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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3462

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, 2016

Date of reporting period: June 30, 2016

Item 1. Report to Stockholders.

TABLE OF CONTENTS

Letter to Shareholders	1
Sector Concentrations & Top 10 Holdings	3
Shareholder Expense Analysis	8
Fund Holdings & Financial Statements	10

LETTER TO SHAREHOLDERS June 30, 2016

Reflections on the first half of 2016

As I reflect on the first half of 2016, I recognize that it’s the All-Star Break in Major League Baseball. Each July, our national pastime brings together the best in the game to put on a great show of skill and talent. It’s also a time for every team in baseball to assess their performance in the first half of the year, make any necessary adjustments, and position themselves for a strong second half. For some teams—those that have had a great first half—they just need to keep doing what they’re doing and ensure their players remain healthy and focused. For many other teams, the work can be challenging. Every team has the objective of making it to the postseason, but it’s not easy.

This pause in the baseball season, and at mid-year, is a welcome break to reflect on all that has taken place in the first half of 2016. From a capital markets perspective, it has been quite a year. In the U.S., the stock market had a volatile first quarter, continuing the downturn that began in late 2015, but rebounded in the latter part of the second quarter to near record new highs by June 30. However, just as in baseball, conditions can vary from ballpark to ballpark. In this case, while U.S. markets showed improving conditions, that wasn’t the case in the United Kingdom where citizens voted to leave the European Union. This outcome was unexpected and had ripple effects across global markets. We saw a flight to quality in both equity and fixed income markets as investors sought safe havens to weather the volatility and uncertainty.

Market uncertainty is clearly a theme that will continue to dominate this year, but we cannot let emotions get in the way of clear thinking and a long- term perspective. Often there are investors that find themselves driven to decisions based on what they see and hear from cable business channels or financial publications. You cannot let emotions get the best of you. Don’t be that baseball fan that watches their home team struggle through early innings and decides to leave the ballpark early, only to find the team surging to victory in the ninth inning. As the late great Yogi Berra said, “It ain’t over ‘til it’s over.” Remember that it is time in the market, not timing, that can produce favorable results over the long term. Noisy headlines will come and go, but you need to maintain a long-term view.

Capital Markets Review

Following their decision to increase interest rates in December 2015, the Federal Reserve has quickly backtracked and agreed to slow their plans for increasing rates for the remainder of 2016. In their April meeting, the Fed confirmed that they would dial back expectations from the proposed four quarter-point hikes, citing risks in global economies. The key event of the quarter was the Brexit vote in the United Kingdom (UK) to leave the European Union (EU). Many forecasters and investors were caught off guard and equity markets sold off sharply. Spain and Italy were down over 10% while U.S. equity markets were down 3%. The UK vote to leave the EU raised uncertainty in the European integration and fears that other European countries, such as Italy and France, may consider leaving the EU as well.

The stock market started the second quarter continuing the trends from the first quarter. It was a risk-on rally from the market bottom in mid-February, with the worst-performing asset classes rebounding the most. Asset classes that were among the worst performers last year, such as emerging market equities and high yield bonds, became top performers. The risk-on trade reversed in June as markets gave back their gains from April and May. For the second quarter, the S&P 500 returned 2.64%, the MSCI EAFE Index of developed markets delivered -1.46%, and the MSCI Emerging Markets Index posted a return of 0.66%.

Economic data and global central bank monetary events appeared to be creating a lot of conflict with the direction of the fixed income markets. Reports on the health of the economy appear to have provided ammunition to support either dovish or hawkish members of the Fed. Members from both sides swayed the markets in late May with their comments on target interest rates. As for the global environment, the topics of Brexit and negative interest rates seemed to dominate the news wires. While news of Brexit caused volatility to spike within equities, fixed income markets benefitted from the news as investors sought a flight to quality. The 10-year Treasury started the second quarter with a yield of 1.90% before rallying and ending the quarter at 1.49%. Fixed income indices have continued to have solid performance. The Barclays High Yield Corporate Index returned 5.52% for the quarter while the more widely held Barclays U.S. Aggregate Bond Index posted a gain of 2.21%.

Performance Review

As for the performance of the Meeder Funds, our team continued to adhere to the disciplined, time- tested, model-driven investment process that has helped us deliver competitive performance over the long term.

The Meeder Muirfield Fund, a tactical allocation fund with the ability to go defensive during volatile periods, maintained an overall Morningstar rating of four stars as of June 30, 2016. Additionally, the Meeder Quantex Fund delivered solid returns for the 1-, 3-, 5-, and 10-year periods. On the fixed income side, I wanted to highlight that the Meeder Total Return Bond Fund celebrated its fifth anniversary on June 30th.

In our defensively managed funds, we began the year with a sizeable defensive position and used the downturn during the first quarter to marginally increase our equity exposure. Our defensive model is comprised of numerous factors spanning trend/technical, interest rate, and fundamental disciplines, which are examined to gauge the risk/reward relationship present in the stock market. Based on the output of our model, we have increased equity exposure since mid-February and reached a fully invested position in May. Breadth and sentiment remain positive factors in our models. Within these funds and portfolios, we also maintain marginal preference for value and remain overweight information technology. From a capitalization perspective, we are neutral relative to the Russell 3000 Index. Our models favor U.S. equity markets over developed international, while we reduced our exposure to emerging markets.

2016 Semiannual Report | June 30, 2016     Page 1

Push for the Postseason

As players and coaches in Major League Baseball prepare for their push to the postseason, we look ahead to the second half of 2016 with cautious optimism and recognition that market uncertainty will continue to be driven by global events and headlines. Concerns remain regarding global economic growth, global monetary policies and the impact of negative interest rates on certain economies, U.S. and global political uncertainty, and terrorism threats here at home and abroad.

As I’ve stated previously, we continue to believe that there is more room to run in this bull market. Market uncertainty and corrections can and will occur. Our investment team will continue to apply our disciplined investment process across all of our funds. We are here to work with you, to listen to your questions, and respond with solutions that can help keep you on track to achieving your investment goals.

On behalf of the entire team at Meeder Investment Management, we thank you for your continued support, trust and confidence in our investment management services.

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

The Meeder Muirfield Fund’s Morningstar rating is based on 284 tactical allocation funds as of June 30, 2016. Morningstar rates mutual funds from one to five stars based on how well they’ve performed in comparison to similar funds after adjustment for actual expenses and assuming reinvestment of dividends and capital gains. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star.

© 2016 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Sector Concentrations, Top 10 Holdings,
Fund Expense Analysis

June 30, 2016

Global Opportunities Fund*

Sector Concentration#	% of total net assets
Financials	18.0%
Information Technology	6.7%
Energy	5.5%
Consumer Discretionary	4.4%
Healthcare	2.8%
Industrials	2.1%
Consumer Staples	2.1%
Materials	1.8%
Telecommunication Services	1.3%
Utilities	1.2%
Registered Investment Companies	46.2%
Money Market Registered Investment Companies	6.6%
Bank Obligations	0.9%
Other Assets/Liabilities (Net)	0.4%
Total	100%

Top 10 Holdings	% of total net assets
iShares Core MSCI Emerging Markets ETF	16.8%
iShares MSCI EAFE ETF	15.7%
iShares Core MSCI EAFE ETF	8.9%
Oppenheimer International Growth Fund I	2.5%
Goldman Sachs Emerging Markets Equity Insights Fund Intl	2.0%
Exxon Mobil Corp.	1.2%
Amazon.com, Inc.	1.1%
AT&T, Inc.	1.0%
JPMorgan Chase & Co.	0.8%
Chevron Corp.	0.8%

Aggressive Growth Fund*

Sector Concentration#	% of total net assets
Information Technology	15.3%
Financials	12.6%
Healthcare	11.0%
Consumer Discretionary	9.4%
Consumer Staples	8.5%
Industrials	7.2%
Energy	5.3%
Utilities	3.5%
Telecommunication Services	2.3%
Materials	2.0%
Registered Investment Companies	7.2%
Money Market Registered Investment Companies	14.7%
Bank Obligations	1.1%
Other Assets/Liabilities (Net)	(0.1%)
Total	100%

Top 10 Holdings	% of total net assets
Technology Select Sector SPDR® ETF	3.1%
iShares Russell 2000 Value ETF	2.2%
Apple, Inc.	2.2%
iShares MSCI Emerging Markets ETF	2.1%
Alphabet, Inc. A	1.9%
Exxon Mobil Corp.	1.7%
Microsoft Corp.	1.6%
Amazon.com, Inc.	1.5%
Johnson & Johnson	1.4%
Facebook, Inc. A	1.3%

Dividend Opportunities Fund*

Sector Concentration#	% of total net assets
Financials	33.5%
Information Technology	10.8%
Consumer Discretionary	8.0%
Consumer Staples	8.0%
Industrials	5.9%
Telecommunication Services	5.8%
Energy	5.3%
Materials	5.3%
Healthcare	4.5%
Utilities	2.9%
Registered Investment Companies	1.6%
Money Market Registered Investment Companies	7.2%
Bank Obligations	0.6%
Other Assets/Liabilities (Net)	0.6%
Total	100%

Top 10 Holdings	% of total net assets
Johnson & Johnson	3.0%
AT&T, Inc.	2.7%
JPMorgan Chase & Co.	2.4%
Cisco Systems, Inc.	1.9%
Bank of America Corporation	1.8%
Microsoft Corp.	1.8%
Chevron Corp.	1.7%
Exxon Mobil Corp.	1.7%
iShares MSCI Emerging Markets ETF	1.6%
American International Group, Inc.	1.3%

* The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

# Concentrations are subject to change.

Page 4    2016 Semiannual Report | June 30, 2016

Dynamic Growth Fund*

Sector Concentration#	% of total net assets
Information Technology	16.3%
Financials	12.5%
Healthcare	11.6%
Consumer Discretionary	9.8%
Consumer Staples	8.9%
Industrials	7.7%
Energy	5.7%
Utilities	3.5%
Telecommunication Services	2.4%
Materials	1.9%
Registered Investment Companies	4.1%
Money Market Registered Investment Companies	14.1%
Bank Obligations	0.7%
Other Assets/Liabilities (Net)	0.8%
Total	100%

Top 10 Holdings	% of total net assets
Apple, Inc.	2.2%
iShares MSCI Emerging Markets ETF	2.1%
Technology Select Sector SPDR® ETF	2.0%
Alphabet, Inc. A	2.0%
Exxon Mobil Corp.	1.7%
Microsoft Corp.	1.7%
Amazon.com, Inc.	1.5%
Johnson & Johnson	1.5%
Facebook, Inc. A	1.4%
AT&T, Inc.	1.4%

Quantex Fund*

Sector Concentration#	% of total net assets
Consumer Discretionary	24.4%
Industrials	17.6%
Energy	11.9%
Financials	11.2%
Information Technology	10.3%
Materials	8.2%
Utilities	6.1%
Healthcare	4.1%
Consumer Staples	2.1%
Money Market Registered Investment Companies	14.1%
Bank Obligations	1.1%
Other Assets/Liabilities (Net)	(11.1%)
Total	100%

Top 10 Holdings	% of total net assets
Consol Energy, Inc.	1.7%
Joy Global, Inc.	1.4%
ONEOK, Inc.	1.3%
EQT Corp.	1.2%
Cabot Oil & Gas Corp. Class A	1.2%
Murphy Oil Corp.	1.2%
NiSource, Inc.	1.1%
CenterPoint Energy, Inc.	1.1%
The AES Corp.	1.1%
Big Lots, Inc.	1.1%

Balanced Fund*

Sector Concentration#	% of total net assets
Information Technology	9.9%
Financials	7.7%
Healthcare	7.1%
Consumer Discretionary	6.0%
Consumer Staples	5.4%
Industrials	4.7%
Energy	3.4%
Utilities	2.2%
Telecommunication Services	1.4%
Materials	1.2%
Registered Investment Companies	32.1%
Money Market Registered	17.2%
Investment Companies Bank Obligations	0.3%
Other Assets/Liabilities (Net)	1.4%
Total	100%

Top 10 Holdings	% of total net assets
iShares 3-7 Year Treasury Bond ETF	5.0%
iShares 7-10 Year Treasury Bond ETF	4.0%
Prudential Total Return Bond Fund Z	2.9%
Metropolitan West Total Return Bond Fund I	2.8%
DoubleLine Total Return Bond Fund I	2.8%
iShares JPMorgan USD Emerg Markets Bond ETF	1.9%
Baird Core Plus Bond Fund Inst	1.8%
JPMorgan Core Plus Bond Fund Instl	1.8%
Pioneer Bond Fund Y	1.7%
iShares 1-3 Year Treasury Bond ETF	1.6%

* The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

# Concentrations are subject to change.

2016 Semiannual Report | June 30, 2016  Page 5

Muirfield Fund*

Sector Concentration#	% of total net assets
Information Technology	15.0%
Financials	11.9%
Healthcare	11.1%
Consumer Discretionary	9.2%
Consumer Staples	8.6%
Industrials	7.4%
Energy	5.3%
Utilities	3.3%
Telecommunication Services	2.2%
Materials	1.9%
Registered Investment Companies	2.1%
Money Market Registered Investment Companies	20.4%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	1.4%
Total	100%

Top 10 Holdings	% of total net assets
Apple, Inc.	2.1%
iShares MSCI Emerging Markets ETF	2.1%
Alphabet, Inc. A	1.9%
Exxon Mobil Corp.	1.6%
Microsoft Corp.	1.6%
Amazon.com, Inc.	1.4%
Johnson & Johnson	1.4%
Facebook, Inc. A	1.3%
AT&T, Inc.	1.3%
Berkshire Hathaway, Inc. B	1.3%

Spectrum Fund*

Sector Concentration#	% of total net assets
Long Positions
Financials	17.0%
Information Technology	14.0%
Healthcare	11.3%
Consumer Discretionary	10.1%
Industrials	6.2%
Consumer Staples	5.4%
Energy	4.9%
Materials	3.4%
Utilities	3.4%
Telecommunication Services	1.7%
Registered Investment Companies	1.9%
Money Market Registered Investment Companies	8.0%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	40.1%
	127.6%

Short Positions
Financials	(7.8%)
Healthcare	(4.7%)
Consumer Discretionary	(4.7%)
Information Technology	(4.4%)
Industrials	(2.5%)
Energy	(1.5%)
Materials	(0.9%)
Consumer Staples	(0.4%)
Telecommunication Services	(0.4%)
Utilities	(0.3%)
	(27.6%)
Total	100%

Top 10 Holdings	% of total net assets
iShares MSCI Emerging Markets ETF	3.3%
American International Group, Inc.	1.9%
AT&T, Inc.	1.8%
Prudential Financial, Inc.	1.8%
Amazon.com, Inc.	1.8%
NiSource, Inc.	1.7%
Alphabet, Inc. A	1.6%
Apple, Inc.	1.6%
General Motors Co.	1.6%
Exxon Mobil Corp.	1.5%

* The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

# Concentrations are subject to change.

Page 6 2016 Semiannual Report | June 30, 2016

Miller/Howard Infrastructure Fund

Sector Concentration#	% of total net assets
Telecommunication Services	31.1%
Utility Services	20.1%
Natural Gas Distribution	15.1%
Electric Utility	14.5%
Pipelines	14.2%
Water Utility	4.4%
Money Market Registered Investment Companies	1.4%
Other Assets/Liabilities (Net)	(0.8%)
Total	100%

Top 10 Holdings	% of total net assets
Macquarie Infrastructure Corp.	4.9%
Kinder Morgan, Inc.	4.5%
Avangrid, Inc.	4.4%
Qualcomm, Inc.	4.3%
OGE Energy Corp.	4.3%
Targa Resources Corp.	4.2%
American Tower Corp.	4.1%
Enterprise Products Partners LP	3.6%
National Grid Plc	3.6%
United Parcel Service	3.5%

Total Return Bond Fund**

Sector Concentration#	% of total net assets
Registered Investment Companies	96.4%
Money Market Registered Investment Companies	3.8%
Bank Obligations	0.3%
Other Assets/Liabilities (Net)	(0.5%)
Total	100%

Top 10 Holdings	% of total net assets
iShares 3-7 Year Treasury Bond ETF	15.3%
iShares 7-10 Year Treasury Bond ETF	12.6%
iShares JPMorgan USD Emerg Markets Bond ETF	11.8%
Prudential Total Return Bond Fund Z	6.8%
Metropolitan West Total Return Bond Fund I	6.7%
DoubleLine Total Return Bond Fund I	6.7%
Lord Abbett High Yield Fund I	5.2%
iShares 1-3 Year Treasury Bond ETF	4.9%
iShares iBoxx $ High Yield Corporate Bd ETF	4.9%
TCW Emerging Markets Income Fund I	4.3%

Money Market Fund

Sector Concentration#	% of total net assets
Repurchase Agreements	34.2%
Money Market Registered Investment Companies	24.4%
Commercial Paper	15.4%
Corporate Obligations	9.0%
U.S. Government Agency Obligations	5.9%
Bank Obligations	5.6%
Certificates of Deposit	5.5%
Total	100%

Top 10 Holdings	% of total net assets
Fidelity Prime Institutional Money Market, 0.48%	24.4%
South Street Repo, 0.55%, 7/1/2016	21.4%
Caterpillar Financial Power Investment Floating Rate Demand Note, 0.45%	6.4%
INTL FCStone Repo, 0.48%, 7/5/2016	4.3%
INTL FCStone Repo, 0.46%, 7/6/2016	4.3%
INTL FCStone Repo, 0.45%, 7/7/2016	4.3%
Credit Agricole, 0.91%, 12/27/16	1.0%
Canadian Imperial Holdings, 0.97%, 12/16/16	0.9%
Springside Corp. Exchange Partners I LLC, 0.66%, 7/7/16	0.7%
Royal Bank of Canada/New York, NY, 0.88%, 7/14/16	0.6%

# Concentrations are subject to change.

* The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

** The Fund primarily invests in underlying mutual funds. The sector concentration percentages are reflected on a “look through” basis.

2016 Semiannual Report | June 30, 2016 Page 7

Shareholder Expense Analysis (Unaudited)

Shareholders of mutual funds pay ongoing expenses, such as advisory fees, distribution and service fees (12b-1 fees) and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The table below provides information on actual and hypothetical account values. The examples shown are based on an investment of $1,000 invested at the beginning of the period and held for the six-month period from December 31, 2015 to June 30, 2016.

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: Hypothetical account values and hypothetical expenses are based on the Funds’ actual expense ratios and assume rates of return of 5% per year before expenses, which are not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

		Beginning Account Value (12/31/15)		Ending Account Value (6/30/16)		Expenses Paid During Period1 (12/31/15 - 6/30/16)		Expense Ratio2 (Annualized)
Muirfield Fund	Actual		$1,000.00		$998.50		$6.71		1.35	%
Hypothetical			1,000.00		1,018.15		6.77		1.35	%
Miller/Howard Infrastructure Fund	Actual		1,000.00		1,165.30		11.57		2.15	%
Hypothetical			1,000.00		1,014.17		10.77		2.15	%
Quantex Fund	Actual		1,000.00		1,086.20		7.99		1.54	%
Hypothetical			1,000.00		1,017.21		7.72		1.54	%
Dynamic Growth Fund	Actual		1,000.00		994.70		6.89		1.39	%
Hypothetical			1,000.00		1,017.95		6.97		1.39	%
Aggressive Growth Fund	Actual		1,000.00		988.60		7.86		1.59	%
Hypothetical			1,000.00		1,016.96		7.97		1.59	%
Balanced Fund	Actual		1,000.00		1,011.60		7.30		1.46	%
Hypothetical			1,000.00		1,017.60		7.32		1.46	%
Global Opportunities Fund	Actual		1,000.00		988.20		6.82		1.38	%
Hypothetical			1,000.00		1,018.00		6.92		1.38	%
Spectrum Fund	Actual		1,000.00		999.00		9.64		1.94	%
Hypothetical			1,000.00		1,015.22		9.72		1.94	%
Dividend Opportunities Fund	Actual		1,000.00		1,036.00		8.10		1.60	%
Hypothetical			1,000.00		1,016.91		8.02		1.60	%
Total Return Bond Fund	Actual		1,000.00		1,047.50		5.04		0.99	%
Hypothetical			1,000.00		1,019.94		4.97		0.99	%
Money Market Fund - Retail Class	Actual		1,000.00		1,001.30		1.24		0.25	%
Hypothetical			1,000.00		1,023.62		1.26		0.25	%
Money Market Fund - Institutional Class	Actual		1,000.00		1,001.70		0.90		0.18	%
Hypothetical			1,000.00		1,023.97		0.91		0.18	%

Please note that the expenses shown in the table above are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if any transactional costs were included, your costs would have been higher.

¹ Expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period by 182/366 (to reflect the total number of days in the six-month period).

² Does not include the effects of acquired fund fees and expenses.

Page 8 2016 Semiannual Report | June 30, 2016

Disclosures

Investment Risks, Performance and Fees

Past performance is not a guarantee of future results. Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will lead to successful results. Investments in foreign securities may entail unique and additional risks including political, market and currency risks. Returns for periods of one year and greater are annualized. All performance figures represent total returns and average annual total returns or current and effective yields for the periods ended June 30, 2016. Investment performance assumes reinvestment of all dividend and capital gain distributions. Current performance may be lower or higher than the performance data quoted.

Opinions and forecasts regarding sectors, industries, companies, countries and/or themes, portfolio composition and holdings as of June 30, 2016 are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security, industry, or sector.

Management fees and/or expenses were waived and/or reimbursed in Meeder Funds to reduce expenses. For the Quantex Fund, the advisor has contractually agreed to waive fees and/or to reimburse expenses until April 30, 2017, unless sooner terminated at the sole discretion of the Funds’ Board of Trustees. This is not an offer to purchase securities. Investors are advised to consider the investment objectives, risks, charges and expenses of the Meeder Funds, as well as current Fund performance information, carefully before investing. The Meeder Funds prospectus contains this and other information about the Funds and should be read carefully before investing. To request or receive a copy of the Meeder Funds prospectus, contact Shareholder Services at 800.325.3539 or visit www.meederfunds.com.

To obtain the most current 7-day yields for the Money Market Fund, call Meeder Funds Shareholder Services Department toll free at (800) 325-3539 or (614) 760-2159. Investments in the Money Market Fund (either class) are not a bank deposit and are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Money Market Fund (either class.)

Meeder Funds are distributed by Adviser Dealer Services, Inc. Member FINRA

2016 Semiannual Report | June 30, 2016    Page 9

2016 Semiannual Report
Fund Holdings & Financial Statements

Schedule of Investments
June 30, 2016 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 75.9%
Consumer Discretionary — 9.2%
Abercrombie & Fitch Co.		6,664		118,686
Amazon.com, Inc. (2)		7,485		5,356,416
Best Buy Co., Inc.		12,535		383,571
Cable One, Inc.		168		85,917
Carnival Corp.		16,296		720,283
Carter's, Inc.		693		73,784
CBS Corp.		6,067		330,287
Children's Place, Inc./The		1,095		87,797
Coach, Inc.		7,858		320,135
Comcast Corp.		36,163		2,357,466
Darden Restaurants, Inc.		3,807		241,135
Discovery Communications, Inc. (2)		5,721		144,341
Dollar General Corp.		7,181		675,014
Dollar Tree, Inc. (2)		1,851		174,438
DR Horton, Inc.		12,921		406,753
Equifax, Inc.		1,188		152,539
Expedia, Inc.		1,057		112,359
Express, Inc. (2)		6,489		94,155
Ford Motor Co.		82,143		1,032,538
GameStop Corp. (4)		2,792		74,211
Garmin, Ltd. (4)		1,730		73,387
General Motors Co.		40,589		1,148,669
Genesco, Inc. (2)		2,349		151,064
Genuine Parts Co.		3,186		322,583
Goodyear Tire & Rubber Co./The		4,890		125,477
Hasbro, Inc.		3,974		333,776
Home Depot, Inc./The		21,860		2,791,303
International Game Technology PLC		5,438		101,908
Interpublic Group of Cos., Inc./The		3,130		72,303
Kohl's Corp.		3,881		147,168
Lear Corp.		1,984		201,892
Leggett & Platt, Inc.		1,455		74,365
Lowe's Cos., Inc.		17,895		1,416,747
Madison Square Garden Co./The (2)		776		133,868
Mattel, Inc.		6,101		190,900
McDonald's Corp.		15,282		1,839,036
MDC Holdings, Inc.		16,760		407,938
Meredith Corp.		1,609		83,523
Mohawk Industries, Inc. (2)		1,210		229,610
Netflix, Inc. (2)		5,986		547,599
News Corp.		35,980		408,373
NIKE, Inc.		24,860		1,372,272
NVR, Inc. (2)		81		144,208
O'Reilly Automotive, Inc. (2)		511		138,532
Pool Corp.		806		75,788
Priceline Group, Inc./The (2)		740		923,823
PVH Corp.		1,094		103,088
Ross Stores, Inc.		6,922		392,408
Royal Caribbean Cruises, Ltd.		2,272		152,565
Staples, Inc.		20,168		173,848
Starbucks Corp.		18,634		1,064,374
Target Corp.		10,361		723,405
Thor Industries, Inc.		2,993		193,767
Time Warner, Inc.		12,309		905,204
TJX Cos., Inc./The		11,774		909,306
Tractor Supply Co.		1,929		175,886
Twenty-First Century Fox, Inc.		19,672		532,128
Ulta Salon Cosmetics & Fragrance, Inc. (2)		327		79,670
Urban Outfitters, Inc. (2)		3,432		94,380
Viacom, Inc.		2,229		92,437
Vista Outdoor, Inc. (2)		2,613		124,718
Walt Disney Co./The		24,130		2,360,397
Whirlpool Corp.		1,195		199,135
Yum! Brands, Inc.		5,993		496,940
(Cost $34,698,023)				35,171,593
Consumer Staples — 8.6%
Altria Group, Inc.		30,493		2,102,797
Archer-Daniels-Midland Co.		14,125		605,821
Bunge, Ltd.		2,585		152,903
Casey's General Stores, Inc.		607		79,827
Clorox Co./The		2,908		402,438
Coca-Cola Co./The		55,956		2,536,485
Colgate-Palmolive Co.		6,339		464,015
ConAgra Foods, Inc.		3,882		185,598
Constellation Brands, Inc.		2,052		339,401
Costco Wholesale Corp.		4,702		738,402
Coty, Inc. (4)		10,369		269,490
CVS Health Corp.		16,922		1,620,112
Darling Ingredients, Inc. (2)		7,129		106,222
Dr Pepper Snapple Group, Inc.		4,956		478,898
Estee Lauder Cos., Inc./The		5,521		502,521
General Mills, Inc.		3,827		272,942
Hormel Foods Corp.		4,106		150,280
Ingredion, Inc.		1,437		185,962
JM Smucker Co./The		2,209		336,674
Kimberly-Clark Corp.		3,501		481,317
Kraft Heinz Co./The		20,376		1,802,868
Kroger Co./The		10,680		392,917
McCormick & Co., Inc./MD		850		90,670
Mead Johnson Nutrition Co.		2,000		181,500
Molson Coors Brewing Co.		4,963		501,908
Mondelez International, Inc.		28,768		1,309,232

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

2016 Semiannual Report | June 30, 2016  Page 11

Schedule of Investments
June 30, 2016 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Monster Beverage Corp. (2)		1,913		307,438
PepsiCo, Inc.		17,248		1,827,253
Philip Morris International, Inc.		21,744		2,211,800
Procter & Gamble Co./The		36,840		3,119,243
Reynolds American, Inc.		24,769		1,335,792
Rite Aid Corp. (2)		191,756		1,436,252
Sanderson Farms, Inc. (4)		875		75,810
Sysco Corp.		15,235		773,024
Tyson Foods, Inc.		9,049		604,383
Walgreens Boots Alliance, Inc.		14,726		1,226,234
Wal-Mart Stores, Inc.		50,880		3,715,258
(Cost $30,889,761)				32,923,687
Energy — 5.3%
Anadarko Petroleum Corp.		7,090		377,543
Apache Corp.		4,814		267,995
Atwood Oceanics, Inc. (4)		5,972		74,769
Baker Hughes, Inc.		6,322		285,312
Cabot Oil & Gas Corp.		4,838		124,530
Chesapeake Energy Corp. (4)		1,160		4,965
Chevron Corp.		32,087		3,363,680
Concho Resources, Inc. (2)		609		72,635
ConocoPhillips		17,750		773,900
CONSOL Energy, Inc. (4)		5,317		85,551
Diamond Offshore Drilling, Inc. (4)		6,632		161,357
EOG Resources, Inc.		7,982		665,858
EQT Corp.		1,502		116,300
Exxon Mobil Corp.		65,415		6,132,002
Halliburton Co.		10,333		467,982
Helmerich & Payne, Inc. (4)		1,396		93,713
Hess Corp.		7,470		448,947
HollyFrontier Corp.		2,796		66,461
Kinder Morgan, Inc./DE		31,541		590,448
Marathon Oil Corp.		15,860		238,059
Marathon Petroleum Corp.		8,445		320,572
National Oilwell Varco, Inc.		6,651		223,806
Noble Corp. plc (4)		14,176		116,810
Noble Energy, Inc.		5,118		183,583
Occidental Petroleum Corp.		9,995		755,222
ONEOK, Inc.		2,331		110,606
Parsley Energy, Inc. (2)		4,317		116,818
Phillips 66		7,901		626,865
Pioneer Natural Resources Co.		2,385		360,636
QEP Resources, Inc.		3,965		69,903
Range Resources Corp.		1,973		85,115
Rowan Cos. Plc		12,536		221,386
Schlumberger, Ltd.		18,194		1,438,782
Spectra Energy Corp.		5,732		209,963
Tesoro Corp.		2,142		160,479
Valero Energy Corp.		11,807		602,157
World Fuel Services Corp.		2,257		107,185
WPX Energy, Inc. (2)		7,896		73,512
(Cost $18,415,187)				20,195,407
Financials — 11.9%
Aflac, Inc.		9,223		665,532
Alleghany Corp. (2)		165		90,681
Allied World Assurance Co. Holdings AG		7,092		249,213
Allstate Corp./The		8,770		613,462
Ally Financial, Inc.		5,975		101,993
American International Group, Inc.		25,562		1,351,974
American Tower Corp. (3)		3,811		432,968
Assurant, Inc.		845		72,932
Assured Guaranty, Ltd.		5,824		147,755
Axis Capital Holdings, Ltd.		6,877		378,235
Bank of America Corp.		206,349		2,738,251
Bank of New York Mellon Corp./The		27,006		1,049,183
BB&T Corp.		7,891		280,999
Berkshire Hathaway, Inc. (2)		32,695		4,733,909
BlackRock, Inc.		977		334,652
Capital One Financial Corp.		26,997		1,714,579
Chubb, Ltd.		9,827		1,284,487
Cincinnati Financial Corp.		2,144		160,564
CIT Group, Inc.		2,904		92,667
Citigroup, Inc.		53,482		2,267,102
Citizens Financial Group, Inc.		9,052		180,859
CME Group, Inc./IL		5,052		492,065
CNO Financial Group, Inc.		2,117		36,963
Comerica, Inc.		4,229		173,939
CoreSite Realty Corp. (3)		622		55,165
Crown Castle International Corp. (3)		2,770		280,961
CyrusOne, Inc. (3)		1,545		85,995
Discover Financial Services		3,898		208,894
DuPont Fabros Technology, Inc. (3)		2,792		132,732
E*TRADE Financial Corp. (2)		3,159		74,205
Education Realty Trust, Inc. (3)		1,242		57,306
Endurance Specialty Holdings, Ltd.		5,843		392,416
Equinix, Inc. (3)		1,310		507,926
Equity Residential (3)		3,806		262,157
Everest Re Group, Ltd.		1,626		297,021
Fifth Third Bancorp		27,721		487,612
General Growth Properties, Inc. (3)		10,955		326,678
Goldman Sachs Group, Inc./The		5,578		828,779
Great Western Bancorp, Inc.		1,263		39,835

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

Page 12 2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Hancock Holding Co.		2,843		74,231
Hanover Insurance Group, Inc./The		3,043		257,499
Hartford Financial Services Group, Inc./The		7,278		322,998
Hospitality Properties Trust (3)		266		7,661
IBERIABANK Corp.		1,498		89,476
Intercontinental Exchange, Inc.		832		212,959
JPMorgan Chase & Co.		71,623		4,450,653
KeyCorp		32,775		362,164
Kimco Realty Corp. (3)		2,951		92,602
Leucadia National Corp.		4,337		75,160
Lincoln National Corp.		9,272		359,475
Loews Corp.		11,275		463,290
MetLife, Inc.		22,056		878,490
Morgan Stanley		41,972		1,090,433
Nasdaq, Inc.		2,639		170,664
Navient Corp.		18,493		220,991
Old Republic International Corp.		22,374		431,594
PNC Financial Services Group, Inc./The		6,648		541,081
Popular, Inc.		4,868		142,632
Progressive Corp./The		2,251		75,409
Prologis, Inc. (3)		8,226		403,403
Prudential Financial, Inc.		11,834		844,238
Public Storage (3)		2,216		566,387
Regions Financial Corp.		77,702		661,244
Reinsurance Group of America, Inc.		11,385		1,104,231
RenaissanceRe Holdings, Ltd.		1,629		191,310
S&P Global, Inc.		692		74,224
Senior Housing Properties Trust (3)		6,892		143,560
STORE Capital Corp. (3)		4,024		118,507
SunTrust Banks, Inc.		12,895		529,727
Travelers Cos., Inc./The		10,506		1,250,634
Unum Group		7,496		238,298
US Bancorp		18,152		732,070
Validus Holdings, Ltd.		14,171		688,569
Ventas, Inc. (3)		3,237		235,718
Voya Financial, Inc.		4,270		105,725
Wells Fargo & Co.		53,189		2,517,435
Welltower, Inc. (3)		4,897		373,004
White Mountains Insurance Group, Ltd.		141		118,722
XL Group PLC		14,762		491,722
Zions Bancorporation		4,783		120,197
(Cost $45,959,803)				45,511,033
Healthcare — 11.1%
Abbott Laboratories		18,017		708,248
AbbVie, Inc.		23,969		1,483,921
Aetna, Inc.		16,642		2,032,487
Agilent Technologies, Inc.		10,293		456,597
Alexion Pharmaceuticals, Inc. (2)		3,424		399,786
Allergan plc (2)		6,037		1,395,090
Amgen, Inc.		11,542		1,756,115
Anthem, Inc.		12,161		1,597,226
Baxter International, Inc.		11,837		535,269
Becton Dickinson and Co.		3,224		546,758
Biogen, Inc. (2)		3,256		787,366
Bio-Rad Laboratories, Inc. (2)		896		128,146
Boston Scientific Corp. (2)		31,231		729,868
Bristol-Myers Squibb Co.		24,268		1,784,911
Bruker Corp.		3,995		90,846
Cambrex Corp. (2)		1,389		71,853
Cardinal Health, Inc.		2,175		169,672
Celgene Corp. (2)		12,298		1,212,952
Charles River Laboratories International, Inc. (2)		1,400		115,416
Cigna Corp.		10,032		1,283,996
CR Bard, Inc.		1,295		304,532
DENTSPLY SIRONA, Inc.		6,386		396,187
Edwards Lifesciences Corp. (2)		4,492		447,987
Eli Lilly & Co.		15,430		1,215,113
Emergent BioSolutions, Inc. (2)		3,527		99,179
Express Scripts Holding Co. (2)		7,661		580,704
Gilead Sciences, Inc.		17,641		1,471,612
Henry Schein, Inc. (2)		955		168,844
INC Research Holdings, Inc. (2)		1,930		73,591
Intuitive Surgical, Inc. (2)		952		629,662
Johnson & Johnson		43,340		5,257,142
Laboratory Corp of America Holdings (2)		1,357		176,776
Masimo Corp. (2)		2,935		154,132
McKesson Corp.		2,968		553,977
Medivation, Inc. (2)		1,223		73,747
Medtronic PLC		21,067		1,827,984
Merck & Co., Inc.		42,218		2,432,179
Mettler-Toledo International, Inc. (2)		197		71,889
Mylan NV (2)		1,891		81,767
PerkinElmer, Inc.		3,926		205,801
Pfizer, Inc.		97,826		3,444,453
PRA Health Sciences, Inc. (2)		1,714		71,577
Quest Diagnostics, Inc.		5,112		416,168
Shire PLC		876		161,254
Stryker Corp.		3,810		456,552
Teleflex, Inc.		794		140,784
Thermo Fisher Scientific, Inc.		6,923		1,022,942
UnitedHealth Group, Inc.		13,338		1,883,326
Universal Health Services, Inc.		2,300		308,430

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

2016 Semiannual Report | June 30, 2016 Page 13

Schedule of Investments
June 30, 2016 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
VCA, Inc. (2)		2,556		172,811
VWR Corp. (2)		4,696		135,714
Waters Corp. (2)		530		74,545
Zimmer Biomet Holdings, Inc.		3,083		371,132
Zoetis, Inc.		2,099		99,619
(Cost $40,375,979)				42,268,635
Industrials — 7.4%
3M Co.		9,661		1,691,834
Acuity Brands, Inc.		290		71,908
AGCO Corp.		3,741		176,313
Air Lease Corp.		2,773		74,261
AO Smith Corp.		1,810		159,479
Atlas Air Worldwide Holdings, Inc. (2)		1,810		74,970
Beacon Roofing Supply, Inc. (2)		1,723		78,345
Boeing Co./The		9,223		1,197,791
BWX Technologies, Inc.		4,292		153,525
Carlisle Cos., Inc.		1,509		159,471
CH Robinson Worldwide, Inc.		3,534		262,400
CSX Corp.		11,304		294,808
Cummins, Inc.		2,379		267,495
Curtiss-Wright Corp.		2,608		219,724
Danaher Corp.		13,939		1,407,839
Delta Air Lines, Inc.		8,723		317,779
Dover Corp.		2,457		170,319
Eaton Corp. PLC		10,770		643,292
Emerson Electric Co.		6,415		334,606
FedEx Corp.		4,823		732,035
General Dynamics Corp.		3,784		526,884
General Electric Co.		147,129		4,631,621
Hawaiian Holdings, Inc. (2)		1,862		70,682
HD Supply Holdings, Inc. (2)		7,497		261,046
Honeywell International, Inc.		11,297		1,314,067
Huntington Ingalls Industries, Inc.		950		159,629
Illinois Tool Works, Inc.		4,659		485,281
Ingersoll-Rand PLC		7,974		507,784
Jacobs Engineering Group, Inc. (2)		15,134		753,825
Kansas City Southern		822		74,054
KLX, Inc. (2)		2,182		67,642
L-3 Communications Holdings, Inc.		3,519		516,202
Lockheed Martin Corp.		2,785		691,153
ManpowerGroup, Inc.		2,500		160,850
Masco Corp.		7,378		228,275
MSC Industrial Direct Co., Inc.		1,227		86,577
Norfolk Southern Corp.		5,160		439,271
Northrop Grumman Corp.		5,462		1,214,093
Oshkosh Corp.		2,304		109,924
Owens Corning		3,883		200,052
Quanta Services, Inc. (2)		14,616		337,922
Raytheon Co.		5,275		717,136
Republic Services, Inc.		10,853		556,867
Ryder System, Inc.		2,114		129,250
Snap-on, Inc.		936		147,720
Southwest Airlines Co.		9,968		390,845
Spirit AeroSystems Holdings, Inc. (2)		193		8,299
Stanley Black & Decker, Inc.		6,441		716,368
Terex Corp.		4,376		88,877
Textron, Inc.		2,035		74,400
Timken Co./The		3,385		103,784
Toro Co./The		2,644		233,201
TransUnion (2)		1,441		48,187
Trinity Industries, Inc.		3,960		73,537
Tutor Perini Corp. (2)		933		21,972
Union Pacific Corp.		8,541		745,202
United Continental Holdings, Inc. (2)		2,517		103,298
United Parcel Service, Inc.		3,907		420,862
United Technologies Corp.		10,979		1,125,896
USG Corp. (2)		2,803		75,569
Wabash National Corp. (2)		7,445		94,552
Waste Management, Inc.		5,458		361,702
Watsco, Inc.		723		101,719
WESCO International, Inc. (2)		2,258		116,264
Xylem, Inc./NY		6,614		295,315
(Cost $27,100,886				28,075,850
Information Technology — 15.0%
Accenture PLC		13,871		1,571,446
Activision Blizzard, Inc.		15,312		606,815
Adobe Systems, Inc. (2)		8,003		766,607
Alphabet, Inc. (2)		9,908		6,970,575
Analog Devices, Inc.		1,928		109,202
Apple, Inc.		83,406		7,973,614
Applied Materials, Inc.		26,682		639,568
Arrow Electronics, Inc. (2)		5,122		317,052
Autodesk, Inc. (2)		1,365		73,901
Automatic Data Processing, Inc.		1,906		175,104
Avnet, Inc.		15,060		610,081
Broadcom, Ltd.		3,688		573,115
Broadridge Financial Solutions, Inc.		1,122		73,154
Brocade Communications Systems, Inc.		8,128		74,615
CA, Inc.		17,425		572,063
CACI International, Inc. (2)		822		74,317
Cadence Design Systems, Inc. (2)		4,190		101,817
Cisco Systems, Inc.		87,998		2,524,663

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

Page 14   2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Citrix Systems, Inc. (2)		5,603		448,744
Cognizant Technology Solutions Corp. (2)		7,571		433,364
Coherent, Inc. (2)		3,396		311,685
Computer Sciences Corp.		6,875		341,344
Corning, Inc.		30,891		632,648
eBay, Inc. (2)		14,417		337,502
Electronic Arts, Inc. (2)		6,044		457,893
Facebook, Inc. (2)		43,474		4,968,209
Fidelity National Information Services, Inc.		5,942		437,807
First Solar, Inc. (2)		2,879		139,574
Fiserv, Inc. (2)		1,707		185,602
FLIR Systems, Inc.		2,366		73,228
Genpact, Ltd. (2)		4,130		110,849
Global Payments, Inc.		1,511		107,855
Hewlett Packard Enterprise Co.		28,900		528,003
HP, Inc.		11,355		142,505
Integrated Device Technology, Inc. (2)		3,563		71,723
Intel Corp.		78,461		2,573,521
International Business Machines Corp.		14,028		2,129,170
Intersil Corp.		3,898		52,779
Intuit, Inc.		2,864		319,651
Jabil Circuit, Inc.		3,996		73,806
Juniper Networks, Inc.		9,412		211,676
Lumentum Holdings, Inc. (2)		213		5,155
MasterCard, Inc.		12,259		1,079,528
Maxim Integrated Products, Inc.		2,041		72,843
MaxLinear, Inc. (2)		1,092		19,634
Micron Technology, Inc. (2)		11,913		163,923
Microsoft Corp.		115,324		5,901,129
Motorola Solutions, Inc.		1,103		72,765
NVIDIA Corp.		15,866		745,861
Oracle Corp.		58,600		2,398,498
PayPal Holdings, Inc. (2)		15,607		569,812
QLogic Corp. (2)		7,661		112,923
QUALCOMM, Inc.		21,058		1,128,077
salesforce.com, Inc. (2)		8,424		668,950
Sanmina Corp. (2)		4,565		122,388
Skyworks Solutions, Inc.		3,795		240,148
Symantec Corp.		6,639		136,365
Synopsys, Inc. (2)		2,002		108,268
Tech Data Corp. (2)		1,021		73,359
Teradyne, Inc.		6,788		133,656
Texas Instruments, Inc.		18,623		1,166,731
Total System Services, Inc.		3,908		207,554
Visa, Inc.		32,804		2,433,073
Western Digital Corp.		3,322		156,998
Xerox Corp.		31,776		301,554
Xilinx, Inc.		1,905		87,878
Yahoo!, Inc. (2)		16,395		615,796
(Cost $57,887,474)				57,619,713
Materials — 1.9%
Air Products & Chemicals, Inc.		2,140		303,966
Albemarle Corp.		2,464		195,420
Alcoa, Inc.		14,309		132,644
Avery Dennison Corp.		6,005		448,874
Celanese Corp.		1,122		73,435
Commercial Metals Co.		8,451		142,822
Domtar Corp.		22,621		791,961
Eastman Chemical Co.		1,830		124,257
International Flavors & Fragrances, Inc.		695		87,619
LyondellBasell Industries NV		6,299		468,772
Martin Marietta Materials, Inc.		1,565		300,480
Monsanto Co.		6,157		636,695
Mosaic Co./The		8,736		228,708
Newmont Mining Corp.		11,203		438,261
Nucor Corp.		9,530		470,877
PPG Industries, Inc.		1,419		147,789
Reliance Steel & Aluminum Co.		2,643		203,247
Royal Gold, Inc.		1,091		78,574
Sherwin-Williams Co./The		1,621		476,039
Sonoco Products Co.		1,745		86,657
Steel Dynamics, Inc.		9,732		238,434
Trinseo SA		5,912		253,802
Vulcan Materials Co.		4,154		499,975
WestRock Co.		5,856		227,623
Worthington Industries, Inc.		1,487		62,900
(Cost $7,120,807)				7,119,831
Telecommunication Services — 2.2%
AT&T, Inc.		111,768		4,829,495
CenturyLink, Inc.		13,196		382,816
Level 3 Communications, Inc. (2)(3)		5,286		272,176
Verizon Communications, Inc.		54,481		3,042,219
(Cost $7,711,183)				8,526,706
Utilities — 3.3%
AES Corp./VA		15,561		194,201
Ameren Corp.		7,507		402,225
American Electric Power Co., Inc.		18,288		1,281,805
American Water Works Co., Inc.		3,131		264,601
Atmos Energy Corp.		1,259		102,382
Consolidated Edison, Inc.		9,235		742,863
DTE Energy Co.		3,273		324,420

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

2016 Semiannual Report | June 30, 2016    Page 15

Schedule of Investments
June 30, 2016 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Duke Energy Corp.		9,938		852,580
Edison International		6,545		508,350
Entergy Corp.		7,123		579,456
Exelon Corp.		24,037		873,985
FirstEnergy Corp.		14,636		510,943
Fluor Corp.		3,250		160,160
Great Plains Energy, Inc.		12,143		369,147
NextEra Energy, Inc.		5,023		654,999
NiSource, Inc.		22,538		597,708
PG&E Corp.		9,525		608,838
Pinnacle West Capital Corp.		10,626		861,344
Portland General Electric Co.		1,697		74,872
PPL Corp.		9,447		356,624
Public Service Enterprise Group, Inc.		16,724		779,506
SCANA Corp.		5,546		419,610
Southern Co./The		9,990		535,764
UGI Corp.		1,640		74,210
Westar Energy, Inc.		4,030		226,043
Xcel Energy, Inc.		8,402		376,242
(Cost $11,907,833)				12,732,878
Total Common Stocks (Cost $282,066,936)				290,145,333
Registered Investment Companies — 2.1%
iShares MSCI Emerging Markets ETF (9)		231,398		7,950,835
Total Registered Investment Companies (Cost $7,848,409)				7,950,835
Money Market Registered Investment Companies — 20.4%
Fidelity Institutional Money Market Portfolio, 0.46% (5)		945,851		945,851
Meeder Money Market Fund - Institutional Class, 0.39% (6)		76,913,043		76,913,043
Total Money Market Registered Investment Companies (Cost $77,858,894)				77,858,894
Bank Obligations — 0.2%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7)		249,000		249,000
EverBank Money Market Account, 0.61%, 7/1/2016 (7)		249,000		249,000
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7)		249,000		249,000
Total Bank Obligations (Cost $747,000)				747,000
Total Investments — 98.6% (Cost $368,521,239) (1)				376,702,062
Other Assets less Liabilities — 1.4%				5,269,918
Total Net Assets — 100.0%				381,971,980
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		4,920		46,740
Meeder Balanced Fund		2,591		27,076
Meeder Dynamic Growth Fund		1,769		16,416
Meeder Muirfield Fund		6,895		44,473
Meeder Quantex Fund		4,095		123,423
Meeder Miller/Howard Infrastructure Fund		754		15,894
Total Trustee Deferred Compensation (Cost $224,989)				274,022

	Long (Short) Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2016, notional value $84,862,120		812		(45,731	)
Total Futures Contracts		812		(45,731	)

(1) Cost for federal income tax purposes of $368,883,415 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	14,279,087
Unrealized depreciation		(6,143,995	)
Net unrealized appreciation (depreciation)	$	8,135,092

(2) Represents non-income producing securities.

(3) Real estate investment trust.

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

(5) Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2016.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(7) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(9) Exchange-traded fund.

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

Page 16    2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 80.3%
Consumer Discretionary — 9.8%
Abercrombie & Fitch Co.		1,938		34,516
Amazon.com, Inc. (2)		2,183		1,562,198
American Eagle Outfitters, Inc.		565		9,000
Best Buy Co., Inc.		3,751		114,781
Cable One, Inc.		54		27,616
Carnival Corp.		4,695		207,519
Carter's, Inc.		198		21,081
CBS Corp.		1,692		92,112
Children's Place, Inc./The		337		27,021
Coach, Inc.		2,285		93,091
Comcast Corp.		10,550		687,755
Darden Restaurants, Inc.		1,137		72,018
DeVry Education Group, Inc.		500		8,920
Discovery Communications, Inc. (2)		1,649		41,604
Dollar General Corp.		2,165		203,510
Dollar Tree, Inc. (2)		581		54,753
DR Horton, Inc.		4,073		128,218
Equifax, Inc.		342		43,913
Expedia, Inc.		323		34,335
Express, Inc. (2)		2,017		29,267
Finish Line, Inc./The		491		9,913
Ford Motor Co.		23,750		298,538
GameStop Corp. (4)		636		16,905
Garmin, Ltd. (4)		393		16,671
General Motors Co.		11,843		335,157
Genesco, Inc. (2)		694		44,631
Genuine Parts Co.		863		87,379
Goodyear Tire & Rubber Co./The		1,357		34,821
Hasbro, Inc.		1,162		97,596
Home Depot, Inc./The		6,403		817,599
International Game Technology PLC		1,481		27,754
Interpublic Group of Cos., Inc./The		1,111		25,664
Kohl's Corp.		1,223		46,376
Lear Corp.		548		55,764
Leggett & Platt, Inc.		409		20,904
Lowe's Cos., Inc.		5,264		416,751
Madison Square Garden Co./The (2)		232		40,022
Mattel, Inc.		1,798		56,259
McDonald's Corp.		4,498		541,289
MDC Holdings, Inc.		4,260		103,688
Meredith Corp.		384		19,933
Mohawk Industries, Inc. (2)		356		67,555
Murphy USA, Inc. (2)		142		10,531
Netflix, Inc. (2)		1,757		160,730
News Corp.		10,233		116,145
NIKE, Inc.		7,318		403,954
NVR, Inc. (2)		25		44,509
Ollie's Bargain Outlet Holdings, Inc. (2)		357		8,886
O'Reilly Automotive, Inc. (2)		181		49,069
Pool Corp.		104		9,779
Priceline Group, Inc./The (2)		216		269,657
PVH Corp.		314		29,588
Ross Stores, Inc.		2,063		116,951
Royal Caribbean Cruises, Ltd.		671		45,058
Signet Jewelers, Ltd.		355		29,256
Smith & Wesson Holding Corp. (2)(4)		446		12,122
Staples, Inc.		5,894		50,806
Starbucks Corp.		5,537		316,273
Target Corp.		3,033		211,764
Thor Industries, Inc.		774		50,109
Time Warner, Inc.		3,565		262,170
TJX Cos., Inc./The		3,528		272,467
Tractor Supply Co.		567		51,699
Twenty-First Century Fox, Inc.		5,745		155,402
Ulta Salon Cosmetics & Fragrance, Inc. (2)		103		25,095
Urban Outfitters, Inc. (2)		1,011		27,803
Viacom, Inc.		632		26,209
Vista Outdoor, Inc. (2)		773		36,895
Walt Disney Co./The		7,070		691,587
Whirlpool Corp.		343		57,158
Yum! Brands, Inc.		1,744		144,612
(Cost $10,003,868)				10,360,681
Consumer Staples — 8.9%
Altria Group, Inc.		8,795		606,503
Archer-Daniels-Midland Co.		4,104		176,021
Blue Buffalo Pet Products, Inc. (2)		401		9,359
Bunge, Ltd.		803		47,497
Campbell Soup Co.		134		8,915
Casey's General Stores, Inc.		231		30,379
Church & Dwight Co., Inc.		84		8,643
Clorox Co./The		915		126,627
Coca-Cola Co./The		16,354		741,327
Coca-Cola Enterprises, Inc.		4,133		147,507
Colgate-Palmolive Co.		1,962		143,618
ConAgra Foods, Inc.		1,268		60,623
Constellation Brands, Inc.		608		100,563
Costco Wholesale Corp.		1,524		239,329
CVS Health Corp.		5,137		491,816
Darling Ingredients, Inc. (2)		1,968		29,323
Dr Pepper Snapple Group, Inc.		1,419		137,118
Estee Lauder Cos., Inc./The		1,603		145,905
General Mills, Inc.		1,143		81,519

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

2016 Semiannual Report | June 30, 2016  Page 17

Schedule of Investments
June 30, 2016 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Herbalife, Ltd. (2)		146		8,545
Hormel Foods Corp.		673		24,632
Ingredion, Inc.		441		57,070
JM Smucker Co./The		662		100,895
Kimberly-Clark Corp.		1,067		146,691
Kraft Heinz Co./The		5,950		526,456
Kroger Co./The		3,511		129,170
McCormick & Co., Inc./MD		250		26,668
Mead Johnson Nutrition Co.		607		55,085
Molson Coors Brewing Co.		1,439		145,526
Mondelez International, Inc.		8,214		373,819
Monster Beverage Corp. (2)		565		90,801
PepsiCo, Inc.		5,113		541,671
Philip Morris International, Inc.		6,256		636,360
Pilgrim's Pride Corp.		386		9,835
Procter & Gamble Co./The		10,840		917,823
Reynolds American, Inc.		7,256		391,316
Sanderson Farms, Inc.		187		16,202
Sysco Corp.		4,710		238,985
Tyson Foods, Inc.		2,702		180,467
Walgreens Boots Alliance, Inc.		4,532		377,380
Wal-Mart Stores, Inc.		14,915		1,089,093
(Cost $8,864,084)				9,417,082
Energy — 5.7%
Anadarko Petroleum Corp.		2,058		109,589
Apache Corp.		1,373		76,435
Atwood Oceanics, Inc. (4)		942		11,794
Baker Hughes, Inc.		1,820		82,137
Cabot Oil & Gas Corp.		1,406		36,190
Chevron Corp.		9,254		970,097
Concho Resources, Inc. (2)		397		47,350
ConocoPhillips		5,129		223,624
CONSOL Energy, Inc. (4)		1,507		24,248
Diamond Offshore Drilling, Inc. (4)		1,885		45,862
EOG Resources, Inc.		2,319		193,451
EQT Corp.		414		32,056
Exxon Mobil Corp.		18,991		1,780,216
Halliburton Co.		3,016		136,595
Helmerich & Payne, Inc. (4)		325		21,817
Hess Corp.		2,151		129,275
HollyFrontier Corp.		311		7,392
Kinder Morgan, Inc./DE		9,065		169,697
Marathon Oil Corp.		4,437		66,599
Marathon Petroleum Corp.		2,330		88,447
Nabors Industries, Ltd.		860		8,643
National Oilwell Varco, Inc.		1,936		65,146
Noble Corp. plc (4)		4,405		36,297
Noble Energy, Inc.		1,459		52,334
Oasis Petroleum, Inc. (2)		893		8,341
Occidental Petroleum Corp.		2,817		212,853
ONEOK, Inc.		623		29,561
Parsley Energy, Inc. (2)		1,156		31,281
Patterson-UTI Energy, Inc.		413		8,805
Phillips 66		2,116		167,883
Pioneer Natural Resources Co.		685		103,579
QEP Resources, Inc.		1,107		19,516
Range Resources Corp.		586		25,280
Rowan Cos. Plc		3,639		64,265
Schlumberger, Ltd.		5,284		417,859
Spectra Energy Corp.		1,461		53,516
Teekay Tankers, Ltd.		59,653		177,766
Tesoro Corp.		559		41,880
Valero Energy Corp.		3,336		170,136
World Fuel Services Corp.		497		23,603
WPX Energy, Inc. (2)		1,472		13,704
(Cost $5,960,840)				5,985,119
Financials — 12.5%
Aflac, Inc.		2,704		195,121
Alleghany Corp. (2)		76		41,768
Allied World Assurance Co. Holdings AG		2,379		83,598
Allstate Corp./The		2,744		191,943
Ally Financial, Inc.		2,027		34,601
American Campus Communities, Inc. (3)		378		19,985
American International Group, Inc.		7,815		413,335
American Tower Corp. (3)		1,124		127,698
Assurant, Inc.		306		26,411
Assured Guaranty, Ltd.		1,486		37,700
Axis Capital Holdings, Ltd.		2,225		122,375
Bank of America Corp.		60,209		798,973
Bank of New York Mellon Corp./The		7,992		310,489
BB&T Corp.		2,219		79,019
Berkshire Hathaway, Inc. (2)		9,652		1,397,513
BlackRock, Inc.		278		95,223
Capital One Financial Corp.		7,883		500,649
CBRE Group, Inc. (2)		319		8,447
Cincinnati Financial Corp.		731		54,745
CIT Group, Inc.		862		27,506
Citigroup, Inc.		15,619		662,089
Citizens Financial Group, Inc.		2,807		56,084
CME Group, Inc./IL		1,561		152,041
CNO Financial Group, Inc.		1,541		26,906
Comerica, Inc.		1,244		51,166

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

Page 18 2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
CoreSite Realty Corp. (3)		188		16,674
Crown Castle International Corp. (3)		830		84,187
CyrusOne, Inc. (3)		401		22,320
Discover Financial Services		1,220		65,380
DuPont Fabros Technology, Inc. (3)		894		42,501
Education Realty Trust, Inc. (3)		276		12,735
Endurance Specialty Holdings, Ltd.		1,903		127,805
EPR Properties (3)		155		12,505
Equinix, Inc. (3)		386		149,664
Equity Residential (3)		1,120		77,146
Everest Re Group, Ltd.		538		98,276
Fifth Third Bancorp		7,902		138,996
General Growth Properties, Inc. (3)		1,266		37,752
Goldman Sachs Group, Inc./The		1,638		243,374
Great Western Bancorp, Inc.		376		11,859
Hancock Holding Co.		578		15,092
Hanover Insurance Group, Inc./The		1,021		86,397
Hartford Financial Services Group, Inc./The		2,161		95,905
Hospitality Properties Trust (3)		26		749
IBERIABANK Corp.		416		24,848
Intercontinental Exchange, Inc.		263		67,317
JPMorgan Chase & Co.		20,916		1,299,720
KeyCorp		8,799		97,229
Kimco Realty Corp. (3)		1,094		34,330
Leucadia National Corp.		1,245		21,576
Lincoln National Corp.		2,582		100,104
Loews Corp.		3,730		153,266
MetLife, Inc.		6,477		257,979
Morgan Stanley		12,138		315,345
Nasdaq, Inc.		825		53,353
Navient Corp.		5,517		65,928
Old Republic International Corp.		6,769		130,574
PNC Financial Services Group, Inc./The		1,959		159,443
Popular, Inc.		1,408		41,254
Progressive Corp./The		979		32,797
Prologis, Inc. (3)		2,466		120,933
Prudential Financial, Inc.		3,282		234,138
Public Storage (3)		663		169,456
Regions Financial Corp.		22,318		189,926
Reinsurance Group of America, Inc.		3,402		329,960
RenaissanceRe Holdings, Ltd.		704		82,678
S&P Global, Inc.		248		26,600
Senior Housing Properties Trust (3)		1,884		39,244
STORE Capital Corp. (3)		1,356		39,934
SunTrust Banks, Inc.		3,747		153,927
Travelers Cos., Inc./The		3,187		379,380
Unum Group		2,207		70,161
US Bancorp		5,492		221,492
Validus Holdings, Ltd.		4,426		215,059
Ventas, Inc. (3)		1,046		76,170
Voya Financial, Inc.		1,318		32,634
Wells Fargo & Co.		15,743		745,116
Welltower, Inc. (3)		1,442		109,837
Weyerhaeuser Co. (3)		357		10,628
White Mountains Insurance Group, Ltd.		55		46,310
XL Group PLC		4,521		150,595
Zions Bancorporation		1,325		33,297
(Cost $13,393,007)				13,187,240
Healthcare — 11.6%
Abbott Laboratories		5,303		208,461
AbbVie, Inc.		7,048		436,342
ABIOMED, Inc. (2)		83		9,071
Aetna, Inc.		4,321		527,724
Agilent Technologies, Inc.		2,940		130,418
Alexion Pharmaceuticals, Inc. (2)		1,027		119,913
Align Technology, Inc.		106		8,538
Allergan plc (2)		1,781		411,571
Amgen, Inc.		3,389		515,636
AMN Healthcare Services, Inc. (2)		216		8,634
Anthem, Inc.		4,873		640,020
Baxter International, Inc.		3,488		157,727
Becton Dickinson and Co.		956		162,128
Biogen, Inc. (2)		969		234,324
Bio-Rad Laboratories, Inc. (2)		279		39,903
Boston Scientific Corp. (2)		9,212		215,284
Bristol-Myers Squibb Co.		7,127		524,191
Bruker Corp.		1,194		27,152
Cambrex Corp. (2)		309		15,985
Cardinal Health, Inc.		698		54,451
Celgene Corp. (2)		3,639		358,915
Charles River Laboratories International, Inc. (2)		451		37,180
CR Bard, Inc.		400		94,064
Cynosure, Inc. (2)		218		10,605
DENTSPLY SIRONA, Inc.		1,868		115,891
Edwards Lifesciences Corp. (2)		1,333		132,940
Eli Lilly & Co.		4,573		360,124
Emergent BioSolutions, Inc. (2)		816		22,946
Express Scripts Holding Co. (2)		2,299		174,264
Gilead Sciences, Inc.		5,170		431,281
Henry Schein, Inc. (2)		286		50,565
INC Research Holdings, Inc. (2)		520		19,828
Intuitive Surgical, Inc. (2)		283		187,179

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

2016 Semiannual Report | June 30, 2016   Page 19

Schedule of Investments
June 30, 2016 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Johnson & Johnson		12,658		1,535,415
Laboratory Corp of America Holdings (2)		425		55,365
Mallinckrodt PLC (2)		371		22,549
Masimo Corp. (2)		865		45,425
McKesson Corp.		889		165,932
Medivation, Inc. (2)		326		19,658
Medtronic PLC		6,208		538,668
Merck & Co., Inc.		12,403		714,537
Mettler-Toledo International, Inc. (2)		48		17,516
Mylan NV (2)		590		25,512
PerkinElmer, Inc.		1,138		59,654
Pfizer, Inc.		28,662		1,009,189
PRA Health Sciences, Inc. (2)		488		20,379
Prestige Brands Holdings, Inc. (2)		303		16,786
Quest Diagnostics, Inc.		1,495		121,708
Shire PLC		272		50,070
Stryker Corp.		1,133		135,767
Teleflex, Inc.		241		42,732
Thermo Fisher Scientific, Inc.		2,003		295,963
UnitedHealth Group, Inc.		4,213		594,876
Universal Health Services, Inc.		696		93,334
VCA, Inc. (2)		752		50,843
VWR Corp. (2)		1,502		43,408
Waters Corp. (2)		117		16,456
Zimmer Biomet Holdings, Inc.		918		110,509
Zoetis, Inc.		729		34,598
(Cost $11,754,812)				12,280,104
Industrials — 7.7%
3M Co.		2,820		493,838
Acuity Brands, Inc.		59		14,630
AGCO Corp.		1,052		49,581
Air Lease Corp.		567		15,184
American Woodmark Corp. (2)		130		8,629
AO Smith Corp.		466		41,059
Atlas Air Worldwide Holdings, Inc. (2)		363		15,035
Beacon Roofing Supply, Inc. (2)		531		24,145
Boeing Co./The		2,711		352,078
BWX Technologies, Inc.		1,213		43,389
Carlisle Cos., Inc.		432		45,654
CH Robinson Worldwide, Inc.		1,012		75,141
CSX Corp.		3,113		81,187
Cummins, Inc.		665		74,773
Curtiss-Wright Corp.		746		62,851
Danaher Corp.		4,034		407,434
Delta Air Lines, Inc.		2,510		91,439
Dover Corp.		659		45,682
Eaton Corp. PLC		3,035		181,281
Emerson Electric Co.		1,710		89,194
Expeditors International of Washington, Inc.		241		11,819
FedEx Corp.		1,389		210,822
General Dynamics Corp.		1,109		154,417
General Electric Co.		42,436		1,335,885
Hawaiian Holdings, Inc. (2)		307		11,654
HD Supply Holdings, Inc. (2)		2,103		73,226
Honeywell International, Inc.		3,239		376,760
Huntington Ingalls Industries, Inc.		298		50,073
Illinois Tool Works, Inc.		1,263		131,554
Ingersoll-Rand PLC		2,253		143,471
Jacobs Engineering Group, Inc. (2)		4,342		216,275
Kansas City Southern		193		17,387
L-3 Communications Holdings, Inc.		1,054		154,611
Lockheed Martin Corp.		872		216,404
ManpowerGroup, Inc.		559		35,966
Masco Corp.		2,095		64,819
MSC Industrial Direct Co., Inc.		335		23,638
Norfolk Southern Corp.		1,516		129,057
Northrop Grumman Corp.		1,592		353,870
Orbital ATK, Inc.		99		8,429
Oshkosh Corp.		649		30,964
Owens Corning		1,119		57,651
Parker-Hannifin Corp.		80		8,644
Quanta Services, Inc. (2)		4,281		98,977
Raytheon Co.		1,564		212,626
Republic Services, Inc.		3,157		161,986
Ryder System, Inc.		628		38,396
Snap-on, Inc.		234		36,930
Southwest Airlines Co.		2,912		114,180
Spirit AeroSystems Holdings, Inc. (2)		225		9,675
Stanley Black & Decker, Inc.		1,784		198,416
Terex Corp.		1,295		26,301
Textron, Inc.		329		12,028
Timken Co./The		814		24,957
Toro Co./The		745		65,709
TransUnion (2)		485		16,218
Trinity Industries, Inc.		618		11,476
Tutor Perini Corp. (2)		266		6,264
Union Pacific Corp.		2,502		218,300
United Continental Holdings, Inc. (2)		790		32,422
United Parcel Service, Inc.		1,122		120,862
United Technologies Corp.		3,244		332,672
USG Corp. (2)		719		19,384
Wabash National Corp. (2)		1,830		23,241
Waste Management, Inc.		1,561		103,447

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

Page 20 2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Watsco, Inc.		218		30,670
WESCO International, Inc. (2)		590		30,379
Xylem, Inc./NY		1,709		76,307
(Cost $7,752,096)				8,051,423
Information Technology — 16.3%
Accenture PLC		4,207		476,611
Activision Blizzard, Inc.		4,482		177,622
Adobe Systems, Inc. (2)		2,547		243,977
Alphabet, Inc. (2)		2,901		2,040,941
Analog Devices, Inc.		598		33,871
Apple, Inc.		24,354		2,328,242
Applied Materials, Inc.		7,911		189,627
Arrow Electronics, Inc. (2)		1,509		93,407
Autodesk, Inc. (2)		384		20,790
Automatic Data Processing, Inc.		567		52,090
Avnet, Inc.		4,524		183,267
Broadcom, Ltd.		1,090		169,386
Broadridge Financial Solutions, Inc.		484		31,557
Brocade Communications Systems, Inc.		2,438		22,381
CA, Inc.		5,678		186,409
CACI International, Inc. (2)		248		22,422
Cadence Design Systems, Inc. (2)		1,222		29,695
Cirrus Logic, Inc. (2)		415		16,098
Cisco Systems, Inc.		25,971		745,108
Citrix Systems, Inc. (2)		1,648		131,988
Cognizant Technology Solutions Corp. (2)		2,402		137,490
Coherent, Inc. (2)		985		90,403
Computer Sciences Corp.		2,116		105,059
Corning, Inc.		9,152		187,433
DST Systems, Inc.		74		8,616
eBay, Inc. (2)		4,375		102,419
Electronic Arts, Inc. (2)		1,781		134,929
Facebook, Inc. (2)		12,721		1,453,756
Fair Isaac Corp.		77		8,702
Fidelity National Information Services, Inc.		1,903		140,213
First Solar, Inc. (2)		883		42,808
Fiserv, Inc. (2)		653		71,001
FLIR Systems, Inc.		629		19,468
Genpact, Ltd. (2)		1,306		35,053
Global Payments, Inc.		449		32,050
Harris Corp.		192		16,020
Hewlett Packard Enterprise Co.		8,447		154,327
HP, Inc.		3,220		40,411
Integrated Device Technology, Inc. (2)		789		15,883
Intel Corp.		23,561		772,801
International Business Machines Corp.		4,090		620,780
Intuit, Inc.		906		101,119
Jabil Circuit, Inc.		931		17,196
Juniper Networks, Inc.		2,775		62,410
Lumentum Holdings, Inc. (2)		411		9,946
MasterCard, Inc.		3,575		314,815
Maxim Integrated Products, Inc.		640		22,842
MaxLinear, Inc. (2)		332		5,969
Micron Technology, Inc. (2)		3,500		48,160
Microsoft Corp.		33,882		1,733,742
MicroStrategy, Inc. (2)		63		11,026
Motorola Solutions, Inc.		244		16,097
NVIDIA Corp.		4,631		217,703
Oracle Corp.		17,048		697,775
PayPal Holdings, Inc. (2)		4,612		168,384
QLogic Corp. (2)		2,514		37,056
Qorvo, Inc. (2)		170		9,394
QUALCOMM, Inc.		6,151		329,509
salesforce.com, Inc. (2)		2,499		198,446
Sanmina Corp. (2)		1,171		31,395
Skyworks Solutions, Inc.		925		58,534
Symantec Corp.		2,147		44,099
Synopsys, Inc. (2)		657		35,531
Tech Data Corp. (2)		294		21,124
Teradyne, Inc.		1,764		34,733
Texas Instruments, Inc.		5,554		347,958
Total System Services, Inc.		1,459		77,487
Universal Display Corp. (2)		125		8,475
Visa, Inc.		9,633		714,479
Western Digital Corp.		968		45,748
Xerox Corp.		9,154		86,871
Xilinx, Inc.		588		27,124
Yahoo!, Inc. (2)		5,055		189,866
(Cost $16,864,365)				17,110,124
Materials — 1.9%
Air Products & Chemicals, Inc.		644		91,474
Albemarle Corp.		716		56,786
Alcoa, Inc.		3,938		36,505
Avery Dennison Corp.		1,713		128,047
Celanese Corp.		212		13,875
Coeur Mining, Inc. (2)		930		9,914
Commercial Metals Co.		2,481		41,929
Domtar Corp.		6,469		226,479
Eastman Chemical Co.		493		33,475
International Flavors & Fragrances, Inc.		190		23,953
LyondellBasell Industries NV		1,845		137,305
Martin Marietta Materials, Inc.		446		85,632

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

2016 Semiannual Report | June 30, 2016  Page 21

Schedule of Investments
June 30, 2016 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Monsanto Co.		1,824		188,620
Mosaic Co./The		2,510		65,712
Newmont Mining Corp.		3,334		130,426
Nucor Corp.		2,659		131,381
PPG Industries, Inc.		435		45,305
Reliance Steel & Aluminum Co.		769		59,136
Royal Gold, Inc.		251		18,077
Sherwin-Williams Co./The		471		138,319
Sonoco Products Co.		310		15,395
Steel Dynamics, Inc.		2,913		71,369
Trinseo SA		1,728		74,183
Vulcan Materials Co.		1,261		151,774
WestRock Co.		1,627		63,241
Worthington Industries, Inc.		311		13,155
(Cost $2,038,447)				2,051,467
Telecommunication Services — 2.4%
AT&T, Inc.		32,561		1,406,961
CenturyLink, Inc.		4,141		120,130
Level 3 Communications, Inc. (2)(3)		1,520		78,265
Verizon Communications, Inc.		15,846		884,841
(Cost $2,138,026)				2,490,197
Utilities — 3.5%
AES Corp./VA		3,691		46,064
Alliant Energy Corp.		442		17,547
Ameren Corp.		2,190		117,340
American Electric Power Co., Inc.		5,261		368,743
American Water Works Co., Inc.		981		82,904
Atmos Energy Corp.		445		36,187
Consolidated Edison, Inc.		2,792		224,588
DTE Energy Co.		964		95,552
Duke Energy Corp.		2,940		252,223
Dynegy, Inc. (2)		522		8,999
Edison International		1,987		154,330
Entergy Corp.		2,069		168,313
Exelon Corp.		6,913		251,357
FirstEnergy Corp.		4,202		146,692
Fluor Corp.		784		38,636
Great Plains Energy, Inc.		3,294		100,138
NextEra Energy, Inc.		1,474		192,210
NiSource, Inc.		6,764		179,381
PG&E Corp.		2,793		178,529
Pinnacle West Capital Corp.		3,106		251,772
Portland General Electric Co.		310		13,677
PPL Corp.		2,818		106,380
Public Service Enterprise Group, Inc.		4,899		228,342
SCANA Corp.		1,601		121,132
Southern Co./The		2,883		154,615
UGI Corp.		191		8,643
Westar Energy, Inc.		1,368		76,731
Xcel Energy, Inc.		2,735		122,472
(Cost $3,495,295)				3,743,497
Total Common Stocks (Cost $82,264,840)				84,676,934
Registered Investment Companies — 4.1%
iShares MSCI Emerging Markets ETF (9)		64,551		2,217,972
Technology Select Sector SPDR Fund (9)		48,864		2,119,232
Total Registered Investment Companies (Cost $4,350,254)				4,337,204
Money Market Registered Investment Companies — 14.1%
Fidelity Institutional Money Market Portfolio, 0.46% (5)		144,234		144,234
Meeder Money Market Fund - Institutional Class, 0.39% (6)		14,719,952		14,719,952
Total Money Market Registered Investment Companies (Cost $14,864,186)				14,864,186
Bank Obligations — 0.7%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7)		249,000		249,000
EverBank Money Market Account, 0.61%, 7/1/2016 (7)		249,000		249,000
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7)		249,000		249,000
Total Bank Obligations (Cost $747,000)				747,000
Total Investments — 99.2% (Cost $102,226,280) (1)				104,625,324
Other Assets less Liabilities — 0.8%				858,291
Total Net Assets — 100.0%				105,483,615
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		3,311		31,455
Meeder Balanced Fund		1,715		17,922
Meeder Dynamic Growth Fund		1,189		11,034
Meeder Muirfield Fund		3,662		23,620
Meeder Quantex Fund		1,851		55,789
Meeder Miller/Howard Infrastructure Fund		500		10,540
Total Trustee Deferred Compensation (Cost $126,605)				150,360

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

Page 22 2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Dynamic Growth Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2016, notional value $16,826,110		161		(62,645	)
Total Futures Contracts		161		(62,645	)

(1) Cost for federal income tax purposes of $106,539,926 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,662,450
Unrealized depreciation		(2,326,051	)
Net unrealized appreciation (depreciation)	$	2,336,399

(2) Represents non-income producing securities.

(3) Real estate investment trust.

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

(5) Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2016.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(7) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(9) Exchange-traded fund.

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

2016 Semiannual Report | June 30, 2016 Page 23

Schedule of Investments
June 30, 2016 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 77.1%
Consumer Discretionary — 9.4%
Abercrombie & Fitch Co.		1,389		24,738
Amazon.com, Inc. (2)		1,406		1,006,162
Ascena Retail Group, Inc. (2)		12,924		90,339
Best Buy Co., Inc.		2,508		76,745
Cable One, Inc.		22		11,251
Carnival Corp.		3,120		137,904
Carter's, Inc.		110		11,712
CBS Corp.		932		50,738
Charter Communications, Inc. (2)		480		109,747
Children's Place, Inc./The		223		17,880
Coach, Inc.		1,640		66,814
Comcast Corp.		6,563		427,842
Darden Restaurants, Inc.		713		45,161
DeVry Education Group, Inc.		316		5,637
Dollar General Corp.		1,376		129,344
Dollar Tree, Inc. (2)		267		25,162
DR Horton, Inc.		2,560		80,589
Equifax, Inc.		163		20,929
Expedia, Inc.		165		17,540
Express, Inc. (2)		1,851		26,858
Ford Motor Co.		15,868		199,461
GameStop Corp. (4)		338		8,984
General Motors Co.		8,494		240,380
Genesco, Inc. (2)		373		23,988
Genuine Parts Co.		566		57,308
Goodyear Tire & Rubber Co./The		703		18,039
Hasbro, Inc.		779		65,428
Home Depot, Inc./The		4,131		527,487
International Game Technology PLC		934		17,503
Lear Corp.		399		40,602
Lowe's Cos., Inc.		3,398		269,020
Madison Square Garden Co./The (2)		121		20,874
Mattel, Inc.		1,031		32,260
McDonald's Corp.		2,850		342,969
MDC Holdings, Inc.		3,102		75,503
Meredith Corp.		242		12,562
Mohawk Industries, Inc. (2)		192		36,434
Netflix, Inc. (2)		1,098		100,445
News Corp.		7,121		80,823
NIKE, Inc.		4,514		249,173
NVR, Inc. (2)		15		26,705
O'Reilly Automotive, Inc. (2)		48		13,013
Priceline Group, Inc./The (2)		136		169,784
PVH Corp.		131		12,344
Ross Stores, Inc.		1,092		61,905
Royal Caribbean Cruises, Ltd.		393		26,390
Smith & Wesson Holding Corp. (2)(4)		261		7,094
Staples, Inc.		3,654		31,497
Starbucks Corp.		3,389		193,580
Target Corp.		1,833		127,980
Thor Industries, Inc.		623		40,333
Time Warner, Inc.		2,222		163,406
TJX Cos., Inc./The		2,036		157,240
Tractor Supply Co.		303		27,628
Twenty-First Century Fox, Inc.		3,098		83,801
Ulta Salon Cosmetics & Fragrance, Inc. (2)		91		22,171
Urban Outfitters, Inc. (2)		474		13,035
Viacom, Inc.		216		8,958
Vista Outdoor, Inc. (2)		432		20,619
Walt Disney Co./The		4,412		431,582
Whirlpool Corp.		196		32,661
Yum! Brands, Inc.		1,026		85,076
(Cost $6,454,055)				6,559,137
Consumer Staples — 8.5%
Altria Group, Inc.		5,726		394,865
Archer-Daniels-Midland Co.		2,969		127,340
Blue Buffalo Pet Products, Inc. (2)		271		6,325
Bunge, Ltd.		542		32,059
Casey's General Stores, Inc.		76		9,995
Clorox Co./The		558		77,222
Coca-Cola Co./The		9,860		446,954
Colgate-Palmolive Co.		971		71,077
ConAgra Foods, Inc.		301		14,391
Constellation Brands, Inc.		337		55,740
Costco Wholesale Corp.		800		125,632
CVS Health Corp.		3,154		301,964
Darling Ingredients, Inc. (2)		1,370		20,413
Dr Pepper Snapple Group, Inc.		934		90,252
Estee Lauder Cos., Inc./The		1,024		93,204
General Mills, Inc.		206		14,692
Hormel Foods Corp.		555		20,313
Ingredion, Inc.		380		49,176
JM Smucker Co./The		397		60,507
Kimberly-Clark Corp.		575		79,051
Kraft Heinz Co./The		3,849		340,560
Kroger Co./The		1,419		52,205
Molson Coors Brewing Co.		953		96,377
Mondelez International, Inc.		5,520		251,215
Monster Beverage Corp. (2)		321		51,588
PepsiCo, Inc.		2,915		308,815
Philip Morris International, Inc.		3,931		399,861
Pilgrim's Pride Corp.		277		7,058

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

Page 24   2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Procter & Gamble Co./The		6,721		569,067
Reynolds American, Inc.		4,693		253,093
Rite Aid Corp. (2)		40,157		300,776
Sanderson Farms, Inc.		126		10,917
Sysco Corp.		3,047		154,605
Tyson Foods, Inc.		1,825		121,892
Walgreens Boots Alliance, Inc.		2,663		221,748
Wal-Mart Stores, Inc.		9,530		695,881
(Cost $5,625,086)				5,926,830
Energy — 5.3%
Apache Corp.		927		51,606
Atwood Oceanics, Inc.		652		8,163
Baker Hughes, Inc.		1,083		48,876
Cabot Oil & Gas Corp.		920		23,681
Chevron Corp.		6,161		645,858
ConocoPhillips		3,400		148,240
CONSOL Energy, Inc. (4)		903		14,529
Diamond Offshore Drilling, Inc. (4)		1,238		30,121
EOG Resources, Inc.		1,543		128,717
EQT Corp.		232		17,964
Exxon Mobil Corp.		12,179		1,141,649
Halliburton Co.		1,686		76,359
Helmerich & Payne, Inc.		206		13,829
Hess Corp.		1,519		91,292
Kinder Morgan, Inc./DE		5,758		107,790
Marathon Oil Corp.		2,898		43,499
Marathon Petroleum Corp.		1,509		57,282
National Oilwell Varco, Inc.		1,167		39,270
Noble Corp. plc (4)		3,089		25,453
Noble Energy, Inc.		986		35,368
Oasis Petroleum, Inc. (2)		567		5,296
Occidental Petroleum Corp.		1,814		137,066
ONEOK, Inc.		389		18,458
Parsley Energy, Inc. (2)		1,142		30,903
PDC Energy, Inc. (2)		101		5,819
Phillips 66		1,381		109,569
Pioneer Natural Resources Co.		445		67,288
QEP Resources, Inc.		874		15,409
Range Resources Corp.		360		15,530
Rowan Cos. Plc		2,929		51,726
RSP Permian, Inc. (2)		157		5,478
Schlumberger, Ltd.		3,385		267,686
Teekay Tankers, Ltd.		27,985		83,395
Tesoro Corp.		362		27,121
Valero Energy Corp.		2,416		123,216
World Fuel Services Corp.		429		20,373
WPX Energy, Inc. (2)		895		8,332
(Cost $3,553,823)				3,742,211
Financials — 12.6%
Aflac, Inc.		1,940		139,990
Alleghany Corp. (2)		46		25,281
Allied World Assurance Co. Holdings AG		1,434		50,391
Allstate Corp./The		2,056		143,817
Ally Financial, Inc.		1,224		20,894
American International Group, Inc.		5,609		296,660
American Tower Corp. (3)		654		74,301
Assurant, Inc.		289		24,944
Assured Guaranty, Ltd.		1,290		32,727
Axis Capital Holdings, Ltd.		1,646		90,530
Bank of America Corp.		40,659		539,545
Bank of New York Mellon Corp./The		5,478		212,820
BB&T Corp.		649		23,111
Berkshire Hathaway, Inc. (2)		6,063		877,862
BlackRock, Inc.		128		43,844
Capital One Financial Corp.		5,090		323,266
Cincinnati Financial Corp.		438		32,802
CIT Group, Inc.		463		14,774
Citigroup, Inc.		10,740		455,269
Citizens Financial Group, Inc.		2,432		48,591
CME Group, Inc./IL		956		93,114
CNO Financial Group, Inc.		1,879		32,807
Comerica, Inc.		1,104		45,408
CoreSite Realty Corp. (3)		105		9,312
CyrusOne, Inc. (3)		221		12,301
Discover Financial Services		586		31,404
DuPont Fabros Technology, Inc. (3)		642		30,521
E*TRADE Financial Corp. (2)		374		8,785
Endurance Specialty Holdings, Ltd.		1,513		101,613
EPR Properties (3)		88		7,100
Equinix, Inc. (3)		251		97,320
Equity Residential (3)		551		37,953
Everest Re Group, Ltd.		418		76,356
Fifth Third Bancorp		4,618		81,231
General Growth Properties, Inc. (3)		1,830		54,571
Goldman Sachs Group, Inc./The		959		142,488
Great Western Bancorp, Inc.		277		8,737
Hancock Holding Co.		449		11,723
Hanover Insurance Group, Inc./The		874		73,958
Hartford Financial Services Group, Inc./The		1,512		67,103
Hospitality Properties Trust (3)		55		1,584
IBERIABANK Corp.		363		21,682
Intercontinental Exchange, Inc.		126		32,251

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

2016 Semiannual Report | June 30, 2016 Page 25

Schedule of Investments
June 30, 2016 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
JPMorgan Chase & Co.		13,731		853,244
KeyCorp		6,247		69,029
Kimco Realty Corp. (3)		469		14,717
Leucadia National Corp.		482		8,353
Lincoln National Corp.		2,179		84,480
Loews Corp.		2,988		122,777
MetLife, Inc.		4,672		186,086
Morgan Stanley		8,224		213,660
Nasdaq, Inc.		538		34,792
Navient Corp.		4,114		49,162
Old Republic International Corp.		6,234		120,254
PNC Financial Services Group, Inc./The		1,162		94,575
Popular, Inc.		1,069		31,322
Progressive Corp./The		388		12,998
Prologis, Inc. (3)		1,712		83,956
Prudential Financial, Inc.		2,464		175,782
Public Storage (3)		380		97,124
Regions Financial Corp.		18,241		155,231
Reinsurance Group of America, Inc.		2,409		233,649
RenaissanceRe Holdings, Ltd.		404		47,446
S&P Global, Inc.		90		9,653
Senior Housing Properties Trust (3)		1,175		24,475
STORE Capital Corp. (3)		698		20,556
SunTrust Banks, Inc.		3,038		124,801
Travelers Cos., Inc./The		2,392		284,744
Unum Group		1,949		61,959
US Bancorp		3,414		137,687
Validus Holdings, Ltd.		3,363		163,408
Ventas, Inc. (3)		535		38,959
Voya Financial, Inc.		925		22,903
Wells Fargo & Co.		9,412		445,470
Welltower, Inc. (3)		834		63,526
White Mountains Insurance Group, Ltd.		34		28,628
XL Group PLC		3,125		104,094
Zions Bancorporation		990		24,879
(Cost $9,062,928)				8,795,120
Healthcare — 11.0%
Abbott Laboratories		3,338		131,217
AbbVie, Inc.		4,558		282,186
ABIOMED, Inc. (2)		53		5,792
Aetna, Inc.		2,277		278,090
Agilent Technologies, Inc.		5,368		238,124
Allergan plc (2)		1,131		261,363
Amgen, Inc.		2,200		334,730
AMN Healthcare Services, Inc. (2)		142		5,676
Baxter International, Inc.		2,266		102,469
Becton Dickinson and Co.		589		99,889
Biogen, Inc. (2)		635		153,556
Bio-Rad Laboratories, Inc. (2)		249		35,612
Boston Scientific Corp. (2)		6,324		147,792
Bristol-Myers Squibb Co.		4,524		332,740
Bruker Corp.		1,322		30,062
Cambrex Corp. (2)		207		10,708
Cardinal Health, Inc.		359		28,006
Celgene Corp. (2)		2,419		238,586
Charles River Laboratories International, Inc. (2)		301		24,814
Cigna Corp.		2,287		292,713
CR Bard, Inc.		243		57,144
Cynosure, Inc. (2)		244		11,869
Dyax Corp. - CVR		7,330		0
DENTSPLY SIRONA, Inc.		1,272		78,915
Edwards Lifesciences Corp. (2)		946		94,345
Eli Lilly & Co.		2,881		226,879
Emergent BioSolutions, Inc. (2)		714		20,078
Express Scripts Holding Co. (2)		1,373		104,073
Gilead Sciences, Inc.		3,168		264,275
Henry Schein, Inc. (2)		153		27,050
INC Research Holdings, Inc. (2)		371		14,146
Intuitive Surgical, Inc. (2)		188		124,345
Johnson & Johnson		8,146		988,110
Laboratory Corp of America Holdings (2)		221		28,790
Masimo Corp. (2)		702		36,866
McKesson Corp.		542		101,164
Medivation, Inc. (2)		223		13,447
Medtronic PLC		3,905		338,837
Merck & Co., Inc.		7,960		458,576
Mettler-Toledo International, Inc. (2)		39		14,232
Mylan NV (2)		262		11,329
PerkinElmer, Inc.		804		42,146
Pfizer, Inc.		18,441		649,308
PRA Health Sciences, Inc. (2)		384		16,036
Prestige Brands Holdings, Inc. (2)		179		9,917
Quest Diagnostics, Inc.		1,045		85,073
Stryker Corp.		627		75,133
Teleflex, Inc.		165		29,256
Thermo Fisher Scientific, Inc.		1,309		193,418
UnitedHealth Group, Inc.		2,855		403,126
Universal Health Services, Inc.		448		60,077
VCA, Inc. (2)		536		36,239
VWR Corp. (2)		963		27,831
Zimmer Biomet Holdings, Inc.		545		65,607
(Cost $7,228,981)				7,741,762

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

Page 26   2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Industrials — 7.2%
3M Co.		1,803		315,741
Acuity Brands, Inc.		45		11,158
AGCO Corp.		711		33,509
American Woodmark Corp. (2)		124		8,231
AO Smith Corp.		366		32,248
Atlas Air Worldwide Holdings, Inc. (2)		265		10,976
Beacon Roofing Supply, Inc. (2)		455		20,689
Boeing Co./The		1,699		220,649
BWX Technologies, Inc.		1,137		40,670
Carlisle Cos., Inc.		292		30,859
CH Robinson Worldwide, Inc.		629		46,703
CSX Corp.		1,063		27,723
Cummins, Inc.		372		41,828
Curtiss-Wright Corp.		532		44,821
Danaher Corp.		2,607		263,307
Delta Air Lines, Inc.		1,517		55,264
Dover Corp.		347		24,054
Eaton Corp. PLC		2,050		122,447
Emerson Electric Co.		903		47,100
FedEx Corp.		903		137,057
General Dynamics Corp.		659		91,759
General Electric Co.		25,581		805,290
Hawaiian Holdings, Inc. (2)		279		10,591
HD Supply Holdings, Inc. (2)		1,652		57,523
Honeywell International, Inc.		2,074		241,248
Huntington Ingalls Industries, Inc.		261		43,856
Illinois Tool Works, Inc.		819		85,307
Ingersoll-Rand PLC		1,548		98,577
Jacobs Engineering Group, Inc. (2)		3,175		158,147
L-3 Communications Holdings, Inc.		762		111,778
Lockheed Martin Corp.		448		111,180
ManpowerGroup, Inc.		469		30,175
Masco Corp.		1,305		40,377
MSC Industrial Direct Co., Inc.		214		15,100
Norfolk Southern Corp.		960		81,725
Northrop Grumman Corp.		1,099		244,286
Oshkosh Corp.		478		22,805
Owens Corning		905		46,626
Quanta Services, Inc. (2)		2,808		64,921
Raytheon Co.		978		132,959
Republic Services, Inc.		2,005		102,877
Ryder System, Inc.		489		29,897
Snap-on, Inc.		157		24,778
Southwest Airlines Co.		1,887		73,989
Spirit AeroSystems Holdings, Inc. (2)		166		7,138
Stanley Black & Decker, Inc.		1,298		144,364
Terex Corp.		953		19,355
Timken Co./The		569		17,446
Toro Co./The		532		46,922
TransUnion (2)		329		11,002
Trinity Industries, Inc.		296		5,497
Tutor Perini Corp. (2)		193		4,545
Union Pacific Corp.		1,409		122,935
United Continental Holdings, Inc. (2)		425		17,442
United Parcel Service, Inc.		330		35,548
United Technologies Corp.		1,940		198,947
USG Corp. (2)		502		13,534
Wabash National Corp. (2)		1,349		17,132
Waste Management, Inc.		858		56,860
Watsco, Inc.		128		18,008
WESCO International, Inc. (2)		352		18,124
Xylem, Inc./NY		1,275		56,929
(Cost $4,969,836)				5,072,533
Information Technology — 15.3%
Accenture PLC		2,699		305,770
Activision Blizzard, Inc.		3,111		123,289
Adobe Systems, Inc. (2)		1,472		141,003
Alphabet, Inc. (2)		1,829		1,286,756
Apple, Inc.		15,462		1,478,167
Applied Materials, Inc.		5,020		120,329
Arrow Electronics, Inc. (2)		1,196		74,032
Avnet, Inc.		3,184		128,984
Broadcom, Ltd.		627		97,436
Brocade Communications Systems, Inc.		756		6,940
CA, Inc.		3,523		115,660
CACI International, Inc. (2)		179		16,183
Cadence Design Systems, Inc. (2)		364		8,845
Cisco Systems, Inc.		16,628		477,057
Citrix Systems, Inc. (2)		1,131		90,582
Cognizant Technology Solutions Corp. (2)		1,301		74,469
Coherent, Inc. (2)		725		66,541
Computer Sciences Corp.		2,051		101,832
Corning, Inc.		5,922		121,283
eBay, Inc. (2)		2,290		53,609
Electronic Arts, Inc. (2)		1,160		87,882
Facebook, Inc. (2)		8,073		922,582
Fairchild Semiconductor International, Inc. (2)		15,847		314,563
Fidelity National Information Services, Inc.		1,074		79,132
First Solar, Inc. (2)		507		24,579
Fiserv, Inc. (2)		191		20,767
Genpact, Ltd. (2)		893		23,968

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

2016 Semiannual Report | June 30, 2016    Page 27

Schedule of Investments
June 30, 2016 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Global Payments, Inc.		408		29,123
Hewlett Packard Enterprise Co.		5,608		102,458
HP, Inc.		1,610		20,206
Intel Corp.		14,344		470,483
International Business Machines Corp.		2,568		389,771
Intuit, Inc.		455		50,783
Juniper Networks, Inc.		1,324		29,777
Lumentum Holdings, Inc. (2)		273		6,607
Marvell Technology Group, Ltd.		3,394		32,345
MasterCard, Inc.		2,158		190,033
MaxLinear, Inc. (2)		216		3,884
Microsoft Corp.		21,315		1,090,689
MicroStrategy, Inc. (2)		31		5,426
NVIDIA Corp.		3,157		148,411
Oracle Corp.		10,723		438,892
PayPal Holdings, Inc. (2)		2,706		98,796
QLogic Corp. (2)		1,449		21,358
QUALCOMM, Inc.		3,676		196,923
salesforce.com, Inc. (2)		1,499		119,036
Sanmina Corp. (2)		899		24,102
Symantec Corp.		936		19,225
Synopsys, Inc. (2)		371		20,064
Tech Data Corp. (2)		258		18,537
Texas Instruments, Inc.		3,407		213,449
Total System Services, Inc.		670		35,584
Universal Display Corp. (2)		91		6,170
Visa, Inc.		6,002		445,168
Western Digital Corp.		632		29,868
Xerox Corp.		7,463		70,824
Yahoo!, Inc. (2)		2,985		112,117
(Cost $11,065,159)				10,802,349
Materials — 2.0%
Air Products & Chemicals, Inc.		344		48,862
Albemarle Corp.		531		42,114
Alcoa, Inc.		1,507		13,970
Avery Dennison Corp.		1,242		92,840
Celanese Corp.		188		12,305
Commercial Metals Co.		2,222		37,552
Domtar Corp.		4,850		169,799
Dow Chemical Co./The		190		9,445
Eastman Chemical Co.		224		15,210
International Flavors & Fragrances, Inc.		113		14,246
LyondellBasell Industries NV		1,172		87,220
Martin Marietta Materials, Inc.		294		56,448
Monsanto Co.		1,088		112,510
Mosaic Co./The		1,482		38,799
Newmont Mining Corp.		2,155		84,304
Nucor Corp.		1,970		97,338
Reliance Steel & Aluminum Co.		622		47,832
Royal Gold, Inc.		134		9,651
Sherwin-Williams Co./The		303		88,982
Sonoco Products Co.		293		14,550
Steel Dynamics, Inc.		2,430		59,535
Tahoe Resources, Inc.		658		9,850
Trinseo SA		1,276		54,779
Vulcan Materials Co.		874		105,195
WestRock Co.		1,058		41,124
Worthington Industries, Inc.		213		9,010
(Cost $1,365,011)				1,373,470
Telecommunication Services — 2.3%
AT&T, Inc.		21,323		921,367
CenturyLink, Inc.		2,929		84,970
Level 3 Communications, Inc. (2)(3)		910		46,856
Verizon Communications, Inc.		9,799		547,176
(Cost $1,374,681)				1,600,369
Utilities — 3.5%
Ameren Corp.		1,300		69,654
American Electric Power Co., Inc.		3,537		247,908
American Water Works Co., Inc.		632		53,410
Atmos Energy Corp.		260		21,143
Consolidated Edison, Inc.		1,757		141,333
DTE Energy Co.		420		41,630
Duke Energy Corp.		1,667		143,012
Dynegy, Inc. (2)		333		5,741
Edison International		1,224		95,068
Entergy Corp.		1,292		105,104
Exelon Corp.		4,683		170,274
FirstEnergy Corp.		2,763		96,456
Fluor Corp..		448		22,077
Great Plains Energy, Inc.		4,514		137,226
NextEra Energy, Inc.		789		102,886
NiSource, Inc.		5,165		136,976
PG&E Corp.		1,772		113,266
Pinnacle West Capital Corp.		2,139		173,387
PPL Corp.		1,471		55,530
Public Service Enterprise Group, Inc.		3,979		185,461
SCANA Corp.		1,143		86,479
Southern Co./The		801		42,958
Westar Energy, Inc.		2,403		134,784

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

Page 28  2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Xcel Energy, Inc.		1,225		54,855
(Cost $2,248,460)				2,436,618
Total Common Stocks (Cost $52,948,020)				54,050,399
Registered Investment Companies — 7.2%
iShares MSCI Emerging Markets ETF (9)		42,705		1,467,344
iShares Russell 2000 Value ETF (4)(9)		15,311		1,489,607
Technology Select Sector SPDR Fund (9)		48,501		2,103,488
Total Registered Investment Companies (Cost $4,998,346)				5,060,439
Money Market Registered Investment Companies — 14.7%
Fidelity Institutional Money Market Portfolio, 0.46% (5)		1,222,579		1,222,579
Meeder Money Market Fund - Institutional Class, 0.39% (6)		9,068,520		9,068,520
Total Money Market Registered Investment Companies (Cost $10,291,099)				10,291,099
Bank Obligations — 1.1%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7)		249,000		249,000
EverBank Money Market Account, 0.61%, 7/1/2016 (7)		249,000		249,000
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7)		249,000		249,000
Total Bank Obligations (Cost $747,000)				747,000
Total Investments — 100.1% (Cost $68,984,465) (1)				70,148,937
Liabilities less Other Assets — (0.1%)				(84,429	)
Total Net Assets — 100.0%				70,064,508
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		1,853		17,604
Meeder Balanced Fund		980		10,241
Meeder Dynamic Growth Fund		661		6,134
Meeder Muirfield Fund		2,199		14,184
Meeder Quantex Fund		1,161		34,993
Meeder Miller/Howard Infrastructure Fund		281		5,923
Total Trustee Deferred Compensation (Cost $75,759)				89,079

	Long Contracts		Unrealized Appreciation  (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2016, notional value $8,987,860		86		(26,727	)
Russell 2000 Mini Index Futures expiring September 2016, notional value $803,180		7		(18,956	)
E-mini Standard & Poors MidCap 400 Futures expiring September 2016, notional value $1,194,400		8		(18,262	)
Total Futures Contracts		101		(63,945	)

(1) Cost for federal income tax purposes of $69,330,765 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,807,266
Unrealized depreciation		(1,706,739	)
Net unrealized appreciation (depreciation)	$	1,100,527

(2) Represents non-income producing securities.

(3) Real estate investment trust.

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

(5) Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2016.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(7) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(9) Exchange-traded fund.

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

2016 Semiannual Report | June 30, 2016    Page 29

Schedule of Investments
June 30, 2016 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 49.0%
Consumer Discretionary — 6.0%
Abercrombie & Fitch Co.		3,217		57,295
Amazon.com, Inc. (2)		3,505		2,508,248
Best Buy Co., Inc.		6,057		185,344
Cable One, Inc.		87		44,493
Carnival Corp.		7,523		332,517
Carter's, Inc.		325		34,603
CBS Corp.		2,750		149,710
Children's Place, Inc./The		542		43,458
Coach, Inc.		3,611		147,112
Comcast Corp.		16,948		1,104,840
Darden Restaurants, Inc.		1,795		113,695
Discovery Communications, Inc. (2)		2,771		69,912
Dollar General Corp.		3,437		323,078
Dollar Tree, Inc. (2)		941		88,680
DR Horton, Inc.		4,648		146,319
Equifax, Inc.		586		75,242
Expedia, Inc.		538		57,189
Express, Inc. (2)		3,229		46,853
Finish Line, Inc./The		1,971		39,794
Ford Motor Co.		38,709		486,572
GameStop Corp. (4)		1,423		37,823
Garmin, Ltd. (4)		811		34,403
General Motors Co.		19,192		543,134
Genesco, Inc. (2)		1,100		70,741
Genuine Parts Co.		1,391		140,839
Goodyear Tire & Rubber Co./The		2,360		60,558
Hasbro, Inc.		1,871		157,145
Home Depot, Inc./The		10,278		1,312,398
International Game Technology PLC		2,619		49,080
Interpublic Group of Cos., Inc./The		1,467		33,888
Kohl's Corp.		2,055		77,926
Lear Corp.		898		91,380
Leggett & Platt, Inc.		682		34,857
Lowe's Cos., Inc.		8,434		667,720
Madison Square Garden Co./The (2)		374		64,519
Mattel, Inc.		2,847		89,083
McDonald's Corp.		7,190		865,245
MDC Holdings, Inc.		7,821		190,363
Meredith Corp.		777		40,334
Mohawk Industries, Inc. (2)		581		110,251
Netflix, Inc. (2)		2,831		258,980
News Corp.		16,797		190,646
NIKE, Inc.		11,786		650,587
NVR, Inc. (2)		42		74,774
O'Reilly Automotive, Inc. (2)		279		75,637
Pool Corp.		378		35,543
Priceline Group, Inc./The (2)		348		434,447
PVH Corp.		526		49,565
Ross Stores, Inc.		3,287		186,340
Royal Caribbean Cruises, Ltd.		1,100		73,865
Smith & Wesson Holding Corp. (2)(4)		1,264		34,356
Staples, Inc.		9,857		84,967
Starbucks Corp.		8,842		505,055
Target Corp.		4,928		344,073
Thor Industries, Inc.		1,267		82,026
Time Warner, Inc.		5,755		423,223
TJX Cos., Inc./The		5,497		424,533
Tractor Supply Co.		910		82,974
Twenty-First Century Fox, Inc.		9,282		251,078
Ulta Salon Cosmetics & Fragrance, Inc. (2)		165		40,201
Urban Outfitters, Inc. (2)		1,658		45,595
Viacom, Inc.		1,051		43,585
Vista Outdoor, Inc. (2)		1,270		60,617
Walt Disney Co./The		11,335		1,108,790
Whirlpool Corp.		560		93,318
Yum! Brands, Inc.		2,811		233,088
(Cost $16,339,176)				16,614,504
Consumer Staples — 5.4%
Altria Group, Inc.		14,296		985,852
Archer-Daniels-Midland Co.		6,597		282,945
Bunge, Ltd.		1,322		78,196
Casey's General Stores, Inc.		369		48,527
Clorox Co./The		1,466		202,880
Coca-Cola Co./The		26,312		1,192,723
Colgate-Palmolive Co.		3,034		222,089
ConAgra Foods, Inc.		1,882		89,978
Constellation Brands, Inc.		995		164,573
Costco Wholesale Corp.		2,416		379,409
Coty, Inc. (4)		5,484		142,529
CVS Health Corp.		8,239		788,802
Darling Ingredients, Inc. (2)		3,358		50,034
Dr Pepper Snapple Group, Inc.		2,388		230,752
Estee Lauder Cos., Inc./The		2,545		231,646
General Mills, Inc.		1,816		129,517
Hormel Foods Corp.		2,047		74,920
Ingredion, Inc.		682		88,258
JM Smucker Co./The		1,060		161,555
Kimberly-Clark Corp.		1,680		230,966
Kraft Heinz Co./The		9,545		844,542
Kroger Co./The		5,745		211,359
McCormick & Co., Inc./MD		475		50,668
Mead Johnson Nutrition Co.		993		90,115

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

Page 30  2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Molson Coors Brewing Co.		2,316		234,217
Mondelez International, Inc.		13,229		602,052
Monster Beverage Corp. (2)		906		145,603
PepsiCo, Inc.		8,308		880,150
Philip Morris International, Inc.		10,165		1,033,984
Procter & Gamble Co./The		17,208		1,457,001
Reynolds American, Inc.		11,686		630,226
Rite Aid Corp. (2)		2,407		18,028
Sanderson Farms, Inc. (4)		410		35,522
Sysco Corp.		7,564		383,797
Tyson Foods, Inc.		4,326		288,934
Walgreens Boots Alliance, Inc.		7,263		604,790
Wal-Mart Stores, Inc.		23,965		1,749,924
(Cost $13,982,446)				15,037,063
Energy — 3.4%
Anadarko Petroleum Corp.		3,375		179,719
Apache Corp.		2,262		125,926
Atwood Oceanics, Inc. (4)		2,800		35,056
Baker Hughes, Inc.		2,971		134,081
Cabot Oil & Gas Corp.		2,324		59,820
Chesapeake Energy Corp. (4)		591		2,529
Chevron Corp.		15,006		1,573,079
Concho Resources, Inc. (2)		286		34,111
ConocoPhillips		8,407		366,545
CONSOL Energy, Inc. (4)		2,557		41,142
Diamond Offshore Drilling, Inc. (4)		3,137		76,323
EOG Resources, Inc.		3,749		312,742
EQT Corp.		726		56,214
Exxon Mobil Corp.		30,625		2,870,788
Halliburton Co.		4,886		221,287
Helmerich & Payne, Inc. (4)		607		40,748
Hess Corp.		3,518		211,432
HollyFrontier Corp.		1,310		31,139
Kinder Morgan, Inc./DE		15,024		281,249
Marathon Oil Corp.		7,585		113,851
Marathon Petroleum Corp.		4,000		151,840
National Oilwell Varco, Inc.		3,166		106,536
Noble Corp. plc (4)		6,790		55,950
Noble Energy, Inc.		2,446		87,738
Occidental Petroleum Corp.		4,633		350,069
ONEOK, Inc.		1,107		52,527
Parsley Energy, Inc. (2)		1,959		53,011
Phillips 66		3,671		291,257
Pioneer Natural Resources Co.		1,119		169,204
QEP Resources, Inc.		2,072		36,529
Range Resources Corp.		973		41,975
Rowan Cos. Plc		6,149		108,591
Schlumberger, Ltd.		8,528		674,394
Scorpio Tankers, Inc.		6,061		25,456
Spectra Energy Corp.		2,719		99,597
Tesoro Corp.		1,022		76,568
Valero Energy Corp.		5,607		285,957
World Fuel Services Corp.		1,064		50,529
WPX Energy, Inc. (2)		3,702		34,466
(Cost $8,859,176)				9,519,975
Financials — 7.7%
Aflac, Inc.		4,234		305,525
Alleghany Corp. (2)		82		45,066
Allied World Assurance Co. Holdings AG		3,922		137,819
Allstate Corp./The		4,221		295,259
Ally Financial, Inc.		3,228		55,102
American International Group, Inc.		12,324		651,816
American Tower Corp. (3)		1,781		202,339
Assurant, Inc.		397		34,265
Assured Guaranty, Ltd.		2,739		69,488
Axis Capital Holdings, Ltd.		3,449		189,695
Bank of America Corp.		97,189		1,289,698
Bank of New York Mellon Corp./The		12,528		486,713
BB&T Corp.		4,114		146,500
Berkshire Hathaway, Inc. (2)		15,374		2,226,001
BlackRock, Inc.		430		147,288
Capital One Financial Corp.		12,681		805,370
Chubb, Ltd.		1,909		249,525
Cincinnati Financial Corp.		1,057		79,159
CIT Group, Inc.		1,555		49,620
Citigroup, Inc.		25,193		1,067,931
Citizens Financial Group, Inc.		4,735		94,605
CME Group, Inc./IL		2,388		232,591
CNO Financial Group, Inc.		2,778		48,504
Comerica, Inc.		1,975		81,232
CoreSite Realty Corp. (3)		285		25,277
Crown Castle International Corp. (3)		1,304		132,265
CyrusOne, Inc. (3)		752		41,856
Discover Financial Services		1,955		104,768
DuPont Fabros Technology, Inc. (3)		1,312		62,372
E*TRADE Financial Corp. (2)		1,481		34,789
Education Realty Trust, Inc. (3)		582		26,853
Endurance Specialty Holdings, Ltd.		2,870		192,749
EPR Properties (3)		451		36,387
Equinix, Inc. (3)		614		238,066
Equity Residential (3)		1,793		123,502
Everest Re Group, Ltd.		832		151,981

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

2016 Semiannual Report | June 30, 2016     Page 31

Schedule of Investments
June 30, 2016 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Fifth Third Bancorp		9,125		160,509
General Growth Properties, Inc. (3)		5,252		156,615
Goldman Sachs Group, Inc./The		2,694		400,275
Great Western Bancorp, Inc.		597		18,829
Hancock Holding Co.		1,333		34,805
Hanover Insurance Group, Inc./The		1,530		129,469
Hartford Financial Services Group, Inc./The		3,640		161,543
Hospitality Properties Trust (3)		143		4,118
IBERIABANK Corp.		716		42,767
Intercontinental Exchange, Inc.		399		102,128
JPMorgan Chase & Co.		33,708		2,094,615
KeyCorp		14,096		155,761
Kimco Realty Corp. (3)		1,460		45,815
Leucadia National Corp.		2,033		35,232
Lincoln National Corp.		4,288		166,246
Loews Corp.		5,679		233,350
MetLife, Inc.		10,405		414,431
Morgan Stanley		19,617		509,650
Nasdaq, Inc.		1,253		81,032
Navient Corp.		9,013		107,705
Old Republic International Corp.		10,730		206,982
PNC Financial Services Group, Inc./The		3,409		277,459
Popular, Inc.		2,276		66,687
Progressive Corp./The		1,056		35,376
Prologis, Inc. (3)		3,844		188,510
Prudential Financial, Inc.		5,437		387,876
Public Storage (3)		1,040		265,814
Regions Financial Corp.		36,368		309,492
Reinsurance Group of America, Inc.		5,383		522,097
RenaissanceRe Holdings, Ltd.		952		111,803
S&P Global, Inc.		337		36,147
Senior Housing Properties Trust (3)		3,427		71,384
Spirit Realty Capital, Inc. (3)		3,314		42,320
STORE Capital Corp. (3)		2,004		59,018
SunTrust Banks, Inc.		5,954		244,590
Travelers Cos., Inc./The		4,965		591,034
Unum Group		3,475		110,470
US Bancorp		8,459		341,151
Validus Holdings, Ltd.		6,923		336,389
Ventas, Inc. (3)		1,572		114,473
Voya Financial, Inc.		2,097		51,922
Wells Fargo & Co.		25,198		1,192,620
Welltower, Inc. (3)		2,323		176,943
White Mountains Insurance Group, Ltd.		79		66,518
XL Group PLC		7,195		239,665
Zions Bancorporation		2,051		51,542
(Cost $21,789,973)				21,315,153
Healthcare — 7.1%
Abbott Laboratories		8,511		334,567
AbbVie, Inc.		11,318		700,697
Aetna, Inc.		7,008		855,887
Agilent Technologies, Inc.		4,606		204,322
Alexion Pharmaceuticals, Inc. (2)		1,657		193,471
Allergan plc (2)		2,869		662,997
Amgen, Inc.		5,439		827,544
Anthem, Inc.		5,055		663,924
Baxter International, Inc.		5,568		251,785
Becton Dickinson and Co.		1,507		255,572
Biogen, Inc. (2)		1,558		376,756
Bio-Rad Laboratories, Inc. (2)		424		60,640
Boston Scientific Corp. (2)		14,709		343,749
Bristol-Myers Squibb Co.		11,381		837,073
Bruker Corp.		1,863		42,365
Cambrex Corp. (2)		651		33,676
Cardinal Health, Inc.		1,135		88,541
Celgene Corp. (2)		5,850		576,986
Charles River Laboratories International, Inc. (2)		682		56,224
Cigna Corp.		4,325		553,557
CR Bard, Inc.		616		144,859
Cynosure, Inc. (2)		712		34,635
DENTSPLY SIRONA, Inc.		2,939		182,336
Edwards Lifesciences Corp. (2)		2,132		212,624
Eli Lilly & Co.		7,338		577,868
Emergent BioSolutions, Inc. (2)		1,662		46,735
Express Scripts Holding Co. (2)		3,700		280,460
Gilead Sciences, Inc.		8,354		696,891
Henry Schein, Inc. (2)		458		80,974
INC Research Holdings, Inc. (2)		935		35,652
Intuitive Surgical, Inc. (2)		448		296,312
Johnson & Johnson		20,285		2,460,570
Laboratory Corp of America Holdings (2)		702		91,450
Masimo Corp. (2)		1,391		73,048
McKesson Corp.		1,433		267,469
Medivation, Inc. (2)		574		34,612
Medtronic PLC		9,966		864,750
Merck & Co., Inc.		19,832		1,142,522
Mettler-Toledo International, Inc. (2)		92		33,573
Mylan NV (2)		961		41,554
PerkinElmer, Inc.		1,790		93,832
Pfizer, Inc.		45,930		1,617,195
PRA Health Sciences, Inc. (2)		803		33,533
Prestige Brands Holdings, Inc. (2)		648		35,899
Quest Diagnostics, Inc.		2,448		199,292

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

Page 32  2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Shire PLC		426		78,418
Stryker Corp.		1,819		217,971
Teleflex, Inc.		371		65,782
Thermo Fisher Scientific, Inc.		3,172		468,695
UnitedHealth Group, Inc.		6,563		926,696
Universal Health Services, Inc.		1,126		150,997
VCA, Inc. (2)		1,205		81,470
VWR Corp. (2)		2,364		68,320
Zimmer Biomet Holdings, Inc.		1,488		179,125
Zoetis, Inc.		1,171		55,576
(Cost $18,756,196)				19,792,028
Industrials — 4.7%
3M Co.		4,508		789,441
Acuity Brands, Inc.		136		33,723
AGCO Corp.		1,694		79,838
Air Lease Corp.		1,300		34,814
AO Smith Corp.		748		65,906
Atlas Air Worldwide Holdings, Inc. (2)		849		35,166
Beacon Roofing Supply, Inc. (2)		846		38,468
Boeing Co./The		4,365		566,883
BWX Technologies, Inc.		1,958		70,038
Carlisle Cos., Inc.		698		73,765
CH Robinson Worldwide, Inc.		1,614		119,840
CSX Corp.		5,069		132,200
Cummins, Inc.		1,096		123,234
Curtiss-Wright Corp.		1,211		102,027
Danaher Corp.		6,355		641,855
Delta Air Lines, Inc.		4,078		148,562
Dover Corp.		1,122		77,777
Eaton Corp. PLC		4,927		294,290
Emerson Electric Co.		2,884		150,429
FedEx Corp.		2,219		336,800
General Dynamics Corp.		1,783		248,265
General Electric Co.		68,563		2,158,362
Hawaiian Holdings, Inc. (2)		873		33,139
HD Supply Holdings, Inc. (2)		3,503		121,974
Honeywell International, Inc.		5,164		600,676
Huntington Ingalls Industries, Inc.		466		78,302
Illinois Tool Works, Inc.		2,025		210,924
Ingersoll-Rand PLC		3,623		230,713
Jacobs Engineering Group, Inc. (2)		6,958		346,578
Kansas City Southern		385		34,685
L-3 Communications Holdings, Inc.		1,671		245,119
Lockheed Martin Corp.		1,373		340,737
ManpowerGroup, Inc.		984		63,311
Masco Corp.		3,440		106,434
MSC Industrial Direct Co., Inc.		548		38,667
Norfolk Southern Corp.		2,414		205,504
Northrop Grumman Corp.		2,555		567,925
Oshkosh Corp.		1,069		51,002
Owens Corning		1,824		93,972
Quanta Services, Inc. (2)		6,982		161,424
Raytheon Co.		2,469		335,661
Republic Services, Inc.		5,055		259,372
Ryder System, Inc.		1,106		67,621
Snap-on, Inc.		372		58,709
Southwest Airlines Co.		4,699		184,248
Spirit AeroSystems Holdings, Inc. (2)		91		3,913
Stanley Black & Decker, Inc.		2,854		317,422
Terex Corp.		2,141		43,484
Textron, Inc.		954		34,878
Timken Co./The		1,320		40,471
Toro Co./The		1,214		107,075
TransUnion (2)		675		22,572
Trinity Industries, Inc.		1,865		34,633
Tutor Perini Corp. (2)		1,674		39,423
Union Pacific Corp.		4,015		350,309
United Continental Holdings, Inc. (2)		1,321		54,214
United Parcel Service, Inc.		1,768		190,449
United Technologies Corp.		5,196		532,850
USG Corp. (2)		1,306		35,210
Wabash National Corp. (2)		3,331		42,304
Waste Management, Inc.		2,491		165,079
Watsco, Inc.		359		50,508
WESCO International, Inc. (2)		1,043		53,704
Xylem, Inc./NY		2,729		121,850
(Cost $12,575,716)				12,998,728
Information Technology — 9.9%
Accenture PLC		6,722		761,535
Activision Blizzard, Inc.		7,199		285,296
Adobe Systems, Inc. (2)		4,012		384,309
Alphabet, Inc. (2)		4,656		3,275,636
Analog Devices, Inc.		959		54,318
Apple, Inc.		39,135		3,741,306
Applied Materials, Inc.		12,625		302,621
Arrow Electronics, Inc. (2)		2,416		149,550
Autodesk, Inc. (2)		640		34,650
Automatic Data Processing, Inc.		827		75,976
Avnet, Inc.		7,255		293,900
Broadcom, Ltd.		1,748		271,639
Broadridge Financial Solutions, Inc.		701		45,705
Brocade Communications Systems, Inc.		4,001		36,729

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

2016 Semiannual Report | June 30, 2016     Page 33

Schedule of Investments
June 30, 2016 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
CA, Inc.		9,027		296,356
CACI International, Inc. (2)		407		36,797
Cadence Design Systems, Inc. (2)		1,887		45,854
Cisco Systems, Inc.		41,532		1,191,553
Citrix Systems, Inc. (2)		2,638		211,277
Cognizant Technology Solutions Corp. (2)		3,807		217,913
Coherent, Inc. (2)		1,574		144,462
Computer Sciences Corp.		3,354		166,526
Corning, Inc.		14,769		302,469
eBay, Inc. (2)		7,138		167,101
Electronic Arts, Inc. (2)		2,860		216,674
Facebook, Inc. (2)		20,429		2,334,626
Fidelity National Information Services, Inc.		2,993		220,524
First Solar, Inc. (2)		1,411		68,405
Fiserv, Inc. (2)		985		107,099
FLIR Systems, Inc.		1,146		35,469
Genpact, Ltd. (2)		2,019		54,190
Global Payments, Inc.		714		50,965
Harris Corp.		410		34,210
Hewlett Packard Enterprise Co.		13,593		248,344
HP, Inc.		5,239		65,749
Integrated Device Technology, Inc. (2)		1,670		33,617
Intel Corp.		37,517		1,230,557
International Business Machines Corp.		6,580		998,712
Intuit, Inc.		1,426		159,156
Itron, Inc. (2)		1,439		62,021
Jabil Circuit, Inc.		1,873		34,594
Juniper Networks, Inc.		4,509		101,407
Lumentum Holdings, Inc. (2)		103		2,493
MasterCard, Inc.		5,699		501,854
Maxim Integrated Products, Inc.		957		34,155
MaxLinear, Inc. (2)		531		9,547
Micron Technology, Inc. (2)		5,800		79,808
Microsoft Corp.		54,448		2,786,103
MicroStrategy, Inc. (2)		196		34,304
Motorola Solutions, Inc.		517		34,106
NVIDIA Corp.		7,413		348,485
Oracle Corp.		27,397		1,121,359
PayPal Holdings, Inc. (2)		7,408		270,466
QLogic Corp. (2)		3,920		57,781
QUALCOMM, Inc.		9,937		532,325
salesforce.com, Inc. (2)		3,977		315,814
Sanmina Corp. (2)		2,212		59,304
Skyworks Solutions, Inc.		1,798		113,777
Symantec Corp.		3,337		68,542
Synopsys, Inc. (2)		1,000		54,080
Tech Data Corp. (2)		472		33,913
Teradyne, Inc.		2,973		58,538
Texas Instruments, Inc.		8,678		543,677
Total System Services, Inc.		2,294		121,834
Visa, Inc.		15,401		1,142,292
Western Digital Corp.		1,598		75,521
Xerox Corp.		15,291		145,112
Xilinx, Inc.		948		43,731
Yahoo!, Inc. (2)		8,076		303,335
(Cost $27,886,075)				27,442,053
Materials — 1.2%
Air Products & Chemicals, Inc.		1,006		142,892
Albemarle Corp.		1,151		91,286
Alcoa, Inc.		7,280		67,486
Avery Dennison Corp.		2,742		204,965
Celanese Corp.		526		34,427
Commercial Metals Co.		3,898		65,876
Domtar Corp.		10,570		370,056
Eastman Chemical Co.		863		58,598
International Flavors & Fragrances, Inc.		355		44,755
LyondellBasell Industries NV		3,016		224,451
Martin Marietta Materials, Inc.		733		140,736
Monsanto Co.		2,935		303,507
Mosaic Co./The		4,217		110,401
Newmont Mining Corp.		5,387		210,739
Nucor Corp.		4,370		215,922
PPG Industries, Inc.		674		70,197
Reliance Steel & Aluminum Co.		1,218		93,664
Royal Gold, Inc.		511		36,802
Sherwin-Williams Co./The		766		224,951
Sonoco Products Co.		815		40,473
Steel Dynamics, Inc.		4,646		113,827
Trinseo SA		2,805		120,419
Vulcan Materials Co.		1,987		239,155
WestRock Co.		2,752		106,970
Worthington Industries, Inc.		697		29,483
(Cost $3,376,780)				3,362,038
Telecommunication Services — 1.4%
AT&T, Inc.		52,386		2,263,599
CenturyLink, Inc.		6,203		179,949
Level 3 Communications, Inc. (2)(3)		2,631		135,470
Verizon Communications, Inc.		25,592		1,429,057
(Cost $3,515,251)				4,008,075
Utilities — 2.2%
AES Corp./VA		7,676		95,796

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

Page 34   2016 Semiannual Report | June 30, 2016

   

Schedule of Investments
June 30, 2016 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Ameren Corp.		3,570		191,281
American Electric Power Co., Inc.		8,415		589,807
American Water Works Co., Inc.		1,515		128,033
Atmos Energy Corp.		441		35,862
Consolidated Edison, Inc.		4,495		361,578
DTE Energy Co.		1,562		154,825
Duke Energy Corp.		4,715		404,500
Edison International		3,138		243,728
Entergy Corp.		3,469		282,203
Exelon Corp.		11,224		408,105
FirstEnergy Corp.		7,066		246,674
Fluor Corp.		1,381		68,056
Great Plains Energy, Inc.		6,189		188,146
NextEra Energy, Inc.		2,305		300,572
NiSource, Inc.		10,690		283,499
PG&E Corp.		4,474		285,978
Pinnacle West Capital Corp.		4,977		403,436
Portland General Electric Co.		795		35,075
PPL Corp.		4,658		175,840
Public Service Enterprise Group, Inc.		7,965		371,249
SCANA Corp.		2,618		198,078
Southern Co./The		4,551		244,070
Westar Energy, Inc.		1,927		108,085
Xcel Energy, Inc.		4,351		194,837
(Cost $5,593,542)				5,999,313
Total Common Stocks (Cost $132,674,331)				136,088,930
Registered Investment Companies — 32.1%
Baird Core Plus Bond Fund - Class I		422,926		4,804,439
DoubleLine Total Return Bond Fund - Class I		709,357		7,776,899
Frost Total Return Bond Fund - Class I		304,570		3,188,847
iShares 1-3 Year Treasury Bond ETF (9)		51,010		4,352,173
iShares 3-7 Year Treasury Bond ETF (9)		106,775		13,597,693
iShares 7-10 Year Treasury Bond ETF (9)		96,855		10,939,995
iShares iBoxx $ High Yield Corporate Bond ETF (9)		48,570		4,113,879
iShares JP Morgan USD Emerging Markets Bond ETF (9)		45,000		5,181,750
iShares MSCI Emerging Markets ETF (9)		117,587		4,040,289
JPMorgan Core Plus Bond Fund - Class I		570,002		4,782,318
Lord Abbett High Yield Fund - Class I		325,742		2,351,855
Metropolitan West Total Return Bond Fund - Class I		707,974		7,780,637
PIMCO Investment Grade Corporate Bond Fund - Class I		152,931		1,598,134
Pioneer Bond Fund - Class Y		491,131		4,749,234
Prudential Total Return Bond Fund - Class Z		537,808		7,889,645
TCW Emerging Markets Income Fund - Class I		264,484		2,158,186
Total Registered Investment Companies (Cost $87,548,463)				89,305,973
Money Market Registered Investment Companies — 17.2%
Fidelity Institutional Money Market Portfolio, 0.46% (5)		481,678		481,678
Meeder Money Market Fund - Institutional Class, 0.39% (6)		47,368,102		47,368,102
Total Money Market Registered Investment Companies (Cost $47,849,780)				47,849,780
Bank Obligations — 0.3%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7)		249,000		249,000
EverBank Money Market Account, 0.61%, 7/1/2016 (7)		249,000		249,000
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7)		249,000		249,000
Total Bank Obligations (Cost $747,000)				747,000
Total Investments — 98.6% (Cost $268,819,574) (1)				273,991,683
Other Assets less Liabilities — 1.4%				3,862,300
Total Net Assets — 100.0%				277,853,983
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		3,302		31,369
Meeder Balanced Fund		1,762		18,413
Meeder Dynamic Growth Fund		1,183		10,978
Meeder Muirfield Fund		3,061		19,743
Meeder Quantex Fund		1,235		37,223
Meeder Miller/Howard Infrastructure Fund		505		10,645
Total Trustee Deferred Compensation (Cost $116,490)				128,371

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

2016 Semiannual Report | June 30, 2016   Page 35

Schedule of Investments
June 30, 2016 (unaudited)

Balanced Fund
	Long (Short) Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2016, notional value $55,390,300		530		(8,943	)
Total Futures Contracts		530		(8,943	)

(1) Cost for federal income tax purposes of $269,526,048 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	8,364,345
Unrealized depreciation		(3,201,179	)
Net unrealized appreciation (depreciation)	$	5,163,166

(2) Represents non-income producing securities.

(3) Real estate investment trust.

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

(5) Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2016.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(7) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(9) Exchange-traded fund.

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

Page 36      2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Global Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 45.9%
Consumer Discretionary — 4.4%
Abercrombie & Fitch Co.		4,393		78,239
Amazon.com, Inc. (2)		1,311		938,178
Best Buy Co., Inc.		8,767		268,270
Children's Place, Inc./The		3,284		263,311
Dollar General Corp.		3,324		312,456
General Motors Co.		12,029		340,421
Home Depot, Inc./The		4,604		587,885
Lear Corp.		2,249		228,858
Lowe's Cos., Inc.		3,813		301,875
McDonald's Corp.		2,518		303,016
News Corp.		18,884		214,333
(Cost $3,768,667)				3,836,842
Consumer Staples — 2.1%
Ingredion, Inc.		2,026		262,185
Reynolds American, Inc.		7,878		424,861
Rite Aid Corp. (2)		67,251		503,710
Sysco Corp.		6,257		317,480
Tyson Foods, Inc.		4,802		320,726
(Cost $1,764,023)				1,828,962
Energy — 5.5%
Chevron Corp.		6,385		669,340
Exxon Mobil Corp.		11,402		1,068,823
Hess Corp.		3,270		196,527
HollyFrontier Corp.		236		5,610
Marathon Petroleum Corp.		4,666		177,121
Noble Corp. plc		28,217		232,508
Parsley Energy, Inc. (2)		9,760		264,106
PBF Energy, Inc.		10,397		247,241
Phillips 66		4,312		342,114
Rowan Cos. Plc		14,310		252,715
Teekay Tankers, Ltd.		62,623		186,617
Tesoro Corp.		3,620		271,210
Unit Corp. (2)		1,210		18,828
Valero Energy Corp.		5,852		298,452
World Fuel Services Corp.		5,506		261,480
WPX Energy, Inc.		26,254		244,425
(Cost $4,912,106)				4,737,117
Financials — 18.0%
Aflac, Inc.		4,540		327,606
Allied World Assurance Co. Holdings AG		4,299		151,067
Allstate Corp./The		4,512		315,614
American Campus Communities, Inc. (3)		4,880		258,006
American International Group, Inc.		7,616		402,810
Assurant, Inc.		3,156		272,394
Assured Guaranty, Ltd.		10,217		259,205
Axis Capital Holdings, Ltd.		4,834		265,870
Bank of America Corp.		39,872		529,101
Berkshire Hathaway, Inc. (2)		1,575		228,044
Capital One Financial Corp.		5,255		333,745
CIT Group, Inc.		659		21,029
Citigroup, Inc.		12,034		510,122
Citizens Financial Group, Inc.		7,976		159,360
CNO Financial Group, Inc.		6,198		108,217
Comerica, Inc.		4,319		177,640
CoreSite Realty Corp. (3)		2,987		264,917
CyrusOne, Inc. (3)		4,747		264,218
DuPont Fabros Technology, Inc. (3)		5,443		258,760
Empire State Realty Trust, Inc. (3)		226		4,292
Endurance Specialty Holdings, Ltd.		765		51,377
EPR Properties (3)		1,782		143,772
Equinix, Inc. (3)		788		305,531
Equity LifeStyle Properties, Inc. (3)		3,224		258,081
Equity One, Inc. (3)		8,015		257,923
Equity Residential (3)		2,741		188,800
Everest Re Group, Ltd.		1,447		264,323
Fifth Third Bancorp		15,679		275,794
Great Western Bancorp, Inc.		4,405		138,934
Hanover Insurance Group, Inc./The		3,029		256,314
JPMorgan Chase & Co.		11,558		718,214
KeyCorp		23,963		264,791
Kimco Realty Corp. (3)		9,123		286,280
Lincoln National Corp.		3,570		138,409
Loews Corp.		6,603		271,317
Mack-Cali Realty Corp. (3)		7,336		198,072
MetLife, Inc.		8,298		330,509
Morgan Stanley		14,065		365,409
Nasdaq, Inc.		4,241		274,265
Navient Corp.		6,719		80,292
Old Republic International Corp.		11,074		213,617
PNC Financial Services Group, Inc./The		2,278		185,406
Popular, Inc.		5,418		158,747
Prologis, Inc. (3)		6,310		309,442
Prudential Financial, Inc.		4,426		315,751
Public Storage (3)		1,361		347,858
QTS Realty Trust, Inc. (3)		602		33,700
Regions Financial Corp.		27,003		229,796
Reinsurance Group of America, Inc.		2,697		261,582
RenaissanceRe Holdings, Ltd.		2,229		261,774
Retail Properties of America, Inc. (3)		8,982		151,796
Senior Housing Properties Trust (3)		11,928		248,460

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

2016 Semiannual Report | June 30, 2016 Page 37

    

Schedule of Investments
June 30, 2016 (unaudited)

Global Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
STORE Capital Corp. (3)		8,908		262,341
SunTrust Banks, Inc.		7,280		299,062
Travelers Cos., Inc./The		2,842		338,312
United Community Banks, Inc./GA		4,800		87,792
Unum Group		8,023		255,051
Validus Holdings, Ltd.		5,461		265,350
VEREIT, Inc. (3)		2,031		20,594
Wells Fargo & Co.		13,724		649,557
XL Group PLC		8,551		284,834
Zions Bancorporation		8,617		216,545
(Cost $15,274,494)				15,577,791
Healthcare — 2.8%
Aetna, Inc.		2,842		347,093
Anthem, Inc.		1,975		259,397
Boston Scientific Corp. (2)		14,065		328,699
Cigna Corp.		4,530		579,796
Edwards Lifesciences Corp. (2)		2,958		295,001
Five Prime Therapeutics, Inc. (2)		2,201		91,011
Johnson & Johnson		1,148		139,252
UnitedHealth Group, Inc.		2,635		372,062
(Cost $2,200,901)				2,412,311
Industrials — 2.1%
Atlas Air Worldwide Holdings, Inc. (2)		752		31,148
BWX Technologies, Inc.		6,110		218,555
General Electric Co.		2,689		84,650
Hawaiian Holdings, Inc. (2)		5,752		218,346
Insperity, Inc.		3,433		265,131
Jacobs Engineering Group, Inc. (2)		4,383		218,317
Owens Corning		5,124		263,988
Quanta Services, Inc. (2)		7,718		178,440
Stanley Black & Decker, Inc.		2,569		285,724
Tutor Perini Corp. (2)		1,278		30,097
(Cost $1,629,092)				1,794,396
Information Technology — 6.7%
Activision Blizzard, Inc.		8,186		324,411
Alphabet, Inc. (2)		606		426,339
Apple, Inc.		5,715		546,355
Arrow Electronics, Inc. (2)		4,153		257,071
Avnet, Inc.		6,028		244,194
Cisco Systems, Inc.		19,202		550,905
Coherent, Inc. (2)		2,511		230,460
Computer Sciences Corp.		8,291		411,648
Facebook, Inc. (2)		1,476		168,677
Fairchild Semiconductor International, Inc. (2)		22,989		456,332
Global Payments, Inc.		3,430		244,833
Hewlett Packard Enterprise Co.		13,864		253,295
Intel Corp.		17,579		576,591
Marvell Technology Group, Ltd.		12,174		116,018
MaxLinear, Inc. (2)		6,556		117,877
Microsoft Corp.		5,474		280,105
NVIDIA Corp.		6,459		303,638
Sanmina Corp.		9,080		243,435
Tech Data Corp.		278		19,974
Zynga, Inc.		1,882		4,686
(Cost $5,520,254)				5,776,844
Materials — 1.8%
Albemarle Corp.		2,850		226,034
Domtar Corp.		6,980		244,370
Newmont Mining Corp.		7,878		308,187
Reliance Steel & Aluminum Co.		3,390		260,691
Steel Dynamics, Inc.		8,570		209,965
Trinseo SA		6,135		263,376
(Cost $1,346,063)				1,512,623
Telecommunication Services — 1.3%
AT&T, Inc.	$	18,812		812,867
CenturyLink, Inc.		10,195		295,757
(Cost $1,041,580)				1,108,624
Utilities — 1.2%
Exelon Corp.		9,165		333,239
NiSource, Inc.		10,820		286,946
PG&E Corp.		5,088		325,226
TECO Energy, Inc.		4,196		115,977
(Cost $955,004)				1,061,388
Total Common Stocks (Cost $38,412,184)				39,646,898

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

Page 38  2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Global Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — 46.2%
Goldman Sachs Emerging Markets Equity Insights Fund - Class I		212,211		1,672,222
iShares Core MSCI EAFE ETF (7)		146,645		7,609,409
iShares Core MSCI Emerging Markets ETF (7)		344,012		14,393,463
iShares MSCI EAFE ETF (7)		242,032		13,510,226
Oppenheimer Developing Markets Fund - Class Y		18,442		574,110
Oppenheimer International Growth Fund - Class I		61,215		2,145,570
Total Registered Investment Companies (Cost $42,247,398)				39,905,000
Money Market Registered Investment Companies — 6.6%
Meeder Money Market Fund - Institutional Class, 0.39% (4)		5,693,065		5,693,065
Total Money Market Registered Investment Companies (Cost $5,693,065)				5,693,065
Bank Obligations — 0.9%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (5)		249,000		249,000
EverBank Money Market Account, 0.61%, 7/1/2016 (5)		249,000		249,000
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (5)		249,000		249,000
Total Bank Obligations (Cost $747,000)				747,000
Total Investments — 99.6% (Cost $87,099,647) (1)				85,991,963
Other Assets less Liabilities — 0.4%				305,033
Total Net Assets — 100.0%				86,296,996
Trustee Deferred Compensation (6)
Meeder Aggressive Growth Fund		2,665		25,318
Meeder Balanced Fund		1,416		14,797
Meeder Dynamic Growth Fund		953		8,844
Meeder Muirfield Fund		2,476		15,970
Meeder Quantex Fund		1,013		30,532
Meeder Miller/Howard Infrastructure Fund		404		8,516
Total Trustee Deferred Compensation (Cost $93,952)				103,977

	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2016, notional value $5,748,050		55		(13,890	)
Russell 2000 Mini Index Futures expiring September 2016, notional value $1,147,400		10		(27,080	)
E-mini Standard & Poors MidCap 400 Futures expiring September 2016, notional value $1,194,400		8		(18,262	)
Total Futures Contracts		73		(59,232	)

(1) Cost for federal income tax purposes of $87,519,951 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,849,284
Unrealized depreciation		(4,016,200	)
Net unrealized appreciation (depreciation)	$	(1,166,916	)

(2) Represents non-income producing securities.

(3) Real estate investment trust.

(4) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(5) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(7) Exchange-traded fund.

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

2016 Semiannual Report | June 30, 2016    Page 39

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — 77.4%
Consumer Discretionary — 10.1%
Aaron's, Inc. (6)		2,120		46,407
Abercrombie & Fitch Co.		11,438		203,711
Amazon.com, Inc. (2)(6)		1,850		1,323,897
American Eagle Outfitters, Inc.		3,146		50,116
AutoNation, Inc. (2)		2,804		131,732
AutoZone, Inc. (2)		96		76,209
Barnes & Noble, Inc.		5,743		65,183
Best Buy Co., Inc.		13,008		398,045
Big Lots, Inc.		422		21,146
Carnival Corp.		5,461		241,376
CBS Corp.		1,384		75,345
Children's Place, Inc./The		3,335		267,400
Cinemark Holdings, Inc.		446		16,261
Coach, Inc.		5,827		237,392
Comcast Corp.		3,770		245,766
Cooper Tire & Rubber Co. (6)		3,670		109,439
Darden Restaurants, Inc.		1,320		83,609
DeVry Education Group, Inc.		2,096		37,393
Dollar General Corp. (6)		5,562		522,828
Domino's Pizza, Inc.		720		94,594
DR Horton, Inc.		2,616		82,352
Express, Inc. (2)		12,610		182,971
Fiesta Restaurant Group, Inc. (2)		2,686		58,582
Finish Line, Inc./The		4,541		91,683
Foot Locker, Inc.		1,752		96,115
Ford Motor Co.		26,448		332,451
Garmin, Ltd. (4)		1,253		53,152
General Motors Co. (6)		41,866		1,184,808
Genesco, Inc. (2)		1,541		99,102
Genuine Parts Co. (6)		4,685		474,356
Goodyear Tire & Rubber Co./The (6)		10,136		260,090
Graham Holdings Co.		305		149,310
Hasbro, Inc.		926		77,775
Home Depot, Inc./The		3,019		385,496
Houghton Mifflin Harcourt Co. (2)		616		9,628
International Game Technology PLC		7,707		144,429
Lear Corp.		1,070		108,883
Leggett & Platt, Inc.		2,623		134,062
Lowe's Cos., Inc. (6)		6,155		487,291
Mattel, Inc.		256		8,010
McDonald's Corp.		2,668		321,067
MDC Holdings, Inc.		18,945		461,121
Meredith Corp.		270		14,016
Movado Group, Inc. (6)		2,673		57,951
Murphy USA, Inc. (2)		2,584		191,629
Nautilus, Inc. (2)		1,467		26,171
News Corp.		31,724		360,067
NIKE, Inc.		303		16,726
Nutrisystem, Inc.		994		25,208
Ollie's Bargain Outlet Holdings, Inc. (2)		1,097		27,304
Scholastic Corp. (6)		1,552		61,475
Skechers U.S.A., Inc. (2)(6)		3,586		106,576
Smith & Wesson Holding Corp. (2)(6)		3,618		98,337
Staples, Inc. (6)		19,574		168,728
Sturm Ruger & Co., Inc. (4)		461		29,509
Target Corp.		1,487		103,822
Tenneco, Inc. (2)		2,556		119,135
Time Warner, Inc.		1,411		103,765
TJX Cos., Inc./The (6)		6,180		477,281
Tuesday Morning Corp. (2)		12,651		88,810
Ulta Salon Cosmetics & Fragrance, Inc. (2)		591		143,991
Urban Outfitters, Inc. (2)		1,478		40,645
Vince Holding Corp. (2)		9,227		50,564
Vista Outdoor, Inc. (2)(6)		6,419		306,379
Visteon Corp. (6)		1,612		106,086
Walt Disney Co./The (6)		2,458		240,442
Whirlpool Corp. (6)		2,762		460,260
(Cost $13,033,796)				12,875,460
Consumer Staples — 5.4%
Andersons, Inc./The		1,503		53,417
Archer-Daniels-Midland Co.		4,888		209,646
Blue Buffalo Pet Products, Inc. (2)		25		584
Boston Beer Co., Inc./The (2)		131		22,405
Bunge, Ltd. (6)		4,517		267,181
Casey's General Stores, Inc. (6)		2,084		274,067
Central Garden & Pet Co. (2)		600		13,026
Colgate-Palmolive Co.		2,533		185,416
Constellation Brands, Inc. (6)		2,400		396,960
CVS Health Corp.		2,665		255,147
Darling Ingredients, Inc. (2)		6,512		97,029
Dr Pepper Snapple Group, Inc.		2,178		210,460
Herbalife, Ltd. (2)		785		45,946
Hormel Foods Corp.		2,366		86,596
Ingles Markets, Inc.		1,464		54,607
Ingredion, Inc.		1,725		223,232
Kimberly-Clark Corp.		1,060		145,729
Kraft Heinz Co./The		4,293		379,845
Lancaster Colony Corp.		48		6,125
Molson Coors Brewing Co. (6)		3,900		394,407
Mondelez International, Inc. (6)		12,986		590,993
Natural Health Trends Corp. (6)		286		8,062
PepsiCo, Inc.		1,764		186,878

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

Page 40  2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Philip Morris International, Inc.		225		22,887
Pilgrim's Pride Corp.		38		968
Reynolds American, Inc.		4,846		261,345
Sanderson Farms, Inc. (4)		341		29,544
Spectrum Brands Holdings, Inc.		1,161		138,519
Sysco Corp.		4,721		239,544
Tyson Foods, Inc. (6)		10,627		709,777
Walgreens Boots Alliance, Inc. (6)		5,681		473,057
Wal-Mart Stores, Inc.		11,391		831,771
(Cost $6,430,725)				6,815,170
Energy — 4.9%
Antero Resources Corp. (2)		60		1,559
Atwood Oceanics, Inc. (4)		2,654		33,228
Cabot Oil & Gas Corp.		256		6,589
Callon Petroleum Co. (2)		1,095		12,297
Chevron Corp. (6)		8,186		858,138
Concho Resources, Inc. (2)(6)		1,972		235,200
ConocoPhillips		1,393		60,735
CONSOL Energy, Inc. (4)		4,499		72,389
Continental Resources, Inc./OK (2)		180		8,149
Diamond Offshore Drilling, Inc. (4)		3,381		82,260
Exxon Mobil Corp.		12,394		1,161,814
Forum Energy Technologies, Inc. (2)		1,262		21,845
GasLog, Ltd. (4)(6)		7,152		92,833
Hess Corp.		3,002		180,420
HollyFrontier Corp.		2,093		49,751
Hornbeck Offshore Services, Inc. (2)(4)		5,447		45,428
Marathon Oil Corp.		9,700		145,597
Marathon Petroleum Corp. (6)		5,727		217,397
Matador Resources Co. (2)		2,328		46,094
Matrix Service Co. (2)(6)		4,688		77,305
Nabors Industries, Ltd.		6,844		68,782
National Oilwell Varco, Inc.		1,682		56,599
Noble Corp. plc		20,553		169,357
Oasis Petroleum, Inc. (2)		4,298		40,143
Oil States International, Inc. (2)(6)		6,557		215,594
ONEOK, Inc.		757		35,920
Parsley Energy, Inc. (2)		6,652		180,003
Patterson-UTI Energy, Inc. (6)		8,573		182,776
PBF Energy, Inc.		4,266		101,445
Phillips 66		24		1,904
Pioneer Natural Resources Co.		537		81,200
QEP Resources, Inc.		4,396		77,501
Range Resources Corp.		76		3,279
Rice Energy, Inc. (2)		768		16,927
Rowan Cos. Plc		30,932		546,259
RSP Permian, Inc. (2)		373		13,014
Schlumberger, Ltd.		2,450		193,746
SemGroup Corp.		1,072		34,904
Teekay Corp.		1,549		11,044
Tesoro Corp.		1,105		82,787
Unit Corp. (2)		765		11,903
Valero Energy Corp. (6)		11,592		591,192
World Fuel Services Corp.		1,658		78,738
WPX Energy, Inc. (2)		9,463		88,101
(Cost $6,087,578)				6,292,146
Financials — 17.0%
Aflac, Inc.		2,740		197,718
Alleghany Corp. (2)(6)		1,034		568,266
Allstate Corp./The		2,484		173,756
Ally Financial, Inc.		7,484		127,752
American Campus Communities, Inc. (3)		3,782		199,954
American Financial Group, Inc./OH		1,780		131,595
American International Group, Inc.		27,476		1,453,206
Assurant, Inc.		1,157		99,861
Assured Guaranty, Ltd. (6)		33,535		850,783
Axis Capital Holdings, Ltd.		4,560		250,800
Banc of California, Inc.		818		14,806
Bank of America Corp. (6)		86,913		1,153,336
Bank of New York Mellon Corp./The		2,314		89,899
BB&T Corp.		4,160		148,138
Berkshire Hathaway, Inc. (2)(6)		3,296		477,228
Capital One Financial Corp.		10,356		657,710
CIT Group, Inc.		764		24,379
Citigroup, Inc. (6)		24,313		1,030,628
Citizens Financial Group, Inc. (6)		28,753		574,485
CME Group, Inc.		1,756		171,034
CNO Financial Group, Inc.		17,408		303,944
Comerica, Inc. (6)		12,788		525,970
CoreSite Realty Corp. (3)		1,208		107,138
CyrusOne, Inc. (3)		254		14,138
DuPont Fabros Technology, Inc. (3)		2,573		122,320
East West Bancorp, Inc. (6)		5,383		183,991
Endurance Specialty Holdings, Ltd.		1,703		114,373
Enova International, Inc. (2)		782		5,756
Equity Residential (3)		1,288		88,717
Everest Re Group, Ltd.		2,749		502,160
Fifth Third Bancorp		3,637		63,975
First Midwest Bancorp, Inc./IL		3,354		58,896
General Growth Properties, Inc. (3)		1,280		38,170
Goldman Sachs Group, Inc./The (6)		3,162		469,810
Great Western Bancorp, Inc.		11,569		364,886

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

2016 Semiannual Report | June 30, 2016     Page 41

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Green Dot Corp. (2)		1,166		26,806
Hancock Holding Co.		1,369		35,745
Hanover Insurance Group, Inc./The (6)		3,410		288,554
Intercontinental Exchange, Inc.		136		34,811
JPMorgan Chase & Co. (6)		17,967		1,116,469
KeyCorp (6)		33,550		370,728
Kimco Realty Corp. (3)		766		24,037
Leucadia National Corp.		646		11,195
Lincoln National Corp.		11,876		460,433
Loews Corp.		10,989		451,538
Marcus & Millichap, Inc. (2)		2,521		64,059
MetLife, Inc. (6)		14,519		578,292
Morgan Stanley		16,636		432,203
Navient Corp.		22,309		266,593
Old Republic International Corp. (6)		26,161		504,646
PHH Corp. (2)		31		413
PNC Financial Services Group, Inc./The (6)		3,826		311,398
Popular, Inc.		4,018		117,727
PrivateBancorp, Inc.		2,297		101,137
Prosperity Bancshares, Inc.		3,109		158,528
Prudential Financial, Inc. (6)		18,603		1,327,138
Regions Financial Corp. (6)		85,567		728,175
Reinsurance Group of America, Inc.		4,977		482,719
RenaissanceRe Holdings, Ltd.		2,100		246,624
Senior Housing Properties Trust (3)		2,350		48,951
ServisFirst Bancshares, Inc.		300		14,817
State Street Corp.		251		13,534
SunTrust Banks, Inc. (6)		14,476		594,674
Travelers Cos., Inc./The		1,612		191,892
Unum Group		7,902		251,205
Validus Holdings, Ltd. (6)		13,898		675,304
VEREIT, Inc. (3)		5,396		54,715
Voya Financial, Inc.		233		5,769
Waddell & Reed Financial, Inc.		1,353		23,299
White Mountains Insurance Group, Ltd.		12		10,104
XL Group PLC		4,593		152,993
Zions Bancorporation		1,100		27,643
(Cost $22,080,172)				21,564,446
Healthcare — 11.3%
AbbVie, Inc.		4,198		259,898
ABIOMED, Inc. (2)(6)		1,623		177,378
Aceto Corp. (6)		3,314		72,543
Acorda Therapeutics, Inc. (2)		2,259		57,616
Agilent Technologies, Inc.		3,031		134,455
Alder Biopharmaceuticals, Inc. (2)(4)		2,665		66,545
Allergan plc (2)		381		88,045
Allscripts Healthcare Solutions, Inc. (2)		11,950		151,765
Alnylam Pharmaceuticals, Inc. (2)		3,160		175,348
Amedisys, Inc. (2)		1,906		96,215
Amgen, Inc.		2,248		342,033
AMN Healthcare Services, Inc. (2)		4,399		175,828
Baxter International, Inc. (6)		12,623		570,812
BioMarin Pharmaceutical, Inc. (2)		1,799		139,962
Boston Scientific Corp. (2)		13,609		318,042
Bristol-Myers Squibb Co.		3,689		271,326
Bruker Corp.		11,939		271,493
Cambrex Corp. (2)(6)		3,191		165,070
Cardinal Health, Inc.		2,037		158,906
Charles River Laboratories International, Inc. (2)		212		17,477
Chimerix, Inc.		16,963		66,665
Clovis Oncology, Inc. (2)		6,132		84,131
CONMED Corp. (6)		5,876		280,461
Cynosure, Inc. (2)		2,295		111,640
DENTSPLY SIRONA, Inc.		2,806		174,084
DexCom, Inc. (2)		474		37,602
Diplomat Pharmacy, Inc. (2)		270		9,450
Dynavax Technologies Corp. (2)		7,331		106,886
Eagle Pharmaceuticals, Inc./DE (2)(6)		1,197		46,432
Edwards Lifesciences Corp. (2)(6)		5,265		525,078
Eli Lilly & Co.		2,003		157,736
Emergent BioSolutions, Inc. (2)		12,327		346,635
Five Prime Therapeutics, Inc. (2)		4,275		176,771
Gilead Sciences, Inc. (6)		3,883		323,920
Halozyme Therapeutics, Inc. (2)(4)		17,955		154,952
HealthEquity, Inc. (2)(6)		3,412		103,674
HeartWare International, Inc. (2)		5,736		331,254
Hologic, Inc. (2)		286		9,896
ICU Medical, Inc. (2)(6)		1,210		136,428
INC Research Holdings, Inc. (2)(6)		5,056		192,785
Inogen, Inc. (2)(6)		583		29,214
Intersect ENT, Inc. (2)		6,063		78,395
Intuitive Surgical, Inc. (2)(6)		852		563,521
Ironwood Pharmaceuticals, Inc. (2)		13,798		180,409
Johnson & Johnson		8,300		1,006,790
LHC Group, Inc. (2)		582		25,189
LifePoint Health, Inc. (2)		329		21,507
Ligand Pharmaceuticals, Inc. (2)		1,498		178,666
Magellan Health, Inc. (2)		80		5,262
Masimo Corp. (2)		2,503		131,445
Medivation, Inc. (2)		1,154		69,586
Medtronic PLC		1,101		95,534
Merck & Co., Inc. (6)		8,943		515,206

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

Page 42    2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Meridian Bioscience, Inc. (6)		9,702		189,189
Merit Medical Systems, Inc. (2)(6)		3,735		74,065
Neurocrine Biosciences, Inc. (2)		154		6,999
NuVasive, Inc. (2)		2,193		130,966
Pacific Biosciences of California, Inc. (2)		176		1,238
PerkinElmer, Inc.		2,471		129,530
Pfizer, Inc.		20,536		723,073
PharMerica Corp. (2)(6)		2,277		56,151
Phibro Animal Health Corp. (6)		7,888		147,190
Portola Pharmaceuticals, Inc. (2)		3,865		91,214
PRA Health Sciences, Inc. (2)		6,053		252,773
Premier, Inc. (2)		3,202		104,705
PTC Therapeutics, Inc. (2)(4)		12,183		85,525
Quality Systems, Inc. (6)		5,930		70,626
Quest Diagnostics, Inc.		1,349		109,822
Radius Health, Inc. (2)(6)		2,574		94,595
Relypsa, Inc. (2)(4)		2,768		51,208
Spectranetics Corp./The (2)		3,080		57,627
Stryker Corp.		1,123		134,569
Sucampo Pharmaceuticals, Inc. (2)		8,077		88,605
Supernus Pharmaceuticals, Inc. (2)(6)		2,307		46,994
Teleflex, Inc.		16		2,837
Thermo Fisher Scientific, Inc.		890		131,506
United Therapeutics Corp. (2)		17		1,801
UnitedHealth Group, Inc.		4,839		683,267
Universal American Corp.		6,793		51,491
Universal Health Services, Inc.		589		78,985
VCA, Inc. (2)		1,260		85,189
VWR Corp. (2)		6,031		174,296
WellCare Health Plans, Inc. (2)		1,822		195,464
Zeltiq Aesthetics, Inc. (2)		728		19,896
Zoetis, Inc. (6)		5,866		278,400
(Cost $14,353,928)				14,337,757
Industrials — 6.2%
Acuity Brands, Inc.		81		20,085
Advisory Board Co./The (2)		935		33,090
AGCO Corp.		897		42,276
Air Lease Corp.		773		20,701
Allison Transmission Holdings, Inc.		3,945		111,367
AMERCO		243		91,016
American Woodmark Corp. (2)		1,074		71,292
Applied Industrial Technologies, Inc.		2,278		102,829
Beacon Roofing Supply, Inc. (2)		6,167		280,413
BWX Technologies, Inc. (6)		13,788		493,197
Curtiss-Wright Corp.		517		43,557
Dycom Industries, Inc. (2)		194		17,413
Eaton Corp. PLC		2,596		155,059
EMCOR Group, Inc.		827		40,738
Emerson Electric Co.		3,348		174,632
Essendant, Inc.		4,858		148,460
Expeditors International of Washington, Inc.		2,535		124,316
FedEx Corp.		109		16,544
General Cable Corp.		285		3,622
General Electric Co. (6)		15,533		488,979
Granite Construction, Inc.		264		12,025
Hawaiian Holdings, Inc. (2)(6)		8,522		323,495
HD Supply Holdings, Inc. (2)		13,949		485,704
Herman Miller, Inc.		2,811		84,021
Huntington Ingalls Industries, Inc.		1,005		168,870
Ingersoll-Rand PLC		208		13,245
Insperity, Inc.		2,260		174,540
Interface, Inc. (6)		7,495		114,299
ITT Corp. (6)		7,182		229,680
Jacobs Engineering Group, Inc. (2)		6,839		340,651
John Bean Technologies Corp.		190		11,632
KAR Auction Services, Inc.		3,262		136,156
L-3 Communications Holdings, Inc.		1,443		211,674
ManpowerGroup, Inc. (6)		4,919		316,488
Masco Corp.		8,504		263,114
MRC Global, Inc. (2)		1,700		24,157
Navistar International Corp. (2)		3,240		37,876
Norfolk Southern Corp.		417		35,499
Northrop Grumman Corp. (6)		1,348		299,633
Oshkosh Corp.		877		41,842
Owens Corning (6)		8,905		458,786
Proto Labs, Inc. (2)		284		16,347
Quad/Graphics, Inc.		752		17,514
Quanta Services, Inc. (2)		6,945		160,568
Raytheon Co. (6)		1,633		222,006
Republic Services, Inc.		748		38,380
Ryder System, Inc.		22		1,345
Spirit AeroSystems Holdings, Inc. (2)		38		1,634
Stanley Black & Decker, Inc.		1,195		132,908
Stericycle, Inc. (2)		1,485		154,618
Terex Corp.		4,460		90,583
Timken Co./The		4,636		142,140
Titan International, Inc.		7,917		49,085
Trinity Industries, Inc.		898		16,676
TrueBlue, Inc. (2)		6,509		123,150
Tutor Perini Corp. (2)		7,958		187,411
United Continental Holdings, Inc. (2)		4,467		183,326
USG Corp. (2)		1,418		38,229
Veritiv Corp. (2)		1,372		51,560

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

2016 Semiannual Report | June 30, 2016 Page 43

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Wabash National Corp. (2)		447		5,677
(Cost $7,687,266)				7,896,130
Information Technology — 14.0%
Accenture PLC		2,529		286,510
Activision Blizzard, Inc. (6)		15,817		626,828
Adobe Systems, Inc. (2)		647		61,976
ADTRAN, Inc. (6)		1,822		33,980
Advanced Micro Devices, Inc. (2)		4,174		21,454
Alphabet, Inc. (2)(6)		1,750		1,231,178
Apple, Inc. (6)		12,760		1,219,856
Applied Materials, Inc.		6,922		165,920
Arrow Electronics, Inc. (2)		11,521		713,150
Avnet, Inc.		26,041		1,054,921
Blackbaud, Inc.		1,691		114,819
Blackhawk Network Holdings, Inc. (2)		722		24,180
Booz Allen Hamilton Holding Corp.		3,842		113,877
Broadcom, Ltd.		9		1,399
Broadridge Financial Solutions, Inc.		8,665		564,958
Brocade Communications Systems, Inc.		13,333		122,397
CA, Inc.		6,027		197,866
CACI International, Inc. (2)		942		85,166
Cadence Design Systems, Inc. (2)		1,562		37,957
Cirrus Logic, Inc. (2)		1,106		42,902
Cisco Systems, Inc.		20,834		597,727
Citrix Systems, Inc. (2)		1,864		149,288
Corning, Inc.		21,558		441,508
Cray, Inc. (2)		1,954		58,464
DST Systems, Inc.		1,571		182,912
eBay, Inc. (2)		5,275		123,488
Ebix, Inc.		470		22,513
Electronic Arts, Inc. (2)(6)		4,163		315,389
ePlus, Inc. (2)(6)		397		32,471
Facebook, Inc. (2)		9,394		1,073,546
Fidelity National Information Services, Inc.		1,460		107,573
First Solar, Inc. (2)		3,269		158,481
Global Payments, Inc. (6)		2,752		196,438
Hewlett Packard Enterprise Co. (6)		23,101		422,055
HubSpot, Inc. (2)		55		2,388
Imperva, Inc. (2)		1,845		79,353
Inphi Corp. (2)		2,911		93,239
Integrated Device Technology, Inc. (2)(6)		9,396		189,141
Intel Corp.		8,771		287,689
International Business Machines Corp.		2,235		339,228
Intersil Corp.		8,630		116,850
Intuit, Inc.		1,156		129,021
Ixia (2)(6)		15,536		152,564
Juniper Networks, Inc.		6,161		138,561
Leidos Holdings, Inc. (6)		4,256		203,735
Lumentum Holdings, Inc. (2)		3,773		91,307
Luxoft Holding, Inc. (2)		907		47,182
MaxLinear, Inc. (2)		6,369		114,515
Methode Electronics, Inc. (6)		4,539		155,370
Microsemi Corp. (2)		1,883		61,536
Microsoft Corp. (6)		21,075		1,078,408
MicroStrategy, Inc. (2)(6)		1,268		221,925
Monolithic Power Systems, Inc. (6)		3,511		239,872
National Instruments Corp.		6,213		170,236
NIC, Inc.		8,408		184,472
NVIDIA Corp. (6)		9,779		459,711
ON Semiconductor Corp. (2)		16,459		145,168
Oracle Corp.		4,266		174,607
Palo Alto Networks, Inc. (2)		397		48,688
Paylocity Holding Corp. (2)		230		9,936
PayPal Holdings, Inc. (2)		345		12,596
Progress Software Corp. (2)(6)		5,259		144,412
QUALCOMM, Inc.		1,576		84,426
Qualys, Inc. (2)		925		27,574
Red Hat, Inc. (2)		692		50,239
Rubicon Project, Inc./The (2)		821		11,207
Sanmina Corp. (2)(6)		8,736		234,212
Stamps.com, Inc. (2)		230		20,107
Symantec Corp. (6)		9,486		194,842
Tech Data Corp. (2)(6)		5,287		379,871
Tessera Technologies, Inc. (6)		4,271		130,863
Total System Services, Inc.		650		34,522
Universal Display Corp. (2)		569		38,578
Xerox Corp. (6)		49,264		467,515
Xilinx, Inc. (6)		5,126		236,462
Yahoo!, Inc. (2)		5,872		220,552
(Cost $17,463,560)				17,825,827
Materials — 3.4%
Albemarle Corp.		1,384		109,765
Ashland, Inc.		1,195		137,150
Avery Dennison Corp.		905		67,649
Cabot Corp.		3,374		154,057
Chemtura Corp. (2)		3,088		81,461
Coeur Mining, Inc. (2)		2,271		24,209
Commercial Metals Co.		11,877		200,721
Domtar Corp.		17,709		619,992
Huntsman Corp.		2,062		27,734
KapStone Paper and Packaging Corp.		4,968		64,634
LyondellBasell Industries NV		262		19,498

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

Page 44    2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Long — continued
Newmont Mining Corp. (6)		16,455			643,720
Reliance Steel & Aluminum Co. (6)		8,077			621,121
Sherwin-Williams Co./The (6)		1,632			479,269
Steel Dynamics, Inc.		19,166			469,567
Summit Materials, Inc. (2)		1,600			32,736
Tahoe Resources, Inc.		190			2,844
Trinseo SA		5,870			251,999
US Concrete, Inc. (2)		1,507			91,791
Vulcan Materials Co.		459			55,245
WestRock Co.		4,971			193,223
(Cost $4,193,651)					4,348,385
Telecommunication Services — 1.7%
AT&T, Inc.		31,458			1,359,300
CenturyLink, Inc.		17,319			502,424
Inteliquent, Inc.		3,573			71,067
Verizon Communications, Inc.		4,173			233,020
(Cost $2,008,580)					2,165,811
Utilities — 3.4%
AES Corp./VA		10,631			132,675
American Electric Power Co., Inc.		3,112			218,120
American Water Works Co., Inc.		909			76,820
Aqua America, Inc. (6)		9,585			341,801
Consolidated Edison, Inc.		568			45,690
Duke Energy Corp.		1,508			129,371
Dynegy, Inc. (2)		2,962			51,065
Entergy Corp.		4,884			397,313
Exelon Corp.		11,784			428,466
FirstEnergy Corp.		9,104			317,821
Fluor Corp.		3,531			174,008
NiSource, Inc. (6)		46,894			1,243,629
PG&E Corp.		2,276			145,482
Pinnacle West Capital Corp.		4,300			348,558
Public Service Enterprise Group, Inc.		4,955			230,953
(Cost $3,836,440)					4,281,772
Total Common Stocks - Long (Cost $97,175,696)					98,402,904
Registered Investment Companies — 1.9%
iShares MSCI Emerging Markets ETF (6)(10)		71,532			2,457,840
Total Registered Investment Companies (Cost $2,439,846)					2,457,840
Money Market Registered Investment Companies — 8.0%
Fidelity Institutional Money Market Portfolio, 0.46% (5)		428,256			428,256
Meeder Money Market Fund - Institutional Class, 0.39% (7)		9,778,058			9,778,058
Total Money Market Registered Investment Companies (Cost $10,206,314)					10,206,314
Bank Obligations — 0.2%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (8)		249,000			249,000
Total Bank Obligations (Cost $249,000)					249,000
Total Investments - Long — 87.5% (Cost $110,070,856) (1)					111,316,058
Total Securities Sold Short — (27.6%) (Proceeds Received $(34,840,115))					(35,068,762	)
Other Assets less Liabilities — 40.1%					51,021,309
Total Net Assets — 100.0%					127,268,605
Common Stocks - Short — (27.6%)
Consumer Discretionary — (4.7%)
AMC Networks, Inc. (2)		(2,499	)		(150,990	)
Asbury Automotive Group, Inc. (2)		(1,937	)		(102,157	)
Bed Bath & Beyond, Inc.		(663	)		(28,655	)
BorgWarner, Inc.		(1,558	)		(45,992	)
Brinker International, Inc.		(4,410	)		(200,787	)
Buffalo Wild Wings, Inc. (2)		(1,219	)		(169,380	)
CalAtlantic Group, Inc.		(2,765	)		(101,503	)
Chuy's Holdings, Inc. (2)		(303	)		(10,487	)
Dana Holding Corp.		(7,606	)		(80,319	)
Deckers Outdoor Corp. (2)		(2,400	)		(138,048	)
Diamond Resorts International, Inc. (2)		(2,897	)		(86,794	)
Dillard's, Inc.		(2,387	)		(144,652	)
DISH Network Corp. (2)		(3,724	)		(195,138	)
Dorman Products, Inc. (2)		(1,835	)		(104,962	)
Dunkin' Brands Group, Inc.		(2,983	)		(130,118	)
Fossil Group, Inc. (2)		(2,674	)		(76,289	)
Francesca's Holdings Corp. (2)		(1,381	)		(15,260	)
Gap, Inc./The		(9,718	)		(206,216	)
GNC Holdings, Inc.		(1,902	)		(46,200	)
H&R Block, Inc.		(8,847	)		(203,481	)
Hanesbrands, Inc.		(3,294	)		(82,778	)
Harley-Davidson, Inc.		(4,348	)		(196,964	)
Harman International Industries, Inc.		(2,240	)		(160,877	)
Hibbett Sports, Inc. (2)		(1,099	)		(38,234	)
Hilton Worldwide Holdings, Inc.		(913	)		(20,570	)

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

2016 Semiannual Report | June 30, 2016   Page 45

  

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
iRobot Corp. (2)		(1,310	)		(45,955	)
Jack in the Box, Inc.		(1,044	)		(89,700	)
K12, Inc. (2)		(1,765	)		(22,045	)
Kate Spade & Co. (2)		(4,479	)		(92,312	)
L Brands, Inc.		(1,692	)		(113,584	)
La Quinta Holdings, Inc. (2)		(5,764	)		(65,710	)
Las Vegas Sands Corp.		(609	)		(26,485	)
Lennar Corp.		(398	)		(18,348	)
Liberty Interactive Corp QVC Group (2)		(817	)		(20,727	)
LifeLock, Inc. (2)		(1,720	)		(27,193	)
Lions Gate Entertainment Corp.		(9,314	)		(188,422	)
Live Nation Entertainment, Inc. (2)		(7,323	)		(172,091	)
Macy's, Inc.		(672	)		(22,586	)
Marriott International, Inc./MD		(2,968	)		(197,253	)
MGM Resorts International (2)		(1,210	)		(27,382	)
Nordstrom, Inc.		(5,340	)		(203,187	)
Penn National Gaming, Inc. (2)		(13,717	)		(191,352	)
Polaris Industries, Inc.		(2,385	)		(194,998	)
Ralph Lauren Corp.		(478	)		(42,838	)
Scripps Networks Interactive, Inc.		(545	)		(33,937	)
SeaWorld Entertainment, Inc.		(1,936	)		(27,743	)
Service Corp International/US		(3,800	)		(102,752	)
Sinclair Broadcast Group, Inc.		(3,138	)		(93,701	)
Sotheby's		(5,720	)		(156,728	)
Starz (2)		(6,436	)		(192,565	)
Tempur Sealy International, Inc. (2)		(3,217	)		(177,964	)
Tiffany & Co.		(1,189	)		(72,101	)
Time, Inc.		(467	)		(7,687	)
TripAdvisor, Inc. (2)		(1,120	)		(72,016	)
Tupperware Brands Corp.		(1,038	)		(58,419	)
UCP, Inc. (2)		(5,600	)		(44,912	)
Williams-Sonoma, Inc.		(2,505	)		(130,586	)
Winnebago Industries, Inc.		(3,178	)		(72,840	)
Wolverine World Wide, Inc.		(4,786	)		(97,252	)
Wyndham Worldwide Corp.		(1,510	)		(107,557	)
(Proceeds Received $(6,047,730))					(5,947,779	)
Consumer Staples — (0.4%)
Central Garden & Pet Co. (2)		(631	)		(13,699	)
Coca-Cola Bottling Co. Consolidated		(263	)		(38,785	)
Edgewell Personal Care Co.		(2,288	)		(193,130	)
Flowers Foods, Inc.		(43	)		(806	)
Hain Celestial Group, Inc./The (2)		(566	)		(28,159	)
United Natural Foods, Inc. (2)		(778	)		(36,410	)
Vector Group, Ltd.		(9,318	)		(208,910	)
WhiteWave Foods Co./The (2)		(569	)		(26,709	)
Whole Foods Market, Inc.		(517	)		(16,554	)
(Proceeds Received $(536,636))					(563,162	)
Energy — (1.5%)
Anadarko Petroleum Corp.		(3,370	)		(179,453	)
Apache Corp.		(3,016	)		(167,901	)
Cabot Oil & Gas Corp.		(476	)		(12,252	)
Carrizo Oil & Gas, Inc. (2)		(4,612	)		(165,340	)
Cimarex Energy Co.		(1,481	)		(176,713	)
Clayton Williams Energy, Inc. (2)		(447	)		(12,275	)
Delek US Holdings, Inc.		(1,596	)		(21,083	)
Devon Energy Corp.		(4,780	)		(173,275	)
Diamondback Energy, Inc. (2)		(1,500	)		(136,815	)
Energen Corp.		(982	)		(47,342	)
Gulfport Energy Corp. (2)		(5,554	)		(173,618	)
Kinder Morgan, Inc./DE		(3,003	)		(56,216	)
Matador Resources Co. (2)		(5,928	)		(117,374	)
Murphy Oil Corp.		(1,395	)		(44,291	)
Noble Energy, Inc.		(529	)		(18,975	)
RPC, Inc.		(2,502	)		(38,856	)
SemGroup Corp.		(1,893	)		(61,636	)
Southwestern Energy Co. (2)		(3,771	)		(47,439	)
Spectra Energy Corp.		(1,396	)		(51,135	)
Teekay Corp.		(65	)		(463	)
Weatherford International		(21,096	)		(117,083	)
Western Refining, Inc.		(5,387	)		(111,134	)
Whiting Petroleum Corp. (2)		(672	)		(6,223	)
(Proceeds Received $(1,709,001))					(1,936,892	)
Financials — (7.8%)
Acadia Realty Trust (3)		(4,875	)		(173,160	)
Affiliated Managers Group, Inc. (2)		(1,314	)		(184,972	)
Ambac Financial Group, Inc. (2)		(4,535	)		(74,646	)
American Express Co.		(2,599	)		(157,915	)
American Homes 4 Rent (3)		(9,828	)		(201,277	)
Ameritrade Holdings Corp.		(6,753	)		(192,292	)
AmTrust Financial Services, Inc.		(6,427	)		(157,462	)
Aon PLC		(515	)		(56,253	)
Arthur J Gallagher & Co.		(3,630	)		(172,788	)
AvalonBay Communities, Inc. (3)		(197	)		(35,537	)
Banc of California, Inc.		(11,268	)		(203,951	)
Boston Properties, Inc. (3)		(1,297	)		(171,074	)
CBL & Associates Properties, Inc. (3)		(2,528	)		(23,536	)
CBOE Holdings, Inc.		(1,160	)		(77,279	)
CBRE Group, Inc. (2)		(2,000	)		(52,960	)
Cullen/Frost Bankers, Inc.		(2,669	)		(170,095	)
DCT Industrial Trust, Inc. (3)		(989	)		(47,512	)

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

Page 46 2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
DDR Corp. (3)		(9,466	)		(171,713	)
Eaton Vance Corp.		(5,569	)		(196,808	)
Empire State Realty Trust, Inc. (3)		(6,500	)		(123,435	)
Essex Property Trust, Inc. (3)		(782	)		(178,366	)
Evercore Partners, Inc.		(2,767	)		(122,274	)
Federal Realty Investment Trust (3)		(1,285	)		(212,732	)
Federated Investors, Inc.		(1,752	)		(50,423	)
First Midwest Bancorp, Inc./IL		(10,261	)		(180,183	)
FNF Group		(15	)		(563	)
Gramercy Property Trust, Inc. (3)		(5,422	)		(49,991	)
Green Dot Corp. (2)		(5,257	)		(120,858	)
HCP, Inc. (3)		(4,838	)		(171,168	)
Home BancShares, Inc./AR		(9,686	)		(191,686	)
Host Hotels & Resorts, Inc. (3)		(4,414	)		(71,551	)
Howard Hughes Corp./The (2)		(1,755	)		(200,632	)
Hudson Pacific Properties, Inc. (3)		(5,689	)		(166,005	)
Interactive Brokers Group, Inc.		(2,904	)		(102,802	)
Intercontinental Exchange, Inc.		(374	)		(95,729	)
Iron Mountain, Inc. (3)		(2,137	)		(85,117	)
Jones Lang LaSalle, Inc.		(360	)		(35,082	)
Kilroy Realty Corp. (3)		(2,852	)		(189,059	)
Lazard, Ltd.		(3,147	)		(93,718	)
LTC Properties, Inc. (3)		(2,077	)		(107,443	)
MarketAxess Holdings, Inc.		(659	)		(95,819	)
Marsh & McLennan Cos., Inc.		(716	)		(49,017	)
MBIA, Inc. (2)		(3,090	)		(21,105	)
Mercury General Corp.		(1,327	)		(70,543	)
MGIC Investment Corp. (2)		(24,614	)		(146,453	)
Moody's Corp.		(2,041	)		(191,262	)
New York Community Bancorp, Inc.		(5,302	)		(79,477	)
NorthStar Asset Management Group, Inc./New York		(14,093	)		(143,890	)
NorthStar Realty Finance Corp. (3)		(12,552	)		(143,469	)
Paramount Group, Inc. (3)		(9,175	)		(146,250	)
Pebblebrook Hotel Trust (3)		(285	)		(7,481	)
Popular, Inc.		(10,714	)		(313,920	)
Post Properties, Inc. (3)		(855	)		(52,198	)
PRA Group, Inc. (2)		(234	)		(5,649	)
Primerica, Inc.		(3,089	)		(176,814	)
Raymond James Financial, Inc.		(1,381	)		(68,083	)
Realogy Holdings Corp.		(2,429	)		(70,490	)
RLJ Lodging Trust (3)		(2,805	)		(60,167	)
Santander Consumer USA Holdings, Inc. (2)		(2,812	)		(29,048	)
SEI Investments Co.		(3,475	)		(167,182	)
ServisFirst Bancshares, Inc.		(4,297	)		(212,229	)
Signature Bank/New York NY (2)		(1,322	)		(165,144	)
Simon Property Group, Inc. (3)		(377	)		(81,771	)
SL Green Realty Corp. (3)		(1,603	)		(170,671	)
SLM Corp. (2)		(25,042	)		(154,760	)
Stifel Financial Corp. (2)		(4,710	)		(148,130	)
Sun Communities, Inc. (3)		(2,799	)		(214,515	)
SVB Financial Group (2)		(1,636	)		(155,682	)
T Rowe Price Group, Inc.		(2,789	)		(203,513	)
Tanger Factory Outlet Centers, Inc. (3)		(5,365	)		(215,566	)
Taubman Centers, Inc. (3)		(2,838	)		(210,580	)
Texas Capital Bancshares, Inc. (2)		(3,518	)		(164,502	)
Third Point Reinsurance, Ltd. (2)		(9,600	)		(112,512	)
Vornado Realty Trust (3)		(2,079	)		(208,149	)
Western Alliance Bancorp (2)		(200	)		(6,530	)
Weyerhaeuser Co. (3)		(3,016	)		(89,786	)
WP Carey, Inc. (3)		(940	)		(65,255	)
WP Glimcher, Inc. (3)		(6,886	)		(77,054	)
(Proceeds Received $(9,875,036))					(9,764,713	)
Healthcare — (4.7%)
Acadia Healthcare Co., Inc. (2)		(3,330	)		(184,482	)
ACADIA Pharmaceuticals, Inc. (2)		(3,621	)		(117,538	)
Alexion Pharmaceuticals, Inc. (2)		(900	)		(105,084	)
Alkermes PLC (2)		(3,470	)		(149,973	)
AMAG Pharmaceuticals, Inc. (2)		(915	)		(21,887	)
Amedisys, Inc. (2)		(1,906	)		(96,215	)
AmerisourceBergen Corp.		(1,459	)		(115,728	)
Amicus Therapeutics, Inc. (2)		(13,463	)		(73,508	)
ARIAD Pharmaceuticals, Inc. (2)		(20,265	)		(149,758	)
athenahealth, Inc. (2)		(1,388	)		(191,558	)
Brookdale Senior Living, Inc. (2)		(9,256	)		(142,913	)
Cepheid (2)		(4,258	)		(130,934	)
Cerner Corp. (2)		(2,961	)		(173,515	)
Chimerix, Inc. (2)		(16,963	)		(66,665	)
Cooper Cos., Inc./The		(267	)		(45,809	)
Depomed, Inc. (2)		(1,190	)		(23,348	)
Endo International PLC (2)		(566	)		(8,824	)
Express Scripts Holding Co. (2)		(362	)		(27,440	)
Globus Medical, Inc. (2)		(262	)		(6,243	)
Halozyme Therapeutics, Inc. (2)		(3,877	)		(33,459	)
HeartWare International, Inc. (2)		(2,661	)		(153,673	)
Illumina, Inc. (2)		(1,216	)		(170,702	)
Impax Laboratories, Inc. (2)		(35	)		(1,009	)
Incyte Corp. (2)		(2,100	)		(167,958	)
Insulet Corp. (2)		(1,944	)		(58,787	)
Ionis Pharmaceuticals, Inc. (2)		(5,242	)		(122,086	)
Jazz Pharmaceuticals PLC (2)		(1,105	)		(156,148	)
Medicines Co./The (2)		(2,134	)		(71,766	)
Medidata Solutions, Inc. (2)		(830	)		(38,902	)

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

2016 Semiannual Report | June 30, 2016  Page 47

   

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
MEDNAX, Inc. (2)		(2,405	)		(174,194	)
Molina Healthcare, Inc. (2)		(2,628	)		(131,137	)
Neurocrine Biosciences, Inc. (2)		(844	)		(38,360	)
Nevro Corp. (2)		(978	)		(72,137	)
Novavax, Inc. (2)		(29,142	)		(211,862	)
Ophthotech Corp. (2)		(3,072	)		(156,764	)
Pacira Pharmaceuticals, Inc./DE (2)		(3,710	)		(125,138	)
Perrigo Co. PLC		(1,809	)		(164,022	)
Portola Pharmaceuticals, Inc. (2)		(12,213	)		(288,227	)
Premier, Inc. (2)		(200	)		(6,540	)
Prothena Corp. PLC (2)		(2,482	)		(86,771	)
PTC Therapeutics, Inc. (2)		(6,183	)		(43,405	)
Regeneron Pharmaceuticals, Inc. (2)		(442	)		(154,360	)
Sage Therapeutics, Inc. (2)		(5,236	)		(157,761	)
Seattle Genetics, Inc. (2)		(2,871	)		(116,017	)
Spectranetics Corp./The (2)		(1,334	)		(24,959	)
Team Health Holdings, Inc. (2)		(3,691	)		(150,113	)
Tenet Healthcare Corp. (2)		(6,054	)		(167,333	)
TESARO, Inc. (2)		(2,484	)		(208,780	)
Ultragenyx Pharmaceutical, Inc. (2)		(1,911	)		(93,467	)
Varian Medical Systems, Inc. (2)		(1,626	)		(133,706	)
Veeva Systems, Inc. (2)		(5,120	)		(174,694	)
Vertex Pharmaceuticals, Inc. (2)		(1,869	)		(160,771	)
Wright Medical Group NV (2)		(7,477	)		(129,875	)
(Proceeds Received $(5,980,110))					(5,976,305	)
Industrials — (2.5%)
Allegiant Travel Co.		(769	)		(116,504	)
American Airlines Group, Inc.		(6,778	)		(191,885	)
Ametek, Inc.		(914	)		(42,254	)
Avis Budget Group, Inc. (2)		(5,449	)		(175,621	)
AZZ, Inc.		(723	)		(43,366	)
B/E Aerospace, Inc.		(2,600	)		(120,055	)
Clean Harbors, Inc. (2)		(859	)		(44,762	)
Colfax Corp. (2)		(4,476	)		(118,435	)
Deere & Co.		(1,056	)		(85,578	)
Donaldson Co., Inc.		(2,255	)		(77,482	)
Dun & Bradstreet Corp./The		(1,399	)		(170,454	)
Fastenal Co.		(2,053	)		(91,133	)
Flowserve Corp.		(3,510	)		(158,547	)
Genesee & Wyoming, Inc. (2)		(268	)		(15,799	)
Hertz Global Holding		(13,922	)		(154,117	)
Hexcel Corp.		(1,891	)		(78,741	)
Joy Global, Inc.		(3,608	)		(76,273	)
KBR, Inc.		(3,852	)		(51,000	)
Kennametal, Inc.		(3,823	)		(84,527	)
Knight Transportation, Inc.		(294	)		(7,815	)
Landstar System, Inc.		(405	)		(27,807	)
Middleby Corp./The (2)		(992	)		(114,328	)
Multi-Color Corp.		(379	)		(24,029	)
Navistar International Corp. (2)		(13,141	)		(153,618	)
Pentair PLC (2)		(2,907	)		(169,449	)
Pitney Bowes, Inc.		(5,702	)		(101,496	)
Powell Industries, Inc.		(2,315	)		(91,072	)
RBC Bearings, Inc. (2)		(505	)		(36,613	)
Swift Transportation Co. (2)		(4,282	)		(65,986	)
Team, Inc. (2)		(1,655	)		(41,094	)
TransDigm Group, Inc. (2)		(677	)		(178,518	)
Triumph Group, Inc.		(243	)		(8,627	)
United Rentals, Inc. (2)		(190	)		(12,749	)
United Technologies Corp.		(885	)		(90,757	)
Verisk Analytics, Inc. (2)		(206	)		(16,702	)
Wabtec Corp./DE		(549	)		(38,556	)
Woodward, Inc.		(868	)		(50,032	)
WW Grainger, Inc.		(265	)		(60,221	)
(Proceeds Received $(3,058,597))					(3,186,002	)
Information Technology — (4.4%)
Akamai Technologies, Inc. (2)		(2,711	)		(151,626	)
Alliance Data Systems Corp. (2)		(841	)		(164,769	)
Amphenol Corp. Class A		(548	)		(31,417	)
ARRIS International PLC (2)		(1,723	)		(36,114	)
Aspen Technology, Inc. (2)		(4,541	)		(182,730	)
Cardtronics, Inc. (2)		(969	)		(38,576	)
CDK Global, Inc.		(574	)		(31,851	)
CDW Corp./DE		(400	)		(16,032	)
Ciena Corp. (2)		(8,442	)		(158,288	)
Cognex Corp.		(595	)		(25,645	)
CommVault Systems, Inc. (2)		(823	)		(35,545	)
Cornerstone OnDemand, Inc. (2)		(4,225	)		(160,804	)
CoStar Group, Inc. (2)		(857	)		(187,392	)
EchoStar Corp. (2)		(720	)		(28,584	)
Electronics For Imaging, Inc. (2)		(1,399	)		(60,213	)
FactSet Research Systems, Inc.		(1,275	)		(205,804	)
FireEye, Inc. (2)		(11,859	)		(195,318	)
FleetCor Technologies, Inc. (2)		(1,080	)		(154,580	)
Fortnet, Inc.		(4,008	)		(126,613	)
GoDaddy, Inc. (2)		(2,832	)		(88,330	)
Guidewire Software, Inc. (2)		(2,892	)		(178,610	)
IAC/InterActiveCorp		(502	)		(28,263	)
Infinera Corp. (2)		(7,187	)		(81,069	)
Infoblox, Inc. (2)		(281	)		(5,272	)
j2 Global, Inc.		(2,642	)		(166,895	)
Keysight Technologies, Inc. (2)		(878	)		(25,541	)

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

Page 48 2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
LogMeIn, Inc.		(146	)		(9,261	)
Lumentum Holdings, Inc. (2)		(274	)		(6,631	)
MACOM Technology Solutions Holdings, Inc. (2)		(1,300	)		(42,874	)
MAXIMUS, Inc.		(2,522	)		(139,643	)
Microchip Technology, Inc.		(3,469	)		(176,086	)
MTS Systems Corp.		(244	)		(10,697	)
NetScout Systems, Inc. (2)		(3,798	)		(84,506	)
NetSuite, Inc. (2)		(2,548	)		(185,494	)
Paycom Software, Inc. (2)		(362	)		(15,642	)
Proofpoint, Inc. (2)		(2,832	)		(178,671	)
Rackspace Hosting, Inc. (2)		(4,457	)		(92,973	)
ServiceNow, Inc. (2)		(2,392	)		(158,829	)
Splunk, Inc. (2)		(3,037	)		(164,545	)
SS&C Technologies Holdings, Inc.		(1,202	)		(33,752	)
Synaptics, Inc. (2)		(95	)		(5,106	)
Take-Two Interactive Software, Inc. (2)		(2,017	)		(76,485	)
Teradata Corp. (2)		(6,267	)		(157,114	)
Twitter, Inc. (2)		(12,323	)		(208,382	)
Tyler Technologies, Inc. (2)		(1,127	)		(187,882	)
Ultimate Software Group, Inc./The (2)		(862	)		(181,270	)
VeriFone Systems, Inc. (2)		(3,100	)		(57,474	)
Verint Systems, Inc. (2)		(4,437	)		(146,998	)
Western Union Co./The		(1,382	)		(26,507	)
WEX, Inc. (2)		(1,863	)		(165,192	)
Workday, Inc. (2)		(2,538	)		(189,512	)
Yelp, Inc. (2)		(2,208	)		(67,035	)
Zebra Technologies Corp. (2)		(3,498	)		(175,250	)
Zendesk, Inc. (2)		(4,989	)		(131,610	)
(Proceeds Received $(5,566,902))					(5,641,302	)
Materials — (0.9%)
Allegheny Technologies, Inc.		(3,321	)		(42,343	)
Deltic Timber Corp.		(808	)		(54,241	)
Ecolab, Inc.		(305	)		(36,173	)
FMC Corp.		(2,194	)		(101,604	)
Freeport-McMoRan, Inc.		(11,988	)		(133,546	)
Kaiser Aluminum Corp.		(1,004	)		(90,772	)
KapStone Paper and Packaging Corp.		(2,267	)		(29,494	)
Louisiana-Pacific Corp. (2)		(9,785	)		(169,770	)
Monsanto Co.		(64	)		(6,618	)
NewMarket Corp.		(106	)		(43,924	)
Olin Corp.		(1,538	)		(38,204	)
Owens-Illinois, Inc. (2)		(638	)		(11,490	)
Platform Specialty Products Corp. (2)		(17,133	)		(152,141	)
Restoration Hardware Holdings, Inc. (2)		(5,118	)		(146,784	)
WR Grace & Co.		(700	)		(51,247	)
(Proceeds Received $(1,262,208))					(1,108,351	)
Telecommunication Services — (0.4%)
Cogent Communications Holdings, Inc.		(1,730	)		(69,304	)
Communications Sales & Leasing, Inc. (3)		(6,874	)		(198,659	)
SBA Communications Corp. (2)		(1,973	)		(212,966	)
Zayo Group Holdings, Inc. (2)		(1,842	)		(51,447	)
(Proceeds Received $(475,533))					(532,376	)
Utilities — (0.3%)
Dominion Resources, Inc./VA		(324	)		(25,249	)
El Paso Electric Co.		(2,647	)		(125,124	)
National Fuel Gas Co.		(3,092	)		(175,873	)
NRG Energy, Inc.		(1,509	)		(22,620	)
Ormat Technologies, Inc.		(1,440	)		(63,014	)
(Proceeds Received $(328,362))					(411,880	)
Total Common Stocks - Short (Proceeds Received $(34,840,115))					(35,068,762	)
Total Securities Sold Short (Proceeds Received $(34,840,115))					(35,068,762	)
Trustee Deferred Compensation (9)
Meeder Aggressive Growth Fund		162			1,539
Meeder Balanced Fund		95			993
Meeder Dynamic Growth Fund		60			557
Meeder Muirfield Fund		156			1,006
Meeder Quantex Fund		46			1,386
Meeder Miller/Howard Infrastructure Fund		29			611
Total Trustee Deferred Compensation (Cost $6,244)					6,092

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

2016 Semiannual Report | June 30, 2016     Page 49

Schedule of Investments
June 30, 2016 (unaudited)

Spectrum Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2016, notional value $61,347,370		587		(284,899	)
Total Futures Contracts		587		(284,899	)

(1) Cost for federal income tax purposes of $110,278,154 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	7,610,894
Unrealized depreciation		(6,879,238	)
Net unrealized appreciation (depreciation)	$	731,656

(2) Represents non-income producing securities.

(3) Real estate investment trust.

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

(5) Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2016.

(6) All or a portion of the security is held as collateral for securities sold short. The total fair value of this collateral on June 30, 2016 was $23,486,566.

(7) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(8) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(10) Exchange-traded fund.

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

Page 50   2016 Semiannual Report | June 30, 2016

  

Schedule of Investments
June 30, 2016 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 95.9%
Consumer Discretionary — 24.4%
Aaron's, Inc.		24,020		525,798
Abercrombie & Fitch Co.		19,919		354,757
Bed Bath & Beyond, Inc.		11,146		481,730
Big Lots, Inc.		13,954		699,235
Chico's FAS, Inc.		50,403		539,816
Darden Restaurants, Inc.		8,451		535,286
Deckers Outdoor Corp. (2)		11,394		655,383
DeVry Education Group, Inc.		21,249		379,082
Fossil Group, Inc. (2)		14,710		419,676
GameStop Corp. (4)		19,180		509,804
Garmin, Ltd. (4)		14,469		613,775
Guess?, Inc.		28,485		428,699
H&R Block, Inc.		26,362		606,326
Harman International Industries, Inc.		7,220		518,540
International Speedway Corp.		15,949		533,494
Leggett & Platt, Inc.		12,799		654,157
MDC Holdings, Inc.		21,066		512,746
Meredith Corp.		11,297		586,427
Michael Kors Holdings, Ltd. (2)		13,425		664,269
News Corp.		40,255		456,894
PVH Corp.		7,302		688,067
Rent-A-Center, Inc./TX		35,925		441,159
Scripps Networks Interactive, Inc.		9,741		606,572
Sotheby's (4)		20,877		572,030
Staples, Inc.		56,790		489,530
TEGNA, Inc.		27,048		626,702
Time, Inc.		34,321		564,924
Urban Outfitters, Inc. (2)		23,640		650,100
Wynn Resorts, Ltd. (4)		6,205		562,421
(Cost $16,488,419)				15,877,399
Consumer Staples — 2.1%
Avon Products, Inc.		120,424		455,203
Dean Foods Co.		31,359		567,284
SUPERVALU, Inc. (2)		79,322		374,400
(Cost $1,710,289)				1,396,887
Energy — 11.9%
Atwood Oceanics, Inc. (4)		52,571		658,189
Cabot Oil & Gas Corp.		30,402		782,547
CONSOL Energy, Inc. (4)		68,076		1,095,344
Diamond Offshore Drilling, Inc. (4)		25,488		620,123
Ensco PLC		34,945		339,316
EQT Corp.		10,317		798,845
Helmerich & Payne, Inc. (4)		10,043		674,187
Murphy Oil Corp.		23,956		760,603
ONEOK, Inc.		17,683		839,058
Range Resources Corp.		13,498		582,304
Southwestern Energy Co. (2)		45,078		567,081
(Cost $7,385,102)				7,717,597
Financials — 11.2%
Alexander & Baldwin, Inc.		17,029		615,428
Apartment Investment & Management Co. (3)		13,435		593,290
Assurant, Inc.		6,677		576,292
Comerica, Inc.		12,857		528,808
International Bancshares Corp.		23,477		612,515
Iron Mountain, Inc. (3)		16,750		667,153
Kemper Corp.		14,438		447,289
Legg Mason, Inc.		15,100		445,299
Leucadia National Corp.		33,907		587,608
Navient Corp.		46,970		561,292
Torchmark Corp.		9,409		581,664
Trustmark Corp.		23,342		580,049
Wells Fargo & Co. Preferred (2)		1		0
Zions Bancorporation		19,700		495,061
(Cost $6,679,022)				7,291,748
Healthcare — 4.1%
Halyard Health, Inc. (2)		16,097		523,474
Patterson Cos., Inc.		11,896		569,699
PerkinElmer, Inc.		10,039		526,244
Tenet Healthcare Corp. (2)		17,749		490,582
Varian Medical Systems, Inc. (2)		6,656		547,323
(Cost $2,730,597)				2,657,322
Industrials — 17.6%
Allegion PLC		8,158		566,410
Dun & Bradstreet Corp./The		5,175		630,522
Flowserve Corp.		12,781		577,318
FTI Consulting, Inc. (2)		15,517		631,232
GATX Corp. (4)		12,639		555,737
Granite Construction, Inc.		12,533		570,878
Herman Miller, Inc.		18,739		560,109
HNI Corp.		13,366		621,385
Jacobs Engineering Group, Inc. (2)		12,820		638,564
Joy Global, Inc.		42,649		901,601
Kennametal, Inc.		28,011		619,323
KLX, Inc. (2)		17,467		541,477
MSA Safety, Inc.		12,372		649,901
NOW, Inc. (2)		33,995		616,669
Pitney Bowes, Inc.		26,044		463,583

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

2016 Semiannual Report | June 30, 2016    Page 51

 

Schedule of Investments
June 30, 2016 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Quanta Services, Inc. (2)		26,558		614,021
Robert Half International, Inc.		11,409		435,367
Werner Enterprises, Inc.		22,993		528,149
Xylem, Inc./NY		14,734		657,873
(Cost $10,798,936)				11,380,119
Information Technology — 10.3%
Acxiom Corp. (2)		25,850		568,442
CommVault Systems, Inc. (2)		13,667		590,278
F5 Networks, Inc. (2)		5,547		631,470
FLIR Systems, Inc.		19,159		592,971
Intersil Corp.		42,148		570,684
Knowles Corp. (2)(4)		40,345		551,920
NetApp, Inc.		20,272		498,488
NeuStar, Inc. (2)(4)		22,437		527,494
Plantronics, Inc.		11,341		499,004
Qorvo, Inc. (2)		10,566		583,878
Teradata Corp. (2)		20,356		510,325
Vishay Intertechnology, Inc.		44,631		552,978
(Cost $7,205,397)				6,677,932
Materials — 8.2%
Avery Dennison Corp.		8,583		641,579
Carpenter Technology Corp.		17,767		585,067
Chemours Co./The		62,948		518,692
Commercial Metals Co.		39,284		663,900
FMC Corp.		12,952		599,807
Greif, Inc.		17,455		650,549
Minerals Technologies, Inc.		9,606		545,621
Owens-Illinois, Inc. (2)		31,380		565,154
United States Steel Corp. (4)		33,271		560,949
(Cost $4,780,047)				5,331,318
Utilities — 6.1%
AES Corp./VA		56,197		701,339
CenterPoint Energy, Inc.		29,292		703,008
Fluor Corp.		11,892		586,038
NiSource, Inc.		27,566		731,051
NRG Energy, Inc.		39,704		595,163
Pinnacle West Capital Corp.		8,341		676,120
(Cost $3,321,814)				3,992,719
Total Common Stocks (Cost $61,099,623)				62,323,041
Money Market Registered Investment Companies — 14.1%
Fidelity Institutional Money Market Portfolio, 0.46% (5)		6,936,623		6,936,623
Meeder Money Market Fund - Institutional Class, 0.39% (6)		2,238,655		2,238,655
Total Money Market Registered Investment Companies (Cost $9,175,278)				9,175,278
Bank Obligations — 1.1%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (7)		249,000		249,000
EverBank Money Market Account, 0.61%, 7/1/2016 (7)		249,000		249,000
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (7)		249,000		249,000
Total Bank Obligations (Cost $747,000)				747,000
Total Investments — 111.1% (Cost $71,021,901) (1)				72,245,319
Liabilities less Other Assets — (11.1%)				(7,206,789	)
Total Net Assets — 100.0%				65,038,530
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		1,394		13,243
Meeder Balanced Fund		738		7,712
Meeder Dynamic Growth Fund		497		4,612
Meeder Muirfield Fund		2,399		15,474
Meeder Quantex Fund		1,580		47,621
Meeder Miller/Howard Infrastructure Fund		212		4,469
Total Trustee Deferred Compensation (Cost $73,920)				93,131

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

Page 52    2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Quantex Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
E-mini Standard & Poors MidCap 400 Futures expiring September 2016, notional value $3,732,500		25		9,009
Total Futures Contracts		25		9,009

(1) Cost for federal income tax purposes of $71,057,383 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	6,563,674
Unrealized depreciation		(5,331,247	)
Net unrealized appreciation (depreciation)	$	1,232,427

(2) Represents non-income producing securities.

(3) Real estate investment trust.

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

(5) Investment purchased as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2016.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(7) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

2016 Semiannual Report | June 30, 2016  Page 53

   

Schedule of Investments
June 30, 2016 (unaudited)

Miller/Howard Infrastructure Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 99.4%
Electric Utility — 14.5%
AES Corp.		52,318		652,929
Avangrid, Inc.		19,250		886,655
InfraREIT, Inc. (4)		25,127		440,728
ITC Holdings Corp.		8,839		413,842
MDU Resources Group, Inc.		21,621		518,904
(Cost $2,591,410)				2,913,058
Natural Gas Distribution — 15.1%
Energy Transfer Equity, L.P.		6,323		240,717
National Grid PLC - ADR (3)		9,782		727,096
OGE Energy Corp.		26,308		861,587
Targa Resources Corp.		19,859		836,858
Williams Cos., Inc./The		18,099		391,481
(Cost $2,959,413)				3,057,739
Pipelines — 14.2%
Enterprise Products Partners, L.P.		24,993		731,295
Kinder Morgan, Inc.		48,417		906,299
MPLX L.P.		7,955		267,527
National Fuel Gas Co.		9,001		511,977
Spectra Energy Corp.		11,834		433,479
(Cost $3,091,296)				2,850,577
Telecommunication Services — 31.1%
American Tower Corp. (4)		7,342		834,125
Arris Group, Inc. (2)		17,839		373,905
AT&T, Inc.		15,221		657,699
Calpine Corp. (2)		20,937		308,821
Corning, Inc.		29,208		598,180
Crown Castle International Corp. (4)		4,154		421,340
DISH Network Corp. (2)		10,384		544,122
QUALCOMM, Inc.		16,211		868,423
Telefonaktiebolaget LM Ericsson - ADR (3)		38,297		294,121
Telephone & Data Systems, Inc.		9,530		282,660
Verizon Communications, Inc.		7,168		400,261
Vodafone Group PLC - ADR (3)		22,313		689,249
(Cost $6,367,198)				6,272,906
Utility Services — 20.1%
FedEx Corp.		4,522		686,349
Macquarie Infrastructure Company, LLC		13,243		980,644
NextEra Energy Partners, L.P.		16,809		510,657
Ormat Technologies, Inc.		6,427		281,246
Pattern Energy Group, Inc.		19,509		448,122
UGI Corp.		9,684		438,201
United Parcel Service Class B shares		6,463		696,194
(Cost $3,680,671)				4,041,413
Water Utility — 4.4%
Aqua America, Inc.		5,699		203,226
Veolia Environnement SA - ADR (3)		31,435		681,197
(Cost $794,823)				884,423
Total Common Stocks (Cost $19,484,811)				20,020,116
Money Market Registered Investment Companies — 1.4%
Meeder Money Market Fund - Institutional Class, 0.39% (5)		274,290		274,290
Total Money Market Registered Investment Companies (Cost $274,290)				274,290
Total Investments — 100.8% (Cost $19,759,101) (1)				20,294,406
Liabilities less Other Assets — (0.8%)				(166,718	)
Total Net Assets — 100.0%				20,127,688
Trustee Deferred Compensation (6)
Meeder Aggressive Growth Fund		1,517		14,412
Meeder Balanced Fund		797		8,329
Meeder Dynamic Growth Fund		537		4,983
Meeder Muirfield Fund		2,221		14,325
Meeder Quantex Fund		1,373		41,382
Meeder Miller/Howard Infrastructure Fund		228		4,806
Total Trustee Deferred Compensation (Cost $70,774)				88,237

(1) Cost for federal income tax purposes of $20,271,682 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,280,043
Unrealized depreciation		(1,744,738	)
Net unrealized appreciation (depreciation)	$	535,305

(2) Represents non-income producing securities.

(3) American Depositary Receipt.

(4) Real estate investment trust.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(6) Assets of affiliates to the Miller/Howard Infrastructure Fund held for the benefit of the Fund’s Trustees in connection with the Trustees Deferred Compensation Plan.

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

Page 54   2016 Semiannual Report | June 30, 2016

   

Schedule of Investments
June 30, 2016 (unaudited)

Dividend Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 90.0%
Consumer Discretionary — 8.0%
Aaron's, Inc.		336		7,355
Abercrombie & Fitch Co.		19,177		341,542
Best Buy Co., Inc.		11,568		353,981
Children's Place, Inc./The		4,552		364,979
Coach, Inc.		4,827		196,652
Comcast Corp.		841		54,825
Drew Industries, Inc.		2,735		232,037
General Motors Co.		16,568		468,874
Genuine Parts Co.		3,997		404,696
Goodyear Tire & Rubber Co./The		182		4,670
Lear Corp.		705		71,741
Lowe's Cos., Inc.		4,469		353,811
McDonald's Corp.		394		47,414
News Corp.		26,118		296,439
(Cost $3,227,384)				3,199,016
Consumer Staples — 8.0%
Altria Group, Inc.		7,128		491,547
Ingredion, Inc.		3,002		388,489
Philip Morris International, Inc.		4,806		488,866
Procter & Gamble Co./The		2,881		243,934
Reynolds American, Inc.		6,700		361,331
Sysco Corp.		8,538		433,218
Tyson Foods, Inc.		6,570		438,810
Wal-Mart Stores, Inc.		4,824		352,248
(Cost $2,716,450)				3,198,443
Energy — 5.3%
Chevron Corp.		6,372		667,977
Exxon Mobil Corp.		7,005		656,649
PBF Energy, Inc.		1,141		27,133
Valero Energy Corp.		8,004		408,204
Williams Cos., Inc./The		16,823		363,881
(Cost $2,002,837)				2,123,844
Financials — 33.5%
Aflac, Inc.		6,190		446,670
American International Group, Inc.		10,023		530,116
Assurant, Inc.		4,379		377,951
Bank of America Corp.		52,772		700,285
Capital One Financial Corp.		7,177		455,811
CBL & Associates Properties, Inc. (2)		962		8,956
CIT Group, Inc.		6,093		194,428
Citigroup, Inc.		3,996		169,390
Citizens Financial Group, Inc.		17,938		358,401
CNO Financial Group, Inc.		19,313		337,205
Columbia Property Trust, Inc. (2)		16,100		344,540
CoreSite Realty Corp. (2)		4,180		370,724
Corporate Office Properties Trust (2)		12,351		365,219
DuPont Fabros Technology, Inc. (2)		7,565		359,640
Fifth Third Bancorp		7,150		125,769
Fulton Financial Corp.		2,494		33,669
GEO Group, Inc./The (2)		7,790		266,262
Hancock Holding Co.		8,840		230,812
Hanover Insurance Group, Inc./The		4,405		372,751
Hospitality Properties Trust (2)		11,567		333,130
JPMorgan Chase & Co.		15,137		940,613
KeyCorp		19,375		214,094
Lexington Realty Trust (2)		36,205		366,033
Lincoln National Corp.		9,190		356,296
MetLife, Inc.		11,345		451,871
Navient Corp.		30,740		367,343
Old Republic International Corp.		19,646		378,971
PacWest Bancorp		3,900		155,142
Popular, Inc.		12,250		358,925
Prudential Financial, Inc.		6,081		433,819
Regions Financial Corp.		42,939		365,411
Reinsurance Group of America, Inc.		3,942		382,335
Senior Housing Properties Trust (2)		17,217		358,630
Spirit Realty Capital, Inc. (2)		24,969		318,854
SunTrust Banks, Inc.		10,026		411,868
Travelers Cos., Inc./The		3,862		459,732
Trustmark Corp.		600		14,910
Unum Group		11,207		356,271
Wells Fargo & Co.		5,953		281,755
(Cost $13,613,332)				13,354,602
Healthcare — 4.5%
Johnson & Johnson		9,735		1,180,857
Merck & Co., Inc.		1,000		57,610
PDL BioPharma, Inc.		79,817		250,625
Pfizer, Inc.		5,939		209,112
Quality Systems, Inc.		3,580		42,638
UnitedHealth Group, Inc.		428		60,434
(Cost $1,628,068)				1,801,276
Industrials — 5.9%
3M Co.		244		42,729
General Electric Co.		14,489		456,114
ManpowerGroup, Inc.		4,734		304,586
Owens Corning		7,464		384,545
Quad/Graphics, Inc.		16,339		380,535
RR Donnelley & Sons Co.		2,369		40,083

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

2016 Semiannual Report | June 30, 2016 Page 55

    

Schedule of Investments
June 30, 2016 (unaudited)

Dividend Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Terex Corp.		19,117		388,266
Universal Forest Products, Inc.		4,097		379,751
(Cost $2,212,080)				2,376,609
Information Technology — 10.8%
Activision Blizzard, Inc.		11,439		453,328
Avnet, Inc.		8,810		356,893
Cisco Systems, Inc.		25,751		738,796
Convergys Corp.		9,020		225,500
Intel Corp.		7,312		239,834
International Business Machines Corp.		210		31,874
Intersil Corp.		18,260		247,240
Maxim Integrated Products, Inc.		10,125		361,361
Microsoft Corp.		13,621		696,987
NVIDIA Corp.		8,853		416,180
Oracle Corp.		2,026		82,924
Texas Instruments, Inc.		1,261		79,002
Xerox Corp.		39,066		370,736
(Cost $4,146,477)				4,300,655
Materials — 5.3%
Albemarle Corp.		4,324		342,936
Avery Dennison Corp.		4,114		307,522
Commercial Metals Co.		19,311		326,356
Newmont Mining Corp.		9,698		379,386
Reliance Steel & Aluminum Co.		4,950		380,655
Steel Dynamics, Inc.		14,795		362,478
(Cost $2,010,488)				2,099,333
Telecommunication Services — 5.8%
AT&T, Inc.		24,544		1,060,547
CenturyLink, Inc.		14,007		406,343
Frontier Communications Corp.		52,015		256,954
Telephone & Data Systems, Inc.		12,632		374,665
Verizon Communications, Inc.		4,252		237,432
(Cost $2,097,443)				2,335,941
Utilities — 2.9%
Exelon Corp.		12,477		453,665
PG&E Corp.		6,923		442,518
Pinnacle West Capital Corp.		3,338		270,579
(Cost $1,059,101)				1,166,762
Total Common Stocks (Cost $34,713,660)				35,956,481
Registered Investment Companies — 1.6%
iShares MSCI Emerging Markets ETF (6)		18,733		643,666
Total Registered Investment Companies (Cost $646,825)				643,666
Money Market Registered Investment Companies — 7.2%
Meeder Money Market Fund - Institutional Class, 0.39% (3)		2,887,770		2,887,770
Total Money Market Registered Investment Companies (Cost $2,887,770)				2,887,770
Bank Obligations — 0.6%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (4)		249,000		249,000
Total Bank Obligations (Cost $249,000)				249,000
Total Investments — 99.4% (Cost $38,497,255) (1)				39,736,917
Other Assets less Liabilities — 0.6%				242,903
Total Net Assets — 100.0%				39,979,820
Trustee Deferred Compensation (5)
Meeder Aggressive Growth Fund		50		475
Meeder Balanced Fund		29		303
Meeder Dynamic Growth Fund		18		167
Meeder Muirfield Fund		48		310
Meeder Quantex Fund		14		422
Meeder Miller/Howard Infrastructure Fund		9		190
Total Trustee Deferred Compensation (Cost $1,871)				1,867

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

Page 56    2016 Semiannual Report | June 30, 2016

  

Schedule of Investments
June 30, 2016 (unaudited)

Dividend Opportunities Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2016, notional value $4,180,400		40		4,652
Total Futures Contracts		40		4,652

(1) Cost for federal income tax purposes of $38,645,157 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,775,697
Unrealized depreciation		(1,531,383	)
Net unrealized appreciation (depreciation)	$	1,244,314

(2) Real estate investment trust.

(3) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(4) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(6) Exchange-traded fund.

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

2016 Semiannual Report | June 30, 2016 Page 57

    

Schedule of Investments
June 30, 2016 (unaudited)

Total Return Bond Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — 96.4%
Baird Core Plus Bond Fund - Class I		805,470		8,900,439
DoubleLine Total Return Bond Fund - Class I		1,342,094		14,291,400
Frost Total Return Bond Fund - Class I		596,933		6,077,113
iShares 1-3 Year Treasury Bond ETF (5)		127,380		10,868,062
iShares 3-7 Year Treasury Bond ETF (5)		264,230		33,649,690
iShares 7-10 Year Treasury Bond ETF (5)		244,365		27,601,589
iShares iBoxx $ High Yield Corporate Bond ETF (5)		127,885		10,831,860
iShares JP Morgan USD Emerging Markets Bond ETF (5)		224,305		25,828,720
JPMorgan Core Plus Bond Fund - Class I		1,116,347		9,104,605
Lord Abbett High Yield Fund - Class I		1,585,234		11,445,387
Metropolitan West Total Return Bond Fund - Class I		1,342,763		14,337,304
PIMCO Investment Grade Corporate Bond Fund - Class I		282,125		2,862,431
Pioneer Bond Fund - Class Y		947,189		8,902,279
Prudential Total Return Bond Fund - Class Z		1,010,870		14,408,893
TCW Emerging Markets Income Fund - Class I		1,152,086		9,401,025
Total Registered Investment Companies (Cost $203,830,701)				208,510,797
Money Market Registered Investment Companies — 3.8%
Meeder Money Market Fund - Institutional Class, 0.39% (2)		8,224,716		8,224,716
Total Money Market Registered Investment Companies (Cost $8,224,716)				8,224,716
Bank Obligations — 0.3%
Capital Bank Deposit Account, 0.70%, 7/1/2016 (3)		249,000		249,000
EverBank Money Market Account, 0.61%, 7/1/2016 (3)		249,000		249,000
Pacific Mercantile Bank Deposit Account, 0.60%, 7/1/2016 (3)		249,000		249,000
Total Bank Obligations (Cost $747,000)				747,000
U.S. Government Obligations — 0.0%
Government National Mortgage Association, 6.50%, due 7/20/2038		40,716		53,522
Total U.S. Government Obligations (Cost $47,694)				53,522
Total Investments — 100.5% (Cost $212,850,111) (1)				217,536,035
Liabilities less Other Assets — (0.5%)				(1,029,385	)
Total Net Assets — 100.0%				216,506,650
Trustee Deferred Compensation (4)
Meeder Aggressive Growth Fund		1,337		12,702
Meeder Balanced Fund		733		7,660
Meeder Dynamic Growth Fund		503		4,668
Meeder Muirfield Fund		1,302		8,398
Meeder Quantex Fund		445		13,412
Meeder Miller/Howard Infrastructure Fund		217		4,574
Total Trustee Deferred Compensation (Cost $51,600)				51,414

(1) Cost for federal income tax purposes of $213,342,748 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	4,716,859
Unrealized depreciation		(30,935	)
Net unrealized appreciation (depreciation)	$	4,685,924

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2016.

(3) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

(5) Exchange-traded fund.

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

Page 58 2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Money Market Fund
Security Description	Coupon/Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)
Bank Obligations — 5.6%
Bank Midwest Deposit Account		0.65	%(2)	07/01/16		249,537		249,537
Capital Bank Deposit Account		0.70	%(2)	07/01/16		249,553		249,553
Columbus First Bank Deposit Account		0.45	%(2)	07/01/16		249,317		249,317
EverBank Money Market Account		0.61	%(2)	07/01/16		249,512		249,512
FICA Program (3)		0.45	%(2)	—		10,009,426		10,009,426
Metro City Bank Deposit Account		0.45	%(2)	07/01/16		249,371		249,371
Mid America Bank Demand Deposit Account		0.50	%(2)	07/01/16		249,462		249,462
Nationwide Bank Deposit Account		0.50	%(2)	07/01/16		249,412		249,412
Pacific Mercantile Bank Deposit Account		0.60	%(2)	07/01/16		249,504		249,504
Paragon Commercial Bank Deposit Account		0.70	%(2)	07/01/16		249,439		249,439
Plaza Bank Deposit Account		0.45	%(2)	07/01/16		249,372		249,372
State Bank of India Deposit Account		0.60	%(2)	07/01/16		249,377		249,377
Trans Pacific National Bank Deposit Account		0.40	%(2)	07/01/16		249,336		249,336
Total Bank Obligations (Cost $13,002,618)								13,002,618
Certificates of Deposit — 5.5%
1st Source Bank/South Bend IN		0.50	%	11/10/16		248,000		248,000
Academy Bank NA		0.55	%	09/30/16		248,000		248,000
Ally Bank		0.45	%	07/08/16		249,000		249,000
Apple Bank for Savings		0.55	%	08/12/16		248,000		248,000
Atlantic Capital Bank NA		0.55	%	09/30/16		249,000		249,000
Atlantic Coast Bank		0.50	%	10/28/16		249,000		249,000
Banco Popular North America		0.65	%	08/12/16		248,000		248,000
Bank Hapoalim BM/New York NY		0.70	%	09/30/16		248,000		248,000
Bank of Baroda/New York NY		0.60	%	07/13/16		248,000		248,000
Bank of Montreal Chicago		0.58	%	09/19/16		1,000,000		1,000,000
Bank of Montreal Chicago		0.88	%	08/01/16		1,000,000		1,000,042
Bank SNB		0.45	%	10/07/16		248,000		248,000
BankChampaign NA		0.50	%	10/28/16		249,000		249,000
Beal Bank SSB		0.60	%	09/28/16		248,000		248,000
Beal Bank USA		0.55	%	10/12/16		248,000		247,965
Carroll Community Bank		0.55	%	10/14/16		248,000		248,000
Comenity Capital Bank		0.60	%	07/13/16		249,000		249,000
Farmers & Merchants Bank of Colby		0.45	%	10/14/16		249,000		249,000
Fidelity Bank/Atlanta GA		0.55	%	07/21/16		248,000		248,000
First Foundation Bank		0.55	%	11/10/16		248,000		248,000
FirstMerit Bank NA/Akron OH		0.55	%	11/10/16		248,000		248,000
Goldman Sachs Bank USA/New York NY		0.55	%	08/12/16		248,000		248,000
Haddon Savings Bank		0.50	%	11/18/16		249,000		249,000
Marlin Business Bank		0.55	%	08/05/16		248,000		248,000
Midland States Bank		0.60	%	08/15/16		249,000		249,000
MY SAFRA Bank FSB		0.55	%	11/09/16		249,000		249,000
New Republic Savings Bank		0.50	%	10/14/16		249,000		249,000
Oklahoma Heritage Bank		0.45	%	10/14/16		249,000		249,000
Old National Bank/Evansville IN		0.50	%	10/21/16		248,000		248,000
Oriental Bank		0.60	%	07/08/16		248,000		248,000
Rancho Santa Fe Thrift & Loan Association		0.55	%	11/10/16		249,000		249,000
Ridgestone Bank		0.45	%	10/21/16		249,000		249,000
S&T Bank		0.55	%	08/12/16		248,000		248,000
Safra National Bank of New York		0.60	%	08/16/16		248,000		248,000
Santander Bank NA		0.65	%	08/12/16		248,000		248,000
Security Federal Bank/Aiken SC		0.60	%	08/15/16		249,000		249,000
SouthEast Bank		0.55	%	10/21/16		248,000		248,000
Standard Bank & Trust Co./Hickory Hills IL		0.55	%	10/21/16		248,000		248,000
TCF National Bank		0.55	%	10/07/16		248,000		248,000
Union Bank & Trust Co./Oxford NC		0.50	%	11/10/16		249,000		249,000
United Bank		0.70	%	11/16/16		249,000		249,000
United Prairie Bank/Mountain Lake MN		0.40	%	08/22/16		249,000		249,000
Westpac Bank		0.93	%	10/24/16		265,000		265,025
Whitney Bank/Gulfport MS		0.65	%	08/12/16		248,000		248,000
Xenith Bank		0.55	%	10/20/16		249,000		249,000
Yadkin Bank		0.50	%	10/07/16		249,000		249,000
Total Certificates of Deposit (Cost $12,948,032)								12,948,032

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

2016 Semiannual Report | June 30, 2016  Page 59

   

Schedule of Investments
June 30, 2016 (unaudited)

Money Market Fund
Security Description	Coupon/Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — 15.4%
Abbey National		0.81	%	09/20/16		1,000,000		998,178
Abbey National		0.92	%	11/10/16		1,000,000		996,627
Abbey National		0.93	%	01/03/17		1,000,000		995,195
Abbey National		0.92	%	01/06/17		1,000,000		995,170
Bank of Montreal		1.02	%	03/03/17		1,000,000		993,045
Bank of Tokyo MUFG		0.63	%	07/08/16		1,000,000		999,878
Bank of Tokyo MUFG		0.78	%	08/23/16		1,000,000		998,852
Bank of Tokyo MUFG		0.86	%	09/23/16		1,000,000		997,993
Bank of Tokyo MUFG		0.86	%	09/28/16		1,000,000		997,874
Bank of Tokyo MUFG		1.02	%	03/10/17		1,000,000		992,860
Canadian Imperial Holding		0.97	%	12/16/16		2,000,000		1,991,040
Canadian Imperial Holding		1.04	%	02/17/17		500,000		496,663
Credit Agricole		0.81	%	11/29/16		1,000,000		996,602
Credit Agricole		0.91	%	12/27/16		2,500,000		2,488,687
ING US Funding LLC		0.60	%	07/11/16		1,000,000		999,833
ING US Funding LLC		0.69	%	08/01/16		1,000,000		999,406
ING US Funding LLC		0.70	%	08/05/16		1,000,000		999,319
ING US Funding LLC		0.87	%	10/07/16		1,000,000		998,173
JP Morgan Securities		0.62	%	07/08/16		1,000,000		999,879
JP Morgan Securities		0.65	%	07/29/16		1,000,000		999,494
JP Morgan Securities		0.81	%	08/16/16		1,000,000		998,978
JP Morgan Securities		0.92	%	09/06/16		1,000,000		998,288
JP Morgan Securities		0.99	%	09/13/16		1,000,000		997,965
JP Morgan Securities		1.01	%	10/25/16		1,000,000		996,746
JP Morgan Securities		0.99	%	03/23/17		1,000,000		992,713
Rabobank		0.84	%	10/24/16		1,000,000		997,317
Toyota Motor Credit		0.82	%	07/05/16		1,000,000		999,909
Toyota Motor Credit		0.41	%	07/01/16		1,000,000		1,000,000
Toyota Motor Credit		0.65	%	07/29/16		1,000,000		999,494
Toyota Motor Credit		0.89	%	09/06/16		1,000,000		998,344
Toyota Motor Credit		0.81	%	11/18/16		1,000,000		1,000,000
Toyota Motor Credit		0.96	%	12/12/16		1,000,000		995,627
Toyota Motor Credit		0.99	%	12/16/16		1,000,000		995,380
UBS Finance		0.86	%	07/05/16		1,000,000		999,904
Total Commercial Paper (Cost $35,905,433)								35,905,433
Corporate Obligations — 9.0%
Bath Technology Associates, Ltd.		0.66	%(5)	07/07/16		355,000		355,000
Caterpillar Demand Note		0.45	%(4)	07/01/16		15,007,829		15,007,829
Johnson & Johnson		0.74	%(4)	08/31/16		500,000		500,204
Merck & Co., Inc.		0.75	%(4)	08/10/16		300,000		300,176
Royal Bank of Canada		1.12	%(4)	09/09/16		1,000,000		1,000,570
Royal Bank of Canada/New York NY		0.88	%(4)	07/14/16		1,500,000		1,500,453
Springside Corp Exchange Partners I LLC		0.66	%(5)	07/07/16		1,750,000		1,750,000
US Bank NA/Cincinnati OH		1.10	%(4)	01/30/17		553,000		553,888
Total Corporate Obligations (Cost $20,968,120)								20,968,120
Repurchase Agreements — 34.2%
Int’l FCStone (Collateralized by $51,372,222 various FNMAs, 2.00% - 4.50%, due 8/1/20 - 8/1/40, fair value $10,202,740)(proceeds $10,000,000), purchase date 6/28/16		0.48	%	07/05/16		10,000,000		10,000,000
Int’l FCStone (Collateralized by $16,095,000 various FNMAs, 3.50% - 4.50%, due 3/1/32 - 3/1/46, fair value $10,202,352)(proceeds $10,000,000), purchase date 6/29/16		0.46	%	07/06/16		10,000,000		10,000,000
Int’l FCStone (Collateralized by $30,708,740 various GNMAs, FNMAs, and FHLMCs, 0.789% - 6.375%, due 12/16/24 - 2/20/42, fair value $10,200,790)(proceeds $10,000,000), purchase date 6/30/16		0.45	%	07/07/16		10,000,000		10,000,000

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

Page 60     2016 Semiannual Report | June 30, 2016

Schedule of Investments
June 30, 2016 (unaudited)

Money Market Fund
Security Description	Coupon/Yield			Maturity/ Demand Date	Principal Amount ($) or Shares		Fair Value ($)
Repurchase Agreements — continued
South Street (Collateralized by $170,022,606 various USTRs, FNMAs, and FMACs, 0.625% - 5.607%, due 1/1/17 - 6/1/43, fair value $51,000,028) (proceeds $50,000,000), purchase date 6/30/16		0.55	%	07/01/16		50,000,000		50,000,000
Total Repurchase Agreements (Cost $80,000,000)								80,000,000
U.S. Government Agency Obligations — 5.9%
Federal Farm Credit Bank		0.53	%(4)	09/19/16		1,000,000		1,000,023
Federal Farm Credit Bank		0.55	%(4)	08/07/16		500,000		499,910
Federal Farm Credit Bank		0.57	%(4)	09/14/16		1,000,000		1,000,000
Federal Farm Credit Bank		0.51	%(4)	07/27/16		1,270,000		1,269,554
Federal Farm Credit Bank		0.49	%(4)	09/22/16		1,500,000		1,498,215
Federal Home Loan Bank		0.51	%(4)	07/13/16		1,000,000		1,000,000
Federal Home Loan Bank		0.53	%(4)	07/19/16		1,000,000		999,985
Federal Home Loan Bank		0.88	%	03/10/17		1,000,000		1,000,655
Federal Home Loan Bank		0.83	%	04/12/17		1,000,000		1,000,000
Federal Home Loan Bank		0.85	%	04/17/17		1,000,000		1,000,000
Federal Home Loan Bank		0.75	%	07/20/17		1,000,000		1,000,000
U.S. Treasury Bill		0.71	%	12/08/16		1,000,000		996,867
U.S. Treasury Note		0.50	%	03/31/17		250,000		249,793
U.S. Treasury Note		0.50	%	04/30/17		250,000		249,791
U.S. Treasury Note		0.88	%	05/15/17		250,000		250,641
U.S. Treasury Note		0.63	%	05/31/17		500,000		499,962
U.S. Treasury Note		0.88	%	06/15/17		250,000		250,425
Total U.S. Government Agency Obligations (Cost $13,765,821)								13,765,821

Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 24.4%
Fidelity Prime Institutional Money Market Portfolio, 0.48% (6)		56,932,329		56,932,329
Total Money Market Registered Investment Companies (Cost $56,932,329)				56,932,329
Total Investments — 100.0% (Cost $233,522,353) (1)				233,522,353
Other Assets less Liabilities — 0.0%				62,080
Total Net Assets — 100.0%				233,584,433
Trustee Deferred Compensation (7)
Meeder Aggressive Growth Fund		1,069		10,156
Meeder Balanced Fund		557		5,821
Meeder Dynamic Growth Fund		376		3,489
Meeder Muirfield Fund		1,968		12,694
Meeder Quantex Fund		1,364		41,111
Meeder Miller/Howard Infrastructure Fund		159		3,352
Total Trustee Deferred Compensation (Cost $61,542)				76,623

(1) Cost for federal income tax and financial reporting purposes are the same.

(2) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(3) The FICA bank deposits were purchased through StoneCastle Partners, LLC, an independent, privately held asset management and investment services company. The underlying bank deposits are insured through the Federal Deposit Insurance Corporation (FDIC). The interest rate varies monthly and any accrued interest is reinvested into the program on a monthly basis. For a complete list of the underlying bank deposits that make up this program, visit www.meederinvestment.com.

(4) Floating rate security. The rate shown represents the rate in effect at June 30, 2016. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(5) Represents a restricted security purchased under Rule 144A, which is exempt from registration under the Securities Act of 1933, as amended. Security is restricted as to resale to institutional investors, but has been deemed liquid in accordance with guidelines approved by the Board of Trustees. Bath Technologies was acquired on 10/18/1999 at a cost of $355,000. Springside Corp. Exchange Partners, LLC was acquired on 2/5/2004 at a cost of $1,750,000. As of June 30, 2016, securities restricted as to resale to institutional investors represented 0.9% of Total Investments. The fair value noted approximates amortized cost.

(6) 7-day yield as of June 30, 2016.

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

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

2016 Semiannual Report | June 30, 2016    Page 61

 

Statements of Assets & Liabilities
June 30, 2016 (unaudited)

	Muirfield Fund			Dynamic Growth Fund			Aggressive Growth Fund
Assets
Investments, at fair value (1)(2)	$	299,789,019		$	89,905,372		$	61,080,417
Repurchase agreements, at fair value (1)		—			—			—
Investments in affiliates, at fair value and cost (1)		76,913,043			14,719,952			9,068,520
Trustee deferred compensation investments, at fair value		274,022			150,360			89,079
Cash held at broker for collateral on futures		7,600,000			1,000,000			500,000
Cash held at broker for collateral on securities sold short		—			—			—
Receivable for securities sold		12,182,413			3,541,031			2,247,253
Receivable for net variation margin on futures contracts		—			543,063			842,146
Receivable for capital stock issued		344,017			41,130			39,685
Receivable from investment advisor		—			—			—
Interest and dividend receivable		327,712			91,609			58,658
Receivable from securities lending agent (See Note #4)		1,483			92			269
Receivable for commissions recaptured		228,307			67,020			48,193
Prepaid expenses/other assets		43,508			15,641			15,478
Total Assets		397,703,524			110,075,270			73,989,698
Liabilities
Securities sold short at fair value (proceeds $34,840,115)		—			—			—
Payable for securities purchased		12,634,017			3,713,470			2,406,232
Payable for collateral on securities loaned		945,851			144,234			1,222,579
Payable for Trustee Deferred Compensation Plan		274,022			150,360			89,079
Payable for net variation margin on futures contracts		575,110			—			—
Payable for capital stock redeemed		823,902			430,415			99,651
Dividends payable		20,519			531			47
Dividends payable - Money Market Fund - Retail Class
Dividends payable - Money Market Fund - Institutional Class
Dividend expense payable on short positions		—			—			—
Payable to investment advisor		47,397			14,615			9,049
Accrued distribution plan (12b-1) and administrative service plan fees		365,410			112,326			74,637
Accrued transfer agent, fund accounting, CCO, and administrative fees		15,115			6,382			6,205
Accrued trustee fees		6,287			2,359			1,619
Other accrued liabilities		23,914			16,963			16,092
Total Liabilities		15,731,544			4,591,655			3,925,190
Net Assets	$	381,971,980		$	105,483,615		$	70,064,508
Net Assets
Capital	$	390,522,891		$	106,697,990		$	72,408,960
Accumulated undistributed (distributions in excess of) net investment income		1,029,993			371,397			136,002
Accumulated undistributed net realized gain (loss) from investments and futures contracts		(17,715,996	)		(3,922,171	)		(3,580,981	)
Net unrealized appreciation (depreciation) of investments and futures contracts		8,135,092			2,336,399			1,100,527
Total Net Assets	$	381,971,980		$	105,483,615		$	70,064,508
Net Assets
Money Market Fund - Retail Class
Money Market Fund - Institutional Class
Total Net Assets
Capital Stock Outstanding (unlimited number of shares authorized, $0.10 par value)		59,217,225			11,362,031			7,372,176
Money Market Fund - Retail Class
Money Market Fund - Institutional Class
Total Capital Stock Outstanding
Net Asset Value, Offering and Redemption Price Per Share	$	6.45		$	9.28		$	9.50
Money Market Fund - Retail Class
Money Market Fund - Institutional Class
(1) Investments and affiliated investments at cost	$	368,521,239		$	102,226,280		$	68,984,465
(2) Fair value of securities loaned included in investments at fair value (See Note #1 and Note #4)	$	954,438		$	145,144		$	1,247,489

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

Page 62 2016 Semiannual Report | June 30, 2016

    

Balanced Fund			Global Opportunities  Fund			Spectrum Fund			Quantex Fund		Miller/Howard Infrastructure Fund			Dividend Opportunities Fund			Total Return Bond Fund			Money Market Fund
$	226,623,581		$	80,298,898		$	101,538,000		$	70,006,664	$	20,020,116		$	36,849,147		$	209,311,319		$	153,522,353
	—			—			—			—		—			—			—			80,000,000
	47,368,102			5,693,065			9,778,058			2,238,655		274,290			2,887,770			8,224,716			—
	128,371			103,977			6,092			93,131		88,237			1,867			51,414			76,623
	3,750,000			800,000			2,150,000			150,000		—			450,000			—			—
	—			—			46,183,700			—		—			—			—			—
	5,699,539			1,758,175			—			—		198,240			1,380,208			11,297,160			—
	1,012,262			516,287			2,899,258			626,626		0			88,318			—			—
	505,624			14,558			277,908			55,285		4,486			24,095			627,732			—
	—			—			—			—		—			—			—			31,266
	223,375			48,291			78,858			47,383		83,592			84,120			155,244			86,794
	1,074			1,589			747			1,889		4			2,240			—			—
	145,192			39,169			188,886			16,641		—			30,143			51,037			—
	32,495			15,663			26,709			17,960		18,748			22,532			26,510			19,878
	285,489,615			89,289,672			163,128,216			73,254,234		20,687,713			41,820,440			229,745,132			233,736,914
	—			—			35,068,762			—		—			—			—			—
	5,958,540			1,395,273			—			—		—			988,938			12,511,600			—
	481,678			—			428,256			6,936,623		—			—			—			—
	128,371			103,977			6,092			93,131		88,237			1,867			51,414			76,623
	—			—			—			—		—			—			—			—
	708,608			1,392,445			141,867			1,114,827		446,428			780,462			416,856			—
	664			323			65			686		348			57			865
																					348
																					50,187
	—			—			33,273			—		—			—			—			—
	32,797			7,053			17,657			9,492		6,369			6,022			15,043			—
	286,888			69,991			127,316			39,058		11,094			44,101			210,083			—
	13,059			6,037			7,016			5,324		4,145			2,377			7,745			14,276
	4,718			2,271			1,973			1,228		1,350			954			3,531			415
	20,309			15,306			27,334			15,335		2,054			15,842			21,345			10,632
	7,635,632			2,992,676			35,859,611			8,215,704		560,025			1,840,620			13,238,482			152,481
$	277,853,983		$	86,296,996		$	127,268,605		$	65,038,530	$	20,127,688		$	39,979,820		$	216,506,650		$	233,584,433
$	282,239,336		$	95,977,130		$	129,146,675		$	62,925,299	$	19,838,045		$	42,215,765		$	224,790,980		$	233,584,433
	561,334			294,946			300,626			72,255		(512,742	)		27,961			(324,877	)		—
	(10,109,853	)		(8,808,164	)		(2,910,352	)		808,549		267,080			(3,508,220	)		(12,645,377	)		—
	5,163,166			(1,166,916	)		731,656			1,232,427		535,305			1,244,314			4,685,924			—
$	277,853,983		$	86,296,996		$	127,268,605		$	65,038,530	$	20,127,688		$	39,979,820		$	216,506,650		$	233,584,433
																					51,835,326
																					181,749,107
																				$	233,584,433
	26,587,069			9,383,728			13,088,415			2,158,123		954,837			4,110,996			22,914,091
																					51,835,326
																					181,749,107
																					233,584,433
$	10.45		$	9.20		$	9.72		$	30.14	$	21.08		$	9.73		$	9.45
																				$	1.00
																				$	1.00
$	268,819,574		$	87,099,647		$	110,070,856		$	71,021,901	$	19,759,101		$	38,497,255		$	212,850,111		$	233,522,353
$	486,131		$	—		$	437,187		$	7,054,476	$	—		$	—		$	—		$	—

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

2016 Semiannual Report | June 30, 2016  Page 63

   

Statements of Operations
For the Period Ended June 30, 2016 (unaudited)

	Muirfield Fund			Dynamic Growth Fund			Aggressive Growth Fund
Investment Income
Interest	$	3,568		$	2,389		$	2,526
Interest from affiliates		117,348			10,143			8,332
Dividends		3,342,686			1,213,486			756,854
Total Investment Income		3,463,602			1,226,018			767,712
Fund Expenses
Investment advisor		1,268,182			397,409			262,430
Transfer agent		226,287			63,586			41,989
Transfer agent - Money Market Fund - Retail Class
Transfer agent - Money Market Fund - Institutional Class
Fund accounting		37,256			23,698			21,419
Administrative		155,830			47,363			32,965
Trustee		10,526			3,266			2,312
Audit		6,700			6,700			6,700
Legal		2,879			2,879			2,879
Custody		19,710			8,296			6,392
Printing		7,884			2,219			1,541
Distribution plan (12b-1)		377,144			132,470			87,476
Distribution plan (12b-1) - Money Market Fund - Retail Class
Distribution plan (12b-1) - Money Market Fund - Institutional Class
Administrative service plan		377,144			105,976			69,981
Postage		8,954			4,475			2,279
Registration and filing		22,488			15,337			12,697
Insurance		16,529			7,267			4,517
Chief Compliance Officer		2,260			2,260			2,260
Short sale expense		—			—			—
Dividend expense on securities sold short		—			—			—
Other		12,283			10,601			9,067
Total Expenses Before Reductions		2,552,056			833,802			566,904
Expenses voluntarily reimbursed/waived by investment advisor (See Note #4)		—			(98,170	)		(11,491	)
Expenses contractually reimbursed/waived by investment advisor (See Note #4)		—			—			—
Commissions recaptured and fees received from custodian (See Note #4)		(677,198	)		(215,632	)		(132,351	)
Securities lending credit (See Note #4)		(23,770	)		(3,906	)		(6,667	)
Transfer agent expenses voluntarily waived (See Note #4)		—			—			—
Transfer agent expenses contractually waived (See Note #4)		—			—			—
Net Expenses		1,851,088			516,094			416,395
Net Investment Income (Loss)		1,612,514			709,924			351,317
Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from investments		(11,128,066	)		(3,711,113	)		(3,499,607	)
Net realized gains (losses) from futures contracts		3,372,981			593,340			902,764
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		(7,755,085	)		(3,117,773	)		(2,596,843	)
Net change in unrealized appreciation (depreciation) of investments and futures contracts		5,427,578			1,395,008			1,004,425
Net Realized and Unrealized Gain (Loss) from Investments		(2,327,507	)		(1,722,765	)		(1,592,418	)
Net Change in Net Assets Resulting from Operations	$	(714,993	)	$	(1,012,841	)	$	(1,241,101	)

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

Page 64 2016 Semiannual Report | June 30, 2016

    

Balanced Fund			Global Opportunities Fund			Spectrum Fund			Quantex Fund			Miller/Howard Infrastructure Fund			Dividend Opportunities Fund			Total Return Bond Fund			Money Market Fund
$	3,146		$	1,026		$	932		$	3,024		$	—		$	1,057		$	3,420		$	527,007
	63,809			6,215			29,583			3,436			484			2,276			9,816			—
	2,880,538			1,062,148			863,637			541,492			381,199			728,808			3,324,685			—
	2,947,493			1,069,389			894,152			547,952			381,683			732,141			3,337,921			527,007
	980,624			341,839			460,903			300,489			96,461			149,594			310,941			327,956
	166,289			54,694			73,745			41,073			42,363			42,601			84,597
																						21,264
																						59,943
	32,256			22,957			24,544			20,430			12,132			18,410			28,973			28,534
	115,832			41,435			54,136			29,011			9,646			19,946			89,568			86,050
	7,799			2,932			3,680			1,889			708			1,420			5,926			697
	6,700			6,700			7,190			6,700			6,700			6,700			6,700			6,700
	2,879			2,879			2,879			2,879			2,879			2,933			2,879			2,879
	17,205			8,044			8,248			3,891			1,725			4,010			12,810			7,601
	5,778			2,013			2,628			1,240			968			849			4,349			5,131
	346,435			95,715			153,634			60,094			23,151			49,865			264,359
																						2,002
																						2
	277,148			91,157			122,908			39,975			12,540			42,882			211,487			—
	5,541			2,976			5,038			4,397			4,975			4,129			4,430			2,093
	27,321			12,006			24,768			10,471			11,371			23,154			16,190			12,451
	9,530			5,103			1,995			3,271			1,110			2,133			8,070			11,184
	2,260			2,260			2,260			2,260			2,260			2,260			2,260			2,260
	—			—			41,264			—			—			—			—			—
	—			—			194,994			—			—			—			—			—
	10,344			9,429			8,695			8,994			9,714			7,702			9,973			13,549
	2,013,941			702,139			1,193,509			537,064			238,703			378,588			1,063,512			590,296
	—			(69,795	)		—			—			—			(56,429	)		(51	)		(332,713	)
	—			—			—			(75,135	)		—			—			—			—
	(410,481	)		(118,469	)		(346,699	)		(137,047	)		—			(57,903	)		(176,059	)		—
	(15,190	)		(24,508	)		(17,368	)		(41,480	)		(48	)		(17,053	)		—			—
	—			—			—			—			(30,788	)		(3,321	)		—			—
	—			—			—			—			—			—			(21,151	)		(58,845	)
	1,588,270			489,367			829,442			283,402			207,867			243,882			866,251			198,738
	1,359,223			580,022			64,710			264,550			173,816			488,259			2,471,670			328,269
	(8,877,150	)		(4,855,139	)		(4,486,842	)		156,850			283,122			(1,590,511	)		(2,206,611	)
	3,382,448			446,232			2,989,132			455,115			—			83,668			(10	)
	(5,494,702	)		(4,408,907	)		(1,497,710	)		611,965			283,122			(1,506,843	)		(2,206,621	)
	7,427,751			1,819,178			1,325,752			4,560,496			2,504,379			2,380,506			9,636,061
	1,933,049			(2,589,729	)		(171,958	)		5,172,461			2,787,501			873,663			7,429,440
$	3,292,272		$	(2,009,707	)	$	(107,248	)	$	5,437,011		$	2,961,317		$	1,361,922		$	9,901,110		$	328,269

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

2016 Semiannual Report | June 30, 2016  Page 65

   

Statements of Changes in Net Assets
For the Period Ended June 30, 2016 (unaudited) and the Year Ended December 31, 2015

	Muirfield Fund						Dynamic Growth Fund
	2016			2015			2016			2015
Operations
Net investment income (loss)	$	1,612,514		$	1,197,404		$	709,924		$	708,081
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		(7,755,085	)		(8,885,936	)		(3,117,773	)		1,182,605
Net change in unrealized appreciation (depreciation) of investments and futures contracts		5,427,578			(15,533,850	)		1,395,008			(9,045,186	)
Net change in net assets resulting from operations		(714,993	)		(23,222,382	)		(1,012,841	)		(7,154,500	)
Distributions to Shareholders
From net investment income		(592,030	)		(1,206,913	)		(344,418	)		(713,972	)
From net realized gain from investment transactions		—			(9,177,856	)		—			(3,263,183	)
From tax return of capital		—			—			—			—
Net change in net assets resulting from distributions		(592,030	)		(10,384,769	)		(344,418	)		(3,977,155	)
Capital Transactions
Issued		64,584,573			261,740,230			15,537,796			98,814,975
Reinvested		571,328			10,071,809			343,580			3,975,540
Redeemed		(72,822,032	)		(145,121,166	)		(25,599,903	)		(116,736,993	)
Net change in net assets resulting from capital transactions		(7,666,131	)		126,690,873			(9,718,527	)		(13,946,478	)
Total Change in Net Assets		(8,973,154	)		93,083,722			(11,075,786	)		(25,078,133	)
Net Assets - Beginning of Year		390,945,134			297,861,412			116,559,401			141,637,534
Net Assets - End of Year	$	381,971,980		$	390,945,134		$	105,483,615		$	116,559,401
Accumulated undistributed (distributions in excess of) net investment income	$	1,029,993		$	—		$	371,397		$	—
Share Transactions
Issued		10,271,005			37,521,714			1,727,980			9,864,209
Reinvested		88,579			1,527,478			37,092			416,792
Redeemed		(11,543,469	)		(21,020,472	)		(2,860,775	)		(11,960,788	)
Net change in shares		(1,183,885	)		18,028,720			(1,095,703	)		(1,679,787	)

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

Page 66 2016 Semiannual Report | June 30, 2016

    

Aggressive Growth Fund						Balanced Fund						Global Opportunities Fund						Spectrum Fund
2016			2015			2016			2015			2016			2015			2016			2015
$	351,317		$	220,622		$	1,359,223		$	1,908,119		$	580,022		$	490,056		$	64,710		$	(235,916	)
	(2,596,843	)		1,021,382			(5,494,702	)		(4,166,746	)		(4,408,907	)		(3,441,622	)		(1,497,710	)		358,758
	1,004,425			(6,184,825	)		7,427,751			(9,092,588	)		1,819,178			(5,964,881	)		1,325,752			(594,096	)
	(1,241,101	)		(4,942,821	)		3,292,272			(11,351,215	)		(2,009,707	)		(8,916,447	)		(107,248	)		(471,254	)
	(221,690	)		(226,997	)		(806,520	)		(1,916,750	)		(285,076	)		(502,535	)		—			—
	—			(2,792,248	)		—			(1,472,510	)		—			(2,772,417	)		—			(1,529,056	)
	—			—			—			—			—			—			—			(229,488	)
	(221,690	)		(3,019,245	)		(806,520	)		(3,389,260	)		(285,076	)		(3,274,952	)		—			(1,758,544	)
	9,677,210			51,752,300			47,067,567			201,278,315			11,139,445			42,880,298			28,172,150			143,258,792
	221,619			3,018,277			805,538			3,388,893			284,754			3,274,831			—			1,758,324
	(16,582,273	)		(53,444,927	)		(61,307,989	)		(76,657,319	)		(29,254,034	)		(37,386,702	)		(26,393,328	)		(17,190,287	)
	(6,683,444	)		1,325,650			(13,434,884	)		128,009,889			(17,829,835	)		8,768,427			1,778,822			127,826,829
	(8,146,235	)		(6,636,416	)		(10,949,132	)		113,269,414			(20,124,618	)		(3,422,972	)		1,671,574			125,597,031
	78,210,743			84,847,159			288,803,115			175,533,701			106,421,614			109,844,586			125,597,031			—
$	70,064,508		$	78,210,743		$	277,853,983		$	288,803,115		$	86,296,996		$	106,421,614		$	127,268,605		$	125,597,031
$	136,002		$	—		$	561,334		$	—		$	294,946		$	—		$	300,626		$	—
	1,044,195			4,931,650			4,619,724			18,685,615			1,253,610			4,134,883			2,955,814			14,444,572
	23,344			308,082			77,391			322,277			30,951			345,625			—			179,238
	(1,809,368	)		(5,228,440	)		(5,997,054	)		(7,104,140	)		(3,292,597	)		(3,671,048	)		(2,775,771	)		(1,715,438	)
	(741,829	)		11,292			(1,299,939	)		11,903,752			(2,008,036	)		809,460			180,043			12,908,372

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

2016 Semiannual Report | June 30, 2016 Page 67

    

Statements of Changes in Net Assets
For the Period Ended June 30, 2016 (unaudited) and the Year Ended December 31, 2015

	Quantex Fund
	2016			2015
Operations
Net investment income (loss)	$	264,550		$	325,015
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		611,965			8,553,680
Net change in unrealized appreciation (depreciation) of investments and futures contracts		4,560,496			(14,697,077	)
Net change in net assets resulting from operations		5,437,011			(5,818,382	)
Distributions to Shareholders
From net investment income		(217,317	)		(350,037	)
From net realized gain from investment transactions		—			(8,782,141	)
Net change in net assets resulting from distributions		(217,317	)		(9,132,178	)
Distributions to Shareholders - Money Market Fund
From net investment income (Retail Class)
From net investment income (Institutional Class)
Net change in net assets resulting from distributions
Capital Transactions
Issued		13,151,036			36,625,210
Reinvested		216,329			9,118,613
Redeemed		(12,431,057	)		(33,744,475	)
Net change in net assets resulting from capital transactions		936,308			11,999,348
Total Change in Net Assets		6,156,002			(2,951,212	)
Net Assets - Beginning of Year		58,882,528			61,833,740
Net Assets - End of Year	$	65,038,530		$	58,882,528
Accumulated undistributed (distributions in excess of) net investment income	$	72,255		$	—
Share Transactions
Issued		477,865			1,061,088
Reinvested		7,231			319,498
Redeemed		(442,178	)		(1,022,131	)
Net change in shares		42,918			358,455

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

Page 68 2016 Semiannual Report | June 30, 2016

     

Miller/Howard Infrastructure Fund						Dividend Opportunities Fund						Total Return Bond Fund						Money Market Fund
2016			2015			2016			2015			2016			2015			2016			2015
$	173,816		$	227,628		$	488,259		$	396,239		$	2,471,670		$	5,089,219		$	328,269		$	216,228
	283,122			4,841,093			(1,506,843	)		(2,001,377	)		(2,206,621	)		(8,566,033	)		—			—
	2,504,379			(11,269,228	)		2,380,506			(1,136,192	)		9,636,061			(2,115,247	)		—			—
	2,961,317			(6,200,507	)		1,361,922			(2,741,330	)		9,901,110			(5,592,061	)		328,269			216,228
	(86,480	)		(336,482	)		(465,300	)		(401,241	)		(2,796,557	)		(5,089,210	)
	—			(5,682,559	)		—			—			—			—
	(86,480	)		(6,019,041	)		(465,300	)		(401,241	)		(2,796,557	)		(5,089,210	)
																			(71,577	)		(36,789	)
																			(256,692	)		(179,439	)
																			(328,269	)		(216,228	)
	1,976,511			22,621,256			6,265,226			63,564,516			48,659,938			136,328,662			434,912,576			1,209,592,157
	83,848			5,825,232			465,112			401,229			2,793,220			5,086,663			68,983			37,827
	(4,841,659	)		(42,938,290	)		(9,745,747	)		(18,724,567	)		(56,668,833	)		(59,161,802	)		(426,099,556	)		(1,187,593,496	)
	(2,781,300	)		(14,491,802	)		(3,015,409	)		45,241,178			(5,215,675	)		82,253,523			8,882,003			22,036,488
	93,537			(26,711,350	)		(2,118,787	)		42,098,607			1,888,878			71,572,252			8,882,003			22,036,488
	20,034,151			46,745,501			42,098,607			—			214,617,772			143,045,520			224,702,430			202,665,942
$	20,127,688		$	20,034,151		$	39,979,820		$	42,098,607		$	216,506,650		$	214,617,772		$	233,584,433		$	224,702,430
$	(512,742	)	$	(631,001	)	$	27,961		$	—		$	(324,877	)	$	10		$	—		$	1
	103,113			762,821			672,534			6,344,838			5,241,806			14,346,144			434,912,576			1,209,592,157
	4,361			318,749			48,951			41,958			299,639			537,772			68,983			37,827
	(255,169	)		(1,514,313	)		(1,042,197	)		(1,955,088	)		(6,111,337	)		(6,261,274	)		(426,099,556	)		(1,187,593,496	)
	(147,695	)		(432,743	)		(320,712	)		4,431,708			(569,892	)		8,622,642			8,882,003			22,036,488

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

2016 Semiannual Report | June 30, 2016  Page 69

   

Financial Highlights
For a Share Outstanding Through the Period Ended June 30, 2016 (unaudited) and
Each Fiscal Period Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net  Investment Income (Loss) (5)			Net gains (losses) on securities, futures, and options (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Tax Return of Capital			Total Distributions
Muirfield Fund (1)(2)(3)(4)
2016	$	6.47		0.03			(0.04	)		(0.01	)		(0.01	)		0.00			0.00			(0.01	)
2015	$	7.03		0.02			(0.41	)		(0.39	)		(0.02	)		(0.15	)		0.00			(0.17	)
2014	$	6.95		0.01			0.81			0.82			(0.18	)		(0.56	)		0.00			(0.74	)
2013	$	5.81		0.01			1.75			1.76			(0.01	)		(0.61	)		0.00			(0.62	)
2012	$	5.17		(0.01	)		0.65			0.64			0.00			0.00			0.00			0.00
2011	$	5.60		(0.01	)		(0.41	)		(0.42	)		(0.01	)		0.00			0.00			(0.01	)
Dynamic Growth Fund (1)(2)(3)(4)
2015	$	9.36		0.06			(0.11	)		(0.05	)		(0.03	)		0.00			0.00			(0.03	)
2015	$	10.02		0.05			(0.40	)		(0.35	)		(0.05	)		(0.26	)		0.00			(0.31	)
2014	$	10.35		0.04			1.25			1.29			(0.30	)		(1.32	)		0.00			(1.62	)
2013	$	8.80		0.02			2.74			2.76			(0.02	)		(1.19	)		0.00			(1.21	)
2012	$	7.68		0.00			1.12			1.12			0.00			0.00			0.00			0.00
2011	$	8.14		(0.01	)		(0.45	)		(0.46	)		0.00			0.00			0.00			0.00
Aggressive Growth Fund (1)(2)(3)(4)
2016	$	9.64		0.05			(0.16	)		(0.11	)		(0.03	)		0.00			0.00			(0.03	)
2015	$	10.47		0.03			(0.48	)		(0.45	)		(0.03	)		(0.35	)		0.00			(0.38	)
2014	$	10.91		0.00			1.43			1.43			(0.08	)		(1.79	)		0.00			(1.87	)
2013	$	8.44		(0.00	)*		2.56			2.56			0.00			(0.09	)		0.00			(0.09	)
2012	$	7.40		(0.03	)		1.07			1.04			0.00			0.00			0.00			0.00
2011	$	7.97		(0.07	)		(0.50	)		(0.57	)		0.00			0.00			0.00			0.00
Balanced Fund (1)(2)(3)(4)
2016	$	10.36		0.05			0.07			0.12			(0.03	)		0.00			0.00			(0.03	)
2015	$	10.98		0.09			(0.58	)		(0.49	)		(0.08	)		(0.05	)		0.00			(0.13	)
2014	$	11.10		0.10			0.84			0.94			(0.27	)		(0.79	)		0.00			(1.06	)
2013	$	10.06		0.09			1.89			1.98			(0.09	)		(0.85	)		0.00			(0.94	)
2012	$	9.18		0.07			0.89			0.96			(0.08	)		0.00			0.00			(0.08	)
2011	$	9.72		0.13			(0.57	)		(0.44	)		(0.10	)		0.00			0.00			(0.10	)
Global Opportunities Fund (1)(2)(3)(4)
2016	$	9.34		0.06			(0.17	)		(0.11	)		(0.03	)		0.00			0.00			(0.03	)
2015	$	10.38		0.04			(0.79	)		(0.75	)		(0.04	)		(0.25	)		0.00			(0.29	)
2014	$	11.36		0.06			0.58			0.64			(0.16	)		(1.46	)		0.00			(1.62	)
2013	$	10.07		0.04			2.34			2.38			(0.05	)		(1.04	)		0.00			(1.09	)
2012	$	8.90		0.00			1.17			1.17			0.00			0.00			0.00			0.00
2011	$	9.71		(0.04	)		(0.77	)		(0.81	)		0.00			0.00			0.00			0.00
Spectrum Fund (1)(2)(3)(4)
2016	$	9.73		0.00			(0.01	)		(0.01	)		0.00			0.00			0.00			0.00
2015 (6)	$	10.00		(0.04	)		(0.08	)		(0.12	)		0.00			(0.13	)		(0.02	)		(0.15	)

1 Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions do not include impact of expenses of the underlying security holdings as represented in the schedule of investments.

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

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

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

Page 70 2016 Semiannual Report | June 30, 2016

    

					Ratios/Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss)  to Average  Net Assets			Ratio of Expenses to Average Net Assets after  Reductions and Recoupment of Fees, Excluding Commissions Recaptured and Fees Received from Custodian			Ratio of Expenses to Average Net Assets Before Reductions or Recoupment of Fees			Portfolio Turnover Rate
$	6.45		(0.15	%)	$	381,972		0.98	%		0.85	%		1.34	%		1.35	%		209	%
$	6.47		(5.50	%)	$	390,945		1.03	%		0.33	%		1.35	%		1.37	%		277	%
$	7.03		12.12	%	$	297,861		1.22	%		0.22	%		1.44	%		1.44	%		238	%
$	6.95		30.46	%	$	161,823		1.22	%		0.14	%		1.42	%		1.54	%		260	%
$	5.81		12.38	%	$	114,171		1.39	%		(0.12	%)		1.42	%		1.58	%		154	%
$	5.17		(7.55	%)	$	119,787		1.39	%		(0.11	%)		1.46	%		1.58	%		189	%
$	9.28		(0.53	%)	$	105,484		0.97	%		1.34	%		1.37	%		1.57	%		176	%
$	9.36		(3.46	%)	$	116,559		1.19	%		0.47	%		1.48	%		1.54	%		245	%
$	10.02		12.80	%	$	141,638		1.22	%		0.40	%		1.45	%		1.54	%		230	%
$	10.35		31.61	%	$	102,926		1.22	%		0.20	%		1.39	%		1.58	%		276	%
$	8.80		14.58	%	$	91,977		1.39	%		(0.04	%)		1.42	%		1.57	%		154	%
$	7.68		(5.65	%)	$	90,902		1.39	%		(0.08	%)		1.46	%		1.57	%		176	%
$	9.50		(1.14	%)	$	70,065		1.19	%		1.00	%		1.57	%		1.62	%		144	%
$	9.64		(4.35	%)	$	78,211		1.18	%		0.24	%		1.56	%		1.58	%		283	%
$	10.47		13.49	%	$	84,847		1.33	%		0.00	%		1.59	%		1.60	%		239	%
$	10.91		30.40	%	$	64,608		1.35	%		(0.03	%)		1.57	%		1.65	%		272	%
$	8.44		14.05	%	$	38,939		1.59	%		(0.44	%)		1.62	%		1.74	%		167	%
$	7.40		(7.15	%)	$	32,167		1.59	%		(0.73	%)		1.65	%		1.70	%		224	%
$	10.45		1.16	%	$	277,854		1.15	%		0.98	%		1.45	%		1.45	%		175	%
$	10.36		(4.47	%)	$	288,803		1.22	%		0.81	%		1.47	%		1.48	%		246	%
$	10.98		8.61	%	$	175,534		1.33	%		0.94	%		1.50	%		1.54	%		180	%
$	11.10		19.79	%	$	105,642		1.33	%		0.85	%		1.47	%		1.57	%		217	%
$	10.06		10.42	%	$	86,628		1.49	%		0.76	%		1.51	%		1.58	%		168	%
$	9.18		(4.49	%)	$	85,797		1.44	%		1.29	%		1.51	%		1.60	%		164	%
$	9.20		(1.18	%)	$	86,297		1.07	%		1.27	%		1.34	%		1.54	%		71	%
$	9.34		(7.21	%)	$	106,422		1.19	%		0.42	%		1.42	%		1.50	%		170	%
$	10.38		5.87	%	$	109,845		1.23	%		0.54	%		1.37	%		1.51	%		143	%
$	11.36		23.82	%	$	91,769		1.23	%		0.36	%		1.40	%		1.58	%		231	%
$	10.07		13.15	%	$	79,446		1.39	%		(0.05	%)		1.42	%		1.58	%		86	%
$	8.90		(8.34	%)	$	84,672		1.39	%		(0.37	%)		1.48	%		1.58	%		166	%
$	9.72		(0.10	%)	$	127,269		1.35	%		0.11	%		1.91	%		1.94	%		92	%
$	9.73		(1.21	%)	$	125,597		1.49	%		(0.36	%)		2.12	%		2.19	%		161	%

4 Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions are annualized for periods of less than one full year.

5 Net investment income per share is based on average shares outstanding during the period.

6 Commenced operations on January 1, 2015.

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

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

2016 Semiannual Report | June 30, 2016 Page 71

    

Financial Highlights
For a Share Outstanding Through the Period Ended June 30, 2016 (unaudited) and
Each Fiscal Period Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities, futures, and options (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Tax Return of Capital		Total Distributions
Quantex Fund (1)(2)(3)(4)
2016	$	27.84		0.12			2.28			2.40			(0.10	)		0.00			0.00		(0.10	)
2015	$	35.20		0.17			(2.78	)		(2.61	)		(0.17	)		(4.58	)		0.00		(4.75	)
2014	$	35.04		0.13			3.11			3.24			(0.40	)		(2.68	)		0.00		(3.08	)
2013	$	25.46		0.09			10.45			10.54			(0.08	)		(0.88	)		0.00		(0.96	)
2012	$	21.84		0.07			3.63			3.70			(0.08	)		0.00			0.00		(0.08	)
2011	$	22.77		0.00	*		(0.92	)		(0.92	)		(0.01	)		0.00			0.00		(0.01	)
Miller/Howard Infrastructure Fund (1)(2)(3)(4)
2016	$	18.17		0.17			2.83			3.00			(0.09	)		0.00			0.00		(0.09	)
2015	$	30.45		0.17			(5.40	)		(5.23	)		(0.25	)		(6.80	)		0.00		(7.05	)
2014	$	30.98		0.19			2.64			2.83			(0.83	)		(2.53	)		0.00		(3.36	)
2013	$	24.17		0.17			6.81			6.98			(0.17	)		0.00			0.00		(0.17	)
2012	$	24.06		0.15			0.21			0.36			(0.15	)		(0.10	)		0.00		(0.25	)
2011	$	23.51		0.22			0.70			0.92			(0.37	)		0.00			0.00		(0.37	)
Dividend Opportunities Fund (1)(2)(3)(4)
2016	$	9.50		0.11			0.23			0.34			(0.11	)		0.00			0.00		(0.11	)
2015 (7)	$	10.00		0.18			(0.59	)		(0.41	)		(0.09	)		0.00			0.00		(0.09	)
Total Return Bond Fund (1)(2)(3)(4)
2016	$	9.14		0.11			0.32			0.43			(0.12	)		0.00			0.00		(0.12	)
2015	$	9.63		0.27			(0.51	)		(0.24	)		(0.25	)		0.00			0.00		(0.25	)
2014	$	9.77		0.33			(0.15	)		0.18			(0.32	)		0.00			0.00		(0.32	)
2013	$	10.15		0.38			(0.38	)		(0.00	)		(0.38	)		0.00			0.00		(0.38	)
2012	$	9.73		0.44			0.41			0.85			(0.43	)		0.00			0.00		(0.43	)
2011 (6)	$	10.00		0.25			(0.31	)		(0.06	)		(0.21	)		0.00			0.00		(0.21	)
Money Market Fund - Retail Class (1)(2)(3)(4)
2016	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2015	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2014	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2013	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2012	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2011	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
Money Market Fund - Institutional Class (1)(2)(3)(4)
2016	$	1.00		0.002			N/	A		0.002			(0.002	)		0.000			0.000		(0.002	)
2015	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2014	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2013	$	1.00		0.001			N/	A		0.001			(0.001	)		0.000			0.000		(0.001	)
2012	$	1.00		0.002			N/	A		0.002			(0.002	)		0.000			0.000		(0.002	)
2011	$	1.00		0.002			N/	A		0.002			(0.002	)		0.000			0.000		(0.002	)

1 Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions do not include impact of expenses of the underlying security holdings as represented in the schedule of investments.

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

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

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

Page 72   2016 Semiannual Report | June 30, 2016

   

					Ratios/Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets after  Reductions and Recoupment of Fees, Excluding Commissions Recaptured and Fees Received from Custodian			Ratio of Expenses to Average Net Assets Before Reductions or Recoupment of Fees			Portfolio Turnover Rate
$	30.14		8.62	%	$	65,039		0.94	%		0.88	%		1.40	%		1.79	%		72	%
$	27.84		(7.68	%)	$	58,883		1.09	%		0.46	%		1.26	%		1.75	%		87	%
$	35.20		9.48	%	$	61,834		1.44	%		0.36	%		1.52	%		1.78	%		29	%
$	35.04		41.54	%	$	44,476		1.52	%		0.27	%		1.58	%		1.94	%		25	%
$	25.46		16.93	%	$	23,306		1.60	%		0.29	%		1.61	%		2.06	%		31	%
$	21.84		(4.05	%)	$	17,434		1.62	%		0.01	%		1.62	%		2.06	%		57	%
$	21.08		16.53	%	$	20,128		2.15	%		1.80	%		2.15	%		2.47	%		31	%
$	18.17		(16.92	%)	$	20,034		1.98	%		0.56	%		1.98	%		2.01	%		54	%
$	30.45		9.42	%	$	46,746		1.88	%		0.63	%		1.88	%		1.89	%		34	%
$	30.98		28.96	%	$	37,988		1.87	%		0.62	%		1.87	%		1.99	%		19	%
$	24.17		1.52	%	$	30,452		1.89	%		0.63	%		1.89	%		2.02	%		29	%
$	24.06		3.93	%	$	32,609		1.90	%		0.87	%		1.90	%		2.02	%		43	%
$	9.73		3.60	%	$	39,980		1.22	%		2.45	%		1.52	%		1.90	%		70	%
$	9.50		(4.15	%)	$	42,099		1.26	%		1.80	%		1.66	%		1.85	%		70	%
$	9.45		4.75	%	$	216,507		0.82	%		2.34	%		0.99	%		1.01	%		164	%
$	9.14		(2.51	%)	$	214,618		0.88	%		2.71	%		1.01	%		1.03	%		295	%
$	9.63		1.78	%	$	143,046		0.99	%		3.39	%		1.02	%		1.13	%		82	%
$	9.77		0.01	%	$	90,080		0.99	%		3.87	%		1.01	%		1.19	%		79	%
$	10.15		8.93	%	$	76,001		0.99	%		4.45	%		1.00	%		1.23	%		157	%
$	9.73		(0.57	%)	$	56,998		0.99	%		4.97	%		1.06	%		1.36	%		125	%
$	1.00		0.13	%	$	51,835		0.25	%		0.27	%		0.25	%		0.58	%		N/	A
$	1.00		0.07	%	$	56,530		0.18	%		0.07	%		0.18	%		0.58	%		N/	A
$	1.00		0.06	%	$	54,927		0.16	%		0.06	%		0.16	%		0.67	%		N/	A
$	1.00		0.08	%	$	61,288		0.22	%		0.08	%		0.22	%		0.90	%		N/	A
$	1.00		0.10	%	$	73,546		0.30	%		0.10	%		0.30	%		0.82	%		N/	A
$	1.00		0.11	%	$	78,903		0.30	%		0.11	%		0.30	%		0.90	%		N/	A
$	1.00		0.17	%	$	181,749		0.18	%		0.34	%		0.18	%		0.58	%		N/	A
$	1.00		0.11	%	$	168,172		0.14	%		0.11	%		0.14	%		0.58	%		N/	A
$	1.00		0.11	%	$	147,739		0.10	%		0.11	%		0.10	%		0.65	%		N/	A
$	1.00		0.14	%	$	43,485		0.15	%		0.14	%		0.15	%		0.71	%		N/	A
$	1.00		0.16	%	$	84,953		0.23	%		0.17	%		0.23	%		0.63	%		N/	A
$	1.00		0.20	%	$	23,231		0.21	%		0.20	%		0.21	%		0.71	%		N/	A

4 Ratio of net expenses to average net assets, ratio of net investment income (loss) to average net assets, ratio of average net assets after reductions, excluding commissions recaptured and fees received from custodian, and ratio of expenses to average net assets before reductions are annualized for periods of less than one full year.

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

6 Commenced operations on June 30, 2011

7 Commenced operations on June 30, 2015.

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

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

2016 Semiannual Report | June 30, 2016  Page 73

   

Notes to Financial Statements
June 30, 2016 (unaudited)

1.    Organization and Significant Accounting Policies

Meeder Funds^® (the “Trust”) was organized in 1982 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Trust offers eleven separate series and is presently comprised of eleven separate funds as follows: Muirfield Fund^® (“Muirfield”), Dynamic Growth Fund (“Dynamic”), Aggressive Growth Fund (“Aggressive”), Balanced Fund (“Balanced”), Global Opportunities Fund (“Global”)(f.k.a. Strategic Growth Fund)(please see second paragraph of Note #1 for more information), Spectrum Fund (“Spectrum”), Dividend Opportunities Fund (“Dividend”), Quantex Fund^® (“Quantex”), Miller/Howard Infrastructure Fund (“Infrastructure”)(f.k.a. Utilities and Infrastructure Fund)(please see third paragraph of Note #1 for more information), Total Return Bond Fund (“Bond”), and Money Market Fund (“Money Market”) (each a “Fund” and collectively the “Funds”). Money Market offers two classes of shares (the Retail Class (“Retail Class”) and the Institutional Class (“Institutional Class”)). Each class of shares has equal rights as to earnings and assets except that each class bears different distribution and transfer agent expenses. The investment objective of Muirfield, Dynamic, Aggressive, Global, Spectrum, and Quantex is to provide long term capital appreciation. The investment objective of Balanced is to provide income and long term capital appreciation. The investment objective of Dividend and Infrastructure is to provide total return, including capital appreciation and income. The investment objective of Bond is total return, consisting of income and capital growth, consistent with minimizing the risk of loss of capital. The investment objective of Money Market is to provide current income while maintaining a stable share price of $1.00.

Effective December 31, 2015, Strategic Growth Fund changed its name to Global Opportunities Fund and also changed its investment strategy. The Fund will be fully invested in the equity market at all times and will hold a fixed allocation across six distinct investment categories. The mix of investments selected to represent each investment category is variable and actively managed by utilizing the Adviser’s quantitative models and by employing a strategic investment selection process. Under normal circumstances, the Fund will invest at least 40% of its net assets in holdings outside the United States, representing at least three different countries. The current target allocation is as follows: 40-55% international holdings, 20-25% domestic large cap holdings, 10-15% domestic mid cap holdings, 5-10% domestic small cap holdings, 5-10% real estate holdings, and 5-10% commodities holdings. Because these are target investment allocations, the actual allocations of the Fund’s assets may deviate from the target percentages. The Fund may be subject to increased volatility.

Effective December 31, 2015, Utilities and Infrastructure Fund changed its name to Miller/Howard Infrastructure Fund and also changed its investment strategy. This name change better reflects the use of proprietary investment strategies developed by the Fund’s sub-adviser Miller/Howard Investments, Inc. The Fund will generally invest at least 80% of its net assets in infrastructure companies, and may invest up to 25% of its total assets in securities of master limited partnerships (“MLPs”) in the energy sector. The Fund will continue to invest at least 25% of its total assets in securities of public utility companies. The Fund also registered for two classes of shares: a retail class and an institutional class. The institutional class is not currently offered for sale.

Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security valuation. All investments in securities are recorded at their estimated fair value, as described in Note #2.

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

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

Page 74 2016 Semiannual Report | June 30, 2016

    

as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short and borrowing costs will be borne by the shareholders of the Fund. The amount of restricted cash held at the broker as collateral for securities sold short was $46,183,700 as of June 30, 2016.

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

To the extent that the Fund enters into futures contracts on an index or group of securities, the Fund exposes itself to an indeterminate liability and will be required to pay or receive a sum of money measured by the change in the fair value of the index. Upon entering into a futures contract, the Fund is required to deposit an initial margin, which is either cash or securities (disclosed as pledged as collateral on the Schedules of Investments) in an amount equal to a certain percentage of the contract value. Subsequently, the variation margin, which is equal to changes in the daily settlement price or last sale price on the exchanges where futures contracts trade, is recorded as an unrealized gain or loss until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Except for Money Market and Infrastructure, it is normal practice for each Fund to invest in futures contracts on a daily basis. The Funds, except for Bond and Money Market, typically utilize equity index futures contracts to equitize cash positions or adjust targeted stock market exposure. Bond and the fixed income portion of Balanced can utilize Treasury futures contracts in order to adjust duration. Although Infrastructure is permitted to invest in futures contracts, it typically does not.

Call and put option contracts involve the payment of a premium for the right to purchase or sell an individual security or index aggregate at a specified price until the expiration of the contract. Such transactions expose the Fund to the loss of the premium paid if the Fund does not sell or exercise the contract prior to the expiration date. In the case of a call option, sufficient cash or money market instruments will be segregated to complete the purchase. Options are fair valued on the basis of the daily settlement price or last sale on the exchanges where they trade and the changes in fair value are recorded as unrealized appreciation or depreciation until closed, exercised or expired. For the six months ended June 30, 2016, there were no call or put options transacted for any of the Funds.

The Funds may write covered call or put options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. When written options are closed or exercised, premiums received are offset against the proceeds paid, and the Fund records realized gains or losses for the difference. When written options expire, the liability is eliminated, and the Fund records realized gains for the entire amount of premiums received. Although permitted, it is currently not normal practice for the Funds to write call and put options and none were written during the six months ended June 30, 2016.

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Statements of Assets and Liabilities as of June 30, 2016 was as follows:

Amount of Net Variation Margin and Unrealized Appreciation (Depreciation) on Derivatives
	Type of Derivative/Risk	Statements of Assets & Liabilities Location*	Fair Value of Variation Margin		Fair Value of Unrealized Appreciation (Depreciation)
Muirfield Fund	Equity contracts	Liabilities, Payable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts	$	575,110	$	(45,731	)
Dynamic Growth Fund	Equity contracts	Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		543,063		(62,645	)
Aggressive Growth Fund	Equity contracts	Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		842,146		(63,945	)
Balanced Fund	Equity contracts	Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		1,012,262		(8,943	)
Global Opportunities Fund	Equity contracts	Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		516,287		(59,232	)

2016 Semiannual Report | June 30, 2016 Page 75

    

Amount of Net Variation Margin and Unrealized Appreciation (Depreciation) on Derivatives
	Type of Derivative/Risk	Statements of Assets & Liabilities Location*	Fair Value of Variation Margin		Fair Value of Unrealized Appreciation (Depreciation)
Spectrum Fund	Equity contracts	Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts	$	2,899,258	$	(284,899	)
Quantex Fund	Equity contracts	Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		626,626		9,009
Dividend Opportunities Fund	Equity contracts	Assets, Receivable for net variation margin on futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		88,318		4,652

* Unrealized appreciation (depreciation) on futures contracts is included with unrealized appreciation (depreciation) of investments on the Statements of Assets & Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2016 was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Contracts as of December 31, 2015		Contracts Opened During the  Period		Contracts Closed/ Expired During the Period		Contracts as of June 30, 2016		Statement of Operations Location	For the Six Months Ended June 30, 2016
Muirfield Fund	Equity contracts		600		4,710		4,498		812	Net realized gains (losses) from futures contracts	$	3,372,981
Dynamic Growth Fund	Equity contracts		44		762		645		161	Net realized gains (losses) from futures contracts		593,340
Aggressive Growth Fund	Equity contracts		29		575		503		101	Net realized gains (losses) from futures contracts		902,764
Balanced Fund	Equity contracts		353		2,662		2,485		530	Net realized gains (losses) from futures contracts		3,382,448
Global Opportunities Fund	Equity contracts		38		433		398		73	Net realized gains (losses) from futures contracts		446,232
Spectrum Fund	Equity contracts		102		2,009		1,524		587	Net realized gains (losses) from futures contracts		2,989,132
Quantex Fund	Equity contracts		15		133		123		25	Net realized gains (losses) from futures contracts		455,115
Dividend Opportunities Fund	Equity contracts		23		148		131		40	Net realized gains (losses) from futures contracts		83,668

Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
	Type of Derivative/Risk	Statement of Operations Location	For the Six Months Ended June 30, 2016
Muirfield Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts	$	917,966
Dynamic Growth Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(128,021	)
Aggressive Growth Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(104,900	)

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Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
	Type of Derivative/Risk	Statement of Operations Location	For the Six Months Ended June 30, 2016
Balanced Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts	$	516,964
Global Opportunities Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(114,722	)
Spectrum Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(413,109	)
Quantex Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(8,364	)
Dividend Opportunities Fund	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		8,523

Federal income taxes. It is each Fund’s policy to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income and net capital gains to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize the tax benefits or expenses of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed tax positions taken on Federal income tax returns for all open tax years (tax years ended December 31, 2012 through December 31, 2015) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Each Fund identifies its major tax jurisdictions as U.S. Federal and certain State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended June 30, 2016, the Funds did not incur any material interest or penalties.

Distributions to shareholders. Distributions to shareholders are recorded on the ex-dividend date. Muirfield, Quantex, Dynamic, Aggressive, Balanced, Global, and Spectrum declare and pay dividends from net investment income, if any, on a quarterly basis. Infrastructure, Dividend, and Bond declare and pay dividends from net investment income on a monthly basis. Money Market declares dividends from net investment income on a daily basis and pays such dividends on a monthly basis. Each Fund distributes net capital gains, if any, on an annual basis.

Distributions from net investment income and from net capital gains are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to net operating losses and partnership basis adjustments. Accordingly, timing differences relating to shareholder distributions are reflected in the components of net assets and permanent book and tax differences have been reclassified within the components of net assets based on their ultimate characterization for federal income tax purposes. For the period ended December 31, 2015, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital			Accumulated Undistributed (Distributions in Excess  of) Net Investment Income		Accumulated Undistributed Net  Realized Gain (Loss)  from Investments and Futures Contracts
Muirfield Fund	$	(9,533	)	$	9,509	$	24
Dynamic Growth Fund		2			5,891		(5,893	)
Aggressive Growth Fund		3			6,375		(6,378	)
Balanced Fund		(8,635	)		8,631		4
Global Opportunities Fund		(12,483	)		12,479		4
Spectrum Fund		(229,488	)		235,916		(6,428	)
Quantex Fund		—			25,022		(25,022	)
Miller/Howard Infrastructure Fund		150,592			30,923		(181,515	)
Dividend Opportunities Fund		(5,002	)		5,002		—
Total Return Bond Fund		2			—		(2	)

2016 Semiannual Report | June 30, 2016 Page 77

    

Investment income & expenses. For Money Market, income and expenses (other than expenses attributable to a specific class) are allocated to each class of shares based on its relative net assets. Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds based on each Fund’s relative net assets or other appropriate basis.

Capital Share Transactions. Money Market is authorized to issue an unlimited number of shares in the Retail Class and the Institutional Class. Transactions in the capital shares of the Fund for the six months ended June 30, 2016 and the year ended December 31, 2015 were as follows:

	2016						2015
	Amount			Shares			Amount			Shares
Retail Class
Issued	$	58,249,142			58,249,142		$	121,657,074			121,657,074
Reinvested		65,870			65,870			34,305			34,305
Redeemed		(63,010,172	)		(63,010,172	)		(120,087,456	)		(120,087,456	)
Net increase (decrease)	$	(4,695,160	)		(4,695,160	)	$	1,603,923			1,603,923
Institutional Class
Issued	$	376,663,435			376,663,435		$	1,087,935,083			1,087,935,083
Reinvested		3,113			3,113			3,522			3,522
Redeemed		(363,089,384	)		(363,089,384	)		(1,067,506,040	)		(1,067,506,040	)
Net increase (decrease)	$	13,577,164			13,577,164		$	20,432,565			20,432,565

Offsetting Assets & Liabilities. The Funds’ policy is to recognize a net asset/liability equal to the net variation margin for futures contracts. Risks arise from the possible inability of counterparties to meet the terms of their contracts. During the six months ended June 30, 2016, the Funds were not subject to any master netting arrangements. The table below reflects the offsetting assets and liabilities relating to securities lending, futures contracts, and repurchase agreements shown on the Statements of Assets and Liabilities at June 30, 2016.

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description/ Fund	Gross Amounts  of Recognized Assets/ Liabilities		Gross Amounts  Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements  of Assets and Liabilities		Financial Instruments*		Collateral Pledged (Received)*			Net Amount
Assets:
Securities Loaned
Muirfield Fund	$	954,438	$	—	$	954,438	$	—	$	(954,438	)	$	—
Dynamic Growth Fund		145,144		—		145,144		—		(145,144	)		—
Aggressive Growth Fund		1,247,489		—		1,247,489		—		(1,247,489	)		—
Balanced Fund		486,131		—		486,131		—		(486,131	)		—
Spectrum Fund		437,187		—		437,187		—		(437,187	)		—
Quantex Fund		7,054,476		—		7,054,476		—		(7,054,476	)		—
Futures Contracts
Dynamic Growth Fund	$	543,063	$	—	$	543,063	$	543,063	$	—		$	—
Aggressive Growth Fund		842,146		—		842,146		842,146		—			—
Balanced Fund		1,012,262		—		1,012,262		1,012,262		—			—
Global Opportunities Fund		516,287		—		516,287		516,287		—			—
Spectrum Fund		2,899,258		—		2,899,258		2,899,258		—			—
Quantex Fund		626,626		—		626,626		626,626		—			—
Dividend Opportunities Fund		88,318		—		88,318		88,318		—			—
Repurchase Agreements
Money Market Fund	$	80,000,000	$	—	$	80,000,000	$	—	$	—		$	80,000,000
Liabilities:
Futures Contracts
Muirfield Fund	$	575,110	$	—	$	575,110	$	575,110	$	—		$	—

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

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Other. The Funds record security transactions on the trade date. Gains and losses realized from the sale of securities are determined on the specific identification basis. Dividend income is recognized on the ex-dividend date and interest income (including amortization of premium and accretion of discount) is recognized as earned. Short-term capital gain distributions from underlying funds are classified as dividend income for financial reporting purposes. Long-term capital gains distributions are broken out as such. Discounts and premiums are amortized over the lives of the respective securities. Distributions received from partnerships are recorded as return of capital distributions. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards (FASB) Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

2.    Securities Valuations

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

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

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

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

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

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

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

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

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

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

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

Certificates of deposit. Certificates of deposit are valued at acquisition cost, which approximates fair value, and will be categorized as level 2.

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

Restricted securities (equity and debt). Restricted securities for which quotations are not readily available are valued at fair value as determined by the Trustees. Depending on the relative significance of valuation inputs, these instruments may be classified in either level 2 or level 3 of the fair value hierarchy.

2016 Semiannual Report | June 30, 2016 Page 79

    

Derivative instruments (futures contracts). Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy.

For the six months ended June 30, 2016, the Funds did not hold any assets at any time in which significant unobservable inputs were used in determining fair value. Therefore, no reconciliation of level 3 securities is provided. Also, there were no transfers between level 1 and level 2 securities. The Funds recognize transfers between fair value hierarchy levels at the end of the reporting period. The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of June 30, 2016.

Muirfield – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	290,145,333		$	—	$	—	$	290,145,333
Registered investment companies		7,950,835			—		—		7,950,835
Money market registered investment companies		77,858,894			—		—		77,858,894
Bank Obligations		—			747,000		—		747,000
Total	$	375,955,062		$	747,000	$	—	$	376,702,062
Trustee deferred compensation	$	274,022		$	—	$	—	$	274,022
Futures contracts**	$	(45,731	)	$	—	$	—	$	(45,731	)

Dynamic – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	84,676,934		$	—	$	—	$	84,676,934
Registered investment companies		4,337,204			—		—		4,337,204
Money market registered investment companies		14,864,186			—		—		14,864,186
Bank Obligations		—			747,000		—		747,000
Total	$	103,878,324		$	747,000	$	—	$	104,625,324
Trustee deferred compensation	$	150,360		$	—	$	—	$	150,360
Futures contracts**	$	(62,645	)	$	—	$	—	$	(62,645	)

Aggressive – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	54,050,399		$	—	$	—	$	54,050,399
Registered investment companies		5,060,439			—		—		5,060,439
Money market registered investment companies		10,291,099			—		—		10,291,099
Bank Obligations		—			747,000		—		747,000
Total	$	69,401,937		$	747,000	$	—	$	70,148,937
Trustee deferred compensation	$	89,079		$	—	$	—	$	89,079
Futures contracts**	$	(63,945	)	$	—	$	—	$	(63,945	)

Balanced – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	136,088,930		$	—	$	—	$	136,088,930
Registered investment companies		89,305,973			—		—		89,305,973
Money market registered investment companies		47,849,780			—		—		47,849,780
Bank Obligations		—			747,000		—		747,000
Total	$	273,244,683		$	747,000	$	—	$	273,991,683
Trustee deferred compensation	$	128,371		$	—	$	—	$	128,371
Futures contracts**	$	(8,943	)	$	—	$	—	$	(8,943	)

Global – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	39,646,898		$	—	$	—	$	39,646,898
Registered investment companies		39,905,000			—		—		39,905,000
Money market registered investment companies		5,693,065			—		—		5,693,065
Bank Obligations		—			747,000		—		747,000
Total	$	85,244,963		$	747,000	$	—	$	85,991,963
Trustee deferred compensation	$	103,977		$	—	$	—	$	103,977
Futures contracts**	$	(59,232	)	$	—	$	—	$	(59,232	)

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Spectrum – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks – Long*	$	98,402,904		$	—	$	—	$	98,402,904
Registered investment companies		2,457,840			—		—		2,457,840
Money market registered investment companies		10,206,314			—		—		10,206,314
Bank Obligations		—			249,000		—		249,000
Total – Long investments	$	111,067,058		$	249,000	$	—	$	111,316,058
Common stocks – Short*	$	(35,068,762	)	$	—	$	—	$	(35,068,762	)
Trustee deferred compensation	$	6,092		$	—	$	—	$	6,092
Futures contracts**	$	(284,899	)	$	—	$	—	$	(284,899	)

Quantex – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	62,323,041	$	—	$	—	$	62,323,041
Money market registered investment companies		9,175,278		—		—		9,175,278
Bank Obligations		—		747,000		—		747,000
Total	$	71,498,319	$	747,000	$	—	$	72,245,319
Trustee deferred compensation	$	93,131	$	—	$	—	$	93,131
Futures contracts**	$	9,009	$	—	$	—	$	9,009

Infrastructure – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	20,020,116	$	—	$	—	$	20,020,116
Money market registered investment companies		274,290		—		—		274,290
Total	$	20,294,406	$	—	$	—	$	20,294,406
Trustee deferred compensation	$	88,237	$	—	$	—	$	88,237

Dividend – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	35,956,481	$	—	$	—	$	35,956,481
Registered investment companies		643,666		—		—		643,666
Money market registered investment companies		2,887,770		—		—		2,887,770
Bank Obligations		—		249,000		—		249,000
Total	$	39,487,917	$	249,000	$	—	$	39,736,917
Trustee deferred compensation	$	1,867	$	—	$	—	$	1,867
Futures contracts**	$	4,652	$	—	$	—	$	4,652

Bond – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	208,510,797	$	—	$	—	$	208,510,797
Money market registered investment companies		8,224,716		—		—		8,224,716
Bank Obligations		—		747,000		—		747,000
U.S. government obligations		—		53,522		—		53,522
Total	$	216,735,513	$	800,522	$	—	$	217,536,035
Trustee deferred compensation	$	51,414	$	—	$	—	$	51,414

2016 Semiannual Report | June 30, 2016  Page 81

   

Money Market – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Bank obligations	$	—	$	13,002,618	$	—	$	13,002,618
Certificates of deposit		—		12,948,032		—		12,948,032
Commercial paper		—		35,905,433		—		35,905,433
Corporate obligations		—		20,968,120		—		20,968,120
Repurchase agreements		—		80,000,000		—		80,000,000
U.S. government agency obligations		—		13,765,821		—		13,765,821
Money Market registered investment companies		56,932,329		—		—		56,932,329
Total	$	56,932,329	$	176,590,024	$	—	$	233,522,353
Trustee deferred compensation	$	76,623	$	—	$	—	$	76,623

* See schedule of investments for industry classifications.

** Futures contracts include unrealized gain/loss on contracts open at June 30, 2016.

3.    Investment Transactions

For the six months ended June 30, 2016, the cost of purchases and proceeds from sales or maturities of long-term investments for the Funds, excluding U.S. Government investments and short positions, were as follows:

	Purchases		Sales
Muirfield Fund	$	627,995,571	$	620,433,244
Dynamic Growth Fund		173,457,016		194,595,782
Aggressive Growth Fund		92,530,511		106,249,609
Balanced Fund		412,738,917		431,445,811
Global Opportunities Fund		63,116,010		82,746,145
Spectrum Fund		98,305,631		85,729,888
Quantex Fund		41,406,106		40,676,109
Miller/Howard Infrastructure Fund		6,209,137		8,992,204
Dividend Opportunities Fund		26,451,770		30,390,387
Total Return Bond Fund		336,354,569		340,426,171

For the six months ended June 30, 2016, the cost of purchases and proceeds from sales or maturities of long-term U.S. Government investments for the Funds are as follows:

	Purchases		Sales
Total Return Bond Fund	$	1,299	$	—

Page 82    2016 Semiannual Report | June 30, 2016

  

4.    Investment Advisory Fees and Other Transactions with Affiliates

Meeder Asset Management, Inc. (“MAM”), a wholly-owned subsidiary of Meeder Investment Management, Inc. (“Meeder”), provides each Fund, under a separate Investment Advisory Contract, with investment management, research, statistical and advisory services. The services of MAM will terminate automatically if assigned and may be terminated without penalty at any time upon 60 days prior written notice by majority vote of the Fund, by the Trustees of the Fund, or by MAM. For such services the Funds pay a fee at the following annual rates:

	Percentage of Average Daily Net Assets up to $50 Million	Percentage of Average Daily Net Assets Exceeding $50 Million up to $100 Million	Percentage of Average Daily Net Assets up to $100 Million	Percentage of Average Daily Net Assets up to $200  Million	Percentage of Average Daily Net Assets Exceeding $100 Million	Percentage of Average Daily Net Assets Exceeding $200 Million
Muirfield	1.00%	0.75%	N/A	N/A	0.60%	N/A
Quantex*	1.00%	0.75%	N/A	N/A	0.60%	N/A
Infrastructure**	1.00%	0.75%	N/A	N/A	0.60%	N/A
Dynamic	N/A	N/A	N/A	0.75%	N/A	0.60%
Aggressive	N/A	N/A	N/A	0.75%	N/A	0.60%
Balanced	N/A	N/A	N/A	0.75%	N/A	0.60%
Global	N/A	N/A	N/A	0.75%	N/A	0.60%
Spectrum	N/A	N/A	N/A	0.75%	N/A	0.60%
Dividend	N/A	N/A	N/A	0.75%	N/A	0.60%
Bond	N/A	N/A	0.40%	N/A	0.20%	N/A
Money Market***	N/A	N/A	0.40%	N/A	0.25%	N/A

* MAM has contractually agreed to reduce its investment advisory fee by 0.25% for Quantex for average daily net assets up to $50 million. The foregoing reduction in investment advisory fees shall automatically renew annually on or about April 30th, unless MAM elects to terminate this reduction. During the six months ended June 30, 2016, $75,135 of investment advisory fees was waived in Quantex and is not subject to recoupment.

** Under a separate Investment Subadvisory Agreement with MAM, Miller/Howard Investments, Inc. (“Miller/Howard”) serves as subadvisor of Infrastructure. The Investment Subadvisory Agreement provides that it will terminate automatically if assigned, and that it may be terminated without penalty to the Fund by MAM, the Trustees of the Fund, or by the vote of a majority of the outstanding voting shares of the Fund upon not less than 30 days written notice. As subadvisor to Infrastructure, Miller/Howard receives a fee paid by MAM.

*** During the six months ended June 30, 2016, MAM voluntarily agreed to reduce $13,782 of investment advisory fees in Money Market.

Mutual Funds Service Co. (“MFSCo”), a wholly-owned subsidiary of Meeder, serves as stock transfer, dividend disbursing and shareholder services agent for each Fund. In compensation for such services, each Fund pays MFSCo an annual fee equal to the greater of the following:

	Minimum Fee		Amount Per Active Shareholder Account		Percentage of Average Daily Net Assets
Muirfield	$	4,000	$	15		0.12	%
Quantex		4,000		15		0.12	%
Infrastructure		4,000		15		0.12	%
Dynamic		4,000		15		0.12	%
Aggressive		4,000		15		0.12	%
Balanced		4,000		15		0.12	%
Global		4,000		15		0.12	%
Spectrum		4,000		15		0.12	%
Dividend		4,000		15		0.12	%
Bond		4,000		15		0.08	%
Retail Class		4,000		20		0.08	%
Institutional Class		4,000		20		0.08	%

For fixed income Funds (Bond and Money Market) that are subject to an expense cap and which are above the expense cap, the basis point fee will be contractually reduced by 0.02%. During the six months ended June 30, 2016, MFSCo contractually waived $21,151 and $58,845 of transfer agent fees for Bond and the Institutional Class, respectively. MFSCo also voluntarily waived $30,788 and $3,321 for Infrastructure and Dividend, respectively, during the six months ended June 30, 2016.

2016 Semiannual Report | June 30, 2016     Page 83

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

	Percentage of Average Daily Net Assets up to $50 Million			Percentage of Average Daily Net Assets Exceeding $50 Million
Muirfield		0.10	%		0.08	%
Quantex		0.10	%		0.08	%
Infrastructure		0.10	%		0.08	%
Dynamic		0.10	%		0.08	%
Aggressive		0.10	%		0.08	%
Balanced		0.10	%		0.08	%
Global		0.10	%		0.08	%
Spectrum		0.10	%		0.08	%
Dividend		0.10	%		0.08	%
Bond		0.10	%		0.08	%
Money Market		0.10	%		0.08	%

MFSCo serves as accounting services agent for each Fund. In compensation for such services, each Fund pays MFSCo an annual fee equal to the greater of a minimum fee or at a rate based on the percentage of average daily net assets. The annual rates are as follows:

	Minimum Fee		Percentage of Average Daily Net Assets up to $10 Million			Percentage of Average Daily Net Assets Exceeding $10 Million up to $30 Million			Percentage of Average Daily Net Assets Exceeding $30 Million up to $80 Million			Percentage of Average Daily Net Assets Exceeding $80 Million
Muirfield	$	7,500		0.15	%		0.10	%		0.02	%		0.01	%
Quantex		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Infrastructure		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Dynamic		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Aggressive		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Balanced		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Global		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Spectrum		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Dividend		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Bond		7,500		0.15	%		0.10	%		0.02	%		0.01	%
Money Market		30,000		0.15	%		0.10	%		0.02	%		0.01	%

For the six months ended June 30, 2016, MAM agreed to voluntarily waive and/or reimburse investment advisory fees. The amount waived and/or reimbursed and the net expense ratio (excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses) for each Fund are as follows:

	Voluntary Expense Reimbursements		Ratio of Net Expenses to Average Net Assets
Muirfield	$	—		0.98	%
Quantex*		—		0.94	%
Infrastructure		—		2.15	%
Dynamic		98,170		0.97	%
Aggressive		11,491		1.19	%
Balanced		—		1.15	%
Global		69,795		1.07	%
Spectrum		—		1.35	%
Dividend		56,429		1.22	%
Bond		51		0.82	%
Retail Class		83,512		0.25	%
Institutional Class		235,419		0.18	%

* $75,135 of investment advisory fees was contractually waived and is not subject to recoupment as noted on page 83.

Page 84   2016 Semiannual Report | June 30, 2016

   

Expenses were contractually reimbursed in 2013 for Muirfield, Dynamic, Aggressive, Balanced, Global, and Bond in the amounts of $49,794, $40,570, $1,137, $28,346, $42,790, and $42,868, respectively. These contractual expense reimbursements are subject to repayment by the applicable Fund before December 31, 2016, contingent upon the Fund operating below the contractual expense limitation in place at the time in which the amount was waived.

Certain Funds have entered into an agreement with the Trust’s custodian, The Huntington National Bank (“HNB”), whereby HNB receives distribution, service, and administration fees (collectively the “fees”) from the underlying security holdings of the Funds, and forwards those fees to the appropriate Funds. The Funds use the fees received to reduce the gross expenses of each Fund. The Funds may invest in security holdings in which fees are not paid. As such, the gross expenses of a Fund would not be decreased. Also, without this agreement it is likely that the Funds would not collect any fees from underlying security holdings. There were no fees received during the six months ended June 30, 2016. Therefore gross expenses were not reduced.

Certain Funds have entered into securities lending arrangements with HNB. Under the terms of the agreement, HNB is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned. The cash collateral is invested in short term instruments as noted in the Schedules of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received. After predetermined rebates to brokers, a percentage of the net securities lending revenue is credited to the Funds to be used as an offset against charges incurred by the Funds. HNB is paid a fee for administering the securities lending program for the Funds, equal to the remaining percentage of the net securities lending revenues generated under the agreement. As of June 30, 2016, the Funds (excluding Global, Infrastructure, Dividend, Bond, and Money Market) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. For the six months ended June 30, 2016, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	23,770
Dynamic		3,906
Aggressive		6,667
Balanced		15,190
Global		24,508
Spectrum		17,368
Quantex		41,480
Infrastructure		48
Dividend		17,053

Certain Funds have entered into directed brokerage agreements with independent brokers/dealers, whereby Fund expenses are reduced. The Funds use these amounts received to reduce the gross expenses of each Fund. The Funds may invest in security holdings in which brokerage fees are not recaptured. As such, the gross expenses of a Fund would not be decreased. Also, without these agreements it is likely that the Funds would not recapture any fees from portfolio transactions. For the six months ended June 30, 2016, commissions recaptured through directed brokerage arrangements were as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	677,198
Dynamic		215,632
Aggressive		132,351
Balanced		410,481
Global		118,469
Spectrum		346,699
Quantex		137,047
Dividend		57,903
Bond		176,059

2016 Semiannual Report | June 30, 2016  Page 85

   

The Funds have adopted a written plan pursuant to Rule 12b-1 of the Act that allows the Funds to pay fees for the sale and distribution of Fund shares and for services provided to Fund shareholders. 12b-1 fees are paid by the Funds to financial intermediaries, securities brokers, investment advisers, and other persons, including MAM and its affiliates. In addition, the Funds (other than Money Market) have adopted an administrative services plan that allows the Funds to pay financial intermediaries and other persons, including “platforms,” for providing administrative services to Fund shareholders and maintaining shareholder accounts. The annual adopted 12b-1 plan and administrative services plan maximum limitations, along with 12b-1 plan expense payments made to MAM and its affiliates for the six months ended June 30, 2016, are as follows:

	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets			Maximum Annual Administrative Services Plan Expense as a Percentage of Average Daily Net Assets			12b-1 Plan Expense Payments Made to MAM and Its Affiliates
Muirfield		0.20	%		0.20	%	$	59,993
Quantex		0.20	%		0.20	%		21,601
Infrastructure		0.25	%		0.20	%		7,714
Dynamic		0.25	%		0.20	%		32,895
Aggressive		0.25	%		0.20	%		21,442
Balanced		0.25	%		0.20	%		58,962
Global		0.25	%		0.20	%		28,295
Spectrum		0.25	%		0.20	%		24,143
Dividend		0.25	%		0.20	%		7,697
Bond		0.25	%		0.20	%		49,988
Retail Class		0.20	%		N/A			N/A
Institutional Class		0.03	%		N/A			N/A

The Funds have adopted a Deferred Compensation Plan (the “Plan”) for the independent Trustees. Under the Plan, each eligible Trustee is permitted to defer all or a portion of the trustees fees payable by any of the Funds as an investment into any combination of Funds until a specified point of time. The investment into the Funds is recorded as an asset however an offsetting liability is also recorded for the deferred payment. Once the eligible Trustees’ deferral amounts can be distributed, a lump sum or generally equal annual installments over a period of up to ten (10) years can be made to the eligible Trustee(s). The Funds may terminate this Plan at any time.

Certain trustees and officers of the Funds are also officers or directors of Meeder, MAM, and MFSCo.

During the six months ended June 30, 2016, several of the Funds invested in the Money Market Fund, an affiliate, as described in Section 2(a)(3) of the Investment Company Act of 1940. As of June 30, 2016, the 7-day yield of the Institutional Class was 0.37%. The purchases/sales amounts in the following table are presented on a gross basis, while the statement of changes in net assets shows subscriptions and redemptions into and out of the Institutional Class on a net basis. A summary of the Funds’ investments in this affiliate during the period is noted below:

	12/31/15 Fair Value		Purchases		Sales			6/30/16 Cost		Income		6/30/16 Fair Value
Muirfield Fund	$	78,421,816	$	136,854,617	$	(138,363,390	)	$	76,913,043	$	117,348	$	76,913,043
Dynamic Growth Fund		2,831,104		49,270,836		(37,381,988	)		14,719,952		10,143		14,719,952
Aggressive Growth Fund		1,426,139		35,222,466		(27,580,085	)		9,068,520		8,332		9,068,520
Balanced Fund		34,709,544		96,401,781		(83,743,223	)		47,368,102		63,809		47,368,102
Global Opportunities Fund		15,476,825		28,578,685		(38,362,445	)		5,693,065		6,215		5,693,065
Spectrum Fund		20,818,164		33,651,362		(44,691,468	)		9,778,058		29,583		9,778,058
Quantex Fund		593,012		12,327,904		(10,682,261	)		2,238,655		3,436		2,238,655
Miller/Howard Infrastructure Fund		4,589		5,389,113		(5,119,412	)		274,290		484		274,290
Dividend Opportunities Fund		1,138,794		9,852,985		(8,104,009	)		2,887,770		2,276		2,887,770
Total Return Bond Fund		10,140,525		83,260,455		(85,176,264	)		8,224,716		9,816		8,224,716

Page 86 2016 Semiannual Report | June 30, 2016

     

5.    Federal Tax Information

The tax characteristics of dividends paid by the Funds during the period ended December 31, 2015 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Tax Return of Capital		Total Dividends Paid*
Muirfield Fund	$	1,202,283	$	3,939,196	$	5,238,660	$	—	$	10,380,139
Dynamic Growth Fund		713,959		941,174		2,322,009		—		3,977,142
Aggressive Growth Fund		226,931		1,170,375		1,621,873		—		3,019,179
Balanced Fund		1,916,823		751,208		721,302		—		3,389,333
Global Opportunities Fund		502,535		—		2,772,417		—		3,274,952
Spectrum Fund		—		1,136,709		392,347		229,488		1,758,544
Quantex Fund		350,309		2,941,019		5,841,122		—		9,132,450
Miller/Howard Infrastructure Fund		354,632		—		5,682,559		—		6,037,191
Dividend Opportunities Fund		401,235		—		—		—		401,235
Total Return Bond Fund		5,089,086		—		—		—		5,089,086
Money Market Fund		204,416		—		—		—		204,416

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2014 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term  Capital Gains		Tax Return of Capital		Total Dividends Paid*
Muirfield Fund	$	434,212	$	18,050,608	$	7,674,117	$	—	$	26,158,937
Dynamic Growth Fund		471,226		11,967,242		7,366,297		—		19,804,765
Aggressive Growth Fund		—		7,408,648		5,427,099		—		12,835,747
Balanced Fund		1,243,731		8,971,878		4,576,191		—		14,791,800
Global Opportunities Fund		541,908		7,088,245		6,833,948		—		14,464,101
Quantex Fund		188,716		964,549		3,779,934		—		4,933,199
Miller/Howard Infrastructure Fund		948,157		218,193		3,458,342		—		4,624,692
Total Return Bond Fund		3,858,882		—		—		—		3,858,882
Money Market Fund		105,566		—		—		—		105,566

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis for the Funds were as follows:

	Undistributed Ordinary Income		Accumulated Capital and Other Gains and (Losses)			Unrealized Appreciation/ (Depreciation)**			Total Accumulated Earnings/(Deficit)
Muirfield Fund	$	—	$	(9,598,759	)	$	2,345,338		$	(7,253,421	)
Dynamic Growth Fund		—		(110,867	)		253,751			142,884
Aggressive Growth Fund		—		(631,460	)		(250,198	)		(881,658	)
Balanced Fund		—		(3,908,681	)		(2,971,059	)		(6,879,740	)
Global Opportunities Fund		—		(3,978,953	)		(3,406,398	)		(7,385,351	)
Spectrum Fund		—		(1,198,916	)		(801,394	)		(2,000,310	)
Quantex Fund		—		257,088			(3,363,551	)		(3,106,463	)
Miller/Howard Infrastructure Fund		—		47,053			(2,481,655	)		(2,434,602	)
Dividend Opportunities Fund		—		(1,853,475	)		(1,284,094	)		(3,137,569	)
Total Return Bond Fund		10		(9,946,117	)		(5,442,774	)		(15,388,881	)
Money Market Fund		—		—			—			—

* Total dividends paid may differ from the amount reported in the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid.

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

2016 Semiannual Report | June 30, 2016  Page 87

   

The following Funds elected to defer the following amounts of post-October losses:

	Post-October Loss Deferral
Muirfield Fund	$	5,691,829
Dynamic Growth Fund		680,941
Aggressive Growth Fund		639,757
Balanced Fund		3,503,804
Global Opportunities Fund		2,714,212
Spectrum Fund		1,198,916
Quantex Fund		443,506
Miller/Howard Infrastructure Fund		208,787
Dividend Opportunities Fund		770,090
Total Return Bond Fund		5,308,736

For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2015, which are not subject to expiration and are available to offset future capital gains, if any. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders:

	Amount		Tax Character
Muirfield Fund	$	3,906,930	Short-term
Balanced Fund		404,877	Short-term
Global Opportunities Fund		1,264,741	Short-term
Dividend Opportunities Fund		1,028,577	Short-term
Dividend Opportunities Fund		54,808	Long-term
Total Return Bond Fund		4,172,114	Short-term
Total Return Bond Fund		465,267	Long-term

6.    Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of June 30, 2016, account holders that held more than 25% of the voting securities of the Funds and may be deemed to control the Funds are as follows:

	Name of Account Holder	Percent of Voting Securities
Dynamic Growth Fund	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	26%
Aggressive Growth Fund	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	33%
Balanced Fund	National Financial Services Corp. and certain affiliates held for the benefit of others	34%
Global Opportunities Fund	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	66%
Spectrum Fund	National Financial Services Corp. and certain affiliates held for the benefit of others	30%
Dividend Opportunities Fund	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	27%
Total Return Bond Fund	National Financial Services Corp. and certain affiliates held for the benefit of others	35%
Money Market Fund – Institutional Class	Carey & Co. held for the benefit of others *	99%

* The Funds, with the exception of Money Market, own shares of the Institutional Class. Carey & Co. holds these shares on behalf of the Funds. These accounts are considered to be affiliated to Money Market.

7.    Subsequent Events

Miller/Howard Investments, Inc. has resigned as the sub-adviser to the Meeder Miller/Howard Infrastructure Fund effective September 15, 2016. MAM will assume day to day investment decisions on September 16, 2016. Additionally, the name will change to the Meeder Infrastructure Fund on September 16, 2016.

Page 88 2016 Semiannual Report | June 30, 2016

    

Trustees and Officers (unaudited)

Certain trustees and officers of the Funds are also officers or directors of Meeder, MAM, and MFSCo. The Trustees oversee the management of the Trust and elect its officers. The officers are responsible for the Funds’ day-to-day operations. The Trustees’ and officers’ names, addresses, years of birth, positions held with the Trust, and length of service with the Meeder Funds are listed below. Also included is each Board member’s principal occupation during, at least, the past five years. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Those Trustees who are “interested persons”, as defined in the 1940 Act, by virtue of their affiliation with the Trust, are indicated by an asterisk (*). On June 7, 2016, Jack W. Nicklaus resigned as independent trustee to the Trust.

Name, Address1, and Year of Birth	Year First Elected a Trustee or Officer of the Trust	Position and Number of Funds Overseen2	Principal Occupation During Past Five Years and Other Directorships Held
Robert S. Meeder, Jr.* Year of Birth: 1961	1992	Trustee and President	President of Meeder Asset Management, Inc.
Stuart M. Allen** Year of Birth: 1961	2006	Trustee	President of Gardiner Allen DeRoberts Insurance LLC, an insurance agency; Chairman of the Trust’s Audit Committee.
Anthony D’Angelo** Year of Birth: 1959	2006	Trustee	General Manager, WSYX ABC 6 /WTTE-TV Fox 28 /WWHO television stations, Columbus, Ohio, operated by Sinclair Broadcast Group (2014 – present); Director of Sales (2004 – 2014); Lead Trustee of the Trust.
Dale W. Smith Year of Birth: 1959	2006	Vice President	Chief Financial Officer of Meeder Asset Management, Inc. (2005 – present).
Susan E. Meeder Year of Birth: 1963	2014	Vice President	Chief Operating Officer of Meeder Asset Management, Inc. (2009 – present).
Timothy N. McCabe Year of Birth: 1976	2015	Chief Legal Officer	Chief Legal Officer, Meeder Asset Management, Inc. (2015 – present); Senior Counsel & Regulatory Officer, Ohio Treasurer of State (2013 – 2015); Vice President, Managing Counsel of Pershing LLC, a BNY Mellon Company (2011 – 2013).
Mary “Maggie” Bull Year of Birth: 1966	2011	Chief Compliance Officer	Chief Compliance Officer, Legal Counsel and Anti-Money Laundering Officer of the Funds (2011 – present).
Bruce E. McKibben Year of Birth: 1969	2002	Treasurer	Director of Fund Accounting of Mutual Funds Service Co., the Trust’s transfer agent (1997 – present).
Ruth A. Kirkpatrick Year of Birth: 1951	2009	Secretary	Senior Legal Specialist of Meeder Asset Management, Inc.

¹ The address of each Trustee is 6125 Memorial Drive, Dublin, OH 43017.

² Each Trustee serves for an indefinite term, until his or her resignation, death, or removal. Each Trustee oversees all eleven Funds in the Trust.

* Robert S. Meeder, Jr. is deemed an “interested person” of the Trust by virtue of his position as President of Meeder Asset Management, Inc., the Advisor of the Trust.

** Each independent Trustee is a member of the Trust’s Audit Committee, Compensation Committee, and Nominating Committee.

The Statement of Additional Information includes additional information about each Trustee and is available without charge. To obtain a copy of the Statement of Additional Information, please contact your financial representative or call toll free 1-800-325-3539.

Other Information

The Funds file their complete schedules of portfolios holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. In addition, Money Market Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. The Funds’ Forms N-Q and N-MFP are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds’ schedules of positions are also available on the Funds’ website at www.meederfunds.com.

A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities, and information regarding how the Funds voted these proxies for the 12-month period ended June 30, 2016, is available on the SEC’s website at http://www/sec.gov, or, without charge, upon request by calling toll-free 1-800-325-3539.

2016 Semiannual Report | June 30, 2016  Page 89

   

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Manager and Investment Advisor

Meeder Asset Management, Inc.
6125 Memorial Drive
P.O. Box 7177
Dublin, Ohio 43017

Subadvisor/Miller/Howard Infrastructure Fund

Miller/Howard Investments, Inc.
141 Upper Byrdcliffe Road, P.O. Box 549
Woodstock, New York 12498

Board of Trustees

Stuart Allen
Anthony D’Angelo
Robert S. Meeder

Custodian

The Huntington National Bank
Columbus, Ohio 43215

Transfer Agent & Dividend Disbursing Agent

Mutual Funds Service Co.
6125 Memorial Drive
Dublin, Ohio 43017

Independent Registered Public Accounting Firm

Cohen Fund Audit Services, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, Ohio 44115

6125 Memorial Drive Dublin, Ohio 43017

Meeder Funds Semiannual Report

June 30, 2016

Mutual funds can be a quick, efficient, cost-effective way to achieve investment diversification. The investment options available through Meeder Funds are suitable for a wide range of investors, from the conservative-minded to the growth-oriented, to help investors achieve their individual financial goals.

We provide professional management, ongoing supervision of clients’ holdings, automatic diversification and e-Delivery of statements and fund mailings: all important elements of a well-rounded investment plan.

No matter what your objectives may be, Meeder Funds can help you make the most of your personal investment plan and help you achieve your individual financial goals.

Managed by Meeder Asset Management, Inc.
6125 Memorial Drive, Dublin, Ohio 43017

Toll Free: 800-325-3539
Local: 614-760-2159
Fax: 614-766-6669

www.meederfunds.com
meederfunds@meederinvestment.com

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.

Currently, the Meeder Funds (the “Funds”) do not have an Audit Committee member who possesses all of the attributes required to be an "audit committee financial expert" as defined in instruction 2(b) of Item 3 of Form N-CSR. However, the Board of Trustees believes that each member of the Audit Committee has substantial experience relating to the review of financial statements and the operations of audit committees. Accordingly, the Board of Trustees believes that the members are qualified to evaluate the Funds’ financial statements, supervise the Funds’ preparation of its financial statements, and oversee the work of the Funds’ independent auditors. The Board of Trustees also believes that, although no single Audit Committee member possesses all of the attributes required to be an “audit committee financial expert”, the Audit Committee members collectively as a group possess the attributes required to be an “audit committee financial expert.”

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:

	2016		2015
Audit Fees	$	105,750	$	85,000
Audit-Related Fees		300		300
Tax Fees		38,500		31,500
All Other Fees		1,650		1,975

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 $23,750 and $36,700 respectively.

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

Items 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

SIGNATURES

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

Meeder Funds
By:	/s/ Bruce E. McKibben
	Bruce E. McKibben, Treasurer
Date:	September 6, 2016

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

By:	/s/ Bruce E. McKibben
	Bruce E. McKibben, Treasurer
Date:	September 6, 2016
By:	/s/ Robert S. Meeder, Jr.
	Robert S. Meeder, Jr., President
Date:	September 6, 2016