
Apr-19	12,977	16,230	12,789
May-19	12,178	15,179	12,407
Jun-19	12,918	16,246	12,940
Jul-19	13,054	16,487	12,981
Aug-19	12,764	16,151	12,870
Sep-19	12,986	16,434	13,059
Oct-19	13,191	16,788	13,275
Nov-19	13,550	17,426	13,459
Dec-19	13,937	17,929	13,742
Jan-20	13,727	17,910	13,706
Feb-20	12,695	16,444	13,098
Mar-20	11,401	14,182	11,903
Apr-20	11,926	16,061	12,751
May-20	12,188	16,919	13,159
Jun-20	12,276	17,306	13,419
Jul-20	12,750	18,289	13,896
Aug-20	13,558	19,614	14,312
Sep-20	13,137	18,900	14,063
Oct-20	12,731	18,492	13,875
Nov-20	13,967	20,741	15,043
Dec-20	14,588	21,675	15,504
Jan-21	14,588	21,578	15,409
Feb-21	14,977	22,253	15,596
Mar-21	15,542	23,050	15,840
Apr-21	16,231	24,238	16,296
May-21	16,407	24,349	16,521
Jun-21	16,637	24,950	16,629
Jul-21	16,796	25,371	16,748
Aug-21	17,202	26,095	16,967
Sep-21	16,571	24,924	16,517
Oct-21	17,335	26,610	16,924
Nov-21	17,086	26,205	16,617
Dec-21	17,595	27,236	17,084
Jan-22	16,883	25,634	16,439
Feb-22	16,682	24,988	16,187
Mar-22	16,755	25,799	16,197
Apr-22	15,859	23,484	15,250
May-22	15,914	23,452	15,294
Jun-22	15,311	21,490	14,361
Jul-22	15,786	23,506	15,096
Aug-22	15,421	22,629	14,636
Sep-22	14,891	20,531	13,511
Oct-22	15,458	22,214	13,963
Nov-22	16,029	23,374	14,876
Dec-22	15,685	22,005	14,559
Jan-23	16,211	23,521	15,358
Feb-23	15,836	22,971	14,924
Mar-23	16,061	23,585	15,189
Apr-23	16,286	23,837	15,328
May-23	16,155	23,929	15,059
Jun-23	16,982	25,563	15,566
Jul-23	17,473	26,480	15,938
Aug-23	17,171	25,968	15,584
Sep-23	16,510	24,731	15,055
Oct-23	16,017	24,076	14,625
Nov-23	17,022	26,321	15,703
Dec-23	17,856	27,717	16,485
Jan-24	18,089	28,024	16,464
Feb-24	19,038	29,541	16,731
Mar-24	19,812	30,494	17,130
Apr-24	18,900	29,152	16,592
May-24	19,948	30,530	17,030
Jun-24	20,259	31,475	17,175

Fund Statistics

Total Net Assets	$868,805,924
# of Portfolio Holdings	161
Portfolio Turnover Rate	150%
Advisory Fees and Waivers	2,543,674

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Adviser Class	19.30%	9.42%	7.32%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.56%

What did the Fund invest in?

Top 10 Holdings

Berkshire Hathaway Inc	7.2%
Microsoft Corp	5.9%
NVIDIA Corp	4.6%
Amazon.com Inc	4.0%
Alphabet Inc	3.6%
Apple Inc	2.6%
Texas Instruments Inc	2.6%
Meta Platforms Inc	2.4%
Johnson & Johnson	1.9%
Merck & Co Inc	1.9%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.2%^{Footnote Reference}
Materials	0.4%^{Footnote Reference}
Energy	1.4%^{Footnote Reference}
Consumer Staples	2.4%^{Footnote Reference}
Industrials	6.7%^{Footnote Reference}
Communication Services	9.2%^{Footnote Reference}
Consumer Discretionary	14.0%^{Footnote Reference}
Health Care	15.6%^{Footnote Reference}
Financials	15.7%^{Footnote Reference}
Information Technology	34.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	72.2%^{Footnote Reference}
Money Market Registered Investment Companies	26.3%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.5%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class FLMAX

Muirfield Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class GBPIX

Global Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$74.98	1.45%

Total Return Based on a $10,000 Investment

	Institutional Class	Russell 3000 Index	Morningstar Global Allocation Index
Jun-14	10,000	10,000	10,000
Jul-14	9,757	9,803	9,872
Aug-14	10,073	10,214	10,046
Sep-14	9,655	10,001	9,734
Oct-14	9,793	10,276	9,803
Nov-14	9,834	10,525	9,890
Dec-14	9,731	10,525	9,778
Jan-15	9,590	10,232	9,722
Feb-15	10,049	10,825	10,021
Mar-15	9,956	10,715	9,947
Apr-15	10,012	10,763	10,113
May-15	10,031	10,912	10,073
Jun-15	9,806	10,729	9,918
Jul-15	9,806	10,909	9,951
Aug-15	9,131	10,250	9,561
Sep-15	8,793	9,952	9,369
Oct-15	9,309	10,738	9,775
Nov-15	9,309	10,797	9,688
Dec-15	9,029	10,576	9,584
Jan-16	8,439	9,979	9,263
Feb-16	8,323	9,976	9,324
Mar-16	8,951	10,678	9,819
Apr-16	8,951	10,744	9,968
May-16	8,942	10,936	9,939
Jun-16	8,922	10,959	10,020
Jul-16	9,272	11,394	10,321
Aug-16	9,301	11,423	10,337
Sep-16	9,398	11,441	10,398
Oct-16	9,145	11,193	10,193
Nov-16	9,213	11,694	10,123
Dec-16	9,359	11,922	10,255
Jan-17	9,603	12,147	10,462
Feb-17	9,818	12,599	10,668
Mar-17	9,926	12,607	10,759
Apr-17	10,062	12,741	10,912
May-17	10,209	12,871	11,106
Jun-17	10,268	12,987	11,139
Jul-17	10,600	13,232	11,369
Aug-17	10,698	13,258	11,434
Sep-17	10,923	13,581	11,555
Oct-17	11,217	13,877	11,690
Nov-17	11,374	14,299	11,872
Dec-17	11,518	14,442	12,005
Jan-18	12,116	15,203	12,424
Feb-18	11,677	14,642	12,072
Mar-18	11,518	14,349	11,984
Apr-18	11,578	14,403	11,991
May-18	11,598	14,810	12,009
Jun-18	11,458	14,907	11,965
Jul-18	11,749	15,401	12,171
Aug-18	11,859	15,942	12,274
Sep-18	11,869	15,968	12,259
Oct-18	10,967	14,793	11,646
Nov-18	11,048	15,089	11,781
Dec-18	10,761	13,685	11,343
Jan-19	10,929	14,859	11,936
Feb-19	11,066	15,382	12,108
Mar-19	11,150	15,606	12,258
Apr-19	11,382	16,230	12,491
May-19	10,781	15,179	12,132
Jun-19	11,413	16,246	12,678
Jul-19	11,381	16,487	12,699
Aug-19	11,160	16,151	12,622
Sep-19	11,392	16,434	12,738
Oct-19	11,646	16,788	12,980
Nov-19	11,868	17,426	13,144
Dec-19	12,231	17,929	13,445
Jan-20	11,961	17,910	13,427
Feb-20	11,143	16,444	12,806
Mar-20	9,862	14,182	11,616
Apr-20	10,228	16,061	12,412
May-20	10,486	16,919	12,797
Jun-20	10,605	17,306	13,078
Jul-20	10,960	18,289	13,629
Aug-20	11,552	19,614	14,116
Sep-20	11,263	18,900	13,831
Oct-20	10,970	18,492	13,628
Nov-20	12,110	20,741	14,763
Dec-20	12,650	21,675	15,266
Jan-21	12,639	21,578	15,169
Feb-21	12,883	22,253	15,303
Mar-21	13,206	23,050	15,482
Apr-21	13,639	24,238	15,991
May-21	13,906	24,349	16,188
Jun-21	13,995	24,950	16,286
Jul-21	14,028	25,371	16,410
Aug-21	14,273	26,095	16,645
Sep-21	13,784	24,924	16,134
Oct-21	14,262	26,610	16,585
Nov-21	13,906	26,205	16,303
Dec-21	14,300	27,236	16,687
Jan-22	13,806	25,634	16,008
Feb-22	13,559	24,988	15,700
Mar-22	13,510	25,799	15,716
Apr-22	12,794	23,484	14,653
May-22	12,831	23,452	14,672
Jun-22	12,312	21,490	13,730
Jul-22	12,633	23,506	14,445
Aug-22	12,226	22,629	13,937
Sep-22	11,423	20,531	12,839
Oct-22	11,954	22,214	13,268
Nov-22	12,832	23,374	14,148
Dec-22	12,504	22,005	13,833
Jan-23	13,238	23,521	14,603
Feb-23	12,827	22,971	14,194
Mar-23	13,151	23,585	14,577
Apr-23	13,387	23,837	14,726
May-23	13,089	23,929	14,530
Jun-23	13,649	25,563	15,062
Jul-23	14,038	26,480	15,429
Aug-23	13,649	25,968	15,096
Sep-23	13,135	24,731	14,553
Oct-23	12,745	24,076	14,187
Nov-23	13,740	26,321	15,251
Dec-23	14,489	27,717	15,971
Jan-24	14,438	28,024	15,949
Feb-24	14,997	29,541	16,288
Mar-24	15,480	30,494	16,653
Apr-24	14,906	29,152	16,152
May-24	15,569	30,530	16,652
Jun-24	15,646	31,475	16,876

Fund Statistics

Total Net Assets	$36,167,888
# of Portfolio Holdings	146
Portfolio Turnover Rate	100%
Advisory Fees and Waivers	128,889

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Class	14.63%	6.51%	4.58%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Global Allocation Index	12.04%	5.89%	5.37%

What did the Fund invest in?

Top 10 Holdings

iShares Core MSCI EAFE ETF	8.5%
Berkshire Hathaway Inc	3.0%
Microsoft Corp	2.9%
Fidelity Total Bond Fund - Class Z	2.5%
Baird Core Plus Bond Fund - Class I	2.2%
NVIDIA Corp	2.1%
iShares Core MSCI Emerging Markets ETF	1.8%
Alphabet Inc	1.7%
Amazon.com Inc	1.6%
Frost Total Return Bond Fund - Class I	1.3%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.4%^{Footnote Reference}
Energy	2.3%^{Footnote Reference}
Consumer Staples	2.5%^{Footnote Reference}
Industrials	8.7%^{Footnote Reference}
Communication Services	9.1%^{Footnote Reference}
Consumer Discretionary	13.1%^{Footnote Reference}
Health Care	13.7%^{Footnote Reference}
Financials	14.9%^{Footnote Reference}
Information Technology	35.0%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	30.7%^{Footnote Reference}
Registered Investment Companies	20.0%^{Footnote Reference}
Money Market Registered Investment Companies	46.7%^{Footnote Reference}
Assets/Other Liabilities (Net)	2.6%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class GBPIX

Global Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class DVOIX

Moderate Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$52.87	1.03%

Total Return Based on a $10,000 Investment

	Institutional Class	Bloomberg U.S. Aggregate Bond Index	Morningstar Moderately Conservative Target Risk Index
Jun-15	10,000	10,000	10,000
Jul-15	10,090	10,070	10,037
Aug-15	9,490	10,055	9,801
Sep-15	9,240	10,123	9,700
Oct-15	9,847	10,125	9,973
Nov-15	9,787	10,098	9,925
Dec-15	9,585	10,065	9,836
Jan-16	9,111	10,204	9,669
Feb-16	9,060	10,276	9,729
Mar-16	9,677	10,371	10,076
Apr-16	9,728	10,410	10,178
May-16	9,905	10,413	10,195
Jun-16	9,930	10,600	10,313
Jul-16	10,420	10,667	10,520
Aug-16	10,333	10,655	10,530
Sep-16	10,364	10,649	10,566
Oct-16	10,110	10,567	10,436
Nov-16	10,607	10,317	10,396
Dec-16	10,748	10,332	10,491
Jan-17	10,804	10,352	10,615
Feb-17	11,179	10,422	10,778
Mar-17	11,066	10,416	10,816
Apr-17	11,128	10,497	10,918
May-17	11,092	10,577	11,032
Jun-17	11,275	10,567	11,051
Jul-17	11,463	10,612	11,192
Aug-17	11,391	10,707	11,259
Sep-17	11,772	10,656	11,336
Oct-17	12,092	10,663	11,434
Nov-17	12,412	10,649	11,533
Dec-17	12,526	10,698	11,630
Jan-18	12,827	10,575	11,812
Feb-18	12,548	10,474	11,557
Mar-18	12,430	10,542	11,523
Apr-18	12,441	10,463	11,506
May-18	12,580	10,538	11,576
Jun-18	12,548	10,525	11,569
Jul-18	12,753	10,527	11,710
Aug-18	12,958	10,595	11,801
Sep-18	12,942	10,527	11,779
Oct-18	12,357	10,444	11,385
Nov-18	12,379	10,506	11,512
Dec-18	12,251	10,699	11,297
Jan-19	12,465	10,813	11,751
Feb-19	12,578	10,806	11,891
Mar-19	12,702	11,014	12,056
Apr-19	12,883	11,017	12,217
May-19	12,532	11,212	12,022
Jun-19	13,018	11,353	12,410
Jul-19	13,109	11,378	12,451
Aug-19	13,052	11,673	12,451
Sep-19	13,143	11,611	12,561
Oct-19	13,269	11,646	12,713
Nov-19	13,440	11,640	12,831
Dec-19	13,663	11,632	13,020
Jan-20	13,651	11,855	13,081
Feb-20	13,157	12,069	12,760
Mar-20	12,249	11,998	11,958
Apr-20	12,595	12,211	12,606
May-20	12,860	12,268	12,916
Jun-20	12,987	12,345	13,122
Jul-20	13,380	12,530	13,507
Aug-20	13,785	12,428	13,767
Sep-20	13,542	12,422	13,595
Oct-20	13,321	12,366	13,451
Nov-20	14,087	12,488	14,255
Dec-20	14,485	12,505	14,564
Jan-21	14,427	12,415	14,469
Feb-21	14,520	12,236	14,492
Mar-21	14,765	12,083	14,610
Apr-21	15,162	12,178	14,938
May-21	15,255	12,218	15,096
Jun-21	15,442	12,304	15,206
Jul-21	15,512	12,442	15,336
Aug-21	15,698	12,418	15,465
Sep-21	15,360	12,310	15,142
Oct-21	15,701	12,307	15,385
Nov-21	15,572	12,344	15,210
Dec-21	15,796	12,312	15,491
Jan-22	15,385	12,047	14,996
Feb-22	15,248	11,912	14,777
Mar-22	15,173	11,581	14,662
Apr-22	14,650	11,142	13,921
May-22	14,662	11,214	13,970
Jun-22	14,089	11,038	13,328
Jul-22	14,352	11,307	13,895
Aug-22	14,114	10,988	13,494
Sep-22	13,764	10,513	12,619
Oct-22	13,966	10,377	12,866
Nov-22	14,364	10,759	13,564
Dec-22	14,155	10,710	13,345
Jan-23	14,553	11,040	13,950
Feb-23	14,271	10,754	13,588
Mar-23	14,450	11,027	13,865
Apr-23	14,566	11,094	13,978
May-23	14,437	10,973	13,783
Jun-23	14,824	10,934	14,084
Jul-23	15,071	10,927	14,310
Aug-23	14,902	10,857	14,078
Sep-23	14,564	10,581	13,657
Oct-23	14,329	10,414	13,345
Nov-23	15,061	10,886	14,173
Dec-23	15,763	11,302	14,799
Jan-24	15,815	11,271	14,790
Feb-24	16,172	11,112	14,899
Mar-24	16,567	11,215	15,171
Apr-24	15,997	10,931	14,738
May-24	16,567	11,117	15,084
Jun-24	16,779	11,222	15,225

Fund Statistics

Total Net Assets	$174,590,060
# of Portfolio Holdings	150
Portfolio Turnover Rate	87%
Advisory Fees and Waivers	503,423

Average Annual Total Returns

.	1 Year	5 Year	Since Inception
Institutional Class (Inception Date: 6/30/15)	13.19%	5.21%	5.92%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.29%
Morningstar Moderately Conservative Target Risk Index	8.10%	4.17%	4.78%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	12.3%
Baird Core Plus Bond Fund - Class I	11.8%
Frost Total Return Bond Fund - Class I	6.6%
Dodge & Cox Income Fund - Class I	3.9%
Berkshire Hathaway Inc	3.8%
Microsoft Corp	3.6%
Fidelity Advisor High Income Advantage Fund - Class Z	3.6%
iShares 20+ Year Treasury Bond ETF	3.6%
BrandywineGLOBAL High Yield Fund - Class I	3.6%
NVIDIA Corp	2.6%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.5%^{Footnote Reference}
Consumer Staples	2.6%^{Footnote Reference}
Energy	2.7%^{Footnote Reference}
Industrials	8.4%^{Footnote Reference}
Communication Services	8.9%^{Footnote Reference}
Consumer Discretionary	13.0%^{Footnote Reference}
Financials	14.6%^{Footnote Reference}
Health Care	14.8%^{Footnote Reference}
Information Technology	34.2%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	38.1%^{Footnote Reference}
Registered Investment Companies	48.9%^{Footnote Reference}
Money Market Registered Investment Companies	12.2%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.8%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class DVOIX

Moderate Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class QNTAX

Sector Rotation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$72.71	1.41%

Total Return Based on a $10,000 Investment

	Adviser Class	Russell 3000 Index	S&P MidCap 400	Russell 2000 Index
Jun-14	10,000	10,000	10,000	10,000
Jul-14	9,750	9,803	9,573	9,395
Aug-14	10,182	10,214	10,059	9,861
Sep-14	9,675	10,001	9,602	9,264
Oct-14	9,945	10,276	9,944	9,875
Nov-14	10,054	10,525	10,128	9,884
Dec-14	10,095	10,525	10,211	10,165
Jan-15	9,673	10,232	10,097	9,838
Feb-15	10,210	10,825	10,614	10,422
Mar-15	10,109	10,715	10,754	10,604
Apr-15	10,267	10,763	10,594	10,333
May-15	10,244	10,912	10,782	10,569
Jun-15	10,069	10,729	10,640	10,649
Jul-15	9,911	10,909	10,654	10,525
Aug-15	9,474	10,250	10,060	9,863
Sep-15	9,083	9,952	9,736	9,379
Oct-15	9,722	10,738	10,284	9,908
Nov-15	9,938	10,797	10,423	10,230
Dec-15	9,320	10,576	9,989	9,717
Jan-16	8,667	9,979	9,421	8,862
Feb-16	8,835	9,976	9,554	8,862
Mar-16	9,856	10,678	10,367	9,569
Apr-16	10,150	10,744	10,494	9,719
May-16	10,144	10,936	10,737	9,938
Jun-16	10,124	10,959	10,781	9,932
Jul-16	10,658	11,394	11,244	10,525
Aug-16	10,772	11,423	11,300	10,711
Sep-16	10,832	11,441	11,228	10,830
Oct-16	10,311	11,193	10,928	10,315
Nov-16	11,273	11,694	11,802	11,466
Dec-16	11,392	11,922	12,061	11,787
Jan-17	11,511	12,147	12,263	11,833
Feb-17	11,549	12,599	12,585	12,062
Mar-17	11,600	12,607	12,536	12,078
Apr-17	11,604	12,741	12,641	12,210
May-17	11,440	12,871	12,579	11,962
Jun-17	11,768	12,987	12,783	12,375
Jul-17	11,925	13,232	12,896	12,467
Aug-17	11,672	13,258	12,698	12,308
Sep-17	12,243	13,581	13,195	13,077
Oct-17	12,290	13,877	13,493	13,188
Nov-17	12,899	14,299	13,989	13,568
Dec-17	12,951	14,442	14,020	13,513
Jan-18	13,278	15,203	14,423	13,867
Feb-18	12,584	14,642	13,784	13,330
Mar-18	12,493	14,349	13,912	13,502
Apr-18	12,655	14,403	13,876	13,619
May-18	13,056	14,810	14,448	14,445
Jun-18	13,352	14,907	14,509	14,549
Jul-18	13,613	15,401	14,765	14,803
Aug-18	13,947	15,942	15,237	15,441
Sep-18	13,859	15,968	15,070	15,069
Oct-18	12,704	14,793	13,631	13,433
Nov-18	12,845	15,089	14,057	13,646
Dec-18	11,367	13,685	12,466	12,025
Jan-19	12,716	14,859	13,770	13,378
Feb-19	13,079	15,382	14,354	14,073
Mar-19	12,956	15,606	14,272	13,779
Apr-19	13,188	16,230	14,846	14,247
May-19	11,600	15,179	13,663	13,139
Jun-19	12,639	16,246	14,707	14,067
Jul-19	12,402	16,487	14,882	14,148
Aug-19	11,408	16,151	14,257	13,450
Sep-19	12,343	16,434	14,694	13,730
Oct-19	12,689	16,788	14,860	14,091
Nov-19	13,202	17,426	15,302	14,671
Dec-19	13,485	17,929	15,732	15,094
Jan-20	12,687	17,910	15,321	14,610
Feb-20	11,339	16,444	13,867	13,380
Mar-20	8,057	14,182	11,059	10,473
Apr-20	9,426	16,061	12,628	11,912
May-20	9,785	16,919	13,552	12,687
Jun-20	9,955	17,306	13,722	13,135
Jul-20	10,482	18,289	14,355	13,499
Aug-20	10,853	19,614	14,859	14,260
Sep-20	10,500	18,900	14,377	13,783
Oct-20	10,675	18,492	14,689	14,072
Nov-20	12,219	20,741	16,786	16,666
Dec-20	12,776	21,675	17,881	18,107
Jan-21	12,934	21,578	18,150	19,019
Feb-21	14,242	22,253	19,384	20,204
Mar-21	15,192	23,050	20,289	20,407
Apr-21	15,964	24,238	21,203	20,835
May-21	16,429	24,349	21,245	20,878
Jun-21	16,011	24,950	21,027	21,283
Jul-21	15,657	25,371	21,100	20,514
Aug-21	15,900	26,095	21,511	20,973
Sep-21	15,414	24,924	20,657	20,355
Oct-21	16,100	26,610	21,872	21,221
Nov-21	15,507	26,205	21,230	20,336
Dec-21	16,313	27,236	22,308	20,791
Jan-22	15,838	25,634	20,700	18,789
Feb-22	15,821	24,988	20,930	18,990
Mar-22	16,213	25,799	21,220	19,226
Apr-22	15,075	23,484	19,712	17,321
May-22	15,200	23,452	19,860	17,347
Jun-22	13,625	21,490	17,949	15,920
Jul-22	14,763	23,506	19,897	17,582
Aug-22	14,221	22,629	19,279	17,222
Sep-22	12,870	20,531	17,507	15,572
Oct-22	14,128	22,214	19,348	17,286
Nov-22	14,911	23,374	20,532	17,690
Dec-22	14,103	22,005	19,395	16,542
Jan-23	15,651	23,521	21,184	18,154
Feb-23	15,029	22,971	20,800	17,847
Mar-23	14,326	23,585	20,133	16,995
Apr-23	14,249	23,837	19,975	16,689
May-23	13,879	23,929	19,338	16,535
Jun-23	15,207	25,563	21,110	17,879
Jul-23	15,750	26,480	21,980	18,973
Aug-23	15,202	25,968	21,345	18,024
Sep-23	14,297	24,731	20,223	16,962
Oct-23	13,547	24,076	19,143	15,806
Nov-23	14,951	26,321	20,772	17,236
Dec-23	16,136	27,717	22,583	19,342
Jan-24	15,871	28,024	22,196	18,590
Feb-24	16,445	29,541	23,514	19,641
Mar-24	17,068	30,494	24,830	20,344
Apr-24	16,347	29,152	23,336	18,912
May-24	17,050	30,530	24,360	19,861
Jun-24	17,330	31,475	23,975	19,677

Fund Statistics

Total Net Assets	$36,570,948
# of Portfolio Holdings	583
Portfolio Turnover Rate	164%
Advisory Fees and Waivers	132,883

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Adviser Class	13.96%	6.52%	5.65%
Russell 3000 Index	23.13%	14.14%	12.15%
S&P MidCap 400	13.57%	10.27%	9.14%
Russell 2000 Index	10.06%	6.94%	7.00%

What did the Fund invest in?

Top 10 Holdings

Amazon.com Inc	3.9%
Microsoft Corp	3.6%
Apple Inc	3.3%
NVIDIA Corp	3.2%
Alphabet Inc	2.9%
Meta Platforms Inc	1.6%
Fidelity Total Bond Fund - Class Z	1.4%
Baird Core Plus Bond Fund - Class I	1.4%
Tesla Inc	1.2%
Home Depot Inc/The	0.8%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Consumer Staples	2.3%^{Footnote Reference}
Real Estate	3.3%^{Footnote Reference}
Materials	3.4%^{Footnote Reference}
Health Care	7.7%^{Footnote Reference}
Financials	8.5%^{Footnote Reference}
Communication Services	11.5%^{Footnote Reference}
Industrials	12.4%^{Footnote Reference}
Consumer Discretionary	20.8%^{Footnote Reference}
Information Technology	30.1%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	56.5%^{Footnote Reference}
Registered Investment Companies	4.9%^{Footnote Reference}
Money Market Registered Investment Companies	36.8%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.8%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class QNTAX

Sector Rotation Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLDFX

Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Balanced Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$69.66	1.34%

Total Return Based on a $10,000 Investment

	Retail Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,966	9,803	9,861
Aug-14	10,239	10,214	10,063
Sep-14	10,009	10,001	9,801
Oct-14	10,121	10,276	9,909
Nov-14	10,295	10,525	10,002
Dec-14	10,273	10,525	9,915
Jan-15	10,095	10,232	9,841
Feb-15	10,460	10,825	10,129
Mar-15	10,376	10,715	10,051
Apr-15	10,357	10,763	10,184
May-15	10,422	10,912	10,176
Jun-15	10,235	10,729	10,030
Jul-15	10,329	10,909	10,054
Aug-15	9,897	10,250	9,694
Sep-15	9,719	9,952	9,515
Oct-15	9,992	10,738	9,916
Nov-15	9,954	10,797	9,874
Dec-15	9,813	10,576	9,738
Jan-16	9,482	9,979	9,429
Feb-16	9,463	9,976	9,474
Mar-16	9,794	10,678	9,947
Apr-16	9,813	10,744	10,072
May-16	9,880	10,936	10,101
Jun-16	9,927	10,959	10,186
Jul-16	10,203	11,394	10,470
Aug-16	10,212	11,423	10,492
Sep-16	10,222	11,441	10,532
Oct-16	10,012	11,193	10,378
Nov-16	10,184	11,694	10,435
Dec-16	10,288	11,922	10,572
Jan-17	10,403	12,147	10,743
Feb-17	10,700	12,599	10,960
Mar-17	10,700	12,607	11,015
Apr-17	10,815	12,741	11,130
May-17	10,921	12,871	11,258
Jun-17	10,964	12,987	11,301
Jul-17	11,156	13,232	11,494
Aug-17	11,214	13,258	11,551
Sep-17	11,358	13,581	11,685
Oct-17	11,541	13,877	11,831
Nov-17	11,704	14,299	11,991
Dec-17	11,804	14,442	12,122
Jan-18	12,180	15,203	12,451
Feb-18	11,814	14,642	12,094
Mar-18	11,662	14,349	12,016
Apr-18	11,672	14,403	12,029
May-18	11,804	14,810	12,102
Jun-18	11,794	14,907	12,084
Jul-18	12,049	15,401	12,294
Aug-18	12,315	15,942	12,402
Sep-18	12,279	15,968	12,389
Oct-18	11,573	14,793	11,805
Nov-18	11,635	15,089	11,970
Dec-18	11,420	13,685	11,545
Jan-19	11,606	14,859	12,179
Feb-19	11,730	15,382	12,390
Mar-19	11,833	15,606	12,547
Apr-19	12,039	16,230	12,789
May-19	11,554	15,179	12,407
Jun-19	12,101	16,246	12,940
Jul-19	12,194	16,487	12,981
Aug-19	12,060	16,151	12,870
Sep-19	12,194	16,434	13,059
Oct-19	12,329	16,788	13,275
Nov-19	12,558	17,426	13,459
Dec-19	12,824	17,929	13,742
Jan-20	12,741	17,910	13,706
Feb-20	12,071	16,444	13,098
Mar-20	11,088	14,182	11,903
Apr-20	11,485	16,061	12,751
May-20	11,715	16,919	13,159
Jun-20	11,810	17,306	13,419
Jul-20	12,209	18,289	13,896
Aug-20	12,723	19,614	14,312
Sep-20	12,434	18,900	14,063
Oct-20	12,160	18,492	13,875
Nov-20	13,055	20,741	15,043
Dec-20	13,500	21,675	15,504
Jan-21	13,457	21,578	15,409
Feb-21	13,647	22,253	15,596
Mar-21	13,994	23,050	15,840
Apr-21	14,458	24,238	16,296
May-21	14,574	24,349	16,521
Jun-21	14,753	24,950	16,629
Jul-21	14,847	25,371	16,748
Aug-21	15,100	26,095	16,967
Sep-21	14,679	24,924	16,517
Oct-21	15,135	26,610	16,924
Nov-21	14,986	26,205	16,617
Dec-21	15,285	27,236	17,084
Jan-22	14,796	25,634	16,439
Feb-22	14,636	24,988	16,187
Mar-22	14,602	25,799	16,197
Apr-22	13,975	23,484	15,250
May-22	13,998	23,452	15,294
Jun-22	13,452	21,490	14,361
Jul-22	13,760	23,506	15,096
Aug-22	13,486	22,629	14,636
Sep-22	13,109	20,531	13,511
Oct-22	13,432	22,214	13,963
Nov-22	13,847	23,374	14,876
Dec-22	13,591	22,005	14,559
Jan-23	13,969	23,521	15,358
Feb-23	13,661	22,971	14,924
Mar-23	13,874	23,585	15,189
Apr-23	14,028	23,837	15,328
May-23	13,922	23,929	15,059
Jun-23	14,432	25,563	15,566
Jul-23	14,705	26,480	15,938
Aug-23	14,527	25,968	15,584
Sep-23	14,110	24,731	15,055
Oct-23	13,800	24,076	14,625
Nov-23	14,564	26,321	15,703
Dec-23	15,232	27,717	16,485
Jan-24	15,328	28,024	16,464
Feb-24	15,881	29,541	16,731
Mar-24	16,361	30,494	17,130
Apr-24	15,711	29,152	16,592
May-24	16,385	30,530	17,030
Jun-24	16,614	31,475	17,175

Fund Statistics

Total Net Assets	$391,853,611
# of Portfolio Holdings	157
Portfolio Turnover Rate	113%
Advisory Fees and Waivers	1,275,428

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Retail Class	15.12%	6.54%	5.21%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.56%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	7.2%
Baird Core Plus Bond Fund - Class I	6.9%
Berkshire Hathaway Inc	5.7%
Microsoft Corp	5.1%
Frost Total Return Bond Fund - Class I	4.3%
NVIDIA Corp	3.9%
Amazon.com Inc	3.2%
Alphabet Inc	2.7%
Dodge & Cox Income Fund - Class I	2.3%
Fidelity Advisor High Income Advantage Fund - Class Z	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Materials	0.3%^{Footnote Reference}
Utilities	0.3%^{Footnote Reference}
Consumer Staples	2.1%^{Footnote Reference}
Energy	2.6%^{Footnote Reference}
Industrials	8.2%^{Footnote Reference}
Communication Services	10.0%^{Footnote Reference}
Consumer Discretionary	13.4%^{Footnote Reference}
Health Care	14.7%^{Footnote Reference}
Financials	15.0%^{Footnote Reference}
Information Technology	33.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	57.7%^{Footnote Reference}
Registered Investment Companies	29.2%^{Footnote Reference}
Money Market Registered Investment Companies	12.4%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.7%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLDFX

Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class FLMIX

Muirfield Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$49.35	0.93%

Total Return Based on a $10,000 Investment

	Institutional Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,960	9,803	9,861
Aug-14	10,337	10,214	10,063
Sep-14	10,070	10,001	9,801
Oct-14	10,236	10,276	9,909
Nov-14	10,512	10,525	10,002
Dec-14	10,516	10,525	9,915
Jan-15	10,217	10,232	9,841
Feb-15	10,756	10,825	10,129
Mar-15	10,621	10,715	10,051
Apr-15	10,606	10,763	10,184
May-15	10,726	10,912	10,176
Jun-15	10,516	10,729	10,030
Jul-15	10,621	10,909	10,054
Aug-15	10,022	10,250	9,694
Sep-15	9,767	9,952	9,515
Oct-15	10,127	10,738	9,916
Nov-15	10,127	10,797	9,874
Dec-15	9,938	10,576	9,738
Jan-16	9,446	9,979	9,429
Feb-16	9,400	9,976	9,474
Mar-16	9,830	10,678	9,947
Apr-16	9,815	10,744	10,072
May-16	9,938	10,936	10,101
Jun-16	9,922	10,959	10,186
Jul-16	10,276	11,394	10,470
Aug-16	10,291	11,423	10,492
Sep-16	10,307	11,441	10,532
Oct-16	10,050	11,193	10,378
Nov-16	10,405	11,694	10,435
Dec-16	10,524	11,922	10,572
Jan-17	10,679	12,147	10,743
Feb-17	11,081	12,599	10,960
Mar-17	11,066	12,607	11,015
Apr-17	11,205	12,741	11,130
May-17	11,345	12,871	11,258
Jun-17	11,422	12,987	11,301
Jul-17	11,686	13,232	11,494
Aug-17	11,748	13,258	11,551
Sep-17	11,980	13,581	11,685
Oct-17	12,275	13,877	11,831
Nov-17	12,554	14,299	11,991
Dec-17	12,692	14,442	12,122
Jan-18	13,346	15,203	12,451
Feb-18	12,826	14,642	12,094
Mar-18	12,575	14,349	12,016
Apr-18	12,659	14,403	12,029
May-18	12,860	14,810	12,102
Jun-18	12,810	14,907	12,084
Jul-18	13,178	15,401	12,294
Aug-18	13,614	15,942	12,402
Sep-18	13,564	15,968	12,389
Oct-18	12,539	14,793	11,805
Nov-18	12,640	15,089	11,970
Dec-18	12,291	13,685	11,545
Jan-19	12,461	14,859	12,179
Feb-19	12,631	15,382	12,390
Mar-19	12,717	15,606	12,547
Apr-19	13,006	16,230	12,789
May-19	12,222	15,179	12,407
Jun-19	12,955	16,246	12,940
Jul-19	13,092	16,487	12,981
Aug-19	12,802	16,151	12,870
Sep-19	13,041	16,434	13,059
Oct-19	13,246	16,788	13,275
Nov-19	13,606	17,426	13,459
Dec-19	14,012	17,929	13,742
Jan-20	13,784	17,910	13,706
Feb-20	12,749	16,444	13,098
Mar-20	11,452	14,182	11,903
Apr-20	11,978	16,061	12,751
May-20	12,241	16,919	13,159
Jun-20	12,328	17,306	13,419
Jul-20	12,804	18,289	13,896
Aug-20	13,614	19,614	14,312
Sep-20	13,192	18,900	14,063
Oct-20	12,785	18,492	13,875
Nov-20	14,042	20,741	15,043
Dec-20	14,664	21,675	15,504
Jan-21	14,664	21,578	15,409
Feb-21	15,036	22,253	15,596
Mar-21	15,621	23,050	15,840
Apr-21	16,312	24,238	16,296
May-21	16,489	24,349	16,521
Jun-21	16,719	24,950	16,629
Jul-21	16,878	25,371	16,748
Aug-21	17,286	26,095	16,967
Sep-21	16,652	24,924	16,517
Oct-21	17,417	26,610	16,924
Nov-21	17,168	26,205	16,617
Dec-21	17,678	27,236	17,084
Jan-22	16,963	25,634	16,439
Feb-22	16,762	24,988	16,187
Mar-22	16,835	25,799	16,197
Apr-22	15,937	23,484	15,250
May-22	15,974	23,452	15,294
Jun-22	15,388	21,490	14,361
Jul-22	15,846	23,506	15,096
Aug-22	15,479	22,629	14,636
Sep-22	14,948	20,531	13,511
Oct-22	15,517	22,214	13,963
Nov-22	16,089	23,374	14,876
Dec-22	15,745	22,005	14,559
Jan-23	16,272	23,521	15,358
Feb-23	15,895	22,971	14,924
Mar-23	16,121	23,585	15,189
Apr-23	16,347	23,837	15,328
May-23	16,215	23,929	15,059
Jun-23	17,045	25,563	15,566
Jul-23	17,518	26,480	15,938
Aug-23	17,234	25,968	15,584
Sep-23	16,571	24,731	15,055
Oct-23	16,077	24,076	14,625
Nov-23	17,085	26,321	15,703
Dec-23	17,903	27,717	16,485
Jan-24	18,136	28,024	16,464
Feb-24	19,086	29,541	16,731
Mar-24	19,881	30,494	17,130
Apr-24	18,948	29,152	16,592
May-24	19,998	30,530	17,030
Jun-24	20,309	31,475	17,175

Fund Statistics

Total Net Assets	$868,805,924
# of Portfolio Holdings	161
Portfolio Turnover Rate	150%
Advisory Fees and Waivers	2,543,674

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Class	19.15%	9.41%	7.34%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.56%

What did the Fund invest in?

Top 10 Holdings

Berkshire Hathaway Inc	7.2%
Microsoft Corp	5.9%
NVIDIA Corp	4.6%
Amazon.com Inc	4.0%
Alphabet Inc	3.6%
Apple Inc	2.6%
Texas Instruments Inc	2.6%
Meta Platforms Inc	2.4%
Johnson & Johnson	1.9%
Merck & Co Inc	1.9%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.2%^{Footnote Reference}
Materials	0.4%^{Footnote Reference}
Energy	1.4%^{Footnote Reference}
Consumer Staples	2.4%^{Footnote Reference}
Industrials	6.7%^{Footnote Reference}
Communication Services	9.2%^{Footnote Reference}
Consumer Discretionary	14.0%^{Footnote Reference}
Health Care	15.6%^{Footnote Reference}
Financials	15.7%^{Footnote Reference}
Information Technology	34.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	72.2%^{Footnote Reference}
Money Market Registered Investment Companies	26.3%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.5%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class FLMIX

Muirfield Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLBDX

Tactical Income Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Tactical Income Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$55.22	1.10%

Total Return Based on a $10,000 Investment

	Retail Class	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Treasury Bill 1-3 Month Total Return Index
Jun-14	10,000	10,000	10,000
Jul-14	9,964	9,975	10,001
Aug-14	10,029	10,085	10,001
Sep-14	9,920	10,017	10,001
Oct-14	9,943	10,115	10,001
Nov-14	9,923	10,187	10,001
Dec-14	9,840	10,196	10,001
Jan-15	9,917	10,410	10,001
Feb-15	9,953	10,312	10,001
Mar-15	9,968	10,360	10,001
Apr-15	9,970	10,323	10,002
May-15	9,962	10,298	10,002
Jun-15	9,807	10,186	10,002
Jul-15	9,840	10,257	10,002
Aug-15	9,758	10,242	10,002
Sep-15	9,693	10,311	10,002
Oct-15	9,795	10,313	10,002
Nov-15	9,682	10,286	10,002
Dec-15	9,593	10,252	10,004
Jan-16	9,606	10,393	10,004
Feb-16	9,664	10,467	10,006
Mar-16	9,780	10,563	10,010
Apr-16	9,932	10,604	10,011
May-16	9,917	10,606	10,012
Jun-16	10,049	10,797	10,015
Jul-16	10,118	10,865	10,017
Aug-16	10,185	10,853	10,020
Sep-16	10,219	10,847	10,023
Oct-16	10,139	10,764	10,025
Nov-16	9,952	10,509	10,027
Dec-16	10,024	10,524	10,030
Jan-17	10,091	10,544	10,034
Feb-17	10,205	10,615	10,038
Mar-17	10,183	10,610	10,040
Apr-17	10,265	10,692	10,046
May-17	10,325	10,774	10,052
Jun-17	10,297	10,763	10,060
Jul-17	10,369	10,809	10,068
Aug-17	10,451	10,906	10,076
Sep-17	10,418	10,854	10,085
Oct-17	10,429	10,861	10,094
Nov-17	10,363	10,847	10,102
Dec-17	10,397	10,897	10,111
Jan-18	10,309	10,771	10,123
Feb-18	10,200	10,669	10,132
Mar-18	10,247	10,737	10,145
Apr-18	10,155	10,658	10,159
May-18	10,193	10,734	10,174
Jun-18	10,182	10,720	10,190
Jul-18	10,188	10,723	10,206
Aug-18	10,227	10,792	10,222
Sep-18	10,187	10,722	10,239
Oct-18	10,098	10,638	10,258
Nov-18	10,114	10,701	10,276
Dec-18	10,224	10,898	10,296
Jan-19	10,354	11,014	10,317
Feb-19	10,383	11,007	10,336
Mar-19	10,530	11,218	10,357
Apr-19	10,553	11,221	10,377
May-19	10,673	11,421	10,399
Jun-19	10,799	11,564	10,421
Jul-19	10,821	11,589	10,440
Aug-19	11,007	11,890	10,459
Sep-19	10,950	11,826	10,477
Oct-19	10,965	11,862	10,495
Nov-19	10,946	11,856	10,508
Dec-19	10,964	11,848	10,524
Jan-20	11,139	12,076	10,537
Feb-20	11,245	12,293	10,551
Mar-20	10,968	12,221	10,572
Apr-20	11,146	12,438	10,573
May-20	11,301	12,496	10,573
Jun-20	11,425	12,575	10,575
Jul-20	11,637	12,762	10,576
Aug-20	11,603	12,659	10,577
Sep-20	11,548	12,652	10,578
Oct-20	11,504	12,596	10,579
Nov-20	11,692	12,720	10,580
Dec-20	11,782	12,737	10,580
Jan-21	11,694	12,646	10,581
Feb-21	11,550	12,463	10,582
Mar-21	11,488	12,308	10,582
Apr-21	11,560	12,405	10,582
May-21	11,584	12,445	10,582
Jun-21	11,671	12,533	10,582
Jul-21	11,674	12,673	10,583
Aug-21	11,684	12,649	10,583
Sep-21	11,611	12,539	10,583
Oct-21	11,588	12,536	10,584
Nov-21	11,542	12,573	10,584
Dec-21	11,545	12,541	10,585
Jan-22	11,390	12,271	10,585
Feb-22	11,333	12,134	10,586
Mar-22	11,220	11,796	10,588
Apr-22	11,162	11,349	10,591
May-22	11,144	11,422	10,596
Jun-22	10,842	11,243	10,601
Jul-22	10,884	11,518	10,610
Aug-22	10,812	11,192	10,630
Sep-22	10,742	10,709	10,652
Oct-22	10,748	10,570	10,674
Nov-22	10,905	10,959	10,708
Dec-22	10,854	10,909	10,746
Jan-23	11,024	11,245	10,782
Feb-23	10,915	10,954	10,820
Mar-23	11,012	11,232	10,863
Apr-23	11,055	11,300	10,905
May-23	11,009	11,177	10,949
Jun-23	11,058	11,137	10,996
Jul-23	11,144	11,130	11,044
Aug-23	11,122	11,059	11,094
Sep-23	11,075	10,778	11,144
Oct-23	11,052	10,607	11,195
Nov-23	11,328	11,088	11,245
Dec-23	11,625	11,512	11,298
Jan-24	11,669	11,481	11,347
Feb-24	11,656	11,318	11,395
Mar-24	11,764	11,423	11,447
Apr-24	11,668	11,134	11,497
May-24	11,790	11,323	11,553
Jun-24	11,854	11,430	11,601

Fund Statistics

Total Net Assets	$74,359,352
# of Portfolio Holdings	14
Portfolio Turnover Rate	69%
Advisory Fees and Waivers	141,954

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Retail Class	7.20%	1.88%	1.72%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Bloomberg U.S. Treasury Bill 1-3 Month Total Return Index	5.50%	2.17%	1.50%

What did the Fund invest in?

Top 10 Holdings

PIMCO Low Duration Income Fund - Class I	14.5%
Fidelity Advisor High Income Advantage Fund - Class Z	12.3%
BrandywineGLOBAL High Yield Fund - Class I	12.2%
Frost Total Return Bond Fund - Class I	11.7%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	10.2%
Fidelity Total Bond Fund - Class Z	9.7%
iShares J.P. Morgan USD Emerging Markets Bond ETF	6.7%
Eaton Vance Emerging Markets Debt Opportunities Fund - Class R6	4.9%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
International Fixed Income	6.7%^{Footnote Reference}
Money Market Registered Investment Companies	17.6%^{Footnote Reference}
U.S. Fixed Income	75.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Registered Investment Companies	82.1%^{Footnote Reference}
Money Market Registered Investment Companies	17.6%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.3%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLBDX

Tactical Income Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class QNTIX

Sector Rotation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$74.77	1.45%

Total Return Based on a $10,000 Investment

	Institutional Class	Russell 3000 Index	S&P MidCap 400	Russell 2000 Index
Jun-14	10,000	10,000	10,000	10,000
Jul-14	9,750	9,803	9,573	9,395
Aug-14	10,182	10,214	10,059	9,861
Sep-14	9,675	10,001	9,602	9,264
Oct-14	9,945	10,276	9,944	9,875
Nov-14	10,054	10,525	10,128	9,884
Dec-14	10,095	10,525	10,211	10,165
Jan-15	9,673	10,232	10,097	9,838
Feb-15	10,210	10,825	10,614	10,422
Mar-15	10,109	10,715	10,754	10,604
Apr-15	10,267	10,763	10,594	10,333
May-15	10,244	10,912	10,782	10,569
Jun-15	10,069	10,729	10,640	10,649
Jul-15	9,911	10,909	10,654	10,525
Aug-15	9,474	10,250	10,060	9,863
Sep-15	9,083	9,952	9,736	9,379
Oct-15	9,722	10,738	10,284	9,908
Nov-15	9,938	10,797	10,423	10,230
Dec-15	9,320	10,576	9,989	9,717
Jan-16	8,667	9,979	9,421	8,862
Feb-16	8,835	9,976	9,554	8,862
Mar-16	9,856	10,678	10,367	9,569
Apr-16	10,150	10,744	10,494	9,719
May-16	10,144	10,936	10,737	9,938
Jun-16	10,124	10,959	10,781	9,932
Jul-16	10,658	11,394	11,244	10,525
Aug-16	10,772	11,423	11,300	10,711
Sep-16	10,832	11,441	11,228	10,830
Oct-16	10,311	11,193	10,928	10,315
Nov-16	11,273	11,694	11,802	11,466
Dec-16	11,392	11,922	12,061	11,787
Jan-17	11,515	12,147	12,263	11,833
Feb-17	11,549	12,599	12,585	12,062
Mar-17	11,600	12,607	12,536	12,078
Apr-17	11,607	12,741	12,641	12,210
May-17	11,440	12,871	12,579	11,962
Jun-17	11,771	12,987	12,783	12,375
Jul-17	11,928	13,232	12,896	12,467
Aug-17	11,679	13,258	12,698	12,308
Sep-17	12,250	13,581	13,195	13,077
Oct-17	12,301	13,877	13,493	13,188
Nov-17	12,913	14,299	13,989	13,568
Dec-17	12,969	14,442	14,020	13,513
Jan-18	13,297	15,203	14,423	13,867
Feb-18	12,606	14,642	13,784	13,330
Mar-18	12,514	14,349	13,912	13,502
Apr-18	12,680	14,403	13,876	13,619
May-18	13,085	14,810	14,448	14,445
Jun-18	13,385	14,907	14,509	14,549
Jul-18	13,650	15,401	14,765	14,803
Aug-18	13,985	15,942	15,237	15,441
Sep-18	13,900	15,968	15,070	15,069
Oct-18	12,745	14,793	13,631	13,433
Nov-18	12,890	15,089	14,057	13,646
Dec-18	11,407	13,685	12,466	12,025
Jan-19	12,760	14,859	13,770	13,378
Feb-19	13,127	15,382	14,354	14,073
Mar-19	13,007	15,606	14,272	13,779
Apr-19	13,244	16,230	14,846	14,247
May-19	11,650	15,179	13,663	13,139
Jun-19	12,696	16,246	14,707	14,067
Jul-19	12,463	16,487	14,882	14,148
Aug-19	11,465	16,151	14,257	13,450
Sep-19	12,406	16,434	14,694	13,730
Oct-19	12,754	16,788	14,860	14,091
Nov-19	13,269	17,426	15,302	14,671
Dec-19	13,552	17,929	15,732	15,094
Jan-20	12,753	17,910	15,321	14,610
Feb-20	11,395	16,444	13,867	13,380
Mar-20	8,101	14,182	11,059	10,473
Apr-20	9,473	16,061	12,628	11,912
May-20	9,837	16,919	13,552	12,687
Jun-20	10,008	17,306	13,722	13,135
Jul-20	10,535	18,289	14,355	13,499
Aug-20	10,908	19,614	14,859	14,260
Sep-20	10,556	18,900	14,377	13,783
Oct-20	10,729	18,492	14,689	14,072
Nov-20	12,283	20,741	16,786	16,666
Dec-20	12,845	21,675	17,881	18,107
Jan-21	12,999	21,578	18,150	19,019
Feb-21	14,316	22,253	19,384	20,204
Mar-21	15,273	23,050	20,289	20,407
Apr-21	16,047	24,238	21,203	20,835
May-21	16,515	24,349	21,245	20,878
Jun-21	16,094	24,950	21,027	21,283
Jul-21	15,734	25,371	21,100	20,514
Aug-21	15,979	26,095	21,511	20,973
Sep-21	15,493	24,924	20,657	20,355
Oct-21	16,180	26,610	21,872	21,221
Nov-21	15,583	26,205	21,230	20,336
Dec-21	16,394	27,236	22,308	20,791
Jan-22	15,915	25,634	20,700	18,789
Feb-22	15,903	24,988	20,930	18,990
Mar-22	16,297	25,799	21,220	19,226
Apr-22	15,152	23,484	19,712	17,321
May-22	15,277	23,452	19,860	17,347
Jun-22	13,691	21,490	17,949	15,920
Jul-22	14,837	23,506	19,897	17,582
Aug-22	14,296	22,629	19,279	17,222
Sep-22	12,931	20,531	17,507	15,572
Oct-22	14,197	22,214	19,348	17,286
Nov-22	14,981	23,374	20,532	17,690
Dec-22	14,167	22,005	19,395	16,542
Jan-23	15,726	23,521	21,184	18,154
Feb-23	15,100	22,971	20,800	17,847
Mar-23	14,392	23,585	20,133	16,995
Apr-23	14,314	23,837	19,975	16,689
May-23	13,942	23,929	19,338	16,535
Jun-23	15,274	25,563	21,110	17,879
Jul-23	15,821	26,480	21,980	18,973
Aug-23	15,270	25,968	21,345	18,024
Sep-23	14,358	24,731	20,223	16,962
Oct-23	13,608	24,076	19,143	15,806
Nov-23	15,016	26,321	20,772	17,236
Dec-23	16,206	27,717	22,583	19,342
Jan-24	15,939	28,024	22,196	18,590
Feb-24	16,517	29,541	23,514	19,641
Mar-24	17,139	30,494	24,830	20,344
Apr-24	16,419	29,152	23,336	18,912
May-24	17,122	30,530	24,360	19,861
Jun-24	17,403	31,475	23,975	19,677

Fund Statistics

Total Net Assets	$36,570,948
# of Portfolio Holdings	583
Portfolio Turnover Rate	164%
Advisory Fees and Waivers	132,883

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Class	13.93%	6.51%	5.70%
Russell 3000 Index	23.13%	14.14%	12.15%
S&P MidCap 400	13.57%	10.27%	9.14%
Russell 2000 Index	10.06%	6.94%	7.00%

What did the Fund invest in?

Top 10 Holdings

Amazon.com Inc	3.9%
Microsoft Corp	3.6%
Apple Inc	3.3%
NVIDIA Corp	3.2%
Alphabet Inc	2.9%
Meta Platforms Inc	1.6%
Fidelity Total Bond Fund - Class Z	1.4%
Baird Core Plus Bond Fund - Class I	1.4%
Tesla Inc	1.2%
Home Depot Inc/The	0.8%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Consumer Staples	2.3%^{Footnote Reference}
Real Estate	3.3%^{Footnote Reference}
Materials	3.4%^{Footnote Reference}
Health Care	7.7%^{Footnote Reference}
Financials	8.5%^{Footnote Reference}
Communication Services	11.5%^{Footnote Reference}
Industrials	12.4%^{Footnote Reference}
Consumer Discretionary	20.8%^{Footnote Reference}
Information Technology	30.1%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	56.5%^{Footnote Reference}
Registered Investment Companies	4.9%^{Footnote Reference}
Money Market Registered Investment Companies	36.8%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.8%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class QNTIX

Sector Rotation Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class BLNAX

Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$49.96	0.96%

Total Return Based on a $10,000 Investment

	Adviser Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,966	9,803	9,861
Aug-14	10,239	10,214	10,063
Sep-14	10,009	10,001	9,801
Oct-14	10,121	10,276	9,909
Nov-14	10,295	10,525	10,002
Dec-14	10,273	10,525	9,915
Jan-15	10,095	10,232	9,841
Feb-15	10,460	10,825	10,129
Mar-15	10,376	10,715	10,051
Apr-15	10,357	10,763	10,184
May-15	10,422	10,912	10,176
Jun-15	10,235	10,729	10,030
Jul-15	10,329	10,909	10,054
Aug-15	9,897	10,250	9,694
Sep-15	9,719	9,952	9,515
Oct-15	9,992	10,738	9,916
Nov-15	9,954	10,797	9,874
Dec-15	9,813	10,576	9,738
Jan-16	9,482	9,979	9,429
Feb-16	9,463	9,976	9,474
Mar-16	9,794	10,678	9,947
Apr-16	9,813	10,744	10,072
May-16	9,880	10,936	10,101
Jun-16	9,927	10,959	10,186
Jul-16	10,203	11,394	10,470
Aug-16	10,212	11,423	10,492
Sep-16	10,222	11,441	10,532
Oct-16	10,012	11,193	10,378
Nov-16	10,184	11,694	10,435
Dec-16	10,289	11,922	10,572
Jan-17	10,414	12,147	10,743
Feb-17	10,721	12,599	10,960
Mar-17	10,721	12,607	11,015
Apr-17	10,836	12,741	11,130
May-17	10,941	12,871	11,258
Jun-17	10,999	12,987	11,301
Jul-17	11,191	13,232	11,494
Aug-17	11,258	13,258	11,551
Sep-17	11,392	13,581	11,685
Oct-17	11,585	13,877	11,831
Nov-17	11,748	14,299	11,991
Dec-17	11,855	14,442	12,122
Jan-18	12,251	15,203	12,451
Feb-18	11,875	14,642	12,094
Mar-18	11,723	14,349	12,016
Apr-18	11,743	14,403	12,029
May-18	11,875	14,810	12,102
Jun-18	11,865	14,907	12,084
Jul-18	12,120	15,401	12,294
Aug-18	12,395	15,942	12,402
Sep-18	12,360	15,968	12,389
Oct-18	11,655	14,793	11,805
Nov-18	11,716	15,089	11,970
Dec-18	11,501	13,685	11,545
Jan-19	11,686	14,859	12,179
Feb-19	11,820	15,382	12,390
Mar-19	11,929	15,606	12,547
Apr-19	12,136	16,230	12,789
May-19	11,639	15,179	12,407
Jun-19	12,192	16,246	12,940
Jul-19	12,296	16,487	12,981
Aug-19	12,161	16,151	12,870
Sep-19	12,296	16,434	13,059
Oct-19	12,442	16,788	13,275
Nov-19	12,681	17,426	13,459
Dec-19	12,948	17,929	13,742
Jan-20	12,864	17,910	13,706
Feb-20	12,193	16,444	13,098
Mar-20	11,208	14,182	11,903
Apr-20	11,606	16,061	12,751
May-20	11,847	16,919	13,159
Jun-20	11,952	17,306	13,419
Jul-20	12,353	18,289	13,896
Aug-20	12,880	19,614	14,312
Sep-20	12,598	18,900	14,063
Oct-20	12,312	18,492	13,875
Nov-20	13,222	20,741	15,043
Dec-20	13,681	21,675	15,504
Jan-21	13,639	21,578	15,409
Feb-21	13,840	22,253	15,596
Mar-21	14,190	23,050	15,840
Apr-21	14,666	24,238	16,296
May-21	14,793	24,349	16,521
Jun-21	14,984	24,950	16,629
Jul-21	15,079	25,371	16,748
Aug-21	15,333	26,095	16,967
Sep-21	14,917	24,924	16,517
Oct-21	15,387	26,610	16,924
Nov-21	15,238	26,205	16,617
Dec-21	15,557	27,236	17,084
Jan-22	15,051	25,634	16,439
Feb-22	14,890	24,988	16,187
Mar-22	14,867	25,799	16,197
Apr-22	14,234	23,484	15,250
May-22	14,257	23,452	15,294
Jun-22	13,706	21,490	14,361
Jul-22	14,029	23,506	15,096
Aug-22	13,752	22,629	14,636
Sep-22	13,370	20,531	13,511
Oct-22	13,696	22,214	13,963
Nov-22	14,140	23,374	14,876
Dec-22	13,882	22,005	14,559
Jan-23	14,276	23,521	15,358
Feb-23	13,953	22,971	14,924
Mar-23	14,180	23,585	15,189
Apr-23	14,348	23,837	15,328
May-23	14,240	23,929	15,059
Jun-23	14,768	25,563	15,566
Jul-23	15,057	26,480	15,938
Aug-23	14,876	25,968	15,584
Sep-23	14,454	24,731	15,055
Oct-23	14,152	24,076	14,625
Nov-23	14,927	26,321	15,703
Dec-23	15,614	27,717	16,485
Jan-24	15,724	28,024	16,464
Feb-24	16,297	29,541	16,731
Mar-24	16,785	30,494	17,130
Apr-24	16,124	29,152	16,592
May-24	16,822	30,530	17,030
Jun-24	17,066	31,475	17,175

Fund Statistics

Total Net Assets	$391,853,611
# of Portfolio Holdings	157
Portfolio Turnover Rate	113%
Advisory Fees and Waivers	1,275,428

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Adviser Class	15.57%	6.96%	5.49%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.56%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	7.2%
Baird Core Plus Bond Fund - Class I	6.9%
Berkshire Hathaway Inc	5.7%
Microsoft Corp	5.1%
Frost Total Return Bond Fund - Class I	4.3%
NVIDIA Corp	3.9%
Amazon.com Inc	3.2%
Alphabet Inc	2.7%
Dodge & Cox Income Fund - Class I	2.3%
Fidelity Advisor High Income Advantage Fund - Class Z	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Materials	0.3%^{Footnote Reference}
Utilities	0.3%^{Footnote Reference}
Consumer Staples	2.1%^{Footnote Reference}
Energy	2.6%^{Footnote Reference}
Industrials	8.2%^{Footnote Reference}
Communication Services	10.0%^{Footnote Reference}
Consumer Discretionary	13.4%^{Footnote Reference}
Health Care	14.7%^{Footnote Reference}
Financials	15.0%^{Footnote Reference}
Information Technology	33.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	57.7%^{Footnote Reference}
Registered Investment Companies	29.2%^{Footnote Reference}
Money Market Registered Investment Companies	12.4%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.7%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class BLNAX

Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLDGX

Dynamic Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Dynamic Allocation Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$66.43	1.26%

Total Return Based on a $10,000 Investment

	Retail Class	Russell 3000 Index	Morningstar Aggressive Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	10,018	9,803	9,802
Aug-14	10,392	10,214	10,073
Sep-14	10,114	10,001	9,718
Oct-14	10,357	10,276	9,855
Nov-14	10,656	10,525	9,977
Dec-14	10,642	10,525	9,849
Jan-15	10,366	10,232	9,675
Feb-15	10,908	10,825	10,174
Mar-15	10,759	10,715	10,064
Apr-15	10,770	10,763	10,278
May-15	10,876	10,912	10,299
Jun-15	10,653	10,729	10,098
Jul-15	10,791	10,909	10,112
Aug-15	10,111	10,250	9,517
Sep-15	9,760	9,952	9,205
Oct-15	10,410	10,738	9,829
Nov-15	10,474	10,797	9,792
Dec-15	10,274	10,576	9,586
Jan-16	9,648	9,979	9,036
Feb-16	9,506	9,976	9,037
Mar-16	10,142	10,678	9,710
Apr-16	10,109	10,744	9,870
May-16	10,230	10,936	9,920
Jun-16	10,219	10,959	9,926
Jul-16	10,604	11,394	10,346
Aug-16	10,593	11,423	10,392
Sep-16	10,627	11,441	10,448
Oct-16	10,333	11,193	10,247
Nov-16	10,654	11,694	10,465
Dec-16	10,826	11,922	10,673
Jan-17	10,993	12,147	10,931
Feb-17	11,416	12,599	11,235
Mar-17	11,394	12,607	11,330
Apr-17	11,517	12,741	11,477
May-17	11,706	12,871	11,648
Jun-17	11,767	12,987	11,736
Jul-17	12,035	13,232	12,017
Aug-17	12,125	13,258	12,051
Sep-17	12,381	13,581	12,307
Oct-17	12,716	13,877	12,544
Nov-17	12,962	14,299	12,823
Dec-17	13,121	14,442	13,015
Jan-18	13,871	15,203	13,644
Feb-18	13,315	14,642	13,101
Mar-18	13,073	14,349	12,928
Apr-18	13,182	14,403	13,003
May-18	13,375	14,810	13,105
Jun-18	13,230	14,907	13,076
Jul-18	13,618	15,401	13,424
Aug-18	13,885	15,942	13,585
Sep-18	13,860	15,968	13,587
Oct-18	12,878	14,793	12,610
Nov-18	13,060	15,089	12,846
Dec-18	11,986	13,685	11,952
Jan-19	12,928	14,859	12,927
Feb-19	13,234	15,382	13,285
Mar-19	13,381	15,606	13,414
Apr-19	13,737	16,230	13,821
May-19	12,903	15,179	13,057
Jun-19	13,737	16,246	13,870
Jul-19	13,798	16,487	13,919
Aug-19	13,528	16,151	13,596
Sep-19	13,761	16,434	13,918
Oct-19	14,056	16,788	14,257
Nov-19	14,450	17,426	14,581
Dec-19	14,862	17,929	15,049
Jan-20	14,599	17,910	14,833
Feb-20	13,510	16,444	13,658
Mar-20	11,869	14,182	11,630
Apr-20	13,209	16,061	12,831
May-20	13,910	16,919	13,413
Jun-20	14,211	17,306	13,758
Jul-20	14,875	18,289	14,404
Aug-20	15,829	19,614	15,120
Sep-20	15,287	18,900	14,722
Oct-20	14,860	18,492	14,464
Nov-20	16,429	20,741	16,297
Dec-20	17,147	21,675	17,044
Jan-21	17,134	21,578	16,972
Feb-21	17,479	22,253	17,499
Mar-21	18,056	23,050	18,003
Apr-21	18,760	24,238	18,723
May-21	19,042	24,349	19,052
Jun-21	19,298	24,950	19,181
Jul-21	19,464	25,371	19,264
Aug-21	19,938	26,095	19,678
Sep-21	19,107	24,924	18,980
Oct-21	20,174	26,610	19,741
Nov-21	19,788	26,205	19,143
Dec-21	20,498	27,236	19,993
Jan-22	19,482	25,634	19,026
Feb-22	19,055	24,988	18,712
Mar-22	19,482	25,799	19,022
Apr-22	17,922	23,484	17,671
May-22	18,011	23,452	17,690
Jun-22	16,539	21,490	16,188
Jul-22	17,687	23,506	17,273
Aug-22	16,951	22,629	16,714
Sep-22	15,568	20,531	15,163
Oct-22	16,805	22,214	16,088
Nov-22	18,087	23,374	17,363
Dec-22	17,315	22,005	16,808
Jan-23	18,336	23,521	18,006
Feb-23	17,787	22,971	17,472
Mar-23	18,351	23,585	17,717
Apr-23	18,687	23,837	17,897
May-23	18,397	23,929	17,522
Jun-23	19,434	25,563	18,494
Jul-23	19,954	26,480	19,195
Aug-23	19,587	25,968	18,615
Sep-23	18,808	24,731	17,892
Oct-23	18,210	24,076	17,252
Nov-23	19,727	26,321	18,808
Dec-23	20,837	27,717	19,884
Jan-24	20,914	28,024	19,856
Feb-24	21,977	29,541	20,532
Mar-24	22,824	30,494	21,190
Apr-24	21,789	29,152	20,446
May-24	22,901	30,530	21,076
Jun-24	23,194	31,475	21,245

Fund Statistics

Total Net Assets	$337,595,208
# of Portfolio Holdings	145
Portfolio Turnover Rate	148%
Advisory Fees and Waivers	1,060,409

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Retail Class	19.35%	11.04%	8.78%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Aggressive Target Risk Index	14.87%	8.90%	7.83%

What did the Fund invest in?

Top 10 Holdings

Berkshire Hathaway Inc	5.9%
Microsoft Corp	5.4%
NVIDIA Corp	4.1%
Amazon.com Inc	3.2%
Alphabet Inc	3.1%
Meta Platforms Inc	2.0%
Apple Inc	2.0%
Texas Instruments Inc	1.9%
Johnson & Johnson	1.8%
Merck & Co Inc	1.5%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Real Estate	0.0%^{Footnote Reference}
Utilities	0.2%^{Footnote Reference}
Materials	0.3%^{Footnote Reference}
Consumer Staples	2.2%^{Footnote Reference}
Energy	2.2%^{Footnote Reference}
Industrials	8.2%^{Footnote Reference}
Communication Services	9.9%^{Footnote Reference}
Consumer Discretionary	13.4%^{Footnote Reference}
Financials	14.7%^{Footnote Reference}
Health Care	14.7%^{Footnote Reference}
Information Technology	34.2%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	60.1%^{Footnote Reference}
Registered Investment Companies	5.0%^{Footnote Reference}
Money Market Registered Investment Companies	33.0%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.9%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLDGX

Dynamic Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLRUX

Conservative Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Conservative Allocation Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$61.84	1.22%

Total Return Based on a $10,000 Investment

	Retail Class	Bloomberg U.S. Aggregate Bond Index	Morningstar Conservative Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,622	9,975	9,931
Aug-14	10,111	10,085	10,037
Sep-14	9,718	10,017	9,874
Oct-14	9,880	10,115	9,937
Nov-14	9,865	10,187	9,983
Dec-14	9,681	10,196	9,927
Jan-15	9,463	10,410	9,974
Feb-15	9,793	10,312	10,027
Mar-15	9,703	10,360	9,987
Apr-15	9,892	10,323	10,045
May-15	9,883	10,298	10,001
Jun-15	9,426	10,186	9,926
Jul-15	9,343	10,257	9,953
Aug-15	8,835	10,242	9,839
Sep-15	8,267	10,311	9,810
Oct-15	8,754	10,313	9,944
Nov-15	8,360	10,286	9,885
Dec-15	8,043	10,252	9,836
Jan-16	7,833	10,393	9,810
Feb-16	7,893	10,467	9,886
Mar-16	8,531	10,563	10,114
Apr-16	8,822	10,604	10,197
May-16	9,077	10,606	10,188
Jun-16	9,372	10,797	10,340
Jul-16	9,557	10,865	10,466
Aug-16	9,506	10,853	10,459
Sep-16	9,780	10,847	10,489
Oct-16	9,401	10,764	10,383
Nov-16	9,468	10,509	10,245
Dec-16	9,641	10,524	10,296
Jan-17	9,605	10,544	10,374
Feb-17	9,768	10,615	10,479
Mar-17	9,917	10,610	10,501
Apr-17	9,917	10,692	10,588
May-17	9,962	10,774	10,680
Jun-17	9,958	10,763	10,675
Jul-17	10,238	10,809	10,774
Aug-17	10,170	10,906	10,848
Sep-17	10,211	10,854	10,862
Oct-17	10,148	10,861	10,909
Nov-17	10,292	10,847	10,955
Dec-17	10,378	10,897	11,017
Jan-18	10,488	10,771	11,068
Feb-18	10,309	10,669	10,911
Mar-18	10,267	10,737	10,923
Apr-18	10,235	10,658	10,877
May-18	10,304	10,734	10,927
Jun-18	10,272	10,720	10,923
Jul-18	10,392	10,723	10,993
Aug-18	10,494	10,792	11,055
Sep-18	10,480	10,722	11,021
Oct-18	10,140	10,638	10,807
Nov-18	10,145	10,701	10,895
Dec-18	10,106	10,898	10,885
Jan-19	10,306	11,014	11,165
Feb-19	10,383	11,007	11,228
Mar-19	10,502	11,218	11,393
Apr-19	10,603	11,221	11,469
May-19	10,449	11,421	11,459
Jun-19	10,765	11,564	11,707
Jul-19	10,823	11,589	11,738
Aug-19	10,847	11,890	11,832
Sep-19	10,871	11,826	11,873
Oct-19	10,934	11,862	11,965
Nov-19	11,007	11,856	12,007
Dec-19	11,142	11,848	12,106
Jan-20	11,200	12,076	12,230
Feb-20	10,971	12,293	12,159
Mar-20	10,371	12,221	11,698
Apr-20	10,596	12,438	12,114
May-20	10,806	12,496	12,312
Jun-20	10,909	12,575	12,456
Jul-20	11,208	12,762	12,742
Aug-20	11,400	12,659	12,833
Sep-20	11,253	12,652	12,745
Oct-20	11,125	12,596	12,652
Nov-20	11,597	12,720	13,112
Dec-20	11,841	12,737	13,286
Jan-21	11,777	12,646	13,191
Feb-21	11,772	12,463	13,074
Mar-21	11,871	12,308	13,073
Apr-21	12,099	12,405	13,282
May-21	12,158	12,445	13,395
Jun-21	12,277	12,533	13,476
Jul-21	12,317	12,673	13,604
Aug-21	12,402	12,649	13,651
Sep-21	12,213	12,539	13,435
Oct-21	12,363	12,536	13,529
Nov-21	12,278	12,573	13,465
Dec-21	12,391	12,541	13,586
Jan-22	12,129	12,271	13,243
Feb-22	12,039	12,134	13,071
Mar-22	11,914	11,796	12,850
Apr-22	11,594	11,349	12,303
May-22	11,604	11,422	12,356
Jun-22	11,133	11,243	11,953
Jul-22	11,290	11,518	12,342
Aug-22	11,127	11,192	11,994
Sep-22	10,907	10,709	11,318
Oct-22	10,975	10,570	11,385
Nov-22	11,245	10,959	11,910
Dec-22	11,122	10,909	11,800
Jan-23	11,404	11,245	12,221
Feb-23	11,207	10,954	11,912
Mar-23	11,346	11,232	12,169
Apr-23	11,410	11,300	12,257
May-23	11,297	11,177	12,093
Jun-23	11,490	11,137	12,206
Jul-23	11,620	11,130	12,311
Aug-23	11,528	11,059	12,163
Sep-23	11,328	10,778	11,832
Oct-23	11,204	10,607	11,615
Nov-23	11,693	11,088	12,223
Dec-23	12,197	11,512	12,713
Jan-24	12,219	11,481	12,686
Feb-24	12,328	11,318	12,642
Mar-24	12,559	11,423	12,810
Apr-24	12,200	11,134	12,474
May-24	12,537	11,323	12,729
Jun-24	12,669	11,430	12,838

Fund Statistics

Total Net Assets	$133,249,326
# of Portfolio Holdings	136
Portfolio Turnover Rate	72%
Advisory Fees and Waivers	321,819

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Retail Class	10.26%	3.31%	2.39%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Morningstar Conservative Target Risk Index	5.18%	1.86%	2.53%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	17.3%
Baird Core Plus Bond Fund - Class I	16.7%
Frost Total Return Bond Fund - Class I	8.7%
Dodge & Cox Income Fund - Class I	5.5%
Fidelity Advisor High Income Advantage Fund - Class Z	5.2%
BrandywineGLOBAL High Yield Fund - Class I	5.2%
iShares 20+ Year Treasury Bond ETF	5.1%
Eaton Vance Emerging Markets Debt Opportunities Fund - Class R6	3.4%
Berkshire Hathaway Inc	2.3%
Microsoft Corp	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.5%^{Footnote Reference}
Consumer Staples	2.5%^{Footnote Reference}
Energy	2.9%^{Footnote Reference}
Industrials	8.1%^{Footnote Reference}
Communication Services	9.4%^{Footnote Reference}
Consumer Discretionary	12.9%^{Footnote Reference}
Health Care	14.3%^{Footnote Reference}
Financials	14.4%^{Footnote Reference}
Information Technology	34.7%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	23.6%^{Footnote Reference}
Registered Investment Companies	68.4%^{Footnote Reference}
Money Market Registered Investment Companies	7.6%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.4%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLRUX

Conservative Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class BLNIX

Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$55.14	1.06%

Total Return Based on a $10,000 Investment

	Institutional Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,966	9,803	9,861
Aug-14	10,239	10,214	10,063
Sep-14	10,009	10,001	9,801
Oct-14	10,121	10,276	9,909
Nov-14	10,295	10,525	10,002
Dec-14	10,273	10,525	9,915
Jan-15	10,095	10,232	9,841
Feb-15	10,460	10,825	10,129
Mar-15	10,376	10,715	10,051
Apr-15	10,357	10,763	10,184
May-15	10,422	10,912	10,176
Jun-15	10,235	10,729	10,030
Jul-15	10,329	10,909	10,054
Aug-15	9,897	10,250	9,694
Sep-15	9,719	9,952	9,515
Oct-15	9,992	10,738	9,916
Nov-15	9,954	10,797	9,874
Dec-15	9,813	10,576	9,738
Jan-16	9,482	9,979	9,429
Feb-16	9,463	9,976	9,474
Mar-16	9,794	10,678	9,947
Apr-16	9,813	10,744	10,072
May-16	9,880	10,936	10,101
Jun-16	9,927	10,959	10,186
Jul-16	10,203	11,394	10,470
Aug-16	10,212	11,423	10,492
Sep-16	10,222	11,441	10,532
Oct-16	10,012	11,193	10,378
Nov-16	10,184	11,694	10,435
Dec-16	10,296	11,922	10,572
Jan-17	10,411	12,147	10,743
Feb-17	10,717	12,599	10,960
Mar-17	10,717	12,607	11,015
Apr-17	10,832	12,741	11,130
May-17	10,938	12,871	11,258
Jun-17	10,995	12,987	11,301
Jul-17	11,188	13,232	11,494
Aug-17	11,255	13,258	11,551
Sep-17	11,399	13,581	11,685
Oct-17	11,592	13,877	11,831
Nov-17	11,755	14,299	11,991
Dec-17	11,866	14,442	12,122
Jan-18	12,252	15,203	12,451
Feb-18	11,876	14,642	12,094
Mar-18	11,734	14,349	12,016
Apr-18	11,754	14,403	12,029
May-18	11,887	14,810	12,102
Jun-18	11,876	14,907	12,084
Jul-18	12,142	15,401	12,294
Aug-18	12,407	15,942	12,402
Sep-18	12,376	15,968	12,389
Oct-18	11,671	14,793	11,805
Nov-18	11,732	15,089	11,970
Dec-18	11,528	13,685	11,545
Jan-19	11,714	14,859	12,179
Feb-19	11,848	15,382	12,390
Mar-19	11,962	15,606	12,547
Apr-19	12,169	16,230	12,789
May-19	11,682	15,179	12,407
Jun-19	12,231	16,246	12,940
Jul-19	12,335	16,487	12,981
Aug-19	12,200	16,151	12,870
Sep-19	12,346	16,434	13,059
Oct-19	12,492	16,788	13,275
Nov-19	12,722	17,426	13,459
Dec-19	13,000	17,929	13,742
Jan-20	12,926	17,910	13,706
Feb-20	12,243	16,444	13,098
Mar-20	11,254	14,182	11,903
Apr-20	11,654	16,061	12,751
May-20	11,896	16,919	13,159
Jun-20	12,001	17,306	13,419
Jul-20	12,403	18,289	13,896
Aug-20	12,931	19,614	14,312
Sep-20	12,645	18,900	14,063
Oct-20	12,358	18,492	13,875
Nov-20	13,282	20,741	15,043
Dec-20	13,742	21,675	15,504
Jan-21	13,710	21,578	15,409
Feb-21	13,902	22,253	15,596
Mar-21	14,263	23,050	15,840
Apr-21	14,741	24,238	16,296
May-21	14,868	24,349	16,521
Jun-21	15,049	24,950	16,629
Jul-21	15,155	25,371	16,748
Aug-21	15,410	26,095	16,967
Sep-21	14,988	24,924	16,517
Oct-21	15,459	26,610	16,924
Nov-21	15,299	26,205	16,617
Dec-21	15,626	27,236	17,084
Jan-22	15,119	25,634	16,439
Feb-22	14,958	24,988	16,187
Mar-22	14,924	25,799	16,197
Apr-22	14,290	23,484	15,250
May-22	14,313	23,452	15,294
Jun-22	13,760	21,490	14,361
Jul-22	14,084	23,506	15,096
Aug-22	13,806	22,629	14,636
Sep-22	13,424	20,531	13,511
Oct-22	13,751	22,214	13,963
Nov-22	14,195	23,374	14,876
Dec-22	13,939	22,005	14,559
Jan-23	14,334	23,521	15,358
Feb-23	14,023	22,971	14,924
Mar-23	14,238	23,585	15,189
Apr-23	14,407	23,837	15,328
May-23	14,298	23,929	15,059
Jun-23	14,827	25,563	15,566
Jul-23	15,117	26,480	15,938
Aug-23	14,936	25,968	15,584
Sep-23	14,513	24,731	15,055
Oct-23	14,198	24,076	14,625
Nov-23	14,986	26,321	15,703
Dec-23	15,685	27,717	16,485
Jan-24	15,783	28,024	16,464
Feb-24	16,357	29,541	16,731
Mar-24	16,859	30,494	17,130
Apr-24	16,184	29,152	16,592
May-24	16,883	30,530	17,030
Jun-24	17,128	31,475	17,175

Fund Statistics

Total Net Assets	$391,853,611
# of Portfolio Holdings	157
Portfolio Turnover Rate	113%
Advisory Fees and Waivers	1,275,428

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Class	15.52%	6.97%	5.53%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.56%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	7.2%
Baird Core Plus Bond Fund - Class I	6.9%
Berkshire Hathaway Inc	5.7%
Microsoft Corp	5.1%
Frost Total Return Bond Fund - Class I	4.3%
NVIDIA Corp	3.9%
Amazon.com Inc	3.2%
Alphabet Inc	2.7%
Dodge & Cox Income Fund - Class I	2.3%
Fidelity Advisor High Income Advantage Fund - Class Z	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Materials	0.3%^{Footnote Reference}
Utilities	0.3%^{Footnote Reference}
Consumer Staples	2.1%^{Footnote Reference}
Energy	2.6%^{Footnote Reference}
Industrials	8.2%^{Footnote Reference}
Communication Services	10.0%^{Footnote Reference}
Consumer Discretionary	13.4%^{Footnote Reference}
Health Care	14.7%^{Footnote Reference}
Financials	15.0%^{Footnote Reference}
Information Technology	33.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	57.7%^{Footnote Reference}
Registered Investment Companies	29.2%^{Footnote Reference}
Money Market Registered Investment Companies	12.4%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.7%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class BLNIX

Balanced Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class BNDAX

Tactical Income Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$35.69	0.71%

Total Return Based on a $10,000 Investment

	Adviser Class	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Treasury Bill 1-3 Month Total Return Index
Jun-14	10,000	10,000	10,000
Jul-14	9,964	9,975	10,001
Aug-14	10,029	10,085	10,001
Sep-14	9,920	10,017	10,001
Oct-14	9,943	10,115	10,001
Nov-14	9,923	10,187	10,001
Dec-14	9,840	10,196	10,001
Jan-15	9,917	10,410	10,001
Feb-15	9,953	10,312	10,001
Mar-15	9,968	10,360	10,001
Apr-15	9,970	10,323	10,002
May-15	9,962	10,298	10,002
Jun-15	9,807	10,186	10,002
Jul-15	9,840	10,257	10,002
Aug-15	9,758	10,242	10,002
Sep-15	9,693	10,311	10,002
Oct-15	9,795	10,313	10,002
Nov-15	9,682	10,286	10,002
Dec-15	9,593	10,252	10,004
Jan-16	9,606	10,393	10,004
Feb-16	9,664	10,467	10,006
Mar-16	9,780	10,563	10,010
Apr-16	9,932	10,604	10,011
May-16	9,917	10,606	10,012
Jun-16	10,049	10,797	10,015
Jul-16	10,118	10,865	10,017
Aug-16	10,185	10,853	10,020
Sep-16	10,219	10,847	10,023
Oct-16	10,139	10,764	10,025
Nov-16	9,963	10,509	10,027
Dec-16	10,033	10,524	10,030
Jan-17	10,111	10,544	10,034
Feb-17	10,219	10,615	10,038
Mar-17	10,203	10,610	10,040
Apr-17	10,290	10,692	10,046
May-17	10,350	10,774	10,052
Jun-17	10,334	10,763	10,060
Jul-17	10,405	10,809	10,068
Aug-17	10,493	10,906	10,076
Sep-17	10,460	10,854	10,085
Oct-17	10,471	10,861	10,094
Nov-17	10,405	10,847	10,102
Dec-17	10,442	10,897	10,111
Jan-18	10,353	10,771	10,123
Feb-18	10,247	10,669	10,132
Mar-18	10,297	10,737	10,145
Apr-18	10,205	10,658	10,159
May-18	10,247	10,734	10,174
Jun-18	10,235	10,720	10,190
Jul-18	10,247	10,723	10,206
Aug-18	10,286	10,792	10,222
Sep-18	10,247	10,722	10,239
Oct-18	10,156	10,638	10,258
Nov-18	10,177	10,701	10,276
Dec-18	10,290	10,898	10,296
Jan-19	10,433	11,014	10,317
Feb-19	10,455	11,007	10,336
Mar-19	10,604	11,218	10,357
Apr-19	10,629	11,221	10,377
May-19	10,750	11,421	10,399
Jun-19	10,888	11,564	10,421
Jul-19	10,913	11,589	10,440
Aug-19	11,104	11,890	10,459
Sep-19	11,034	11,826	10,477
Oct-19	11,054	11,862	10,495
Nov-19	11,039	11,856	10,508
Dec-19	11,067	11,848	10,524
Jan-20	11,245	12,076	10,537
Feb-20	11,356	12,293	10,551
Mar-20	11,081	12,221	10,572
Apr-20	11,263	12,438	10,573
May-20	11,423	12,496	10,573
Jun-20	11,551	12,575	10,575
Jul-20	11,770	12,762	10,576
Aug-20	11,738	12,659	10,577
Sep-20	11,687	12,652	10,578
Oct-20	11,645	12,596	10,579
Nov-20	11,841	12,720	10,580
Dec-20	11,936	12,737	10,580
Jan-21	11,846	12,646	10,581
Feb-21	11,706	12,463	10,582
Mar-21	11,647	12,308	10,582
Apr-21	11,737	12,405	10,582
May-21	11,752	12,445	10,582
Jun-21	11,845	12,533	10,582
Jul-21	11,854	12,673	10,583
Aug-21	11,867	12,649	10,583
Sep-21	11,798	12,539	10,583
Oct-21	11,775	12,536	10,584
Nov-21	11,739	12,573	10,584
Dec-21	11,745	12,541	10,585
Jan-22	11,588	12,271	10,585
Feb-22	11,542	12,134	10,586
Mar-22	11,414	11,796	10,588
Apr-22	11,371	11,349	10,591
May-22	11,359	11,422	10,596
Jun-22	11,053	11,243	10,601
Jul-22	11,090	11,518	10,610
Aug-22	11,029	11,192	10,630
Sep-22	10,963	10,709	10,652
Oct-22	10,971	10,570	10,674
Nov-22	11,131	10,959	10,708
Dec-22	11,082	10,909	10,746
Jan-23	11,268	11,245	10,782
Feb-23	11,156	10,954	10,820
Mar-23	11,255	11,232	10,863
Apr-23	11,299	11,300	10,905
May-23	11,260	11,177	10,949
Jun-23	11,323	11,137	10,996
Jul-23	11,405	11,130	11,044
Aug-23	11,382	11,059	11,094
Sep-23	11,347	10,778	11,144
Oct-23	11,321	10,607	11,195
Nov-23	11,616	11,088	11,245
Dec-23	11,917	11,512	11,298
Jan-24	11,962	11,481	11,347
Feb-24	11,955	11,318	11,395
Mar-24	12,072	11,423	11,447
Apr-24	11,964	11,134	11,497
May-24	12,104	11,323	11,553
Jun-24	12,183	11,430	11,601

Fund Statistics

Total Net Assets	$74,359,352
# of Portfolio Holdings	14
Portfolio Turnover Rate	69%
Advisory Fees and Waivers	141,954

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Adviser Class	7.60%	2.27%	1.99%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Bloomberg U.S. Treasury Bill 1-3 Month Total Return Index	5.50%	2.17%	1.50%

What did the Fund invest in?

Top 10 Holdings

PIMCO Low Duration Income Fund - Class I	14.5%
Fidelity Advisor High Income Advantage Fund - Class Z	12.3%
BrandywineGLOBAL High Yield Fund - Class I	12.2%
Frost Total Return Bond Fund - Class I	11.7%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	10.2%
Fidelity Total Bond Fund - Class Z	9.7%
iShares J.P. Morgan USD Emerging Markets Bond ETF	6.7%
Eaton Vance Emerging Markets Debt Opportunities Fund - Class R6	4.9%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
International Fixed Income	6.7%^{Footnote Reference}
Money Market Registered Investment Companies	17.6%^{Footnote Reference}
U.S. Fixed Income	75.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Registered Investment Companies	82.1%^{Footnote Reference}
Money Market Registered Investment Companies	17.6%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.3%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class BNDAX

Tactical Income Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class DYGAX

Dynamic Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$48.62	0.92%

Total Return Based on a $10,000 Investment

	Adviser Class	Russell 3000 Index	Morningstar Aggressive Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	10,018	9,803	9,802
Aug-14	10,392	10,214	10,073
Sep-14	10,114	10,001	9,718
Oct-14	10,357	10,276	9,855
Nov-14	10,656	10,525	9,977
Dec-14	10,642	10,525	9,849
Jan-15	10,366	10,232	9,675
Feb-15	10,908	10,825	10,174
Mar-15	10,759	10,715	10,064
Apr-15	10,770	10,763	10,278
May-15	10,876	10,912	10,299
Jun-15	10,653	10,729	10,098
Jul-15	10,791	10,909	10,112
Aug-15	10,111	10,250	9,517
Sep-15	9,760	9,952	9,205
Oct-15	10,410	10,738	9,829
Nov-15	10,474	10,797	9,792
Dec-15	10,274	10,576	9,586
Jan-16	9,648	9,979	9,036
Feb-16	9,506	9,976	9,037
Mar-16	10,142	10,678	9,710
Apr-16	10,109	10,744	9,870
May-16	10,230	10,936	9,920
Jun-16	10,219	10,959	9,926
Jul-16	10,604	11,394	10,346
Aug-16	10,593	11,423	10,392
Sep-16	10,627	11,441	10,448
Oct-16	10,333	11,193	10,247
Nov-16	10,654	11,694	10,465
Dec-16	10,838	11,922	10,673
Jan-17	11,005	12,147	10,931
Feb-17	11,428	12,599	11,235
Mar-17	11,406	12,607	11,330
Apr-17	11,540	12,741	11,477
May-17	11,730	12,871	11,648
Jun-17	11,786	12,987	11,736
Jul-17	12,065	13,232	12,017
Aug-17	12,154	13,258	12,051
Sep-17	12,411	13,581	12,307
Oct-17	12,746	13,877	12,544
Nov-17	13,003	14,299	12,823
Dec-17	13,160	14,442	13,015
Jan-18	13,910	15,203	13,644
Feb-18	13,366	14,642	13,101
Mar-18	13,124	14,349	12,928
Apr-18	13,233	14,403	13,003
May-18	13,426	14,810	13,105
Jun-18	13,281	14,907	13,076
Jul-18	13,669	15,401	13,424
Aug-18	13,936	15,942	13,585
Sep-18	13,924	15,968	13,587
Oct-18	12,941	14,793	12,610
Nov-18	13,123	15,089	12,846
Dec-18	12,042	13,685	11,952
Jan-19	12,986	14,859	12,927
Feb-19	13,305	15,382	13,285
Mar-19	13,446	15,606	13,414
Apr-19	13,815	16,230	13,821
May-19	12,980	15,179	13,057
Jun-19	13,821	16,246	13,870
Jul-19	13,882	16,487	13,919
Aug-19	13,612	16,151	13,596
Sep-19	13,858	16,434	13,918
Oct-19	14,154	16,788	14,257
Nov-19	14,548	17,426	14,581
Dec-19	14,967	17,929	15,049
Jan-20	14,716	17,910	14,833
Feb-20	13,623	16,444	13,658
Mar-20	11,976	14,182	11,630
Apr-20	13,321	16,061	12,831
May-20	14,025	16,919	13,413
Jun-20	14,339	17,306	13,758
Jul-20	15,020	18,289	14,404
Aug-20	15,979	19,614	15,120
Sep-20	15,444	18,900	14,722
Oct-20	15,015	18,492	14,464
Nov-20	16,606	20,741	16,297
Dec-20	17,340	21,675	17,044
Jan-21	17,340	21,578	16,972
Feb-21	17,688	22,253	17,499
Mar-21	18,281	23,050	18,003
Apr-21	19,002	24,238	18,723
May-21	19,286	24,349	19,052
Jun-21	19,556	24,950	19,181
Jul-21	19,724	25,371	19,264
Aug-21	20,213	26,095	19,678
Sep-21	19,384	24,924	18,980
Oct-21	20,470	26,610	19,741
Nov-21	20,095	26,205	19,143
Dec-21	20,812	27,236	19,993
Jan-22	19,777	25,634	19,026
Feb-22	19,363	24,988	18,712
Mar-22	19,792	25,799	19,022
Apr-22	18,224	23,484	17,671
May-22	18,313	23,452	17,690
Jun-22	16,819	21,490	16,188
Jul-22	18,002	23,506	17,273
Aug-22	17,247	22,629	16,714
Sep-22	15,842	20,531	15,163
Oct-22	17,116	22,214	16,088
Nov-22	18,434	23,374	17,363
Dec-22	17,643	22,005	16,808
Jan-23	18,700	23,521	18,006
Feb-23	18,133	22,971	17,472
Mar-23	18,715	23,585	17,717
Apr-23	19,052	23,837	17,897
May-23	18,776	23,929	17,522
Jun-23	19,834	25,563	18,494
Jul-23	20,388	26,480	19,195
Aug-23	20,003	25,968	18,615
Sep-23	19,219	24,731	17,892
Oct-23	18,617	24,076	17,252
Nov-23	20,161	26,321	18,808
Dec-23	21,299	27,717	19,884
Jan-24	21,393	28,024	19,856
Feb-24	22,480	29,541	20,532
Mar-24	23,350	30,494	21,190
Apr-24	22,306	29,152	20,446
May-24	23,444	30,530	21,076
Jun-24	23,755	31,475	21,245

Fund Statistics

Total Net Assets	$337,595,208
# of Portfolio Holdings	145
Portfolio Turnover Rate	148%
Advisory Fees and Waivers	1,060,409

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Adviser Class	19.77%	11.44%	9.04%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Aggressive Target Risk Index	14.87%	8.90%	7.83%

What did the Fund invest in?

Top 10 Holdings

Berkshire Hathaway Inc	5.9%
Microsoft Corp	5.4%
NVIDIA Corp	4.1%
Amazon.com Inc	3.2%
Alphabet Inc	3.1%
Meta Platforms Inc	2.0%
Apple Inc	2.0%
Texas Instruments Inc	1.9%
Johnson & Johnson	1.8%
Merck & Co Inc	1.5%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Real Estate	0.0%^{Footnote Reference}
Utilities	0.2%^{Footnote Reference}
Materials	0.3%^{Footnote Reference}
Consumer Staples	2.2%^{Footnote Reference}
Energy	2.2%^{Footnote Reference}
Industrials	8.2%^{Footnote Reference}
Communication Services	9.9%^{Footnote Reference}
Consumer Discretionary	13.4%^{Footnote Reference}
Financials	14.7%^{Footnote Reference}
Health Care	14.7%^{Footnote Reference}
Information Technology	34.2%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	60.1%^{Footnote Reference}
Registered Investment Companies	5.0%^{Footnote Reference}
Money Market Registered Investment Companies	33.0%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.9%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class DYGAX

Dynamic Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLSPX

Spectrum Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$65.53	1.24%

Total Return Based on a $10,000 Investment

	Retail Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jan-15	10,000	10,000	10,000
Jan-15	9,770	9,722	9,925
Feb-15	10,350	10,285	10,216
Mar-15	10,310	10,180	10,137
Apr-15	10,170	10,226	10,271
May-15	10,290	10,368	10,263
Jun-15	10,100	10,194	10,115
Jul-15	10,280	10,365	10,140
Aug-15	9,770	9,739	9,777
Sep-15	9,650	9,455	9,596
Oct-15	10,050	10,202	10,000
Nov-15	10,090	10,258	9,959
Dec-15	9,879	10,048	9,821
Jan-16	9,463	9,481	9,509
Feb-16	9,504	9,478	9,555
Mar-16	9,920	10,145	10,032
Apr-16	9,808	10,208	10,158
May-16	9,940	10,391	10,187
Jun-16	9,869	10,412	10,273
Jul-16	10,214	10,825	10,560
Aug-16	10,224	10,853	10,582
Sep-16	10,235	10,870	10,622
Oct-16	10,123	10,635	10,467
Nov-16	10,417	11,111	10,524
Dec-16	10,568	11,327	10,663
Jan-17	10,702	11,541	10,835
Feb-17	11,113	11,970	11,054
Mar-17	11,113	11,978	11,109
Apr-17	11,185	12,105	11,225
May-17	11,267	12,229	11,355
Jun-17	11,318	12,339	11,398
Jul-17	11,534	12,572	11,592
Aug-17	11,586	12,596	11,650
Sep-17	11,853	12,903	11,785
Oct-17	12,151	13,185	11,932
Nov-17	12,449	13,585	12,094
Dec-17	12,605	13,721	12,225
Jan-18	13,242	14,444	12,558
Feb-18	12,759	13,912	12,197
Mar-18	12,496	13,633	12,119
Apr-18	12,595	13,684	12,132
May-18	12,770	14,071	12,206
Jun-18	12,715	14,163	12,187
Jul-18	13,089	14,633	12,399
Aug-18	13,495	15,147	12,508
Sep-18	13,495	15,172	12,494
Oct-18	12,386	14,055	11,906
Nov-18	12,485	14,336	12,072
Dec-18	12,106	13,002	11,644
Jan-19	12,284	14,118	12,283
Feb-19	12,439	14,614	12,496
Mar-19	12,484	14,828	12,654
Apr-19	12,828	15,420	12,898
May-19	12,028	14,422	12,513
Jun-19	12,750	15,435	13,050
Jul-19	12,850	15,664	13,092
Aug-19	12,606	15,345	12,980
Sep-19	12,828	15,614	13,170
Oct-19	12,939	15,950	13,389
Nov-19	13,340	16,557	13,574
Dec-19	13,683	17,035	13,859
Jan-20	13,380	17,016	13,823
Feb-20	12,303	15,623	13,210
Mar-20	10,787	13,475	12,005
Apr-20	11,191	15,259	12,860
May-20	11,348	16,075	13,272
Jun-20	11,472	16,443	13,534
Jul-20	11,932	17,376	14,014
Aug-20	12,707	18,635	14,435
Sep-20	12,314	17,957	14,184
Oct-20	11,921	17,569	13,993
Nov-20	13,067	19,707	15,172
Dec-20	13,652	20,593	15,636
Jan-21	13,663	20,501	15,541
Feb-21	13,978	21,142	15,729
Mar-21	14,494	21,900	15,975
Apr-21	15,146	23,029	16,435
May-21	15,315	23,134	16,662
Jun-21	15,573	23,705	16,771
Jul-21	15,730	24,105	16,891
Aug-21	16,135	24,793	17,112
Sep-21	15,542	23,681	16,658
Oct-21	16,307	25,282	17,069
Nov-21	16,059	24,897	16,759
Dec-21	16,461	25,877	17,230
Jan-22	15,809	24,355	16,579
Feb-22	15,643	23,741	16,325
Mar-22	15,738	24,512	16,336
Apr-22	14,908	22,312	15,381
May-22	14,920	22,282	15,425
Jun-22	14,374	20,418	14,484
Jul-22	14,801	22,333	15,225
Aug-22	14,457	21,500	14,761
Sep-22	13,937	19,506	13,626
Oct-22	14,424	21,106	14,082
Nov-22	14,938	22,208	15,004
Dec-22	14,564	20,907	14,684
Jan-23	15,162	22,347	15,489
Feb-23	14,796	21,825	15,052
Mar-23	14,967	22,408	15,319
Apr-23	15,150	22,647	15,459
May-23	15,028	22,735	15,187
Jun-23	15,784	24,288	15,699
Jul-23	16,225	25,158	16,074
Aug-23	15,931	24,673	15,717
Sep-23	15,319	23,497	15,183
Oct-23	14,865	22,875	14,750
Nov-23	15,786	25,008	15,837
Dec-23	16,554	26,334	16,626
Jan-24	16,660	26,626	16,604
Feb-24	17,520	28,067	16,874
Mar-24	18,169	28,973	17,276
Apr-24	17,361	27,698	16,734
May-24	18,394	29,006	17,175
Jun-24	18,632	29,904	17,322

Fund Statistics

Total Net Assets	$211,678,626
# of Portfolio Holdings	496
Portfolio Turnover Rate	139%
Advisory Fees and Waivers	747,751

Average Annual Total Returns

.	1 Year	5 Year	Since Inception
Retail Class (Inception Date: 1/1/15)	18.04%	7.88%	6.77%
Russell 3000 Index	23.13%	14.14%	12.23%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.96%

What did the Fund invest in?

Top 10 Holdings

Microsoft Corp	5.1%
iShares Short Treasury Bond ETF	4.4%
Berkshire Hathaway Inc	4.3%
NVIDIA Corp	3.9%
Apple Inc	3.4%
Mastercard Inc	2.7%
Alphabet Inc	2.6%
Amazon.com Inc	2.4%
Texas Instruments Inc	2.3%
Exxon Mobil Corp	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Real Estate	- 2.5%^{Footnote Reference}
Materials	- 1.2%^{Footnote Reference}
Consumer Staples	1.6%^{Footnote Reference}
Utilities	1.6%^{Footnote Reference}
Communication Services	8.3%^{Footnote Reference}
Industrials	8.5%^{Footnote Reference}
Energy	8.9%^{Footnote Reference}
Health Care	10.2%^{Footnote Reference}
Consumer Discretionary	14.0%^{Footnote Reference}
Financials	15.5%^{Footnote Reference}
Information Technology	35.1%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	68.6%^{Footnote Reference}
Registered Investment Companies	4.4%^{Footnote Reference}
Money Market Registered Investment Companies	2.7%^{Footnote Reference}
Assets/Other Liabilities (Net)	24.3%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLSPX

Spectrum Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class BNDIX

Tactical Income Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$40.18	0.80%

Total Return Based on a $10,000 Investment

	Institutional Class	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Treasury Bill 1-3 Month Total Return Index
Jun-14	10,000	10,000	10,000
Jul-14	9,964	9,975	10,001
Aug-14	10,029	10,085	10,001
Sep-14	9,920	10,017	10,001
Oct-14	9,943	10,115	10,001
Nov-14	9,923	10,187	10,001
Dec-14	9,840	10,196	10,001
Jan-15	9,917	10,410	10,001
Feb-15	9,953	10,312	10,001
Mar-15	9,968	10,360	10,001
Apr-15	9,970	10,323	10,002
May-15	9,962	10,298	10,002
Jun-15	9,807	10,186	10,002
Jul-15	9,840	10,257	10,002
Aug-15	9,758	10,242	10,002
Sep-15	9,693	10,311	10,002
Oct-15	9,795	10,313	10,002
Nov-15	9,682	10,286	10,002
Dec-15	9,593	10,252	10,004
Jan-16	9,606	10,393	10,004
Feb-16	9,664	10,467	10,006
Mar-16	9,780	10,563	10,010
Apr-16	9,932	10,604	10,011
May-16	9,917	10,606	10,012
Jun-16	10,049	10,797	10,015
Jul-16	10,118	10,865	10,017
Aug-16	10,185	10,853	10,020
Sep-16	10,219	10,847	10,023
Oct-16	10,139	10,764	10,025
Nov-16	9,963	10,509	10,027
Dec-16	10,030	10,524	10,030
Jan-17	10,108	10,544	10,034
Feb-17	10,227	10,615	10,038
Mar-17	10,211	10,610	10,040
Apr-17	10,298	10,692	10,046
May-17	10,358	10,774	10,052
Jun-17	10,331	10,763	10,060
Jul-17	10,413	10,809	10,068
Aug-17	10,496	10,906	10,076
Sep-17	10,463	10,854	10,085
Oct-17	10,485	10,861	10,094
Nov-17	10,413	10,847	10,102
Dec-17	10,451	10,897	10,111
Jan-18	10,362	10,771	10,123
Feb-18	10,260	10,669	10,132
Mar-18	10,313	10,737	10,145
Apr-18	10,221	10,658	10,159
May-18	10,266	10,734	10,174
Jun-18	10,255	10,720	10,190
Jul-18	10,271	10,723	10,206
Aug-18	10,310	10,792	10,222
Sep-18	10,271	10,722	10,239
Oct-18	10,186	10,638	10,258
Nov-18	10,197	10,701	10,276
Dec-18	10,324	10,898	10,296
Jan-19	10,466	11,014	10,317
Feb-19	10,489	11,007	10,336
Mar-19	10,638	11,218	10,357
Apr-19	10,667	11,221	10,377
May-19	10,794	11,421	10,399
Jun-19	10,932	11,564	10,421
Jul-19	10,950	11,589	10,440
Aug-19	11,143	11,890	10,459
Sep-19	11,085	11,826	10,477
Oct-19	11,107	11,862	10,495
Nov-19	11,080	11,856	10,508
Dec-19	11,115	11,848	10,524
Jan-20	11,296	12,076	10,537
Feb-20	11,396	12,293	10,551
Mar-20	11,131	12,221	10,572
Apr-20	11,302	12,438	10,573
May-20	11,473	12,496	10,573
Jun-20	11,602	12,575	10,575
Jul-20	11,824	12,762	10,576
Aug-20	11,792	12,659	10,577
Sep-20	11,741	12,652	10,578
Oct-20	11,699	12,596	10,579
Nov-20	11,896	12,720	10,580
Dec-20	11,989	12,737	10,580
Jan-21	11,899	12,646	10,581
Feb-21	11,760	12,463	10,582
Mar-21	11,700	12,308	10,582
Apr-21	11,778	12,405	10,582
May-21	11,806	12,445	10,582
Jun-21	11,898	12,533	10,582
Jul-21	11,905	12,673	10,583
Aug-21	11,919	12,649	10,583
Sep-21	11,836	12,539	10,583
Oct-21	11,825	12,536	10,584
Nov-21	11,777	12,573	10,584
Dec-21	11,795	12,541	10,585
Jan-22	11,638	12,271	10,585
Feb-22	11,579	12,134	10,586
Mar-22	11,460	11,796	10,588
Apr-22	11,405	11,349	10,591
May-22	11,393	11,422	10,596
Jun-22	11,098	11,243	10,601
Jul-22	11,135	11,518	10,610
Aug-22	11,061	11,192	10,630
Sep-22	10,992	10,709	10,652
Oct-22	11,001	10,570	10,674
Nov-22	11,161	10,959	10,708
Dec-22	11,123	10,909	10,746
Jan-23	11,297	11,245	10,782
Feb-23	11,185	10,954	10,820
Mar-23	11,297	11,232	10,863
Apr-23	11,341	11,300	10,905
May-23	11,285	11,177	10,949
Jun-23	11,348	11,137	10,996
Jul-23	11,430	11,130	11,044
Aug-23	11,407	11,059	11,094
Sep-23	11,371	10,778	11,144
Oct-23	11,355	10,607	11,195
Nov-23	11,638	11,088	11,245
Dec-23	11,950	11,512	11,298
Jan-24	11,982	11,481	11,347
Feb-24	11,989	11,318	11,395
Mar-24	12,102	11,423	11,447
Apr-24	11,994	11,134	11,497
May-24	12,134	11,323	11,553
Jun-24	12,200	11,430	11,601

Fund Statistics

Total Net Assets	$74,359,352
# of Portfolio Holdings	14
Portfolio Turnover Rate	69%
Advisory Fees and Waivers	141,954

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Class	7.51%	2.22%	2.01%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Bloomberg U.S. Treasury Bill 1-3 Month Total Return Index	5.50%	2.17%	1.50%

What did the Fund invest in?

Top 10 Holdings

PIMCO Low Duration Income Fund - Class I	14.5%
Fidelity Advisor High Income Advantage Fund - Class Z	12.3%
BrandywineGLOBAL High Yield Fund - Class I	12.2%
Frost Total Return Bond Fund - Class I	11.7%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	10.2%
Fidelity Total Bond Fund - Class Z	9.7%
iShares J.P. Morgan USD Emerging Markets Bond ETF	6.7%
Eaton Vance Emerging Markets Debt Opportunities Fund - Class R6	4.9%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
International Fixed Income	6.7%^{Footnote Reference}
Money Market Registered Investment Companies	17.6%^{Footnote Reference}
U.S. Fixed Income	75.4%^{Footnote Reference}

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

Asset Weighting

Value	Value
Registered Investment Companies	82.1%^{Footnote Reference}
Money Market Registered Investment Companies	17.6%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.3%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class BNDIX

Tactical Income Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class IFAAX

Conservative Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$44.13	0.87%

Total Return Based on a $10,000 Investment

	Adviser Class	Bloomberg U.S. Aggregate Bond Index	Morningstar Conservative Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,622	9,975	9,931
Aug-14	10,111	10,085	10,037
Sep-14	9,718	10,017	9,874
Oct-14	9,880	10,115	9,937
Nov-14	9,865	10,187	9,983
Dec-14	9,681	10,196	9,927
Jan-15	9,463	10,410	9,974
Feb-15	9,793	10,312	10,027
Mar-15	9,703	10,360	9,987
Apr-15	9,892	10,323	10,045
May-15	9,883	10,298	10,001
Jun-15	9,426	10,186	9,926
Jul-15	9,343	10,257	9,953
Aug-15	8,835	10,242	9,839
Sep-15	8,267	10,311	9,810
Oct-15	8,754	10,313	9,944
Nov-15	8,360	10,286	9,885
Dec-15	8,043	10,252	9,836
Jan-16	7,833	10,393	9,810
Feb-16	7,893	10,467	9,886
Mar-16	8,531	10,563	10,114
Apr-16	8,822	10,604	10,197
May-16	9,077	10,606	10,188
Jun-16	9,372	10,797	10,340
Jul-16	9,557	10,865	10,466
Aug-16	9,506	10,853	10,459
Sep-16	9,780	10,847	10,489
Oct-16	9,401	10,764	10,383
Nov-16	9,463	10,509	10,245
Dec-16	9,640	10,524	10,296
Jan-17	9,608	10,544	10,374
Feb-17	9,771	10,615	10,479
Mar-17	9,924	10,610	10,501
Apr-17	9,929	10,692	10,588
May-17	9,978	10,774	10,680
Jun-17	9,974	10,763	10,675
Jul-17	10,254	10,809	10,774
Aug-17	10,191	10,906	10,848
Sep-17	10,231	10,854	10,862
Oct-17	10,168	10,861	10,909
Nov-17	10,317	10,847	10,955
Dec-17	10,411	10,897	11,017
Jan-18	10,521	10,771	11,068
Feb-18	10,338	10,669	10,911
Mar-18	10,302	10,737	10,923
Apr-18	10,270	10,658	10,877
May-18	10,338	10,734	10,927
Jun-18	10,311	10,720	10,923
Jul-18	10,435	10,723	10,993
Aug-18	10,536	10,792	11,055
Sep-18	10,522	10,722	11,021
Oct-18	10,181	10,638	10,807
Nov-18	10,190	10,701	10,895
Dec-18	10,151	10,898	10,885
Jan-19	10,350	11,014	11,165
Feb-19	10,430	11,007	11,228
Mar-19	10,549	11,218	11,393
Apr-19	10,653	11,221	11,469
May-19	10,506	11,421	11,459
Jun-19	10,820	11,564	11,707
Jul-19	10,882	11,589	11,738
Aug-19	10,910	11,890	11,832
Sep-19	10,934	11,826	11,873
Oct-19	11,002	11,862	11,965
Nov-19	11,078	11,856	12,007
Dec-19	11,218	11,848	12,106
Jan-20	11,281	12,076	12,230
Feb-20	11,053	12,293	12,159
Mar-20	10,451	12,221	11,698
Apr-20	10,685	12,438	12,114
May-20	10,899	12,496	12,312
Jun-20	11,006	12,575	12,456
Jul-20	11,314	12,762	12,742
Aug-20	11,504	12,659	12,833
Sep-20	11,363	12,652	12,745
Oct-20	11,235	12,596	12,652
Nov-20	11,716	12,720	13,112
Dec-20	11,968	12,737	13,286
Jan-21	11,908	12,646	13,191
Feb-21	11,904	12,463	13,074
Mar-21	12,012	12,308	13,073
Apr-21	12,245	12,405	13,282
May-21	12,305	12,445	13,395
Jun-21	12,434	12,533	13,476
Jul-21	12,479	12,673	13,604
Aug-21	12,569	12,649	13,651
Sep-21	12,379	12,539	13,435
Oct-21	12,534	12,536	13,529
Nov-21	12,454	12,573	13,465
Dec-21	12,571	12,541	13,586
Jan-22	12,308	12,271	13,243
Feb-22	12,219	12,134	13,071
Mar-22	12,092	11,796	12,850
Apr-22	11,772	11,349	12,303
May-22	11,782	11,422	12,356
Jun-22	11,304	11,243	11,953
Jul-22	11,467	11,518	12,342
Aug-22	11,309	11,192	11,994
Sep-22	11,088	10,709	11,318
Oct-22	11,162	10,570	11,385
Nov-22	11,444	10,959	11,910
Dec-22	11,322	10,909	11,800
Jan-23	11,611	11,245	12,221
Feb-23	11,413	10,954	11,912
Mar-23	11,558	11,232	12,169
Apr-23	11,628	11,300	12,257
May-23	11,520	11,177	12,093
Jun-23	11,714	11,137	12,206
Jul-23	11,850	11,130	12,311
Aug-23	11,763	11,059	12,163
Sep-23	11,562	10,778	11,832
Oct-23	11,436	10,607	11,615
Nov-23	11,940	11,088	12,223
Dec-23	12,461	11,512	12,713
Jan-24	12,483	11,481	12,686
Feb-24	12,599	11,318	12,642
Mar-24	12,837	11,423	12,810
Apr-24	12,475	11,134	12,474
May-24	12,821	11,323	12,729
Jun-24	12,960	11,430	12,838

Fund Statistics

Total Net Assets	$133,249,326
# of Portfolio Holdings	136
Portfolio Turnover Rate	72%
Advisory Fees and Waivers	321,819

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Adviser Class	10.63%	3.68%	2.63%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Morningstar Conservative Target Risk Index	5.18%	1.86%	2.53%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	17.3%
Baird Core Plus Bond Fund - Class I	16.7%
Frost Total Return Bond Fund - Class I	8.7%
Dodge & Cox Income Fund - Class I	5.5%
Fidelity Advisor High Income Advantage Fund - Class Z	5.2%
BrandywineGLOBAL High Yield Fund - Class I	5.2%
iShares 20+ Year Treasury Bond ETF	5.1%
Eaton Vance Emerging Markets Debt Opportunities Fund - Class R6	3.4%
Berkshire Hathaway Inc	2.3%
Microsoft Corp	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.5%^{Footnote Reference}
Consumer Staples	2.5%^{Footnote Reference}
Energy	2.9%^{Footnote Reference}
Industrials	8.1%^{Footnote Reference}
Communication Services	9.4%^{Footnote Reference}
Consumer Discretionary	12.9%^{Footnote Reference}
Health Care	14.3%^{Footnote Reference}
Financials	14.4%^{Footnote Reference}
Information Technology	34.7%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	23.6%^{Footnote Reference}
Registered Investment Companies	68.4%^{Footnote Reference}
Money Market Registered Investment Companies	7.6%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.4%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class IFAAX

Conservative Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class DYGIX

Dynamic Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$52.79	1.00%

Total Return Based on a $10,000 Investment

	Institutional Class	Russell 3000 Index	Morningstar Aggressive Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	10,018	9,803	9,802
Aug-14	10,392	10,214	10,073
Sep-14	10,114	10,001	9,718
Oct-14	10,357	10,276	9,855
Nov-14	10,656	10,525	9,977
Dec-14	10,642	10,525	9,849
Jan-15	10,366	10,232	9,675
Feb-15	10,908	10,825	10,174
Mar-15	10,759	10,715	10,064
Apr-15	10,770	10,763	10,278
May-15	10,876	10,912	10,299
Jun-15	10,653	10,729	10,098
Jul-15	10,791	10,909	10,112
Aug-15	10,111	10,250	9,517
Sep-15	9,760	9,952	9,205
Oct-15	10,410	10,738	9,829
Nov-15	10,474	10,797	9,792
Dec-15	10,274	10,576	9,586
Jan-16	9,648	9,979	9,036
Feb-16	9,506	9,976	9,037
Mar-16	10,142	10,678	9,710
Apr-16	10,109	10,744	9,870
May-16	10,230	10,936	9,920
Jun-16	10,219	10,959	9,926
Jul-16	10,604	11,394	10,346
Aug-16	10,593	11,423	10,392
Sep-16	10,627	11,441	10,448
Oct-16	10,333	11,193	10,247
Nov-16	10,654	11,694	10,465
Dec-16	10,829	11,922	10,673
Jan-17	11,007	12,147	10,931
Feb-17	11,430	12,599	11,235
Mar-17	11,408	12,607	11,330
Apr-17	11,531	12,741	11,477
May-17	11,720	12,871	11,648
Jun-17	11,787	12,987	11,736
Jul-17	12,067	13,232	12,017
Aug-17	12,157	13,258	12,051
Sep-17	12,425	13,581	12,307
Oct-17	12,760	13,877	12,544
Nov-17	13,018	14,299	12,823
Dec-17	13,168	14,442	13,015
Jan-18	13,932	15,203	13,644
Feb-18	13,374	14,642	13,101
Mar-18	13,144	14,349	12,928
Apr-18	13,253	14,403	13,003
May-18	13,447	14,810	13,105
Jun-18	13,314	14,907	13,076
Jul-18	13,703	15,401	13,424
Aug-18	13,983	15,942	13,585
Sep-18	13,971	15,968	13,587
Oct-18	12,985	14,793	12,610
Nov-18	13,167	15,089	12,846
Dec-18	12,091	13,685	11,952
Jan-19	13,039	14,859	12,927
Feb-19	13,359	15,382	13,285
Mar-19	13,507	15,606	13,414
Apr-19	13,877	16,230	13,821
May-19	13,026	15,179	13,057
Jun-19	13,877	16,246	13,870
Jul-19	13,951	16,487	13,919
Aug-19	13,679	16,151	13,596
Sep-19	13,926	16,434	13,918
Oct-19	14,224	16,788	14,257
Nov-19	14,621	17,426	14,581
Dec-19	15,041	17,929	15,049
Jan-20	14,788	17,910	14,833
Feb-20	13,689	16,444	13,658
Mar-20	12,033	14,182	11,630
Apr-20	13,398	16,061	12,831
May-20	14,106	16,919	13,413
Jun-20	14,426	17,306	13,758
Jul-20	15,111	18,289	14,404
Aug-20	16,075	19,614	15,120
Sep-20	15,531	18,900	14,722
Oct-20	15,098	18,492	14,464
Nov-20	16,700	20,741	16,297
Dec-20	17,439	21,675	17,044
Jan-21	17,426	21,578	16,972
Feb-21	17,789	22,253	17,499
Mar-21	18,373	23,050	18,003
Apr-21	19,099	24,238	18,723
May-21	19,384	24,349	19,052
Jun-21	19,656	24,950	19,181
Jul-21	19,825	25,371	19,264
Aug-21	20,318	26,095	19,678
Sep-21	19,481	24,924	18,980
Oct-21	20,574	26,610	19,741
Nov-21	20,184	26,205	19,143
Dec-21	20,905	27,236	19,993
Jan-22	19,878	25,634	19,026
Feb-22	19,446	24,988	18,712
Mar-22	19,893	25,799	19,022
Apr-22	18,315	23,484	17,671
May-22	18,404	23,452	17,690
Jun-22	16,900	21,490	16,188
Jul-22	18,091	23,506	17,273
Aug-22	17,332	22,629	16,714
Sep-22	15,917	20,531	15,163
Oct-22	17,184	22,214	16,088
Nov-22	18,511	23,374	17,363
Dec-22	17,715	22,005	16,808
Jan-23	18,779	23,521	18,006
Feb-23	18,209	22,971	17,472
Mar-23	18,795	23,585	17,717
Apr-23	19,134	23,837	17,897
May-23	18,856	23,929	17,522
Jun-23	19,906	25,563	18,494
Jul-23	20,463	26,480	19,195
Aug-23	20,092	25,968	18,615
Sep-23	19,287	24,731	17,892
Oct-23	18,681	24,076	17,252
Nov-23	20,234	26,321	18,808
Dec-23	21,390	27,717	19,884
Jan-24	21,468	28,024	19,856
Feb-24	22,562	29,541	20,532
Mar-24	23,437	30,494	21,190
Apr-24	22,387	29,152	20,446
May-24	23,531	30,530	21,076
Jun-24	23,829	31,475	21,245

Fund Statistics

Total Net Assets	$337,595,208
# of Portfolio Holdings	145
Portfolio Turnover Rate	148%
Advisory Fees and Waivers	1,060,409

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Class	19.71%	11.42%	9.07%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Aggressive Target Risk Index	14.87%	8.90%	7.83%

What did the Fund invest in?

Top 10 Holdings

Berkshire Hathaway Inc	5.9%
Microsoft Corp	5.4%
NVIDIA Corp	4.1%
Amazon.com Inc	3.2%
Alphabet Inc	3.1%
Meta Platforms Inc	2.0%
Apple Inc	2.0%
Texas Instruments Inc	1.9%
Johnson & Johnson	1.8%
Merck & Co Inc	1.5%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Real Estate	0.0%^{Footnote Reference}
Utilities	0.2%^{Footnote Reference}
Materials	0.3%^{Footnote Reference}
Consumer Staples	2.2%^{Footnote Reference}
Energy	2.2%^{Footnote Reference}
Industrials	8.2%^{Footnote Reference}
Communication Services	9.9%^{Footnote Reference}
Consumer Discretionary	13.4%^{Footnote Reference}
Financials	14.7%^{Footnote Reference}
Health Care	14.7%^{Footnote Reference}
Information Technology	34.2%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	60.1%^{Footnote Reference}
Registered Investment Companies	5.0%^{Footnote Reference}
Money Market Registered Investment Companies	33.0%^{Footnote Reference}
Assets/Other Liabilities (Net)	1.9%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class DYGIX

Dynamic Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Adviser Class SRUAX

Spectrum Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Adviser Class	$41.82	0.79%

Total Return Based on a $10,000 Investment

	Adviser Class	Russell 3000 Index	Morningstar Moderate Target Risk Index
Jan-15	10,000	10,000	10,000
Jan-15	9,770	9,722	9,925
Feb-15	10,350	10,285	10,216
Mar-15	10,310	10,180	10,137
Apr-15	10,170	10,226	10,271
May-15	10,290	10,368	10,263
Jun-15	10,100	10,194	10,115
Jul-15	10,280	10,365	10,140
Aug-15	9,770	9,739	9,777
Sep-15	9,650	9,455	9,596
Oct-15	10,050	10,202	10,000
Nov-15	10,090	10,258	9,959
Dec-15	9,879	10,048	9,821
Jan-16	9,463	9,481	9,509
Feb-16	9,504	9,478	9,555
Mar-16	9,920	10,145	10,032
Apr-16	9,808	10,208	10,158
May-16	9,940	10,391	10,187
Jun-16	9,869	10,412	10,273
Jul-16	10,214	10,825	10,560
Aug-16	10,224	10,853	10,582
Sep-16	10,235	10,870	10,622
Oct-16	10,123	10,635	10,467
Nov-16	10,417	11,111	10,524
Dec-16	10,577	11,327	10,663
Jan-17	10,711	11,541	10,835
Feb-17	11,122	11,970	11,054
Mar-17	11,132	11,978	11,109
Apr-17	11,204	12,105	11,225
May-17	11,297	12,229	11,355
Jun-17	11,338	12,339	11,398
Jul-17	11,564	12,572	11,592
Aug-17	11,626	12,596	11,650
Sep-17	11,893	12,903	11,785
Oct-17	12,191	13,185	11,932
Nov-17	12,489	13,585	12,094
Dec-17	12,656	13,721	12,225
Jan-18	13,303	14,444	12,558
Feb-18	12,809	13,912	12,197
Mar-18	12,557	13,633	12,119
Apr-18	12,656	13,684	12,132
May-18	12,831	14,071	12,206
Jun-18	12,776	14,163	12,187
Jul-18	13,149	14,633	12,399
Aug-18	13,577	15,147	12,508
Sep-18	13,577	15,172	12,494
Oct-18	12,469	14,055	11,906
Nov-18	12,557	14,336	12,072
Dec-18	12,190	13,002	11,644
Jan-19	12,357	14,118	12,283
Feb-19	12,513	14,614	12,496
Mar-19	12,569	14,828	12,654
Apr-19	12,914	15,420	12,898
May-19	12,113	14,422	12,513
Jun-19	12,836	15,435	13,050
Jul-19	12,947	15,664	13,092
Aug-19	12,691	15,345	12,980
Sep-19	12,925	15,614	13,170
Oct-19	13,048	15,950	13,389
Nov-19	13,448	16,557	13,574
Dec-19	13,796	17,035	13,859
Jan-20	13,504	17,016	13,823
Feb-20	12,413	15,623	13,210
Mar-20	10,884	13,475	12,005
Apr-20	11,300	15,259	12,860
May-20	11,468	16,075	13,272
Jun-20	11,592	16,443	13,534
Jul-20	12,064	17,376	14,014
Aug-20	12,851	18,635	14,435
Sep-20	12,461	17,957	14,184
Oct-20	12,063	17,569	13,993
Nov-20	13,221	19,707	15,172
Dec-20	13,820	20,593	15,636
Jan-21	13,832	20,501	15,541
Feb-21	14,150	21,142	15,729
Mar-21	14,683	21,900	15,975
Apr-21	15,353	23,029	16,435
May-21	15,524	23,134	16,662
Jun-21	15,796	23,705	16,771
Jul-21	15,955	24,105	16,891
Aug-21	16,375	24,793	17,112
Sep-21	15,778	23,681	16,658
Oct-21	16,563	25,282	17,069
Nov-21	16,313	24,897	16,759
Dec-21	16,732	25,877	17,230
Jan-22	16,073	24,355	16,579
Feb-22	15,917	23,741	16,325
Mar-22	16,013	24,512	16,336
Apr-22	15,174	22,312	15,381
May-22	15,198	22,282	15,425
Jun-22	14,646	20,418	14,484
Jul-22	15,090	22,333	15,225
Aug-22	14,742	21,500	14,761
Sep-22	14,217	19,506	13,626
Oct-22	14,710	21,106	14,082
Nov-22	15,253	22,208	15,004
Dec-22	14,877	20,907	14,684
Jan-23	15,481	22,347	15,489
Feb-23	15,124	21,825	15,052
Mar-23	15,296	22,408	15,319
Apr-23	15,493	22,647	15,459
May-23	15,382	22,735	15,187
Jun-23	16,159	24,288	15,699
Jul-23	16,606	25,158	16,074
Aug-23	16,321	24,673	15,717
Sep-23	15,688	23,497	15,183
Oct-23	15,240	22,875	14,750
Nov-23	16,187	25,008	15,837
Dec-23	16,971	26,334	16,626
Jan-24	17,105	26,626	16,604
Feb-24	17,991	28,067	16,874
Mar-24	18,649	28,973	17,276
Apr-24	17,843	27,698	16,734
May-24	18,904	29,006	17,175
Jun-24	19,159	29,904	17,322

Fund Statistics

Total Net Assets	$211,678,626
# of Portfolio Holdings	496
Portfolio Turnover Rate	139%
Advisory Fees and Waivers	747,751

Average Annual Total Returns

.	1 Year	5 Year	Since Inception
Adviser Class (Inception Date: 1/1/15)	18.56%	8.34%	7.09%
Russell 3000 Index	23.13%	14.14%	12.23%
Morningstar Moderate Target Risk Index	10.34%	5.83%	5.96%

What did the Fund invest in?

Top 10 Holdings

Microsoft Corp	5.1%
iShares Short Treasury Bond ETF	4.4%
Berkshire Hathaway Inc	4.3%
NVIDIA Corp	3.9%
Apple Inc	3.4%
Mastercard Inc	2.7%
Alphabet Inc	2.6%
Amazon.com Inc	2.4%
Texas Instruments Inc	2.3%
Exxon Mobil Corp	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Real Estate	- 2.5%^{Footnote Reference}
Materials	- 1.2%^{Footnote Reference}
Consumer Staples	1.6%^{Footnote Reference}
Utilities	1.6%^{Footnote Reference}
Communication Services	8.3%^{Footnote Reference}
Industrials	8.5%^{Footnote Reference}
Energy	8.9%^{Footnote Reference}
Health Care	10.2%^{Footnote Reference}
Consumer Discretionary	14.0%^{Footnote Reference}
Financials	15.5%^{Footnote Reference}
Information Technology	35.1%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	68.6%^{Footnote Reference}
Registered Investment Companies	4.4%^{Footnote Reference}
Money Market Registered Investment Companies	2.7%^{Footnote Reference}
Assets/Other Liabilities (Net)	24.3%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Adviser Class SRUAX

Spectrum Fund

Semi-Annual Shareholder Report

June 30, 2024

Institutional Class IFAIX

Conservative Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Class	$48.68	0.96%

Total Return Based on a $10,000 Investment

	Institutional Class	Bloomberg U.S. Aggregate Bond Index	Morningstar Conservative Target Risk Index
Jun-14	10,000	10,000	10,000
Jul-14	9,622	9,975	9,931
Aug-14	10,111	10,085	10,037
Sep-14	9,718	10,017	9,874
Oct-14	9,880	10,115	9,937
Nov-14	9,865	10,187	9,983
Dec-14	9,681	10,196	9,927
Jan-15	9,463	10,410	9,974
Feb-15	9,793	10,312	10,027
Mar-15	9,703	10,360	9,987
Apr-15	9,892	10,323	10,045
May-15	9,883	10,298	10,001
Jun-15	9,426	10,186	9,926
Jul-15	9,343	10,257	9,953
Aug-15	8,835	10,242	9,839
Sep-15	8,267	10,311	9,810
Oct-15	8,754	10,313	9,944
Nov-15	8,360	10,286	9,885
Dec-15	8,043	10,252	9,836
Jan-16	7,833	10,393	9,810
Feb-16	7,893	10,467	9,886
Mar-16	8,531	10,563	10,114
Apr-16	8,822	10,604	10,197
May-16	9,077	10,606	10,188
Jun-16	9,372	10,797	10,340
Jul-16	9,557	10,865	10,466
Aug-16	9,506	10,853	10,459
Sep-16	9,780	10,847	10,489
Oct-16	9,401	10,764	10,383
Nov-16	9,463	10,509	10,245
Dec-16	9,638	10,524	10,296
Jan-17	9,607	10,544	10,374
Feb-17	9,774	10,615	10,479
Mar-17	9,923	10,610	10,501
Apr-17	9,927	10,692	10,588
May-17	9,977	10,774	10,680
Jun-17	9,977	10,763	10,675
Jul-17	10,257	10,809	10,774
Aug-17	10,194	10,906	10,848
Sep-17	10,235	10,854	10,862
Oct-17	10,180	10,861	10,909
Nov-17	10,325	10,847	10,955
Dec-17	10,419	10,897	11,017
Jan-18	10,533	10,771	11,068
Feb-18	10,351	10,669	10,911
Mar-18	10,319	10,737	10,923
Apr-18	10,287	10,658	10,877
May-18	10,360	10,734	10,927
Jun-18	10,333	10,720	10,923
Jul-18	10,457	10,723	10,993
Aug-18	10,558	10,792	11,055
Sep-18	10,549	10,722	11,021
Oct-18	10,207	10,638	10,807
Nov-18	10,216	10,701	10,895
Dec-18	10,182	10,898	10,885
Jan-19	10,381	11,014	11,165
Feb-19	10,466	11,007	11,228
Mar-19	10,585	11,218	11,393
Apr-19	10,689	11,221	11,469
May-19	10,542	11,421	11,459
Jun-19	10,861	11,564	11,707
Jul-19	10,923	11,589	11,738
Aug-19	10,956	11,890	11,832
Sep-19	10,980	11,826	11,873
Oct-19	11,048	11,862	11,965
Nov-19	11,125	11,856	12,007
Dec-19	11,263	11,848	12,106
Jan-20	11,321	12,076	12,230
Feb-20	11,098	12,293	12,159
Mar-20	10,495	12,221	11,698
Apr-20	10,724	12,438	12,114
May-20	10,939	12,496	12,312
Jun-20	11,046	12,575	12,456
Jul-20	11,355	12,762	12,742
Aug-20	11,551	12,659	12,833
Sep-20	11,409	12,652	12,745
Oct-20	11,281	12,596	12,652
Nov-20	11,763	12,720	13,112
Dec-20	12,015	12,737	13,286
Jan-21	11,951	12,646	13,191
Feb-21	11,946	12,463	13,074
Mar-21	12,055	12,308	13,073
Apr-21	12,289	12,405	13,282
May-21	12,353	12,445	13,395
Jun-21	12,482	12,533	13,476
Jul-21	12,522	12,673	13,604
Aug-21	12,612	12,649	13,651
Sep-21	12,422	12,539	13,435
Oct-21	12,573	12,536	13,529
Nov-21	12,493	12,573	13,465
Dec-21	12,609	12,541	13,586
Jan-22	12,346	12,271	13,243
Feb-22	12,256	12,134	13,071
Mar-22	12,130	11,796	12,850
Apr-22	11,804	11,349	12,303
May-22	11,814	11,422	12,356
Jun-22	11,335	11,243	11,953
Jul-22	11,499	11,518	12,342
Aug-22	11,335	11,192	11,994
Sep-22	11,114	10,709	11,318
Oct-22	11,188	10,570	11,385
Nov-22	11,475	10,959	11,910
Dec-22	11,348	10,909	11,800
Jan-23	11,638	11,245	12,221
Feb-23	11,439	10,954	11,912
Mar-23	11,589	11,232	12,169
Apr-23	11,654	11,300	12,257
May-23	11,546	11,177	12,093
Jun-23	11,740	11,137	12,206
Jul-23	11,876	11,130	12,311
Aug-23	11,784	11,059	12,163
Sep-23	11,588	10,778	11,832
Oct-23	11,457	10,607	11,615
Nov-23	11,961	11,088	12,223
Dec-23	12,486	11,512	12,713
Jan-24	12,508	11,481	12,686
Feb-24	12,624	11,318	12,642
Mar-24	12,857	11,423	12,810
Apr-24	12,494	11,134	12,474
May-24	12,840	11,323	12,729
Jun-24	12,979	11,430	12,838

Fund Statistics

Total Net Assets	$133,249,326
# of Portfolio Holdings	136
Portfolio Turnover Rate	72%
Advisory Fees and Waivers	321,819

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Class	10.55%	3.63%	2.64%
Bloomberg U.S. Aggregate Bond Index	2.63%	- 0.23%	1.35%
Morningstar Conservative Target Risk Index	5.18%	1.86%	2.53%

What did the Fund invest in?

Top 10 Holdings

Fidelity Total Bond Fund - Class Z	17.3%
Baird Core Plus Bond Fund - Class I	16.7%
Frost Total Return Bond Fund - Class I	8.7%
Dodge & Cox Income Fund - Class I	5.5%
Fidelity Advisor High Income Advantage Fund - Class Z	5.2%
BrandywineGLOBAL High Yield Fund - Class I	5.2%
iShares 20+ Year Treasury Bond ETF	5.1%
Eaton Vance Emerging Markets Debt Opportunities Fund - Class R6	3.4%
Berkshire Hathaway Inc	2.3%
Microsoft Corp	2.2%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.5%^{Footnote Reference}
Consumer Staples	2.5%^{Footnote Reference}
Energy	2.9%^{Footnote Reference}
Industrials	8.1%^{Footnote Reference}
Communication Services	9.4%^{Footnote Reference}
Consumer Discretionary	12.9%^{Footnote Reference}
Health Care	14.3%^{Footnote Reference}
Financials	14.4%^{Footnote Reference}
Information Technology	34.7%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	23.6%^{Footnote Reference}
Registered Investment Companies	68.4%^{Footnote Reference}
Money Market Registered Investment Companies	7.6%^{Footnote Reference}
Assets/Other Liabilities (Net)	0.4%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Institutional Class IFAIX

Conservative Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

FLPXX

Institutional Prime Money Market Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about the Institutional Prime Money Market Fund for the period of December 31, 2023, to 6/30/2024, as well as certain changes to the Fund. You can find additional information about the Fund at meederinvestment.com/mutual-funds . You can also request this information by contacting us at 866.633.3371 .

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Institutional Prime Money Market Fund	$10.59	0.21%

Fund Statistics

Total Net Assets$507,375,001
# of Portfolio Holdings65
Portfolio Turnover RateN/A
Advisory Fees and Waivers713,851

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Institutional Prime Money Market Fund (Inception Date: 10/7/16)	5.47%	2.22%	1.57%

Yields

.	7-Day Subsidized Yield	7-Day Unsubsidized Yield
Institutional Prime Money Market Fund	5.28%	5.00%

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

StoneX (Collateralized by $184,240,744 various Asset Backed Securities, Corporate Bonds, FMACs, GNMAs, FNMAs, SBAs, Mid-Term Notes and Municipal Bonds, 0.00% - 7.92%, due 7/1/24 - 2/25/67, fair value $77,551,147) (proceeds $75,035,125) purch date 6/28/24	14.8%
South Street (Collateralized by $52,179,490 various FCSBs, FHLBs, FMACs, FNMAs, GNMAs, and U.S. Treasuries, 1.00% - 6.50%, due 7/24/25 - 6/1/54, fair value $51,000,029)(proceeds $50,022,583), purchase date 6/28/24	9.9%
South Street (Collateralized by $51,962,649 various FCSBs, FHLBs, FMACs, FNMAs, GNMAs, and U.S. Treasuries, 0.38% - 6.00%, due 9/29/25 - 6/1/54, fair value $51,000,055) (proceeds $50,022,667), purchase date 6/28/24	9.9%
Loop Capital (Collateralized by $47,852,627 FNMAs, 4.50%, due 7/1/52, fair value $45,900,000) (proceeds $45,020,063), purchase date 6/28/24	8.9%
Anglesea Funding	2.4%
Bedford Row Funding (Secured Overnight Financing Rate + 0.17%)	2.0%
US Treasury Bill	2.0%
Old Line Funding LLC	2.0%
American Honda Finance	2.0%
US Treasury Bill	2.0%
As a percentage of total net assets.

Sector Weighting

Value	Value
U.S. Government Agencies	0.4%^{Footnote Reference}
U.S. Treasury Notes	0.5%^{Footnote Reference}
Money Market Registered Investment Companies	2.4%^{Footnote Reference}
Certificates of Deposit	3.1%^{Footnote Reference}
U.S. Treasury Bills	16.2%^{Footnote Reference}
Commercial Paper	34.3%^{Footnote Reference}
Repurchase Agreements	43.4%^{Footnote Reference}

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

Availability of Additional Information

Householding

FLPXX

Institutional Prime Money Market Fund

Semi-Annual Shareholder Report

June 30, 2024

Retail Class FLFGX

Global Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

Fund Overview

What were the Fund's costs for the period?

(based on a hypothetical $10,000 investment)

Class Name	Cost of $10K Investment	Cost Paid as % of $10K Investment
Retail Class	$94.06	1.82%

Total Return Based on a $10,000 Investment

	Retail Class	Russell 3000 Index	Morningstar Global Allocation Index
Jun-14	10,000	10,000	10,000
Jul-14	9,757	9,803	9,872
Aug-14	10,073	10,214	10,046
Sep-14	9,655	10,001	9,734
Oct-14	9,793	10,276	9,803
Nov-14	9,834	10,525	9,890
Dec-14	9,731	10,525	9,778
Jan-15	9,590	10,232	9,722
Feb-15	10,049	10,825	10,021
Mar-15	9,956	10,715	9,947
Apr-15	10,012	10,763	10,113
May-15	10,031	10,912	10,073
Jun-15	9,806	10,729	9,918
Jul-15	9,806	10,909	9,951
Aug-15	9,131	10,250	9,561
Sep-15	8,793	9,952	9,369
Oct-15	9,309	10,738	9,775
Nov-15	9,309	10,797	9,688
Dec-15	9,029	10,576	9,584
Jan-16	8,439	9,979	9,263
Feb-16	8,323	9,976	9,324
Mar-16	8,951	10,678	9,819
Apr-16	8,951	10,744	9,968
May-16	8,942	10,936	9,939
Jun-16	8,922	10,959	10,020
Jul-16	9,272	11,394	10,321
Aug-16	9,301	11,423	10,337
Sep-16	9,398	11,441	10,398
Oct-16	9,145	11,193	10,193
Nov-16	9,213	11,694	10,123
Dec-16	9,348	11,922	10,255
Jan-17	9,583	12,147	10,462
Feb-17	9,798	12,599	10,668
Mar-17	9,906	12,607	10,759
Apr-17	10,033	12,741	10,912
May-17	10,180	12,871	11,106
Jun-17	10,233	12,987	11,139
Jul-17	10,566	13,232	11,369
Aug-17	10,654	13,258	11,434
Sep-17	10,879	13,581	11,555
Oct-17	11,163	13,877	11,690
Nov-17	11,310	14,299	11,872
Dec-17	11,436	14,442	12,005
Jan-18	12,031	15,203	12,424
Feb-18	11,595	14,642	12,072
Mar-18	11,426	14,349	11,984
Apr-18	11,486	14,403	11,991
May-18	11,496	14,810	12,009
Jun-18	11,352	14,907	11,965
Jul-18	11,640	15,401	12,171
Aug-18	11,740	15,942	12,274
Sep-18	11,750	15,968	12,259
Oct-18	10,855	14,793	11,646
Nov-18	10,925	15,089	11,781
Dec-18	10,643	13,685	11,343
Jan-19	10,810	14,859	11,936
Feb-19	10,935	15,382	12,108
Mar-19	11,007	15,606	12,258
Apr-19	11,237	16,230	12,491
May-19	10,643	15,179	12,132
Jun-19	11,258	16,246	12,678
Jul-19	11,216	16,487	12,699
Aug-19	11,007	16,151	12,622
Sep-19	11,226	16,434	12,738
Oct-19	11,467	16,788	12,980
Nov-19	11,686	17,426	13,144
Dec-19	12,044	17,929	13,445
Jan-20	11,768	17,910	13,427
Feb-20	10,970	16,444	12,806
Mar-20	9,704	14,182	11,616
Apr-20	10,055	16,061	12,412
May-20	10,299	16,919	12,797
Jun-20	10,427	17,306	13,078
Jul-20	10,768	18,289	13,629
Aug-20	11,342	19,614	14,116
Sep-20	11,055	18,900	13,831
Oct-20	10,768	18,492	13,628
Nov-20	11,885	20,741	14,763
Dec-20	12,402	21,675	15,266
Jan-21	12,391	21,578	15,169
Feb-21	12,619	22,253	15,303
Mar-21	12,935	23,050	15,482
Apr-21	13,359	24,238	15,991
May-21	13,609	24,349	16,188
Jun-21	13,696	24,950	16,286
Jul-21	13,718	25,371	16,410
Aug-21	13,957	26,095	16,645
Sep-21	13,478	24,924	16,134
Oct-21	13,935	26,610	16,585
Nov-21	13,587	26,205	16,303
Dec-21	13,962	27,236	16,687
Jan-22	13,466	25,634	16,008
Feb-22	13,237	24,988	15,700
Mar-22	13,164	25,799	15,716
Apr-22	12,475	23,484	14,653
May-22	12,499	23,452	14,672
Jun-22	11,992	21,490	13,730
Jul-22	12,294	23,506	14,445
Aug-22	11,895	22,629	13,937
Sep-22	11,109	20,531	12,839
Oct-22	11,629	22,214	13,268
Nov-22	12,476	23,374	14,148
Dec-22	12,155	22,005	13,833
Jan-23	12,862	23,521	14,603
Feb-23	12,460	22,971	14,194
Mar-23	12,776	23,585	14,577
Apr-23	12,996	23,837	14,726
May-23	12,703	23,929	14,530
Jun-23	13,240	25,563	15,062
Jul-23	13,619	26,480	15,429
Aug-23	13,228	25,968	15,096
Sep-23	12,725	24,731	14,553
Oct-23	12,357	24,076	14,187
Nov-23	13,303	26,321	15,251
Dec-23	14,024	27,717	15,971
Jan-24	13,974	28,024	15,949
Feb-24	14,507	29,541	16,288
Mar-24	14,978	30,494	16,653
Apr-24	14,418	29,152	16,152
May-24	15,052	30,530	16,652
Jun-24	15,127	31,475	16,876

Fund Statistics

Total Net Assets	$36,167,888
# of Portfolio Holdings	146
Portfolio Turnover Rate	100%
Advisory Fees and Waivers	128,889

Average Annual Total Returns

.	1 Year	5 Year	10 Year
Retail Class	14.25%	6.09%	4.23%
Russell 3000 Index	23.13%	14.14%	12.15%
Morningstar Global Allocation Index	12.04%	5.89%	5.37%

What did the Fund invest in?

Top 10 Holdings

iShares Core MSCI EAFE ETF	8.5%
Berkshire Hathaway Inc	3.0%
Microsoft Corp	2.9%
Fidelity Total Bond Fund - Class Z	2.5%
Baird Core Plus Bond Fund - Class I	2.2%
NVIDIA Corp	2.1%
iShares Core MSCI Emerging Markets ETF	1.8%
Alphabet Inc	1.7%
Amazon.com Inc	1.6%
Frost Total Return Bond Fund - Class I	1.3%
As a percentage of total net assets. Holdings exclude short-term investments and derivatives.

Sector Weighting

Value	Value
Utilities	0.3%^{Footnote Reference}
Materials	0.4%^{Footnote Reference}
Energy	2.3%^{Footnote Reference}
Consumer Staples	2.5%^{Footnote Reference}
Industrials	8.7%^{Footnote Reference}
Communication Services	9.1%^{Footnote Reference}
Consumer Discretionary	13.1%^{Footnote Reference}
Health Care	13.7%^{Footnote Reference}
Financials	14.9%^{Footnote Reference}
Information Technology	35.0%^{Footnote Reference}

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

Asset Weighting

Value	Value
Common Stocks (United States)	30.7%^{Footnote Reference}
Registered Investment Companies	20.0%^{Footnote Reference}
Money Market Registered Investment Companies	46.7%^{Footnote Reference}
Assets/Other Liabilities (Net)	2.6%

Footnote	Description
Footnote	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.

Availability of Additional Information

Householding

Retail Class FLFGX

Global Allocation Fund

Semi-Annual Shareholder Report

June 30, 2024

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:

2024 2023

Audit Fees $120,000 $120,000

Audit-Related Fees 0 0

Tax Fees 44,000 38,000

All Other Fees 1,500 1,500

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 $26,500 and $92,175, 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.

(i) Not applicable.

(j) Not applicable.

Items 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The schedule of investments is included as part of the report to stockholders filed under Item 7 of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

June

30,

2024

(unaudited)

Meeder

Funds

Semi-Annual

Report

TABLE

CONTENTS

This

Semi-Annual

Report

prepared

and

distributed

for

the

general

information

the

shareholders

the

Funds.

This

material

not

authorized

for

distribution

prospective

investors

unless

preceded

accompanied

prospectus.

Investors

are

advised

consider

carefully

the

investment

objectives,

risks,

charges

and

expenses

the

Fund

before

investing.

The

prospectus

contains

this

and

other

information

about

the

Funds.

Meeder

Funds

are

distributed

Meeder

Distribution

Services,

Inc.

(Member

FINRA),

affiliate

Meeder

Investment

Management.

affiliated

registered

investment

adviser,

Meeder

Asset

Management,

Inc.,

serves

the

investment

adviser

Meeder

Funds

and

paid

fee

for

its

services.

Schedules

Investments

....................................................................................................................................................

Statements

Assets

and

Liabilities

.....................................................................................................................................

Statements

Operations

....................................................................................................................................................

Statements

Changes

Net

Assets

...................................................................................................................................

Financial

Highlights

..............................................................................................................................................................

Notes

Financial

Statements

..............................................................................................................................................

Shareholder

Expense

Analysis

..............................................................................................................................................

Other

Items

..........................................................................................................................................................................

2024

Semi-Annual

Report

Fund

Holdings

Financial

Statements

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Muirfield

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

6.6%

Alphabet

Inc

.......................

171,380

31,434,520

Comcast

Corp

......................

15,625

611,875

Meta

Platforms

Inc

...................

40,671

20,507,132

Netflix

Inc

(1)

........................

7,212

4,867,234

Telephone

and

Data

Systems

Inc

.........

11,045

228,963

57,649,724

Consumer

Discretionary

—

10.1%

Amazon.com

Inc

(1)

...................

177,487

34,299,363

Aptiv

PLC

(1)

........................

1,012

71,265

Best

Buy

Inc

.....................

16,860

1,421,129

Burlington

Stores

Inc

(1)

................

4,932

1,183,680

Frontdoor

Inc

(1)

......................

4,185

141,411

Helen

Troy

Ltd

(1)

...................

1,455

134,937

Hibbett

Inc

........................

14,389

1,254,865

Hovnanian

Enterprises

Inc

(1)

.............

1,080

153,274

Las

Vegas

Sands

Corp

.................

26,029

1,151,783

Leggett

Platt

Inc

...................

26,366

302,154

Lennar

Corp

.......................

67,128

10,060,473

Lululemon

Athletica

Inc

(1)

...............

6,843

2,044,004

Meritage

Homes

Corp

.................

5,355

866,707

Mohawk

Industries

Inc

(1)

...............

37,773

4,290,635

NVR

Inc

(1)

.........................

118

895,450

ONE

Group

Hospitality

Inc/The

(1)

..........

4,708

20,009

O'Reilly

Automotive

Inc

(1)

...............

4,440

4,688,906

PVH

Corp

.........................

4,865

515,058

Ross

Stores

Inc

.....................

61,957

9,003,591

Texas

Roadhouse

Inc

.................

5,462

937,880

TJX

Cos

Inc/The

.....................

119,599

13,167,850

Ulta

Beauty

Inc

(1)

....................

1,802

695,338

Valvoline

Inc

(1)

......................

10,354

447,293

87,747,055

Consumer

Staples

—

1.7%

Andersons

Inc/The

...................

959

47,566

Bunge

Global

....................

42,692

4,558,225

Cal-Maine

Foods

Inc

..................

2,244

137,131

Casey's

General

Stores

Inc

.............

3,998

1,525,477

Kroger

Co/The

......................

74,004

3,695,020

PriceSmart

Inc

......................

493

40,032

Target

Corp

........................

24,774

3,667,543

Walmart

Inc

.......................

21,302

1,442,358

15,113,352

Muirfield

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Energy

—

1.1%

Berry

Corp

........................

4,345

28,069

Civitas

Resources

Inc

.................

5,455

376,395

ConocoPhillips

......................

4,010

458,664

Devon

Energy

Corp

...................

3,717

176,186

Diamondback

Energy

Inc

...............

18,671

3,737,748

EOG

Resources

Inc

...................

24,105

3,034,096

Exxon

Mobil

Corp

....................

9,804

1,128,636

Scorpio

Tankers

Inc

..................

1,852

150,549

Teekay

Corp

(1)

......................

3,592

32,220

9,122,563

Financials

—

11.3%

Ally

Financial

Inc

....................

78,808

3,126,313

Ameriprise

Financial

Inc

...............

22,685

9,690,805

Associated

Banc-Corp

.................

1,722

36,420

Banco

Latinoamericano

Comercio

Exterior

969

28,750

Bank

New

York

Mellon

Corp/The

........

123,043

7,369,045

Berkshire

Hathaway

Inc

(1)

..............

154,421

62,818,463

Block

Inc

(1)

........................

18,485

1,192,098

Commerce

Bancshares

Inc/MO

...........

12,959

722,853

Cullen/Frost

Bankers

Inc

...............

13,263

1,347,919

Fifth

Third

Bancorp

...................

4,791

174,824

First

American

Financial

Corp

............

6,698

361,357

Hanmi

Financial

Corp

.................

1,894

31,668

Medley

Management

Inc

(1)

(2)

.............

235

NerdWallet

Inc

(1)

.....................

6,004

87,658

Northern

Trust

Corp

..................

54,193

4,551,128

Popular

Inc

........................

547

48,371

PROG

Holdings

Inc

...................

3,633

125,992

State

Street

Corp

....................

88,513

6,549,962

WaFd

Inc

.........................

2,825

80,739

98,344,365

Health

Care

—

11.3%

AbbVie

Inc

........................

57,224

9,815,061

Amgen

Inc

........................

28,387

8,869,518

Bristol-Myers

Squibb

...............

10,283

427,053

Cardinal

Health

Inc

...................

14,488

1,424,460

Centene

Corp

(1)

.....................

28,637

1,898,633

Elevance

Health

Inc

..................

26,168

14,179,392

Eli

Lilly

.......................

17,124

15,503,727

Encompass

Health

Corp

...............

23,100

1,981,749

Gilead

Sciences

Inc

..................

80,640

5,532,710

HCA

Healthcare

Inc

...................

3,963

1,273,233

Johnson

..................

115,348

16,859,264

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Muirfield

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Merck

Inc

.....................

130,586

16,166,547

Organon

......................

6,786

140,470

Universal

Health

Services

Inc

............

3,661

677,029

Viatris

Inc

.........................

12,586

133,789

West

Pharmaceutical

Services

Inc

.........

27,010

Zoetis

Inc

.........................

16,770

2,907,247

97,816,892

Industrials

—

4.8%

Smith

Corp

.....................

21,051

1,721,551

Alaska

Air

Group

Inc

(1)

.................

18,588

750,955

Allegion

plc

........................

11,664

1,378,101

Applied

Industrial

Technologies

Inc

........

2,496

484,224

Boise

Cascade

...................

11,244

1,340,510

Broadridge

Financial

Solutions

Inc

.........

21,799

4,294,403

BWX

Technologies

Inc

.................

13,169

1,251,055

Delta

Air

Lines

Inc

...................

51,328

2,435,000

EMCOR

Group

Inc

....................

10,720

3,913,658

Encore

Wire

Corp

....................

3,749

1,086,573

FedEx

Corp

........................

515

154,418

Graco

Inc

.........................

24,612

1,951,239

Huntington

Ingalls

Industries

Inc

..........

10,928

2,691,894

Johnson

Controls

International

plc

.........

9,468

629,338

Kirby

Corp

(1)

.......................

5,762

689,884

Leidos

Holdings

Inc

..................

42,206

6,157,011

Matson

Inc

........................

2,988

391,338

MSC

Industrial

Direct

Inc

.............

42,990

3,409,537

Owens

Corning

.....................

8,479

1,472,972

Ryder

System

Inc

....................

5,902

731,140

Sterling

Infrastructure

Inc

(1)

.............

1,749

206,977

UFP

Industries

Inc

...................

3,947

442,064

United

Airlines

Holdings

Inc

(1)

............

72,083

3,507,559

Vertiv

Holdings

...................

2,553

221,013

Waste

Management

Inc

................

3,545

756,290

42,068,704

Information

Technology

—

24.8%

Advanced

Micro

Devices

Inc

(1)

...........

13,873

2,250,339

Amkor

Technology

Inc

.................

6,316

252,766

Analog

Devices

Inc

...................

66,305

15,134,779

Apple

Inc

.........................

107,490

22,639,544

Applied

Materials

Inc

.................

22,723

5,362,401

Broadcom

Inc

......................

5,498

8,827,204

Cirrus

Logic

Inc

(1)

....................

9,400

1,200,004

Consensus

Cloud

Solutions

Inc

(1)

..........

4,103

70,490

Enphase

Energy

Inc

(1)

.................

12,110

1,207,488

Muirfield

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

First

Solar

Inc

(1)

.....................

5,632

1,269,791

GLOBALFOUNDRIES

Inc

(1)

...............

3,493

176,606

Ichor

Holdings

Ltd

(1)

..................

2,914

112,335

Intel

Corp

.........................

85,671

2,653,231

Jabil

Inc

..........................

4,837

526,217

KLA

Corp

.........................

675

556,544

Lattice

Semiconductor

Corp

(1)

............

2,431

140,974

Marvell

Technology

Inc

................

5,248

366,835

Microchip

Technology

Inc

..............

34,845

3,188,318

Micron

Technology

Inc

................

9,585

1,260,715

Microsoft

Corp

......................

114,594

51,217,788

NVIDIA

Corp

.......................

322,310

39,818,177

Semiconductor

Corp

(1)

..............

10,800

740,340

Oracle

Corp

........................

38,134

5,384,521

Palantir

Technologies

Inc

(1)

..............

20,950

530,664

Photronics

Inc

(1)

.....................

16,119

397,656

Qorvo

Inc

(1)

........................

4,954

574,862

QUALCOMM

Inc

.....................

80,485

16,031,002

Sapiens

International

Corp

...........

881

29,892

Skyworks

Solutions

Inc

................

65,238

6,953,066

Smartsheet

Inc

(1)

....................

14,686

647,359

SYNNEX

Corp

....................

9,115

1,051,871

Teradyne

Inc

.......................

15,513

2,300,423

Texas

Instruments

Inc

.................

115,549

22,477,747

Ultra

Clean

Holdings

Inc

(1)

..............

852

41,748

215,393,697

Materials

—

0.3%

Ball

Corp

.........................

10,596

635,972

Clearwater

Paper

Corp

(1)

...............

1,327

64,320

RPM

International

Inc

.................

5,230

563,166

Sylvamo

Corp

......................

14,284

979,882

Warrior

Met

Coal

Inc

..................

1,708

107,211

2,350,551

Utilities

—

0.2%

Clearway

Energy

Inc

..................

2,062

50,911

Ormat

Technologies

Inc

................

7,194

515,810

Vistra

Corp

........................

8,137

699,619

1,266,340

Total

Common

Stocks

(United

States)

(Cost

505,151,081

)

................

626,873,243

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Muirfield

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Preferred

Stock

(United

States)

—

WESCO

International

Inc

Series

Variable

Pfd,

9.7%

..........................

2,612

67,729

Total

Preferred

Stock

(United

States)

(Cost

65,288

)

....................

67,729

Warrants

(United

States)

—

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2024

(1)

(2)

.........

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2025

(1)

(2)

.........

Chord

Energy

Corp

Expiration

Date

11/19/2024

(1)

(2)

.........

Civitas

Resources

Inc

Expiration

Date

1/20/2025

(1)

(2)

..........

Civitas

Resources

Inc

Expiration

Date

1/20/2026

(1)

(2)

..........

Total

Warrants

(United

States)

(Cost

7,167

)

.....................

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(3)

........................

228,608,173

228,631,034

Total

Money

Market

Registered

Investment

Companies

(Cost

228,512,594

)

................

228,631,034

Total

Investments

—

(Cost

733,736,130

)

................

855,572,006

Other

Assets

less

Liabilities

—

.......

13,233,918

Total

Net

Assets

—

100

.............

868,805,924

Trustee

Deferred

Compensation

(4)

Meeder

Balanced

Fund

Retail

Class

.......

6,090

83,738

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

1,852

42,226

Meeder

Dynamic

Allocation

Fund

Retail

Class

15,871

237,589

Meeder

Muirfield

Fund

Retail

Class

.......

12,364

126,607

Total

Trustee

Deferred

Compensation

(Cost

390,512

)

...................

490,160

Muirfield

Fund

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

693

9/20/24

81,191,880

(

191,992

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

390

9/20/24

21,219,900

(

173,403

)

Russell

2000

Futures

Mini

September

2024

.....

660

9/20/24

68,145,000

603,064

S&P

500

Mini

Futures

September

2024

.....

9/20/24

1,932,525

(

559

)

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

27,806,140

64,409

Total

Futures

Contracts

1,844

200,295,445

301,519

(1)

Represents

non-income

producing

securities.

(2)

Fair

valued

security

deemed

Level

security.

Security

not

part

the

investment

strategy

the

Fund.

(3)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(4)

Assets

affiliates

the

Muirfield

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Spectrum

Fund

Long

Positions

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

5.9%

Alphabet

Inc

.......................

30,258

5,549,922

Alphabet

Inc

.......................

7,045

1,283,247

AMC

Networks

Inc

(1)

..................

2,109

20,373

AT&T

Inc

..........................

2,806

53,623

ATN

International

Inc

..................

5,723

130,484

Bumble

Inc

(1)

.......................

7,808

82,062

EverQuote

Inc

(1)

.....................

3,642

75,972

Meta

Platforms

Inc

...................

7,933

3,999,977

Netflix

Inc

(1)

........................

1,588

1,071,709

Telephone

and

Data

Systems

Inc

.........

3,770

78,152

Townsquare

Media

Inc

................

5,189

56,871

TripAdvisor

Inc

(1)

.....................

2,205

39,271

Yelp

Inc

(1)

.........................

690

25,496

Ziff

Davis

Inc

(1)

......................

2,411

132,726

12,599,885

Consumer

Discretionary

—

13.2%

Aaron's

Inc/The

...................

2,050

20,459

Abercrombie

Fitch

(1)

...............

1,044

185,665

Adient

PLC

(1)

.......................

259

6,400

Amazon.com

Inc

(1)

...................

26,022

5,028,751

Best

Buy

Inc

.....................

4,074

343,397

Beyond

Inc

(1)

.......................

5,749

75,197

Big

Lots

Inc

(1)

.......................

3,156

5,460

BJ's

Restaurants

Inc

(1)

.................

1,155

40,078

Burlington

Stores

Inc

(1)

................

3,481

835,440

Crocs

Inc

(1)

........................

3,469

506,266

Horton

Inc

......................

8,665

1,221,158

eBay

Inc

..........................

17,638

947,513

Ethan

Allen

Interiors

Inc

................

5,080

141,681

Everi

Holdings

Inc

(1)

..................

14,071

118,196

Five

Below

Inc

(1)

.....................

3,446

375,511

Frontdoor

Inc

(1)

......................

1,128

38,115

Garmin

Ltd

........................

8,288

1,350,281

Genesco

Inc

(1)

......................

4,352

112,543

Helen

Troy

Ltd

(1)

...................

3,572

331,267

Hibbett

Inc

........................

2,049

178,693

Home

Depot

Inc/The

..................

8,084

2,782,836

Hovnanian

Enterprises

Inc

(1)

.............

8,941

Installed

Building

Products

Inc

...........

7,816

Jill

Inc

..........................

960

33,571

JAKKS

Pacific

Inc

(1)

...................

3,331

59,658

La-Z-Boy

Inc

.......................

10,301

384,021

Leggett

Platt

Inc

...................

30,072

344,625

Lennar

Corp

.......................

26,879

4,028,356

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Lovesac

Co/The

(1)

....................

1,923

43,421

Lowe's

Cos

Inc

.....................

2,495

550,048

Lululemon

Athletica

Inc

(1)

...............

508

151,740

Meritage

Homes

Corp

.................

1,468

237,596

Mohawk

Industries

Inc

(1)

...............

11,557

1,312,760

Monarch

Casino

Resort

Inc

............

784

53,414

National

Vision

Holdings

Inc

(1)

............

2,443

31,979

NVR

Inc

(1)

.........................

204,891

Ollie's

Bargain

Outlet

Holdings

Inc

(1)

........

323

31,709

Phinia

Inc

.........................

1,919

75,532

Potbelly

Corp

(1)

......................

3,100

24,893

PulteGroup

Inc

......................

6,849

754,075

PVH

Corp

.........................

410

43,407

Rent

the

Runway

Inc

(1)

.................

1,893

33,260

Ross

Stores

Inc

.....................

17,154

2,492,819

Sally

Beauty

Holdings

Inc

(1)

.............

10,909

117,054

Sonos

Inc

(1)

........................

12,973

191,481

Strategic

Education

Inc

................

322

35,633

Tempur

Sealy

International

Inc

...........

1,892

89,567

Texas

Roadhouse

Inc

.................

602

103,369

TJX

Cos

Inc/The

.....................

4,893

538,719

Toll

Brothers

Inc

.....................

3,563

410,386

TopBuild

Corp

(1)

.....................

8,091

Ulta

Beauty

Inc

(1)

....................

326

125,794

Universal

Technical

Institute

Inc

(1)

.........

1,514

23,815

Upbound

Group

Inc

...................

1,381

42,397

Urban

Outfitters

Inc

(1)

.................

1,161

47,659

Valvoline

Inc

(1)

......................

1,618

69,898

Warby

Parker

Inc

(1)

...................

420

6,745

Whirlpool

Corp

......................

9,965

1,018,423

Worthington

Enterprises

Inc

.............

840

39,757

Zumiez

Inc

(1)

.......................

1,223

23,824

28,446,051

Consumer

Staples

—

3.0%

Andersons

Inc/The

...................

959

47,566

Casey's

General

Stores

Inc

.............

22,512

Costco

Wholesale

Corp

................

3,175

2,698,718

Kroger

Co/The

......................

11,788

588,575

Target

Corp

........................

4,892

724,212

Walgreens

Boots

Alliance

Inc

............

20,093

243,025

Walmart

Inc

.......................

28,960

1,960,882

6,285,490

Energy

—

6.3%

Berry

Corp

........................

842

5,439

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Cheniere

Energy

Inc

..................

4,310

753,517

Chevron

Corp

......................

10,685

1,671,348

ConocoPhillips

......................

4,387

501,785

Diamondback

Energy

Inc

...............

6,342

1,269,605

DMC

Global

Inc

(1)

....................

1,704

24,572

Midstream

Inc

....................

8,241

585,358

EOG

Resources

Inc

...................

5,811

731,431

Exxon

Mobil

Corp

....................

41,135

4,735,461

FLEX

LNG

Ltd

......................

1,387

37,504

Kinder

Morgan

Inc

...................

21,246

422,158

KLX

Energy

Services

Holdings

Inc

(1)

........

1,247

6,173

Matador

Resources

................

2,029

120,928

ONEOK

Inc

........................

6,551

534,234

Par

Pacific

Holdings

Inc

(1)

...............

1,710

43,178

Scorpio

Tankers

Inc

..................

438

35,605

SilverBow

Resources

Inc

(1)

..............

3,542

133,994

Teekay

Corp

(1)

......................

1,555

13,948

Valero

Energy

Corp

...................

5,401

846,661

Williams

Cos

Inc/The

.................

20,880

887,400

13,360,299

Financials

—

12.7%

Ally

Financial

Inc

....................

19,445

771,383

American

Express

.................

1,593

368,859

American

International

Group

Inc

.........

531

39,421

Artisan

Partners

Asset

Management

Inc

.....

2,539

104,785

Associated

Banc-Corp

.................

6,500

137,475

Bank

New

York

Mellon

Corp/The

........

8,973

537,393

Bank

Butterfield

Son

Ltd/The

.......

1,607

56,438

BankUnited

Inc

.....................

2,528

73,995

Berkshire

Hathaway

Inc

(1)

..............

22,287

9,066,352

Berkshire

Hills

Bancorp

Inc

.............

4,545

103,626

Block

Inc

(1)

........................

10,826

698,169

Bread

Financial

Holdings

Inc

............

3,024

134,749

C&F

Financial

Corp

...................

163

7,857

Capital

One

Financial

Corp

..............

6,090

843,160

Chubb

Ltd

.........................

266

67,851

Citizens

Financial

Group

Inc

.............

18,466

665,330

Cohen

Steers

Inc

...................

2,220

161,083

Commerce

Bancshares

Inc/MO

...........

6,086

339,477

Compass

Diversified

Holdings

...........

850

18,606

Cullen/Frost

Bankers

Inc

...............

3,268

332,127

Eagle

Bancorp

Inc

...................

4,685

88,547

Encore

Capital

Group

Inc

(1)

..............

780

32,549

Enova

International

Inc

(1)

...............

347

21,601

Equity

Bancshares

Inc

.................

488

17,178

Esquire

Financial

Holdings

Inc

...........

1,249

59,452

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Essent

Group

Ltd

....................

2,896

162,726

Euronet

Worldwide

Inc

(1)

...............

4,149

429,422

First

American

Financial

Corp

............

7,692

414,983

First

Financial

Bancorp

................

655

14,554

Fiserv

Inc

(1)

........................

1,107

164,987

Hancock

Whitney

Corp

................

1,314

62,849

Heritage

Financial

Corp/WA

.............

1,713

30,885

Hippo

Holdings

Inc

(1)

..................

318

5,466

International

Money

Express

Inc

(1)

.........

5,621

117,142

Investors

Title

....................

7,746

Jack

Henry

Associates

Inc

............

2,109

350,136

LendingTree

Inc

(1)

....................

3,347

139,202

Mastercard

Inc

.....................

12,868

5,676,847

National

Bank

Holdings

Corp

............

1,327

51,819

NerdWallet

Inc

(1)

.....................

9,401

137,255

Northern

Trust

Corp

..................

11,952

1,003,729

Northfield

Bancorp

Inc

................

1,351

12,807

OceanFirst

Financial

Corp

..............

3,902

62,003

Origin

Bancorp

Inc

...................

2,876

91,227

PennyMac

Mortgage

Investment

Trust

......

1,775

24,406

PNC

Financial

Services

Group

Inc/The

......

895

139,155

PROG

Holdings

Inc

...................

1,578

54,725

Prosperity

Bancshares

Inc

..............

1,866

114,087

Renasant

Corp

......................

1,268

38,725

Sandy

Spring

Bancorp

Inc

..............

4,784

116,538

State

Street

Corp

....................

17,025

1,259,850

Stewart

Information

Services

Corp

........

1,250

77,600

Synchrony

Financial

..................

1,954

92,209

Rowe

Price

Group

Inc

................

2,465

284,239

Toast

Inc

(1)

........................

309

7,963

TPG

Finance

Trust

Inc

...............

3,105

26,827

TrustCo

Bank

Corp

.................

2,942

84,641

Veritex

Holdings

Inc

..................

1,165

24,570

WaFd

Inc

.........................

40,566

1,159,376

27,188,159

Health

Care

—

8.4%

AbbVie

Inc

........................

3,088

529,654

Alnylam

Pharmaceuticals

Inc

(1)

...........

276

67,068

Amgen

Inc

........................

271

84,674

Arrowhead

Pharmaceuticals

Inc

(1)

.........

3,405

88,496

Avid

Bioservices

Inc

(1)

.................

5,315

37,949

Biogen

Inc

(1)

.......................

1,224

283,748

Bristol-Myers

Squibb

...............

5,486

227,834

CareDx

Inc

(1)

.......................

9,127

141,742

CareMax

Inc

(1)

......................

2,329

6,498

Catalyst

Pharmaceuticals

Inc

(1)

...........

4,497

69,658

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Centene

Corp

(1)

.....................

5,447

361,136

Cigna

Group/The

....................

2,529

836,011

Edgewise

Therapeutics

Inc

(1)

............

1,946

35,047

Elevance

Health

Inc

..................

2,204

1,194,259

Eli

Lilly

.......................

2,112

1,912,163

Emergent

BioSolutions

Inc

(1)

.............

6,051

41,268

Enliven

Therapeutics

Inc

(1)

..............

447

10,446

Fulgent

Genetics

Inc

(1)

.................

1,658

32,530

Gilead

Sciences

Inc

..................

4,847

332,553

Hims

Hers

Health

Inc

(1)

...............

7,588

153,202

Inogen

Inc

(1)

........................

3,679

29,910

Inozyme

Pharma

Inc

(1)

.................

15,210

67,837

iRadimed

Corp

......................

453

19,905

Johnson

..................

19,571

2,860,497

Joint

Corp/The

(1)

.....................

1,026

14,426

Kodiak

Sciences

Inc

(1)

.................

15,137

35,572

Labcorp

Holdings

Inc

.................

1,551

315,644

MannKind

Corp

(1)

....................

10,472

54,664

McKesson

Corp

.....................

4,092

2,389,892

Merck

Inc

.....................

11,624

1,439,051

Mesa

Laboratories

Inc

.................

116

10,065

Molina

Healthcare

Inc

(1)

................

587

174,515

Monte

Rosa

Therapeutics

Inc

(1)

...........

10,050

37,587

Myriad

Genetics

Inc

(1)

.................

715

17,489

Nkarta

Inc

(1)

........................

4,465

26,388

Novocure

Ltd

(1)

......................

4,721

80,871

Nurix

Therapeutics

Inc

(1)

...............

931

19,430

Organon

......................

1,563

32,354

Owens

Minor

Inc

(1)

..................

955

12,892

Patterson

Cos

Inc

....................

1,865

44,984

Premier

Inc

........................

2,502

46,712

Quest

Diagnostics

Inc

.................

1,621

221,882

Sagimet

Biosciences

Inc

(1)

..............

5,591

19,121

Sarepta

Therapeutics

Inc

(1)

..............

493

77,894

Savara

Inc

(1)

.......................

2,119

8,540

Semler

Scientific

Inc

(1)

.................

1,961

67,458

Supernus

Pharmaceuticals

Inc

(1)

..........

1,774

47,454

Sutro

Biopharma

Inc

(1)

.................

2,822

8,268

Tandem

Diabetes

Care

Inc

(1)

.............

6,637

267,405

Terns

Pharmaceuticals

Inc

(1)

.............

772

5,257

UnitedHealth

Group

Inc

................

4,453

2,267,735

Universal

Health

Services

Inc

............

4,808

Vanda

Pharmaceuticals

Inc

(1)

............

6,852

38,714

Viatris

Inc

.........................

664

7,058

Viking

Therapeutics

Inc

(1)

...............

768

40,712

West

Pharmaceutical

Services

Inc

.........

197

64,890

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Zoetis

Inc

.........................

3,497

606,240

17,930,057

Industrials

—

9.9%

Smith

Corp

.....................

8,992

735,366

AECOM

...........................

16,608

1,463,829

Air

Transport

Services

Group

Inc

(1)

.........

3,273

45,397

Alaska

Air

Group

Inc

(1)

.................

13,369

540,108

Allegiant

Travel

...................

6,184

310,622

Allegion

plc

........................

699

82,587

American

Woodmark

Corp

(1)

.............

3,672

288,619

Applied

Industrial

Technologies

Inc

........

130

25,220

Arcosa

Inc

........................

372

31,029

Armstrong

World

Industries

Inc

...........

377

42,691

Asure

Software

Inc

(1)

..................

2,241

18,824

Blue

Bird

Corp

(1)

.....................

1,499

80,721

BlueLinx

Holdings

Inc

(1)

................

756

70,376

Boise

Cascade

...................

2,911

347,049

Broadridge

Financial

Solutions

Inc

.........

2,575

507,275

BWX

Technologies

Inc

.................

1,811

172,045

Delta

Air

Lines

Inc

...................

11,055

524,449

Driven

Brands

Holdings

Inc

(1)

............

27,688

352,468

EMCOR

Group

Inc

....................

1,800

657,144

Fastenal

........................

27,043

1,699,382

Ferguson

PLC

......................

7,647

1,480,842

Genco

Shipping

Trading

Ltd

............

989

21,076

Generac

Holdings

Inc

(1)

................

1,576

208,379

Graco

Inc

.........................

5,439

431,204

Greenbrier

Cos

Inc/The

................

1,360

67,388

H&E

Equipment

Services

Inc

............

1,461

64,532

Heidrick

Struggles

International

Inc

......

1,829

57,760

Hudson

Technologies

Inc

(1)

..............

2,565

22,546

IBEX

Holdings

Ltd

(1)

...................

2,348

37,991

Johnson

Controls

International

plc

.........

788

52,378

Karat

Packaging

Inc

..................

287

8,489

Kelly

Services

Inc

....................

2,394

51,256

Kirby

Corp

(1)

.......................

13,037

1,560,920

Landstar

System

Inc

..................

728

134,301

Leidos

Holdings

Inc

..................

2,045

298,325

Limbach

Holdings

Inc

(1)

................

2,702

153,825

Masco

Corp

.......................

676

45,069

MasTec

Inc

(1)

.......................

5,670

Matson

Inc

........................

2,292

300,183

MDU

Resources

Group

Inc

..............

53,003

1,330,375

MSC

Industrial

Direct

Inc

.............

9,056

718,231

Norfolk

Southern

Corp

.................

4,022

863,483

Owens

Corning

.....................

2,183

379,231

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Paycom

Software

Inc

.................

4,162

595,332

Powell

Industries

Inc

..................

7,600

Proto

Labs

Inc

(1)

.....................

2,592

80,067

Quanta

Services

Inc

..................

265

67,334

Southwest

Airlines

.................

4,159

118,989

Sterling

Infrastructure

Inc

(1)

.............

321

37,987

Sun

Country

Airlines

Holdings

Inc

(1)

........

9,883

124,130

Thermon

Group

Holdings

Inc

(1)

...........

1,939

59,644

Trane

Technologies

PLC

................

168

55,260

UFP

Industries

Inc

...................

3,963

443,856

Union

Pacific

Corp

...................

5,897

1,334,255

United

Airlines

Holdings

Inc

(1)

............

11,575

563,240

Valmont

Industries

Inc

.................

287

78,767

Waste

Management

Inc

................

3,091

659,434

WESCO

International

Inc

...............

1,620

256,802

Grainger

Inc

....................

844

761,491

21,532,843

Information

Technology

—

26.2%

A10

Networks

Inc

....................

9,905

137,184

Advanced

Micro

Devices

Inc

(1)

...........

4,255

690,204

Ambarella

Inc

(1)

.....................

483

26,058

American

Software

Inc/GA

..............

6,568

59,966

Amkor

Technology

Inc

.................

1,710

68,434

Analog

Devices

Inc

...................

14,112

3,221,205

Apple

Inc

.........................

34,526

7,271,866

Applied

Materials

Inc

.................

7,795

1,839,542

Arlo

Technologies

Inc

(1)

................

4,784

62,383

Axcelis

Technologies

Inc

(1)

..............

483

68,678

Broadcom

Inc

......................

1,416

2,273,430

Calix

Inc

(1)

.........................

6,434

227,957

CEVA

Inc

(1)

.........................

956

18,441

CommVault

Systems

Inc

(1)

..............

827

100,538

Consensus

Cloud

Solutions

Inc

(1)

..........

14,856

255,226

Disco

Inc

(1)

......................

6,253

37,268

Digital

Turbine

Inc

(1)

..................

4,282

7,108

Dolby

Laboratories

Inc

................

466

36,921

Enphase

Energy

Inc

(1)

.................

4,935

492,069

EPAM

Systems

Inc

(1)

..................

1,352

254,325

First

Solar

Inc

(1)

.....................

2,885

650,452

HubSpot

Inc

(1)

......................

134

79,032

Ichor

Holdings

Ltd

(1)

..................

952

36,700

Intel

Corp

.........................

17,050

528,038

Intuit

Inc

..........................

3,090

2,030,779

KLA

Corp

.........................

2,259

1,862,568

Marathon

Digital

Holdings

Inc

(1)

...........

11,215

222,618

Marvell

Technology

Inc

................

245

17,125

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Maxeon

Solar

Technologies

Ltd

(1)

..........

12,825

10,940

Microchip

Technology

Inc

..............

7,920

724,680

Micron

Technology

Inc

................

1,279

168,227

Microsoft

Corp

......................

24,146

10,792,055

MKS

Instruments

Inc

.................

326

42,569

NetScout

Systems

Inc

(1)

................

2,086

38,153

Nutanix

Inc

(1)

.......................

4,967

282,374

NVIDIA

Corp

.......................

66,640

8,232,706

Semiconductor

Corp

(1)

..............

6,497

445,369

OneSpan

Inc

(1)

......................

12,983

166,442

Oracle

Corp

........................

4,897

691,456

Palantir

Technologies

Inc

(1)

..............

13,470

341,195

Photronics

Inc

(1)

.....................

4,672

115,258

Qorvo

Inc

(1)

........................

1,308

151,780

QUALCOMM

Inc

.....................

14,327

2,853,652

Rambus

Inc

(1)

.......................

2,716

159,592

Silicon

Laboratories

Inc

(1)

...............

1,069

118,263

Skyworks

Solutions

Inc

................

13,512

1,440,109

SMART

Global

Holdings

Inc

(1)

............

740

16,924

Smartsheet

Inc

(1)

....................

19,285

850,083

Teradyne

Inc

.......................

2,875

426,334

Texas

Instruments

Inc

.................

24,717

4,808,198

Twilio

Inc

(1)

........................

7,444

422,894

55,875,368

Materials

—

0.9%

Ball

Corp

.........................

2,964

177,899

Clearwater

Paper

Corp

(1)

...............

3,492

169,257

Core

Molding

Technologies

Inc

(1)

..........

1,201

19,144

Kaiser

Aluminum

Corp

.................

722

63,464

Louisiana-Pacific

Corp

................

3,593

295,812

Orion

..........................

12,241

268,567

PPG

Industries

Inc

...................

1,112

139,990

Sylvamo

Corp

......................

2,550

174,930

Trinseo

PLC

........................

16,116

37,228

Vulcan

Materials

..................

2,653

659,748

2,006,039

Real

Estate

—

1.4%

BRT

Apartments

Corp

.................

1,608

28,092

CBL

Associates

Properties

Inc

..........

4,868

113,814

Chatham

Lodging

Trust

................

5,401

46,016

City

Office

REIT

Inc

...................

7,005

34,885

Compass

Inc

(1)

......................

1,264

4,550

CoStar

Group

Inc

(1)

...................

8,261

612,471

Cousins

Properties

Inc

................

10,060

232,889

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Easterly

Government

Properties

Inc

........

19,905

246,225

eXp

World

Holdings

Inc

................

2,581

29,127

Forestar

Group

Inc

(1)

..................

4,622

147,858

Office

Properties

Income

Trust

...........

2,881

5,877

Orion

Office

REIT

Inc

..................

39,876

143,155

Peakstone

Realty

Trust

................

481

5,099

Piedmont

Office

Realty

Trust

Inc

..........

10,475

75,944

Plymouth

Industrial

REIT

Inc

.............

50,417

1,077,915

RE/MAX

Holdings

Inc

.................

18,943

153,438

Retail

Opportunity

Investments

Corp

.......

6,557

81,503

RMR

Group

Inc/The

..................

2,677

60,500

Xenia

Hotels

Resorts

Inc

..............

1,744

24,992

3,124,350

Utilities

—

1.8%

AES

Corp/The

......................

25,540

448,738

ALLETE

Inc

........................

2,730

170,215

Brookfield

Renewable

Corp

.............

10,278

291,690

Clearway

Energy

Inc

..................

28,678

708,060

Entergy

Corp

.......................

12,687

1,357,509

Montauk

Renewables

Inc

(1)

..............

2,484

14,159

Ormat

Technologies

Inc

................

7,661

549,294

Xcel

Energy

Inc

.....................

3,163

168,936

3,708,601

Total

Common

Stocks

–

Long

(United

States)

(Cost

158,402,711

)

................

192,057,142

Preferred

Stock

(United

States)

—

WESCO

International

Inc

Series

Variable

Pfd,

9.7%

..........................

198

5,134

Total

Preferred

Stock

–

Long

(United

States)

(Cost

4,949

)

.....................

5,134

Warrants

(United

States)

—

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2024

(1)

(2)

.........

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2025

(1)

(2)

.........

Chord

Energy

Corp

Expiration

Date

11/19/2024

(1)

(2)

.........

Civitas

Resources

Inc

Expiration

Date

1/20/2025

(1)

(2)

..........

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Warrants

(United

States)

—

continued

Civitas

Resources

Inc

Expiration

Date

1/20/2026

(1)

(2)

..........

Total

Warrants

–

Long

(United

States)

(Cost

2,181

)

.....................

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

4.4%

iShares

Short

Treasury

Bond

ETF

(3)

........

84,445

9,331,172

Total

Registered

Investment

Companies

–

Long

(Cost

9,313,221

)

..................

9,331,172

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(4)

........................

5,657,265

5,657,831

Total

Money

Market

Registered

Investment

Companies

–

Long

(Cost

5,657,345

)

..................

5,657,831

Short

Positions

Common

Stocks

(United

States)

—

Communication

Services

—

-0.2%

EchoStar

Corp

(1)

.....................

(12,809)

(228,128)

Gogo

Inc

(1)

.........................

(25,507)

(245,377)

TechTarget

Inc

(1)

.....................

(602)

(18,764)

(492,269)

Consumer

Discretionary

—

-3.6%

America's

Car-Mart

Inc/TX

(1)

.............

(2,595)

(156,245)

Birkenstock

Holding

Plc

(1)

...............

(1,728)

(94,020)

Booking

Holdings

Inc

.................

(284)

(1,125,066)

Bowlero

Corp

......................

(6,226)

(90,215)

Camping

World

Holdings

Inc

.............

(5,811)

(103,784)

Choice

Hotels

International

Inc

...........

(3,822)

(454,818)

Duolingo

Inc

(1)

......................

(3,317)

(692,158)

Empire

Resorts

Inc

(1)

(2)

...............

(245)

Fox

Factory

Holding

Corp

(1)

..............

(4,886)

(235,456)

Hilton

Grand

Vacations

Inc

(1)

.............

(27,736)

(1,121,366)

LGI

Homes

Inc

(1)

.....................

(11,044)

(988,328)

Lithia

Motors

Inc

....................

(2,716)

(685,654)

MarineMax

Inc

(1)

.....................

(1,654)

(53,540)

Marriott

International

Inc/MD

............

(1,723)

(416,570)

Penn

Entertainment

Inc

(1)

...............

(8,485)

(164,227)

PlayAGS

Inc

(1)

......................

(785)

(9,028)

Pool

Corp

.........................

(3,281)

(1,008,350)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Rivian

Automotive

Inc

(1)

................

(4,994)

(67,019)

Rush

Street

Interactive

Inc

(1)

.............

(9,175)

(87,988)

Tesla

Inc

(1)

.........................

(2,491)

(492,919)

Vizio

Holding

Corp

(1)

..................

(4,851)

(52,391)

(8,099,142)

Consumer

Staples

—

-1.9%

Celsius

Holdings

Inc

(1)

.................

(4,353)

(248,513)

Chefs'

Warehouse

Inc/The

(1)

.............

(3,979)

(155,619)

elf

Beauty

Inc

(1)

.....................

(3,942)

(830,658)

MGP

Ingredients

Inc

..................

(13,692)

(1,018,685)

Monster

Beverage

Corp

(1)

...............

(10,980)

(548,451)

United

Natural

Foods

Inc

(1)

..............

(6,475)

(84,823)

WD-40

.........................

(4,930)

(1,082,825)

Westrock

Coffee

(1)

.................

(3,200)

(32,736)

(4,002,310)

Energy

—

-0.2%

Core

Laboratories

Inc

.................

(3,893)

(78,989)

Energy

Fuels

Inc/Canada

(1)

..............

(4,457)

(27,009)

NextDecade

Corp

(1)

...................

(19,996)

(158,768)

Uranium

Energy

Corp

(1)

................

(28,380)

(170,564)

(435,330)

Financials

—

-2.1%

Brookfield

Asset

Management

Ltd

.........

(8,309)

(316,157)

Coinbase

Global

Inc

(1)

.................

(1,194)

(265,343)

Columbia

Financial

Inc

(1)

...............

(8,505)

(127,320)

Dynex

Capital

Inc

....................

(93,483)

(1,116,187)

KKR

Real

Estate

Finance

Trust

Inc

.........

(7,682)

(69,522)

Holdings

Ltd/Cayman

Islands

(1)

........

(12,317)

(158,766)

Patria

Investments

Ltd

................

(70,406)

(849,096)

PJT

Partners

Inc

.....................

(10,485)

(1,131,436)

Remitly

Global

Inc

(1)

..................

(15,169)

(183,848)

ServisFirst

Bancshares

Inc

..............

(5,570)

(351,968)

Upstart

Holdings

Inc

(1)

.................

(4,250)

(100,258)

(4,669,901)

Health

Care

—

-1.4%

Agios

Pharmaceuticals

Inc

(1)

.............

(769)

(33,159)

Artivion

Inc

(1)

.......................

(5,697)

(146,128)

Azenta

Inc

(1)

.......................

(6,891)

(362,604)

Fortrea

Holdings

Inc

(1)

.................

(7,077)

(165,177)

Kiniksa

Pharmaceuticals

International

Plc

....

(14,544)

(271,537)

Mirum

Pharmaceuticals

Inc

(1)

............

(5,754)

(196,729)

NeoGenomics

Inc

(1)

...................

(1,645)

(22,816)

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

OrthoPediatrics

Corp

(1)

.................

(232)

(6,672)

Rhythm

Pharmaceuticals

Inc

(1)

...........

(4,954)

(203,411)

Solventum

Corp

(1)

....................

(21,544)

(1,139,247)

Tarsus

Pharmaceuticals

Inc

(1)

............

(1,412)

(38,378)

Therapeutics

Inc

(1)

.................

(3,472)

(61,767)

Theravance

Biopharma

Inc

(1)

............

(2,011)

(17,053)

TransMedics

Group

Inc

(1)

...............

(3,127)

(470,989)

Veracyte

Inc

(1)

......................

(2,314)

(50,144)

(3,185,811)

Industrials

—

-4.1%

ACV

Auctions

Inc

(1)

...................

(21,295)

(388,634)

Ameresco

Inc

(1)

.....................

(2,783)

(80,178)

Atmus

Filtration

Technologies

Inc

(1)

........

(34,316)

(987,614)

Carrier

Global

Corp

...................

(17,900)

(1,129,132)

Dayforce

Inc

(1)

......................

(19,454)

(964,918)

Energy

Recovery

Inc

(1)

.................

(7,747)

(102,958)

Exponent

Inc

.......................

(1,502)

(142,870)

Forward

Air

Corp

....................

(2,289)

(43,583)

Hayward

Holdings

Inc

(1)

................

(83,074)

(1,021,810)

Honeywell

International

Inc

.............

(5,154)

(1,100,585)

Mercury

Systems

Inc

(1)

................

(19,902)

(537,155)

NV5

Global

Inc

(1)

.....................

(4,853)

(451,183)

Parsons

Corp

(1)

......................

(14,208)

(1,162,356)

Spirit

AeroSystems

Holdings

Inc

(1)

.........

(1,599)

(52,559)

SPX

Technologies

Inc

(1)

................

(2,832)

(402,540)

U-Haul

Holding

(1)

..................

(10,215)

(630,572)

(9,198,647)

Information

Technology

—

-2.1%

Aviat

Networks

Inc

(1)

..................

(5,092)

(146,089)

Braze

Inc

(1)

........................

(15,489)

(601,593)

C3.ai

Inc

(1)

.........................

(8,188)

(237,124)

Clearfield

Inc

(1)

......................

(7,662)

(295,447)

Confluent

Inc

(1)

......................

(37,288)

(1,101,115)

Couchbase

Inc

(1)

.....................

(7,956)

(145,277)

Intevac

Inc

(1)

.......................

(1,548)

(5,975)

Knowles

Corp

(1)

.....................

(14,316)

(247,094)

MicroStrategy

Inc

(1)

...................

(227)

(312,688)

NextNav

Inc

(1)

......................

(1,299)

(10,535)

PAR

Technology

Corp

(1)

................

(5,158)

(242,890)

Perficient

Inc

(1)

......................

(1,033)

(77,258)

Qualys

Inc

(1)

........................

(8,064)

(1,149,926)

Sprout

Social

Inc

(1)

...................

(8,512)

(303,708)

Turtle

Beach

Corp

(1)

..................

(2,247)

(32,222)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Western

Digital

Corp

(1)

.................

(233)

(17,654)

(4,926,595)

Materials

—

-1.7%

Albemarle

Corp

.....................

(9,166)

(875,536)

Alcoa

Corp

........................

(15,742)

(626,217)

American

Vanguard

Corp

...............

(1,309)

(11,257)

FMC

Corp

.........................

(19,558)

(1,125,563)

Summit

Materials

Inc

(1)

................

(30,958)

(1,133,372)

TriMas

Corp

.......................

(335)

(8,563)

(3,780,508)

Real

Estate

—

-3.1%

Apartment

Investment

and

Management

(1)

(3,702)

(30,690)

Extra

Space

Storage

Inc

...............

(6,999)

(1,087,715)

First

Industrial

Realty

Trust

Inc

...........

(2,291)

(108,845)

Getty

Realty

Corp

....................

(38,568)

(1,028,223)

Howard

Hughes

Holdings

Inc

(1)

...........

(17,237)

(1,117,302)

NETSTREIT

Corp

....................

(66,466)

(1,070,103)

Realty

Income

Corp

..................

(10,701)

(565,227)

Rexford

Industrial

Realty

Inc

.............

(24,898)

(1,110,202)

Safehold

Inc

.......................

(4,553)

(87,827)

Veris

Residential

Inc

..................

(32,099)

(481,485)

(6,687,619)

Utilities

—

-0.7%

Brookfield

Infrastructure

Corp

............

(13,682)

(460,536)

Chesapeake

Utilities

Corp

..............

(7,778)

(826,024)

Hawaiian

Electric

Industries

Inc

..........

(13,882)

(125,216)

Pure

Cycle

Corp

(1)

....................

(824)

(7,869)

(1,419,645)

Total

Common

Stocks

–

Short

–

(United

States)

(Proceeds

Received

(

48,618,132

)

......

(46,897,777)

Total

Investments

—

Long

—

(Cost

173,380,407

)

................

207,051,279

Other

Assets

less

Liabilities

—

......

51,525,121

Total

Net

Assets

—

100

.............

211,678,623

Spectrum

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Trustee

Deferred

Compensation

(5)

Meeder

Balanced

Fund

Retail

Class

.......

1,003

13,791

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

322

7,342

Meeder

Dynamic

Allocation

Fund

Retail

Class

2,436

36,467

Meeder

Muirfield

Fund

Retail

Class

.......

3,034

31,068

Total

Trustee

Deferred

Compensation

(Cost

74,303

)

....................

88,668

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

168

9/20/24

19,682,880

(

46,676

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

9/20/24

5,114,540

(

43,201

)

Russell

2000

Futures

Mini

September

2024

.....

195

9/20/24

20,133,750

176,896

S&P

500

Mini

Futures

September

2024

.....

(7)

9/20/24

(1,932,525)

9,769

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

13,311,450

12,352

Total

Futures

Contracts

495

56,310,095

109,140

(1)

Represents

non-income

producing

securities.

(2)

Fair

valued

security

deemed

Level

security.

Security

not

part

the

investment

strategy

the

Fund.

(3)

Exchange-traded

fund.

(4)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(5)

Assets

affiliates

the

Spectrum

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Global

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

2.8%

Alphabet

Inc

.......................

3,328

610,422

Meta

Platforms

Inc

...................

661

333,289

Netflix

Inc

(1)

........................

46,567

Telephone

and

Data

Systems

Inc

.........

267

5,535

Verizon

Communications

Inc

............

454

18,723

1,014,536

Consumer

Discretionary

—

4.0%

Amazon.com

Inc

(1)

...................

2,975

574,919

Best

Buy

Inc

.....................

355

29,923

Burlington

Stores

Inc

(1)

................

100

24,000

Hibbett

Inc

........................

374

32,617

Las

Vegas

Sands

Corp

.................

228

10,089

Leggett

Platt

Inc

...................

2,134

24,456

Lennar

Corp

.......................

807

120,945

Lululemon

Athletica

Inc

(1)

...............

28,675

Mohawk

Industries

Inc

(1)

...............

469

53,274

O'Reilly

Automotive

Inc

(1)

...............

20,065

Ross

Stores

Inc

.....................

1,128

163,921

Texas

Roadhouse

Inc

.................

127

21,807

TJX

Cos

Inc/The

.....................

2,810

309,381

Ulta

Beauty

Inc

(1)

....................

104

40,130

1,454,202

Consumer

Staples

—

0.8%

Bunge

Global

....................

620

66,197

Casey's

General

Stores

Inc

.............

3,053

Kroger

Co/The

......................

1,619

80,837

Target

Corp

........................

305

45,152

Walmart

Inc

.......................

1,202

81,387

276,626

Energy

—

0.7%

Berry

Corp

........................

433

Civitas

Resources

Inc

.................

834

57,546

ConocoPhillips

......................

367

41,978

Devon

Energy

Corp

...................

427

EOG

Resources

Inc

...................

382

48,082

Exxon

Mobil

Corp

....................

732

84,268

Liberty

Energy

Inc

...................

109

2,277

Matador

Resources

................

5,781

SilverBow

Resources

Inc

(1)

..............

199

7,528

Sitio

Royalties

Corp

..................

425

Global

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Teekay

Corp

(1)

......................

121

1,085

249,830

Financials

—

4.6%

Ally

Financial

Inc

....................

1,123

44,550

American

Express

.................

13,198

Ameriprise

Financial

Inc

...............

156

66,642

Bank

New

York

Mellon

Corp/The

........

1,946

116,546

Berkshire

Hathaway

Inc

(1)

..............

2,684

1,091,851

Block

Inc

(1)

........................

271

17,477

Capital

One

Financial

Corp

..............

111

15,368

Commerce

Bancshares

Inc/MO

...........

376

20,973

Cullen/Frost

Bankers

Inc

...............

173

17,582

Fifth

Third

Bancorp

...................

912

33,279

First

American

Financial

Corp

............

172

9,279

Medley

Management

Inc

(1)

(2)

.............

Northern

Trust

Corp

..................

820

68,864

RAIT

Financial

Trust

(1)

(2)

................

287

State

Street

Corp

....................

1,223

90,502

Synchrony

Financial

..................

265

12,505

Visa

Inc

..........................

104

27,297

WaFd

Inc

.........................

2,429

1,648,342

Health

Care

—

4.2%

AbbVie

Inc

........................

801

137,387

Amgen

Inc

........................

309

96,547

Cardinal

Health

Inc

...................

293

28,808

Centene

Corp

(1)

.....................

546

36,200

Elevance

Health

Inc

..................

293

158,765

Eli

Lilly

.......................

258

233,588

Encompass

Health

Corp

...............

361

30,970

Gilead

Sciences

Inc

..................

1,190

81,646

HCA

Healthcare

Inc

...................

124

39,839

Johnson

..................

2,465

360,284

Merck

Inc

.....................

2,302

284,988

Universal

Health

Services

Inc

............

2,959

Zoetis

Inc

.........................

179

31,031

1,523,012

Industrials

—

2.7%

Smith

Corp

.....................

563

46,042

AECOM

...........................

1,080

95,191

Alaska

Air

Group

Inc

(1)

.................

300

12,120

Allegion

plc

........................

3,308

Applied

Industrial

Technologies

Inc

........

5,626

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Global

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Boise

Cascade

...................

1,550

Broadridge

Financial

Solutions

Inc

.........

287

56,539

BWX

Technologies

Inc

.................

205

19,475

Delta

Air

Lines

Inc

...................

642

30,457

EMCOR

Group

Inc

....................

152

55,492

Encore

Wire

Corp

....................

310

89,847

Fastenal

........................

1,335

83,891

Graco

Inc

.........................

510

40,433

Huntington

Ingalls

Industries

Inc

..........

120

29,560

Johnson

Controls

International

plc

.........

384

25,525

Karat

Packaging

Inc

..................

444

Kirby

Corp

(1)

.......................

2,993

Leidos

Holdings

Inc

..................

492

71,773

MDU

Resources

Group

Inc

..............

923

23,167

MSC

Industrial

Direct

Inc

.............

772

61,227

Owens

Corning

.....................

307

53,332

Trane

Technologies

PLC

................

250

82,233

UFP

Industries

Inc

...................

134

15,008

United

Airlines

Holdings

Inc

(1)

............

485

23,600

Waste

Management

Inc

................

160

34,134

962,967

Information

Technology

—

10.7%

Advanced

Micro

Devices

Inc

(1)

...........

290

47,041

Amkor

Technology

Inc

.................

107

4,282

Analog

Devices

Inc

...................

1,120

255,651

Apple

Inc

.........................

2,182

459,573

Applied

Materials

Inc

.................

365

86,136

Broadcom

Inc

......................

112,387

Enphase

Energy

Inc

(1)

.................

198

19,743

First

Solar

Inc

(1)

.....................

114

25,702

GLOBALFOUNDRIES

Inc

(1)

...............

1,770

Intel

Corp

.........................

1,601

49,583

KLA

Corp

.........................

29,682

Marvell

Technology

Inc

................

2,307

Microchip

Technology

Inc

..............

1,065

97,447

Micron

Technology

Inc

................

149

19,598

Microsoft

Corp

......................

2,352

1,051,226

Nutanix

Inc

(1)

.......................

2,103

NVIDIA

Corp

.......................

6,090

752,359

Semiconductor

Corp

(1)

..............

234

16,041

Oracle

Corp

........................

785

110,842

Palantir

Technologies

Inc

(1)

..............

230

5,826

Qorvo

Inc

(1)

........................

242

28,082

QUALCOMM

Inc

.....................

1,129

224,874

Skyworks

Solutions

Inc

................

1,154

122,993

Smartsheet

Inc

(1)

....................

125

5,510

Global

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

SYNNEX

Corp

....................

808

Teradyne

Inc

.......................

11,122

Texas

Instruments

Inc

.................

1,751

340,622

3,883,310

Materials

—

0.1%

Ball

Corp

.........................

441

26,469

Silgan

Holdings

Inc

...................

138

5,842

Sylvamo

Corp

......................

164

11,250

43,561

Utilities

—

0.1%

Clearway

Energy

Inc

..................

192

4,741

Ormat

Technologies

Inc

................

432

30,974

35,715

Total

Common

Stocks

(United

States)

(Cost

9,183,191

)

..................

11,092,101

Preferred

Stock

(United

States)

—

WESCO

International

Inc

Series

Variable

Pfd,

9.7%

..........................

2,100

Total

Preferred

Stock

(United

States)

(Cost

2,024

)

.....................

2,100

Warrants

(United

States)

—

Civitas

Resources

Inc

Expiration

Date

1/20/2025

(1)

(2)

..........

Civitas

Resources

Inc

Expiration

Date

1/20/2026

(1)

(2)

..........

Total

Warrants

(United

States)

(Cost

–

)

........................

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

7.3%

BrandywineGLOBAL

High

Yield

Fund

Class

24,069

243,822

Dodge

Cox

Income

Fund

Class

........

27,604

341,734

Eaton

Vance

Emerging

Markets

Debt

Opportunities

Fund

Class

..........

21,893

170,327

Fidelity

Advisor

High

Income

Advantage

Fund

Class

.........................

22,774

246,189

Fidelity

Total

Bond

Fund

Class

.........

96,254

903,821

Frost

Total

Return

Bond

Fund

Class

......

49,385

479,531

iShares

20+

Year

Treasury

Bond

ETF

(3)

......

2,947

270,476

2,655,900

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Global

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Registered

Investment

Companies

—

continued

International

Fixed

Income

—

0.2%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(3)

..........................

922

81,579

International

Equity

—

12.5%

Baird

Core

Plus

Bond

Fund

Class

.......

78,549

784,703

iShares

Core

MSCI

EAFE

ETF

(3)

...........

42,298

3,072,527

iShares

Core

MSCI

Emerging

Markets

ETF

(3)

12,312

659,061

4,516,291

Total

Registered

Investment

Companies

(Cost

6,171,442

)

..................

7,253,770

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(4)

........................

16,880,762

16,882,450

Total

Money

Market

Registered

Investment

Companies

(Cost

16,875,360

)

.................

16,882,450

Total

Investments

—

(Cost

32,232,017

)

.................

35,230,421

Other

Assets

less

Liabilities

—

.......

937,467

Total

Net

Assets

—

100

.............

36,167,888

Trustee

Deferred

Compensation

(5)

Meeder

Balanced

Fund

Retail

Class

.......

2,119

29,136

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

605

13,794

Meeder

Dynamic

Allocation

Fund

Retail

Class

5,707

85,434

Meeder

Muirfield

Fund

Retail

Class

.......

2,566

26,276

Total

Trustee

Deferred

Compensation

(Cost

117,848

)

...................

154,640

Global

Allocation

Fund

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

9/20/24

9,138,480

(

23,736

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

9/20/24

2,448,450

(

22,080

)

Russell

2000

Futures

Mini

September

2024

.....

9/20/24

1,755,250

15,383

S&P

500

Mini

Futures

September

2024

.....

9/20/24

3,036,825

(

14,092

)

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

1,183,240

(

828

)

Total

Futures

Contracts

155

17,562,245

(

45,353

)

(1)

Represents

non-income

producing

securities.

(2)

Fair

valued

security

deemed

Level

security.

Security

not

part

the

investment

strategy

the

Fund.

(3)

Exchange-traded

fund.

(4)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(5)

Assets

affiliates

the

Global

Allocation

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Balanced

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

5.7%

Alphabet

Inc

.......................

58,372

10,706,592

Alphabet

Inc

.......................

6,134

1,117,308

Meta

Platforms

Inc

...................

15,594

7,862,807

Netflix

Inc

(1)

........................

3,449

2,327,661

Telephone

and

Data

Systems

Inc

.........

5,113

105,992

Verizon

Communications

Inc

............

8,986

370,583

22,490,943

Consumer

Discretionary

—

7.8%

Amazon.com

Inc

(1)

...................

63,788

12,327,031

Best

Buy

Inc

.....................

8,629

727,338

Burlington

Stores

Inc

(1)

................

1,422

341,280

Hibbett

Inc

........................

6,355

554,220

Hovnanian

Enterprises

Inc

(1)

.............

1,080

153,274

Las

Vegas

Sands

Corp

.................

9,226

408,250

Leggett

Platt

Inc

...................

18,391

210,761

Lennar

Corp

.......................

14,942

2,239,358

Lululemon

Athletica

Inc

(1)

...............

1,476

440,881

Mohawk

Industries

Inc

(1)

...............

14,232

1,616,613

NVR

Inc

(1)

.........................

485,668

O'Reilly

Automotive

Inc

(1)

...............

684

722,345

PVH

Corp

.........................

545

57,699

Ross

Stores

Inc

.....................

23,366

3,395,547

Texas

Roadhouse

Inc

.................

4,214

723,586

TJX

Cos

Inc/The

.....................

44,565

4,906,607

Ulta

Beauty

Inc

(1)

....................

2,582

996,316

Valvoline

Inc

(1)

......................

1,941

83,851

30,390,625

Consumer

Staples

—

1.2%

Bunge

Global

....................

17,488

1,867,194

Casey's

General

Stores

Inc

.............

2,166

826,459

Kroger

Co/The

......................

17,552

876,371

Target

Corp

........................

5,631

833,613

Walmart

Inc

.......................

6,119

414,318

4,817,955

Energy

—

1.5%

Civitas

Resources

Inc

.................

3,066

211,554

ConocoPhillips

......................

6,957

795,742

Devon

Energy

Corp

...................

1,759

83,377

Diamondback

Energy

Inc

...............

12,085

2,419,296

EOG

Resources

Inc

...................

10,623

1,337,117

Exxon

Mobil

Corp

....................

7,075

814,474

Marathon

Oil

Corp

...................

482

13,819

Balanced

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Ovintiv

Inc

.........................

2,633

123,409

Scorpio

Tankers

Inc

..................

338

27,476

Teekay

Corp

(1)

......................

1,515

13,589

5,839,853

Financials

—

8.6%

Ally

Financial

Inc

....................

29,145

1,156,182

Ameriprise

Financial

Inc

...............

6,129

2,618,247

Bank

New

York

Mellon

Corp/The

........

38,116

2,282,767

Berkshire

Hathaway

Inc

(1)

..............

54,707

22,254,808

Block

Inc

(1)

........................

4,025

259,572

Commerce

Bancshares

Inc/MO

...........

9,896

551,999

Cullen/Frost

Bankers

Inc

...............

4,492

456,522

Essent

Group

Ltd

....................

3,983

223,805

Fifth

Third

Bancorp

...................

3,020

110,200

First

American

Financial

Corp

............

5,081

274,120

International

Money

Express

Inc

(1)

.........

440

9,170

Medley

Management

Inc

(1)

(2)

.............

101

NerdWallet

Inc

(1)

.....................

1,436

20,966

Northern

Trust

Corp

..................

19,811

1,663,728

PROG

Holdings

Inc

...................

1,589

55,106

State

Street

Corp

....................

22,024

1,629,776

Stewart

Information

Services

Corp

........

4,329

268,744

WaFd

Inc

.........................

1,910

54,588

33,890,300

Health

Care

—

8.5%

AbbVie

Inc

........................

21,550

3,696,256

Amgen

Inc

........................

7,681

2,399,928

Cardinal

Health

Inc

...................

6,499

638,982

Centene

Corp

(1)

.....................

14,911

988,599

Elevance

Health

Inc

..................

7,356

3,985,922

Eli

Lilly

.......................

5,516

4,994,076

Encompass

Health

Corp

...............

10,903

935,368

Gilead

Sciences

Inc

..................

27,021

1,853,911

HCA

Healthcare

Inc

...................

1,227

394,211

Johnson

..................

45,137

6,597,224

Merck

Inc

.....................

45,808

5,671,030

Universal

Health

Services

Inc

............

1,728

319,559

Viatris

Inc

.........................

5,057

53,756

Zoetis

Inc

.........................

4,397

762,264

33,291,086

Industrials

—

4.8%

Smith

Corp

.....................

8,407

687,524

AECOM

...........................

10,852

956,495

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Balanced

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Alaska

Air

Group

Inc

(1)

.................

7,997

323,079

Allegion

plc

........................

7,815

923,342

Applied

Industrial

Technologies

Inc

........

442

85,748

Boise

Cascade

...................

2,273

270,987

Broadridge

Financial

Solutions

Inc

.........

7,626

1,502,322

BWX

Technologies

Inc

.................

4,470

424,650

Delta

Air

Lines

Inc

...................

21,171

1,004,352

EMCOR

Group

Inc

....................

2,846

1,039,018

Encore

Wire

Corp

....................

1,409

408,370

Fastenal

........................

15,467

971,946

Graco

Inc

.........................

8,226

652,157

Huntington

Ingalls

Industries

Inc

..........

3,358

827,176

Johnson

Controls

International

plc

.........

6,293

418,296

Kirby

Corp

(1)

.......................

2,438

291,902

Leidos

Holdings

Inc

..................

13,211

1,927,221

Limbach

Holdings

Inc

(1)

................

1,370

77,994

MSC

Industrial

Direct

Inc

.............

12,715

1,008,427

Owens

Corning

.....................

2,622

455,494

Ryder

System

Inc

....................

145

17,963

Trane

Technologies

PLC

................

4,833

1,589,719

UFP

Industries

Inc

...................

3,325

372,400

United

Airlines

Holdings

Inc

(1)

............

17,818

867,024

Waste

Management

Inc

................

7,082

1,510,874

18,614,480

Information

Technology

—

19.3%

Advanced

Micro

Devices

Inc

(1)

...........

5,738

930,761

Amkor

Technology

Inc

.................

871

34,857

Analog

Devices

Inc

...................

21,563

4,921,970

Apple

Inc

.........................

31,758

6,688,870

Applied

Materials

Inc

.................

5,417

1,278,358

Broadcom

Inc

......................

1,680

2,697,290

Cirrus

Logic

Inc

(1)

....................

4,921

628,215

Consensus

Cloud

Solutions

Inc

(1)

..........

1,598

27,454

Digital

Turbine

Inc

(1)

..................

17,787

29,526

Enphase

Energy

Inc

(1)

.................

4,019

400,735

Entegris

Inc

........................

1,337

181,030

First

Solar

Inc

(1)

.....................

3,072

692,613

GLOBALFOUNDRIES

Inc

(1)

...............

2,274

114,974

Ichor

Holdings

Ltd

(1)

..................

1,508

58,133

Intel

Corp

.........................

36,554

1,132,077

inTEST

Corp

(1)

......................

1,075

10,621

KLA

Corp

.........................

581

479,040

Marvell

Technology

Inc

................

1,329

92,897

Microchip

Technology

Inc

..............

11,222

1,026,813

Micron

Technology

Inc

................

4,923

647,522

Microsoft

Corp

......................

44,984

20,105,599

Balanced

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

NVIDIA

Corp

.......................

124,840

15,422,734

Semiconductor

Corp

(1)

..............

5,119

350,908

Oracle

Corp

........................

13,939

1,968,187

Palantir

Technologies

Inc

(1)

..............

4,060

102,840

Photronics

Inc

(1)

.....................

5,757

142,025

Qorvo

Inc

(1)

........................

6,353

737,202

QUALCOMM

Inc

.....................

22,779

4,537,121

Skyworks

Solutions

Inc

................

19,294

2,056,355

Smartsheet

Inc

(1)

....................

2,775

122,322

SYNNEX

Corp

....................

2,498

288,269

Teradyne

Inc

.......................

4,818

714,461

Texas

Instruments

Inc

.................

35,190

6,845,511

75,467,290

Materials

—

0.2%

Ball

Corp

.........................

8,152

489,283

Sylvamo

Corp

......................

3,695

253,477

742,760

Utilities

—

0.1%

Clearway

Energy

Inc

..................

1,486

36,689

Ormat

Technologies

Inc

................

4,953

355,130

Vistra

Corp

........................

1,948

167,489

559,308

Total

Common

Stocks

(United

States)

(Cost

180,151,673

)

................

226,104,600

Preferred

Stock

(United

States)

—

WESCO

International

Inc

Series

Variable

Pfd,

9.7%

..........................

994

25,774

Total

Preferred

Stock

(United

States)

(Cost

24,846

)

....................

25,774

Warrants

(United

States)

—

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2024

(1)

(2)

.........

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2025

(1)

(2)

.........

Chord

Energy

Corp

Expiration

Date

11/19/2024

(1)

(2)

.........

Civitas

Resources

Inc

Expiration

Date

1/20/2025

(1)

(2)

..........

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Balanced

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Warrants

(United

States)

—

continued

Civitas

Resources

Inc

Expiration

Date

1/20/2026

(1)

(2)

..........

Total

Warrants

(United

States)

(Cost

2,804

)

.....................

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

21.7%

BrandywineGLOBAL

High

Yield

Fund

Class

830,640

8,414,382

Dodge

Cox

Income

Fund

Class

........

734,254

9,090,063

Eaton

Vance

Emerging

Markets

Debt

Opportunities

Fund

Class

..........

729,380

5,674,580

Fidelity

Advisor

High

Income

Advantage

Fund

Class

.........................

785,949

8,496,113

Fidelity

Total

Bond

Fund

Class

.........

2,985,213

28,031,152

Frost

Total

Return

Bond

Fund

Class

......

1,737,449

16,870,632

iShares

20+

Year

Treasury

Bond

ETF

(3)

......

92,135

8,456,150

85,033,072

International

Fixed

Income

—

0.6%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(3)

..........................

25,585

2,263,761

International

Equity

—

6.9%

Baird

Core

Plus

Bond

Fund

Class

.......

2,722,200

27,194,775

Total

Registered

Investment

Companies

(Cost

111,647,619

)

................

114,491,608

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(4)

........................

48,611,979

48,616,840

Total

Money

Market

Registered

Investment

Companies

(Cost

48,584,478

)

.................

48,616,840

Total

Investments

—

(Cost

340,411,420

)

................

389,238,822

Other

Assets

less

Liabilities

—

.......

2,614,789

Total

Net

Assets

—

100

.............

391,853,611

Balanced

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Trustee

Deferred

Compensation

(5)

Meeder

Balanced

Fund

Retail

Class

.......

3,885

53,419

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

1,164

26,539

Meeder

Dynamic

Allocation

Fund

Retail

Class

10,086

150,987

Meeder

Muirfield

Fund

Retail

Class

.......

7,525

77,056

Total

Trustee

Deferred

Compensation

(Cost

244,884

)

...................

308,001

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

218

9/20/24

25,540,880

(

60,721

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

122

9/20/24

6,638,020

(

54,200

)

Russell

2000

Futures

Mini

September

2024

.....

205

9/20/24

21,166,250

188,421

S&P

500

Mini

Futures

September

2024

.....

(78)

9/20/24

(21,533,850)

103,727

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

2,662,290

14,283

Total

Futures

Contracts

476

34,473,590

191,510

(1)

Represents

non-income

producing

securities.

(2)

Fair

valued

security

deemed

Level

security.

Security

not

part

the

investment

strategy

the

Fund.

(3)

Exchange-traded

fund.

(4)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(5)

Assets

affiliates

the

Balanced

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Moderate

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

3.4%

Alphabet

Inc

.......................

17,897

3,282,668

Alphabet

Inc

.......................

839

152,824

Meta

Platforms

Inc

...................

4,232

2,133,859

Netflix

Inc

(1)

........................

507

342,164

Telephone

and

Data

Systems

Inc

.........

1,355

28,089

5,939,604

Consumer

Discretionary

—

5.0%

Amazon.com

Inc

(1)

...................

19,682

3,803,546

Best

Buy

Inc

.....................

2,393

201,706

Burlington

Stores

Inc

(1)

................

333

79,920

Hibbett

Inc

........................

2,074

180,874

Las

Vegas

Sands

Corp

.................

1,556

68,853

Leggett

Platt

Inc

...................

9,166

105,042

Lennar

Corp

.......................

4,794

718,477

Mohawk

Industries

Inc

(1)

...............

2,869

325,890

NVR

Inc

(1)

.........................

98,651

O'Reilly

Automotive

Inc

(1)

...............

98,214

Ross

Stores

Inc

.....................

7,360

1,069,555

Texas

Roadhouse

Inc

.................

1,050

180,295

TJX

Cos

Inc/The

.....................

13,280

1,462,128

Ulta

Beauty

Inc

(1)

....................

695

268,180

8,661,331

Consumer

Staples

—

1.0%

Bunge

Global

....................

4,489

479,290

Casey's

General

Stores

Inc

.............

618

235,804

Kroger

Co/The

......................

5,792

289,195

Target

Corp

........................

1,617

239,381

Walmart

Inc

.......................

7,490

507,148

1,750,818

Energy

—

1.0%

Berry

Corp

........................

510

3,295

Civitas

Resources

Inc

.................

2,674

184,506

ConocoPhillips

......................

2,192

250,721

Devon

Energy

Corp

...................

2,891

Diamondback

Energy

Inc

...............

3,993

799,359

EOG

Resources

Inc

...................

1,619

203,784

Exxon

Mobil

Corp

....................

2,272

261,553

Sinclair

Corp

.....................

123

6,561

International

Seaways

Inc

..............

3,311

Marathon

Oil

Corp

...................

114

3,268

Ovintiv

Inc

.........................

898

42,089

Peabody

Energy

Corp

.................

112

2,477

Moderate

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Scorpio

Tankers

Inc

..................

337

27,395

Teekay

Corp

(1)

......................

502

4,503

1,795,713

Financials

—

5.6%

Ally

Financial

Inc

....................

7,070

280,467

American

Express

.................

476

110,218

Ameriprise

Financial

Inc

...............

1,086

463,928

Bank

New

York

Mellon

Corp/The

........

11,431

684,602

Berkshire

Hathaway

Inc

(1)

..............

16,113

6,554,768

Block

Inc

(1)

........................

1,632

105,248

Capital

One

Financial

Corp

..............

417

57,734

Commerce

Bancshares

Inc/MO

...........

1,701

94,882

Cullen/Frost

Bankers

Inc

...............

1,263

128,359

Fifth

Third

Bancorp

...................

2,717

99,143

First

American

Financial

Corp

............

287

15,484

Medley

Management

Inc

(1)

(2)

.............

Northern

Trust

Corp

..................

5,000

419,900

PROG

Holdings

Inc

...................

150

5,202

RAIT

Financial

Trust

(1)

(2)

................

751

State

Street

Corp

....................

8,071

597,254

Synchrony

Financial

..................

1,590

75,032

WaFd

Inc

.........................

1,359

38,840

9,731,061

Health

Care

—

5.6%

AbbVie

Inc

........................

6,647

1,140,093

Amgen

Inc

........................

2,013

628,962

Cardinal

Health

Inc

...................

1,520

149,446

Centene

Corp

(1)

.....................

3,254

215,740

Elevance

Health

Inc

..................

1,893

1,025,741

Eli

Lilly

.......................

1,521

1,377,083

Encompass

Health

Corp

...............

2,862

245,531

Gilead

Sciences

Inc

..................

7,373

505,862

HCA

Healthcare

Inc

...................

781

250,920

Johnson

..................

14,923

2,181,146

Merck

Inc

.....................

13,029

1,612,990

Organon

......................

146

3,022

Pfizer

Inc

.........................

3,577

100,084

Universal

Health

Services

Inc

............

241

44,568

Viatris

Inc

.........................

3,418

36,333

Zoetis

Inc

.........................

1,857

321,930

9,839,451

Industrials

—

3.2%

Smith

Corp

.....................

2,280

186,458

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Moderate

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

AECOM

...........................

7,388

651,178

Alaska

Air

Group

Inc

(1)

.................

1,828

73,851

Allegion

plc

........................

1,944

229,684

Applied

Industrial

Technologies

Inc

........

8,924

Boise

Cascade

...................

147

17,525

Broadridge

Financial

Solutions

Inc

.........

1,758

346,326

BWX

Technologies

Inc

.................

977

92,815

Delta

Air

Lines

Inc

...................

3,631

172,255

EMCOR

Group

Inc

....................

1,027

374,937

Encore

Wire

Corp

....................

774

224,328

Fastenal

........................

10,493

659,380

Graco

Inc

.........................

3,353

265,826

Huntington

Ingalls

Industries

Inc

..........

849

209,134

Johnson

Controls

International

plc

.........

1,850

122,970

Kirby

Corp

(1)

.......................

160

19,157

Leidos

Holdings

Inc

..................

3,100

452,228

MSC

Industrial

Direct

Inc

.............

3,787

300,347

Owens

Corning

.....................

1,793

311,480

Ryder

System

Inc

....................

3,097

Trane

Technologies

PLC

................

1,272

418,399

UFP

Industries

Inc

...................

4,592

United

Airlines

Holdings

Inc

(1)

............

4,922

239,505

Waste

Management

Inc

................

1,014

216,327

5,600,723

Information

Technology

—

13.0%

Advanced

Micro

Devices

Inc

(1)

...........

1,938

314,363

Analog

Devices

Inc

...................

6,864

1,566,777

Apple

Inc

.........................

12,009

2,529,336

Applied

Materials

Inc

.................

1,022

241,182

Broadcom

Inc

......................

474

761,021

Consensus

Cloud

Solutions

Inc

(1)

..........

1,761

30,254

Enphase

Energy

Inc

(1)

.................

1,108

110,479

First

Solar

Inc

(1)

.....................

809

182,397

GLOBALFOUNDRIES

Inc

(1)

...............

601

30,386

Intel

Corp

.........................

10,434

323,141

KLA

Corp

.........................

133

109,660

Marvell

Technology

Inc

................

267

18,663

Microchip

Technology

Inc

..............

2,217

202,855

Micron

Technology

Inc

................

1,414

185,983

Microsoft

Corp

......................

14,233

6,361,439

Nutanix

Inc

(1)

.......................

115

6,538

NVIDIA

Corp

.......................

36,450

4,503,033

Semiconductor

Corp

(1)

..............

2,236

153,278

Oracle

Corp

........................

4,105

579,626

Palantir

Technologies

Inc

(1)

..............

821

20,796

Qorvo

Inc

(1)

........................

1,268

147,139

Moderate

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

QUALCOMM

Inc

.....................

7,636

1,520,938

Skyworks

Solutions

Inc

................

7,684

818,961

Smartsheet

Inc

(1)

....................

448

19,748

SYNNEX

Corp

....................

104

12,002

Teradyne

Inc

.......................

752

111,514

Texas

Instruments

Inc

.................

9,933

1,932,266

22,793,775

Materials

—

0.2%

Ball

Corp

.........................

2,763

165,835

Silgan

Holdings

Inc

...................

1,585

67,093

Sylvamo

Corp

......................

1,014

69,561

302,489

Utilities

—

0.1%

Clearway

Energy

Inc

..................

453

11,185

Ormat

Technologies

Inc

................

2,329

166,989

178,174

Total

Common

Stocks

(United

States)

(Cost

54,214,031

)

.................

66,593,139

Preferred

Stock

(United

States)

—

WESCO

International

Inc

Series

Variable

Pfd,

9.7%

..........................

252

6,534

Total

Preferred

Stock

(United

States)

(Cost

6,299

)

.....................

6,534

Warrants

(United

States)

—

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2024

(1)

(2)

.........

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2025

(1)

(2)

.........

Chord

Energy

Corp

Expiration

Date

11/19/2024

(1)

(2)

.........

Civitas

Resources

Inc

Expiration

Date

1/20/2025

(1)

(2)

..........

Civitas

Resources

Inc

Expiration

Date

1/20/2026

(1)

(2)

..........

Total

Warrants

(United

States)

(Cost

656

)

......................

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

36.1%

BrandywineGLOBAL

High

Yield

Fund

Class

621,286

6,293,626

Dodge

Cox

Income

Fund

Class

........

550,168

6,811,076

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Moderate

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Registered

Investment

Companies

—

continued

Eaton

Vance

Emerging

Markets

Debt

Opportunities

Fund

Class

..........

544,847

4,238,910

Fidelity

Advisor

High

Income

Advantage

Fund

Class

.........................

587,853

6,354,696

Fidelity

Total

Bond

Fund

Class

.........

2,288,944

21,493,180

Frost

Total

Return

Bond

Fund

Class

......

1,180,358

11,461,279

iShares

20+

Year

Treasury

Bond

ETF

(3)

......

69,121

6,343,925

62,996,692

International

Fixed

Income

—

1.0%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(3)

..........................

19,121

1,691,826

International

Equity

—

11.8%

Baird

Core

Plus

Bond

Fund

Class

.......

2,066,511

20,644,440

Total

Registered

Investment

Companies

(Cost

83,210,421

)

.................

85,332,958

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(4)

........................

21,256,496

21,258,622

Total

Money

Market

Registered

Investment

Companies

(Cost

21,244,245

)

.................

21,258,622

Total

Investments

—

(Cost

158,675,652

)

................

173,191,253

Other

Assets

less

Liabilities

—

.......

1,398,807

Total

Net

Assets

—

100

.............

174,590,060

Trustee

Deferred

Compensation

(5)

Meeder

Balanced

Fund

Retail

Class

.......

738

10,148

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

241

5,495

Meeder

Dynamic

Allocation

Fund

Retail

Class

1,784

26,706

Meeder

Muirfield

Fund

Retail

Class

.......

2,509

25,692

Total

Trustee

Deferred

Compensation

(Cost

57,374

)

....................

68,041

Moderate

Allocation

Fund

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

9/20/24

8,084,040

(

18,944

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

9/20/24

2,121,990

(

16,107

)

Russell

2000

Futures

Mini

September

2024

.....

9/20/24

6,814,500

60,890

S&P

500

Mini

Futures

September

2024

.....

(11)

9/20/24

(3,036,825)

15,352

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

2,070,670

13,692

Total

Futures

Contracts

170

16,054,375

54,883

(1)

Represents

non-income

producing

securities.

(2)

Fair

valued

security

deemed

Level

security.

Security

not

part

the

investment

strategy

the

Fund.

(3)

Exchange-traded

fund.

(4)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(5)

Assets

affiliates

the

Moderate

Allocation

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Conservative

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

2.2%

Alphabet

Inc

.......................

9,664

1,772,571

Meta

Platforms

Inc

...................

1,900

958,018

Netflix

Inc

(1)

........................

219

147,799

Telephone

and

Data

Systems

Inc

.........

971

20,129

Verizon

Communications

Inc

............

1,511

62,313

2,960,830

Consumer

Discretionary

—

3.0%

Amazon.com

Inc

(1)

...................

8,440

1,631,030

Aptiv

PLC

(1)

........................

1,549

Best

Buy

Inc

.....................

1,000

84,290

Burlington

Stores

Inc

(1)

................

144

34,560

Hibbett

Inc

........................

1,080

94,187

JAKKS

Pacific

Inc

(1)

...................

206

3,689

Las

Vegas

Sands

Corp

.................

685

30,311

Leggett

Platt

Inc

...................

6,995

80,163

Lennar

Corp

.......................

2,334

349,797

Mohawk

Industries

Inc

(1)

...............

1,842

209,233

O'Reilly

Automotive

Inc

(1)

...............

53,859

Ross

Stores

Inc

.....................

3,264

474,325

Texas

Roadhouse

Inc

.................

448

76,926

TJX

Cos

Inc/The

.....................

7,294

803,069

Ulta

Beauty

Inc

(1)

....................

288

111,131

Valvoline

Inc

(1)

......................

152

6,566

4,044,685

Consumer

Staples

—

0.6%

Bunge

Global

....................

1,974

210,764

Casey's

General

Stores

Inc

.............

200

76,312

Kroger

Co/The

......................

3,346

167,066

Target

Corp

........................

820

121,393

Walmart

Inc

.......................

3,277

221,885

797,420

Energy

—

0.7%

Civitas

Resources

Inc

.................

1,711

118,059

ConocoPhillips

......................

2,237

255,868

Devon

Energy

Corp

...................

1,689

80,058

EOG

Resources

Inc

...................

1,741

219,140

Exxon

Mobil

Corp

....................

2,007

231,046

Sinclair

Corp

.....................

3,894

Teekay

Corp

(1)

......................

129

1,157

909,222

Conservative

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Financials

—

3.4%

Ally

Financial

Inc

....................

3,216

127,579

American

Express

.................

201

46,541

Ameriprise

Financial

Inc

...............

516

220,430

Bank

New

York

Mellon

Corp/The

........

5,792

346,883

Berkshire

Hathaway

Inc

(1)

..............

7,616

3,098,189

Block

Inc

(1)

........................

785

50,625

Commerce

Bancshares

Inc/MO

...........

1,215

67,773

Cullen/Frost

Bankers

Inc

...............

408

41,465

Fifth

Third

Bancorp

...................

1,615

58,931

First

American

Financial

Corp

............

377

20,339

Medley

Management

Inc

(1)

(2)

.............

Northern

Trust

Corp

..................

2,136

179,381

PROG

Holdings

Inc

...................

110

3,815

RAIT

Financial

Trust

(1)

(2)

................

368

State

Street

Corp

....................

3,665

271,210

Synchrony

Financial

..................

174

8,211

WaFd

Inc

.........................

118

3,372

4,544,744

Health

Care

—

3.4%

AbbVie

Inc

........................

2,667

457,444

Amgen

Inc

........................

985

307,763

Amneal

Pharmaceuticals

Inc

(1)

...........

442

2,807

Cardinal

Health

Inc

...................

972

95,567

Centene

Corp

(1)

.....................

1,858

123,185

Elevance

Health

Inc

..................

829

449,202

Eli

Lilly

.......................

733

663,644

Encompass

Health

Corp

...............

1,213

104,063

Gilead

Sciences

Inc

..................

3,379

231,833

HCA

Healthcare

Inc

...................

589

189,234

Johnson

..................

6,781

991,111

Merck

Inc

.....................

6,310

781,178

Universal

Health

Services

Inc

............

17,384

Zoetis

Inc

.........................

565

97,948

4,512,363

Industrials

—

1.9%

Smith

Corp

.....................

1,548

126,595

AECOM

...........................

2,961

260,983

Alaska

Air

Group

Inc

(1)

.................

824

33,290

Applied

Industrial

Technologies

Inc

........

203

39,382

Boise

Cascade

...................

5,603

Broadridge

Financial

Solutions

Inc

.........

906

178,482

BWX

Technologies

Inc

.................

673

63,935

Delta

Air

Lines

Inc

...................

1,467

69,594

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Conservative

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

EMCOR

Group

Inc

....................

253

92,365

Encore

Wire

Corp

....................

587

170,130

Fastenal

........................

2,645

166,212

Graco

Inc

.........................

1,568

124,311

Huntington

Ingalls

Industries

Inc

..........

385

94,837

Johnson

Controls

International

plc

.........

933

62,017

Kirby

Corp

(1)

.......................

138

16,523

Leidos

Holdings

Inc

..................

1,512

220,571

MDU

Resources

Group

Inc

..............

185

4,643

MSC

Industrial

Direct

Inc

.............

2,483

196,927

Owens

Corning

.....................

1,799

312,522

Trane

Technologies

PLC

................

492

161,834

UFP

Industries

Inc

...................

761

85,232

United

Airlines

Holdings

Inc

(1)

............

1,606

78,148

2,564,136

Information

Technology

—

8.2%

Advanced

Micro

Devices

Inc

(1)

...........

857

139,014

Analog

Devices

Inc

...................

3,046

695,280

Apple

Inc

.........................

6,237

1,313,637

Applied

Materials

Inc

.................

920

217,111

Broadcom

Inc

......................

201

322,712

Consensus

Cloud

Solutions

Inc

(1)

..........

477

8,195

Enphase

Energy

Inc

(1)

.................

498

49,656

First

Solar

Inc

(1)

.....................

326

73,500

Intel

Corp

.........................

4,561

141,254

Marvell

Technology

Inc

................

160

11,184

Microchip

Technology

Inc

..............

3,522

322,263

Micron

Technology

Inc

................

545

71,684

Microsoft

Corp

......................

6,470

2,891,766

NVIDIA

Corp

.......................

16,940

2,092,768

Semiconductor

Corp

(1)

..............

413

28,311

Oracle

Corp

........................

2,186

308,663

Palantir

Technologies

Inc

(1)

..............

640

16,211

Qorvo

Inc

(1)

........................

432

50,129

QUALCOMM

Inc

.....................

4,530

902,285

Skyworks

Solutions

Inc

................

2,746

292,669

Smartsheet

Inc

(1)

....................

647

28,520

SYNNEX

Corp

....................

6,578

Teradyne

Inc

.......................

177

26,247

Texas

Instruments

Inc

.................

4,653

905,148

10,914,785

Materials

—

0.1%

Ball

Corp

.........................

1,266

75,985

Silgan

Holdings

Inc

...................

738

31,240

Conservative

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Sylvamo

Corp

......................

494

33,888

141,113

Utilities

—

0.1%

Ormat

Technologies

Inc

................

1,197

85,825

Total

Common

Stocks

(United

States)

(Cost

26,516,433

)

.................

31,475,123

Preferred

Stock

(United

States)

—

WESCO

International

Inc

Series

Variable

Pfd,

9.7%

..........................

153

3,967

Total

Preferred

Stock

(United

States)

(Cost

3,824

)

.....................

3,967

Warrants

(United

States)

—

Chord

Energy

Corp

Expiration

Date

11/19/2024

(1)

(2)

.........

Civitas

Resources

Inc

Expiration

Date

1/20/2026

(1)

(2)

..........

Civitas

Resources

Inc

Expiration

Date

1/20/2025

(1)

(2)

..........

Total

Warrants

(United

States)

(Cost

312

)

......................

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

50.3%

BrandywineGLOBAL

High

Yield

Fund

Class

676,918

6,857,176

Dodge

Cox

Income

Fund

Class

........

586,740

7,263,845

Eaton

Vance

Emerging

Markets

Debt

Opportunities

Fund

Class

..........

581,835

4,526,675

Fidelity

Advisor

High

Income

Advantage

Fund

Class

.........................

640,494

6,923,739

Fidelity

Total

Bond

Fund

Class

.........

2,456,464

23,066,198

Frost

Total

Return

Bond

Fund

Class

......

1,195,983

11,612,999

iShares

20+

Year

Treasury

Bond

ETF

(3)

......

74,061

6,797,319

67,047,951

International

Fixed

Income

—

1.4%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(3)

..........................

20,433

1,807,912

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Conservative

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Registered

Investment

Companies

—

continued

International

Equity

—

16.7%

Baird

Core

Plus

Bond

Fund

Class

.......

2,227,330

22,251,023

Total

Registered

Investment

Companies

(Cost

88,831,644

)

.................

91,106,886

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(4)

........................

10,136,840

10,137,854

Total

Money

Market

Registered

Investment

Companies

(Cost

10,130,454

)

.................

10,137,854

Total

Investments

—

(Cost

125,482,667

)

................

132,723,830

Other

Assets

less

Liabilities

—

.......

525,496

Total

Net

Assets

—

100

.............

133,249,326

Trustee

Deferred

Compensation

(5)

Meeder

Balanced

Fund

Retail

Class

.......

1,553

21,354

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

462

10,534

Meeder

Dynamic

Allocation

Fund

Retail

Class

4,100

61,377

Meeder

Muirfield

Fund

Retail

Class

.......

2,873

29,420

Total

Trustee

Deferred

Compensation

(Cost

96,160

)

....................

122,685

Conservative

Allocation

Fund

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

9/20/24

3,631,960

(

8,979

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

9/20/24

924,970

(

7,657

)

Russell

2000

Futures

Mini

September

2024

.....

9/20/24

3,097,500

27,730

S&P

500

Mini

Futures

September

2024

.....

(9)

9/20/24

(2,484,675)

12,320

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

887,430

3,913

Total

Futures

Contracts

6,057,185

27,327

(1)

Represents

non-income

producing

securities.

(2)

Fair

valued

security

deemed

Level

security.

Security

not

part

the

investment

strategy

the

Fund.

(3)

Exchange-traded

fund.

(4)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(5)

Assets

affiliates

the

Conservative

Allocation

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Dynamic

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

5.9%

Alphabet

Inc

.......................

56,936

10,443,201

Alphabet

Inc

.......................

1,068

194,536

Meta

Platforms

Inc

...................

13,487

6,800,415

Netflix

Inc

(1)

........................

3,012

2,032,739

Telephone

and

Data

Systems

Inc

.........

4,089

84,765

Verizon

Communications

Inc

............

10,297

424,648

19,980,304

Consumer

Discretionary

—

8.1%

Amazon.com

Inc

(1)

...................

56,200

10,860,650

Best

Buy

Inc

.....................

8,215

692,442

Burlington

Stores

Inc

(1)

................

1,295

310,800

Hibbett

Inc

........................

5,955

519,336

Las

Vegas

Sands

Corp

.................

7,390

327,007

Leggett

Platt

Inc

...................

26,456

303,186

Lennar

Corp

.......................

16,521

2,476,002

Lululemon

Athletica

Inc

(1)

...............

1,074

320,804

Mohawk

Industries

Inc

(1)

...............

8,930

1,014,359

NVR

Inc

(1)

.........................

637,439

O'Reilly

Automotive

Inc

(1)

...............

552

582,945

PVH

Corp

.........................

458

48,488

Ross

Stores

Inc

.....................

20,255

2,943,457

Texas

Roadhouse

Inc

.................

3,492

599,611

TJX

Cos

Inc/The

.....................

41,438

4,562,324

Tupperware

Brands

Corp

(1)

..............

13,119

18,367

Ulta

Beauty

Inc

(1)

....................

2,391

922,615

Valvoline

Inc

(1)

......................

1,933

83,506

27,223,338

Consumer

Staples

—

1.3%

Bunge

Global

....................

16,219

1,731,703

Casey's

General

Stores

Inc

.............

2,036

776,856

Kroger

Co/The

......................

18,235

910,473

Target

Corp

........................

5,573

825,027

Walmart

Inc

.......................

2,173

147,134

4,391,193

Energy

—

1.3%

Berry

Corp

........................

1,448

9,354

Civitas

Resources

Inc

.................

3,118

215,142

ConocoPhillips

......................

7,105

812,670

Devon

Energy

Corp

...................

4,369

207,091

Diamondback

Energy

Inc

...............

6,714

1,344,076

EOG

Resources

Inc

...................

7,899

994,247

Exxon

Mobil

Corp

....................

6,335

729,285

Dynamic

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Marathon

Oil

Corp

...................

331

9,490

Scorpio

Tankers

Inc

..................

579

47,067

SilverBow

Resources

Inc

(1)

..............

381

14,413

Teekay

Corp

(1)

......................

1,128

10,118

4,392,953

Financials

—

8.9%

Ally

Financial

Inc

....................

21,583

856,198

Ameriprise

Financial

Inc

...............

5,435

2,321,778

Bank

New

York

Mellon

Corp/The

........

35,165

2,106,032

Berkshire

Hathaway

Inc

(1)

..............

49,133

19,987,304

Block

Inc

(1)

........................

3,915

252,478

Commerce

Bancshares

Inc/MO

...........

8,629

481,326

Cullen/Frost

Bankers

Inc

...............

4,488

456,115

Fifth

Third

Bancorp

...................

2,355

85,934

First

American

Financial

Corp

............

3,530

190,444

Northern

Trust

Corp

..................

15,992

1,343,008

State

Street

Corp

....................

24,540

1,815,960

WaFd

Inc

.........................

1,109

31,695

29,928,272

Health

Care

—

8.9%

AbbVie

Inc

........................

20,187

3,462,474

Amgen

Inc

........................

6,821

2,131,221

Cardinal

Health

Inc

...................

6,186

608,208

Centene

Corp

(1)

.....................

13,188

874,364

Elevance

Health

Inc

..................

6,224

3,372,537

Eli

Lilly

.......................

4,939

4,471,672

Encompass

Health

Corp

...............

7,724

662,642

Gilead

Sciences

Inc

..................

22,813

1,565,200

HCA

Healthcare

Inc

...................

1,819

584,408

Johnson

..................

42,039

6,144,420

Merck

Inc

.....................

40,491

5,012,786

Organon

......................

348

7,204

Universal

Health

Services

Inc

............

1,431

264,635

Viatris

Inc

.........................

7,721

82,074

Zoetis

Inc

.........................

3,770

653,567

29,897,412

Industrials

—

4.9%

Smith

Corp

.....................

7,157

585,299

AECOM

...........................

12,614

1,111,798

Alaska

Air

Group

Inc

(1)

.................

6,963

281,305

Allegion

plc

........................

6,542

772,937

Applied

Industrial

Technologies

Inc

........

589

114,266

Boise

Cascade

...................

1,198

142,826

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Dynamic

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Broadridge

Financial

Solutions

Inc

.........

6,358

1,252,526

BWX

Technologies

Inc

.................

3,768

357,960

Delta

Air

Lines

Inc

...................

13,113

622,081

EMCOR

Group

Inc

....................

1,844

673,208

Encore

Wire

Corp

....................

1,399

405,472

Fastenal

........................

18,257

1,147,270

Graco

Inc

.........................

7,566

599,832

Huntington

Ingalls

Industries

Inc

..........

2,682

660,657

Johnson

Controls

International

plc

.........

6,672

443,488

Karat

Packaging

Inc

..................

223

6,596

Kirby

Corp

(1)

.......................

2,216

265,322

Leidos

Holdings

Inc

..................

12,077

1,761,793

MSC

Industrial

Direct

Inc

.............

11,571

917,696

Owens

Corning

.....................

4,398

764,021

Trane

Technologies

PLC

................

4,272

1,405,189

UFP

Industries

Inc

...................

2,280

255,360

United

Airlines

Holdings

Inc

(1)

............

17,505

851,793

Waste

Management

Inc

................

5,956

1,270,653

16,669,348

Information

Technology

—

20.5%

Advanced

Micro

Devices

Inc

(1)

...........

5,293

858,577

Analog

Devices

Inc

...................

20,519

4,683,667

Apple

Inc

.........................

31,917

6,722,359

Applied

Materials

Inc

.................

6,638

1,566,502

Broadcom

Inc

......................

1,476

2,369,762

Cirrus

Logic

Inc

(1)

....................

2,538

324,001

Consensus

Cloud

Solutions

Inc

(1)

..........

4,011

68,909

Enphase

Energy

Inc

(1)

.................

3,808

379,696

First

Solar

Inc

(1)

.....................

2,561

577,403

GLOBALFOUNDRIES

Inc

(1)

...............

875

44,240

Intel

Corp

.........................

31,678

981,068

Jabil

Inc

..........................

170

18,494

KLA

Corp

.........................

239

197,058

Microchip

Technology

Inc

..............

10,272

939,888

Micron

Technology

Inc

................

4,274

562,159

Microsoft

Corp

......................

40,945

18,300,368

NVIDIA

Corp

.......................

111,070

13,721,588

Semiconductor

Corp

(1)

..............

3,247

222,582

Oracle

Corp

........................

12,389

1,749,327

Palantir

Technologies

Inc

(1)

..............

2,683

67,960

Qorvo

Inc

(1)

........................

4,885

566,855

QUALCOMM

Inc

.....................

23,562

4,693,079

Skyworks

Solutions

Inc

................

25,726

2,741,877

Smartsheet

Inc

(1)

....................

2,519

111,037

SYNNEX

Corp

....................

2,059

237,609

Teradyne

Inc

.......................

2,994

443,980

Dynamic

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Texas

Instruments

Inc

.................

32,062

6,237,021

69,387,066

Materials

—

0.2%

Ball

Corp

.........................

6,142

368,643

Sylvamo

Corp

......................

3,599

246,891

615,534

Real

Estate

—

0.0%

CoStar

Group

Inc

(1)

...................

1,097

81,331

Utilities

—

0.1%

Clearway

Energy

Inc

..................

1,543

38,097

Ormat

Technologies

Inc

................

4,311

309,099

Vistra

Corp

........................

1,425

122,521

469,717

Total

Common

Stocks

(United

States)

(Cost

163,217,845

)

................

203,036,468

Preferred

Stock

(United

States)

—

WESCO

International

Inc

Series

Variable

Pfd,

9.7%

..........................

610

15,817

Total

Preferred

Stock

(United

States)

(Cost

15,247

)

....................

15,817

Warrants

(United

States)

—

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2024

(1)

(2)

.........

Chaparral

Energy

Inc

Warrants

Expiration

Date

10/14/2025

(1)

(2)

.........

Chord

Energy

Corp

Expiration

Date

11/19/2024

(1)

(2)

.........

Civitas

Resources

Inc

Expiration

Date

1/20/2025

(1)

(2)

..........

Civitas

Resources

Inc

Expiration

Date

1/20/2026

(1)

(2)

..........

Total

Warrants

(United

States)

(Cost

2,167

)

.....................

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

3.2%

BrandywineGLOBAL

High

Yield

Fund

Class

111,222

1,126,683

Dodge

Cox

Income

Fund

Class

........

93,580

1,158,525

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Dynamic

Allocation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Registered

Investment

Companies

—

continued

Eaton

Vance

Emerging

Markets

Debt

Opportunities

Fund

Class

..........

93,686

728,880

Fidelity

Advisor

High

Income

Advantage

Fund

Class

.........................

105,362

1,138,960

Fidelity

Total

Bond

Fund

Class

.........

461,438

4,332,900

Frost

Total

Return

Bond

Fund

Class

......

115,100

1,117,624

iShares

20+

Year

Treasury

Bond

ETF

(3)

......

13,486

1,237,745

10,841,317

International

Fixed

Income

—

0.1%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(3)

..........................

4,263

377,190

International

Equity

—

1.7%

Baird

Core

Plus

Bond

Fund

Class

.......

441,031

4,405,898

iShares

Core

MSCI

EAFE

ETF

(3)

...........

15,725

1,142,264

5,548,162

Total

Registered

Investment

Companies

(Cost

16,659,537

)

.................

16,766,669

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(4)

........................

111,336,461

111,347,595

Total

Money

Market

Registered

Investment

Companies

(Cost

111,321,196

)

................

111,347,595

Total

Investments

—

(Cost

291,215,992

)

................

331,166,549

Other

Assets

less

Liabilities

—

.......

6,428,659

Total

Net

Assets

—

100

.............

337,595,208

Trustee

Deferred

Compensation

(5)

Meeder

Balanced

Fund

Retail

Class

.......

4,441

61,064

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

1,305

29,754

Meeder

Dynamic

Allocation

Fund

Retail

Class

12,007

179,745

Meeder

Muirfield

Fund

Retail

Class

.......

6,378

65,311

Total

Trustee

Deferred

Compensation

(Cost

257,539

)

...................

335,874

Dynamic

Allocation

Fund

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

524

9/20/24

61,391,840

(

156,092

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

205

9/20/24

11,154,050

(

100,588

)

Russell

2000

Futures

Mini

September

2024

.....

229

9/20/24

23,644,250

207,220

S&P

500

Mini

Futures

September

2024

.....

9/20/24

9,110,475

(

42,277

)

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

9,761,730

(

15,489

)

Total

Futures

Contracts

1,024

115,062,345

(

107,226

)

(1)

Represents

non-income

producing

securities.

(2)

Fair

valued

security

deemed

Level

security.

Security

not

part

the

investment

strategy

the

Fund.

(3)

Exchange-traded

fund.

(4)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(5)

Assets

affiliates

the

Dynamic

Allocation

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

Communication

Services

—

6.5%

Alphabet

Inc

.......................

5,731

1,043,902

AT&T

Inc

..........................

4,096

78,275

Charter

Communications

Inc

(1)

...........

20,628

Comcast

Corp

......................

2,243

87,836

Electronic

Arts

Inc

...................

168

23,407

Live

Nation

Entertainment

Inc

(1)

...........

143

13,405

Meta

Platforms

Inc

...................

1,154

581,870

Netflix

Inc

(1)

........................

226

152,523

Omnicom

Group

Inc

..................

217

19,465

Paramount

Global

....................

267

4,907

Inc

(1)

......................

343

15,116

ROBLOX

Corp

(1)

.....................

311

11,572

Roku

Inc

(1)

.........................

104

6,233

Spotify

Technology

(1)

................

25,731

Take-Two

Interactive

Software

Inc

(1)

........

107

16,637

T-Mobile

Inc

.....................

261

45,983

Trade

Desk

Inc/The

(1)

.................

263

25,687

Verizon

Communications

Inc

............

2,321

95,718

Walt

Disney

Co/The

..................

985

97,801

Warner

Bros

Discovery

Inc

(1)

.............

1,808

13,451

2,380,147

Consumer

Discretionary

—

11.7%

Abercrombie

Fitch

(1)

...............

9,070

Airbnb

Inc

(1)

........................

375

56,861

Amazon.com

Inc

(1)

...................

7,288

1,408,406

Aptiv

PLC

(1)

........................

329

23,168

AutoZone

Inc

(1)

......................

44,461

Bath

Body

Works

Inc

................

299

11,676

Best

Buy

Inc

.....................

210

17,701

Booking

Holdings

Inc

.................

114,883

BorgWarner

Inc

.....................

576

18,570

Brunswick

Corp/DE

..................

295

21,467

Burlington

Stores

Inc

(1)

................

15,600

CarMax

Inc

(1)

.......................

266

19,508

Carnival

Corp

(1)

.....................

1,091

20,424

Carvana

(1)

.......................

12,357

Chipotle

Mexican

Grill

Inc

(1)

.............

1,200

75,180

Coupang

Inc

(1)

......................

1,000

20,950

Crocs

Inc

(1)

........................

12,113

Darden

Restaurants

Inc

................

176

26,632

Deckers

Outdoor

Corp

(1)

................

23,231

Dick's

Sporting

Goods

Inc

..............

12,461

Domino's

Pizza

Inc

...................

20,137

DoorDash

Inc

(1)

.....................

293

31,873

Horton

Inc

......................

327

46,084

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

DraftKings

Inc

(1)

.....................

476

18,169

Duolingo

Inc

(1)

......................

7,721

eBay

Inc

..........................

538

28,901

Etsy

Inc

(1)

.........................

157

9,260

Expedia

Group

Inc

(1)

..................

127

16,001

Floor

Decor

Holdings

Inc

(1)

.............

181

17,993

Ford

Motor

......................

3,680

46,147

GameStop

Corp

(1)

....................

233

5,753

Garmin

Ltd

........................

128

20,854

General

Motors

...................

1,019

47,343

Genuine

Parts

....................

161

22,270

Graham

Holdings

..................

23,785

Hilton

Worldwide

Holdings

Inc

...........

262

57,168

Home

Depot

Inc/The

..................

823

283,310

Las

Vegas

Sands

Corp

.................

406

17,965

Lear

Corp

.........................

217

24,784

Lennar

Corp

(1)

......................

523

72,922

Liberty

Media

Corp-Liberty

Formula

One

....

195

12,525

Lowe's

Cos

Inc

.....................

508

111,994

Lululemon

Athletica

Inc

(1)

...............

111

33,156

Marriott

International

Inc/MD

............

239

57,783

McDonald's

Corp

....................

594

151,375

MGM

Resorts

International

(1)

.............

478

21,242

NIKE

Inc

..........................

1,009

76,048

Norwegian

Cruise

Line

Holdings

Ltd

(1)

......

520

9,771

O'Reilly

Automotive

Inc

(1)

...............

54,915

Pool

Corp

.........................

21,513

PulteGroup

Inc

......................

370

40,737

Rivian

Automotive

Inc

(1)

................

818

10,978

Ross

Stores

Inc

.....................

326

47,374

Royal

Caribbean

Cruises

Ltd

(1)

...........

233

37,147

Starbucks

Corp

.....................

929

72,323

Tapestry

Inc

.......................

435

18,614

Taylor

Morrison

Home

Corp

(1)

............

555

30,769

Tesla

Inc

(1)

.........................

2,246

444,438

TJX

Cos

Inc/The

.....................

966

106,357

Toll

Brothers

Inc

.....................

240

27,643

Tractor

Supply

....................

107

28,890

Ulta

Beauty

Inc

(1)

....................

20,837

Corp

..........................

760

10,260

Wayfair

Inc

(1)

.......................

143

7,540

Williams-Sonoma

Inc

.................

18,072

Yum!

Brands

Inc

.....................

270

35,764

4,291,224

Consumer

Staples

—

1.3%

Altria

Group

Inc

.....................

338

15,396

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Archer-Daniels-Midland

.............

103

6,226

BJ's

Wholesale

Club

Holdings

Inc

(1)

........

3,162

Bunge

Global

....................

3,951

Celsius

Holdings

Inc

(1)

.................

1,713

Clorox

Co/The

......................

4,094

Coca-Cola

Co/The

...................

662

42,136

Colgate-Palmolive

.................

164

15,915

Constellation

Brands

Inc

...............

9,777

Costco

Wholesale

Corp

................

65,449

Dollar

General

Corp

..................

5,554

Dollar

Tree

Inc

(1)

.....................

4,378

elf

Beauty

Inc

(1)

.....................

2,529

Estee

Lauder

Cos

Inc/The

..............

4,894

General

Mills

Inc

....................

143

9,046

Hershey

Co/The

.....................

6,618

Kenvue

Inc

........................

371

6,745

Keurig

Pepper

Inc

..................

196

6,546

Kimberly-Clark

Corp

..................

9,812

Kraft

Heinz

Co/The

...................

192

6,186

Kroger

Co/The

......................

127

6,341

Lamb

Weston

Holdings

Inc

..............

2,859

McCormick

Inc/MD

...............

4,611

Mondelez

International

Inc

..............

272

17,800

Monster

Beverage

Corp

(1)

...............

169

8,442

PepsiCo

Inc

........................

237

39,088

Philip

Morris

International

Inc

............

286

28,980

Procter

Gamble

Co/The

..............

406

66,958

Sysco

Corp

........................

101

7,210

Target

Corp

........................

12,139

Foods

Holding

Corp

(1)

...............

4,079

Walgreens

Boots

Alliance

Inc

............

176

2,129

Walmart

Inc

.......................

729

49,361

480,124

Financials

—

4.8%

Affirm

Holdings

Inc

(1)

..................

101

3,051

Aflac

Inc

..........................

169

15,093

Allstate

Corp/The

....................

12,773

American

Express

.................

155

35,890

American

International

Group

Inc

.........

237

17,595

Ameriprise

Financial

Inc

...............

15,379

Aon

PLC

..........................

16,734

Apollo

Global

Management

Inc

...........

161

19,009

Arch

Capital

Group

Ltd

(1)

...............

115

11,602

Ares

Management

Corp

................

7,997

Arthur

Gallagher

................

17,374

Bank

America

Corp

.................

1,784

70,950

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Bank

New

York

Mellon

Corp/The

........

262

15,691

Berkshire

Hathaway

Inc

(1)

..............

467

189,976

BlackRock

Inc

......................

34,642

Blackstone

Inc

......................

205

25,379

Block

Inc

(1)

........................

169

10,899

Capital

One

Financial

Corp

..............

126

17,445

Charles

Schwab

Corp/The

..............

398

29,329

Chubb

Ltd

.........................

109

27,804

Citigroup

Inc

.......................

510

32,365

Citizens

Financial

Group

Inc

.............

354

12,755

CME

Group

Inc

......................

19,463

CNO

Financial

Group

Inc

...............

369

10,229

Coinbase

Global

Inc

(1)

.................

10,667

Comerica

Inc

.......................

203

10,361

Corpay

Inc

(1)

.......................

7,193

Discover

Financial

Services

.............

9,680

Equitable

Holdings

Inc

.................

207

8,458

FactSet

Research

Systems

Inc

...........

6,941

Fidelity

National

Financial

Inc

............

125

6,177

Fidelity

National

Information

Services

Inc

....

196

14,770

Fifth

Third

Bancorp

...................

302

11,020

First

Busey

Corp

....................

562

13,606

First

Citizens

BancShares

Inc/NC

.........

5,051

First

Commonwealth

Financial

Corp

........

1,147

15,840

First

Mid

Bancshares

Inc

...............

392

12,889

Fiserv

Inc

(1)

........................

181

26,976

Global

Payments

Inc

..................

8,606

Goldman

Sachs

Group

Inc/The

...........

40,709

Hartford

Financial

Services

Group

Inc/The

...

139

13,975

Intercontinental

Exchange

Inc

............

167

22,861

JPMorgan

Chase

................

736

148,863

Kinsale

Capital

Group

Inc

...............

2,697

KKR

Inc

.......................

199

20,943

Loews

Corp

........................

207

15,471

LPL

Financial

Holdings

Inc

..............

7,262

Markel

Group

Inc

(1)

...................

7,878

Marsh

McLennan

Cos

Inc

.............

130

27,394

Mastercard

Inc

.....................

212

93,526

MetLife

Inc

........................

220

15,442

Moody's

Corp

......................

20,205

Morgan

Stanley

.....................

317

30,809

MSCI

Inc

..........................

11,080

Nasdaq

Inc

........................

145

8,738

Northern

Trust

Corp

..................

8,314

Holdings

Ltd/Cayman

Islands

(1)

........

675

8,701

PayPal

Holdings

Inc

(1)

.................

304

17,641

PNC

Financial

Services

Group

Inc/The

......

118

18,347

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Progressive

Corp/The

.................

153

31,780

Prudential

Financial

Inc

................

126

14,766

Regions

Financial

Corp

................

514

10,300

Robinhood

Markets

Inc

(1)

...............

214

4,860

S&P

Global

Inc

......................

37,464

SoFi

Technologies

Inc

(1)

................

472

3,120

SouthState

Corp

.....................

157

11,998

Starwood

Property

Trust

Inc

.............

534

10,114

SVB

Financial

Group

(1)

.................

798

Synchrony

Financial

..................

229

10,806

Rowe

Price

Group

Inc

................

10,724

Toast

Inc

(1)

........................

141

3,633

Travelers

Cos

Inc/The

.................

14,030

Truist

Financial

Corp

..................

446

17,327

Bancorp

........................

483

19,175

Visa

Inc

..........................

404

106,038

Wells

Fargo

....................

921

54,698

WesBanco

Inc

......................

483

13,480

Willis

Towers

Watson

PLC

..............

9,175

1,762,027

Health

Care

—

4.4%

Abbott

Laboratories

..................

435

45,201

AbbVie

Inc

........................

453

77,699

Agilent

Technologies

Inc

...............

11,667

Align

Technology

Inc

(1)

.................

7,002

Alnylam

Pharmaceuticals

Inc

(1)

...........

10,935

American

Well

Corp

(1)

.................

5,716

1,857

Amgen

Inc

........................

141

44,056

Avantor

Inc

(1)

.......................

251

5,321

Axsome

Therapeutics

Inc

(1)

..............

3,784

Baxter

International

Inc

................

176

5,887

Becton

Dickinson

................

17,996

Biogen

Inc

(1)

.......................

11,359

BioMarin

Pharmaceutical

Inc

(1)

...........

5,928

Bio-Techne

Corp

....................

4,299

Blueprint

Medicines

Corp

(1)

..............

3,233

Boston

Scientific

Corp

(1)

................

376

28,956

Bristol-Myers

Squibb

...............

574

23,838

Cardinal

Health

Inc

...................

7,374

Cencora

Inc

........................

9,237

Centene

Corp

(1)

.....................

167

11,072

Charles

River

Laboratories

International

Inc

(1)

6,404

Cigna

Group/The

....................

24,132

Cooper

Cos

Inc/The

..................

6,984

CVS

Health

Corp

....................

340

20,080

Cytokinetics

Inc

(1)

....................

2,330

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Danaher

Corp

......................

164

40,975

Dexcom

Inc

(1)

.......................

111

12,585

Edwards

Lifesciences

Corp

(1)

............

176

16,257

Elanco

Animal

Health

Inc

(1)

..............

205

2,958

Elevance

Health

Inc

..................

34,137

Eli

Lilly

.......................

217

196,468

Exact

Sciences

Corp

(1)

.................

3,380

HealthCare

Technologies

Inc

..........

127

9,896

Gilead

Sciences

Inc

..................

328

22,504

GRAIL

Inc

(1)

........................

154

Guardant

Health

Inc

(1)

.................

2,310

HCA

Healthcare

Inc

...................

18,634

Humana

Inc

.......................

12,704

ICON

PLC

(1)

........................

8,777

Ideaya

Biosciences

Inc

(1)

...............

3,441

IDEXX

Laboratories

Inc

(1)

...............

12,180

Illumina

Inc

........................

6,680

Insmed

Inc

(1)

.......................

3,149

Insulet

Corp

(1)

......................

5,852

Intellia

Therapeutics

Inc

(1)

..............

149

3,335

Intra-Cellular

Therapies

Inc

(1)

............

3,219

Intuitive

Surgical

Inc

(1)

.................

42,706

IQVIA

Holdings

Inc

(1)

..................

11,418

Johnson

..................

614

89,742

Labcorp

Holdings

Inc

.................

8,954

McKesson

Corp

.....................

20,441

Medtronic

PLC

......................

351

27,627

Merck

Inc

.....................

645

79,851

Mettler-Toledo

International

Inc

(1)

.........

9,783

Moderna

Inc

(1)

......................

10,925

Molina

Healthcare

Inc

(1)

................

6,243

Natera

Inc

(1)

........................

4,440

Neurocrine

Biosciences

Inc

(1)

............

6,608

Penumbra

Inc

(1)

.....................

3,779

Pfizer

Inc

.........................

1,484

41,522

Quest

Diagnostics

Inc

.................

7,528

Regeneron

Pharmaceuticals

Inc

(1)

.........

28,378

Repligen

Corp

(1)

.....................

4,412

ResMed

Inc

........................

8,231

REVOLUTION

Medicines

Inc

(1)

............

2,794

Rocket

Pharmaceuticals

Inc

(1)

............

178

3,832

Sarepta

Therapeutics

Inc

(1)

..............

5,056

Solventum

Corp

(1)

....................

2,750

STERIS

PLC

........................

8,123

Stryker

Corp

.......................

31,303

Syndax

Pharmaceuticals

Inc

(1)

...........

213

4,373

Tandem

Diabetes

Care

Inc

(1)

.............

1,491

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Teleflex

Inc

........................

5,889

Tenet

Healthcare

Corp

(1)

................

4,922

Thermo

Fisher

Scientific

Inc

.............

51,982

Ultragenyx

Pharmaceutical

Inc

(1)

..........

3,699

United

Therapeutics

Corp

(1)

.............

5,734

UnitedHealth

Group

Inc

................

239

121,713

Universal

Health

Services

Inc

............

6,288

Vaxcyte

Inc

(1)

.......................

4,757

Veeva

Systems

Inc

(1)

..................

9,151

Vertex

Pharmaceuticals

Inc

(1)

............

31,873

Viatris

Inc

.........................

563

5,985

Viking

Therapeutics

Inc

(1)

...............

1,802

Waters

Corp

(1)

......................

8,414

West

Pharmaceutical

Services

Inc

.........

6,917

Zimmer

Biomet

Holdings

Inc

............

8,357

Zoetis

Inc

.........................

135

23,404

1,589,423

Industrials

—

7.0%

...........................

308

31,475

Advanced

Drainage

Systems

Inc

..........

8,501

AECOM

...........................

132

11,634

AMETEK

Inc

.......................

134

22,339

Arcosa

Inc

........................

105

8,758

Automatic

Data

Processing

Inc

...........

224

53,467

Axon

Enterprise

Inc

(1)

.................

13,535

Boeing

Co/The

(1)

.....................

302

54,967

Booz

Allen

Hamilton

Holding

Corp

.........

13,851

Broadridge

Financial

Solutions

Inc

.........

19,306

Builders

FirstSource

Inc

(1)

..............

10,658

Carlisle

Cos

Inc

.....................

12,562

Carrier

Global

Corp

...................

465

29,332

Caterpillar

Inc

......................

270

89,937

Robinson

Worldwide

Inc

.............

7,402

Chart

Industries

Inc

(1)

.................

5,485

Cintas

Corp

........................

34,313

Clean

Harbors

Inc

(1)

...................

11,986

CNH

Industrial

(1)

...................

827

8,378

Comfort

Systems

USA

Inc

..............

7,603

Copart

Inc

(1)

........................

575

31,142

CSX

Corp

.........................

1,176

39,337

Cummins

Inc

.......................

22,708

Curtiss-Wright

Corp

..................

16,530

Dayforce

Inc

(1)

......................

139

6,894

Deere

........................

139

51,935

Delta

Air

Lines

Inc

...................

419

19,877

Dover

Corp

........................

17,504

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Eaton

Corp

PLC

.....................

211

66,159

EMCOR

Group

Inc

....................

10,952

Emerson

Electric

..................

300

33,048

Equifax

Inc

........................

21,579

Expeditors

International

Washington

Inc

...

113

14,101

Fastenal

........................

337

21,177

FedEx

Corp

........................

131

39,279

Ferguson

PLC

......................

125

24,206

Fortive

Corp

.......................

239

17,710

Fortune

Brands

Innovations

Inc

...........

190

12,339

FTAI

Aviation

Ltd

....................

8,465

Vernova

Inc

(1)

....................

148

25,383

Generac

Holdings

Inc

(1)

................

6,214

General

Dynamics

Corp

................

131

38,008

General

Electric

...................

576

91,567

Graco

Inc

.........................

170

13,478

HEICO

Corp

(1)

.......................

125

22,190

Honeywell

International

Inc

.............

381

81,359

Howmet

Aerospace

Inc

................

228

17,700

Hubbell

Inc

........................

13,523

Illinois

Tool

Works

Inc

.................

159

37,677

Ingersoll

Rand

Inc

...................

245

22,256

ITT

Inc

...........................

102

13,176

Jacobs

Solutions

Inc

..................

13,552

Hunt

Transport

Services

Inc

...........

12,640

Johnson

Controls

International

plc

.........

364

24,195

Kennametal

Inc

.....................

462

10,875

L3Harris

Technologies

Inc

..............

119

26,725

Leidos

Holdings

Inc

..................

12,546

Lennox

International

Inc

...............

12,840

Lincoln

Electric

Holdings

Inc

.............

9,055

Lockheed

Martin

Corp

.................

107

49,980

Lyft

Inc

(1)

..........................

245

3,454

Masco

Corp

.......................

194

12,934

MasTec

Inc

(1)

.......................

5,456

NEXTracker

Inc

(1)

....................

4,032

Nordson

Corp

......................

11,133

Norfolk

Southern

Corp

.................

138

29,627

Northrop

Grumman

Corp

...............

33,132

nVent

Electric

PLC

...................

150

11,492

Old

Dominion

Freight

Line

Inc

............

122

21,545

Otis

Worldwide

Corp

..................

270

25,990

Owens

Corning

.....................

11,639

PACCAR

Inc

........................

281

28,926

Parker-Hannifin

Corp

.................

36,418

Paychex

Inc

.......................

220

26,083

Paycom

Software

Inc

.................

6,151

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Pentair

PLC

........................

180

13,801

Quanta

Services

Inc

..................

22,868

Global

Inc

.......................

122

9,316

Regal

Rexnord

Corp

..................

7,572

Resources

Connection

Inc

..............

961

10,609

Rockwell

Automation

Inc

...............

19,820

Rollins

Inc

.........................

223

10,880

RTX

Corp

.........................

743

74,590

Saia

Inc

(1)

.........................

8,537

SiteOne

Landscape

Supply

Inc

(1)

..........

6,556

Snap-on

Inc

.......................

11,240

Southwest

Airlines

.................

376

10,757

Stanley

Black

Decker

Inc

.............

129

10,306

Sunrun

Inc

(1)

.......................

245

2,906

Tetra

Tech

Inc

......................

10,837

Textron

Inc

........................

143

12,278

Toro

Co/The

.......................

9,070

Trane

Technologies

PLC

................

118

38,814

TransDigm

Group

Inc

.................

38,328

TransUnion

........................

145

10,753

Trex

Inc

(1)

.......................

119

8,820

Uber

Technologies

Inc

(1)

................

1,048

76,169

UFP

Industries

Inc

...................

105

11,760

Union

Pacific

Corp

...................

324

73,308

United

Airlines

Holdings

Inc

(1)

............

208

10,121

United

Parcel

Service

Inc

...............

394

53,919

United

Rentals

Inc

...................

26,516

Veralto

Corp

.......................

152

14,511

Verisk

Analytics

Inc

...................

23,990

Vertiv

Holdings

...................

194

16,795

Waste

Management

Inc

................

212

45,228

Watsco

Inc

........................

12,044

WESCO

International

Inc

...............

6,975

Westinghouse

Air

Brake

Technologies

Corp

...

110

17,386

WillScot

Mobile

Mini

Holdings

Corp

(1)

.......

185

6,963

Woodward

Inc

......................

8,719

Grainger

Inc

....................

25,263

XPO

Inc

(1)

.........................

8,280

Xylem

Inc/NY

.......................

151

20,480

2,560,467

Information

Technology

—

17.0%

Accenture

PLC

......................

303

91,933

Adobe

Inc

(1)

........................

195

108,330

Advanced

Energy

Industries

Inc

..........

272

29,583

Advanced

Micro

Devices

Inc

(1)

...........

664

107,707

Amphenol

Corp

.....................

848

57,130

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Analog

Devices

Inc

...................

223

50,902

Apple

Inc

.........................

5,759

1,212,961

Applied

Materials

Inc

.................

359

84,720

Arista

Networks

Inc

(1)

.................

120

42,058

Atlassian

Corp

(1)

.....................

17,157

Autodesk

Inc

(1)

......................

152

37,612

Broadcom

Inc

......................

173

277,757

Cadence

Design

Systems

Inc

(1)

...........

155

47,701

Cisco

Systems

Inc

...................

1,716

81,527

Cloudflare

Inc

(1)

.....................

190

15,738

Cognizant

Technology

Solutions

Corp

.......

593

40,324

Crowdstrike

Holdings

Inc

(1)

..............

108

41,385

Datadog

Inc

(1)

......................

173

22,436

Fair

Isaac

Corp

(1)

....................

23,819

First

Solar

Inc

(1)

.....................

11,048

Fortinet

Inc

(1)

.......................

357

21,516

HubSpot

Inc

(1)

......................

19,463

Intel

Corp

.........................

1,802

55,808

International

Business

Machines

Corp

......

406

70,218

Intuit

Inc

..........................

131

86,095

Keysight

Technologies

Inc

(1)

.............

194

26,529

KLA

Corp

.........................

56,067

Lam

Research

Corp

..................

69,215

Marvell

Technology

Inc

................

422

29,498

Microchip

Technology

Inc

..............

373

34,130

Micron

Technology

Inc

................

455

59,846

Microsoft

Corp

......................

2,933

1,310,904

MicroStrategy

Inc

(1)

...................

9,642

Monolithic

Power

Systems

Inc

...........

24,650

Motorola

Solutions

Inc

.................

34,745

NVIDIA

Corp

.......................

9,353

1,155,470

Semiconductor

Corp

(1)

..............

284

19,468

Oracle

Corp

........................

642

90,650

Palantir

Technologies

Inc

(1)

..............

940

23,810

Palo

Alto

Networks

Inc

(1)

...............

129

43,732

QUALCOMM

Inc

.....................

455

90,627

Roper

Technologies

Inc

................

43,965

Salesforce

Inc

......................

398

102,326

ServiceNow

Inc

(1)

....................

76,307

Snowflake

Inc

(1)

.....................

182

24,586

Super

Micro

Computer

Inc

(1)

.............

18,026

Synopsys

Inc

(1)

......................

47,010

Texas

Instruments

Inc

.................

403

78,396

Vishay

Intertechnology

Inc

..............

1,469

32,759

Western

Digital

Corp

(1)

.................

285

21,594

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Workday

Inc

(1)

......................

102

22,803

6,201,683

Materials

—

1.9%

Air

Products

and

Chemicals

Inc

..........

123

31,740

Albemarle

Corp

.....................

6,973

Alcoa

Corp

........................

117

4,654

Alpha

Metallurgical

Resources

Inc

.........

1,964

Amcor

PLC

........................

864

8,450

Arcadium

Lithium

PLC

(1)

...............

765

2,570

ATI

Inc

(1)

..........................

4,214

Avery

Dennison

Corp

.................

11,588

Avient

Corp

........................

159

6,940

Axalta

Coating

Systems

Ltd

(1)

............

152

5,194

Ball

Corp

.........................

191

11,464

Berry

Global

Group

Inc

................

4,708

Carpenter

Technology

Corp

.............

3,397

Celanese

Corp

......................

9,712

Industries

Holdings

Inc

..............

112

8,301

Chemours

Co/The

...................

105

2,370

Cleveland-Cliffs

Inc

(1)

.................

323

4,971

Coeur

Mining

Inc

(1)

...................

306

1,720

Commercial

Metals

................

4,454

Corteva

Inc

........................

404

21,792

Crown

Holdings

Inc

..................

5,059

Dow

Inc

..........................

421

22,334

DuPont

Nemours

Inc

................

245

19,720

Eagle

Materials

Inc

...................

6,959

Eastman

Chemical

.................

9,013

Ecolab

Inc

.........................

138

32,844

Element

Solutions

Inc

.................

283

7,675

FMC

Corp

.........................

4,719

Freeport-McMoRan

Inc

................

800

38,880

Graphic

Packaging

Holding

...........

231

6,055

Hecla

Mining

.....................

465

2,255

International

Flavors

Fragrances

Inc

......

151

14,377

International

Paper

.................

202

8,716

Linde

PLC

.........................

264

115,846

Louisiana-Pacific

Corp

................

3,787

LyondellBasell

Industries

.............

158

15,114

Martin

Marietta

Materials

Inc

............

20,047

Mosaic

Co/The

.....................

209

6,040

Newmont

Corp

.....................

643

26,922

Nucor

Corp

........................

137

21,657

Olin

Corp

.........................

104

4,904

Packaging

Corp

America

.............

10,406

PPG

Industries

Inc

...................

147

18,506

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Reliance

Inc

.......................

9,425

Royal

Gold

Inc

......................

6,008

RPM

International

Inc

.................

9,799

Sealed

Air

Corp

.....................

112

3,896

Sherwin-Williams

Co/The

..............

138

41,183

Southern

Copper

Corp

.................

5,710

Steel

Dynamics

Inc

...................

11,785

United

States

Steel

Corp

...............

131

4,952

Vulcan

Materials

..................

20,640

Warrior

Met

Coal

Inc

..................

2,134

Westrock

.......................

152

7,640

702,183

Real

Estate

—

1.9%

Alexandria

Real

Estate

Equities

Inc

........

104

12,165

American

Homes

Rent

...............

195

7,246

American

Tower

Corp

.................

237

46,068

Americold

Realty

Trust

Inc

..............

162

4,138

AvalonBay

Communities

Inc

.............

16,551

BXP

Inc

..........................

5,971

Camden

Property

Trust

................

6,765

CBRE

Group

Inc

(1)

....................

176

15,683

CoStar

Group

Inc

(1)

...................

214

15,866

Cousins

Properties

Inc

................

251

5,811

Crown

Castle

Inc

....................

225

21,983

CubeSmart

........................

140

6,324

Digital

Realty

Trust

Inc

.................

162

24,632

Easterly

Government

Properties

Inc

........

484

5,987

EastGroup

Properties

Inc

...............

5,103

Equinix

Inc

........................

35,560

Equity

LifeStyle

Properties

Inc

...........

100

6,513

Equity

Residential

....................

214

14,839

Essex

Property

Trust

Inc

...............

10,071

Extra

Space

Storage

Inc

...............

110

17,095

Federal

Realty

Investment

Trust

..........

5,856

First

Industrial

Realty

Trust

Inc

...........

4,228

Gaming

and

Leisure

Properties

Inc

........

164

7,414

Healthcare

Realty

Trust

Inc

..............

260

4,285

Healthpeak

Properties

Inc

..............

407

7,977

Host

Hotels

Resorts

Inc

..............

400

7,192

Howard

Hughes

Holdings

Inc

(1)

...........

3,500

Independence

Realty

Trust

Inc

...........

213

3,992

Invitation

Homes

Inc

..................

364

13,064

Iron

Mountain

Inc

....................

155

13,891

Jones

Lang

LaSalle

Inc

(1)

...............

6,364

Kilroy

Realty

Corp

....................

115

3,585

Kimco

Realty

Corp

...................

412

8,018

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Common

Stocks

(United

States)

—

continued

Lamar

Advertising

.................

5,977

LXP

Industrial

Trust

...................

541

4,934

Macerich

Co/The

....................

146

2,254

Medical

Properties

Trust

Inc

.............

340

1,465

Mid-America

Apartment

Communities

Inc

....

9,555

NNN

REIT

Inc

.......................

148

6,305

Omega

Healthcare

Investors

Inc

..........

145

4,966

Park

Hotels

Resorts

Inc

..............

195

2,921

Prologis

Inc

........................

471

52,898

Public

Storage

......................

23,875

Realty

Income

Corp

..................

443

23,399

Regency

Centers

Corp

.................

120

7,464

Rexford

Industrial

Realty

Inc

.............

133

5,930

Ryman

Hospitality

Properties

Inc

..........

3,695

SBA

Communications

Corp

.............

11,189

Simon

Property

Group

Inc

..............

169

25,654

Green

Realty

Corp

.................

3,002

STAG

Industrial

Inc

...................

159

5,734

Sun

Communities

Inc

.................

8,303

UDR

Inc

..........................

197

8,107

Ventas

Inc

.........................

218

11,175

VICI

Properties

Inc

...................

571

16,353

Vornado

Realty

Trust

..................

115

3,023

Welltower

Inc

......................

283

29,503

Weyerhaeuser

....................

417

11,839

Carey

Inc

.......................

129

7,101

Zillow

Group

Inc

(1)

....................

124

5,585

675,943

Total

Common

Stocks

(United

States)

(Cost

19,593,616

)

.................

20,643,221

Preferred

Stock

(United

States)

—

Wells

Fargo

....................

Total

Preferred

Stock

(United

States)

(Cost

–

)

........................

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

3.4%

BrandywineGLOBAL

High

Yield

Fund

Class

12,998

131,665

Dodge

Cox

Income

Fund

Class

........

10,281

127,277

Eaton

Vance

Emerging

Markets

Debt

Opportunities

Fund

Class

..........

11,673

90,817

Fidelity

Advisor

High

Income

Advantage

Fund

Class

.........................

12,170

131,553

Fidelity

Total

Bond

Fund

Class

.........

54,000

507,057

Frost

Total

Return

Bond

Fund

Class

......

14,810

143,809

Sector

Rotation

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Registered

Investment

Companies

—

continued

iShares

20+

Year

Treasury

Bond

ETF

(2)

......

1,466

134,549

1,266,727

International

Fixed

Income

—

0.1%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(2)

..........................

410

36,277

International

Equity

—

1.4%

Baird

Core

Plus

Bond

Fund

Class

.......

50,519

504,684

Total

Registered

Investment

Companies

(Cost

1,810,161

)

..................

1,807,688

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(3)

........................

13,472,483

13,473,830

Total

Money

Market

Registered

Investment

Companies

(Cost

13,473,631

)

.................

13,473,830

Total

Investments

—

(Cost

34,877,408

)

.................

35,924,740

Other

Assets

less

Liabilities

—

.......

646,208

Total

Net

Assets

—

100

.............

36,570,948

Trustee

Deferred

Compensation

(4)

Meeder

Balanced

Fund

Retail

Class

.......

1,273

17,504

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

371

8,459

Meeder

Dynamic

Allocation

Fund

Retail

Class

3,393

50,793

Meeder

Muirfield

Fund

Retail

Class

.......

1,834

18,780

Total

Trustee

Deferred

Compensation

(Cost

73,747

)

....................

95,536

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Sector

Rotation

Fund

Long

(Short)

Contracts

Expiration

Date

Notional

Value

Contracts

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Futures

Contracts

Index

Futures

Mini

MSCI

EAFE

Futures

Sept

2024

.........

9/20/24

7,146,760

(

18,588

)

Mini

MSCI

Emg

Mkt

Futures

Sept

2024

........

9/20/24

1,251,430

(

11,286

)

S&P

500

Mini

Futures

September

2024

.....

9/20/24

3,865,050

(

7,418

)

S&P

Mid

Cap

Futures

EMini

September

2024

.....

9/20/24

1,774,860

Total

Futures

Contracts

104

14,038,100

(

37,288

)

(1)

Represents

non-income

producing

securities.

(2)

Exchange-traded

fund.

(3)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(4)

Assets

affiliates

the

Sector

Rotation

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Tactical

Income

Fund

Security

Description

Shares,

Contracts

Principal

Amount

($)

Fair

Value

($)

Registered

Investment

Companies

—

U.S.

Fixed

Income

—

75.4%

BrandywineGLOBAL

High

Yield

Fund

Class

891,989

9,035,854

Diamond

Hill

Short

Duration

Securitized

Bond

Fund

Class

....................

771,007

7,571,285

Eaton

Vance

Emerging

Markets

Debt

Opportunities

Fund

Class

..........

464,244

3,611,819

Fidelity

Advisor

High

Income

Advantage

Fund

Class

.........................

844,133

9,125,081

Fidelity

Total

Bond

Fund

Class

.........

767,673

7,208,453

Frost

Total

Return

Bond

Fund

Class

......

897,219

8,711,995

PIMCO

Low

Duration

Income

Fund

Class

1,349,114

10,792,910

56,057,397

International

Fixed

Income

—

6.7%

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(1)

..........................

56,370

4,987,617

Total

Registered

Investment

Companies

(Cost

60,032,934

)

.................

61,045,014

Money

Market

Registered

Investment

Companies

—

Meeder

Institutional

Prime

Money

Market

Fund

5.27

(2)

........................

13,073,389

13,074,697

Total

Money

Market

Registered

Investment

Companies

(Cost

13,070,279

)

.................

13,074,697

Total

Investments

—

(Cost

73,103,213

)

.................

74,119,711

Other

Assets

less

Liabilities

—

.......

239,641

Total

Net

Assets

—

100

.............

74,359,352

Trustee

Deferred

Compensation

(3)

Meeder

Balanced

Fund

Retail

Class

.......

1,481

20,364

Meeder

Conservative

Allocation

Fund

Retail

Class

..........................

441

10,055

Meeder

Dynamic

Allocation

Fund

Retail

Class

3,838

57,455

Meeder

Muirfield

Fund

Retail

Class

.......

2,291

23,460

Total

Trustee

Deferred

Compensation

(Cost

89,401

)

....................

111,334

(1)

Exchange-traded

fund.

(2)

Investment

affiliate.

The

yield

shown

represents

the

7-day

yield

effect

June

30,

2024.

(3)

Assets

affiliates

the

Tactical

Income

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Institutional

Prime

Money

Market

Fund

Security

Description

Coupon/

Yield

Maturity/

Demand

Date

Principal

Amount

($)

Fair

Value

($)

Certificates

Deposit

—

Bank

Nova

Scotia

(Secured

Overnight

Financing

Rate

0.64%)

.............

.98

(1)

7/8/24

1,000,000

1,000,135

Mizuho

Bank

(Secured

Overnight

Financing

Rate

0.18%)

.............

.52

(1)

7/25/24

5,000,000

5,000,340

Nordea

Bank

ABP

(Secured

Overnight

Financing

Rate

0.29%)

.............

.63

(1)

2/5/25

5,000,000

5,001,360

Sumitomo

Mitsui

Bank

(Secured

Overnight

Financing

Rate

0.19%)

.53

(1)

7/26/24

5,000,000

5,000,420

Total

Certificates

Deposit

(Cost

16,000,097

)

...................

16,002,255

Commercial

Paper

—

Alinghi

Funding

LLC

....

.51

10/22/24

7,960,000

7,822,746

American

Honda

Finance

...

.53

8/21/24

5,000,000

4,958,210

American

Honda

Finance

...

.56

8/26/24

10,000,000

9,908,570

Anglesea

Funding

.......

.33

7/1/24

12,000,000

11,994,660

Aquitaine

Funding

LLC

.47

8/1/24

5,000,000

4,974,305

Australia

New

Zealand

Banking

Group

Ltd

.....

.86

7/16/24

2,500,000

2,493,337

Australia

New

Zealand

Banking

Group

Ltd

.....

.29

11/13/24

5,000,000

4,898,225

Bank

Montreal

........

.40

7/30/24

7,500,000

7,464,188

Bank

Nova

Scotia

(Secured

Overnight

Financing

Rate

0.23%)

.............

.55

(1)

11/5/24

6,000,000

6,000,900

Barclays

Bank

..........

.46

8/12/24

1,300,000

1,291,229

Barclays

Bank

PLC

.......

.48

10/9/24

3,820,000

3,761,501

Barclays

Bank

PLC

.......

.41

7/3/24

2,500,000

2,498,152

Bedford

Row

Funding

(Secured

Overnight

Financing

Rate

0.17%)

.............

.48

8/5/24

10,000,000

10,000,314

BofA

Securities

Inc

.......

.43

9/26/24

5,000,000

4,932,000

Canadian

Imperial

Bank

Commerce

...........

.85

7/1/24

7,500,000

7,496,670

Canadian

Imperial

Holdings

Inc

.28

7/26/24

1,800,000

1,792,555

Columbia

Funding

LLC

.44

7/18/24

6,634,000

6,614,237

Columbia

Funding

LLC

.41

9/4/24

6,000,000

5,938,314

HSBC

USA

Inc

..........

.55

7/3/24

1,000,000

999,256

HSBC

USA

Inc

..........

.51

7/26/24

5,250,000

5,227,819

HSBC

USA

Inc

..........

.39

7/5/24

6,500,000

6,493,227

Longship

Funding

LLC

.....

.34

7/3/24

2,500,000

2,498,153

Mackinac

Funding

.....

.42

8/2/24

5,000,000

4,973,775

Mackinac

Funding

LLC

.45

8/20/24

3,500,000

3,472,164

Macquarie

Bank

Ltd

......

.37

8/12/24

2,500,000

2,483,100

Macquarie

Bank

Ltd

......

.38

11/20/24

1,400,000

1,369,320

Institutional

Prime

Money

Market

Fund

Security

Description

Coupon/

Yield

Maturity/

Demand

Date

Principal

Amount

($)

Fair

Value

($)

Commercial

Paper

—

continued

Macquarie

International

Finance

Ltd

..........

.43

9/3/24

3,000,000

2,969,544

Macquarie

International

Finance

Ltd

..........

.66

8/16/24

2,200,000

2,183,784

MUFG

Bank

Ltd/New

York

.41

8/16/24

2,500,000

2,481,918

MUFG

Bank

Ltd/New

York

.73

8/9/24

1,060,000

1,053,450

MUFG

Bank

Ltd/New

York

.43

7/29/24

2,000,000

1,990,924

Old

Line

Funding

LLC

.....

.38

8/19/24

10,000,000

9,921,890

Pacific

Life

Short

Term

Funding

LLC

...............

.47

8/22/24

3,000,000

2,975,394

Royal

Bank

Canada/New

York

.............

.88

7/3/24

1,500,000

1,498,893

Sumitomo

Mitsui

Trust

Bank

Ltd/Singapore

........

.45

8/8/24

8,250,000

8,200,112

Svenska

Handelsbanken

.31

9/6/24

6,000,000

5,938,278

Westpac

Bank

Corp

(Secured

Overnight

Financing

Rate

0.47%)

.............

.36

(1)

7/22/24

2,500,000

2,500,633

Total

Commercial

Paper

(Cost

174,155,826

)

..................

174,071,747

Repurchase

Agreements

—

Loop

Capital

(Collateralized

$47,852,627

FNMAs,

4.50%,

due

7/1/52,

fair

value

$45,900,000)

(proceeds

$45,020,063),

purchase

date

6/28/24

............

.35

7/1/24

45,000,000

South

Street

(Collateralized

$51,962,649

various

FCSBs,

FHLBs,

FMACs,

FNMAs,

GNMAs,

and

U.S.

Treasuries,

0.38%

6.00%,

due

9/29/25

6/1/54,

fair

value

$51,000,055)

(proceeds

$50,022,667),

purchase

date

6/28/24

............

.44

7/1/24

50,000,000

South

Street

(Collateralized

$52,179,490

various

FCSBs,

FHLBs,

FMACs,

FNMAs,

GNMAs,

and

U.S.

Treasuries,

1.00%

6.50%,

due

7/24/25

6/1/54,

fair

value

$51,000,029)(proceeds

$50,022,583),

purchase

date

6/28/24

............

.42

7/1/24

50,000,000

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Schedules

Investments

June

30,

2024

(unaudited)

Institutional

Prime

Money

Market

Fund

Security

Description

Coupon/

Yield

Maturity/

Demand

Date

Principal

Amount

($)

Fair

Value

($)

Repurchase

Agreements

—

continued

StoneX

(Collateralized

$184,240,744

various

Asset

Backed

Securities,

Corporate

Bonds,

FMACs,

GNMAs,

FNMAs,

SBAs,

Mid-

Term

Notes

and

Municipal

Bonds,

0.00%

7.92%,

due

7/1/24

2/25/67,

fair

value

$77,551,147)

(proceeds

$75,035,125)

purch

date

6/28/24

............

.62

7/1/24

75,000,000

Total

Repurchase

Agreements

(Cost

220,000,000

)

..................

220,000,000

U.S.

Government

Agencies

—

Freddie

Mac

...........

.30

2/12/25

2,105,000

2,056,633

Total

U.S.

Government

Agencies

(Cost

2,056,846

)

....................

2,056,633

U.S.

Treasury

Bills

—

Treasury

Bill

.........

.34

10/31/24

10,000,000

9,824,790

Treasury

Bill

.........

.35

11/29/24

5,000,000

4,892,665

Treasury

Bill

.........

.35

8/22/24

10,000,000

9,924,520

Treasury

Bill

.........

.14

4/17/25

2,500,000

2,401,255

Treasury

Bill

.........

.36

8/20/24

3,600,000

3,573,774

Treasury

Bill

.........

.35

9/3/24

5,000,000

4,953,510

Treasury

Bill

.........

.37

9/17/24

10,000,000

9,886,950

Treasury

Bill

.........

.21

5/15/25

3,000,000

2,870,613

Treasury

Bill

.........

.35

9/5/24

7,500,000

7,428,217

Treasury

Bill

.........

.38

10/1/24

7,500,000

7,400,303

Treasury

Bill

.........

.38

10/8/24

5,000,000

4,928,310

Treasury

Bill

.........

.34

12/19/24

8,000,000

7,805,488

Treasury

Bill

.........

.32

12/26/24

6,500,000

6,335,609

Total

U.S.

Treasury

Bills

(Cost

82,223,092

)

...................

82,226,004

U.S.

Treasury

Notes

—

Treasury

Note

........

.28

2/15/25

2,500,000

2,449,560

Total

U.S.

Treasury

Notes

(Cost

2,450,304

)

....................

2,449,560

Institutional

Prime

Money

Market

Fund

Security

Description

Principal

Amount

($)

Fair

Value

($)

Money

Market

Registered

Investment

Companies

—

Federated

Hermes

Government

Obligations

Fund

(2)

12,332,493

Total

Money

Market

Registered

Investment

Companies

(Cost

12,332,493

)

...................

12,332,493

Total

Investments

—

100

(Cost

509,218,658

)

..................

509,138,692

Liabilities

less

Other

Assets

—

(

)

........

(1,763,691)

Total

Net

Assets

—

100

...............

507,375,001

Trustee

Deferred

Compensation

(3)

Meeder

Balanced

Fund

Retail

Class

.........

116

1,595

Meeder

Conservative

Allocation

Fund

Retail

Class

866

Meeder

Dynamic

Allocation

Fund

Retail

Class

280

4,192

Meeder

Muirfield

Fund

Retail

Class

.........

395

4,045

Total

Trustee

Deferred

Compensation

(Cost

9,029

)

.......................

10,698

(1)

Floating

rate

security.

Interest

rates

reset

periodically.

The

reference

rate

and

spread

are

indicated

the

description

above.

The

rate

shown

represents

the

rate

effect

June

30,

2024.

The

maturity

date

shown

reflects

the

earlier

the

demand

date

stated

maturity

date.

(2)

7-day

yield

June

30,

2024.

The

Fund

may

invest

significant

portion

its

assets

one

investment

companies,

including

money

market

mutual

funds.

The

Fund

will

incur

additional

indirect

expenses

(acquired

fund

fees

and

expenses)

the

extent

invests

other

investment

companies.

(3)

Assets

affiliates

the

Institutional

Prime

Money

Market

Fund

held

for

the

benefit

the

Fund’s

Trustees

connection

with

the

Trustee

Deferred

Compensation

Plan.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Statements

Assets

and

Liabilities

June

30,

2024

(unaudited)

Muirfield

Fund

Spectrum

Fund

Assets

Investments,

fair

value

(1)(2)

.............................................................

626,940,972‌

203,113,803‌

Repurchase

agreements,

fair

value

(1)

......................................................

—‌

Investments

affiliates,

fair

value

(1)

......................................................

228,631,034‌

5,657,831‌

Trustee

deferred

compensation

investments,

fair

value

...........................................

490,160‌

88,668‌

Deposits

broker

for

futures

contracts

(3)

.....................................................

12,359,768‌

4,055,231‌

Cash

held

broker

for

collateral

securities

sold

short

...........................................

—‌

47,388,370‌

Receivable

for

securities

sold

..............................................................

7,853,140‌

1,822,790‌

Receivable

for

capital

stock

issued

..........................................................

657,174‌

139,382‌

Interest

and

dividend

receivable

............................................................

1,065,136‌

98,594‌

Prepaid

expenses/other

assets

.............................................................

42,430‌

208,008‌

Total

Assets

..........................................................................

878,039,814‌

262,572,677‌

Liabilities

Securities

sold

short

fair

value

(Proceeds

Received

48,618,131

)

....................................

—‌

48,618,131‌

Payable

for

securities

purchased

............................................................

7,883,047‌

1,830,749‌

Payable

for

Trustee

Deferred

Compensation

Plan

.................................................

490,160‌

88,668‌

Payable

for

capital

stock

redeemed

.........................................................

194,522‌

76,225‌

Dividends

payable

.....................................................................

—‌

Dividend

expense

payable

short

positions

...................................................

—‌

66,094‌

Payable

investment

adviser

.............................................................

435,747‌

125,425‌

Accrued

distribution

plan

(12b-1)

and

shareholder

service

plan

fees

....................................

75,188‌

17,691‌

Accrued

transfer

agent,

fund

accounting,

CCO,

and

administration

fees

and

expenses

........................

110,151‌

41,001‌

Accrued

trustee

fees

....................................................................

2,665‌

1,069‌

Other

accrued

liabilities

..................................................................

42,410‌

28,998‌

Total

Liabilities

........................................................................

9,233,890‌

50,894,051‌

Net

Assets

..........................................................................

868,805,924‌

211,678,626‌

Net

Assets

Capital

.............................................................................

644,036,997‌

159,168,206‌

Distributable

Earnings

(Accumulated

Deficit)

....................................................

224,768,927‌

52,510,420‌

Total

Net

Assets

.......................................................................

868,805,924‌

211,678,626‌

Net

Asset

Value

Per

Retail

Class

Net

Assets

.......................................................................

47,112,884‌

1,899,556‌

Outstanding

.................................................................

4,599,371‌

135,194‌

Net

Asset

Value,

Offering

and

Redemption

Price

Per

.......................................

.24‌

.05‌

Adviser

Class

Net

Assets

.......................................................................

113,753,448‌

39,893,089‌

Outstanding

.................................................................

10,941,127‌

2,806,117‌

Net

Asset

Value,

Offering

and

Redemption

Price

Per

.......................................

.40‌

.22‌

Institutional

Class

Net

Assets

.......................................................................

707,939,592‌

169,885,981‌

Outstanding

.................................................................

68,015,360‌

11,916,103‌

Net

Asset

Value,

Offering

and

Redemption

Price

Per

.......................................

.41‌

.26‌

Net

Asset

Value

Per

Institutional

Prime

Money

Market

Fund

Net

Assets

.......................................................................

Outstanding

.................................................................

Net

Asset

Value,

Offering

and

Redemption

Price

Per

(1)

Investments

and

affiliated

investments

cost

(See

Note

#4)

.......................................

733,736,130‌

124,762,275‌

(2)

Fair

value

securities

loaned

included

investments

fair

value

(See

Note

#3,

and

Note

#5)

..........

—‌

(3)

Required

margin

held

collateral

for

futures

contracts

..........................................

8,953,456‌

2,654,163‌

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Global

Allocation

Fund

Balanced

Fund

Moderate

Allocation

Fund

Conservative

Allocation

Fund

Dynamic

Allocation

Fund

Sector

Rotation

Fund

Tactical

Income

Fund

Institutional

Prime

Money

Market

Fund

18,347,971‌

340,621,982‌

151,932,631‌

122,585,976‌

219,818,954‌

22,450,910‌

61,045,014‌

289,138,692‌

—‌

220,000,000‌

16,882,450‌

48,616,840‌

21,258,622‌

10,137,854‌

111,347,595‌

13,473,830‌

13,074,697‌

—‌

154,640‌

308,001‌

68,041‌

122,685‌

335,874‌

95,536‌

111,334‌

10,698‌

891,689‌

2,519,414‌

1,245,787‌

391,471‌

5,878,972‌

620,475‌

—‌

140,659‌

2,837,493‌

846,344‌

400,878‌

2,571,721‌

3,403‌

—‌

21,337‌

176,909‌

80,702‌

74,318‌

359,641‌

6,130‌

66,668‌

—‌

76,883‌

431,331‌

234,616‌

190,648‌

515,281‌

67,111‌

215,976‌

290,455‌

25,944‌

33,062‌

34,653‌

32,535‌

25,394‌

31,506‌

31,575‌

17,966‌

36,541,573‌

395,545,032‌

175,701,396‌

133,936,365‌

340,853,432‌

36,748,901‌

74,545,264‌

509,457,811‌

—‌

139,953‌

2,843,548‌

839,136‌

397,072‌

2,556,372‌

—‌

154,640‌

308,001‌

68,041‌

122,685‌

335,874‌

95,536‌

111,334‌

10,698‌

26,280‌

185,151‌

44,615‌

47,201‌

93,064‌

27,080‌

14,415‌

—‌

1,976,193‌

—‌

21,775‌

212,661‌

84,017‌

53,447‌

167,934‌

22,063‌

17,174‌

—‌

4,554‌

36,185‌

14,581‌

13,874‌

19,879‌

7,103‌

8,313‌

53‌

10,996‌

71,448‌

34,885‌

27,927‌

61,434‌

11,089‌

15,494‌

73,040‌

304‌

1,637‌

843‌

625‌

610‌

323‌

383‌

238‌

15,183‌

32,790‌

25,218‌

24,208‌

23,057‌

14,759‌

18,799‌

22,588‌

373,685‌

3,691,421‌

1,111,336‌

687,039‌

3,258,224‌

177,953‌

185,912‌

2,082,810‌

36,167,888‌

391,853,611‌

174,590,060‌

133,249,326‌

337,595,208‌

36,570,948‌

74,359,352‌

507,375,001‌

29,917,825‌

309,236,817‌

155,082,342‌

129,189,675‌

257,836,889‌

28,783,330‌

86,620,430‌

507,447,592‌

6,250,063‌

82,616,794‌

19,507,718‌

4,059,651‌

79,758,319‌

7,787,618‌

(

12,261,078‌

)

(

72,591‌

)

36,167,888‌

391,853,611‌

174,590,060‌

133,249,326‌

337,595,208‌

36,570,948‌

74,359,352‌

507,375,001‌

3,020,836‌

9,413,074‌

909,743‌

6,194,670‌

11,955,273‌

12,590,110‌

2,589,848‌

249,275‌

684,670‌

72,690‌

271,733‌

798,790‌

321,352‌

281,450‌

.12‌

.75‌

.52‌

.80‌

.97‌

.18‌

.20‌

4,041,050‌

75,107,649‌

33,887,492‌

23,114,760‌

28,812,733‌

4,106,718‌

9,985,320‌

330,291‌

5,411,239‌

2,695,041‌

1,001,758‌

1,898,567‌

103,858‌

1,083,578‌

.23‌

.88‌

.57‌

.07‌

.18‌

.54‌

.22‌

29,106,002‌

307,332,888‌

139,792,825‌

103,939,896‌

296,827,202‌

19,874,120‌

61,784,184‌

2,385,253‌

22,094,090‌

11,100,523‌

4,495,379‌

19,591,824‌

503,536‌

6,708,792‌

.20‌

.91‌

.59‌

.12‌

.15‌

.47‌

.21‌

507,375,001‌

507,394,296‌

.0001‌

32,232,017‌

340,411,420‌

158,675,652‌

125,482,667‌

291,215,992‌

34,877,408‌

73,103,213‌

509,218,658‌

—‌

657,804‌

1,917,553‌

763,847‌

315,285‌

4,663,858‌

521,128‌

—‌

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Statements

Operations

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

Muirfield

Fund

Spectrum

Fund

Investment

Income

Interest

............................................................................

—‌

Income

from

affiliates

...................................................................

5,596,907‌

747,425‌

Dividends

..........................................................................

3,553,055‌

1,315,327‌

Total

Investment

Income

.................................................................

9,149,962‌

2,062,752‌

Fund

Expenses

Investment

advisory

fees

.................................................................

2,543,674‌

747,751‌

Transfer

agent

fees

and

expenses

Retail

Class

.................................................

19,112‌

1,121‌

Transfer

agent

fees

and

expenses

Adviser

Class

................................................

46,027‌

22,609‌

Transfer

agent

fees

and

expenses

Institutional

Class

.............................................

278,978‌

96,329‌

Transfer

agent

fees

and

expenses

Money

Market

Fund

............................................

—‌

Fund

accounting

fees

...................................................................

58,514‌

28,404‌

Administration

fees

....................................................................

249,636‌

85,013‌

Trustee

fees

.........................................................................

16,103‌

4,293‌

Audit

fees

...........................................................................

8,930‌

Legal

fees

...........................................................................

3,754‌

Custody

fees

.........................................................................

34,847‌

9,339‌

Printing

expenses

......................................................................

9,139‌

3,784‌

Distribution

plan

(12b-1)

fees

Retail

Class

(1)

...................................................

44,572‌

2,336‌

Shareholder

service

plan

fees

Retail

Class

....................................................

20,195‌

1,869‌

Shareholder

service

plan

fees

Adviser

Class

...................................................

1,548‌

364‌

Shareholder

service

plan

fees

Institutional

Class

................................................

312,648‌

75,113‌

Postage

expenses

.....................................................................

13,073‌

7,174‌

Registration

fees

......................................................................

33,363‌

23,572‌

Insurance

expenses

....................................................................

19,003‌

5,191‌

Chief

Compliance

Officer

fees

.............................................................

4,625‌

Excise

tax

expense

.....................................................................

—‌

227,286‌

Other

expenses

.......................................................................

27,053‌

16,987‌

Total

Expenses

Before

Reductions

...........................................................

3,744,794‌

1,375,844‌

Expenses

voluntarily

reimbursed/waived

investment

adviser

(See

Note

#5)

.............................

—‌

Short

sales

credit

......................................................................

—‌

(

502,984‌

)

Net

Expenses

........................................................................

3,744,794‌

872,860‌

Net

Investment

Income

(Loss)

.............................................................

5,405,168‌

1,189,892‌

Realized

and

Unrealized

Gain

(Loss)

from

Investments

–

Net

realized

gains

from

unaffiliated

investments

.................................................

49,288,097‌

6,178,031‌

Net

realized

gains

(losses)

from

affiliated

investments

.............................................

18,758‌

39,061‌

Net

realized

losses

from

closed

short

positions

..................................................

—‌

(

1,405,115‌

)

Net

realized

gains

from

futures

contracts

......................................................

14,887,383‌

3,770,532‌

Net

Realized

Gains

from

Investment

Transactions,

Futures

Contracts,

and

Distributions

Long-term

Realized

Gains

Other

Investment

Companies

............................................................

64,194,238‌

8,582,509‌

Net

change

unrealized

appreciation

(depreciation)

unaffiliated

investments

............................

41,236,761‌

15,642,353‌

Net

change

unrealized

appreciation

(depreciation)

affiliated

investments

..............................

(

56,982‌

)

(

49,817‌

)

Net

change

unrealized

appreciation

(depreciation)

short

positions

..................................

—‌

1,720,347‌

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

.................................

(

10,306,969‌

)

(

2,884,995‌

)

Net

Change

Unrealized

Appreciation

(Depreciation)

Investment

Transactions

and

Futures

Contracts

............

30,872,810‌

14,427,888‌

Net

Realized

and

Unrealized

Gain

(Loss)

from

Investments

..........................................

95,067,048‌

23,010,397‌

Net

Change

Net

Assets

Resulting

from

Operations

..............................................

100,472,216‌

24,200,289‌

(1)

Only

the

Retail

Class

has

adopted

Rule

12b-1

Plan.

See

the

Notes

Financial

Statements.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Global

Allocation

Fund

Balanced

Fund

Moderate

Allocation

Fund

Conservative

Allocation

Fund

Dynamic

Allocation

Fund

Sector

Rotation

Fund

Tactical

Income

Fund

Institutional

Prime

Money

Market

Fund

—‌

40‌

16‌

14,175,453‌

427,940‌

1,421,542‌

620,852‌

322,512‌

2,492,590‌

304,231‌

488,434‌

—‌

205,599‌

3,768,362‌

2,213,906‌

2,129,854‌

1,547,744‌

217,108‌

1,419,774‌

—‌

633,539‌

5,189,904‌

2,834,758‌

2,452,366‌

4,040,334‌

521,379‌

1,908,224‌

14,175,453‌

128,889‌

1,275,428‌

503,423‌

321,819‌

1,060,409‌

132,883‌

141,954‌

713,851‌

1,785‌

5,374‌

562‌

3,523‌

7,131‌

7,520‌

1,017‌

—‌

2,361‌

43,066‌

19,838‌

13,457‌

16,455‌

2,440‌

3,793‌

—‌

16,476‌

176,810‌

80,284‌

60,256‌

158,605‌

11,301‌

23,556‌

—‌

199,709‌

17,858‌

37,170‌

26,789‌

24,835‌

33,582‌

17,964‌

21,512‌

43,969‌

17,185‌

155,139‌

72,096‌

56,464‌

126,433‌

17,718‌

33,339‌

204,682‌

961‌

7,961‌

3,771‌

2,952‌

6,097‌

979‌

1,747‌

586‌

8,930‌

8,929‌

8,827‌

8,930‌

8,931‌

8,389‌

7,847‌

3,754‌

3,843‌

1,583‌

17,483‌

7,999‌

6,051‌

12,406‌

1,665‌

3,440‌

24,190‌

357‌

5,478‌

2,715‌

2,566‌

4,230‌

586‌

1,157‌

—‌

3,719‌

11,173‌

1,171‌

7,337‌

14,865‌

12,539‌

3,177‌

—‌

2,342‌

5,936‌

787‌

3,069‌

5,753‌

2,545‌

1,738‌

—‌

1‌

619‌

173‌

846‌

489‌

74‌

221‌

—‌

4,959‌

138,882‌

62,469‌

46,892‌

105,887‌

3,951‌

26,630‌

—‌

551‌

9,003‌

4,683‌

4,762‌

6,534‌

1,019‌

1,999‌

148‌

23,101‌

27,100‌

24,302‌

24,546‌

29,356‌

23,535‌

23,983‌

4,079‌

873‌

9,748‌

4,348‌

3,311‌

6,798‌

961‌

1,791‌

15,259‌

4,625‌

—‌

13,643‌

20,511‌

16,407‌

15,595‌

17,620‌

13,674‌

14,404‌

34,492‌

253,953‌

1,964,189‌

849,023‌

615,487‌

1,629,959‌

268,664‌

322,226‌

1,257,280‌

—‌

(

99,726‌

)

—‌

(

39,126‌

)

(

713,851‌

)

—‌

253,953‌

1,964,189‌

849,023‌

615,487‌

1,530,233‌

268,664‌

283,100‌

543,429‌

379,586‌

3,225,715‌

1,985,735‌

1,836,879‌

2,510,101‌

252,715‌

1,625,124‌

13,632,024‌

–

662,114‌

20,698,570‌

5,892,910‌

2,615,181‌

16,949,544‌

3,908,571‌

536,993‌

740‌

87‌

4,191‌

2,340‌

4,424‌

(

1,689‌

)

4,256‌

(

2,856‌

)

—‌

1,471,322‌

2,763,795‌

1,517,806‌

616,069‌

7,154,756‌

1,288,498‌

—‌

2,133,523‌

23,466,556‌

7,413,056‌

3,235,674‌

24,102,611‌

5,201,325‌

534,137‌

740‌

923,163‌

9,165,506‌

2,172,448‌

479,036‌

10,641,334‌

(

2,453,580‌

)

(

669,130‌

)

(

199,571‌

)

(

3,136‌

)

(

16,210‌

)

(

7,484‌

)

(

7,180‌

)

(

14,337‌

)

(

6,807‌

)

(

2,186‌

)

—‌

(

779,855‌

)

(

2,421,006‌

)

(

964,732‌

)

(

450,610‌

)

(

4,331,722‌

)

(

455,922‌

)

—‌

140,172‌

6,728,290‌

1,200,232‌

21,246‌

6,295,275‌

(

2,916,309‌

)

(

671,316‌

)

(

199,571‌

)

2,273,695‌

30,194,846‌

8,613,288‌

3,256,920‌

30,397,886‌

2,285,016‌

(

137,179‌

)

(

198,831‌

)

2,653,281‌

33,420,561‌

10,599,023‌

5,093,799‌

32,907,987‌

2,537,731‌

1,487,945‌

13,433,193‌

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Statements

Changes

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

and

the

Year

Ended

December

31,

2023

Muirfield

Fund

2024

2023

Operations

Net

investment

income

(loss)

..............................................................

5,405,168‌

12,558,225‌

Net

realized

gains

(losses)

from

investment

transactions,

futures

contracts,

and

distributions

long-term

realized

gains

other

investment

companies

.......................................................

64,194,238‌

48,724,709‌

Net

change

unrealized

appreciation

(depreciation)

investment

transactions

and

futures

contracts

.............

30,872,810‌

28,170,783‌

Net

change

net

assets

resulting

from

operations

...............................................

100,472,216‌

89,453,717‌

Distributions

Shareholders

Retail

Class

........................................................................

(

229,402‌

)

(

1,205,639‌

)

Adviser

Class

.......................................................................

(

650,186‌

)

(

3,157,387‌

)

Institutional

Class

....................................................................

(

4,006,424‌

)

(

17,709,992‌

)

Change

net

assets

resulting

from

distributions

.................................................

(

4,886,012‌

)

(

22,073,018‌

)

Capital

Transactions:

Issued

.............................................................................

98,607,347‌

174,493,246‌

Reinvested

..........................................................................

4,866,726‌

21,969,316‌

Redeemed

..........................................................................

(

78,718,934‌

)

(

151,455,846‌

)

Net

change

net

assets

resulting

from

capital

transactions

.........................................

24,755,139‌

45,006,716‌

Total

Change

Net

Assets

................................................................

120,341,343‌

112,387,415‌

Net

Assets

Beginning

Year

.............................................................

748,464,581‌

636,077,166‌

Net

Assets

End

Period/

Year

.............................................................

868,805,924‌

748,464,581‌

Transactions:

Issued

.............................................................................

9,897,304‌

19,897,337‌

Reinvested

..........................................................................

471,494‌

2,430,047‌

Redeemed

..........................................................................

(

7,982,586‌

)

(

17,251,613‌

)

Net

change

...................................................................

2,386,212‌

5,075,771‌

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Spectrum

Fund

Global

Allocation

Fund

Balanced

Fund

Moderate

Allocation

Fund

2024

2023

2024

2023

2024

2023

2024

2023

1,189,892‌

3,400,146‌

379,586‌

679,569‌

3,225,715‌

7,346,247‌

1,985,735‌

4,448,806‌

8,582,509‌

17,894,261‌

2,133,523‌

2,675,613‌

23,466,556‌

17,312,404‌

7,413,056‌

2,873,586‌

14,427,888‌

3,230,554‌

140,172‌

1,398,831‌

6,728,290‌

16,813,099‌

1,200,232‌

10,011,240‌

24,200,289‌

24,524,961‌

2,653,281‌

4,754,013‌

33,420,561‌

41,471,750‌

10,599,023‌

17,333,632‌

(

4,047‌

)

(

143,420‌

)

(

22,690‌

)

(

45,751‌

)

(

55,101‌

)

(

120,544‌

)

(

8,405‌

)

(

22,551‌

)

(

139,794‌

)

(

2,994,063‌

)

(

36,558‌

)

(

83,531‌

)

(

590,951‌

)

(

1,413,683‌

)

(

377,435‌

)

(

890,185‌

)

(

475,202‌

)

(

12,687,685‌

)

(

257,668‌

)

(

548,265‌

)

(

2,193,334‌

)

(

5,759,540‌

)

(

1,429,304‌

)

(

3,515,203‌

)

(

619,043‌

)

(

15,825,168‌

)

(

316,916‌

)

(

677,547‌

)

(

2,839,386‌

)

(

7,293,767‌

)

(

1,815,144‌

)

(

4,427,939‌

)

16,466,422‌

24,602,506‌

3,887,903‌

6,063,691‌

37,457,943‌

54,784,178‌

14,860,877‌

22,471,031‌

618,988‌

15,823,894‌

316,914‌

677,451‌

2,838,574‌

7,283,027‌

1,812,768‌

4,418,359‌

(

20,378,911‌

)

(

41,893,797‌

)

(

3,485,185‌

)

(

9,367,236‌

)

(

43,395,330‌

)

(

77,587,419‌

)

(

16,891,720‌

)

(

32,292,987‌

)

(

3,293,501‌

)

(

1,467,397‌

)

719,632‌

(

2,626,094‌

)

(

3,098,813‌

)

(

15,520,214‌

)

(

218,075‌

)

(

5,403,597‌

)

20,287,745‌

7,232,396‌

3,055,997‌

1,450,372‌

27,482,362‌

18,657,769‌

8,565,804‌

7,502,096‌

191,390,881‌

184,158,485‌

33,111,891‌

31,661,518‌

364,371,249‌

345,713,480‌

166,024,256‌

158,522,168‌

211,678,626‌

191,390,881‌

36,167,888‌

33,111,890‌

391,853,611‌

364,371,249‌

174,590,060‌

166,024,260‌

1,214,042‌

1,941,171‌

328,505‌

567,612‌

2,793,387‌

4,544,169‌

1,205,629‌

1,984,834‌

43,439‌

1,252,424‌

26,024‌

61,622‌

205,066‌

590,633‌

144,377‌

384,616‌

(

1,505,916‌

)

(

3,300,768‌

)

(

296,099‌

)

(

875,138‌

)

(

3,232,508‌

)

(

6,429,085‌

)

(

1,381,329‌

)

(

2,849,736‌

)

(

248,435‌

)

(

107,173‌

)

58,430‌

(

245,904‌

)

(

234,055‌

)

(

1,294,283‌

)

(

31,323‌

)

(

480,286‌

)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Statements

Changes

Net

Assets

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

and

the

Year

Ended

December

31,

2023

Conservative

Allocation

Fund

2024

2023

Operations

Net

investment

income

(loss)

..............................................................

1,836,879‌

3,862,459‌

Net

realized

gains

(losses)

from

investment

transactions,

futures

contracts,

and

distributions

long-term

realized

gains

other

investment

companies

.......................................................

3,235,674‌

(

1,504,124‌

)

Net

change

unrealized

appreciation

(depreciation)

investment

transactions

and

futures

contracts

.............

21,246‌

9,276,072‌

Net

change

net

assets

resulting

from

operations

...............................................

5,093,799‌

11,634,407‌

Distributions

Shareholders

Retail

Class

........................................................................

(

74,679‌

)

(

158,729‌

)

Adviser

Class

.......................................................................

(

318,384‌

)

(

681,745‌

)

Institutional

Class

....................................................................

(

1,407,594‌

)

(

2,991,746‌

)

Money

Market

Fund

..................................................................

–‌

Change

net

assets

resulting

from

distributions

.................................................

(

1,800,657‌

)

(

3,832,220‌

)

Capital

Transactions:

Issued

.............................................................................

18,042,695‌

26,767,993‌

Reinvested

..........................................................................

1,799,235‌

3,826,126‌

Redeemed

..........................................................................

(

18,203,210‌

)

(

30,485,167‌

)

Net

change

net

assets

resulting

from

capital

transactions

.........................................

1,638,720‌

108,952‌

Total

Change

Net

Assets

................................................................

4,931,862‌

7,911,139‌

Net

Assets

Beginning

Year

.............................................................

128,317,464‌

120,406,323‌

Net

Assets

End

Period/

Year

.............................................................

133,249,326‌

128,317,462‌

Transactions:

Issued

.............................................................................

790,559‌

1,239,400‌

Reinvested

..........................................................................

77,844‌

175,640‌

Redeemed

..........................................................................

(

797,156‌

)

(

1,415,831‌

)

Net

change

...................................................................

71,247‌

(

791‌

)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Dynamic

Allocation

Fund

Sector

Rotation

Fund

Tactical

Income

Fund

Institutional

Prime

Money

Market

Fund

2024

2023

2024

2023

2024

2023

2024

2023

2,510,101‌

3,444,368‌

252,715‌

472,796‌

1,625,124‌

2,722,534‌

13,632,024‌

33,483,599‌

24,102,611‌

26,238,057‌

5,201,325‌

2,872,529‌

534,137‌

(

867,969‌

)

740‌

7,501‌

6,295,275‌

16,149,773‌

(

2,916,309‌

)

1,167,788‌

(

671,316‌

)

3,063,972‌

(

199,571‌

)

247,127‌

32,907,987‌

45,832,198‌

2,537,731‌

4,513,113‌

1,487,945‌

4,918,537‌

13,433,193‌

33,738,227‌

(

73,958‌

)

(

109,810‌

)

(

71,506‌

)

(

156,043‌

)

(

55,694‌

)

(

86,407‌

)

–‌

(

207,588‌

)

(

362,615‌

)

(

28,492‌

)

(

56,129‌

)

(

223,114‌

)

(

393,163‌

)

–‌

(

1,881,011‌

)

(

2,954,145‌

)

(

124,920‌

)

(

247,905‌

)

(

1,359,169‌

)

(

2,242,155‌

)

–‌

(

13,632,024‌

)

(

33,483,600‌

)

(

2,162,557‌

)

(

3,426,570‌

)

(

224,918‌

)

(

460,077‌

)

(

1,637,977‌

)

(

2,721,725‌

)

(

13,632,024‌

)

(

33,483,600‌

)

54,522,798‌

69,012,333‌

2,677,422‌

4,220,236‌

13,506,476‌

16,044,423‌

270,232,820‌

879,526,395‌

2,153,713‌

3,413,268‌

220,918‌

445,218‌

1,636,633‌

2,718,207‌

1,067,355‌

2,089,602‌

(

26,050,882‌

)

(

53,623,273‌

)

(

3,679,602‌

)

(

5,846,392‌

)

(

10,734,673‌

)

(

18,185,104‌

)

(

401,477,052‌

)

(

937,202,461‌

)

30,625,629‌

18,802,328‌

(

781,262‌

)

(

1,180,938‌

)

4,408,436‌

577,526‌

(

130,176,877‌

)

(

55,586,464‌

)

61,371,059‌

61,207,956‌

1,531,551‌

2,872,098‌

4,258,404‌

2,774,338‌

(

130,375,708‌

)

(

55,331,837‌

)

276,224,149‌

215,016,195‌

35,039,397‌

32,167,299‌

70,100,948‌

67,326,611‌

637,750,709‌

693,082,546‌

337,595,208‌

276,224,151‌

36,570,948‌

35,039,397‌

74,359,352‌

70,100,948‌

507,375,001‌

637,750,709‌

3,749,290‌

5,498,590‌

70,756‌

125,067‌

1,465,035‌

1,783,172‌

270,159,046‌

879,463,522‌

142,855‌

260,063‌

5,630‌

12,731‌

177,787‌

302,411‌

1,067,232‌

2,089,371‌

(

1,791,888‌

)

(

4,287,105‌

)

(

97,131‌

)

(

171,257‌

)

(

1,163,645‌

)

(

2,024,943‌

)

(

401,417,825‌

)

(

937,133,579‌

)

2,100,257‌

1,471,548‌

(

20,745‌

)

(

33,459‌

)

479,177‌

60,640‌

(

130,191,547‌

)

(

55,580,686‌

)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Financial

Highlights

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

and

the

Years

Ended

December

31,

[?]

See

footnotes

pages

and

Income

from

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)

(1)

Net

gains

(losses)

securities

and

futures

(both

realized

and

unrealized)

Total

from

Investment

Operations

From

Net

Investment

Income

From

Net

Capital

Gains

From

Return

Capital

Total

Distributions

Muirfield

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.09‌

.06‌

.14‌

.20‌

(

.05‌

)

.00‌

(

.05‌

)

2023

........

.24‌

.14‌

.97‌

.11‌

(

.14‌

)

(

.12‌

)

.00‌

(

.26‌

)

2022

........

.53‌

.03‌

(

.09‌

)

(

.06‌

)

(

.06‌

)

(

.17‌

)

.00‌

(

.23‌

)

2021

........

.20‌

(

.01‌

)

.66‌

.65‌

(

.07‌

)

(

.25‌

)

.00‌

(

.32‌

)

2020

........

.91‌

.03‌

.31‌

.34‌

(

.05‌

)

.00‌

(

.05‌

)

2019

........

.16‌

.07‌

.89‌

.96‌

(

.03‌

)

(

.18‌

)

.00‌

(

.21‌

)

Muirfield

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.22‌

.07‌

.17‌

.24‌

(

.06‌

)

.00‌

(

.06‌

)

2023

........

.36‌

.17‌

.98‌

.15‌

(

.17‌

)

(

.12‌

)

.00‌

(

.29‌

)

2022

........

.63‌

.06‌

(

.10‌

)

(

.04‌

)

(

.06‌

)

(

.17‌

)

.00‌

(

.23‌

)

2021

........

.26‌

.03‌

.67‌

.70‌

(

.08‌

)

(

.25‌

)

.00‌

(

.33‌

)

2020

........

.97‌

.05‌

.31‌

.36‌

(

.07‌

)

.00‌

(

.07‌

)

2019

........

.20‌

.09‌

.90‌

.99‌

(

.04‌

)

(

.18‌

)

.00‌

(

.22‌

)

Muirfield

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.23‌

.07‌

.17‌

.24‌

(

.06‌

)

.00‌

(

.06‌

)

2023

........

.37‌

.16‌

.98‌

.14‌

(

.16‌

)

(

.12‌

)

.00‌

(

.28‌

)

2022

........

.65‌

.06‌

(

.11‌

)

(

.05‌

)

(

.06‌

)

(

.17‌

)

.00‌

(

.23‌

)

2021

........

.28‌

.03‌

.66‌

.69‌

(

.07‌

)

(

.25‌

)

.00‌

(

.32‌

)

2020

........

.99‌

.05‌

.31‌

.36‌

(

.07‌

)

.00‌

(

.07‌

)

2019

........

.21‌

.10‌

.90‌

.00‌

(

.04‌

)

(

.18‌

)

.00‌

(

.22‌

)

Spectrum

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.51‌

.05‌

.52‌

.57‌

(

.03‌

)

.00‌

(

.03‌

)

2023

........

.95‌

.18‌

.43‌

.61‌

(

.17‌

)

(

.88‌

)

.00‌

(

.05‌

)

2022

........

.88‌

.01‌

(

.61‌

)

(

.60‌

)

(

.09‌

)

(

.24‌

)

.00‌

(

.33‌

)

2021

........

.15‌

(

.06‌

)

.56‌

.50‌

(

.03‌

)

(

.74‌

)

.00‌

(

.77‌

)

2020

........

.19‌

.00‌

(

.03‌

)

(

.03‌

)

(

.01‌

)

.00‌

(

.01‌

)

2019

........

.89‌

.04‌

.38‌

.42‌

(

.01‌

)

(

.11‌

)

.00‌

(

.12‌

)

Spectrum

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.64‌

.08‌

.55‌

.63‌

(

.05‌

)

.00‌

(

.05‌

)

2023

........

.08‌

.24‌

.44‌

.68‌

(

.24‌

)

(

.88‌

)

.00‌

(

.12‌

)

2022

........

.96‌

.07‌

(

.62‌

)

(

.55‌

)

(

.09‌

)

(

.24‌

)

.00‌

(

.33‌

)

2021

........

.17‌

.02‌

.54‌

.56‌

(

.03‌

)

(

.74‌

)

.00‌

(

.77‌

)

2020

........

.27‌

.03‌

(

.02‌

)

.01‌

(

.11‌

)

.00‌

(

.11‌

)

2019

........

.95‌

.07‌

.37‌

.44‌

(

.01‌

)

(

.11‌

)

.00‌

(

.12‌

)

Spectrum

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.68‌

.08‌

.54‌

.62‌

(

.04‌

)

.00‌

(

.04‌

)

2023

........

.11‌

.23‌

.45‌

.68‌

(

.23‌

)

(

.88‌

)

.00‌

(

.11‌

)

2022

........

.01‌

.06‌

(

.62‌

)

(

.56‌

)

(

.10‌

)

(

.24‌

)

.00‌

(

.34‌

)

2021

........

.22‌

.01‌

.55‌

.56‌

(

.03‌

)

(

.74‌

)

.00‌

(

.77‌

)

2020

........

.31‌

.04‌

(

.02‌

)

.02‌

(

.11‌

)

.00‌

(

.11‌

)

2019

........

.96‌

.09‌

.38‌

.47‌

(

.01‌

)

(

.11‌

)

.00‌

(

.12‌

)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Ratios/Supplemental

Data

Net

Asset

Value,

End

Period

Total

Return

(Assumes

Reinvestment

Distributions)

Net

Assets,

End

Period

($000)

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

Ratio

Expenses

Average

Net

Assets

After

Fee

Reductions

(2)

Ratio

Expenses

Average

Net

Assets

Before

Fee

Reductions

(3)

Portfolio

Turnover

Rate

.24‌

.21‌

47,113‌

.15‌

.13‌

150%

.09‌

.55‌

42,667‌

.60‌

.18‌

316%

.24‌

(

.19‌

)

38,206‌

.37‌

.20‌

267%

.53‌

.20‌

43,353‌

(

.06‌

)

.21‌

197%

.20‌

.36‌

134,240‌

.35‌

.28‌

225%

.91‌

.53‌

189,105‌

.94‌

.28‌

222%

.40‌

.46‌

113,753‌

.44‌

.84‌

150%

.22‌

.84‌

102,117‌

.91‌

.87‌

316%

.36‌

(

.85‌

)

94,282‌

.71‌

.87‌

267%

.63‌

.61‌

104,300‌

.33‌

.90‌

197%

.26‌

.67‌

48,953‌

.64‌

.98‌

225%

.97‌

.81‌

60,024‌

.14‌

.09‌

222%

.41‌

.44‌

707,940‌

.34‌

.93‌

150%

.23‌

.70‌

603,681‌

.84‌

.94‌

.95‌

316%

.37‌

(

.93‌

)

503,589‌

.63‌

.94‌

.95‌

267%

.65‌

.55‌

572,819‌

.27‌

.94‌

.95‌

197%

.28‌

.66‌

390,632‌

.73‌

.88‌

.97‌

225%

.99‌

.01‌

432,299‌

.35‌

.87‌

.98‌

222%

.05‌

.55‌

1,900‌

.82‌

.24‌

139%

.51‌

.66‌

1,789‌

.43‌

.53‌

334%

.95‌

(

.52‌

)

1,715‌

.08‌

.52‌

289%

.88‌

.58‌

2,526‌

(

.43‌

)

.49‌

200%

.15‌

(

.23‌

)

36,604‌

(

.04‌

)

.73‌

182%

.19‌

.03‌

51,060‌

.37‌

.77‌

74%

.22‌

.90‌

39,893‌

.27‌

.79‌

139%

.64‌

.07‌

36,059‌

.88‌

.08‌

334%

.08‌

(

.08‌

)

33,536‌

.56‌

.08‌

289%

.96‌

.07‌

38,190‌

.11‌

.09‌

200%

.17‌

.18‌

12,475‌

.32‌

.36‌

182%

.27‌

.17‌

15,564‌

.63‌

.51‌

74%

.26‌

.78‌

169,886‌

.17‌

.89‌

139%

.68‌

.06‌

153,543‌

.80‌

.16‌

334%

.11‌

(

.19‌

)

148,907‌

.49‌

.15‌

289%

.01‌

.98‌

170,388‌

.05‌

.13‌

200%

.22‌

.25‌

136,200‌

.33‌

.32‌

.33‌

182%

.31‌

.44‌

146,433‌

.77‌

.38‌

.40‌

74%

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Financial

Highlights

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

and

the

Years

Ended

December

31,

[?]

See

footnotes

pages

and

Income

from

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)

(1)

Net

gains

(losses)

securities

and

futures

(both

realized

and

unrealized)

Total

from

Investment

Operations

From

Net

Investment

Income

From

Net

Capital

Gains

From

Return

Capital

Total

Distributions

Global

Allocation

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.32‌

.11‌

.78‌

.89‌

(

.09‌

)

.00‌

(

.09‌

)

2023

........

.98‌

.19‌

.34‌

.53‌

(

.19‌

)

.00‌

(

.19‌

)

2022

........

.55‌

(

.02‌

)

(

.47‌

)

(

.49‌

)

(

.03‌

)

(

.05‌

)

.00‌

(

.08‌

)

2021

........

.40‌

(

.08‌

)

.52‌

.44‌

.00‌

(

.29‌

)

.00‌

(

.29‌

)

2020

........

.32‌

(

.02‌

)

.35‌

.33‌

.00‌

(

.25‌

)

.00‌

(

.25‌

)

2019

........

.22‌

.08‌

.26‌

.34‌

(

.04‌

)

(

.20‌

)

.00‌

(

.24‌

)

Global

Allocation

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.42‌

.13‌

.79‌

.92‌

(

.11‌

)

.00‌

(

.11‌

)

2023

........

.08‌

.23‌

.35‌

.58‌

(

.24‌

)

.00‌

(

.24‌

)

2022

........

.61‌

.03‌

(

.48‌

)

(

.45‌

)

(

.03‌

)

(

.05‌

)

.00‌

(

.08‌

)

2021

........

.42‌

(

.02‌

)

.50‌

.48‌

.00‌

(

.29‌

)

.00‌

(

.29‌

)

2020

........

.35‌

.01‌

.37‌

.38‌

(

.06‌

)

(

.25‌

)

.00‌

(

.31‌

)

2019

........

.24‌

.11‌

.25‌

.36‌

(

.05‌

)

(

.20‌

)

.00‌

(

.25‌

)

Global

Allocation

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.40‌

.13‌

.78‌

.91‌

(

.11‌

)

.00‌

(

.11‌

)

2023

........

.05‌

.23‌

.36‌

.59‌

(

.24‌

)

.00‌

(

.24‌

)

2022

........

.58‌

.03‌

(

.48‌

)

(

.45‌

)

(

.03‌

)

(

.05‌

)

.00‌

(

.08‌

)

2021

........

.38‌

(

.02‌

)

.51‌

.49‌

.00‌

(

.29‌

)

.00‌

(

.29‌

)

2020

........

.36‌

.02‌

.35‌

.37‌

(

.10‌

)

(

.25‌

)

.00‌

(

.35‌

)

2019

........

.24‌

.13‌

.26‌

.39‌

(

.07‌

)

(

.20‌

)

.00‌

(

.27‌

)

Balanced

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.68‌

.09‌

.06‌

.15‌

(

.08‌

)

.00‌

(

.08‌

)

2023

........

.50‌

.21‌

.17‌

.38‌

(

.20‌

)

.00‌

(

.20‌

)

2022

........

.42‌

.06‌

(

.55‌

)

(

.49‌

)

(

.23‌

)

(

.20‌

)

.00‌

(

.43‌

)

2021

........

.82‌

(

.01‌

)

.71‌

.70‌

(

.16‌

)

(

.94‌

)

.00‌

(

.10‌

)

2020

........

.26‌

.08‌

.56‌

.64‌

(

.08‌

)

.00‌

(

.08‌

)

2019

........

.08‌

.16‌

.20‌

.36‌

(

.09‌

)

(

.09‌

)

.00‌

(

.18‌

)

Balanced

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.80‌

.12‌

.07‌

.19‌

(

.11‌

)

.00‌

(

.11‌

)

2023

........

.62‌

.26‌

.18‌

.44‌

(

.26‌

)

.00‌

(

.26‌

)

2022

........

.53‌

.11‌

(

.57‌

)

(

.46‌

)

(

.25‌

)

(

.20‌

)

.00‌

(

.45‌

)

2021

........

.92‌

.11‌

.66‌

.77‌

(

.22‌

)

(

.94‌

)

.00‌

(

.16‌

)

2020

........

.35‌

.13‌

.56‌

.69‌

(

.12‌

)

.00‌

(

.12‌

)

2019

........

.15‌

.19‌

.21‌

.40‌

(

.11‌

)

(

.09‌

)

.00‌

(

.20‌

)

Balanced

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.83‌

.11‌

.07‌

.18‌

(

.10‌

)

.00‌

(

.10‌

)

2023

........

.64‌

.25‌

.20‌

.45‌

(

.26‌

)

.00‌

(

.26‌

)

2022

........

.56‌

.11‌

(

.58‌

)

(

.47‌

)

(

.25‌

)

(

.20‌

)

.00‌

(

.45‌

)

2021

........

.94‌

.10‌

.67‌

.77‌

(

.21‌

)

(

.94‌

)

.00‌

(

.15‌

)

2020

........

.36‌

.14‌

.55‌

.69‌

(

.11‌

)

.00‌

(

.11‌

)

2019

........

.15‌

.21‌

.42‌

(

.12‌

)

(

.09‌

)

.00‌

(

.21‌

)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Ratios/Supplemental

Data

Net

Asset

Value,

End

Period

Total

Return

(Assumes

Reinvestment

Distributions)

Net

Assets,

End

Period

($000)

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

Ratio

Expenses

Average

Net

Assets

After

Fee

Reductions

(2)

Ratio

Expenses

Average

Net

Assets

Before

Fee

Reductions

(3)

Portfolio

Turnover

Rate

.12‌

.86‌

3,021‌

.86‌

.82‌

100%

.32‌

.37‌

2,880‌

.79‌

.89‌

262%

.98‌

(

.94‌

)

2,399‌

(

.18‌

)

.81‌

243%

.55‌

.58‌

3,567‌

(

.63‌

)

.72‌

173%

.40‌

.96‌

9,001‌

(

.25‌

)

.74‌

179%

.32‌

.17‌

11,154‌

.76‌

.68‌

185%

.23‌

.06‌

4,041‌

.27‌

.41‌

100%

.42‌

.82‌

3,838‌

.15‌

.47‌

262%

.08‌

(

.52‌

)

4,088‌

.28‌

.37‌

243%

.61‌

.90‌

5,099‌

(

.14‌

)

.31‌

173%

.42‌

1,740‌

.09‌

.40‌

179%

.35‌

.34‌

1,772‌

.01‌

.45‌

185%

.20‌

.99‌

29,106‌

.24‌

.45‌

100%

.40‌

.87‌

26,394‌

.17‌

.49‌

262%

.05‌

(

.56‌

)

25,175‌

.25‌

.37‌

243%

.58‌

.05‌

36,590‌

(

.16‌

)

.30‌

173%

.38‌

.43‌

34,841‌

.17‌

.31‌

179%

.36‌

.66‌

38,497‌

.19‌

.25‌

185%

.75‌

.07‌

9,413‌

.42‌

.34‌

113%

.68‌

.08‌

7,742‌

.73‌

.37‌

273%

.50‌

(

.09‌

)

6,117‌

.48‌

.39‌

365%

.42‌

.23‌

7,086‌

(

.09‌

)

.36‌

205%

.82‌

.27‌

75,449‌

.65‌

.41‌

189%

.26‌

.29‌

92,815‌

.34‌

.41‌

180%

.88‌

.30‌

75,108‌

.80‌

.96‌

113%

.80‌

.48‌

69,697‌

.13‌

.98‌

273%

.62‌

(

.77‌

)

65,668‌

.89‌

.97‌

365%

.53‌

.71‌

71,034‌

.78‌

.97‌

205%

.92‌

.66‌

18,699‌

.03‌

.04‌

189%

.35‌

.59‌

20,182‌

.61‌

.14‌

180%

.91‌

.20‌

307,333‌

.71‌

.06‌

113%

.83‌

.53‌

286,932‌

.10‌

.00‌

.05‌

273%

.64‌

(

.80‌

)

273,928‌

.86‌

.00‌

.05‌

365%

.56‌

.71‌

309,130‌

.69‌

.00‌

.02‌

205%

.94‌

.71‌

302,350‌

.09‌

.98‌

.03‌

189%

.36‌

.77‌

295,200‌

.79‌

.96‌

.04‌

180%

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Financial

Highlights

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

and

the

Years

Ended

December

31,

[?]

See

footnotes

pages

and

Income

from

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)

(1)

Net

gains

(losses)

securities

and

futures

(both

realized

and

unrealized)

Total

from

Investment

Operations

From

Net

Investment

Income

From

Net

Capital

Gains

From

Return

Capital

Total

Distributions

Moderate

Allocation

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.87‌

.12‌

.64‌

.76‌

(

.11‌

)

.00‌

(

.11‌

)

2023

........

.97‌

.27‌

.91‌

.18‌

(

.28‌

)

.00‌

(

.28‌

)

2022

........

.64‌

.08‌

(

.43‌

)

(

.35‌

)

(

.24‌

)

(

.08‌

)

.00‌

(

.32‌

)

2021

........

.37‌

(

.02‌

)

.10‌

.08‌

(

.05‌

)

(

.76‌

)

.00‌

(

.81‌

)

2020

........

.85‌

.13‌

.52‌

.65‌

(

.13‌

)

.00‌

(

.13‌

)

2019

........

.84‌

.20‌

.00‌

.20‌

(

.19‌

)

.00‌

(

.19‌

)

Moderate

Allocation

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.93‌

.15‌

.63‌

.78‌

(

.14‌

)

.00‌

(

.14‌

)

2023

........

.01‌

.32‌

.92‌

.24‌

(

.32‌

)

.00‌

(

.32‌

)

2022

........

.66‌

.14‌

(

.45‌

)

(

.31‌

)

(

.26‌

)

(

.08‌

)

.00‌

(

.34‌

)

2021

........

.39‌

.16‌

.97‌

.13‌

(

.10‌

)

(

.76‌

)

.00‌

(

.86‌

)

2020

........

.86‌

.17‌

.53‌

.70‌

(

.17‌

)

.00‌

(

.17‌

)

2019

........

.85‌

.24‌

.00‌

.24‌

(

.23‌

)

.00‌

(

.23‌

)

Moderate

Allocation

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.95‌

.14‌

.63‌

.77‌

(

.13‌

)

.00‌

(

.13‌

)

2023

........

.03‌

.31‌

.93‌

.24‌

(

.32‌

)

.00‌

(

.32‌

)

2022

........

.68‌

.13‌

(

.44‌

)

(

.31‌

)

(

.26‌

)

(

.08‌

)

.00‌

(

.34‌

)

2021

........

.42‌

.14‌

.98‌

.12‌

(

.10‌

)

(

.76‌

)

.00‌

(

.86‌

)

2020

........

.89‌

.17‌

.53‌

.70‌

(

.17‌

)

.00‌

(

.17‌

)

2019

........

.88‌

.25‌

.00‌

.25‌

(

.24‌

)

.00‌

(

.24‌

)

Conservative

Allocation

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.22‌

.29‌

.57‌

.86‌

(

.28‌

)

.00‌

(

.28‌

)

2023

........

.85‌

.62‌

.37‌

.99‌

(

.62‌

)

.00‌

(

.62‌

)

2022

........

.64‌

.22‌

(

.64‌

)

(

.42‌

)

(

.25‌

)

(

.12‌

)

.00‌

(

.37‌

)

2021

........

.91‌

.22‌

.89‌

.11‌

(

.24‌

)

(

.14‌

)

.00‌

(

.38‌

)

2020

........

.85‌

.37‌

.04‌

.41‌

(

.35‌

)

.00‌

(

.35‌

)

2019

........

.18‌

.51‌

.65‌

.16‌

(

.49‌

)

.00‌

(

.49‌

)

Conservative

Allocation

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.49‌

.33‌

.57‌

.90‌

(

.32‌

)

.00‌

(

.32‌

)

2023

........

.11‌

.71‌

.38‌

.09‌

(

.71‌

)

.00‌

(

.71‌

)

2022

........

.91‌

.31‌

(

.69‌

)

(

.38‌

)

(

.30‌

)

(

.12‌

)

.00‌

(

.42‌

)

2021

........

.21‌

.41‌

.81‌

.22‌

(

.38‌

)

(

.14‌

)

.00‌

(

.52‌

)

2020

........

.13‌

.46‌

.06‌

.52‌

(

.44‌

)

.00‌

(

.44‌

)

2019

........

.44‌

.57‌

.67‌

.24‌

(

.55‌

)

.00‌

(

.55‌

)

Conservative

Allocation

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.55‌

.32‌

.57‌

.89‌

(

.32‌

)

.00‌

(

.32‌

)

2023

........

.15‌

.69‌

.40‌

.09‌

(

.69‌

)

.00‌

(

.69‌

)

2022

........

.96‌

.29‌

(

.69‌

)

(

.40‌

)

(

.29‌

)

(

.12‌

)

.00‌

(

.41‌

)

2021

........

.26‌

.38‌

.81‌

.19‌

(

.35‌

)

(

.14‌

)

.00‌

(

.49‌

)

2020

........

.18‌

.46‌

.06‌

.52‌

(

.44‌

)

.00‌

(

.44‌

)

2019

........

.49‌

.59‌

.68‌

.27‌

(

.58‌

)

.00‌

(

.58‌

)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Ratios/Supplemental

Data

Net

Asset

Value,

End

Period

Total

Return

(Assumes

Reinvestment

Distributions)

Net

Assets,

End

Period

($000)

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

Ratio

Expenses

Average

Net

Assets

After

Fee

Reductions

(2)

Ratio

Expenses

Average

Net

Assets

Before

Fee

Reductions

(3)

Portfolio

Turnover

Rate

.52‌

.41‌

910‌

.02‌

.35‌

87%

.87‌

.92‌

932‌

.42‌

.37‌

246%

.97‌

(

.75‌

)

1,033‌

.73‌

.36‌

446%

.64‌

.74‌

1,190‌

(

.22‌

)

.34‌

211%

.37‌

.55‌

30,930‌

.00‌

.38‌

160%

.85‌

.13‌

35,460‌

.73‌

.38‌

155%

.57‌

.54‌

33,887‌

.44‌

.94‌

87%

.93‌

.43‌

32,881‌

.85‌

.94‌

246%

.01‌

(

.39‌

)

30,879‌

.18‌

.94‌

446%

.66‌

.15‌

29,781‌

.13‌

.94‌

211%

.39‌

.04‌

9,823‌

.39‌

.00‌

160%

.86‌

.45‌

10,080‌

.00‌

.11‌

155%

.59‌

.45‌

139,793‌

.35‌

.03‌

87%

.95‌

.36‌

132,211‌

.77‌

.02‌

246%

.03‌

(

.39‌

)

126,610‌

.09‌

.00‌

446%

.68‌

.05‌

142,788‌

.01‌

.99‌

211%

.42‌

.02‌

135,512‌

.40‌

.99‌

160%

.89‌

.52‌

132,500‌

.10‌

.01‌

155%

.80‌

.87‌

6,195‌

.59‌

.22‌

72%

.22‌

.67‌

5,675‌

.92‌

.24‌

277%

.85‌

(

.24‌

)

5,328‌

.01‌

.21‌

543%

.64‌

6,879‌

.78‌

.22‌

.23‌

210%

.91‌

.28‌

29,034‌

.46‌

.28‌

139%

.85‌

.25‌

31,688‌

.19‌

.28‌

136%

.07‌

.00‌

23,115‌

.94‌

.87‌

72%

.49‌

.06‌

22,207‌

.28‌

.88‌

277%

.11‌

(

.94‌

)

21,189‌

.40‌

.87‌

543%

.91‌

.04‌

22,283‌

.56‌

.87‌

.88‌

210%

.21‌

.69‌

7,082‌

.85‌

.92‌

139%

.13‌

.51‌

6,787‌

.44‌

.04‌

136%

.12‌

.95‌

103,940‌

.85‌

.96‌

72%

.55‌

.03‌

100,435‌

.21‌

.96‌

277%

.15‌

(

.00‌

)

93,889‌

.33‌

.94‌

543%

.96‌

.94‌

105,307‌

.42‌

.92‌

.93‌

210%

.26‌

.68‌

105,403‌

.87‌

.92‌

139%

.18‌

.61‌

99,456‌

.54‌

.94‌

136%

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Financial

Highlights

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

and

the

Years

Ended

December

31,

[?]

See

footnotes

pages

and

Income

from

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)

(1)

Net

gains

(losses)

securities

and

futures

(both

realized

and

unrealized)

Total

from

Investment

Operations

From

Net

Investment

Income

From

Net

Capital

Gains

From

Return

Capital

Total

Distributions

Dynamic

Allocation

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.53‌

.10‌

.43‌

.53‌

(

.09‌

)

.00‌

(

.09‌

)

2023

........

.36‌

.14‌

.17‌

.31‌

(

.14‌

)

.00‌

(

.14‌

)

2022

........

.93‌

.03‌

(

.18‌

)

(

.15‌

)

(

.06‌

)

(

.36‌

)

.00‌

(

.42‌

)

2021

........

.39‌

(

.03‌

)

.65‌

.62‌

(

.08‌

)

(

.00‌

)

.00‌

(

.08‌

)

2020

........

.87‌

.03‌

.79‌

.82‌

(

.03‌

)

(

.27‌

)

.00‌

(

.30‌

)

2019

........

.79‌

.11‌

.23‌

.34‌

(

.08‌

)

(

.18‌

)

.00‌

(

.26‌

)

Dynamic

Allocation

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.71‌

.13‌

.45‌

.58‌

(

.11‌

)

.00‌

(

.11‌

)

2023

........

.52‌

.19‌

.38‌

(

.19‌

)

.00‌

(

.19‌

)

2022

........

.07‌

(

.20‌

)

(

.13‌

)

(

.06‌

)

(

.36‌

)

.00‌

(

.42‌

)

2021

........

.46‌

.04‌

.65‌

.69‌

(

.08‌

)

(

.00‌

)

.00‌

(

.08‌

)

2020

........

.91‌

.07‌

.81‌

.88‌

(

.06‌

)

(

.27‌

)

.00‌

(

.33‌

)

2019

........

.82‌

.13‌

.24‌

.37‌

(

.10‌

)

(

.18‌

)

.00‌

(

.28‌

)

Dynamic

Allocation

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.69‌

.12‌

.44‌

.56‌

(

.10‌

)

.00‌

(

.10‌

)

2023

........

.49‌

.18‌

.19‌

.37‌

(

.17‌

)

.00‌

(

.17‌

)

2022

........

.04‌

.06‌

(

.19‌

)

(

.13‌

)

(

.06‌

)

(

.36‌

)

.00‌

(

.42‌

)

2021

........

.45‌

.03‌

.64‌

.67‌

(

.08‌

)

(

.00‌

)

.00‌

(

.08‌

)

2020

........

.90‌

.08‌

.80‌

.88‌

(

.06‌

)

(

.27‌

)

.00‌

(

.33‌

)

2019

........

.82‌

.15‌

.23‌

.38‌

(

.12‌

)

(

.18‌

)

.00‌

(

.30‌

)

Sector

Rotation

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.73‌

.24‌

.43‌

.67‌

(

.22‌

)

.00‌

(

.22‌

)

2023

........

.58‌

.44‌

.14‌

.58‌

(

.43‌

)

.00‌

(

.43‌

)

2022

........

.89‌

.05‌

(

.47‌

)

(

.42‌

)

(

.89‌

)

.00‌

(

.89‌

)

2021

........

.64‌

(

.02‌

)

.77‌

.75‌

(

.02‌

)

(

.48‌

)

.00‌

(

.50‌

)

2020

........

.91‌

.20‌

(

.28‌

)

(

.08‌

)

(

.19‌

)

.00‌

(

.19‌

)

2019

........

.22‌

.19‌

.75‌

.94‌

(

.25‌

)

.00‌

(

.25‌

)

Sector

Rotation

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.07‌

.29‌

.45‌

.74‌

(

.27‌

)

.00‌

(

.27‌

)

2023

........

.88‌

.53‌

.18‌

.71‌

(

.52‌

)

.00‌

(

.52‌

)

2022

........

.15‌

.13‌

(

.51‌

)

(

.38‌

)

(

.89‌

)

.00‌

(

.89‌

)

2021

........

.75‌

.13‌

.77‌

.90‌

(

.02‌

)

(

.48‌

)

.00‌

(

.50‌

)

2020

........

.01‌

.23‌

(

.28‌

)

(

.05‌

)

(

.21‌

)

.00‌

(

.21‌

)

2019

........

.28‌

.24‌

.76‌

.00‌

(

.27‌

)

.00‌

(

.27‌

)

Sector

Rotation

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.99‌

.28‌

.45‌

.73‌

(

.25‌

)

.00‌

(

.25‌

)

2023

........

.80‌

.51‌

.18‌

.69‌

(

.50‌

)

.00‌

(

.50‌

)

2022

........

.07‌

.12‌

(

.50‌

)

(

.38‌

)

(

.89‌

)

.00‌

(

.89‌

)

2021

........

.70‌

.09‌

.78‌

.87‌

(

.02‌

)

(

.48‌

)

.00‌

(

.50‌

)

2020

........

.01‌

.26‌

(

.31‌

)

(

.05‌

)

(

.26‌

)

.00‌

(

.26‌

)

2019

........

.29‌

.77‌

.06‌

(

.34‌

)

.00‌

(

.34‌

)

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Ratios/Supplemental

Data

Net

Asset

Value,

End

Period

Total

Return

(Assumes

Reinvestment

Distributions)

Net

Assets,

End

Period

($000)

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

Ratio

Expenses

Average

Net

Assets

After

Fee

Reductions

(2)

Ratio

Expenses

Average

Net

Assets

Before

Fee

Reductions

(3)

Portfolio

Turnover

Rate

.97‌

.31‌

11,955‌

.39‌

.26‌

.33‌

148%

.53‌

.34‌

11,135‌

.15‌

.31‌

.39‌

279%

.36‌

(

.53‌

)

7,767‌

.22‌

.32‌

.41‌

295%

.93‌

.54‌

9,850‌

(

.21‌

)

.34‌

.43‌

213%

.39‌

.37‌

37,392‌

.27‌

.41‌

.51‌

236%

.87‌

.00‌

40,977‌

.97‌

.41‌

.51‌

265%

.18‌

.53‌

28,813‌

.73‌

.92‌

.99‌

148%

.71‌

.72‌

26,252‌

.48‌

.96‌

.04‌

279%

.52‌

(

.23‌

)

23,048‌

.57‌

.96‌

.05‌

295%

.07‌

.02‌

28,129‌

.25‌

.98‌

.07‌

213%

.46‌

.85‌

13,322‌

.61‌

.06‌

.16‌

236%

.91‌

.29‌

13,137‌

.20‌

.18‌

.28‌

265%

.15‌

.40‌

296,828‌

.65‌

.00‌

.07‌

148%

.69‌

.74‌

238,838‌

.44‌

.01‌

.09‌

279%

.49‌

(

.26‌

)

184,201‌

.53‌

.02‌

.11‌

295%

.04‌

.88‌

199,753‌

.21‌

.00‌

.09‌

213%

.45‌

.94‌

148,566‌

.67‌

.01‌

.11‌

236%

.90‌

.40‌

146,119‌

.38‌

.00‌

.10‌

265%

.18‌

.27‌

12,590‌

.29‌

.65‌

164%

.73‌

.15‌

12,956‌

.30‌

.70‌

38%

.58‌

(

.75‌

)

12,477‌

.15‌

.60‌

56%

.89‌

.34‌

16,406‌

(

.05‌

)

.60‌

64%

.64‌

(

.36‌

)

18,352‌

.65‌

.53‌

88%

.91‌

.48‌

24,979‌

.52‌

.53‌

82%

.54‌

.39‌

4,107‌

.53‌

.41‌

164%

.07‌

.42‌

3,950‌

.55‌

.46‌

38%

.88‌

(

.55‌

)

3,646‌

.36‌

.38‌

56%

.15‌

.68‌

4,575‌

.31‌

.33‌

64%

.75‌

(

.25‌

)

986‌

.77‌

.41‌

88%

.01‌

.63‌

1,113‌

.67‌

.41‌

82%

.47‌

.38‌

19,874‌

.49‌

.45‌

164%

.99‌

.40‌

18,133‌

.51‌

.50‌

38%

.80‌

(

.58‌

)

16,045‌

.34‌

.40‌

56%

.07‌

.63‌

21,046‌

.20‌

.36‌

64%

.70‌

(

.22‌

)

20,756‌

.85‌

.37‌

88%

.01‌

.81‌

36,646‌

.82‌

.25‌

82%

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Financial

Highlights

For

the

Six

Months

Ended

June

30,

2024

(unaudited)

and

the

Years

Ended

December

31,

PageReference

Income

from

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)

(1)

Net

gains

(losses)

securities

and

futures

(both

realized

and

unrealized)

Total

from

Investment

Operations

From

Net

Investment

Income

From

Net

Capital

Gains

From

Return

Capital

Total

Distributions

Tactical

Income

Fund

Retail

Class

(4)

(5)

(6)

(7)

2024

........

.22‌

.20‌

(

.02‌

)

.18‌

(

.20‌

)

.00‌

(

.20‌

)

2023

........

.93‌

.33‌

.29‌

.62‌

(

.33‌

)

.00‌

(

.33‌

)

2022

........

.63‌

.12‌

(

.70‌

)

(

.58‌

)

(

.12‌

)

.00‌

(

.12‌

)

2021

........

.98‌

.13‌

(

.33‌

)

(

.20‌

)

(

.15‌

)

.00‌

(

.15‌

)

2020

........

.46‌

.21‌

.49‌

.70‌

(

.18‌

)

.00‌

(

.18‌

)

2019

........

.03‌

.23‌

.42‌

.65‌

(

.22‌

)

.00‌

(

.22‌

)

Tactical

Income

Fund

Adviser

Class

(4)

(5)

(6)

(7)

2024

........

.23‌

.21‌

(

.01‌

)

.20‌

(

.21‌

)

.00‌

(

.21‌

)

2023

........

.94‌

.36‌

.30‌

.66‌

(

.37‌

)

.00‌

(

.37‌

)

2022

........

.64‌

.16‌

(

.70‌

)

(

.54‌

)

(

.16‌

)

.00‌

(

.16‌

)

2021

........

.99‌

.21‌

(

.37‌

)

(

.16‌

)

(

.19‌

)

.00‌

(

.19‌

)

2020

........

.47‌

.25‌

.49‌

.74‌

(

.22‌

)

.00‌

(

.22‌

)

2019

........

.04‌

.26‌

.42‌

.68‌

(

.25‌

)

.00‌

(

.25‌

)

Tactical

Income

Fund

Institutional

Class

(4)

(5)

(6)

(7)

2024

........

.23‌

.21‌

(

.02‌

)

.19‌

(

.21‌

)

.00‌

(

.21‌

)

2023

........

.94‌

.36‌

.29‌

.65‌

(

.36‌

)

.00‌

(

.36‌

)

2022

........

.64‌

.15‌

(

.70‌

)

(

.55‌

)

(

.15‌

)

.00‌

(

.15‌

)

2021

........

.99‌

.20‌

(

.36‌

)

(

.16‌

)

(

.19‌

)

.00‌

(

.19‌

)

2020

........

.47‌

.24‌

.50‌

.74‌

(

.22‌

)

.00‌

(

.22‌

)

2019

........

.04‌

.27‌

.42‌

.69‌

(

.26‌

)

.00‌

(

.26‌

)

Money

Market

Fund

(4)

(5)

(6)

(7)

2024

........

.0003‌

.0266‌

(

.0002‌

)

.0264‌

(

.0266‌

)

.0000‌

(

.0266‌

)

2023

........

.0000‌

.0508‌

.0005‌

.0513‌

(

.0510‌

)

.0000‌

(

.0510‌

)

2022

........

.0001‌

.0167‌

(

.0008‌

)

.0159‌

(

.0160‌

)

.0000‌

(

.0160‌

)

2021

........

.0003‌

.0005‌

.0003‌

.0008‌

(

.0010‌

)

.0000‌

(

.0010‌

)

2020

........

.0000‌

.0058‌

(

.0005‌

)

.0053‌

(

.0050‌

)

.0000‌

(

.0050‌

)

2019

........

.9999‌

.0231‌

–‌

.0231‌

(

.0230‌

)

.0000‌

(

.0230‌

)

(1)

Except

for

the

Money

Market

Fund,

net

investment

income

per

based

average

outstanding

during

the

period.

(2)

Ratio

expenses

average

net

assets

after

fee

reductions

reflects

contractual

voluntary

waivers

and

reimbursements

expenses

the

investment

adviser

and

transfer

agent.

(3)

Ratio

expenses

average

net

assets

before

fee

reductions

reflects

the

total

expenses

before

reductions

reported

the

statements

operations.

(4)

Ratio

net

investment

income

(loss)

average

net

assets,

ratio

expenses

average

net

assets

after

fee

reductions,

and

ratio

expenses

average

net

assets

before

fee

reductions

not

include

impact

expenses

the

underlying

security

holdings

represented

the

schedule

investments.

2024

Semi-Annual

Report

June

30,

2024

Page

The

accompanying

notes

are

integral

part

these

financial

statements.

Ratios/Supplemental

Data

Net

Asset

Value,

End

Period

Total

Return

(Assumes

Reinvestment

Distributions)

Net

Assets,

End

Period

($000)

Ratio

Net

Investment

Income

(Loss)

Average

Net

Assets

Ratio

Expenses

Average

Net

Assets

After

Fee

Reductions

(2)

Ratio

Expenses

Average

Net

Assets

Before

Fee

Reductions

(3)

Portfolio

Turnover

Rate

.20‌

.97‌

2,590‌

.28‌

.10‌

.21‌

69%

.22‌

.10‌

2,476‌

.67‌

.12‌

.23‌

262%

.93‌

(

.99‌

)

2,247‌

.27‌

.11‌

.22‌

514%

.63‌

(

.01‌

)

2,721‌

.10‌

.14‌

.25‌

250%

.98‌

.46‌

12,231‌

.87‌

.15‌

.26‌

69%

.46‌

.24‌

11,137‌

.27‌

.14‌

.25‌

95%

.22‌

.24‌

9,985‌

.67‌

.71‌

.82‌

69%

.23‌

.54‌

9,359‌

.06‌

.73‌

.84‌

262%

.94‌

(

.65‌

)

10,625‌

.77‌

.71‌

.82‌

514%

.64‌

(

.60‌

)

8,982‌

.98‌

.75‌

.86‌

250%

.99‌

.86‌

5,463‌

.28‌

.79‌

.90‌

69%

.47‌

.54‌

4,205‌

.64‌

.88‌

.99‌

95%

.21‌

.09‌

61,784‌

.58‌

.80‌

.91‌

69%

.23‌

.44‌

58,266‌

.99‌

.80‌

.91‌

262%

.94‌

(

.70‌

)

54,455‌

.65‌

.78‌

.89‌

514%

.64‌

(

.62‌

)

57,638‌

.90‌

.79‌

.90‌

250%

.99‌

.86‌

50,410‌

.25‌

.77‌

.88‌

69%

.47‌

.67‌

46,490‌

.72‌

.76‌

.87‌

95%

.0001‌

.67‌

507,375‌

.34‌

.21‌

.49‌

N/A‌

.0003‌

.20‌

637,751‌

.08‌

.19‌

.46‌

N/A‌

.0000‌

.63‌

693,083‌

.67‌

.17‌

.45‌

N/A‌

.0001‌

.03‌

626,993‌

.05‌

.11‌

.50‌

N/A‌

.0003‌

.57‌

336,445‌

.57‌

.15‌

.52‌

N/A‌

.0000‌

.31‌

370,120‌

.30‌

.13‌

.50‌

N/A‌

(5)

Recognition

net

investment

income

the

Fund

affected

the

timing

the

declaration

dividends

the

underlying

investment

companies

which

the

Fund

invests.

(6)

Total

return

and

portfolio

turnover

rate

are

not

annualized

for

periods

less

than

one

full

year.

(7)

Ratio

net

investment

income

(loss)

average

net

assets,

ratio

expenses

average

net

assets

after

fee

reductions,

and

ratio

expenses

average

net

assets

before

fee

reductions

are

annualized

for

periods

less

than

one

full

year.

2024

Semi-Annual

Report

June

30,

2024

Page

Notes

Financial

Statements

June

30,

2024

(unaudited)

Organization

Meeder

Funds

(the

Trust)

organized

Massachusetts

business

trust

and

registered

under

the

Investment

Company

Act

1940,

amended

(the

1940

Act),

diversified,

open-end

management

investment

company.

The

Trust

offers

ten

separate

series,

all

which

are

included

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),

Sector

Allocation

Fund

(f.k.a.

Quantex

Fund)(Sector

Rotation),

Tactical

Income

Fund

(Income),

and

Institutional

Prime

Money

Market

Fund

(Money

Market)(the

Funds).

Each

Fund,

except

Money

Market,

offers

three

classes

Retail

Class,

Adviser

Class,

and

Institutional

Class.

Money

Market

offers

only

one

class

shares.

The

classes

differ

with

respect

distribution

fees,

service

fees,

and

other

expenses

allocated

each

class.

Eligibility

purchase

Adviser

and

Institutional

Class

generally

limited

customers

financial

intermediaries

who

enter

into

special

arrangements

with

the

Funds

who

meet

certain

initial

investment

minimums.

Money

Market

operates

institutional

money

market

fund

open

all

forms

investors.

Its

net

asset

value

fluctuates

based

upon

changes

the

value

its

investments

and

the

value

its

calculated

daily

four

decimal

places.

Money

Market

has

adopted

policies

and

procedures

impose

liquidity

fees

redemptions

temporary

redemption

gates

the

event

that

the

Fund’s

weekly

liquid

assets

fall

below

designated

thresholds

and

the

Board

Trustees

determines

that

such

liquidity

fees

redemption

gates

are

the

best

interests

the

Fund.

Effective

April

2024,

Quantex

Fund

changed

its

name

Sector

Rotation

Fund

and

changed

its

principal

investment

strategy

from

one

focused

investments

mid-capitalization

companies

one

focused

rotation

fund

assets

between

and

among

investments

securities

market

sectors

considered

most

promising.

For

information

regarding

the

Funds’

objectives,

strategies,

and

differences

classes,

please

refer

the

Funds’

prospectus.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

which

require

management

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements.

The

Trust

investment

company

and

applies

the

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

Financial

Services

Companies.

The

following

summarizes

the

significant

accounting

policies

the

Trust

and

the

Funds:

Securities

valuation.

All

investments

securities

are

recorded

their

estimated

fair

value,

described

Note

#3.

Repurchase

agreements.

Each

Fund

may

engage

repurchase

agreement

transactions

whereby

the

Fund

takes

possession

underlying

debt

instrument

subject

obligation

the

seller

repurchase

the

instrument

from

the

Fund

and

obligation

the

Fund

resell

the

instrument

agreed

upon

price

and

term.

all

times,

the

Fund

maintains

the

fair

value

collateral,

including

accrued

interest,

least

100%

the

amount

the

repurchase

agreement,

plus

accrued

interest.

the

seller

defaults

the

fair

value

the

collateral

declines,

realization

the

collateral

the

Fund

may

delayed

limited.

Short

sales.

Spectrum

may

enter

into

short

sales

part

its

overall

portfolio

management

strategy

offset

potential

decline

value

security.

The

Fund

may

engage

short

sales

with

respect

various

types

securities,

including

ETFs.

short

sale

involves

the

sale

security

that

borrowed

from

broker

other

institution

complete

the

sale.

The

Fund

may

engage

short

sales

with

respect

securities

owns,

well

securities

that

does

not

own.

Short

sales

expose

the

Fund

the

risk

that

will

required

acquire,

convert,

exchange

securities

replace

the

borrowed

securities

(also

known

“covering”

the

short

position)

time

when

the

securities

sold

short

have

appreciated

value,

thus

resulting

loss

the

Fund.

The

Fund’s

investment

performance

may

also

suffer

the

Fund

required

out

short

position

earlier

than

had

intended.

The

Fund

must

segregate

assets

determined

liquid

accordance

with

procedures

established

the

Board,

otherwise

cover

its

position

permissible

manner.

The

Fund

will

required

pledge

its

liquid

assets

the

broker

order

secure

its

performance

short

sales.

result,

the

assets

pledged

may

not

available

meet

the

Fund’s

needs

for

immediate

cash

other

liquidity.

addition,

the

Fund

may

subject

expenses

short

sales

that

are

not

typically

associated

with

investing

securities

directly,

such

costs

borrowing

and

margin

account

maintenance

costs

associated

with

the

Fund’s

open

short

positions.

These

types

short

sales

expenses

are

sometimes

referred

the

“negative

cost

carry,”

and

will

tend

cause

the

Fund

lose

money

short

sale

even

instances

where

the

price

the

underlying

security

sold

short

does

not

change

over

the

duration

the

short

sale.

Dividend

expenses

securities

sold

short

and

borrowing

costs

will

borne

the

Fund

and

are

reflected

the

Statements

Operations.

2024

Semi-Annual

Report

June

30,

2024

Page

Futures

options.

Each

Fund,

except

Money

Market,

may

engage

transactions

financial

futures

contracts

and

options

contracts

order

manage

the

risk

unanticipated

changes

market

values

securities

held

the

Fund,

which

intends

purchase.

The

futures

and

options

contracts

are

adjusted

the

daily

exchange

rate

the

underlying

currency,

index,

and

any

gains

losses

are

recorded

for

financial

statement

purposes

unrealized

gains

losses

the

Statements

Assets

and

Liabilities

and

the

Statements

Operations

until

the

contract

settlement

date,

which

time

amounts

are

reflected

realized

gains

and

losses

the

Statements

Operations.

the

extent

that

Fund

enters

into

futures

contracts

index

group

securities,

the

Fund

exposes

itself

indeterminate

liability

and

will

required

pay

receive

sum

money

measured

the

change

the

fair

value

the

index.

Upon

entering

into

futures

contract,

the

Fund

required

deposit

initial

margin,

which

either

cash

securities

(disclosed

pledged

collateral

the

Schedules

Investments)

amount

equal

certain

percentage

the

contract

value.

Subsequently,

margin

movements,

which

are

equal

changes

the

daily

price

last

sale

price

the

exchanges

where

futures

contracts

trade,

are

recorded

unrealized

gains

losses

until

the

contract

closed.

When

the

contract

closed,

the

Fund

records

realized

gain

loss

equal

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

the

contract.

Should

market

conditions

move

unexpectedly,

the

Fund

may

not

achieve

the

anticipated

benefits

the

futures

contract

and

may

realize

loss.

The

use

futures

transactions

involves

the

risk

imperfect

correlation

movements

the

price

futures

contracts,

interest

rates,

and

the

underlying

hedged

assets.

With

futures,

there

minimal

counterparty

credit

risk

the

Fund

since

futures

are

exchange

traded

and

the

exchange’s

clearinghouse,

counterparty

all

exchange

traded

futures,

guarantees

the

futures

against

default.

Except

for

Money

Market,

normal

practice

for

each

Fund

invest

futures

contracts

daily

basis.

The

Funds,

except

for

Income

and

Money

Market,

typically

utilize

equity

index

futures

contracts

equitize

cash

positions

adjust

targeted

stock

market

exposure.

Except

for

Money

Market,

the

fixed

income

portion

any

Fund

can

utilize

Treasury

futures

contracts

order

adjust

duration.

Call

and

put

option

contracts

involve

the

payment

premium

for

the

right

purchase

sell

individual

security

index

aggregate

specified

price

until

the

expiration

the

contract.

Such

transactions

expose

the

Fund

the

loss

the

premium

paid

the

Fund

does

not

sell

exercise

the

contract

prior

the

expiration

date.

the

case

call

option,

sufficient

cash

money

market

instruments

will

segregated

complete

the

purchase.

Options

are

fair

valued

the

basis

the

daily

settlement

price

last

sale

the

exchanges

where

they

trade

and

the

changes

fair

value

are

recorded

unrealized

appreciation

depreciation

until

closed,

exercised

expired.

For

the

six

months

ended

June

30,

2024

there

were

call

put

options

transacted

for

any

the

Funds.

The

Funds

may

write

covered

call

put

options

for

which

premiums

received

are

recorded

liabilities

and

are

subsequently

adjusted

the

current

value

the

options

written.

When

written

options

are

closed

exercised,

premiums

received

are

offset

against

the

proceeds

paid,

and

the

Fund

records

realized

gains

losses

for

the

difference.

When

written

options

expire,

the

liability

eliminated,

and

the

Fund

records

realized

gains

for

the

entire

amount

premiums

received.

Although

permitted,

currently

not

normal

practice

for

the

Funds

write

call

and

put

options

and

none

were

written

during

the

six

months

ended

June

30,

2024

The

fair

value

derivative

instruments,

not

accounted

for

hedging

instruments,

reported

within

the

Statements

Assets

and

Liabilities

June

30,

2024

was

follows:

Amount

Deposits

Broker

and

Unrealized

Appreciation

(Depreciation)

Derivatives

Type

Derivative/

Risk

Statements

Assets

Liabilities

Location

Fair

Value

Deposits

Broker

for

Futures

Contracts

Value

Unrealized

Appreciation

(Depreciation)

Muirfield

.............

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

12,359,768‌

301,519‌

Spectrum

............

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

4,055,231‌

109,140‌

Global

..............

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

891,689‌

(45,353‌)

Balanced

............

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

2,519,414‌

191,510‌

Moderate

............

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

1,245,787‌

54,883‌

Conservative

..........

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

391,471‌

27,327‌

Dynamic

.............

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

5,878,972‌

(107,226‌)

Sector

Rotation

........

Equity

Contracts

Assets,

Deposits

broker

for

futures

contracts;

Net

Assets,

Distributable

Earnings

(Accumulated

Deficit)

620,476‌

(37,288‌)

2024

Semi-Annual

Report

June

30,

2024

Page

The

effect

derivative

instruments

the

Statements

Operations

for

the

six

months

ended

June

30,

2024

and

activity

was

follows:

Amount

Realized

Gain

(Loss)

Derivatives

Recognized

Income

Change

Unrealized

Gain

(Loss)

Derivatives

Recognized

Income

Federal

income

taxes.

each

Fund’s

policy

continue

comply

with

the

requirements

Subchapter

the

Internal

Revenue

Code

applicable

regulated

investment

companies

and

distribute

substantially

all

its

taxable

income

and

net

capital

gains

its

shareholders.

Therefore,

federal

income

tax

provision

required.

The

Funds

recognize

the

tax

benefits

expenses

uncertain

tax

positions

only

where

the

position

“more

likely

than

not”

sustained

assuming

examination

tax

authorities.

Management

has

reviewed

tax

positions

taken

Federal

income

tax

returns

for

all

open

tax

years

(tax

years

ended

December

31,

2020

through

December

31,

2024

)

and

has

concluded

that

provision

for

unrecognized

tax

benefits

expenses

required

these

financial

statements.

Each

Fund

identifies

its

major

tax

jurisdictions

U.S.

Federal

and

certain

State

tax

authorities;

however

the

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

change

materially

the

twelve

months.

The

Funds

recognize

interest

and

penalties,

any,

unrecognized

tax

benefits

income

tax

expense

the

Statements

Operations

incurred.

During

the

six

months

ended

June

30,

2024

the

Funds

did

not

incur

any

material

interest

penalties.

Distributions

shareholders.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Muirfield,

Spectrum,

Global,

Balanced,

Moderate,

Conservative,

Dynamic,

and

Sector

declare

and

pay

dividends

from

net

investment

income,

any,

quarterly

basis.

Income

declares

and

pays

dividends

from

net

investment

income

monthly

basis.

Money

Market

declares

dividends

from

net

investment

income

daily

basis

and

pays

such

dividends

monthly

basis.

Each

Fund

distributes

net

capital

gains,

any,

annual

basis.

Type

Derivative/

Risk

Net

Long

Contracts

December

31,

2023

Long

and

Short

Contracts

Opened

During

the

Period

Long

and

Short

Contracts

Closed/

Expired

During

the

Period

Net

Long

Contracts

June

30,

2024

Statement

Operations

Location

For

the

Six

Months

Ended

June

30,

2024

Muirfield

.............

Equity

Contracts

1,957

4,974

5,087

1,844

Net

realized

gains

(losses)

from

futures

contracts

14,887,383‌

Spectrum

............

Equity

Contracts

527

1,400

1,432

495

Net

realized

gains

(losses)

from

futures

contracts

3,770,532‌

Global

..............

Equity

Contracts

159

364

368

155

Net

realized

gains

(losses)

from

futures

contracts

1,471,322‌

Balanced

............

Equity

Contracts

519

1,684

1,727

476

Net

realized

gains

(losses)

from

futures

contracts

2,763,795‌

Moderate

............

Equity

Contracts

194

503

527

170

Net

realized

gains

(losses)

from

futures

contracts

1,517,806‌

Conservative

..........

Equity

Contracts

250

272

Net

realized

gains

(losses)

from

futures

contracts

616,069‌

Dynamic

.............

Equity

Contracts

880

2,584

2,440

1,024

Net

realized

gains

(losses)

from

futures

contracts

7,154,756‌

Sector

Rotation

........

Equity

Contracts

302

256

104

Net

realized

gains

(losses)

from

futures

contracts

1,288,498‌

Type

Derivative/

Risk

Statement

Operations

Location

For

the

Six

Months

Ended

June

30,

2024

Muirfield

.............

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(10,306,969‌)

Spectrum

............

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(2,884,995‌)

Global

..............

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(779,855‌)

Balanced

............

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(2,421,006‌)

Moderate

............

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(964,732‌)

Conservative

..........

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(450,610‌)

Dynamic

.............

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(4,331,722‌)

Sector

Rotation

........

Equity

Contracts

Net

change

unrealized

appreciation

(depreciation)

futures

contracts

(455,922‌)

2024

Semi-Annual

Report

June

30,

2024

Page

Distributions

from

net

investment

income

and

from

net

capital

gains

are

determined

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP.

Permanent

differences

relate

redemptions

treated

distributions

for

tax

purposes

(i.e.

equalization).

Accordingly,

timing

differences

relating

shareholder

distributions

are

reflected

the

components

net

assets

and

permanent

book

and

tax

differences

have

been

reclassified

within

the

components

net

assets

based

their

ultimate

characterization

for

federal

income

tax

purposes.

For

the

year

ended

December

31,

2023

the

Funds

made

the

following

reclassifications

increase/(decrease)

the

components

net

assets:

Investment

income

expenses

allocation.

For

all

Funds,

except

Money

Market,

income

and

expenses

(other

than

expenses

attributable

specific

class)

are

allocated

each

class

based

its

relative

net

assets.

Expenses

incurred

the

Trust

that

not

specifically

relate

individual

Fund

the

Trust

are

allocated

the

Funds

based

each

Fund’s

relative

net

assets

other

appropriate

basis.

Capital

Transactions.

All

Funds

are

authorized

issue

unlimited

number

shares.

Transactions

the

capital

the

Funds

for

the

six

months

ended

June

30,

2024

and

the

year

ended

December

31,

2023

were

follows:

Capital

Distributable

Earnings

(Accumulated

Deficit)

Muirfield

.................................................................

4,122,212‌

(4,122,212‌)

Spectrum

................................................................

1,677,928‌

(1,677,928‌)

Global

..................................................................

142,916‌

(142,916‌)

Balanced

................................................................

499,064‌

(499,064‌)

Dynamic

.................................................................

983,313‌

(983,313‌)

Sector

Rotation

............................................................

219,006‌

(219,006‌)

Issued

Reinvested

Class

Amount

For

the

Six

Months

Ended

June

30,

2024

Muirfield

Retail

Class

4,604,168‌

469,503‌

214,482‌

21,046‌

Muirfield

Adviser

Class

6,913,291‌

690,028‌

650,186‌

63,036‌

Muirfield

Institutional

Class

87,089,888‌

8,737,773‌

4,002,058‌

387,412‌

Spectrum

Retail

Class

142,493‌

10,752‌

4,047‌

288‌

Spectrum

Adviser

Class

2,185,222‌

160,308‌

139,795‌

9,831‌

Spectrum

Institutional

Class

14,138,707‌

1,042,982‌

475,146‌

33,320‌

Global

Retail

Class

206,731‌

17,692‌

22,689‌

1,875‌

Global

Adviser

Class

220,892‌

18,426‌

36,558‌

2,993‌

Global

Institutional

Class

3,460,280‌

292,387‌

257,667‌

21,156‌

Balanced

Retail

Class

1,519,429‌

118,203‌

54,895‌

4,010‌

Balanced

Adviser

Class

4,859,978‌

361,158‌

590,951‌

42,731‌

Balanced

Institutional

Class

31,078,536‌

2,314,026‌

2,192,728‌

158,325‌

Moderate

Retail

Class

169,663‌

13,931‌

8,126‌

650‌

Moderate

Adviser

Class

1,706,794‌

138,796‌

377,435‌

30,088‌

Moderate

Institutional

Class

12,984,420‌

1,052,902‌

1,427,207‌

113,639‌

Conservative

Retail

Class

737,264‌

32,732‌

74,667‌

3,273‌

Conservative

Adviser

Class

1,894,604‌

83,030‌

318,384‌

13,792‌

Conservative

Institutional

Class

15,410,827‌

674,797‌

1,406,184‌

60,779‌

Dynamic

Retail

Class

1,175,305‌

82,070‌

65,114‌

4,369‌

Dynamic

Adviser

Class

2,214,465‌

152,752‌

207,588‌

13,738‌

Dynamic

Institutional

Class

51,133,028‌

3,514,468‌

1,881,011‌

124,748‌

Sector

Rotation

Retail

Class

93,470‌

2,494‌

67,506‌

1,729‌

Sector

Rotation

Adviser

Class

344,571‌

9,292‌

28,492‌

723‌

Sector

Rotation

Institutional

Class

2,239,381‌

58,970‌

124,920‌

3,178‌

Income

Retail

Class

178,216‌

19,331‌

55,502‌

6,035‌

Income

Adviser

Class

1,875,988‌

203,644‌

223,114‌

24,229‌

Income

Institutional

Class

11,452,272‌

1,242,060‌

1,358,017‌

147,523‌

Money

Market

270,232,820‌

270,208,781‌

1,067,355‌

1,067,232‌

For

the

Year

Ended

December

31,

2023

Muirfield

Retail

Class

6,260,913‌

723,203‌

1,145,792‌

128,512‌

Muirfield

Adviser

Class

8,445,825‌

967,481‌

3,156,217‌

349,064‌

Muirfield

Institutional

Class

159,786,508‌

18,206,653‌

17,667,307‌

1,952,471‌

Spectrum

Retail

Class

533,752‌

42,415‌

143,420‌

11,513‌

2024

Semi-Annual

Report

June

30,

2024

Page

Issued

Reinvested

Class

Amount

Spectrum

Adviser

Class

2,476,972‌

195,518‌

2,993,790‌

237,348‌

Spectrum

Institutional

Class

21,591,782‌

1,703,238‌

12,686,684‌

1,003,563‌

Global

Retail

Class

400,717‌

37,382‌

45,746‌

4,186‌

Global

Adviser

Class

278,425‌

25,690‌

83,611‌

7,597‌

Global

Institutional

Class

5,384,549‌

504,540‌

548,094‌

49,839‌

Balanced

Retail

Class

1,621,690‌

136,523‌

119,996‌

9,833‌

Balanced

Adviser

Class

6,893,820‌

573,672‌

1,412,658‌

114,687‌

Balanced

Institutional

Class

46,268,668‌

3,833,974‌

5,750,373‌

466,113‌

Moderate

Retail

Class

305,775‌

26,964‌

21,761‌

1,907‌

Moderate

Adviser

Class

2,869,840‌

254,261‌

889,846‌

77,457‌

Moderate

Institutional

Class

19,295,416‌

1,703,609‌

3,506,752‌

305,252‌

Conservative

Retail

Class

519,210‌

24,434‌

158,648‌

7,378‌

Conservative

Adviser

Class

3,979,481‌

184,320‌

681,434‌

31,308‌

Conservative

Institutional

Class

22,269,302‌

1,030,646‌

2,986,044‌

136,954‌

Dynamic

Retail

Class

2,759,014‌

224,363‌

96,800‌

7,431‌

Dynamic

Adviser

Class

2,066,877‌

163,257‌

362,568‌

27,668‌

Dynamic

Institutional

Class

64,186,442‌

5,110,970‌

2,953,900‌

224,964‌

Sector

Rotation

Retail

Class

182,690‌

5,376‌

141,273‌

4,066‌

Sector

Rotation

Adviser

Class

426,888‌

12,676‌

56,056‌

1,597‌

Sector

Rotation

Institutional

Class

3,610,658‌

107,015‌

247,889‌

7,068‌

Income

Retail

Class

255,186‌

28,295‌

86,071‌

9,586‌

Income

Adviser

Class

607,231‌

67,548‌

393,077‌

43,704‌

Income

Institutional

Class

15,182,006‌

1,687,329‌

2,239,059‌

249,121‌

Money

Market

879,526,395‌

879,463,522‌

2,089,602‌

2,089,371‌

Redeemed

Net

Increase

(Decrease)

Class

Amount

For

the

Six

Months

Ended

June

30,

2024

Muirfield

Retail

Class

(5,658,243‌)

(587,346‌)

(839,593‌)

(96,797‌)

Muirfield

Adviser

Class

(8,881,457‌)

(891,182‌)

(1,317,980‌)

(138,118‌)

Muirfield

Institutional

Class

(64,179,234‌)

(6,504,058‌)

26,912,712‌

2,621,127‌

Spectrum

Retail

Class

(255,809‌)

(18,881‌)

(109,269‌)

(7,841‌)

Spectrum

Adviser

Class

(2,919,677‌)

(215,666‌)

(594,660‌)

(45,527‌)

Spectrum

Institutional

Class

(17,203,425‌)

(1,271,369‌)

(2,589,572‌)

(195,067‌)

Global

Retail

Class

(291,896‌)

(24,683‌)

(62,476‌)

(5,116‌)

Global

Adviser

Class

(321,614‌)

(27,091‌)

(64,164‌)

(5,672‌)

Global

Institutional

Class

(2,871,675‌)

(244,325‌)

846,272‌

69,218‌

Balanced

Retail

Class

(638,481‌)

(48,220‌)

935,843‌

73,993‌

Balanced

Adviser

Class

(5,850,212‌)

(436,589‌)

(399,283‌)

(32,700‌)

Balanced

Institutional

Class

(36,906,637‌)

(2,747,699‌)

(3,635,373‌)

(275,348‌)

Moderate

Retail

Class

(248,800‌)

(20,386‌)

(71,011‌)

(5,805‌)

Moderate

Adviser

Class

(2,808,236‌)

(229,207‌)

(724,007‌)

(60,323‌)

Moderate

Institutional

Class

(13,834,684‌)

(1,131,736‌)

576,943‌

34,805‌

Conservative

Retail

Class

(441,719‌)

(19,627‌)

370,212‌

16,378‌

Conservative

Adviser

Class

(1,874,745‌)

(82,502‌)

338,243‌

14,320‌

Conservative

Institutional

Class

(15,886,746‌)

(695,027‌)

930,265‌

40,549‌

Dynamic

Retail

Class

(1,619,101‌)

(110,642‌)

(378,682‌)

(24,203‌)

Dynamic

Adviser

Class

(2,666,037‌)

(182,367‌)

(243,984‌)

(15,877‌)

Dynamic

Institutional

Class

(21,765,744‌)

(1,498,879‌)

31,248,295‌

2,140,337‌

Sector

Rotation

Retail

Class

(1,335,912‌)

(35,625‌)

(1,174,936‌)

(31,402‌)

Sector

Rotation

Adviser

Class

(487,262‌)

(12,700‌)

(114,199‌)

(2,685‌)

Sector

Rotation

Institutional

Class

(1,856,428‌)

(48,806‌)

507,873‌

13,342‌

Income

Retail

Class

(113,374‌)

(12,285‌)

120,344‌

13,081‌

Income

Adviser

Class

(1,456,225‌)

(157,758‌)

642,877‌

70,115‌

2024

Semi-Annual

Report

June

30,

2024

Page

Redeemed

Net

Increase

(Decrease)

Class

Amount

Income

Institutional

Class

(9,165,074‌)

(993,602‌)

3,645,215‌

395,981‌

Money

Market

(401,477,052‌)

(401,417,825‌)

(130,176,877‌)

(130,141,812‌)

For

the

Year

Ended

December

31,

2023

Muirfield

Retail

Class

(6,865,499‌)

(791,884‌)

541,206‌

59,831‌

Muirfield

Adviser

Class

(13,270,548‌)

(1,517,650‌)

(1,668,506‌)

(201,105‌)

Muirfield

Institutional

Class

(131,319,799‌)

(14,942,079‌)

46,134,016‌

5,217,045‌

Spectrum

Retail

Class

(684,014‌)

(54,364‌)

(6,842‌)

(436‌)

Spectrum

Adviser

Class

(4,512,426‌)

(357,067‌)

958,336‌

75,799‌

Spectrum

Institutional

Class

(36,697,357‌)

(2,889,337‌)

(2,418,892‌)

(182,536‌)

Global

Retail

Class

(293,358‌)

(27,612‌)

153,105‌

13,956‌

Global

Adviser

Class

(1,105,214‌)

(103,099‌)

(743,178‌)

(69,812‌)

Global

Institutional

Class

(7,968,664‌)

(744,427‌)

(2,036,021‌)

(190,048‌)

Balanced

Retail

Class

(811,824‌)

(67,723‌)

929,862‌

78,633‌

Balanced

Adviser

Class

(10,812,861‌)

(897,190‌)

(2,506,383‌)

(208,831‌)

Balanced

Institutional

Class

(65,962,734‌)

(5,464,172‌)

(13,943,692‌)

(1,164,085‌)

Moderate

Retail

Class

(503,245‌)

(44,592‌)

(175,709‌)

(15,721‌)

Moderate

Adviser

Class

(4,305,869‌)

(380,618‌)

(546,183‌)

(48,900‌)

Moderate

Institutional

Class

(27,483,873‌)

(2,424,526‌)

(4,681,708‌)

(415,665‌)

Conservative

Retail

Class

(678,119‌)

(32,024‌)

(261‌)

(212‌)

Conservative

Adviser

Class

(4,989,313‌)

(232,087‌)

(328,398‌)

(16,459‌)

Conservative

Institutional

Class

(24,817,735‌)

(1,151,720‌)

437,611‌

15,878‌

Dynamic

Retail

Class

(1,149,999‌)

(92,664‌)

1,705,815‌

139,130‌

Dynamic

Adviser

Class

(3,468,054‌)

(277,878‌)

(1,038,609‌)

(86,953‌)

Dynamic

Institutional

Class

(49,005,220‌)

(3,916,563‌)

18,135,123‌

1,419,371‌

Sector

Rotation

Retail

Class

(1,335,284‌)

(39,639‌)

(1,011,321‌)

(30,197‌)

Sector

Rotation

Adviser

Class

(628,731‌)

(18,623‌)

(145,787‌)

(4,350‌)

Sector

Rotation

Institutional

Class

(3,882,377‌)

(112,995‌)

(23,831‌)

1,088‌

Income

Retail

Class

(188,929‌)

(21,104‌)

152,328‌

16,777‌

Income

Adviser

Class

(2,570,552‌)

(285,979‌)

(1,570,244‌)

(174,727‌)

Income

Institutional

Class

(15,425,623‌)

(1,717,860‌)

1,995,442‌

218,590‌

Money

Market

(937,202,461‌)

(937,133,579‌)

(55,586,464‌)

(55,580,686‌)

2024

Semi-Annual

Report

June

30,

2024

Page

Offsetting

Assets

Liabilities.

The

Funds

are

party

enforceable

master

netting

arrangements

between

counter

parties,

such

the

securities

lending

agreement,

which

provides

for

the

right

offset

under

certain

circumstances,

such

the

event

default.

The

securities

lending

transactions

have

overnight

and

continuous

contractual

maturity.

Risks

arise

from

the

possible

inability

counterparties

meet

the

terms

their

contracts.

The

table

below

reflects

the

offsetting

assets

and

liabilities

relating

securities

lending,

futures

contracts,

and

repurchase

agreements

shown

the

Statements

Assets

and

Liabilities

June

30,

2024

Other.

The

Funds

record

security

transactions

the

trade

date.

Securities

purchased

sold

when-issued

delayed-delivery

basis

may

settled

days

after

the

trade

date.

Gains

and

losses

realized

from

the

sale

securities

are

determined

the

specific

identification

basis.

Dividend

income

and

dividend

expenses

are

recognized

the

ex-dividend

date

and

interest

income

(including

amortization

premium

and

accretion

discount)

recognized

earned.

Short-term

capital

gain

distributions

from

underlying

funds

are

classified

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

the

respective

securities.

Distributions

received

from

partnerships

are

recorded

return

capital

distributions.

Withholding

taxes

foreign

dividends,

applicable,

have

been

provided

for

accordance

with

the

Funds’

understanding

the

applicable

country’s

tax

rules

and

rates.

Fund

may

purchase

securities

forward

commitment

when-issued

basis.

Fund

records

when-issued

transaction

the

trade

date

and

will

segregate

assets

amount

least

equal

value

the

Fund’s

commitment

purchase

when-issued

securities.

Securities

purchased

when-issued

basis

are

marked-to-market

daily

and

the

Fund

begins

earning

interest

the

settlement

date.

Losses

may

arise

due

changes

the

market

value

the

underlying

securities

the

counterparty

does

not

perform

under

the

contract.

Certain

Funds

may

purchase

sell

securities

delayed-delivery

basis.

These

transactions

involve

commitment

Fund

purchase

sell

securities

for

predetermined

price

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

period.

When

delayed-

delivery

transactions

are

outstanding,

Fund

will

designate

receive

collateral

liquid

assets

amount

sufficient

meet

the

purchase

price

respective

obligations.

When

purchasing

security

delayed-delivery

basis,

Fund

assumes

the

rights

and

risks

ownership

the

security,

including

the

risk

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

NAV.

Fund

may

dispose

renegotiate

delayed-delivery

transaction

after

entered

into

which

may

result

realized

gain

loss.

When

Fund

has

sold

security

delayed-delivery

basis,

the

Fund

does

not

participate

future

gains

and

losses

with

respect

the

security.

Distributions

received

from

the

Funds’

investments

real

estate

investment

trusts

(“REITs”)

may

characterized

ordinary

income,

net

capital

gain,

return

capital.

The

proper

characterization

REIT

distributions

generally

not

known

until

after

the

end

each

calendar

year.

such,

the

Funds

must

use

estimates

reporting

the

character

their

income

and

distributions

for

financial

statement

purposes.

The

actual

character

distributions

the

Funds’

shareholders

will

reflected

the

Form

1099

received

shareholders

after

the

end

the

calendar

year.

Due

the

nature

REIT

investments,

portion

the

distributions

received

the

Funds’

shareholders

may

represent

return

capital.

Gross

Amounts

Not

Offset

the

Statements

Assets

and

Liabilities

Description/Fund (1)

Gross

Amounts

Recognized

Assets/

Liabilities

Gross

Amounts

Offset

the

Statements

Assets

and

Liabilities

Net

Amounts

Presented

the

Statements

Assets

and

Liabilities

Financial

Instruments (2)

Collateral

Pledged

(Received) (2)

Net

Amount

Assets:

Futures

Contracts

Muirfield

....................

667,473‌

(365,954‌)

301,519‌

–‌

301,519‌

Spectrum

...................

199,017‌

(89,877‌)

109,140‌

–‌

109,140‌

Balanced

...................

306,431‌

(114,921‌)

191,510‌

–‌

191,510‌

Moderate

...................

89,934‌

(35,051‌)

54,883‌

–‌

54,883‌

Conservative

.................

43,963‌

(16,636‌)

27,327‌

–‌

27,327‌

Repurchase

Agreements

Money

Market

................

–‌

220,000,000‌

(220,000,000‌)

–‌

Liabilities:

Futures

Contracts

Sector

Rotation

...............

(37,292‌)

4‌

(37,288‌)

–‌

37,288‌

–‌

Global

.....................

(60,736‌)

15,383‌

(45,353‌)

–‌

45,353‌

–‌

Dynamic

....................

(314,446‌)

207,220‌

(107,226‌)

–‌

107,226‌

–‌

(1)

There

were

securities

loan

June

30,

2024.

(2)

The

amount

limited

the

net

amounts

financial

assets

and

liabilities

and

accordingly

does

not

include

excess

collateral

pledged.

2024

Semi-Annual

Report

June

30,

2024

Page

Securities

Valuations

The

Funds

utilize

various

methods

measure

the

fair

value

their

investments

recurring

basis.

GAAP

establishes

hierarchy

that

prioritizes

inputs

valuation

methods.

The

three

levels

inputs

are

follows:

Level

–

Unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

that

the

Funds

have

the

ability

access.

Level

–

Observable

inputs

other

than

quoted

prices

included

level

that

are

observable

for

the

asset

liability,

either

directly

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Level

–

Significant

unobservable

inputs

for

the

asset

liability,

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Funds’

own

assumptions

about

the

assumptions

market

participant

would

use

valuing

the

asset

liability,

and

would

based

the

best

information

available.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

marketplace,

the

liquidity

markets,

and

other

characteristics

particular

the

security.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

its

entirety,

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

description

the

valuation

techniques

applied

the

Funds’

major

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

Muirfield Fund

Fund Overview

What were the Fund's costs for the period?

Total Return Based on a $10,000 Investment

Fund Statistics

Average Annual Total Returns

What did the Fund invest in?

Top 10 Holdings

Sector Weighting

Asset Weighting

Availability of Additional Information

Householding

Muirfield Fund

Global Allocation Fund

Fund Overview

What were the Fund's costs for the period?

Total Return Based on a $10,000 Investment

Fund Statistics

Average Annual Total Returns

What did the Fund invest in?

Top 10 Holdings

Sector Weighting

Asset Weighting

Availability of Additional Information

Householding

Global Allocation Fund

Spectrum Fund

Fund Overview

What were the Fund's costs for the period?

Total Return Based on a $10,000 Investment

Fund Statistics

Average Annual Total Returns

What did the Fund invest in?

Top 10 Holdings

Sector Weighting

Asset Weighting

Availability of Additional Information

Householding

Spectrum Fund

Moderate Allocation Fund

Fund Overview

What were the Fund's costs for the period?

Total Return Based on a $10,000 Investment

Fund Statistics

Average Annual Total Returns

What did the Fund invest in?

Top 10 Holdings

Sector Weighting

Asset Weighting

Availability of Additional Information

Householding

Moderate Allocation Fund

Sector Rotation Fund

Fund Overview

What were the Fund's costs for the period?

Total Return Based on a $10,000 Investment

Fund Statistics

Average Annual Total Returns

What did the Fund invest in?

Top 10 Holdings

Sector Weighting

Asset Weighting

Availability of Additional Information

Householding

Sector Rotation Fund

Moderate Allocation Fund

Fund Overview

What were the Fund's costs for the period?

Total Return Based on a $10,000 Investment

Fund Statistics

Average Annual Total Returns

What did the Fund invest in?

Top 10 Holdings

Sector Weighting

Asset Weighting

Availability of Additional Information

Householding

Moderate Allocation Fund

Muirfield Fund