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, 2017

Date of reporting period: June 30, 2017

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, 2017

Summer is here and we’re halfway through the year. It’s vacation time for many—with cookouts, swimming pools, and time with family and friends the general order of the day. It’s also a time to reflect on what’s transpired over the first half of 2017.

A phrase I’ve used often this year is “We certainly live in interesting times.” Whether it’s the daily news coming out of the White House (and on Twitter), what’s happening or not happening on Capitol Hill, political change in the United Kingdom and France, or the ongoing antagonism coming from North Korea, each of these topics on their own is enough to focus on. But combined, they provide us with constant “Breaking News” headlines, information overload and the sense that chaos prevails.

Unfortunately, news headlines have a tendency to create noise that can distract investors from staying on track with their investments. This noise can lead to emotional decisions, taking investors on a roller-coaster ride from optimism to fear and back again. Over time, this emotional decision-making has kept the average investor from barely keeping pace with inflation.

Market volatility also plays a role in driving emotional behavior. A widely used indicator of investor fear is the VIX. Its proper name is the Chicago Board Options Exchange Volatility Index, but you’ll often hear it referred to as the VIX. It is a forward-looking indicator of the expected 30-day volatility of the S&P 500 Index, which measures market risk. VIX values greater than 20 imply that volatility is high while values that are below this tend to be a reflection of low volatility. For example, after the financial crisis in the fall of 2008, the VIX climbed to a high of 80 and did not return to normalized levels until the end of 2009.

Recently, it seems like volatility has gone on holiday or an extended vacation. As I mentioned, when the VIX is below 20, that signals a low-volatility environment. When the VIX is below 10, which has only happened 11 times in the past 20 years, that indicates that volatility is extremely low. In fact, of the 11 occurrences of the VIX coming in below 10, seven of those times have occurred in just the past two months.

Again, this is just another indication that despite all the headlines and breaking news, the markets remain unfazed and focused on fundamentals. Investors that can avoid the noise and remain focused on their long-term investment goals will be in a better position to achieve those goals than those who can’t.

Market Review

The first quarter of 2017 witnessed a lot of political turmoil as Donald Trump was inaugurated as the 45th President of the United States. Despite this, the volatility of equity markets behaved in a very modest fashion. If you recall, March 21st marked the first time that the S&P 500 index closed down at least 1% or more in over 110 trading sessions. It was the longest streak of limited downside for the S&P since 1995. Markets started 2017 on the right foot by ending January and February each with positive returns. According to MarketWatch, from 1945 – 2016 there have only been 27 calendar years when the S&P was positive for both January and February. During this period, the average annual return for these calendar years was 24%.

The U.S. stock market continued advancing in the second quarter of 2017 as corporate earnings growth, consumer confidence, business confidence, the Fed and employment numbers all continued pushing the markets to new highs. For the quarter ending June 30, 2017, the S&P 500 Index was up 3.09%. Year-to-date, the S&P 500 is up 9.35%.

The stock market’s rally for the first half of 2017 was due in part to strong earnings results that were released in April. The earnings growth was broad based and bounced substantially to post an increase in earnings of 14.5% year-over-year. Part of this earnings recovery was due to the rebound in commodity prices within the energy sector coming off their lows over a year ago. According to FactSet, even if the earnings from energy companies were excluded, the year-over-year growth would still be up 8.3%. This rebound in earnings continues to solidify the rise in equity markets. While energy earnings were stronger than a year ago, the price of oil is still far from reaching levels seen in recent years.

As impressive as U.S. stock market returns were for investors, markets outside the U.S. did even better, driven in part by a falling U.S. dollar. Returns around the globe were positive in the second quarter, as emerging markets and international developed markets outpaced the U.S. handily. Few investments in the marketplace have benefitted from a weaker dollar more than emerging markets countries. Year-to-date, the MSCI Emerging Markets Index is up 18.4% as of June 30 while the MSCI EAFE Index, which represents 21 developed international markets, has risen 14.2%.

The U.S. economy continued to see strength in a number of key areas during the first quarter and Janet Yellen was quoted as saying, “Further gradual hikes in the federal funds rate would be “appropriate” should employment and inflation move in line with expectations.” In June, the Fed raised the Federal Funds overnight lending rate by 0.25%, which was the second rate hike this year, and the third increase in just six months. The Fed continues to stand by its original estimate of three rate hikes for 2017. Minutes from the recent Fed meeting outlined the next tool the Fed will use to manage economic growth – paring back its balance sheet. Besides the ability to raise or reduce short-term rates, the Fed has a $4.5 trillion balance sheet and they intend to reduce this amount over the next few years, which may also have the effect of allowing longer-term rates to rise gradually. While history has shown us that slow tightening cycles by the Fed have not negatively impacted the long-term growth of equity markets, unwinding the Fed’s balance sheet is an untested experiment.

That said, the Barclay’s U.S. Aggregate Bond Index has maintained a low profile this year, returning 2.24% year-to-date. Fixed income headlines were primarily dominated by monetary policy in the second quarter.

Looking Ahead

While there are political and social headlines dominating the news, corporate earnings are strong, unemployment is low, interest rates are stable, inflation is tame and consumers are confident – all supporting reasons why the markets keep hitting new highs.

2017 Semiannual Report | June 30, 2017 Page 1

  

We haven’t seen much volatility and market corrections are a part of the investing landscape. However, with solid earnings growth and the fact that we continue to see decent economic data, we continue to believe that there is still room to run in this current secular bull market.

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.

Page 2      2017 Semiannual Report | June 30, 2017

Sector Concentrations, Top 10 Holdings,
Fund Expense Analysis

June 30, 2017

Global Opportunities Fund*

Sector Concentration#	% of total net assets
Information Technology	10.6%
Financials	6.3%
Real Estate Investment Trust	6.3%
Healthcare	5.1%
Materials	4.4%
Industrials	4.1%
Energy	2.2%
Utilities	1.9%
Consumer Staples	1.4%
Consumer Discretionary	0.4%
Registered Investment Companies	34.4%
Money Market Registered Investment Companies	20.1%
Bank Obligations	1.7%
U.S. Government Obligations	0.7%
Other Assets/Liabilities (Net)	0.4%
Total	100%

Top 10 Holdings	% of total net assets
iShares Core MSCI EAFE	21.4%
mini MSCI EAFE Index TAS June17	18.9%
iShares Core MSCI Emerging Markets	10.9%
Apple Inc	2.5%
Goldman Sachs Em Mkts Eq Insghts Intl	2.1%
E-mini S&P 500 June17	2.1%
Berkshire Hathaway Inc B	1.6%
Intel Corp	1.4%
Wal-Mart Stores Inc	1.3%
Boeing Co	1.3%

Aggressive Growth Fund*

Sector Concentration#	% of total net assets
Financials	13.6%
Information Technology	11.9%
Industrials	11.5%
Healthcare	10.2%
Consumer Discretionary	9.4%
Utilities	3.3%
Materials	3.0%
Consumer Staples	2.6%
Real Estate Investment Trust	1.4%
Energy	1.3%
Telecommunication Services	0.4%
Registered Investment Companies	11.7%
Money Market Registered Investment Companies	17.6%
Bank Obligations	1.2%
U.S. Government Obligations	0.6%
Other Assets/Liabilities (Net)	0.3%
Total	100%

Top 10 Holdings	% of total net assets
mini MSCI EAFE Index Futures Sept17	12.7%
iShares Core MSCI EAFE ETF	5.5%
mini MSCI Emerging Markets Index Futures	4.4%
SPDR® Blmbg Barclays High Yield Bd ETF	2.8%
iShares JP Morgan USD Em Mkts Bd ETF	2.8%
E-mini S&P 400 Sept17	1.7%
Russell 2000 Index Mini Futures Sept17	1.0%
Everest Re Group Ltd	0.9%
East West Bancorp Inc	0.8%
ManpowerGroup Inc	0.8%

Dividend Opportunities Fund*

Sector Concentration#	% of total net assets
Financials	25.3%
Healthcare	15.1%
Information Technology	14.5%
Industrials	13.6%
Consumer Discretionary	6.9%
Consumer Staples	3.8%
Materials	3.6%
Energy	2.9%
Utilities	2.2%
Telecommunication Services	0.7%
Money Market Registered Investment Companies	9.5%
Bank Obligations	1.4%
U.S. Government Obligations	0.4%
Other Assets/Liabilities (Net)	0.1%
Total	100%

Top 10 Holdings	% of total net assets
mini MSCI EAFE Index TAS June17	6.3%
JPMorgan Chase & Co	3.1%
Johnson & Johnson	3.0%
Bank of America Corporation	2.5%
Pfizer Inc	2.2%
Merck & Co Inc	2.1%
mini MSCI Emerging Markets Index TAS	2.1%
Citigroup Inc	2.0%
Intel Corp	1.9%
Cisco Systems Inc	1.7%

* 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 2017 Semiannual Report | June 30, 2017

Dynamic Growth Fund*

Sector Concentration#	% of total net assets
Information Technology	18.5%
Financials	13.5%
Healthcare	11.8%
Industrials	7.7%
Consumer Discretionary	7.2%
Energy	3.6%
Consumer Staples	2.7%
Telecommunication Services	2.4%
Utilities	2.1%
Materials	1.3%
Real Estate Investment Trust	0.0%
Registered Investment Companies	13.3%
Money Market Registered Investment Companies	14.0%
Bank Obligations	1.0%
U.S. Government Obligations	0.5%
Other Assets/Liabilities (Net)	0.4%
Total	100%

Top 10 Holdings	% of total net assets
mini MSCI EAFE Index Futures Sept17	11.0%
iShares Core MSCI EAFE ETF	7.0%
mini MSCI Emerging Markets Index Futures	4.2%
SPDR® Blmbg Barclays High Yield Bd ETF	2.7%
iShares JP Morgan USD Em Mkts Bd ETF	2.6%
Apple Inc	2.5%
Microsoft Corp	1.8%
Johnson & Johnson	1.5%
Alphabet Inc C	1.3%
Amazon.com Inc	1.3%

Quantex Fund*

Sector Concentration#	% of total net assets
Consumer Discretionary	32.6%
Industrials	13.7%
Information Technology	13.5%
Healthcare	11.0%
Financials	5.0%
Utilities	4.6%
Real Estate Investment Trust	3.9%
Energy	3.6%
Materials	2.8%
Consumer Staples	1.3%
Telecommunication Services	0.3%
Money Market Registered Investment Companies	7.8%
Bank Obligations	1.4%
U.S. Government Obligations	0.2%
Other Assets/Liabilities (Net)	(1.7%)
Total	100%

Top 10 Holdings	% of total net assets
S&P Mid Cap Futures Emini June 2017	7.6%
RH	1.6%
Wynn Resorts Ltd	1.3%
FMC Corp	1.1%
KB Home	1.1%
New York Times Co Class A	1.1%
Wyndham Worldwide Corp	1.1%
Sothebys Class A Limited Voting	1.1%
NRG Energy Inc	1.1%
ACI Worldwide Inc	1.1%

Balanced Fund*

Sector Concentration#	% of total net assets
Information Technology	12.1%
Financials	9.0%
Healthcare	7.6%
Consumer Discretionary	5.8%
Industrials	5.4%
Energy	3.3%
Consumer Staples	2.8%
Utilities	2.8%
Telecommunication Services	1.7%
Materials	1.1%
Real Estate Investment Trust	0.3%
Registered Investment Companies	34.6%
Money Market Registered Investment Companies	14.2%
Bank Obligations	0.6%
U.S. Government Obligations	0.5%
Other Assets/Liabilities (Net)	(1.8%)
Total	100%

Top 10 Holdings	% of total net assets
E-mini S&P 500 June17	7.7%
mini MSCI EAFE Index TAS June17	5.3%
iShares Core US Aggregate Bond	3.5%
iShares Russell 2000 Growth	3.3%
iShares JPMorgan USD Emerg Markets Bond	2.8%
iShares 7-10 Year Treasury Bond	2.4%
iShares 3-7 Year Treasury Bond	2.3%
mini MSCI Emerging Markets Index TAS	2.2%
Apple Inc	2.2%
Prudential Total Return Bond Z	2.1%

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

# Concentrations are subject to change.

2017 Semiannual Report | June 30, 2017 Page 5

Muirfield Fund*

Sector Concentration#	% of total net assets
Information Technology	17.0%
Financials	12.5%
Healthcare	10.8%
Consumer Discretionary	8.0%
Industrials	7.6%
Energy	4.6%
Utilities	4.0%
Consumer Staples	3.8%
Telecommunication Services	2.5%
Materials	1.6%
Real Estate Investment Trust	0.3%
Registered Investment Companies	4.1%
Money Market Registered Investment Companies	21.9%
Bank Obligations	0.3%
U.S. Government Obligations	0.7%
Other Assets/Liabilities (Net)	0.3%
Total	100%

Top 10 Holdings	% of total net assets
E-mini S&P 500 June17	12.1%
mini MSCI EAFE Index TAS June17	7.5%
iShares Russell 2000 Growth	3.7%
mini MSCI Emerging Markets Index TAS	3.1%
Apple Inc	2.9%
Microsoft Corp	2.0%
Alphabet Inc C	1.4%
Amazon.com Inc	1.3%
Berkshire Hathaway Inc B	1.3%
Johnson & Johnson	1.2%

Spectrum Fund*

Sector Concentration#	% of total net assets
Long Positions
Information Technology	20.4%
Financials	17.5%
Healthcare	13.0%
Industrials	11.8%
Consumer Discretionary	9.4%
Consumer Staples	5.6%
Utilities	5.3%
Energy	4.0%
Materials	2.7%
Real Estate Investment Trust	2.5%
Telecommunication Services	2.1%
Money Market Registered Investment Companies	3.0%
Bank Obligations	0.6%
U.S. Government Obligations	1.4%
Other Assets/Liabilities (Net)	39.9%
	139.2%

Short Positions
Financials	(9.8%)
Industrials	(6.2%)
Information Technology	(6.0%)
Utilities	(6.0%)
Consumer Discretionary	(4.3%)
Consumer Staples	(2.4%)
Materials	(2.4%)
Energy	(0.9%)
Healthcare	(0.6%)
Real Estate Investment Trust	(0.6%)
	(39.2%)
Total	100%

Top 10 Holdings	% of total net assets
E-mini S&P 500 June17	31.9%
mini MSCI EAFE Index TAS June17	7.0%
mini MSCI Emerging Markets Index TAS	3.2%
Apple Inc	2.0%
Microsoft Corp	1.5%
Johnson & Johnson	1.0%
Alphabet Inc C	1.0%
Amazon.com Inc	0.9%
JPMorgan Chase & Co	0.8%
Pfizer Inc	0.8%

* 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 2017 Semiannual Report | June 30, 2017

Infrastructure Fund*

Sector Concentration#	% of total net assets
Telecommunication Services	28.9%
Utility Services	21.7%
Pipelines	16.2%
Natural Gas Distribution	15.2%
Electric Utility	8.4%
Water Utility	3.4%
Money Market Registered Investment Companies	2.7%
Bank Obligations	2.6%
U.S. Government Obligations	0.2%
Other Assets/Liabilities (Net)	0.7%
Total	100%

Top 10 Holdings	% of total net assets
E-mini S&P 500 June17	8.1%
FedEx Corp	4.4%
Corning Inc	4.3%
National Grid PLC ADR	4.1%
Qualcomm Inc	4.0%
OGE Energy Corp	4.0%
Targa Resources Corp	3.6%
American Tower Corp	3.6%
Veolia Environnement SA ADR	3.5%
United Parcel Service Inc Class B	3.4%

Total Return Bond Fund

Sector Concentration#	% of total net assets
Registered Investment Companies	97.2%
Money Market Registered Investment Companies	2.4%
Bank Obligations	0.7%
Other Assets/Liabilities (Net)	(0.3%)
Total	100%

Top 10 Holdings	% of total net assets
iShares JP Morgan USD Em Mkts Bd ETF	19.1%
iShares iBoxx $ High Yield Corp Bd ETF	10.7%
SPDR® Blmbg Barclays High Yield Bd ETF	10.6%
TCW Emerging Markets Income I	8.4%
Lord Abbett High Yield I	5.2%
iShares 7-10 Year Treasury Bond ETF	5.2%
iShares 3-7 Year Treasury Bond ETF	5.1%
Prudential Total Return Bond Z	4.2%
Baird Core Plus Bond Inst	3.6%
JPMorgan Core Plus Bond I	3.5%

Prime Money Market Fund

Sector Concentration#	% of total net assets
Money Market Registered Investment Companies	35.3	%
Commercial Paper	28.9	%
Repurchase Agreements	19.3	%
Corporate Obligations	9.7	%
Certificates of Deposit	6.1	%
U.S. Government Agency Obligations	0.6	%
Other Assets/Liabilities (Net)	0.1	%
Total	100	%

Top 10 Holdings	% of total net assets
Fidelity Prime Institutional Money Market Portfolio, 1.18%	24.9%
Int'l FCStone Repo, 1.08%, 7/3/2017	19.3%
Morgan Stanley Government Institutional Fund, 0.84%	10.4%
General Elecrtric Corp., 1.72%, 9/7/2017	2.8%
Prudential Funding LLC, 1.05%, 7/18/2017	2.8%
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY, 1.32%, 7/25/2017	2.1%
Westpac Banking Corp., 1.60%, 7/12/2017	1.4%
Westpac Banking Corp., 1.50%, 12/1/2017	1.4%
Royal Bank of Canada, 1.50%, 7/16/2017	1.4%
Royal Bank of Canada, 1.40%, 7/25/2017	1.4%

Institutional Prime Money Market Fund

Sector Concentration#	% of total net assets
Commercial Paper	41.5%
Money Market Registered Investment Companies	33.7%
Repurchase Agreements	11.9%
Corporate Obligations	5.8%
Certificates of Deposit	4.1%
U.S. Government Agency Obligations	3.0%
Total	100%

Top 10 Holdings	% of total net assets
Fidelity Prime Institutional Money Market Portfolio, 1.18%	28.5%
Int'l FCStone Repo, 1.08%, 7/3/2017	11.9%
Morgan Stanley Government Institutional Fund, 0.84%	5.2%
Prudential Funding LLC, 1.05%, 7/18/2017	4.7%
General Electric Capital Corp., 0.99%, 7/10/2017	2.6%
Federal Home Loan Bank, 0.95%, 7/21/2017	2.6%
General Elecrtric Capital Corp., 1.72%, 9/7/2017	2.1%
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY, 1.37%, 9/15/2017	1.6%
Banque et Caisse d'Epargne de l'Etat, 1.26%, 7/5/2017	1.0%
Bank of Montreal Yankee CD, 1.40%, 10/10/2017	0.8%

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

# Concentrations are subject to change.

2017 Semiannual Report | June 30, 2017 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 examples below are based on an investment of $1,000 invested at the beginning of the period and held for the six-month period from January 1, 2017 to June 30, 2017.

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 returns. 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 (12/31/16)	Ending Account Value (6/30/17)	Expenses Paid During Period1 (12/31/16 - 6/30/17)	Expense Ratio2 (Annualized)
Muirfield Fund - Retail Class	Actual	$1,000.00	$1,084.00	$6.77	1.31%
	Hypothetical	1,000.00	1,018.30	6.56	1.31%
Infrastructure Fund - Retail Class	Actual	1,000.00	1,032.80	9.93	1.97%
	Hypothetical	1,000.00	1,015.03	9.84	1.97%
Quantex Fund - Retail Class	Actual	1,000.00	1,031.20	7.45	1.48%
	Hypothetical	1,000.00	1,017.46	7.40	1.48%
Dynamic Growth Fund - Retail Class	Actual	1,000.00	1,087.00	7.87	1.52%
	Hypothetical	1,000.00	1,017.26	7.60	1.52%
Aggressive Growth Fund - Retail Class	Actual	1,000.00	1,031.90	8.67	1.72%
	Hypothetical	1,000.00	1,016.27	8.60	1.72%
Balanced Fund - Retail Class	Actual	1,000.00	1,065.70	7.63	1.49%
	Hypothetical	1,000.00	1,017.41	7.45	1.49%
Global Opportunities Fund - Retail Class	Actual	1,000.00	1,094.70	8.21	1.58%
	Hypothetical	1,000.00	1,016.96	7.90	1.58%
Spectrum Fund - Retail Class	Actual	1,000.00	1,071.00	11.09	2.16%
	Hypothetical	1,000.00	1,014.08	10.79	2.16%
Dividend Opportunities Fund - Retail Class	Actual	1,000.00	1,047.40	8.48	1.67%
	Hypothetical	1,000.00	1,016.51	8.35	1.67%
Total Return Bond Fund - Retail Class	Actual	1,000.00	1,027.30	5.13	1.02%
	Hypothetical	1,000.00	1,019.74	5.11	1.02%
Prime Money Market Fund	Actual	1,000.00	1,002.70	2.33	0.47%
	Hypothetical	1,000.00	1,022.46	2.36	0.47%
Institutional Prime Money Market Fund	Actual	1,000.00	1,004.10	0.89	0.18%
	Hypothetical	1,000.00	1,023.90	0.90	0.18%
Muirfield Fund - Adviser Class	Actual	1,000.00	1,086.80	6.05	1.17%
	Hypothetical	1,000.00	1,018.99	5.86	1.17%
Infrastructure Fund - Adviser Class	Actual	1,000.00	1,034.70	9.59	1.90%
	Hypothetical	1,000.00	1,015.37	9.49	1.90%
Quantex Fund - Adviser Class	Actual	1,000.00	1,033.00	6.70	1.33%
	Hypothetical	1,000.00	1,018.20	6.66	1.33%

Page 8 2017 Semiannual Report | June 30, 2017

		Beginning Account Value (12/31/16)	Ending Account Value (6/30/17)	Expenses Paid During Period1 (12/31/16 - 6/30/17)	Expense Ratio2 (Annualized)
Dynamic Growth Fund - Adviser Class	Actual	$1,000.00	$1,087.40	$6.37	1.23%
	Hypothetical	1,000.00	1,018.70	6.16	1.23%
Aggressive Growth Fund - Adviser Class	Actual	1,000.00	1,033.80	7.77	1.54%
	Hypothetical	1,000.00	1,017.16	7.70	1.54%
Balanced Fund - Adviser Class	Actual	1,000.00	1,069.00	6.46	1.26%
	Hypothetical	1,000.00	1,018.55	6.31	1.26%
Global Opportunities Fund - Adviser Class	Actual	1,000.00	1,097.20	7.07	1.36%
	Hypothetical	1,000.00	1,018.05	6.80	1.36%
Spectrum Fund - Adviser Class	Actual	1,000.00	1,071.90	10.84	2.11%
	Hypothetical	1,000.00	1,014.33	10.54	2.11%
Dividend Opportunities Fund - Adviser Class	Actual	1,000.00	1,049.00	7.52	1.48%
	Hypothetical	1,000.00	1,017.46	7.40	1.48%
Total Return Bond Fund - Adviser Class	Actual	1,000.00	1,030.00	3.93	0.78%
	Hypothetical	1,000.00	1,020.93	3.91	0.78%
Muirfield Fund - Institutional Class	Actual	1,000.00	1,085.30	5.02	0.97%
	Hypothetical	1,000.00	1,019.98	4.86	0.97%
Infrastructure Fund - Institutional Class	Actual	1,000.00	1,035.10	8.33	1.65%
	Hypothetical	1,000.00	1,016.61	8.25	1.65%
Quantex Fund - Institutional Class	Actual	1,000.00	1,033.30	5.95	1.18%
	Hypothetical	1,000.00	1,018.94	5.91	1.18%
Dynamic Growth Fund - Institutional Class	Actual	1,000.00	1,088.50	5.49	1.06%
	Hypothetical	1,000.00	1,019.54	5.31	1.06%
Aggressive Growth Fund - Institutional Class	Actual	1,000.00	1,033.80	6.66	1.32%
	Hypothetical	1,000.00	1,018.25	6.61	1.32%
Balanced Fund - Institutional Class	Actual	1,000.00	1,068.00	5.44	1.06%
	Hypothetical	1,000.00	1,019.54	5.31	1.06%
Global Opportunities Fund - Institutional Class	Actual	1,000.00	1,097.10	6.19	1.19%
	Hypothetical	1,000.00	1,018.89	5.96	1.19%
Spectrum Fund - Institutional Class	Actual	1,000.00	1,071.90	8.89	1.73%
	Hypothetical	1,000.00	1,016.22	8.65	1.73%
Dividend Opportunities Fund - Institutional Class	Actual	1,000.00	1,049.10	6.40	1.26%
	Hypothetical	1,000.00	1,018.55	6.31	1.26%
Total Return Bond Fund - Institutional Class	Actual	1,000.00	1,030.00	2.97	0.59%
	Hypothetical	1,000.00	1,021.87	2.96	0.59%

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

¹ Expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period by 181/365 (to reflect the total number of days in the six-month period).

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

2017 Semiannual Report | June 30, 2017 Page 9

2017 Semiannual Report
Fund Holdings & Financial Statements

Schedule of Investments
June 30, 2017 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 72.7%
Consumer Discretionary — 8.0%
Amazon.com, Inc. (2)		5,166		5,000,688
Bed Bath & Beyond, Inc.		9,390		285,456
Best Buy Co., Inc.		11,641		667,379
Brinker International, Inc.		3,926		149,581
Brunswick Corp./DE		8,040		504,349
Burlington Stores, Inc. (2)		1,555		143,044
CalAtlantic Group, Inc.		13,087		462,625
Coach, Inc.		16,821		796,306
Comcast Corp.		82,777		3,221,681
Delphi Automotive PLC		7,748		679,112
Discovery Communications, Inc. (2)		4,740		119,495
Dollar Tree, Inc. (2)		1,410		98,587
Extended Stay America, Inc.		7,455		144,329
Foot Locker, Inc.		14,007		690,265
GameStop Corp.		6,711		145,025
Gap, Inc./The		8,695		191,203
General Motors Co.		78,894		2,755,767
Graham Holdings Co.		596		357,391
H&R Block, Inc.		5,843		180,607
Hasbro, Inc.		1,147		127,902
Home Depot, Inc./The		15,964		2,448,878
International Game Technology PLC		2,253		41,230
Kohl's Corp.		12,793		494,705
Lear Corp.		6,098		866,404
Liberty Expedia Holdings, Inc. (2)		6,009		324,606
Liberty Interactive Corp. QVC Group (2)		258		6,331
Lowe's Cos., Inc.		567		43,960
Michael Kors Holdings, Ltd. (2)		16,454		596,458
Michaels Cos., Inc./The (2)		3,178		58,857
NVR, Inc. (2)		417		1,005,224
Panera Bread Co. (2)		256		80,548
Priceline Group, Inc./The (2)		544		1,017,563
PVH Corp.		2,414		276,403
Staples, Inc.		26,659		268,456
Target Corp.		29,880		1,562,425
TEGNA, Inc.		28,550		411,406
Thor Industries, Inc.		468		48,915
Time Warner, Inc.		11,840		1,188,854
Tupperware Brands Corp.		1,934		135,825
Walt Disney Co./The		25,199		2,677,394
Wyndham Worldwide Corp.		6,646		667,325
Yum China Holdings, Inc. (2)		2,784		109,773
				31,052,332
Consumer Staples — 3.8%
Altria Group, Inc.		33,759		2,514,033
Archer-Daniels-Midland Co.		23,779		983,975
Bunge, Ltd.		8,492		633,503
Costco Wholesale Corp.		2,048		327,537
Energizer Holdings, Inc.		7,308		350,930
Flowers Foods, Inc.		2,638		45,664
Kroger Co./The		63,655		1,484,435
Nu Skin Enterprises, Inc.		5,417		340,404
PepsiCo, Inc.		35,454		4,094,582
Pinnacle Foods, Inc.		4,109		244,075
Tyson Foods, Inc.		1,947		121,941
Wal-Mart Stores, Inc.		45,337		3,431,104
				14,572,183
Energy — 4.6%
Baker Hughes, LLC		11,335		617,871
Chevron Corp.		26,217		2,735,220
ConocoPhillips		14,182		623,441
Devon Energy Corp.		11,334		362,348
Energen Corp. (2)		4,496		221,968
EOG Resources, Inc.		6,089		551,176
Exxon Mobil Corp.		54,995		4,439,746
Kinder Morgan, Inc./DE		48,856		936,081
Marathon Petroleum Corp.		44,107		2,308,119
Rowan Cos. Plc (2)		18,320		187,597
Schlumberger, Ltd.		5,244		345,265
Tesoro Corp.		7,192		673,171
Transocean, Ltd. (2)		44,755		368,334
Valero Energy Corp.		27,533		1,857,376
Williams Cos., Inc./The		40,133		1,215,227
World Fuel Services Corp.		6,947		267,112
				17,710,052
Financials — 12.5%
AGNC Investment Corp.		35,924		764,822
Allied World Assurance Co. Holdings AG		8,125		429,813
Allstate Corp./The		28,277		2,500,818
American Express Co.		34,318		2,890,948
American Financial Group, Inc./OH		4,557		452,829
Ameriprise Financial, Inc.		15,653		1,992,470
Annaly Capital Management, Inc.		182,293		2,196,631
Assurant, Inc.		2,548		264,202
Assured Guaranty, Ltd.		7,943		331,541
Bank of America Corp.		155,194		3,765,006
Berkshire Hathaway, Inc. (2)		35,878		6,076,657
Chimera Investment Corp.		35,753		666,078
Citigroup, Inc.		38,303		2,561,705
Citizens Financial Group, Inc.		14,580		520,214

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

2017 Semiannual Report | June 30, 2017 Page 11

Schedule of Investments
June 30, 2017 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
CNA Financial Corp.		10,645		518,944
Discover Financial Services		14,961		930,425
Donnelley Financial Solutions, Inc. (2)		3,613		82,954
E*TRADE Financial Corp. (2)		4,345		165,240
East West Bancorp, Inc.		9,423		551,999
Everest Re Group, Ltd.		3,282		835,564
FNF Group		38,410		1,721,920
JPMorgan Chase & Co.		48,816		4,461,782
Lazard, Ltd.		17,712		820,597
Leucadia National Corp.		2,569		67,205
LPL Financial Holdings, Inc.		6,259		265,757
M&T Bank Corp.		2,843		460,424
Morgan Stanley		43,764		1,950,124
Northern Trust Corp.		25		2,430
PNC Financial Services Group, Inc./The		2,644		330,156
Popular, Inc.		4,047		168,800
Progressive Corp./The		19,260		849,173
Prudential Financial, Inc.		25,847		2,795,095
Raymond James Financial, Inc.		2,680		214,990
Regions Financial Corp.		100,675		1,473,882
Reinsurance Group of America, Inc.		6,423		824,649
S&P Global, Inc.		17,527		2,558,767
Wells Fargo & Co.		19,613		1,086,756
XL Group, Ltd.		3,190		139,722
				48,691,089
Healthcare — 10.8%
AbbVie, Inc.		38,089		2,761,833
Agilent Technologies, Inc.		4,687		277,986
Akorn, Inc. (2)		624		20,929
Align Technology, Inc. (2)		1,162		174,439
Allergan PLC		477		115,954
Amgen, Inc.		12,323		2,122,390
Anthem, Inc.		14,138		2,659,782
Baxter International, Inc.		40,708		2,464,462
Biogen, Inc. (2)		3,846		1,043,651
Bioverativ, Inc. (2)		5,866		352,957
Celgene Corp. (2)		2,280		296,104
Centene Corp. (2)		11,471		916,303
Cerner Corp. (2)		21,198		1,409,031
CR Bard, Inc.		4,873		1,540,404
Gilead Sciences, Inc.		38,342		2,713,847
HCA Healthcare, Inc. (2)		19,371		1,689,151
Hill-Rom Holdings, Inc.		7,060		562,047
Humana, Inc.		8,651		2,081,604
Incyte Corp. (2)		3,806		479,213
Johnson & Johnson		38,195		5,052,817
McKesson Corp.		5,572		916,817
Merck & Co., Inc.		25,559		1,638,076
Mettler-Toledo International, Inc. (2)		1,643		966,971
Pfizer, Inc.		15,308		514,196
Premier, Inc. (2)		16,326		587,736
Quest Diagnostics, Inc.		13,756		1,529,117
Regeneron Pharmaceuticals, Inc. (2)		927		455,287
Seattle Genetics, Inc. (2)		1,912		98,927
United Therapeutics Corp. (2)		4,041		524,239
UnitedHealth Group, Inc.		22,825		4,232,212
Vertex Pharmaceuticals, Inc. (2)		5,693		733,657
VWR Corp. (2)		1,031		34,033
WellCare Health Plans, Inc. (2)		3,925		704,773
				41,670,945
Industrials — 7.6%
3M Co.		16,889		3,516,121
Allison Transmission Holdings, Inc.		16,427		616,177
Boeing Co./The		17,469		3,454,495
CSX Corp.		23,557		1,285,270
Cummins, Inc.		14,904		2,417,727
Delta Air Lines, Inc.		20,020		1,075,875
Eaton Corp. PLC		32,856		2,557,182
General Dynamics Corp.		8,885		1,760,119
HD Supply Holdings, Inc. (2)		1,841		56,390
Honeywell International, Inc.		1,113		148,352
Huntington Ingalls Industries, Inc.		5,034		937,129
Ingersoll-Rand PLC		26,142		2,389,117
JetBlue Airways Corp. (2)		5,150		117,575
LSC Communications, Inc.		2,133		45,646
ManpowerGroup, Inc.		10,071		1,124,427
Masco Corp.		3,441		131,481
Owens Corning		14,770		988,408
Quanta Services, Inc. (2)		10,361		341,084
Regal Beloit Corp.		5,077		414,029
Robert Half International, Inc.		6,359		304,787
Ryder System, Inc.		3,408		245,308
Southwest Airlines Co.		23,497		1,460,104
Spirit AeroSystems Holdings, Inc.		8,206		475,456
Timken Co./The		5,107		236,199
Toro Co./The		9,700		672,113
Union Pacific Corp.		16,443		1,790,807
United Continental Holdings, Inc. (2)		7,512		565,278
United Rentals, Inc. (2)		1,899		214,036
				29,340,692

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

Page 12 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Information Technology — 17.0%
Accenture PLC		19,882		2,459,006
Activision Blizzard, Inc.		4,808		276,797
Adobe Systems, Inc. (2)		15,586		2,204,484
Alphabet, Inc. - Class C (2)		5,756		5,230,650
Alphabet, Inc. - Class A (2)		2,090		1,943,031
ANSYS, Inc. (2)		3,841		467,373
Apple, Inc.		69,191		9,964,888
Applied Materials, Inc.		44,262		1,828,463
Booz Allen Hamilton Holding Corp.		12,551		408,410
Cadence Design Systems, Inc. (2)		51,447		1,722,960
Cisco Systems, Inc.		118,560		3,710,928
Corning, Inc.		58,495		1,757,775
DXC Technology Co.		11,768		902,841
eBay, Inc. (2)		56,715		1,980,488
Electronic Arts, Inc. (2)		11,255		1,189,879
Facebook, Inc. (2)		26,843		4,052,756
HP, Inc.		91,688		1,602,706
IAC/InterActiveCorp (2)		6,853		707,504
Intel Corp.		87,973		2,968,209
International Business Machines Corp.		14,381		2,212,229
Intuit, Inc.		13,598		1,805,950
Jabil, Inc.		13,378		390,504
Juniper Networks, Inc.		41,522		1,157,633
Maxim Integrated Products, Inc.		9,898		444,420
Micron Technology, Inc. (2)		7,899		235,864
Microsoft Corp.		106,435		7,336,565
NVIDIA Corp.		5,852		845,965
Oracle Corp.		26,882		1,347,863
Skyworks Solutions, Inc.		6,902		662,247
Synopsys, Inc. (2)		26,325		1,919,882
Texas Instruments, Inc.		30,502		2,346,519
				66,084,789
Materials — 1.6%
Berry Global Group, Inc. (2)		3,332		189,957
Crown Holdings, Inc. (2)		12,176		726,420
Eastman Chemical Co.		6,843		574,744
Huntsman Corp.		12,877		332,742
LyondellBasell Industries NV		29,638		2,501,151
Nucor Corp.		12,722		736,222
Owens-Illinois, Inc. (2)		5,870		140,410
Packaging Corp. of America		3,153		351,213
Reliance Steel & Aluminum Co.		945		68,805
Steel Dynamics, Inc.		12,961		464,133
				6,085,797
Real Estate Investment Trust — 0.3%
CoreCivic, Inc.		360		9,929
DDR Corp.		1,908		17,306
HCP, Inc.		1,110		35,476
SBA Communications Corp. (2)		448		60,435
Simon Property Group, Inc.		6,025		974,604
VEREIT, Inc.		16,397		133,472
				1,231,222
Telecommunication Services — 2.5%
AT&T, Inc.		87,771		3,311,600
Level 3 Communications, Inc. (2)		9,306		551,846
Telephone & Data Systems, Inc.		6,703		186,008
T-Mobile US, Inc. (2)		34,266		2,077,205
Verizon Communications, Inc.		75,130		3,355,306
				9,481,965
Utilities — 4.0%
AES Corp./VA		31,530		350,298
CenterPoint Energy, Inc.		79,899		2,187,635
Edison International		23,842		1,864,206
Eversource Energy		13,337		809,689
Exelon Corp.		1,458		52,590
PG&E Corp.		36,770		2,440,423
PPL Corp.		62,222		2,405,503
UGI Corp.		34,882		1,688,638
Vectren Corp.		21,348		1,247,577
Xcel Energy, Inc.		50,914		2,335,934
				15,382,493
Total Common Stocks (Cost $263,959,759)				281,303,559
Registered Investment Companies — 4.1%
iShares Russell 2000 Growth Index Fund (7)		91,035		15,363,976
Total Registered Investment Companies (Cost $14,256,382)				15,363,976
Money Market Registered Investment Companies — 21.9%
Meeder Institutional Prime Money Market Fund, 1.05% (3)		84,854,463		84,854,463
Total Money Market Registered Investment Companies (Cost $84,863,302)				84,854,463

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

2017 Semiannual Report | June 30, 2017 Page 13

Schedule of Investments
June 30, 2017 (unaudited)

Muirfield Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Bank Obligations — 0.3%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (4)		249,434		249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (4)		249,913		249,913
EverBank Money Market Account, 0.61%, 7/3/2017 (4)		249,759		249,759
Pacific Mercantile Bank Deposit Account, 0.91%, 7/3/2017 (4)		249,841		249,841
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (4)		248,000		248,000
Total Bank Obligations (Cost $1,246,947)				1,246,947
U.S. Government Obligations — 0.7%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (5)		2,856,000		2,849,822
Total U.S. Government Obligations (Cost $2,849,717)				2,849,822
Total Investments — 99.7% (Cost $367,176,107) (1)				385,618,767
Other Assets less Liabilities — 0.3%				1,260,693
Total Net Assets — 100.0%				386,879,460
Trustee Deferred Compensation (6)
Meeder Aggressive Growth Fund		5,414		57,713
Meeder Balanced Fund		2,899		33,078
Meeder Dynamic Growth Fund		1,965		20,711
Meeder Muirfield Fund		2,649		19,470
Meeder Infrastructure Fund		846		18,629
Total Trustee Deferred Compensation (Cost $130,394)				149,601

	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Mini MSCI EAFE Index Futures expiring September 2017, notional value $29,855,680		316		(100,475	)
Mini MSCI Emerging Markets Index Futures expiring September 2017, notional value $12,553,335		249		(109,052	)
Standard & Poors 500 Mini Futures expiring September 2017, notional value $47,449,640		392		(185,342	)
Total Futures Contracts		957		(394,869	)

(1) Cost for federal income tax purposes of $370,080,356 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	19,176,108
Unrealized depreciation		(4,031,049	)
Net unrealized appreciation (depreciation)	$	15,145,059

(2) Represents non-income producing securities.

(3) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) Pledged as collateral on futures contracts.

(6) Assets of affiliates to the Muirfield 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.

Page 14 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 70.8%
Consumer Discretionary — 7.2%
Amazon.com, Inc. (2)		1,615		1,563,320
Bed Bath & Beyond, Inc.		3,209		97,554
Best Buy Co., Inc.		7,300		418,509
Brinker International, Inc.		942		35,890
Brunswick Corp./DE		1,691		106,076
Burlington Stores, Inc. (2)		404		37,164
CalAtlantic Group, Inc.		3,618		127,896
Coach, Inc.		3,562		168,625
Comcast Corp.		20,789		809,108
Delphi Automotive PLC		353		30,940
Discovery Communications, Inc. (2)		1,762		44,420
Extended Stay America, Inc.		88		1,704
Foot Locker, Inc.		5,149		253,743
GameStop Corp.		3,339		72,156
General Motors Co.		23,409		817,676
H&R Block, Inc.		1,459		45,098
Home Depot, Inc./The		3,723		571,108
International Game Technology PLC		1,980		36,234
Kohl's Corp.		4,223		163,303
Lear Corp.		1,808		256,881
Liberty Expedia Holdings, Inc. (2)		423		22,850
Live Nation Entertainment, Inc. (2)		94		3,276
Michael Kors Holdings, Ltd. (2)		4,768		172,840
NVR, Inc. (2)		6		14,464
Panera Bread Co. (2)		77		24,227
PVH Corp.		391		44,770
Target Corp.		13,377		699,483
TEGNA, Inc.		8,446		121,707
Thor Industries, Inc.		370		38,672
Time Warner, Inc.		9,192		922,969
Tupperware Brands Corp.		869		61,030
Walt Disney Co./The		7,511		798,044
				8,581,737
Consumer Staples — 2.7%
Altria Group, Inc.		1,112		82,811
Archer-Daniels-Midland Co.		2,315		95,795
Bunge, Ltd.		2,408		179,637
Energizer Holdings, Inc.		858		41,201
Kroger Co./The		21,617		504,108
Nu Skin Enterprises, Inc.		801		50,335
PepsiCo, Inc.		10,622		1,226,735
Sprouts Farmers Market, Inc. (2)		476		10,791
Wal-Mart Stores, Inc.		13,721		1,038,405
				3,229,818
Energy — 3.6%
Chevron Corp.		5,210		543,559
Energen Corp. (2)		617		30,461
Exxon Mobil Corp.		15,120		1,220,638
Marathon Petroleum Corp.		14,264		746,435
Rowan Cos. Plc (2)		2,811		28,785
Targa Resources Corp.		2,114		95,553
Tesoro Corp.		1,647		154,159
Transocean, Ltd. (2)		3,413		28,089
Valero Energy Corp.		11,258		759,465
Williams Cos., Inc./The		24,086		729,324
World Fuel Services Corp.		443		17,033
				4,353,501
Financials — 13.5%
AGNC Investment Corp.		4,956		105,513
Allstate Corp./The		8,474		749,441
American Express Co.		10,365		873,148
Ameriprise Financial, Inc.		5,387		685,711
Annaly Capital Management, Inc.		50,306		606,187
Assurant, Inc.		748		77,560
Assured Guaranty, Ltd.		3,038		126,806
Bank of America Corp.		63,974		1,552,009
Berkshire Hathaway, Inc. (2)		8,714		1,475,890
Chimera Investment Corp.		12,955		241,352
Citigroup, Inc.		14,651		979,859
Citizens Financial Group, Inc.		19,200		685,056
CNA Financial Corp.		3,203		156,146
Donnelley Financial Solutions, Inc. (2)		600		13,776
East West Bancorp, Inc.		5,052		295,946
Everest Re Group, Ltd.		669		170,321
Fifth Third Bancorp		114		2,959
First American Financial Corp.		731		32,668
FNF Group		11,931		534,867
JPMorgan Chase & Co.		16,491		1,507,277
Lazard, Ltd.		3,189		147,746
Legg Mason, Inc.		562		21,446
LPL Financial Holdings, Inc.		1,457		61,864
M&T Bank Corp.		1,672		270,780
Morgan Stanley		19,255		858,003
PNC Financial Services Group, Inc./The		6,982		871,842
Popular, Inc.		3,987		166,298
Principal Financial Group, Inc.		1,568		100,462
Progressive Corp./The		2,675		117,941
Prudential Financial, Inc.		7,695		832,137
Raymond James Financial, Inc.		690		55,352
Regions Financial Corp.		26,236		384,095

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

2017 Semiannual Report | June 30, 2017 Page 15

Schedule of Investments
June 30, 2017 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Reinsurance Group of America, Inc.		2,094		268,849
S&P Global, Inc.		5,286		771,703
SLM Corp. (2)		2,213		25,450
Wells Fargo & Co.		4,904		271,731
				16,098,191
Healthcare — 11.8%
AbbVie, Inc.		14,016		1,016,300
Akorn, Inc. (2)		304		10,196
Align Technology, Inc. (2)		136		20,416
Amgen, Inc.		3,323		572,320
Anthem, Inc.		4,264		802,186
AquaBounty Technologies, Inc. (2)		444		3,556
Baxter International, Inc.		12,244		741,252
Biogen, Inc. (2)		602		163,359
Bioverativ, Inc. (2)		1,582		95,189
Centene Corp. (2)		5,664		452,440
Cerner Corp. (2)		10,425		692,950
CR Bard, Inc.		2,276		719,466
Gilead Sciences, Inc.		13,656		966,572
HCA Healthcare, Inc. (2)		8,420		734,224
Hill-Rom Holdings, Inc.		2,371		188,755
Humana, Inc.		3,230		777,203
IDEXX Laboratories, Inc. (2)		1,313		211,944
Incyte Corp. (2)		2,856		359,599
Johnson & Johnson		13,030		1,723,739
McKesson Corp.		2,305		379,265
Merck & Co., Inc.		6,011		385,245
Pfizer, Inc.		3,401		114,240
Premier, Inc. (2)		3,540		127,440
Quest Diagnostics, Inc.		6,278		697,862
Seattle Genetics, Inc. (2)		88		4,553
United Therapeutics Corp. (2)		1,290		167,352
UnitedHealth Group, Inc.		6,920		1,283,106
Vertex Pharmaceuticals, Inc. (2)		3,144		405,167
VWR Corp. (2)		309		10,200
WellCare Health Plans, Inc. (2)		1,506		270,417
				14,096,513
Industrials — 7.7%
3M Co.		1,016		211,521
Allison Transmission Holdings, Inc.		5,156		193,402
Boeing Co./The		5,247		1,037,594
CSX Corp.		15,174		827,893
Cummins, Inc.		4,581		743,130
Delta Air Lines, Inc.		10,649		572,277
Eaton Corp. PLC		9,903		770,750
Huntington Ingalls Industries, Inc.		833		155,071
Ingersoll-Rand PLC		7,788		711,745
JetBlue Airways Corp. (2)		751		17,145
Landstar System, Inc.		416		35,610
LSC Communications, Inc.		703		15,044
ManpowerGroup, Inc.		2,845		317,644
Owens Corning		4,990		333,931
Quanta Services, Inc. (2)		3,525		116,043
Regal Beloit Corp.		1,073		87,503
Robert Half International, Inc.		1,742		83,494
Ryder System, Inc.		1,387		99,836
Southwest Airlines Co.		12,343		766,994
Spirit AeroSystems Holdings, Inc.		3,372		195,374
Timken Co./The		1,833		84,776
Toro Co./The		2,121		146,964
Union Pacific Corp.		8,750		952,963
United Continental Holdings, Inc. (2)		8,459		636,540
United Rentals, Inc. (2)		433		48,803
Valmont Industries, Inc.		34		5,086
				9,167,133
Information Technology — 18.5%
Adobe Systems, Inc. (2)		6,183		874,524
Alphabet, Inc. - Class C (2)		1,749		1,589,369
Alphabet, Inc. - Class A (2)		617		573,613
Apple, Inc.		20,600		2,966,812
Applied Materials, Inc.		17,420		719,620
Booz Allen Hamilton Holding Corp.		2,677		87,110
Cadence Design Systems, Inc. (2)		17,424		583,530
Cisco Systems, Inc.		33,481		1,047,955
Corning, Inc.		24,338		731,357
DXC Technology Co.		6,055		464,540
eBay, Inc. (2)		21,810		761,605
Electronic Arts, Inc. (2)		5,343		564,862
Facebook, Inc. (2)		8,557		1,291,936
HP, Inc.		26,735		467,328
IAC/InterActiveCorp (2)		1,717		177,263
Intel Corp.		34,751		1,172,499
International Business Machines Corp.		3,265		502,255
Intuit, Inc.		5,480		727,799
Jabil, Inc.		3,894		113,666
Juniper Networks, Inc.		13,569		378,304
KLA-Tencor Corp.		1,442		131,957
Lam Research Corp.		2,249		318,076
Maxim Integrated Products, Inc.		4,606		206,809
Micron Technology, Inc. (2)		10,222		305,229
Microsoft Corp.		30,538		2,104,984

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

Page 16 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Dynamic Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
NVIDIA Corp.		2,733		395,082
Oracle Corp.		10,053		504,057
Skyworks Solutions, Inc.		2,703		259,353
Synopsys, Inc. (2)		8,738		637,262
Teradyne, Inc.		1,914		57,477
Texas Instruments, Inc.		11,524		886,541
VMware, Inc. (2)		3,576		312,650
				21,915,424
Materials — 1.3%
Berry Global Group, Inc. (2)		471		26,852
Crown Holdings, Inc. (2)		1,900		113,354
Graphic Packaging Holding Co.		1,122		15,461
Huntsman Corp.		3,054		78,915
LyondellBasell Industries NV		9,065		764,995
Nucor Corp.		6,098		352,891
Packaging Corp. of America		422		47,007
Reliance Steel & Aluminum Co.		643		46,817
Steel Dynamics, Inc.		4,073		145,854
				1,592,146
Real Estate Investment Trust — 0.0%
CoreCivic, Inc.		726		20,023
DDR Corp.		582		5,279
Tanger Factory Outlet Centers, Inc.		1,181		30,682
				55,984
Telecommunication Services — 2.4%
AT&T, Inc.		27,604		1,041,499
Level 3 Communications, Inc. (2)		2,964		175,765
Telephone & Data Systems, Inc.		3,492		96,903
T-Mobile US, Inc. (2)		11,061		670,518
Verizon Communications, Inc.		20,490		915,083
				2,899,768
Utilities — 2.1%
CenterPoint Energy, Inc.		23,479		642,860
Edison International		3,563		278,591
PG&E Corp.		10,983		728,942
PPL Corp.		6,432		248,661
UGI Corp.		8,257		399,721
Vectren Corp.		823		48,096
Xcel Energy, Inc.		3,965		181,914
				2,528,785
Total Common Stocks (Cost $79,166,726)				84,519,000
Registered Investment Companies — 13.3%
iShares Core MSCI EAFE ETF (7)		136,530		8,313,312
iShares Core MSCI Emerging Markets ETF (7)		24,090		1,205,464
iShares JP Morgan USD Emerging Markets Bond ETF (7)		27,495		3,144,328
SPDR Bloomberg Barclays High Yield Bond ETF (7)		85,035		3,163,302
Total Registered Investment Companies (Cost $15,869,047)				15,826,406
Money Market Registered Investment Companies — 14.0%
Meeder Institutional Prime Money Market Fund, 1.05% (3)		16,681,885		16,681,885
Total Money Market Registered Investment Companies (Cost $16,683,475)				16,681,885
Bank Obligations — 1.0%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (4)		249,434		249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (4)		249,913		249,913
EverBank Money Market Account, 0.61%, 7/3/2017 (4)		249,759		249,759
Pacific Mercantile Bank Deposit Account, 0.91%, 7/3/2017 (4)		249,841		249,841
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (4)		248,000		248,000
Total Bank Obligations (Cost $1,246,947)				1,246,947
U.S. Government Obligations — 0.5%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (5)		603,000		601,696
Total U.S. Government Obligations (Cost $601,673)				601,696
Total Investments — 99.6% (Cost $113,567,868) (1)				118,875,934
Other Assets less Liabilities — 0.4%				441,694
Total Net Assets — 100.0%				119,317,628
Trustee Deferred Compensation (6)
Meeder Aggressive Growth Fund		3,479		37,086
Meeder Balanced Fund		1,823		20,800
Meeder Dynamic Growth Fund		1,260		13,280
Meeder Muirfield Fund		1,678		12,333
Meeder Infrastructure Fund		534		11,759
Total Trustee Deferred Compensation (Cost $81,011)				95,258

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

2017 Semiannual Report | June 30, 2017 Page 17

Schedule of Investments
June 30, 2017 (unaudited)

Dynamic Growth Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Mini MSCI EAFE Index Futures expiring September 2017, notional value $13,132,720		139		(44,196	)
Mini MSCI Emerging Markets Index Futures expiring September 2017, notional value $4,940,670		98		(42,920	)
Standard & Poors 500 Mini Futures expiring September 2017, notional value $1,210,450		10		(1,967	)
Total Futures Contracts		247		(89,083	)

(1) Cost for federal income tax purposes of $114,541,222 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	5,483,071
Unrealized depreciation		(1,236,343	)
Net unrealized appreciation (depreciation)	$	4,246,728

(2) Represents non-income producing securities.

(3) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) Pledged as collateral on futures contracts.

(6) 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.

(7) Exchange-traded fund.

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

Page 18 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 68.6%
Consumer Discretionary — 9.4%
Aaron's, Inc.		377		14,665
American Axle & Manufacturing Holdings, Inc.		2,900		45,240
Big Lots, Inc.		4,665		225,320
Bridgepoint Education, Inc.		6		89
Burlington Stores, Inc. (2)		1,884		173,309
Camping World Holdings, Inc.		3,004		92,673
Capella Education Co.		250		21,400
Carter's, Inc. (2)		446		39,672
Chico's FAS, Inc. (2)		994		9,363
Children's Place, Inc./The		1,667		170,201
Cooper-Standard Holdings, Inc. (2)		1,929		194,578
Dana, Inc. (2)		12,464		278,321
Foot Locker, Inc.		5,406		266,408
Francesca's Holdings Corp. (2)		4,434		48,508
Grand Canyon Education, Inc. (2)		1,139		89,309
Hooker Furniture Corp. (2)		377		15,514
Intrawest Resorts Holdings, Inc.		81		1,923
iRobot Corp. (2)		622		52,335
Lear Corp. (2)		2,387		339,145
Liberty Expedia Holdings, Inc. (2)		3,576		193,176
MCBC Holdings, Inc. (2)		4,211		82,325
Michaels Cos., Inc./The (2)		785		14,538
Nutrisystem, Inc. (2)		2,044		106,390
NVR, Inc. (2)		35		84,371
Ollie's Bargain Outlet Holdings, Inc. (2)		721		30,715
Panera Bread Co.		135		42,476
Penn National Gaming, Inc.		2,951		63,151
Pinnacle Entertainment, Inc.		4,581		90,521
Select Comfort Corp.		5,505		195,372
Steven Madden, Ltd. (2)		2,101		83,935
Taylor Morrison Home Corp. (2)		5,722		137,385
TEGNA, Inc.		9,363		134,921
Tenneco, Inc.		4,909		283,887
Thor Industries, Inc.		888		92,814
Tupperware Brands Corp.		1,946		136,668
				3,850,618
Consumer Staples — 2.6%
Boston Beer Co., Inc./The (2)		282		37,266
Dean Foods Co.		16,010		272,170
Flowers Foods, Inc.		12,001		207,737
Ingles Markets, Inc.		1,030		34,299
John B Sanfilippo & Son, Inc.		132		8,331
Medifast, Inc.		3,998		165,797
National Beverage Corp.		761		71,199
Sanderson Farms, Inc.		1,577		182,380
SpartanNash Co.		2,496		64,796
Weis Markets, Inc.		750		36,540
				1,080,515
Energy — 1.3%
Alon USA Energy, Inc.		4,724		62,924
CVR Energy, Inc.		777		16,908
Delek US Energy, Inc.		1,838		48,597
Exterran Corp. (2)		4,693		125,303
REX American Resources Corp. (2)		376		36,307
Rowan Cos. Plc (2)		6,547		67,041
Transocean, Ltd. (2)		12,563		103,393
Unit Corp. (2)		3,953		74,040
				534,513
Financials — 13.6%
AG Mortgage Investment Trust, Inc.		14,114		258,286
AGNC Investment Corp.		13,569		288,884
American Equity Investment Life Holding Co.		4,166		109,482
ARMOUR Residential REIT, Inc.		10,488		262,200
Assurant, Inc.		1,959		203,129
Assured Guaranty, Ltd.		7,550		315,137
Chimera Investment Corp.		15,459		288,001
East West Bancorp, Inc.		5,872		343,982
Essent Group, Ltd. (2)		8,191		304,214
Evercore Partners, Inc.		2,436		171,738
Everest Re Group, Ltd.		1,368		348,279
First American Financial Corp.		1,474		65,873
Genworth Financial, Inc. (2)		3,194		12,041
Green Dot Corp. (2)		5,401		208,101
Hancock Holding Co.		2,280		111,720
HCI Group, Inc.		2,056		96,591
Invesco Mortgage Capital, Inc.		17,470		291,924
Lazard, Ltd.		3,528		163,452
LendingTree, Inc. (2)		581		100,048
LPL Financial Holdings, Inc.		1,749		74,263
MGIC Investment Corp. (2)		27,369		306,533
Moelis & Co.		2,403		93,357
New Residential Investment Corp.		15,940		248,026
Popular, Inc.		7,838		326,923
Radian Group, Inc.		6,988		114,254
Reinsurance Group of America, Inc.		1,438		184,625
Stewart Information Services Corp.		3,544		160,827
Virtu KCG Holdings LLC (2)		249		4,965

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

2017 Semiannual Report | June 30, 2017 Page 19

Schedule of Investments
June 30, 2017 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Walker & Dunlop, Inc. (2)		2,278		111,235
World Acceptance Corp. (2)		38		2,847
				5,570,937
Healthcare — 10.2%
Aerie Pharmaceuticals, Inc. (2)		962		50,553
Akorn, Inc. (2)		573		19,218
Align Technology, Inc. (2)		1,858		278,923
Alkermes PLC (2)		720		41,738
AMAG Pharmaceuticals, Inc. (2)		229		4,214
Anthera Pharmaceuticals, Inc. (2)		1		2
Array BioPharma, Inc. (2)		1,665		13,936
Axovant Sciences, Ltd. (2)		105		2,435
BioTelemetry, Inc. (2)		1,421		47,532
Bluebird Bio, Inc. (2)		11		1,156
Catalent, Inc. (2)		6,522		228,922
Charles River Laboratories International, Inc. (2)		983		99,430
Clovis Oncology, Inc. (2)		309		28,932
Corcept Therapeutics, Inc. (2)		38		448
Cotiviti Holdings, Inc. (2)		787		29,229
Dyax Corp. Contingent Value Rights (2)(7)		7,373		—
Eagle Pharmaceuticals, Inc./DE (2)		722		56,959
Emergent BioSolutions, Inc. (2)		1,519		51,509
Esperion Therapeutics, Inc. (2)		62		2,869
Exact Sciences Corp. (2)		1,093		38,659
Exelixis, Inc. (2)		9,717		239,330
Foundation Medicine, Inc. (2)		138		5,486
Hill-Rom Holdings, Inc.		3,918		311,912
IDEXX Laboratories, Inc. (2)		1,698		274,091
Masimo Corp. (2)		3,103		282,932
MiMedx Group, Inc. (2)		1,316		19,701
Molina Healthcare, Inc. (2)		1,411		97,613
Momenta Pharmaceuticals, Inc. (2)		67		1,132
OraSure Technologies, Inc. (2)		2,797		48,276
PAREXEL International Corp. (2)		319		27,724
PRA Health Sciences, Inc. (2)		1,218		91,362
Premier, Inc. (2)		8,241		296,676
Prestige Brands Holdings, Inc. (2)		944		49,853
Puma Biotechnology, Inc. (2)		43		3,758
Quality Systems, Inc. (2)		2,491		42,870
Quintiles IMS Holdings, Inc. (2)		1,925		172,288
Repligen Corp. (2)		52		2,155
Seattle Genetics, Inc. (2)		999		51,688
Supernus Pharmaceuticals, Inc. (2)		2,105		90,726
TESARO, Inc. (2)		358		50,070
Titan Pharmaceuticals, Inc. (2)		1,153		2,191
United Therapeutics Corp. (2)		2,015		261,406
VCA, Inc. (2)		500		46,155
Veeva Systems, Inc. (2)		4,176		256,031
VWR Corp. (2)		545		17,990
WellCare Health Plans, Inc. (2)		1,838		330,031
West Pharmaceutical Services, Inc.		1,034		97,734
				4,167,845
Industrials — 11.5%
Allison Transmission Holdings, Inc.		8,345		313,021
Argan, Inc.		1,587		95,220
Atkore International Group, Inc. (2)		7,446		167,907
Barnes Group, Inc.		710		41,556
EnerSys		3,934		285,018
Greenbrier Cos., Inc./The		765		35,381
Herman Miller, Inc.		1,227		37,301
Hub Group, Inc. (2)		398		15,263
Hubbell, Inc.		284		32,140
Huntington Ingalls Industries, Inc.		1,755		326,711
JELD-WEN Holding, Inc. (2)		762		24,735
JetBlue Airways Corp. (2)		9,061		206,863
Kelly Services, Inc.		1,714		38,479
Landstar System, Inc.		3,365		288,044
LSC Communications, Inc.		1,460		31,244
ManpowerGroup, Inc.		3,046		340,086
MasTec, Inc. (2)		3,704		167,236
Meritor, Inc. (2)		3,741		62,138
Moog, Inc. (2)		460		32,991
Owens Corning		3,095		207,117
Quad/Graphics, Inc.		3,377		77,401
Regal Beloit Corp.		2,835		231,194
REV Group, Inc.		175		4,844
Robert Half International, Inc.		4,449		213,241
RPX Corp. (2)		4,672		65,174
Rush Enterprises, Inc. (2)		1,693		62,946
Ryder System, Inc.		1,570		113,009
Spirit AeroSystems Holdings, Inc.		5,604		324,696
Timken Co./The		6,442		297,943
Toro Co./The		4,653		322,406
Vectrus, Inc. (2)		1,244		40,206
Wabash National Corp.		6,345		139,463
West Corp.		275		6,413
				4,647,387
Information Technology — 11.9%
Advanced Energy Industries, Inc. (2)		2,125		137,466
Amkor Technology, Inc. (2)		9,961		97,319

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

Page 20 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Anixter International, Inc. (2)		2,031		158,824
Common Stocks — continued
ANSYS, Inc. (2)		1,979		240,805
Applied Optoelectronics, Inc. (2)		660		40,781
ARRIS International PLC (2)		1,585		44,412
Arrow Electronics, Inc. (2)		1,651		129,471
Aspen Technology, Inc. (2)		5,521		305,090
Benchmark Electronics, Inc. (2)		1,297		41,893
Booz Allen Hamilton Holding Corp.		2,511		81,708
Brooks Automation, Inc.		2,397		51,991
Cabot Microelectronics Corp.		158		11,665
CACI International, Inc. (2)		1,242		155,312
Cadence Design Systems, Inc. (2)		9,988		334,498
CDW Corp./DE		2,581		161,390
Cirrus Logic, Inc. (2)		3,048		191,171
Cognex Corp.		1,594		135,331
ePlus, Inc. (2)		2		148
IAC/InterActiveCorp (2)		3,125		322,625
Ichor Holdings, Ltd. (2)		417		8,407
Insight Enterprises, Inc. (2)		1,573		62,904
InterDigital, Inc./PA		2,867		221,619
Jabil, Inc.		10,455		305,181
LogMeIn, Inc.		396		41,382
Methode Electronics, Inc.		2,090		86,108
MoneyGram International, Inc. (2)		185		3,191
Nanometrics, Inc. (2)		1,275		32,245
NCR Corp. (2)		6,313		257,823
NeuStar, Inc. (2)		353		11,773
Nuance Communications, Inc. (2)		960		16,714
Pegasystems, Inc.		413		24,099
RealPage, Inc. (2)		1,727		62,086
RingCentral, Inc. (2)		1,965		71,821
Sanmina Corp. (2)		7,586		289,027
Synopsys, Inc. (2)		3,782		275,821
Take-Two Interactive Software, Inc. (2)		771		56,576
Tech Data Corp. (2)		2,938		296,738
TTM Technologies, Inc. (2)		3,402		59,059
Ultra Clean Holdings, Inc. (2)		294		5,513
Verint Systems, Inc. (2)		892		36,304
				4,866,291
Materials — 3.0%
Chemours Co./The		3,784		143,489
Huntsman Corp.		7,393		191,035
KMG Chemicals, Inc.		1,114		54,218
Koppers Holdings, Inc. (2)		315		11,387
Kronos Worldwide, Inc.		34		619
Louisiana-Pacific Corp. (2)		9,967		240,304
Steel Dynamics, Inc.		8,137		291,386
Trinseo SA		4,379		300,837
				1,233,275
Real Estate Investment Trust — 1.4%			��
Global Net Lease, Inc.		239		5,315
Lexington Realty Trust		27,890		276,390
Liberty Property Trust		2		81
Sabra Health Care REIT, Inc.		3,270		78,807
Xenia Hotels & Resorts, Inc.		10,762		208,460
				569,053
Telecommunication Services — 0.4%
General Communication, Inc. (2)		169		6,192
Lumos Networks Corp. (2)		125		2,234
Straight Path Communications, Inc. (2)		74		13,294
Telephone & Data Systems, Inc.		5,006		138,917
				160,637
Utilities — 3.3%
NRG Yield, Inc.		7,717		131,652
Ormat Technologies, Inc.		4,866		285,537
SJW Group		2,245		110,409
Southwest Gas Holdings, Inc.		2,634		192,440
Spark Energy, Inc.		574		10,791
UGI Corp.		6,778		328,122
Vectren Corp.		5,192		303,420
				1,362,371
Total Common Stocks (Cost $26,877,836)				28,043,442
Registered Investment Companies — 11.7%
iShares Core MSCI EAFE ETF (8)		36,743		2,237,281
iShares Core MSCI Emerging Markets ETF (8)		5,206		260,508
iShares JP Morgan USD Emerging Markets Bond ETF (8)		9,925		1,135,023
SPDR Bloomberg Barclays High Yield Bond ETF (8)		30,700		1,142,040
Total Registered Investment Companies (Cost $4,800,196)				4,774,852
Money Market Registered Investment Companies — 17.6%
Meeder Institutional Prime Money Market Fund, 1.05% (3)		7,188,216		7,188,216
Total Money Market Registered Investment Companies (Cost $7,188,913)				7,188,216

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

2017 Semiannual Report | June 30, 2017 Page 21

Schedule of Investments
June 30, 2017 (unaudited)

Aggressive Growth Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Bank Obligations — 1.2%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (4)		249,434		249,434
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (4)		248,000		248,000
Total Bank Obligations (Cost $497,434)				497,434
U.S. Government Obligations — 0.6%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (5)		264,000		263,429
Total U.S. Government Obligations (Cost $263,419)				263,429
Total Investments — 99.7% (Cost $39,627,798) (1)				40,767,373
Other Assets less Liabilities — 0.3%				104,636
Total Net Assets — 100.0%				40,872,009
Trustee Deferred Compensation (6)
Meeder Aggressive Growth Fund		1,939		20,670
Meeder Balanced Fund		1,035		11,809
Meeder Dynamic Growth Fund		698		7,357
Meeder Muirfield Fund		939		6,902
Meeder Infrastructure Fund		299		6,584
Total Trustee Deferred Compensation (Cost $46,387)				53,322

	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Mini MSCI EAFE Index Futures expiring September 2017, notional value $5,196,400		55		(17,488	)
Mini MSCI Emerging Markets Index Futures expiring September 2017, notional value $1,814,940		36		(15,767	)
Russell 2000 Mini Index Futures expiring September 2017, notional value $424,290		6		(1,697	)
E-mini Standard & Poors MidCap 400 Futures expiring September 2017, notional value $698,440		4		(6,448	)
Total Futures Contracts		101		(41,400	)

(1) Cost for federal income tax purposes of $39,669,687 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,875,285
Unrealized depreciation		(815,168	)
Net unrealized appreciation (depreciation)	$	1,060,117

(2) Represents non-income producing securities.

(3) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) Pledged as collateral on futures contracts.

(6) 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.

(7) Fair valued security deemed as Level 3 security.

(8) Exchange-traded fund.

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

Page 22 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 51.9%
Consumer Discretionary — 5.8%
Amazon.com, Inc. (2)		2,009		1,944,712
Bed Bath & Beyond, Inc.		4,132		125,613
Best Buy Co., Inc.		4,260		244,226
Brinker International, Inc.		1,892		72,085
Brunswick Corp./DE		3,150		197,600
Burlington Stores, Inc. (2)		689		63,381
Cable One, Inc.		33		23,460
CalAtlantic Group, Inc.		5,317		187,956
Charter Communications, Inc. (2)		316		106,445
Coach, Inc.		6,532		309,225
Comcast Corp.		33,793		1,315,224
Delphi Automotive PLC		2,906		254,711
Discovery Communications, Inc. (2)		1,753		44,193
Dollar Tree, Inc. (2)		819		57,264
Extended Stay America, Inc.		3,136		60,713
Foot Locker, Inc.		5,552		273,603
GameStop Corp.		2,833		61,221
Gap, Inc./The		4,104		90,247
General Motors Co.		28,672		1,001,513
Graham Holdings Co.		201		120,530
H&R Block, Inc.		2,445		75,575
Hasbro, Inc.		500		55,755
Home Depot, Inc./The		6,720		1,030,848
International Game Technology PLC		1,053		19,270
Kohl's Corp.		4,981		192,615
Lear Corp.		2,310		328,205
Liberty Expedia Holdings, Inc. (2)		2,158		116,575
Liberty Interactive Corp. QVC Group (2)		328		8,049
Michael Kors Holdings, Ltd. (2)		6,728		243,890
Michaels Cos., Inc./The (2)		998		18,483
NIKE, Inc.		740		43,660
NVR, Inc. (2)		176		424,267
Panera Bread Co. (2)		101		31,779
Priceline Group, Inc./The (2)		287		536,839
PVH Corp.		1,053		120,569
Staples, Inc.		10,819		108,947
Target Corp.		11,403		596,263
TEGNA, Inc.		11,085		159,735
Thor Industries, Inc.		167		17,455
Time Warner, Inc.		3,242		325,529
Tupperware Brands Corp.		967		67,912
Walt Disney Co./The		9,553		1,015,006
Wyndham Worldwide Corp.		2,688		269,902
Yum China Holdings, Inc. (2)		1,410		55,596
				12,416,646
Consumer Staples — 2.8%
Altria Group, Inc.		12,443		926,630
Archer-Daniels-Midland Co.		9,766		404,117
Bunge, Ltd.		3,547		264,606
Coca-Cola Co./The		1,026		46,016
Costco Wholesale Corp.		907		145,057
Energizer Holdings, Inc.		3,664		175,945
Flowers Foods, Inc.		1,794		31,054
Kimberly-Clark Corp.		245		31,632
Kroger Co./The		21,638		504,598
Nu Skin Enterprises, Inc.		2,296		144,281
PepsiCo, Inc.		13,965		1,612,818
Philip Morris International, Inc.		358		42,047
Pinnacle Foods, Inc.		2,422		143,867
Sprouts Farmers Market, Inc. (2)		20		453
Tyson Foods, Inc.		1,246		78,037
Wal-Mart Stores, Inc.		17,857		1,351,418
				5,902,576
Energy — 3.3%
Baker Hughes, LLC		4,645		253,199
Chevron Corp.		10,988		1,146,378
Concho Resources, Inc. (2)		136		16,528
ConocoPhillips		3,926		172,587
Devon Energy Corp.		4,850		155,055
Energen Corp. (2)		1,787		88,224
EOG Resources, Inc.		4,344		393,219
Exxon Mobil Corp.		21,020		1,696,945
Kinder Morgan, Inc./DE		17,327		331,985
Marathon Petroleum Corp.		15,848		829,326
Rowan Cos. Plc (2)		7,542		77,230
Schlumberger, Ltd.		2,641		173,883
Tesoro Corp.		2,583		241,769
Transocean, Ltd. (2)		18,570		152,831
Valero Energy Corp.		10,449		704,890
Williams Cos., Inc./The		17,730		536,864
World Fuel Services Corp.		2,421		93,087
				7,064,000
Financials — 9.0%
AGNC Investment Corp.		15,465		329,250
Allied World Assurance Co. Holdings AG		3,162		167,270
Allstate Corp./The		11,138		985,045
American Express Co.		13,209		1,112,726
American Financial Group, Inc./OH		1,311		130,274
Ameriprise Financial, Inc.		5,921		753,684
Annaly Capital Management, Inc.		71,792		865,094

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

2017 Semiannual Report | June 30, 2017 Page 23

Schedule of Investments
June 30, 2017 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Assurant, Inc.		1,089		112,918
Assured Guaranty, Ltd.		3,236		135,071
Bank of America Corp.		58,385		1,416,420
Berkshire Hathaway, Inc. (2)		14,132		2,393,537
Chimera Investment Corp.		12,236		227,957
Citigroup, Inc.		14,501		969,827
Citizens Financial Group, Inc.		3,649		130,196
CNA Financial Corp.		7,620		371,475
Discover Financial Services		4,976		309,457
Donnelley Financial Solutions, Inc. (2)		1,629		37,402
E*TRADE Financial Corp. (2)		1,077		40,958
East West Bancorp, Inc.		3,162		185,230
Everest Re Group, Ltd.		1,410		358,972
FNF Group		17,574		787,842
JPMorgan Chase & Co.		18,564		1,696,750
Lazard, Ltd.		6,834		316,619
Leucadia National Corp.		176		4,604
LPL Financial Holdings, Inc.		2,191		93,030
M&T Bank Corp.		261		42,269
Morgan Stanley		14,959		666,573
PNC Financial Services Group, Inc./The		4,998		624,100
Popular, Inc.		532		22,190
Progressive Corp./The		6,197		273,226
Prudential Financial, Inc.		10,179		1,100,757
Raymond James Financial, Inc.		804		64,497
Regions Financial Corp.		38,931		569,950
Reinsurance Group of America, Inc.		2,319		297,736
S&P Global, Inc.		6,903		1,007,769
Wells Fargo & Co.		7,290		403,939
XL Group, Ltd.		2,187		95,791
				19,100,405
Healthcare — 7.6%
AbbVie, Inc.		15,337		1,112,086
Agilent Technologies, Inc.		2,334		138,430
Akorn, Inc. (2)		400		13,416
Align Technology, Inc. (2)		451		67,704
Allergan PLC		631		153,390
Amgen, Inc.		4,749		817,920
Anthem, Inc.		3,900		733,707
Baxter International, Inc.		16,034		970,698
Biogen, Inc. (2)		1,479		401,341
Bioverativ, Inc. (2)		2,083		125,334
Celgene Corp. (2)		1,171		152,078
Centene Corp. (2)		4,655		371,841
Cerner Corp. (2)		7,755		515,475
CR Bard, Inc.		1,859		587,648
Gilead Sciences, Inc.		14,266		1,009,747
HCA Healthcare, Inc. (2)		7,795		679,724
Hill-Rom Holdings, Inc.		3,303		262,952
Humana, Inc.		3,174		763,728
Incyte Corp. (2)		1,528		192,390
Johnson & Johnson		14,797		1,957,495
McKesson Corp.		2,111		347,344
Merck & Co., Inc.		10,337		662,498
Mettler-Toledo International, Inc. (2)		579		340,765
Pfizer, Inc.		9,750		327,503
Premier, Inc. (2)		7,294		262,584
Quest Diagnostics, Inc.		6,225		691,971
Regeneron Pharmaceuticals, Inc. (2)		381		187,124
Seattle Genetics, Inc. (2)		716		37,046
United Therapeutics Corp. (2)		1,609		208,736
UnitedHealth Group, Inc.		8,704		1,613,896
Vertex Pharmaceuticals, Inc. (2)		2,376		306,195
VWR Corp. (2)		406		13,402
WellCare Health Plans, Inc. (2)		1,420		254,975
				16,281,143
Industrials — 5.4%
3M Co.		6,388		1,329,918
Allison Transmission Holdings, Inc.		6,844		256,718
Boeing Co./The		6,881		1,360,718
CSX Corp.		8,604		469,434
Cummins, Inc.		4,962		804,936
Delta Air Lines, Inc.		6,934		372,633
Eaton Corp. PLC		12,934		1,006,653
General Dynamics Corp.		2,682		531,304
HD Supply Holdings, Inc. (2)		1,378		42,208
Honeywell International, Inc.		4,534		604,337
Huntington Ingalls Industries, Inc.		2,161		402,292
Ingersoll-Rand PLC		8,471		774,165
JetBlue Airways Corp. (2)		2,015		46,002
LSC Communications, Inc.		969		20,737
ManpowerGroup, Inc.		3,466		386,979
Masco Corp.		2,428		92,774
Owens Corning		5,387		360,498
Quanta Services, Inc. (2)		3,551		116,899
Regal Beloit Corp.		1,868		152,335
Robert Half International, Inc.		2,757		132,143
Ryder System, Inc.		1,445		104,011
Southwest Airlines Co.		9,943		617,858
Spirit AeroSystems Holdings, Inc.		3,186		184,597
Timken Co./The		2,236		103,415
Toro Co./The		4,916		340,630

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

Page 24 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Union Pacific Corp.		6,039		657,707
United Continental Holdings, Inc. (2)		2,116		159,229
United Rentals, Inc. (2)		706		79,573
				11,510,703
Information Technology — 12.1%
Accenture PLC		7,752		958,767
Activision Blizzard, Inc.		2,602		149,797
Adobe Systems, Inc. (2)		6,683		945,244
Alphabet, Inc. - Class C (2)		2,291		2,081,900
Alphabet, Inc. - Class A (2)		746		693,541
ANSYS, Inc. (2)		1,691		205,761
Apple, Inc.		27,337		3,937,075
Applied Materials, Inc.		11,121		459,409
Arrow Electronics, Inc. (2)		14		1,098
Booz Allen Hamilton Holding Corp.		5,791		188,439
Cadence Design Systems, Inc. (2)		21,688		726,331
Cisco Systems, Inc.		48,389		1,514,576
Corning, Inc.		23,702		712,245
DXC Technology Co.		4,936		378,690
eBay, Inc. (2)		19,318		674,585
Electronic Arts, Inc. (2)		4,451		470,560
Facebook, Inc. (2)		11,158		1,684,635
HP, Inc.		33,057		577,836
IAC/InterActiveCorp (2)		2,573		265,637
Intel Corp.		34,764		1,172,937
International Business Machines Corp.		5,538		851,911
Intuit, Inc.		5,104		677,862
Jabil, Inc.		5,712		166,733
Juniper Networks, Inc.		16,292		454,221
KLA-Tencor Corp.		137		12,537
Lam Research Corp.		235		33,236
Maxim Integrated Products, Inc.		5,163		231,819
Micron Technology, Inc. (2)		3,542		105,764
Microsoft Corp.		42,148		2,905,262
NVIDIA Corp.		2,390		345,498
Oracle Corp.		10,745		538,754
Skyworks Solutions, Inc.		2,442		234,310
Synopsys, Inc. (2)		10,292		750,596
Texas Instruments, Inc.		10,369		797,687
				25,905,253
Materials — 1.1%
Berry Global Group, Inc. (2)		1,692		96,461
Crown Holdings, Inc. (2)		5,644		336,721
Eastman Chemical Co.		2,691		226,017
Huntsman Corp.		4,406		113,851
LyondellBasell Industries NV		11,674		985,169
Nucor Corp.		4,661		269,732
Owens-Illinois, Inc. (2)		2,307		55,183
Packaging Corp. of America		1,235		137,567
Reliance Steel & Aluminum Co.		386		28,105
Steel Dynamics, Inc.		4,970		177,976
				2,426,782
Real Estate Investment Trust — 0.3%
CoreCivic, Inc.		43		1,186
DDR Corp.		3,567		32,353
HCP, Inc.		1,631		52,127
Prologis, Inc.		358		20,993
SBA Communications Corp. (2)		306		41,279
Simon Property Group, Inc.		2,946		476,545
VEREIT, Inc.		8,067		65,665
				690,148
Telecommunication Services — 1.7%
AT&T, Inc.		38,736		1,461,509
Level 3 Communications, Inc. (2)		3,230		191,539
Telephone & Data Systems, Inc.		2,430		67,433
T-Mobile US, Inc. (2)		9,674		586,438
Verizon Communications, Inc.		28,444		1,270,309
				3,577,228
Utilities — 2.8%
AES Corp./VA		15,526		172,494
CenterPoint Energy, Inc.		31,471		861,675
Edison International		8,001		625,598
Eversource Energy		7,357		446,643
PG&E Corp.		14,480		961,038
PPL Corp.		24,508		947,479
UGI Corp.		12,291		595,007
Vectren Corp.		7,096		414,690
Xcel Energy, Inc.		20,054		920,078
				5,944,702
Total Common Stocks (Cost $104,416,152)				110,819,586

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

2017 Semiannual Report | June 30, 2017 Page 25

Schedule of Investments
June 30, 2017 (unaudited)

Balanced Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — 34.6%
Baird Core Plus Bond Fund - Class I		362,874		4,067,814
DoubleLine Total Return Bond Fund - Class I		233,934		2,506,056
Frost Total Return Bond Fund - Class I		305,287		3,199,407
Guggenheim Floating Rate Strategies Fund - Class I		23,860		620,832
Guggenheim Total Return Bond Fund - Class I		125,242		3,381,525
iShares 3-7 Year Treasury Bond ETF (9)		42,010		5,191,176
iShares 7-10 Year Treasury Bond ETF (9)	��	48,990		5,222,824
iShares Core U.S. Aggregate Bond ETF (9)		64,808		7,097,124
iShares iBoxx $ High Yield Corporate Bond ETF (3)(9)		40,360		3,567,420
iShares JP Morgan USD Emerging Markets Bond ETF (9)		56,852		6,501,493
iShares Russell 2000 Growth ETF (9)		44,683		7,541,150
JPMorgan Core Plus Bond Fund - Class L		503,759		4,166,090
Lord Abbett Floating Rate Fund - Class I		74,344		681,731
Lord Abbett High Yield Fund - Class I		236,539		1,816,623
Metropolitan West Total Return Bond Fund - Class I		277,141		2,951,549
PIMCO Investment Grade Corporate Bond Fund - Class I		137,903		1,453,502
Pioneer Bond Fund - Class Y		288,518		2,775,542
Prudential Total Return Bond Fund - Class Z		318,615		4,600,794
SPDR Bloomberg Barclays High Yield Bond ETF (9)		93,780		3,488,616
TCW Emerging Markets Income Fund - Class I		344,608		2,903,670
Total Registered Investment Companies (Cost $72,765,724)				73,734,938
Money Market Registered Investment Companies — 14.2%
Morgan Stanley Government Institutional Fund, 0.84% (4)		3,615,733		3,615,733
Meeder Institutional Prime Money Market Fund, 1.05% (5)		26,683,853		26,683,853
Total Money Market Registered Investment Companies (Cost $30,302,209)				30,299,586
Bank Obligations — 0.6%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (6)		249,434		249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (6)		249,913		249,913
EverBank Money Market Account, 0.61%, 7/3/2017 (6)		249,759		249,759
Pacific Mercantile Bank Deposit Account, 0.91%, 7/3/2017 (6)		249,841		249,841
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (6)		248,000		248,000
Total Bank Obligations (Cost $1,246,947)				1,246,947
U.S. Government Obligations — 0.5%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (7)		1,077,000		1,074,670
Total U.S. Government Obligations (Cost $1,074,631)				1,074,670
Total Investments — 101.8% (Cost $209,805,663) (1)				217,175,727
Liabilities less Other Assets — (1.8%)				(3,810,605	)
Total Net Assets — 100.0%				213,365,122
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		3,613		38,515
Meeder Balanced Fund		1,957		22,329
Meeder Dynamic Growth Fund		1,307		13,776
Meeder Muirfield Fund		1,776		13,054
Meeder Infrastructure Fund		564		12,419
Total Trustee Deferred Compensation (Cost $88,118)				100,093

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

Page 26 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Balanced Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Mini MSCI EAFE Index Futures expiring September 2017, notional value $11,810,000		125		(39,745	)
Mini MSCI Emerging Markets Index Futures expiring September 2017, notional value $4,940,670		98		(42,920	)
Standard & Poors 500 Mini Futures expiring September 2017, notional value $15,614,805		129		(61,465	)
Total Futures Contracts		352		(144,130	)

(1) Cost for federal income tax purposes of $211,282,884 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	7,587,354
Unrealized depreciation		(1,837,672	)
Net unrealized appreciation (depreciation)	$	5,749,682

(2) Represents non-income producing securities.

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

(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2017.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(6) 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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(7) Pledged as collateral on futures contracts.

(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.

2017 Semiannual Report | June 30, 2017 Page 27

Schedule of Investments
June 30, 2017 (unaudited)

Global Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 42.7%
Consumer Discretionary — 0.4%
Best Buy Co., Inc.		3,490		200,082
General Motors Co.		1,257		43,907
Michael Kors Holdings, Ltd. (2)		1,932		70,035
				314,024
Consumer Staples — 1.4%
Bunge, Ltd.		1,346		100,412
Wal-Mart Stores, Inc.		12,094		915,274
				1,015,686
Energy — 2.2%
Marathon Petroleum Corp.		16,310		853,502
Valero Energy Corp.		12,023		811,072
				1,664,574
Financials — 6.3%
Assured Guaranty, Ltd.		4,566		190,585
Bank of America Corp.		22,015		534,084
Berkshire Hathaway, Inc. (2)		7,143		1,209,810
Citigroup, Inc.		14,435		965,413
Citizens Financial Group, Inc.		802		28,615
Essent Group, Ltd. (2)		10,424		387,147
FNF Group		3,002		134,580
MGIC Investment Corp. (2)		36,928		413,594
Prudential Financial, Inc.		8,297		897,238
				4,761,066
Healthcare — 5.1%
AbbVie, Inc.		1,652		119,787
Align Technology, Inc. (2)		1,144		171,737
Allergan PLC		124		30,143
Centene Corp. (2)		5,387		430,314
Cerner Corp. (2)		2,459		163,450
Gilead Sciences, Inc.		9,659		683,664
Humana, Inc.		3,583		862,141
IDEXX Laboratories, Inc. (2)		916		147,861
Incyte Corp. (2)		651		81,967
Johnson & Johnson		3,532		467,248
Masimo Corp. (2)		4,177		380,859
Molina Healthcare, Inc. (2)		237		16,396
Veeva Systems, Inc. (2)		1,469		90,064
Vertex Pharmaceuticals, Inc. (2)		245		31,573
WellCare Health Plans, Inc. (2)		826		148,317
				3,825,521
Industrials — 4.1%
Allison Transmission Holdings, Inc.		802		30,083
Boeing Co./The		4,742		937,731
CSX Corp.		10,347		564,532
Cummins, Inc.		2,460		399,061
ManpowerGroup, Inc.		962		107,407
Southwest Airlines Co.		5,971		371,038
Toro Co./The		2,151		149,043
Union Pacific Corp.		1,888		205,622
United Continental Holdings, Inc. (2)		3,879		291,895
				3,056,412
Information Technology — 10.6%
Adobe Systems, Inc. (2)		224		31,683
Amkor Technology, Inc. (2)		11,123		108,672
Apple, Inc.		12,146		1,749,267
Applied Materials, Inc.		10,244		423,180
Aspen Technology, Inc. (2)		6,172		341,065
Cadence Design Systems, Inc. (2)		4,995		167,283
DXC Technology Co.		1		77
eBay, Inc. (2)		6,778		236,688
HP, Inc.		21,657		378,564
IAC/InterActiveCorp (2)		1,230		126,985
Intel Corp.		28,145		949,612
NCR Corp. (2)		410		16,744
NetApp, Inc.		4,920		197,046
NVIDIA Corp.		4,421		639,100
Sanmina Corp. (2)		10,253		390,639
Skyworks Solutions, Inc.		1,916		183,840
Synopsys, Inc. (2)		10,834		790,124
Texas Instruments, Inc.		10,896		838,229
Western Digital Corp.		4,966		439,988
				8,008,786
Materials — 4.4%
Chemours Co./The		5,758		218,343
Huntsman Corp.		841		21,731
Kronos Worldwide, Inc.		1,474		26,856
Louisiana-Pacific Corp. (2)		29,171		703,313
LyondellBasell Industries NV		10,354		873,774
Schweitzer-Mauduit International, Inc.		2,002		74,534
Steel Dynamics, Inc.		15,820		566,514
Trinseo SA		11,974		822,614
				3,307,679
Real Estate Investment Trust — 6.3%
CoreCivic, Inc.		3,027		83,485

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

Page 28 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Global Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Duke Realty Corp.		10,103		282,379
Essex Property Trust, Inc.		1,741		447,907
Global Net Lease, Inc.		4,093		91,028
Host Hotels & Resorts, Inc.		907		16,571
Lamar Advertising Co.		7,056		519,110
LaSalle Hotel Properties		9,138		272,312
Lexington Realty Trust		2,145		21,257
Liberty Property Trust		2,959		120,461
Outfront Media, Inc.		4,457		103,046
Prologis, Inc.		14,276		837,145
RLJ Lodging Trust		17,771		353,110
SBA Communications Corp. (2)		3,934		530,697
Simon Property Group, Inc.		5,403		873,987
Sunstone Hotel Investors, Inc.		4,879		78,649
Uniti Group, Inc.		3,867		97,216
Xenia Hotels & Resorts, Inc.		1,814		35,137
				4,763,497
Utilities — 1.9%
CenterPoint Energy, Inc.		13,292		363,935
UGI Corp.	��	15,739		761,925
Vectren Corp.		4,963		290,038
				1,415,898
Total Common Stocks (Cost $30,897,660)				32,133,143
Registered Investment Companies — 34.4%
Goldman Sachs Emerging Markets Equity Insights Fund - Class I		168,653		1,627,500
iShares Core MSCI EAFE ETF (7)		262,460		15,981,188
iShares Core MSCI Emerging Markets ETF (7)		165,952		8,304,238
Total Registered Investment Companies (Cost $23,389,877)				25,912,926
Money Market Registered Investment Companies — 20.1%
Meeder Institutional Prime Money Market Fund, 1.05% (3)		15,127,645		15,127,645
Total Money Market Registered Investment Companies (Cost $15,129,096)				15,127,645
Bank Obligations — 1.7%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (4)		249,434		249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (4)		249,913		249,913
EverBank Money Market Account, 0.61%, 7/3/2017 (4)		249,759		249,759
Pacific Mercantile Bank Deposit Account, 0.91%, 7/3/2017 (4)		249,841		249,841
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (4)		248,000		248,000
Total Bank Obligations (Cost $1,246,947)				1,246,947
U.S. Government Obligations — 0.7%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (5)		523,000		521,869
Total U.S. Government Obligations (Cost $521,849)				521,869
Total Investments — 99.6% (Cost $71,185,429) (1)				74,942,530
Other Assets less Liabilities — 0.4%				312,744
Total Net Assets — 100.0%				75,255,274
Trustee Deferred Compensation (6)
Meeder Aggressive Growth Fund		2,787		29,709
Meeder Balanced Fund		1,494		17,047
Meeder Dynamic Growth Fund		1,005		10,593
Meeder Muirfield Fund		1,361		10,003
Meeder Infrastructure Fund		429		9,447
Total Trustee Deferred Compensation (Cost $67,105)				76,799

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

2017 Semiannual Report | June 30, 2017   Page 29

Schedule of Investments
June 30, 2017 (unaudited)

Global Opportunities Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Mini MSCI EAFE Index Futures expiring September 2017, notional value $14,360,960		152		(48,331	)
Russell 2000 Mini Index Futures expiring September 2017, notional value $424,290		6		(5,924	)
Standard & Poors 500 Mini Futures expiring September 2017, notional value $1,331,495		11		(6,691	)
E-mini Standard & Poors MidCap 400 Futures expiring September 2017, notional value $873,050		5		(2,314	)
Total Futures Contracts		174		(63,260	)

(1) Cost for federal income tax purposes of $71,365,303 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	3,944,350
Unrealized depreciation		(427,281	)
Net unrealized appreciation (depreciation)	$	3,517,069

(2) Represents non-income producing securities.

(3) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(5) Pledged as collateral on futures contracts.

(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.

Page 30  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — 94.3%
Consumer Discretionary — 9.4%
1-800-Flowers.com, Inc. (2)		685		6,679
Aaron's, Inc. (5)		244		9,492
Amazon.com, Inc. (2)(5)		1,114		1,078,352
AMC Networks, Inc. (2)		924		49,351
American Axle & Manufacturing Holdings, Inc. (2)		1,687		26,317
American Eagle Outfitters, Inc.		708		8,531
American Outdoor Brands Corp. (2)		271		6,005
American Public Education, Inc. (2)		85		2,010
Ascena Retail Group, Inc. (2)		1,396		3,001
Ascent Capital Group, Inc. (2)		492		7,557
Barnes & Noble, Inc.		1,162		8,831
Bassett Furniture Industries, Inc.		424		16,091
Bed Bath & Beyond, Inc.		2,111		64,174
Best Buy Co., Inc. (5)		5,098		292,268
Big Lots, Inc.		1,080		52,164
BJ's Restaurants, Inc. (2)		546		20,339
Bloomin' Brands, Inc.		2,544		54,009
Bob Evans Farms, Inc./DE		173		12,427
Bojangles', Inc. (2)		210		3,413
Bridgepoint Education, Inc. (2)		633		9,343
Brinker International, Inc.		1,921		73,190
Brunswick Corp./DE		197		12,358
Buffalo Wild Wings, Inc. (2)		256		32,435
Burlington Stores, Inc. (2)		381		35,048
Caesars Entertainment Corp. (2)		2,085		25,020
CalAtlantic Group, Inc.		157		5,550
Callaway Golf Co.		269		3,438
Cambium Learning Group, Inc. (2)		368		1,866
Camping World Holdings, Inc.		588		18,140
Capella Education Co.		152		13,011
Carrols Restaurant Group, Inc. (2)		157		1,923
Carter's, Inc.		875		77,831
Carvana Co. (2)		173		3,541
Cato Corp./The		873		15,356
Cavco Industries, Inc. (2)		56		7,260
Century Casinos, Inc. (2)		446		3,287
Cheesecake Factory, Inc./The		532		26,760
Chico's FAS, Inc.		1,996		18,802
Children's Place, Inc./The		121		12,354
Choice Hotels International, Inc.		20		1,285
Cinemark Holdings, Inc.		333		12,937
Citi Trends, Inc.		323		6,854
ClubCorp Holdings, Inc.		237		3,105
Coach, Inc.		5,331		252,370
Collectors Universe, Inc.		139		3,454
Comcast Corp.		13,699		533,165
Cooper-Standard Holdings, Inc. (2)		509		51,343
CSS Industries, Inc.		134		3,505
Culp, Inc.		112		3,640
Dana, Inc.		1,605		35,840
Darden Restaurants, Inc. (5)		1,780		160,983
Dave & Buster's Entertainment, Inc. (2)		379		25,207
Del Frisco's Restaurant Group, Inc. (2)		893		14,377
Delphi Automotive PLC		2,774		243,141
Denny's Corp. (2)		1,988		23,399
Destination XL Group, Inc. (2)		330		776
DineEquity, Inc.		30		1,322
Discovery Communications, Inc. (2)		3,493		88,059
Dollar General Corp.		10		721
Domino's Pizza, Inc.		755		159,705
DR Horton, Inc.		1,462		50,541
Eldorado Resorts, Inc. (2)		183		3,660
Escalade, Inc.		95		1,245
Ethan Allen Interiors, Inc.		62		2,003
Express, Inc. (2)		1,548		10,449
Extended Stay America, Inc.		3,244		62,804
Fiesta Restaurant Group, Inc. (2)		102		2,106
Finish Line, Inc./The		104		1,474
Flexsteel Industries, Inc.		69		3,734
Fogo De Chao, Inc. (2)		81		1,126
Foot Locker, Inc.		1,306		64,360
Fossil Group, Inc. (2)		313		3,240
Francesca's Holdings Corp. (2)		1,348		14,747
FTD Cos, Inc. (2)		293		5,860
GameStop Corp.		870		18,801
Gannett Co., Inc.		1,924		16,777
Gap, Inc./The		5,541		121,847
General Motors Co. (5)		19,463		679,843
Genesco, Inc. (2)		453		15,357
Genuine Parts Co.		622		57,697
GNC Holdings, Inc.		94		792
Goodyear Tire & Rubber Co./The		2,608		91,176
Graham Holdings Co.		18		10,794
Grand Canyon Education, Inc. (2)		295		23,131
Gray Television, Inc. (2)		464		6,357
H&R Block, Inc.		472		14,590
Habit Restaurants, Inc./The (2)		161		2,544
Hasbro, Inc.		21		2,342
Haverty Furniture Cos., Inc.		315		7,907
Helen of Troy, Ltd. (2)		222		20,890
Hibbett Sports, Inc. (2)		202		4,192
Hilton Grand Vacations, Inc. (2)		533		19,220

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

2017 Semiannual Report | June 30, 2017   Page 31

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Home Depot, Inc./The (5)		5,069		777,585
Hooker Furniture Corp.		114		4,691
Hovnanian Enterprises, Inc. (2)		4,583		12,832
HSN, Inc.		801		25,552
International Game Technology PLC (5)		2,129		38,961
iRobot Corp. (2)		149		12,537
J Alexander's Holdings, Inc. (2)		172		2,107
Jack in the Box, Inc.		161		15,859
JAKKS Pacific, Inc. (2)		177		708
John Wiley & Sons, Inc.		481		25,373
K12, Inc. (2)		247		4,426
Kate Spade & Co. (2)		349		6,453
Kirkland's, Inc. (2)		559		5,747
Kohl's Corp.		1,497		57,889
Kona Grill, Inc. (2)		452		1,672
La Quinta Holdings, Inc. (2)		96		1,418
La-Z-Boy, Inc.		1,641		53,333
Lear Corp.		1,193		169,501
Leggett & Platt, Inc.		373		19,594
Libbey, Inc.		1,011		8,149
Liberty Expedia Holdings, Inc. (2)		332		17,935
Liberty Interactive Corp. QVC Group (2)		3,619		88,810
Liberty Tax, Inc.		377		4,882
Liberty TripAdvisor Holdings, Inc. (2)		307		3,561
Live Nation Entertainment, Inc. (2)		1,122		39,102
Luby's, Inc. (2)		1,472		4,136
Macy's, Inc.		2,939		68,302
Marine Products Corp.		126		1,967
MCBC Holdings, Inc. (2)		240		4,692
MDC Holdings, Inc.		142		5,017
Michael Kors Holdings, Ltd. (2)(5)		4,674		169,433
Michaels Cos., Inc./The (2)(5)		3,159		58,505
Monarch Casino & Resort, Inc. (2)		41		1,240
MSG Networks, Inc. (2)		2,233		50,131
NACCO Industries, Inc.		10		709
National CineMedia, Inc.		2,342		17,378
Nautilus, Inc. (2)		173		3,313
New Home Co., Inc./The (2)		108		1,239
New Media Investment Group, Inc.		348		4,691
New York Times Co./The		534		9,452
Noodles & Co. (2)		326		1,271
Nordstrom, Inc.		348		16,645
NVR, Inc. (2)		101		243,472
Office Depot, Inc.		1,390		7,840
Panera Bread Co. (2)		58		18,249
Papa John's International, Inc.		173		12,414
Penn National Gaming, Inc. (2)		2,046		43,784
Perry Ellis International, Inc. (2)		201		3,911
PetMed Express, Inc.		125		5,075
Pier 1 Imports, Inc.		400		2,076
Pinnacle Entertainment, Inc. (2)		1,519		30,015
Potbelly Corp. (2)		1,231		14,157
Priceline Group, Inc./The (2)		183		342,305
PulteGroup, Inc.		4,458		109,355
PVH Corp.		873		99,959
Ralph Lauren Corp.		650		47,970
Reading International, Inc. (2)		46		742
Red Rock Resorts, Inc.		3,100		73,005
Regal Entertainment Group		1,575		32,225
Regis Corp. (2)		1,147		11,780
Ross Stores, Inc. (5)		9,316		537,813
Royal Caribbean Cruises, Ltd.		7		765
Ruth's Hospitality Group, Inc.		931		20,249
Salem Media Group, Inc.		311		2,208
Sally Beauty Holdings, Inc. (2)		283		5,731
Scholastic Corp.		263		11,464
Select Comfort Corp. (2)		783		27,789
Shoe Carnival, Inc.		215		4,489
Six Flags Entertainment Corp.		219		13,055
Skechers U.S.A., Inc. (2)		645		19,028
Staples, Inc. (5)		7,993		80,490
Stein Mart, Inc.		1,287		2,175
Steven Madden, Ltd. (2)		1,085		43,346
Stoneridge, Inc. (2)		639		9,847
Strayer Education, Inc.		23		2,144
Sturm Ruger & Co., Inc.		258		16,035
Superior Industries International, Inc.		228		4,685
Tailored Brands, Inc.		233		2,600
Target Corp.		5,247		274,366
Taylor Morrison Home Corp. (2)		2,794		67,084
TEGNA, Inc.		6,730		96,979
Tenneco, Inc. (5)		2,190		126,648
Thor Industries, Inc.		191		19,963
Time, Inc.		1,792		25,715
Time Warner, Inc. (5)		7,558		758,899
TJX Cos., Inc./The		1,963		141,670
TopBuild Corp. (2)		885		46,967
Tower International, Inc.		802		18,005
Townsquare Media, Inc. (2)		462		4,731
tronc, Inc. (2)		1,477		19,039
Tuesday Morning Corp. (2)		970		1,843
Tupperware Brands Corp.		1,855		130,277
Ulta Beauty, Inc. (2)(5)		1,080		310,327
Under Armour, Inc. (2)		19,918		401,547

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

 Page 32  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Urban One, Inc. (2)		1,063		2,392
Vera Bradley, Inc. (2)		230		2,249
Vince Holding Corp. (2)		1,521		716
Visteon Corp. (2)		345		35,211
Vitamin Shoppe, Inc. (2)		848		9,879
Walt Disney Co./The		3,199		339,894
Weight Watchers International, Inc. (2)		99		3,309
Weyco Group, Inc.		151		4,210
Whirlpool Corp.		515		98,684
Williams-Sonoma, Inc.		94		4,559
Wolverine World Wide, Inc.		239		6,694
Workhorse Group, Inc. (2)		197		727
Wyndham Worldwide Corp.		665		66,773
Yum China Holdings, Inc. (2)		1,703		67,149
				11,889,869
Consumer Staples — 5.6%
Altria Group, Inc. (5)		13,016		969,302
Archer-Daniels-Midland Co. (5)		14,636		605,638
Avon Products, Inc. (2)		1,001		3,804
Boston Beer Co., Inc./The (2)		357		47,178
Bunge, Ltd. (5)		2,997		223,576
Central Garden & Pet Co. (2)		744		22,335
Coca-Cola Bottling Co. Consolidated		215		49,207
Costco Wholesale Corp.		1,489		238,136
Darling Ingredients, Inc. (2)		1,166		18,353
Dean Foods Co.		3,443		58,531
Dr Pepper Snapple Group, Inc.		3,486		317,609
Energizer Holdings, Inc.		1,253		60,169
Flowers Foods, Inc.		4,947		85,633
Hershey Co./The		1,485		159,444
Ingles Markets, Inc.		465		15,485
Ingredion, Inc. (5)		1,370		163,318
Inventure Foods, Inc. (2)		216		931
JM Smucker Co./The		491		58,100
John B Sanfilippo & Son, Inc.		135		8,520
Kimberly-Clark Corp.		970		125,237
Kroger Co./The (5)		19,403		452,478
Lancaster Colony Corp.		30		3,679
Lifevantage Corp. (2)		1,002		4,339
Medifast, Inc.		904		37,489
National Beverage Corp.		212		19,835
Natural Health Trends Corp.		174		4,846
Nu Skin Enterprises, Inc.		1,033		64,914
Nutraceutical International Corp.		22		916
Omega Protein Corp.		773		13,837
PepsiCo, Inc. (5)		9,078		1,048,418
Performance Food Group Co. (2)		324		8,878
Philip Morris International, Inc. (5)		2,432		285,638
Pilgrim's Pride Corp. (2)		1,892		41,473
Pinnacle Foods, Inc.		535		31,779
Sanderson Farms, Inc.		590		68,234
SpartanNash Co.		856		22,222
Sprouts Farmers Market, Inc. (2)		640		14,509
SUPERVALU, Inc. (2)		6,129		20,164
Tyson Foods, Inc. (5)		9,972		624,546
United Natural Foods, Inc. (2)		184		6,753
USANA Health Sciences, Inc. (2)		929		59,549
Village Super Market, Inc.		242		6,273
Wal-Mart Stores, Inc. (5)		12,078		914,063
Weis Markets, Inc.		202		9,841
Whole Foods Market, Inc.		49		2,063
				6,997,242
Energy — 4.0%
Abraxas Petroleum Corp. (2)		1,202		1,947
Alon USA Energy, Inc.		701		9,337
Archrock, Inc.		981		11,183
Atwood Oceanics, Inc. (2)		478		3,896
Baker Hughes, LLC		1,436		78,276
Basic Energy Services, Inc. (2)		351		8,740
Bonanza Creek Energy, Inc. (2)		160		5,074
Cabot Oil & Gas Corp.		774		19,412
California Resources Corp. (2)		603		5,156
Carrizo Oil & Gas, Inc. (2)		342		5,958
Chevron Corp. (5)		3,455		360,460
Cobalt International Energy, Inc. (2)		777		1,919
Concho Resources, Inc. (2)		541		65,748
Contango Oil & Gas Co. (2)		168		1,116
CVR Energy, Inc.		355		7,725
Delek US Energy, Inc.		697		18,429
Devon Energy Corp. (5)		10,854		347,002
Energen Corp. (2)		633		31,251
Ensco PLC		367		1,894
EOG Resources, Inc.		6,125		554,435
Era Group, Inc. (2)		204		1,930
Erin Energy Corp. (2)		479		695
EXCO Resources, Inc. (2)		853		2,260
Exterran Corp. (2)		339		9,051
Exxon Mobil Corp. (5)		10,135		818,199
Gastar Exploration, Inc. (2)		2,332		2,159
Green Plains, Inc.		148		3,041
Halcon Resources Corp. (2)		2,507		11,382
Helmerich & Payne, Inc.		108		5,869

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

2017 Semiannual Report | June 30, 2017   Page 33

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
HollyFrontier Corp.		57		1,566
Laredo Petroleum, Inc. (2)		588		6,186
Mammoth Energy Services, Inc. (2)		43		800
Marathon Petroleum Corp. (5)		11,922		623,878
Matrix Service Co. (2)		302		2,824
McDermott International, Inc. (2)		4,834		34,660
Murphy Oil Corp.		35		897
Nabors Industries, Ltd.		113		920
Natural Gas Services Group, Inc. (2)		268		6,660
Newfield Exploration Co. (2)(5)		981		27,919
Noble Corp. plc		408		1,477
Northern Oil and Gas, Inc. (2)		534		748
Oceaneering International, Inc.		2,364		53,994
Oil States International, Inc. (2)		578		15,693
ONEOK, Inc.		1,902		99,208
Overseas Shipholding Group, Inc. (2)		799		2,125
Pacific Ethanol, Inc. (2)		490		3,063
Panhandle Oil and Gas, Inc.		38		878
PBF Energy, Inc.		299		6,656
Phillips 66		1,400		115,766
ProPetro Holding Corp. (2)		410		5,724
RigNet, Inc. (2)		355		5,698
Ring Energy, Inc. (2)		148		1,924
Rowan Cos. Plc (2)		3,163		32,389
Schlumberger, Ltd.		5,002		329,332
SEACOR Marine Holdings, Inc. (2)		83		1,690
Seadrill, Ltd. (2)		6,653		2,399
SemGroup Corp.		233		6,291
Smart Sand, Inc. (2)		218		1,942
Stone Energy Corp. (2)		452		8,308
Targa Resources Corp.		1,586		71,687
Teekay Corp.		1,064		7,097
Teekay Tankers, Ltd.		626		1,177
Tesoro Corp. (5)		1,780		166,608
TETRA Technologies, Inc. (2)		260		725
Tidewater, Inc. (2)		957		689
Transocean, Ltd. (2)		3,464		28,509
Unit Corp. (2)		850		15,921
Valero Energy Corp. (5)		9,872		665,965
W&T Offshore, Inc. (2)		4,844		9,494
Westmoreland Coal Co. (2)		1,336		6,506
Whiting Petroleum Corp. (2)		574		3,163
Willbros Group, Inc. (2)		783		1,934
Williams Cos., Inc./The		6,416		194,276
World Fuel Services Corp.		1,433		55,099
				5,024,009
Financials — 17.5%
1st Source Corp.		30		1,438
Access National Corp.		707		18,750
ACNB Corp.		25		763
Aflac, Inc. (5)		8,424		654,376
AG Mortgage Investment Trust, Inc.		73		1,336
AGNC Investment Corp.		15,623		332,614
Allstate Corp./The		6,826		603,691
Ally Financial, Inc.		4,609		96,328
American Equity Investment Life Holding Co.		949		24,940
American National Bankshares, Inc.		28		1,035
Ameriprise Financial, Inc.		35		4,455
Ames National Corp.		72		2,203
Annaly Capital Management, Inc. (5)		50,814		612,309
Apollo Commercial Real Estate Finance, Inc.		684		12,688
Arlington Asset Investment Corp.		980		13,397
ARMOUR Residential REIT, Inc.		1,423		35,575
Artisan Partners Asset Management, Inc.		374		11,482
Aspen Insurance Holdings, Ltd.		1,102		54,935
Associated Banc-Corp		1,484		37,397
Assurant, Inc.		1,612		167,148
Assured Guaranty, Ltd.		2,703		112,823
Astoria Financial Corp.		229		4,614
Atlantic Capital Bancshares, Inc. (2)		166		3,154
Axis Capital Holdings, Ltd.		2,314		149,623
B. Riley Financial, Inc.		234		4,341
Banc of California, Inc.		155		3,333
Banco Latinoamericano de Comercio Exterior SA		1,433		39,236
BancorpSouth, Inc.		388		11,834
Bank Mutual Corp.		124		1,135
Bank of America Corp. (5)		38,610		936,679
Bank of Marin Bancorp		31		1,908
Bank of NT Butterfield & Son, Ltd./The		2,039		69,530
BankFinancial Corp.		278		4,148
Banner Corp.		976		55,154
Bar Harbor Bankshares		178		5,486
BB&T Corp. (5)		13,244		601,410
Bear State Financial, Inc.		304		2,876
Beneficial Bancorp, Inc.		85		1,275
Berkshire Hathaway, Inc. (2)(5)		6,310		1,068,725
Berkshire Hills Bancorp, Inc.		1,652		58,068
BGC Partners, Inc.		12,474		157,671
Boston Private Financial Holdings, Inc.		2,144		32,910
Bryn Mawr Bank Corp.		1,261		53,593

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

Page 34  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
BSB Bancorp, Inc./MA (2)		74		2,165
C&F Financial Corp.		301		14,117
Cadence BanCorp (2)		2,885		63,124
California First National Bancorp		259		4,882
Camden National Corp.		58		2,489
Capital City Bank Group, Inc.		455		9,291
Carolina Financial Corp.		175		5,656
Cathay General Bancorp		527		20,000
CBOE Holdings, Inc.		835		76,319
CenterState Banks, Inc.		942		23,418
Central Pacific Financial Corp.		2,165		68,133
Central Valley Community Bancorp		365		8,088
Charter Financial Corp./MD		521		9,378
Chemung Financial Corp.		84		3,434
Chimera Investment Corp. (5)		7,263		135,310
Citigroup, Inc. (5)		6,013		402,149
Citizens & Northern Corp.		183		4,257
Citizens Financial Group, Inc. (5)		15,807		563,994
City Holding Co.		92		6,060
Clifton Bancorp, Inc.		507		8,381
CNA Financial Corp.		169		8,239
CNB Financial Corp./PA		33		791
CNO Financial Group, Inc.		3,729		77,862
Codorus Valley Bancorp, Inc.		124		3,522
Comerica, Inc. (5)		4,397		322,036
Community Trust Bancorp, Inc.		199		8,706
County Bancorp, Inc.		131		3,144
CU Bancorp (2)		1,193		43,127
Cullen/Frost Bankers, Inc.		1,049		98,512
Diamond Hill Investment Group, Inc.		4		798
Dime Community Bancshares, Inc.		73		1,431
Discover Financial Services		2,937		182,652
Donnelley Financial Solutions, Inc. (2)		622		14,281
Dynex Capital, Inc.		1,637		11,623
E*TRADE Financial Corp. (2)		234		8,899
Eagle Bancorp, Inc. (2)		56		3,545
East West Bancorp, Inc.		4,636		271,577
eHealth, Inc. (2)		320		6,016
Elevate Credit, Inc. (2)		1,797		14,232
Encore Capital Group, Inc. (2)		445		17,867
Enova International, Inc. (2)		1,103		16,380
Enterprise Financial Services Corp.		731		29,825
Erie Indemnity Co.		127		15,884
ESSA Bancorp, Inc.		179		2,635
Essent Group, Ltd. (2)(5)		3,095		114,948
Evercore Partners, Inc.		1,948		137,334
Everest Re Group, Ltd.		742		188,906
EZCORP, Inc. (2)		834		6,422
Farmers Capital Bank Corp.		42		1,619
Farmers National Banc Corp.		223		3,234
Federal Agricultural Mortgage Corp.		49		3,170
Fidelity Southern Corp.		1,173		26,815
Fifth Street Asset Management, Inc.		961		4,661
Fifth Third Bancorp (5)		22,043		572,236
Financial Institutions, Inc.		1,165		34,717
First American Financial Corp.		3,078		137,556
First BanCorp/Puerto Rico (2)		5,533		32,036
First Bancorp/Southern Pines NC		986		30,822
First Busey Corp.		2,462		72,186
First Business Financial Services, Inc.		400		9,232
First Commonwealth Financial Corp.		1,507		19,109
First Community Financial Partners, Inc. (2)		555		7,160
First Connecticut Bancorp, Inc./Farmington CT		598		15,339
First Defiance Financial Corp.		142		7,481
First Financial Bancorp		1,060		29,362
First Financial Corp./IN		740		35,002
First Financial Northwest, Inc.		395		6,371
First Internet Bancorp		69		1,935
First Interstate BancSystem, Inc.		151		5,617
First Merchants Corp.		1,205		48,369
First Mid-Illinois Bancshares, Inc.		336		11,505
First Northwest Bancorp (2)		700		11,039
Flushing Financial Corp.		1,148		32,362
FNF Group		13,231		593,146
Fulton Financial Corp.		2,286		43,434
Genworth Financial, Inc. (2)		1,364		5,142
Great Southern Bancorp, Inc.		606		32,421
Great Western Bancorp, Inc. (5)		147		5,999
Green Dot Corp. (2)		1,182		45,542
Greene County Bancorp, Inc.		35		952
Greenhill & Co., Inc.		574		11,537
Guaranty Bancorp		550		14,960
Hancock Holding Co. (5)		3,056		149,744
Hanmi Financial Corp.		27		768
HCI Group, Inc.		169		7,940
Heartland Financial USA, Inc.		1,375		64,763
Heritage Commerce Corp.		5,859		80,737
Heritage Financial Corp./WA		1,792		47,488
Hilltop Holdings, Inc.		605		15,857
Horizon Bancorp/IN		845		22,266
Houlihan Lokey, Inc.		714		24,919
Independent Bank Corp./MI		2,485		54,049
Independent Bank Group, Inc.		23		1,369

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

2017 Semiannual Report | June 30, 2017   Page 35

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
INTL. FCStone, Inc. (2)		66		2,492
Invesco Mortgage Capital, Inc.		6,212		103,803
James River Group Holdings, Ltd.		352		13,985
JPMorgan Chase & Co. (5)		10,932		999,185
Kearny Financial Corp./MD		450		6,683
KeyCorp (5)		31,492		590,160
Ladder Capital Corp.		292		3,916
Ladenburg Thalmann Financial Services, Inc. (2)		440		1,074
Lazard, Ltd. (5)		3,610		167,251
LCNB Corp.		123		2,460
LendingTree, Inc. (2)		196		33,751
Leucadia National Corp.		2,079		54,387
Lincoln National Corp.		3,137		211,998
LPL Financial Holdings, Inc.		754		32,015
M&T Bank Corp.		533		86,319
Macatawa Bank Corp.		685		6,535
Maiden Holdings, Ltd.		768		8,525
MainSource Financial Group, Inc.		1,986		66,551
Manning & Napier, Inc.		468		2,036
MarketAxess Holdings, Inc.		55		11,061
Marsh & McLennan Cos., Inc.		127		9,901
MB Financial, Inc.		46		2,026
MBT Financial Corp.		976		9,467
Medley Management, Inc.		745		4,843
Mercantile Bank Corp.		282		8,877
Meridian Bancorp, Inc.		132		2,231
MFA Financial, Inc. (5)		21,001		176,198
MGIC Investment Corp. (2)(5)		13,069		146,373
Midland States Bancorp, Inc.		832		27,889
MidWestOne Financial Group, Inc.		73		2,474
Moelis & Co.		951		36,946
Morgan Stanley (5)		16,003		713,094
MutualFirst Financial, Inc.		111		3,963
National Bank Holdings Corp.		366		12,118
National Commerce Corp. (2)		382		15,108
Navient Corp. (5)		4,759		79,237
New Residential Investment Corp. (5)		5,081		79,060
Nicolet Bankshares, Inc. (2)		560		30,638
NMI Holdings, Inc. (2)		575		6,584
Northrim BanCorp, Inc.		839		25,506
Northwest Bancshares, Inc.		174		2,716
OceanFirst Financial Corp.		439		11,906
Old Line Bancshares, Inc.		48		1,353
Old Republic International Corp. (5)		7,125		139,151
Old Second Bancorp, Inc.		900		10,395
OneBeacon Insurance Group, Ltd.		54		984
Oritani Financial Corp.		43		733
Orrstown Financial Services, Inc.		296		6,764
PacWest Bancorp		1,514		70,704
Paragon Commercial Corp. (2)		50		2,624
Park Sterling Corp.		3,317		39,406
Patriot National, Inc. (2)(3)		328		695
Peapack Gladstone Financial Corp.		310		9,700
PennyMac Financial Services, Inc. (2)		599		10,003
Peoples Bancorp, Inc./OH		922		29,624
Peoples Financial Services Corp.		99		4,329
People's Utah Bancorp		677		18,144
Piper Jaffray Cos.		506		30,335
Popular, Inc. (5)		6,600		275,286
Premier Financial Bancorp, Inc.		808		16,653
Principal Financial Group, Inc. (5)		6,103		391,019
Progressive Corp./The (5)		14,536		640,892
Provident Financial Holdings, Inc.		315		6,064
Provident Financial Services, Inc.		360		9,137
Prudential Financial, Inc. (5)		6,390		691,015
Pzena Investment Management, Inc.		1,193		12,121
QCR Holdings, Inc.		246		11,660
Radian Group, Inc.		2,991		48,903
Raymond James Financial, Inc.		525		42,116
Regional Management Corp. (2)		506		11,957
Regions Financial Corp. (5)		39,015		571,180
Reinsurance Group of America, Inc. (5)		3,839		492,889
S&P Global, Inc. (5)		5,012		731,702
Sandy Spring Bancorp, Inc.		2,047		83,231
Seacoast Banking Corp. of Florida (2)		96		2,314
SEI Investments Co.		32		1,721
Selective Insurance Group, Inc. (5)		655		32,783
Shore Bancshares, Inc.		1,194		19,641
SI Financial Group, Inc.		198		3,188
Sierra Bancorp		372		9,133
Silvercrest Asset Management Group, Inc.		147		1,977
Southern First Bancshares, Inc. (2)		139		5,150
Southern Missouri Bancorp, Inc.		27		871
Southern National Bancorp of Virginia, Inc.		361		6,354
State Bank Financial Corp.		288		7,811
Stewart Information Services Corp.		1,876		85,133
Stonegate Bank		432		19,950
Sun Bancorp, Inc./NJ		238		5,867
SunTrust Banks, Inc. (5)		8,680		492,330
Synovus Financial Corp.		3,289		145,505
TCF Financial Corp.		3,534		56,332
Territorial Bancorp, Inc.		48		1,497
TriCo Bancshares		2,606		91,601

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

2017 Semiannual Report | June 30, 2017   Page 36

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
TriState Capital Holdings, Inc. (2)		542		13,658
Triumph Bancorp, Inc. (2)		554		13,601
TrustCo Bank Corp. NY		5,435		42,121
Umpqua Holdings Corp.		5,263		96,629
United Community Banks, Inc./GA		3,341		92,880
United Community Financial Corp./OH		364		3,025
United Financial Bancorp, Inc.		352		5,875
Universal Insurance Holdings, Inc.		290		7,308
Unum Group (5)		5,644		263,180
US Bancorp (5)		4,488		233,017
Veritex Holdings, Inc. (2)		332		8,742
Virtu KCG Holdings LLC (2)		122		2,433
Walker & Dunlop, Inc. (2)		351		17,139
Walter Investment Management Corp. (2)		780		739
WashingtonFirst Bankshares, Inc.		373		12,880
Waterstone Financial, Inc.		812		15,306
Wells Fargo & Co. (5)		5,358		296,887
WesBanco, Inc.		357		14,116
West Bancorporation, Inc.		189		4,470
Western New England Bancorp, Inc.		659		6,689
Westwood Holdings Group, Inc.		13		737
WMIH Corp. (2)		3,196		3,995
World Acceptance Corp. (2)		114		8,540
WSFS Financial Corp.		325		14,739
Xenith Bankshares, Inc. (2)		336		10,436
XL Group, Ltd.		4,333		189,785
				22,080,389
Healthcare — 13.0%
Abbott Laboratories		4,723		229,585
AbbVie, Inc. (5)		11,868		860,549
Acceleron Pharma, Inc. (2)		254		7,719
AcelRx Pharmaceuticals, Inc. (2)(3)		1,673		3,597
Achillion Pharmaceuticals, Inc. (2)		1,928		8,850
Acorda Therapeutics, Inc. (2)		793		15,622
Adamas Pharmaceuticals, Inc. (2)		92		1,609
Aduro Biotech, Inc. (2)		1,041		11,867
Adverum Biotechnologies, Inc. (2)		1,546		3,865
Aetna, Inc. (5)		4,652		706,313
Aevi Genomic Medicine, Inc. (2)		1,441		1,917
Agenus, Inc. (2)		725		2,835
Agile Therapeutics, Inc. (2)		181		679
Agilent Technologies, Inc. (5)		5,554		329,408
Agios Pharmaceuticals, Inc. (2)		63		3,241
Akebia Therapeutics, Inc. (2)		317		4,555
Akorn, Inc. (2)		247		8,284
Alder Biopharmaceuticals, Inc. (2)		147		1,683
Alere, Inc. (2)		61		3,062
Alexion Pharmaceuticals, Inc. (2)		484		58,888
Align Technology, Inc. (2)(5)		1,608		241,393
Alkermes PLC (2)		352		20,405
Allergan PLC		1,141		277,366
Allscripts Healthcare Solutions, Inc. (2)		2,181		27,830
Alnylam Pharmaceuticals, Inc. (2)		89		7,099
AMAG Pharmaceuticals, Inc. (2)		580		10,672
AmerisourceBergen Corp.		3,779		357,229
Amgen, Inc. (5)		3,789		652,579
Amphastar Pharmaceuticals, Inc. (2)		386		6,894
Ampio Pharmaceuticals, Inc. (2)		2,598		1,354
Anavex Life Sciences Corp. (2)		658		3,501
AngioDynamics, Inc. (2)		376		6,095
ANI Pharmaceuticals, Inc. (2)		27		1,264
Anthem, Inc.		1,986		373,626
Anthera Pharmaceuticals, Inc. (2)		1,161		1,881
Applied Genetic Technologies Corp./DE (2)		1,073		5,472
Aptevo Therapeutics, Inc. (2)		493		1,021
Aratana Therapeutics, Inc. (2)		263		1,901
Ardelyx, Inc. (2)		206		1,051
Arena Pharmaceuticals, Inc. (2)		564		9,515
Argos Therapeutics, Inc. (2)		1,778		646
Array BioPharma, Inc. (2)		464		3,884
Arrowhead Pharmaceuticals, Inc. (2)(3)		1,345		2,179
Asterias Biotherapeutics, Inc. (2)(3)		327		1,161
Atara Biotherapeutics, Inc. (2)		220		3,080
Athersys, Inc. (2)(3)		2,831		4,275
Atrion Corp.		2		1,287
Audentes Therapeutics, Inc. (2)		131		2,506
Avexis, Inc. (2)		91		7,477
Avinger, Inc. (2)(3)		1,949		874
Axovant Sciences, Ltd. (2)		401		9,299
Axsome Therapeutics, Inc. (2)		525		2,888
Baxter International, Inc. (5)		12,131		734,411
Bellicum Pharmaceuticals, Inc. (2)		107		1,250
BioCryst Pharmaceuticals, Inc. (2)		156		867
Biohaven Pharmaceutical Holding Co., Ltd. (2)		141		3,525
Bio-Path Holdings, Inc. (2)(3)		3,763		1,461
Bio-Rad Laboratories, Inc. (2)		18		4,074
BioScrip, Inc. (2)		273		741
BioSpecifics Technologies Corp. (2)		81		4,010
BioTime, Inc. (2)		221		696
Bioverativ, Inc. (2)		447		26,896
Bluebird Bio, Inc. (2)		19		1,996
Blueprint Medicines Corp. (2)		43		2,179

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

2017 Semiannual Report | June 30, 2017   Page 37

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Bristol-Myers Squibb Co.		159		8,859
Bruker Corp.		2,162		62,352
Cambrex Corp. (2)		111		6,632
Cardinal Health, Inc. (5)		5,083		396,067
Cascadian Therapeutics, Inc. (2)		1,014		3,767
Catalent, Inc. (2)		1,411		49,526
Celldex Therapeutics, Inc. (2)		951		2,349
Cellular Biomedicine Group, Inc. (2)		545		4,769
Cempra, Inc. (2)		440		2,024
Centene Corp. (2)		2,373		189,555
Cerner Corp. (2)		5,066		336,737
ChemoCentryx, Inc. (2)		148		1,385
Chimerix, Inc. (2)		804		4,382
ChromaDex Corp. (2)		646		2,468
Cidara Therapeutics, Inc. (2)		341		2,558
Community Health Systems, Inc. (2)		595		5,926
Concert Pharmaceuticals, Inc. (2)		357		4,980
Corcept Therapeutics, Inc. (2)		129		1,522
CorVel Corp. (2)		428		20,309
Corvus Pharmaceuticals, Inc. (2)		466		5,639
CR Bard, Inc. (5)		1,476		466,578
Cross Country Healthcare, Inc. (2)		237		3,060
Curis, Inc. (2)		556		1,051
Cytokinetics, Inc. (2)		538		6,510
CytomX Therapeutics, Inc. (2)		278		4,309
CytRx Corp. (2)		2,331		1,462
DaVita, Inc. (2)		347		22,472
Depomed, Inc. (2)		768		8,248
Dimension Therapeutics, Inc. (2)		731		1,060
Durect Corp. (2)		1,623		2,532
Dyax Corp. Contingent Value Rights (2)(10)		6,220		—
Dynavax Technologies Corp. (2)		531		5,124
Edge Therapeutics, Inc. (2)		253		2,596
Editas Medicine, Inc. (2)		128		2,148
Edwards Lifesciences Corp. (2)		66		7,804
Egalet Corp. (2)		363		860
Eiger BioPharmaceuticals, Inc. (2)		470		3,713
Eli Lilly & Co.		1,557		128,141
Emergent BioSolutions, Inc. (2)		911		30,892
Enanta Pharmaceuticals, Inc. (2)		155		5,577
Endo International PLC (2)		1,399		15,627
Endocyte, Inc. (2)		849		1,274
Enzo Biochem, Inc. (2)		321		3,544
Epizyme, Inc. (2)		348		5,255
Esperion Therapeutics, Inc. (2)		37		1,712
Exact Sciences Corp. (2)		153		5,412
Exactech, Inc. (2)		139		4,142
Exelixis, Inc. (2)		240		5,911
FibroGen, Inc. (2)		239		7,720
Five Prime Therapeutics, Inc. (2)		554		16,681
Flex Pharma, Inc. (2)		327		1,259
Flexion Therapeutics, Inc. (2)		194		3,923
Fluidigm Corp. (2)		303		1,224
Fortress Biotech, Inc. (2)		885		4,204
Foundation Medicine, Inc. (2)		27		1,073
Galena Biopharma, Inc. (2)		1,989		1,156
Genomic Health, Inc. (2)		921		29,979
Gilead Sciences, Inc. (5)		10,944		774,616
Global Blood Therapeutics, Inc. (2)		205		5,607
GlycoMimetics, Inc. (2)		439		4,899
Halozyme Therapeutics, Inc. (2)		514		6,589
HCA Healthcare, Inc. (2)(5)		7,139		622,521
HealthEquity, Inc. (2)		85		4,236
Hill-Rom Holdings, Inc. (5)		2,178		173,391
HMS Holdings Corp. (2)		1,664		30,784
Hologic, Inc. (2)		1,262		57,270
Horizon Pharma Plc (2)		1,273		15,111
Humana, Inc.		2,371		570,510
Idera Pharmaceuticals, Inc. (2)		1,457		2,506
IDEXX Laboratories, Inc. (2)		3,211		518,320
Ignyta, Inc. (2)		358		3,705
Immune Design Corp. (2)		340		3,315
ImmunoGen, Inc. (2)		1,172		8,333
Impax Laboratories, Inc. (2)		655		10,546
INC Research Holdings, Inc. (2)		53		3,101
Incyte Corp. (2)		692		87,130
Infinity Pharmaceuticals, Inc. (2)		1,190		1,868
Innoviva, Inc. (2)		642		8,218
Inotek Pharmaceuticals Corp. (2)		633		1,203
Inovio Pharmaceuticals, Inc. (2)		1,289		10,106
Insmed, Inc. (2)		83		1,424
Insys Therapeutics, Inc. (2)		484		6,123
Integer Holdings Corp. (2)		398		17,214
Intellia Therapeutics, Inc. (2)		318		5,088
Intersect ENT, Inc. (2)		344		9,615
Intra-Cellular Therapies, Inc. (2)		149		1,851
Invacare Corp.		97		1,280
Invitae Corp. (2)		575		5,497
InVivo Therapeutics Holdings Corp. (2)(3)		650		1,755
Iovance Biotherapeutics, Inc. (2)		1,725		12,679
Ironwood Pharmaceuticals, Inc. (2)		115		2,171
Johnson & Johnson (5)		9,155		1,211,115
Juno Therapeutics, Inc. (2)		50		1,495
Kadmon Holdings, Inc. (2)		700		2,723

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

Page 38  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Kindred Healthcare, Inc.		783		9,122
Kite Pharma, Inc. (2)		55		5,702
Landauer, Inc.		55		2,877
Lannett Co., Inc. (2)		151		3,080
Lexicon Pharmaceuticals, Inc. (2)		101		1,661
LHC Group, Inc. (2)		357		24,237
Lipocine, Inc. (2)		737		2,963
Loxo Oncology, Inc. (2)		67		5,373
Luminex Corp.		38		803
MacroGenics, Inc. (2)		222		3,887
Magellan Health, Inc. (2)		30		2,187
Mallinckrodt PLC (2)		451		20,209
MannKind Corp. (2)(3)		1,651		2,328
Masimo Corp. (2)(5)		443		40,393
Matinas BioPharma Holdings, Inc. (2)		631		1,066
McKesson Corp.		2,527		415,793
MediciNova, Inc. (2)		855		4,497
Medtronic PLC (5)		789		70,024
Merck & Co., Inc. (5)		14,030		899,183
Merit Medical Systems, Inc. (2)		108		4,120
Merrimack Pharmaceuticals, Inc.		1,605		1,990
Mettler-Toledo International, Inc. (2)		95		55,911
MiMedx Group, Inc. (2)		437		6,542
Minerva Neurosciences, Inc. (2)		477		4,221
Mirati Therapeutics, Inc. (2)		643		2,347
Molina Healthcare, Inc. (2)		313		21,653
Momenta Pharmaceuticals, Inc. (2)		507		8,568
Mylan NV (2)		1,918		74,457
MyoKardia, Inc. (2)		266		3,485
Myovant Sciences, Ltd. (2)		278		3,253
Myriad Genetics, Inc. (2)		282		7,287
NantKwest, Inc. (2)(3)		377		2,861
Natera, Inc. (2)		999		10,849
Neos Therapeutics, Inc. (2)		98		715
Neurocrine Biosciences, Inc. (2)		137		6,302
NewLink Genetics Corp. (2)		231		1,698
Novan, Inc. (2)		174		701
Novavax, Inc. (2)		4,474		5,145
Novus Therapeutics, Inc. (2)		907		5,306
OncoMed Pharmaceuticals, Inc. (2)		799		2,661
Ophthotech Corp. (2)		4,216		10,793
OPKO Health, Inc. (2)		1,137		7,481
Organovo Holdings, Inc. (2)(3)		1,372		3,608
Orthofix International NV (2)		199		9,250
Osiris Therapeutics, Inc. (2)		398		2,547
Otonomy, Inc. (2)		395		7,446
OvaScience, Inc. (2)		700		1,092
Pacira Pharmaceuticals, Inc./DE (2)		59		2,814
PAREXEL International Corp. (2)		138		11,994
PDL BioPharma, Inc.		3,462		8,551
Pfenex, Inc. (2)		2,072		8,309
Pfizer, Inc. (5)		27,414		920,836
PharMerica Corp. (2)		489		12,836
Phibro Animal Health Corp.		126		4,668
Portola Pharmaceuticals, Inc. (2)		334		18,761
PRA Health Sciences, Inc. (2)		317		23,778
Premier, Inc. (2)		4,068		146,448
Prestige Brands Holdings, Inc. (2)		504		26,616
Progenics Pharmaceuticals, Inc. (2)		742		5,038
Protagonist Therapeutics, Inc. (2)		79		893
Proteostasis Therapeutics, Inc. (2)		440		2,059
Providence Service Corp./The (2)		405		20,497
PTC Therapeutics, Inc. (2)		49		898
Puma Biotechnology, Inc. (2)		56		4,894
Quality Systems, Inc. (2)		2,900		49,909
Quest Diagnostics, Inc. (5)		4,654		517,339
Quorum Health Corp. (2)		269		1,116
Quotient, Ltd. (2)		200		1,472
RadNet, Inc. (2)		190		1,473
Recro Pharma, Inc. (2)		590		4,148
Regulus Therapeutics, Inc. (2)		1,403		1,383
Repligen Corp. (2)		151		6,257
Rigel Pharmaceuticals, Inc. (2)		1,365		3,726
Sangamo Therapeutics, Inc. (2)		592		5,210
SciClone Pharmaceuticals, Inc. (2)		142		1,562
Seattle Genetics, Inc. (2)		235		12,159
Second Sight Medical Products, Inc. (2)		656		827
Seres Therapeutics, Inc. (2)		909		10,272
Sorrento Therapeutics, Inc. (2)		868		1,736
Spectrum Pharmaceuticals, Inc. (2)		1,975		14,714
Stemline Therapeutics, Inc. (2)		237		2,180
Strongbridge Biopharma PLC (2)		191		1,366
Stryker Corp.		812		112,689
Sucampo Pharmaceuticals, Inc. (2)		327		3,434
Supernus Pharmaceuticals, Inc. (2)		277		11,939
Syndax Pharmaceuticals, Inc. (2)		219		3,059
Synthetic Biologics, Inc. (2)		6,579		3,720
Syros Pharmaceuticals, Inc. (2)		242		3,894
Tabula Rasa HealthCare, Inc. (2)		101		1,520
Tandem Diabetes Care, Inc. (2)		906		725
Teligent, Inc. (2)		110		1,007
TG Therapeutics, Inc. (2)		315		3,166
Titan Pharmaceuticals, Inc. (2)		920		1,748
Trevena, Inc. (2)		374		860

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

2017 Semiannual Report | June 30, 2017   Page 39

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Triple-S Management Corp. (2)		935		15,811
Trovagene, Inc. (2)(3)		1,564		1,971
Ultragenyx Pharmaceutical, Inc. (2)		99		6,149
United Therapeutics Corp. (2)(5)		589		76,411
UnitedHealth Group, Inc. (5)		5,278		978,647
Vanda Pharmaceuticals, Inc. (2)		1,085		17,686
Veeva Systems, Inc. (2)		537		32,923
Veracyte, Inc. (2)		803		6,689
Versartis, Inc. (2)		130		2,269
Vertex Pharmaceuticals, Inc. (2)		210		27,063
Vital Therapies, Inc. (2)		940		2,726
Voyager Therapeutics, Inc. (2)		194		1,738
vTv Therapeutics, Inc. (2)		785		3,901
VWR Corp. (2)		235		7,757
WellCare Health Plans, Inc. (2)		264		47,404
XBiotech, Inc. (2)		217		1,020
Xencor, Inc. (2)		86		1,815
Zafgen, Inc. (2)		1,528		5,363
Zoetis, Inc.		2,071		129,189
				16,382,598
Industrials — 11.8%
ACCO Brands Corp. (2)		542		6,314
Aegion Corp. (2)		274		5,995
Aerojet Rocketdyne Holdings, Inc. (2)		937		19,490
Air Transport Services Group, Inc. (2)		139		3,027
Alamo Group, Inc.		255		23,157
Allied Motion Technologies, Inc.		60		1,633
Allison Transmission Holdings, Inc.		5,108		191,601
American Woodmark Corp. (2)		111		10,606
Applied Industrial Technologies, Inc.		1,633		96,429
ARC Document Solutions, Inc. (2)		1,768		7,355
ArcBest Corp.		68		1,401
Argan, Inc.		188		11,280
Atkore International Group, Inc. (2)		351		7,915
Avis Budget Group, Inc. (2)		251		6,845
AZZ, Inc.		13		725
Barnes Group, Inc.		1,871		109,510
Barrett Business Services, Inc.		105		6,015
BG Staffing, Inc.		140		2,433
Blue Bird Corp. (2)		88		1,496
BMC Stock Holdings, Inc. (2)		561		12,258
Boeing Co./The (5)		4,815		952,166
Brady Corp.		2,248		76,207
Briggs & Stratton Corp.		269		6,483
Builders FirstSource, Inc. (2)		1,156		17,710
BWX Technologies, Inc.		1,318		64,253
Caesarstone, Ltd. (2)		372		13,039
Celadon Group, Inc.		331		1,043
Chicago Bridge & Iron Co. NV		860		16,968
Colfax Corp. (2)		62		2,441
Comfort Systems USA, Inc.		1,004		37,248
Continental Building Products, Inc. (2)		1,611		37,536
Costamare, Inc.		1,582		11,564
Covenant Transportation Group, Inc. (2)		58		1,017
Crane Co. (5)		2,752		218,454
CSW Industrials, Inc. (2)		20		773
CSX Corp. (5)		13,892		757,948
Cummins, Inc. (5)		4,067		659,749
Delta Air Lines, Inc.		8,546		459,262
DigitalGlobe, Inc. (2)		670		22,311
Donaldson Co., Inc.		3,066		139,626
Dover Corp. (5)		2,205		176,885
Ducommun, Inc. (2)		212		6,695
Eagle Bulk Shipping, Inc. (2)		1,261		5,965
Eaton Corp. PLC (5)		8,579		667,704
EMCOR Group, Inc.		589		38,509
Emerson Electric Co.		3,655		217,911
Encore Wire Corp.		124		5,295
EnerSys (5)		1,775		128,599
Ennis, Inc.		374		7,143
Essendant, Inc.		1,191		17,663
Esterline Technologies Corp. (2)		46		4,361
Fluor Corp. (5)		1,694		77,551
Fortive Corp. (5)		6,423		406,897
Forward Air Corp.		212		11,295
FreightCar America, Inc.		133		2,313
FuelCell Energy, Inc. (2)		645		800
General Cable Corp.		897		14,666
General Dynamics Corp.		1,047		207,411
Global Brass & Copper Holdings, Inc.		732		22,363
Greenbrier Cos., Inc./The		266		12,303
Griffon Corp.		402		8,824
H&E Equipment Services, Inc.		91		1,857
Harsco Corp. (2)		323		5,200
Hawaiian Holdings, Inc. (2)		16		751
HD Supply Holdings, Inc. (2)(5)		816		24,994
HEICO Corp.		8,798		545,916
Heidrick & Struggles International, Inc.		388		8,439
Herman Miller, Inc.		1,680		51,072
Hertz Global Holdings, Inc. (2)		326		3,749
Hillenbrand, Inc.		1,314		47,435
HNI Corp.		109		4,346
Hub Group, Inc. (2)		1,057		40,536

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

Page 40 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Hubbell, Inc.		690		78,087
Huntington Ingalls Industries, Inc. (5)		1,915		356,496
Huttig Building Products, Inc. (2)		179		1,255
Hyster-Yale Materials Handling, Inc.		330		23,183
ICF International, Inc. (2)		16		754
Illinois Tool Works, Inc.		3,164		453,243
Ingersoll-Rand PLC (5)		6,050		552,910
InnerWorkings, Inc. (2)		153		1,775
Insperity, Inc.		509		36,139
Interface, Inc.		982		19,296
ITT, Inc.		1,943		78,070
JB Hunt Transport Services, Inc.		1,896		173,256
JetBlue Airways Corp. (2)		2,277		51,984
Kadant, Inc.		86		6,467
Kansas City Southern		47		4,919
Kelly Services, Inc.		1,126		25,279
Kforce, Inc.		1,392		27,283
Kimball International, Inc.		736		12,284
Knoll, Inc.		1,455		29,173
L3 Technologies, Inc.		37		6,182
Landstar System, Inc.		2,300		196,880
Lawson Products, Inc./DE (2)		106		2,348
Lincoln Electric Holdings, Inc.		1,577		145,226
LSC Communications, Inc.		1,022		21,871
LSI Industries, Inc.		678		6,136
ManpowerGroup, Inc. (5)		4,620		515,823
Masco Corp.		629		24,034
Masonite International Corp. (2)		288		21,744
MasTec, Inc. (2)		164		7,405
Matson, Inc.		562		16,882
Miller Industries, Inc./TN		455		11,307
Moog, Inc. (2)		744		53,360
MSC Industrial Direct Co., Inc.		790		67,908
MYR Group, Inc. (2)		589		18,271
National Presto Industries, Inc.		12		1,326
NCI Building Systems, Inc. (2)		682		11,389
Neff Corp. (2)		377		7,163
NN, Inc.		26		714
Norfolk Southern Corp.		1,512		184,010
Omega Flex, Inc.		24		1,546
On Assignment, Inc. (2)		466		25,234
Orbital ATK, Inc.		1,305		128,360
Oshkosh Corp.		146		10,056
Owens Corning		3,319		222,107
PAM Transportation Services, Inc. (2)		90		1,706
Parker-Hannifin Corp.		2,413		385,646
Park-Ohio Holdings Corp.		311		11,849
Pitney Bowes, Inc. (5)		2,079		31,393
Plug Power, Inc. (2)(3)		691		1,410
Ply Gem Holdings, Inc. (2)		2,004		35,972
Powell Industries, Inc.		24		768
Quad/Graphics, Inc.		1,318		30,209
Radiant Logistics, Inc. (2)		847		4,557
Regal Beloit Corp.		1,096		89,379
Resources Connection, Inc.		1,220		16,714
Robert Half International, Inc.		2,800		134,204
Rockwell Automation, Inc. (5)		3,616		585,647
Rockwell Collins, Inc.		162		17,023
RPX Corp. (2)		1,669		23,283
RR Donnelley & Sons Co.		563		7,060
Rush Enterprises, Inc. (2)		697		25,914
Rush Enterprises, Inc. (2)		124		4,515
Ryder System, Inc.		1,487		107,034
Saia, Inc. (2)		42		2,155
Southwest Airlines Co.		6,815		423,484
SP Plus Corp. (2)		291		8,890
Sparton Corp. (2)		375		8,246
Spirit AeroSystems Holdings, Inc. (5)		4,061		235,294
Steelcase, Inc.		2,362		33,068
Supreme Industries, Inc.		458		7,534
Teledyne Technologies, Inc. (2)		101		12,893
Tennant Co.		70		5,166
Tetra Tech, Inc.		186		8,510
Textron, Inc.		2,737		128,913
Thermon Group Holdings, Inc. (2)		372		7,131
Timken Co./The		2,859		132,229
Titan Machinery, Inc. (2)		212		3,812
Toro Co./The		3,471		240,506
Triumph Group, Inc.		211		6,668
TrueBlue, Inc. (2)		1,608		42,612
Union Pacific Corp.		7,137		777,291
United Continental Holdings, Inc. (2)(5)		7,938		597,335
United Rentals, Inc. (2)(5)		592		66,724
Universal Forest Products, Inc.		106		9,255
USA Truck, Inc. (2)		314		2,719
Vectrus, Inc. (2)		685		22,139
Veritiv Corp. (2)		206		9,270
Wabash National Corp.		1,105		24,288
WABCO Holdings, Inc. (2)		66		8,416
WESCO International, Inc. (2)		230		13,179
West Corp. (5)		118		2,752
Willis Lease Finance Corp. (2)		186		4,972
YRC Worldwide, Inc. (2)		1,270		14,122
				14,809,722

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

2017 Semiannual Report | June 30, 2017   Page 41

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Information Technology — 20.4%
8x8, Inc. (2)		269		3,914
Accenture PLC (5)		5,979		739,483
Activision Blizzard, Inc.		3,648		210,015
Actua Corp. (2)		179		2,515
Adobe Systems, Inc. (2)(5)		5,448		770,565
ADTRAN, Inc.		423		8,735
Advanced Energy Industries, Inc. (2)		66		4,270
Akamai Technologies, Inc. (2)		466		23,211
ALJ Regional Holdings, Inc. (2)		2,108		6,746
Alpha & Omega Semiconductor, Ltd. (2)		491		8,185
Alphabet, Inc. - Class C (2)(5)		1,320		1,199,524
Alphabet, Inc. - Class A (2)(5)		224		208,248
Ambarella, Inc. (2)		189		9,176
Amdocs, Ltd.		286		18,436
American Software, Inc./GA		1,607		16,536
Amkor Technology, Inc. (2)		2,551		24,923
Anixter International, Inc. (2)		767		59,979
ANSYS, Inc. (2)		1,236		150,396
Apple, Inc. (5)		16,124		2,322,178
Applied Materials, Inc. (5)		17,871		738,251
Applied Optoelectronics, Inc. (2)		45		2,781
ARRIS International PLC (2)(5)		2,948		82,603
Arrow Electronics, Inc. (2)		1,786		140,058
Aspen Technology, Inc. (2)		3,060		169,096
Autobytel, Inc. (2)		536		6,759
Avid Technology, Inc. (2)		1,293		6,801
Avnet, Inc. (5)		229		8,904
Bankrate, Inc. (2)		1,469		18,877
Barracuda Networks, Inc. (2)		82		1,891
Bel Fuse, Inc.		334		8,250
Benchmark Electronics, Inc. (2)		556		17,959
Black Box Corp.		1,277		10,918
Booz Allen Hamilton Holding Corp. (5)		4,043		131,559
Bottomline Technologies de, Inc. (2)		123		3,160
Broadridge Financial Solutions, Inc. (5)		611		46,167
CA, Inc.		17,036		587,231
CACI International, Inc. (2)		674		84,284
Cadence Design Systems, Inc. (2)(5)		17,226		576,899
Callidus Software, Inc. (2)		39		944
Care.com, Inc. (2)		292		4,409
CDK Global, Inc.		3,385		210,073
CDW Corp./DE		776		48,523
Cirrus Logic, Inc. (2)		1,039		65,166
Cisco Systems, Inc. (5)		31,306		979,878
Citrix Systems, Inc. (2)(5)		2,309		183,750
Clearfield, Inc. (2)		123		1,624
Cohu, Inc.		392		6,170
CommerceHub, Inc. (2)		51		889
CommScope Holding Co., Inc. (2)		2,335		88,800
CommVault Systems, Inc. (2)		802		45,273
Convergys Corp.		582		13,840
CoreLogic, Inc./United States (2)		985		42,729
Corning, Inc.		14,640		439,932
CPI Card Group, Inc.		582		1,659
CSG Systems International, Inc.		19		771
CSRA, Inc.		771		24,479
CyberOptics Corp. (2)		43		888
DHI Group, Inc. (2)		3,027		8,627
Digi International, Inc. (2)		447		4,537
Diodes, Inc. (2)		212		5,094
DSP Group, Inc. (2)		290		3,364
DST Systems, Inc.		12		740
DXC Technology Co. (5)		2,921		224,099
eBay, Inc. (2)(5)		19,177		669,661
Electronic Arts, Inc. (2)(5)		7,076		748,075
Endurance International Group Holdings, Inc. (2)		837		6,989
Entegris, Inc. (2)		31		680
ePlus, Inc. (2)		35		2,594
EVERTEC, Inc.		2,577		44,582
Exa Corp. (2)		218		3,008
ExlService Holdings, Inc. (2)		44		2,446
Extreme Networks, Inc. (2)		70		645
F5 Networks, Inc. (2)		2,715		344,968
Facebook, Inc. (2)(5)		5,423		818,765
Fair Isaac Corp.		814		113,480
Finisar Corp. (2)		90		2,338
Five9, Inc. (2)		305		6,564
FLIR Systems, Inc.		1,335		46,271
Forrester Research, Inc.		233		9,122
Fortinet, Inc. (2)		195		7,301
GoDaddy, Inc. (2)		694		29,439
Guidance Software, Inc. (2)		1,688		11,158
Hackett Group, Inc./The		1,772		27,466
Hewlett Packard Enterprise Co. (5)		26,648		442,090
HP, Inc. (5)		38,826		678,678
IAC/InterActiveCorp (2)		1,061		109,538
Information Services Group, Inc. (2)		228		937
Insight Enterprises, Inc. (2)		117		4,679
Intel Corp. (5)		23,161		781,452
InterDigital, Inc./PA		580		44,834
Internap Corp. (2)		193		708
International Business Machines Corp. (5)		4,042		621,781

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

2017 Semiannual Report | June 30, 2017  Page 42  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Intuit, Inc. (5)		5,085		675,339
IPG Photonics Corp. (2)		8		1,161
IXYS Corp.		631		10,380
j2 Global, Inc.		210		17,869
Jabil, Inc. (5)		4,619		134,829
Jack Henry & Associates, Inc.		146		15,165
Juniper Networks, Inc.		8,301		231,432
Kimball Electronics, Inc. (2)		649		11,714
KLA-Tencor Corp. (5)		6,341		580,265
LivePerson, Inc. (2)		137		1,507
LogMeIn, Inc. (5)		348		36,366
Majesco (2)		182		897
Manhattan Associates, Inc. (2)		871		41,860
ManTech International Corp./VA		33		1,366
Mastercard, Inc. (5)		5,452		662,145
Maxim Integrated Products, Inc. (5)		5,905		265,135
MAXIMUS, Inc.		32		2,004
MaxLinear, Inc. (2)		917		25,575
Meet Group, Inc./The (2)		152		768
Methode Electronics, Inc.		872		35,926
Micron Technology, Inc. (2)(5)		8,404		250,943
Microsoft Corp. (5)		23,374		1,611,170
MicroStrategy, Inc. (2)		208		39,867
MicroVision, Inc. (2)		995		2,109
Mitek Systems, Inc. (2)		647		5,435
Motorola Solutions, Inc. (5)		3,624		314,346
MuleSoft, Inc. (2)		28		698
Nanometrics, Inc. (2)		445		11,254
NCI, Inc. (2)		501		10,571
NCR Corp. (2)(5)		2,037		83,191
NetApp, Inc. (5)		6,204		248,470
NETGEAR, Inc. (2)		401		17,283
NeuStar, Inc. (2)		152		5,069
NIC, Inc.		1,830		34,679
Nuance Communications, Inc. (2)		3,542		61,666
NVE Corp.		58		4,466
NVIDIA Corp. (5)		1,827		264,111
Ominto, Inc. (2)		122		1,861
ON Semiconductor Corp. (2)		6,510		91,400
Oracle Corp. (5)		9,034		452,965
PC Connection, Inc.		493		13,341
Pegasystems, Inc.		243		14,179
Perficient, Inc. (2)		1,018		18,976
PFSweb, Inc. (2)		161		1,330
Photronics, Inc. (2)		796		7,482
Planet Payment, Inc. (2)		2,677		8,834
Plexus Corp. (2)		1,078		56,670
Progress Software Corp.		3,196		98,724
QAD, Inc.		248		7,948
Qualys, Inc. (2)		659		26,887
QuinStreet, Inc. (2)		1,176		4,904
RealPage, Inc. (2)		607		21,822
Reis, Inc.		62		1,318
RingCentral, Inc. (2)		600		21,930
Rocket Fuel, Inc. (2)		530		1,458
Rogers Corp. (2)		89		9,667
Rosetta Stone, Inc. (2)		494		5,325
Rubicon Project, Inc./The (2)		1,063		5,464
Rudolph Technologies, Inc. (2)		701		16,018
Sanmina Corp. (2)(5)		2,367		90,183
ScanSource, Inc. (2)		1,197		48,239
Science Applications International Corp.		1,287		89,344
Semtech Corp. (2)(5)		1,636		58,487
ShoreTel, Inc. (2)		729		4,228
Sigma Designs, Inc. (2)		185		1,082
Silicon Laboratories, Inc. (2)		37		2,529
Skyworks Solutions, Inc.		770		73,882
Sonus Networks, Inc. (2)		916		6,815
Stamps.com, Inc. (2)		107		16,572
Sykes Enterprises, Inc. (2)		497		16,664
Symantec Corp. (5)		5,582		157,692
Synaptics, Inc. (2)		310		16,030
Synchronoss Technologies, Inc. (2)		302		4,968
Synopsys, Inc. (2)(5)		8,455		616,623
Take-Two Interactive Software, Inc. (2)		864		63,400
Tech Data Corp. (2)		862		87,062
TechTarget, Inc. (2)		1,310		13,585
TeleTech Holdings, Inc.		683		27,866
Texas Instruments, Inc. (5)		9,468		728,373
TiVo Corp.		867		16,170
Travelport Worldwide, Ltd.		6,710		92,330
Unisys Corp. (2)		1,086		13,901
Verint Systems, Inc. (2)		922		37,525
Versum Materials, Inc.		412		13,390
VirnetX Holding Corp. (2)		557		2,534
VMware, Inc. (2)		3,821		334,070
Web.com Group, Inc. (2)		783		19,810
Western Digital Corp.		775		68,665
Western Union Co./The (5)		421		8,020
Xcerra Corp. (2)		143		1,397
XO Group, Inc. (2)		875		15,418
Yelp, Inc. (2)		421		12,638
Zix Corp. (2)		2,297		13,070
				25,794,086

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

2017 Semiannual Report | June 30, 2017   Page 43

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Materials — 2.7%
A Schulman, Inc.		242		7,744
AdvanSix, Inc. (2)		231		7,216
AK Steel Holding Corp. (2)		377		2,477
Avery Dennison Corp. (5)		814		71,933
Berry Global Group, Inc. (2)		1,193		68,013
Boise Cascade Co. (2)		414		12,586
Cabot Corp.		1,296		69,245
Chemours Co./The		207		7,849
Cliffs Natural Resources, Inc. (2)		184		1,273
Coeur Mining, Inc. (2)		128		1,098
Crown Holdings, Inc. (2)		5,084		303,311
Domtar Corp.		666		25,588
Eastman Chemical Co.		126		10,583
Forterra, Inc. (2)		330		2,716
GCP Applied Technologies, Inc. (2)(5)		653		19,917
Graphic Packaging Holding Co.		10,792		148,714
Greif, Inc.		746		41,612
Hawkins, Inc.		34		1,576
HB Fuller Co.		98		5,009
Huntsman Corp.		1,721		44,471
Innophos Holdings, Inc.		506		22,183
Intrepid Potash, Inc. (2)		311		703
KMG Chemicals, Inc.		25		1,217
Koppers Holdings, Inc. (2)		640		23,136
Louisiana-Pacific Corp. (2)		1,713		41,300
LyondellBasell Industries NV (5)		7,646		645,246
Myers Industries, Inc.		515		9,244
Neenah Paper, Inc.		240		19,260
NewMarket Corp.		43		19,801
Nucor Corp. (5)		6,702		387,845
Olin Corp.		597		18,077
OMNOVA Solutions, Inc. (2)		589		5,743
Owens-Illinois, Inc. (2)		5,437		130,053
Packaging Corp. of America		1,230		137,010
PolyOne Corp.		469		18,169
Quaker Chemical Corp.		5		726
Reliance Steel & Aluminum Co. (5)		1,930		140,523
Ryerson Holding Corp. (2)		511		5,059
Schnitzer Steel Industries, Inc.		381		9,601
Schweitzer-Mauduit International, Inc.		971		36,150
Sherwin-Williams Co./The		1,189		417,291
Silgan Holdings, Inc.		2,985		94,863
Steel Dynamics, Inc. (5)		4,296		153,840
Stepan Co.		161		14,030
Tahoe Resources, Inc.		584		5,034
TerraVia Holdings, Inc. (2)(3)		2,951		689
Tredegar Corp.		75		1,144
Trinseo SA		1,091		74,952
UFP Technologies, Inc. (2)		462		13,075
Verso Corp. (2)		430		2,017
WestRock Co.		1,309		74,168
				3,375,080
Real Estate Investment Trust — 2.5%
Alexander & Baldwin, Inc.		93		3,848
Altisource Portfolio Solutions SA (2)		161		3,513
American Assets Trust, Inc.		139		5,475
American Campus Communities, Inc.		635		30,036
American Tower Corp.		1,773		234,603
Apple Hospitality REIT, Inc.		269		5,033
Ashford Hospitality Prime, Inc.		73		751
Brandywine Realty Trust		478		8,379
Brixmor Property Group, Inc.		1,102		19,704
Camden Property Trust		202		17,273
Care Capital Properties, Inc.		84		2,243
CBL & Associates Properties, Inc.		3,805		32,076
Cedar Realty Trust, Inc.		2,632		12,765
Chatham Lodging Trust		976		19,608
Chesapeake Lodging Trust		77		1,884
Clipper Realty, Inc.		567		6,997
CoreCivic, Inc.		942		25,980
CoreSite Realty Corp.		61		6,315
Corporate Office Properties Trust		3,299		115,564
CubeSmart		444		10,674
DCT Industrial Trust, Inc.		563		30,087
DDR Corp.		3,305		29,976
Douglas Emmett, Inc.		642		24,531
Duke Realty Corp.		767		21,438
DuPont Fabros Technology, Inc.		472		28,868
Easterly Government Properties, Inc.		204		4,274
Equity Commonwealth (2)		1,073		33,907
Equity LifeStyle Properties, Inc.		833		71,921
Farmland Partners, Inc.		220		1,967
FelCor Lodging Trust, Inc.		906		6,532
First Industrial Realty Trust, Inc.		261		7,470
First Potomac Realty Trust		296		3,289
Forest City Realty Trust, Inc.		932		22,526
Forestar Group, Inc. (2)		114		1,955
Gaming and Leisure Properties, Inc. (5)		9,759		367,622
Global Medical REIT, Inc.		616		5,507
HCP, Inc.		214		6,839
Healthcare Trust of America, Inc.		644		20,035
Host Hotels & Resorts, Inc.		2,434		44,469

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

2017 Semiannual Report | June 30, 2017  Page 44  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks - Long — continued
Hudson Pacific Properties, Inc.		124		4,240
Investors Real Estate Trust		329		2,043
Invitation Homes, Inc.		7,266		157,164
Iron Mountain, Inc.		609		20,925
Kennedy-Wilson Holdings, Inc.		90		1,715
Kimco Realty Corp.		634		11,634
Kite Realty Group Trust		1,503		28,452
Lamar Advertising Co.		1,291		94,979
LaSalle Hotel Properties		317		9,447
Lexington Realty Trust (5)		13,063		129,454
Liberty Property Trust (5)		8,212		334,311
LTC Properties, Inc.		248		12,745
Mack-Cali Realty Corp.		79		2,144
Marcus & Millichap, Inc. (2)		68		1,792
Medical Properties Trust, Inc.		189		2,432
Mid-America Apartment Communities, Inc.		349		36,778
Monogram Residential Trust, Inc.		1,734		16,837
National Health Investors, Inc. (5)		1,138		90,130
National Storage Affiliates Trust		63		1,456
New Senior Investment Group, Inc.		3,193		32,090
Outfront Media, Inc.		1,722		39,813
Parkway, Inc. (2)		670		15,336
Pennsylvania Real Estate Investment Trust		1,920		21,734
PS Business Parks, Inc.		314		41,570
QTS Realty Trust, Inc.		99		5,181
RAIT Financial Trust		1,611		3,528
Ramco-Gershenson Properties Trust		508		6,553
Realogy Holdings Corp.		926		30,049
Retail Properties of America, Inc.		538		6,569
RLJ Lodging Trust (5)		2,097		41,667
Sabra Health Care REIT, Inc.		669		16,123
Saul Centers, Inc.		225		13,046
Senior Housing Properties Trust		1,258		25,714
Seritage Growth Properties		786		32,973
Simon Property Group, Inc.		1,123		181,656
Spirit Realty Capital, Inc.		1,831		13,568
St Joe Co./The (2)		114		2,138
STORE Capital Corp.		486		10,911
Sun Communities, Inc.		673		59,015
Sunstone Hotel Investors, Inc.		774		12,477
Tanger Factory Outlet Centers, Inc.		1,538		39,957
Taubman Centers, Inc.		635		37,814
Terreno Realty Corp.		178		5,991
Trinity Place Holdings, Inc. (2)		280		1,991
Uniti Group, Inc.		3,213		80,775
Universal Health Realty Income Trust		42		3,341
Urban Edge Properties		121		2,871
Urstadt Biddle Properties, Inc.		401		7,940
VEREIT, Inc.		4,450		36,223
Vornado Realty Trust		34		3,193
Washington Prime Group, Inc.		3,044		25,478
Washington Real Estate Investment Trust		379		12,090
Weingarten Realty Investors		190		5,719
WP Carey, Inc.		592		39,078
Xenia Hotels & Resorts, Inc.		2,267		43,912
				3,212,696
Telecommunication Services — 2.1%
AT&T, Inc. (5)		23,582		889,749
ATN International, Inc.		169		11,566
Boingo Wireless, Inc. (2)		122		1,825
Cincinnati Bell, Inc. (2)		507		9,912
Cogent Communications Holdings, Inc.		640		25,664
Consolidated Communications Holdings, Inc.		361		7,751
FairPoint Communications, Inc. (2)		1,782		27,888
Frontier Communications Corp. (2)		7,613		8,831
General Communication, Inc. (2)		73		2,675
Hawaiian Telcom Holdco, Inc. (2)		350		8,747
IDT Corp.		199		2,860
Level 3 Communications, Inc. (2)		5,320		315,476
NII Holdings, Inc. (2)		1,839		1,479
Ooma, Inc. (2)		502		4,016
ORBCOMM, Inc. (2)		595		6,724
Spok Holdings, Inc.		577		10,213
Straight Path Communications, Inc. (2)		5		898
Telephone & Data Systems, Inc. (5)		2,528		70,152
T-Mobile US, Inc. (2)(5)		8,957		542,973
United States Cellular Corp. (2)		874		33,492
Verizon Communications, Inc. (5)		13,813		616,889
Vonage Holdings Corp. (2)		3,250		21,255
Windstream Holdings, Inc.		1,696		6,580
Zayo Group Holdings, Inc. (2)		294		9,085
				2,636,700
Utilities — 5.3%
AES Corp./VA (5)		23,833		264,785
ALLETE, Inc.		172		12,329
Ameren Corp.		5,608		306,589
American States Water Co.		982		46,557
Artesian Resources Corp.		405		15,244
California Water Service Group		118		4,342
Calpine Corp. (2)		632		8,551
CenterPoint Energy, Inc. (5)		20,976		574,323

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

2017 Semiannual Report | June 30, 2017   Page 45

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Long — continued
CMS Energy Corp.		4,002			185,093
Consolidated Water Co., Ltd.		572			7,093
DTE Energy Co.		4,928			521,333
Edison International (5)		7,509			587,129
El Paso Electric Co.		1,987			102,728
Exelon Corp. (5)		10,312			371,954
Genie Energy, Ltd.		351			2,675
MDU Resources Group, Inc.		6,512			170,614
NorthWestern Corp.		2,539			154,930
NRG Energy, Inc.		4,444			76,526
NRG Yield, Inc.		6,073			103,605
Ormat Technologies, Inc.		1,345			78,925
Pinnacle West Capital Corp.		2,847			242,451
Portland General Electric Co. (5)		8,347			381,374
PPL Corp.		15,014			580,441
SJW Group		739			36,344
Southwest Gas Holdings, Inc. (5)		5,376			392,771
Spark Energy, Inc.		672			12,634
UGI Corp. (5)		11,558			559,500
Unitil Corp.		955			46,136
Vectren Corp. (5)		9,379			548,100
Xcel Energy, Inc.		6,684			306,624
					6,701,700
Total Common Stocks - Long (Cost $109,670,660)					118,904,091
Money Market Registered Investment Companies — 3.0%
Morgan Stanley Government Institutional Fund, 0.84% (4)		22,963			22,963
Meeder Institutional Prime Money Market Fund, 1.05% (6)		3,799,813			3,799,813
Total Money Market Registered Investment Companies (Cost $3,822,788)					3,822,776
Bank Obligations — 0.6%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (7)		249,434			249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (7)		249,913			249,913
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (7)		248,000			248,000
Total Bank Obligations (Cost $747,347)					747,347
U.S. Government Obligations — 1.4%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (8)		1,770,000			1,766,171
Total U.S. Government Obligations (Cost $1,766,106)					1,766,171
Total Investments - Long — 99.3% (Cost $116,006,901) (1)					125,240,385
Total Securities Sold Short — (39.2%) (Proceeds Received $(47,380,351))					(49,440,375	)
Other Assets less Liabilities — 39.9%					50,244,955
Total Net Assets — 100.0%					126,044,965
Common Stocks - Short — (39.2%)
Consumer Discretionary — (4.3%)
Abercrombie & Fitch Co.		(57	)		(709	)
Adient PLC		(213	)		(13,926	)
Adtalem Global Education, Inc.		(693	)		(26,299	)
Advance Auto Parts, Inc.		(908	)		(105,864	)
AMC Entertainment Holdings, Inc.		(1,274	)		(28,984	)
America's Car-Mart, Inc./TX (2)		(139	)		(5,407	)
At Home Group, Inc. (2)		(825	)		(19,214	)
AutoNation, Inc. (2)		(341	)		(14,377	)
AV Homes, Inc. (2)		(50	)		(1,003	)
Barnes & Noble Education, Inc. (2)		(188	)		(1,998	)
Belmond, Ltd. (2)		(307	)		(4,083	)
Big 5 Sporting Goods Corp.		(233	)		(3,041	)
Boot Barn Holdings, Inc. (2)		(452	)		(3,200	)
Bright Horizons Family Solutions, Inc. (2)		(181	)		(13,975	)
Cabela's, Inc. (2)		(488	)		(28,997	)
CarMax, Inc. (2)		(4,134	)		(260,690	)
Carriage Services, Inc.		(849	)		(22,889	)
Chegg, Inc. (2)		(2,459	)		(30,221	)
Chipotle Mexican Grill, Inc. (2)		(212	)		(88,213	)
Churchill Downs, Inc.		(40	)		(7,332	)
Conn's, Inc. (2)		(175	)		(3,343	)
Container Store Group, Inc./The (2)		(294	)		(1,740	)
Core-Mark Holding Co., Inc.		(930	)		(30,746	)
Crocs, Inc. (2)		(664	)		(5,119	)
Daily Journal Corp. (2)		(35	)		(7,348	)
Del Taco Restaurants, Inc. (2)		(139	)		(1,911	)
Delta Apparel, Inc. (2)		(153	)		(3,394	)
Eldorado Resorts, Inc. (2)		(49	)		(980	)
Etsy, Inc. (2)		(437	)		(6,555	)
Gaia, Inc. (2)		(440	)		(4,928	)
Gentex Corp.		(505	)		(9,580	)
Gentherm, Inc. (2)		(66	)		(2,561	)
G-III Apparel Group, Ltd. (2)		(238	)		(5,938	)
Green Brick Partners, Inc. (2)		(319	)		(3,653	)
Groupon, Inc. (2)		(1,054	)		(4,047	)

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

Page 46  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
Guess?, Inc.		(619	)		(7,911	)
Hanesbrands, Inc.		(5,772	)		(133,680	)
Hilton Worldwide Holdings, Inc. (2)		(9,198	)		(568,896	)
Horizon Global Corp. (2)		(910	)		(13,068	)
Houghton Mifflin Harcourt Co. (2)		(586	)		(7,208	)
Hyatt Hotels Corp. (2)		(781	)		(43,900	)
Iconix Brand Group, Inc. (2)		(1,499	)		(10,358	)
IMAX Corp. (2)		(917	)		(20,174	)
L Brands, Inc.		(1,330	)		(71,674	)
LGI Homes, Inc. (2)		(512	)		(20,572	)
Liberty Broadband Corp. (2)		(1,401	)		(120,192	)
Liberty Media Corp-Liberty Braves - Class A (2)		(550	)		(13,140	)
Liberty Media Corp-Liberty Braves - Class C (2)		(1,266	)		(30,346	)
Liberty Media Corp-Liberty Formula One - Class C (2)		(666	)		(24,389	)
Liberty Media Corp-Liberty Formula One - Class A (2)		(4,644	)		(162,679	)
Liberty Ventures (2)		(1,217	)		(63,637	)
Lindblad Expeditions Holdings, Inc. (2)		(1,560	)		(16,380	)
Lithia Motors, Inc.		(314	)		(29,588	)
LKQ Corp. (2)		(2,747	)		(90,514	)
Loral Space & Communications, Inc. (2)		(466	)		(19,362	)
Lumber Liquidators Holdings, Inc. (2)		(253	)		(6,340	)
Madison Square Garden Co./The (2)		(307	)		(60,448	)
MarineMax, Inc. (2)		(605	)		(11,828	)
Marriott International, Inc./MD		(705	)		(70,719	)
Marriott Vacations Worldwide Corp.		(7	)		(824	)
Meredith Corp.		(132	)		(7,847	)
Modine Manufacturing Co. (2)		(43	)		(712	)
Monro Muffler Brake, Inc.		(704	)		(29,392	)
Motorcar Parts of America, Inc. (2)		(307	)		(8,670	)
Murphy USA, Inc. (2)		(43	)		(3,187	)
Netflix, Inc. (2)		(667	)		(99,656	)
Newell Brands, Inc.		(8,811	)		(472,446	)
Party City Holdco, Inc. (2)		(2,201	)		(34,446	)
Penske Automotive Group, Inc.		(1,057	)		(46,413	)
PICO Holdings, Inc. (2)		(80	)		(1,400	)
Planet Fitness, Inc.		(1,426	)		(33,283	)
Polaris Industries, Inc.		(1,090	)		(100,531	)
Red Lion Hotels Corp. (2)		(1,866	)		(13,715	)
Scientific Games Corp. (2)		(35	)		(914	)
SeaWorld Entertainment, Inc.		(284	)		(4,621	)
Sequential Brands Group, Inc. (2)		(1,201	)		(4,792	)
Shake Shack, Inc. (2)		(1,183	)		(41,263	)
Sonic Automotive, Inc.		(401	)		(7,799	)
Sotheby's (2)		(21	)		(1,127	)
Superior Uniform Group, Inc.		(41	)		(916	)
Tempur Sealy International, Inc. (2)		(272	)		(14,522	)
Tesla, Inc. (2)		(1,904	)		(688,505	)
Tractor Supply Co.		(915	)		(49,602	)
TRI Pointe Group, Inc. (2)		(5,179	)		(68,311	)
Tribune Media Co.		(457	)		(18,632	)
TripAdvisor, Inc. (2)		(155	)		(5,921	)
Under Armour, Inc. (2)(5)		(26,684	)		(580,644	)
Unifi, Inc. (2)		(182	)		(5,606	)
Universal Electronics, Inc. (2)		(258	)		(17,247	)
Viacom, Inc.		(258	)		(9,817	)
Wayfair, Inc. (2)		(265	)		(20,373	)
William Lyon Homes (2)		(1,863	)		(44,973	)
Wingstop, Inc.		(1,212	)		(37,451	)
Winnebago Industries, Inc.		(43	)		(1,505	)
World Wrestling Entertainment, Inc.		(2,340	)		(47,666	)
Wynn Resorts, Ltd.		(338	)		(45,333	)
Yum! Brands, Inc.		(7,216	)		(532,252	)
					(5,491,582	)
Consumer Staples — (2.4%)
Alico, Inc.		(415	)		(12,990	)
Andersons, Inc./The		(306	)		(10,450	)
B&G Foods, Inc.		(2,257	)		(80,349	)
Calavo Growers, Inc.		(195	)		(13,465	)
Casey's General Stores, Inc.		(513	)		(54,947	)
Chefs' Warehouse, Inc./The (2)		(1,306	)		(16,978	)
Church & Dwight Co., Inc.		(2,119	)		(109,934	)
Clorox Co./The		(3,939	)		(524,832	)
Conagra Brands, Inc.		(4,376	)		(156,486	)
Constellation Brands, Inc.		(2,666	)		(516,484	)
Coty, Inc.		(12,521	)		(234,894	)
Craft Brew Alliance, Inc. (2)		(571	)		(9,621	)
elf Beauty, Inc. (2)		(965	)		(26,258	)
Estee Lauder Cos., Inc./The		(319	)		(30,618	)
Freshpet, Inc. (2)		(293	)		(4,864	)
Hain Celestial Group, Inc./The (2)		(2,135	)		(82,881	)
Hormel Foods Corp.		(919	)		(31,347	)
Limoneira Co.		(38	)		(898	)
MGP Ingredients, Inc.		(23	)		(1,177	)
Mondelez International, Inc.		(11,705	)		(505,539	)
Monster Beverage Corp. (2)		(2,941	)		(146,109	)
Natural Grocers by Vitamin Cottage, Inc. (2)		(613	)		(5,070	)
PriceSmart, Inc.		(380	)		(33,288	)
Primo Water Corp. (2)		(466	)		(5,918	)
Rite Aid Corp. (2)		(2,261	)		(6,670	)
Smart & Final Stores, Inc. (2)		(677	)		(6,161	)

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

2017 Semiannual Report | June 30, 2017   Page 47

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
Snyder's-Lance, Inc.		(1,029	)		(35,624	)
Spectrum Brands Holdings, Inc.		(526	)		(65,771	)
Tootsie Roll Industries, Inc.		(2,480	)		(86,428	)
TreeHouse Foods, Inc. (2)		(532	)		(43,459	)
Turning Point Brands, Inc. (2)		(369	)		(5,660	)
Vector Group, Ltd.		(369	)		(7,867	)
WD-40 Co.		(956	)		(105,495	)
					(2,978,532	)
Energy — (0.9%)
Antero Resources Corp. (2)		(3,312	)		(71,572	)
Ardmore Shipping Corp.		(672	)		(5,477	)
Callon Petroleum Co. (2)		(1,920	)		(20,371	)
Chesapeake Energy Corp. (2)		(6,194	)		(30,784	)
Continental Resources, Inc./OK (2)		(170	)		(5,496	)
Denbury Resources, Inc. (2)		(609	)		(932	)
Dorian LPG, Ltd. (2)		(205	)		(1,677	)
Eclipse Resources Corp. (2)		(1,201	)		(3,435	)
Energy XXI Gulf Coast, Inc. (2)		(379	)		(7,038	)
Extraction Oil & Gas, Inc. (2)		(1,344	)		(18,077	)
Fairmount Santrol Holdings, Inc. (2)		(441	)		(1,720	)
Frontline, Ltd./Bermuda		(361	)		(2,069	)
GasLog, Ltd.		(1,215	)		(18,529	)
Gener8 Maritime, Inc. (2)		(260	)		(1,479	)
Geospace Technologies Corp. (2)		(196	)		(2,711	)
Golar LNG, Ltd.		(326	)		(7,254	)
Gulfport Energy Corp. (2)		(1,885	)		(27,804	)
Hess Corp.		(5,175	)		(227,027	)
International Seaways, Inc. (2)		(234	)		(5,071	)
Jones Energy, Inc. (2)		(1,693	)		(2,709	)
Midstates Petroleum Co., Inc. (2)		(1,459	)		(18,486	)
Occidental Petroleum Corp.		(8,559	)		(512,427	)
Parsley Energy, Inc. (2)		(114	)		(3,164	)
PDC Energy, Inc. (2)		(578	)		(24,918	)
PHI, Inc. (2)		(185	)		(1,806	)
Pioneer Energy Services Corp. (2)		(1,645	)		(3,372	)
Range Resources Corp.		(867	)		(20,088	)
Rosetta Resources, Inc. (2)		(562	)		(4,687	)
Select Energy Services, Inc. (2)		(58	)		(705	)
SM Energy Co.		(441	)		(7,290	)
Southwestern Energy Co. (2)		(757	)		(4,603	)
SRC Energy, Inc. (2)		(4,169	)		(28,057	)
Ultra Petroleum Corp. (2)		(242	)		(2,626	)
Weatherford International PLC (2)		(4,187	)		(16,204	)
WildHorse Resource Development Corp. (2)		(790	)		(9,772	)
					(1,119,437	)
Financials — (9.8%)
Affiliated Managers Group, Inc.		(875	)		(145,128	)
Ambac Financial Group, Inc. (2)		(2,813	)		(48,806	)
American International Group, Inc.		(8,726	)		(545,550	)
AmTrust Financial Services, Inc.		(103	)		(1,559	)
Ares Commercial Real Estate Corp.		(1,926	)		(25,211	)
Associated Capital Group, Inc.		(533	)		(18,122	)
Atlas Financial Holdings, Inc. (2)		(207	)		(3,084	)
B. Riley Financial, Inc.		(50	)		(928	)
Baldwin & Lyons, Inc.		(129	)		(3,161	)
Bancorp, Inc./The (2)		(92	)		(697	)
Bank of Hawaii Corp.		(6,818	)		(565,689	)
Bank of the Ozarks		(7,485	)		(350,822	)
BankUnited, Inc.		(1,420	)		(47,868	)
BlackRock, Inc.		(1,413	)		(596,865	)
BofI Holding, Inc. (2)		(904	)		(21,443	)
Bridge Bancorp, Inc.		(316	)		(10,523	)
Capitol Federal Financial, Inc.		(204	)		(2,899	)
Capstar Financial Holdings, Inc. (2)		(85	)		(1,508	)
Capstead Mortgage Corp.		(5,758	)		(60,056	)
Chemical Financial Corp.		(240	)		(11,618	)
Cincinnati Financial Corp.		(7,300	)		(528,885	)
CIT Group, Inc.		(12,149	)		(591,656	)
CME Group, Inc.		(4,204	)		(526,509	)
Columbia Banking System, Inc.		(517	)		(20,602	)
Community Bank System, Inc.		(2,185	)		(121,857	)
ConnectOne Bancorp, Inc.		(288	)		(6,494	)
Cowen, Inc. (2)		(254	)		(4,128	)
Credit Acceptance Corp. (2)		(62	)		(15,943	)
Customers Bancorp, Inc. (2)		(1,074	)		(30,373	)
CVB Financial Corp.		(13,787	)		(309,242	)
CYS Investments, Inc.		(20,031	)		(168,461	)
Donegal Group, Inc.		(110	)		(1,749	)
Equity Bancshares, Inc. (2)		(197	)		(6,036	)
FB Financial Corp. (2)		(114	)		(4,126	)
Fidelity & Guaranty Life		(669	)		(20,772	)
Financial Engines, Inc.		(1,428	)		(52,265	)
First Financial Bankshares, Inc.		(7,144	)		(315,765	)
First Republic Bank/CA		(5,762	)		(576,776	)
Flagstar Bancorp, Inc. (2)		(1,000	)		(30,820	)
Franklin Financial Network, Inc. (2)		(176	)		(7,260	)
Global Indemnity, Ltd. (2)		(940	)		(36,444	)
Great Ajax Corp.		(1,504	)		(21,026	)
Green Bancorp, Inc. (2)		(85	)		(1,649	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		(7,732	)		(176,831	)
HarborOne Bancorp, Inc. (2)		(1,595	)		(31,836	)

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

Page 48 2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
HCC Insurance Holdings, Inc. (2)		(2,233	)		(38,251	)
Horace Mann Educators Corp.		(264	)		(9,979	)
IBERIABANK Corp. (2)		(162	)		(13,203	)
Interactive Brokers Group, Inc.		(5,340	)		(199,823	)
Intercontinental Exchange, Inc.		(345	)		(22,742	)
Investors Bancorp, Inc.		(4,803	)		(64,168	)
Investors Title Co.		(4	)		(774	)
Kemper Corp.		(857	)		(33,080	)
Kinsale Capital Group, Inc.		(251	)		(9,365	)
LendingClub Corp. (2)		(6,419	)		(35,369	)
Live Oak Bancshares, Inc.		(697	)		(16,867	)
Markel Corp. (2)		(561	)		(547,457	)
MBIA, Inc. (2)		(4,643	)		(43,783	)
Mercury General Corp.		(1,650	)		(89,100	)
MetLife, Inc.		(9,950	)		(546,653	)
Nasdaq, Inc.		(698	)		(49,900	)
Navigators Group, Inc./The		(33	)		(1,812	)
Nelnet, Inc.		(367	)		(17,253	)
New York Community Bancorp, Inc.		(16,480	)		(216,382	)
New York Mortgage Trust, Inc.		(17,157	)		(106,717	)
NI Holdings, Inc. (2)		(647	)		(11,568	)
OFG Bancorp		(370	)		(3,700	)
On Deck Capital, Inc. (2)		(556	)		(2,591	)
OneMain Holdings, Inc. (2)		(530	)		(13,033	)
Oppenheimer Holdings, Inc.		(244	)		(4,002	)
Opus Bank		(623	)		(15,077	)
Orchid Island Capital, Inc.		(3,685	)		(36,334	)
Owens Realty Mortgage, Inc.		(1,072	)		(18,181	)
People's United Financial, Inc.		(31,816	)		(561,871	)
Pinnacle Financial Partners, Inc.		(2,170	)		(136,276	)
Primerica, Inc.		(358	)		(27,119	)
Prosperity Bancshares, Inc.		(1,600	)		(102,784	)
RenaissanceRe Holdings, Ltd.		(1,941	)		(269,896	)
Republic First Bancorp, Inc. (2)		(2,423	)		(22,413	)
Resource Capital Corp.		(3,260	)		(33,154	)
RLI Corp.		(3,130	)		(170,961	)
Safeguard Scientifics, Inc. (2)		(1,125	)		(13,388	)
ServisFirst Bancshares, Inc.		(4,397	)		(162,205	)
Signature Bank/New York NY (2)		(1,572	)		(225,629	)
Simmons First National Corp.		(219	)		(11,585	)
Southside Bancshares, Inc.		(2,873	)		(100,383	)
Starwood Property Trust, Inc.		(24,106	)		(539,733	)
State Auto Financial Corp.		(1,742	)		(44,822	)
Sterling Bancorp/DE		(3,964	)		(92,163	)
Stock Yards Bancorp, Inc.		(1,200	)		(46,680	)
TD Ameritrade Holding Corp.		(6,385	)		(274,491	)
Texas Capital Bancshares, Inc. (2)		(854	)		(66,100	)
TFS Financial Corp.		(19,936	)		(308,410	)
Tiptree, Inc.		(229	)		(1,614	)
Tompkins Financial Corp.		(433	)		(34,086	)
Trupanion, Inc. (2)		(54	)		(1,209	)
UMB Financial Corp.		(105	)		(7,860	)
United Bankshares, Inc./WV		(13,801	)		(540,999	)
United Fire Group, Inc.		(17	)		(749	)
United Insurance Holdings Corp.		(365	)		(5,741	)
Validus Holdings, Ltd.		(24	)		(1,247	)
Virtu Financial, Inc.		(1,416	)		(24,992	)
Virtus Investment Partners, Inc.		(155	)		(17,197	)
Webster Financial Corp.		(513	)		(26,789	)
Westamerica Bancorporation		(3,790	)		(212,392	)
Western Asset Mortgage Capital Corp.		(4,641	)		(47,802	)
White Mountains Insurance Group, Ltd.		(3	)		(2,606	)
WisdomTree Investments, Inc.		(2,410	)		(24,510	)
					(12,396,062	)
Healthcare — (0.6%)
Abaxis, Inc.		(426	)		(22,587	)
Acadia Healthcare Co., Inc. (2)		(1,789	)		(88,341	)
Accelerate Diagnostics, Inc. (2)		(1,053	)		(28,800	)
Aceto Corp.		(657	)		(10,151	)
American Renal Associates Holdings, Inc. (2)		(216	)		(4,007	)
Anika Therapeutics, Inc. (2)		(19	)		(937	)
athenahealth, Inc. (2)		(12	)		(1,687	)
AtriCure, Inc. (2)		(95	)		(2,304	)
AxoGen, Inc. (2)		(430	)		(7,203	)
Bio-Techne Corp.		(17	)		(1,998	)
Brookdale Senior Living, Inc. (2)		(1,515	)		(22,286	)
Capital Senior Living Corp. (2)		(402	)		(6,114	)
Castlight Health, Inc. (2)		(396	)		(1,643	)
ConforMIS, Inc. (2)		(271	)		(1,163	)
CryoLife, Inc.		(202	)		(4,030	)
DexCom, Inc. (2)		(473	)		(34,600	)
Diplomat Pharmacy, Inc. (2)		(327	)		(4,840	)
Envision Healthcare Corp. (2)		(2,301	)		(144,204	)
Evolent Health, Inc. (2)		(670	)		(16,985	)
Fulgent Genetics, Inc. (2)		(222	)		(1,419	)
GenMark Diagnostics, Inc. (2)		(664	)		(7,855	)
Globus Medical, Inc. (2)		(61	)		(2,022	)
Heska Corp. (2)		(16	)		(1,633	)
ICU Medical, Inc. (2)		(20	)		(3,450	)
Insulet Corp. (2)		(318	)		(16,317	)
Integra LifeSciences Holdings Corp. (2)		(77	)		(4,197	)
iRhythm Technologies, Inc. (2)		(258	)		(10,962	)
IRIDEX Corp. (2)		(135	)		(1,335	)

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

2017 Semiannual Report | June 30, 2017   Page 49

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
Medicines Co./The (2)		(106	)		(4,029	)
MEDNAX, Inc. (2)		(219	)		(13,221	)
NanoString Technologies, Inc. (2)		(1,132	)		(18,723	)
NeoGenomics, Inc. (2)		(1,666	)		(14,927	)
Nevro Corp. (2)		(322	)		(23,966	)
NuVasive, Inc. (2)		(156	)		(12,000	)
Oxford Immunotec Global PLC (2)		(776	)		(13,052	)
Patheon NV (2)		(81	)		(2,825	)
Patterson Cos., Inc.		(619	)		(29,062	)
Penumbra, Inc. (2)		(483	)		(42,383	)
Prothena Corp. PLC (2)		(244	)		(13,205	)
Quidel Corp. (2)		(724	)		(19,649	)
Rockwell Medical, Inc. (2)		(99	)		(785	)
Sarepta Therapeutics, Inc. (2)		(109	)		(3,674	)
STAAR Surgical Co. (2)		(1,705	)		(18,414	)
Surmodics, Inc. (2)		(71	)		(1,999	)
Tactile Systems Technology, Inc. (2)		(150	)		(4,287	)
Teladoc, Inc. (2)		(142	)		(4,927	)
Theravance Biopharma, Inc. (2)		(695	)		(27,689	)
Tivity Health, Inc. (2)		(590	)		(23,512	)
Tocagen, Inc. (2)		(75	)		(902	)
Varex Imaging Corp. (2)		(527	)		(17,813	)
ViewRay, Inc. (2)		(141	)		(912	)
Vocera Communications, Inc. (2)		(49	)		(1,295	)
Wright Medical Group NV (2)		(1,528	)		(42,005	)
					(808,326	)
Industrials — (6.2%)
AAON, Inc.		(725	)		(26,716	)
Actuant Corp.		(518	)		(12,743	)
Acuity Brands, Inc.		(50	)		(10,164	)
Advanced Disposal Services, Inc. (2)		(112	)		(2,546	)
Advanced Drainage Systems, Inc.		(1,552	)		(31,195	)
Advisory Board Co./The (2)		(705	)		(36,308	)
Aerovironment, Inc. (2)		(1,040	)		(39,728	)
Air Lease Corp.		(2,008	)		(75,019	)
Aircastle, Ltd.		(273	)		(5,938	)
Alaska Air Group, Inc.		(4,354	)		(390,815	)
Albany International Corp.		(72	)		(3,845	)
Allegiant Travel Co.		(215	)		(29,154	)
Ameresco, Inc. (2)		(540	)		(4,158	)
American Airlines Group, Inc.		(3,415	)		(171,843	)
American Railcar Industries, Inc.		(121	)		(4,634	)
Apogee Enterprises, Inc.		(365	)		(20,747	)
Arconic, Inc.		(3,523	)		(79,796	)
Armstrong World Industries, Inc. (2)		(1,004	)		(46,184	)
Axon Enterprise, Inc. (2)		(886	)		(22,274	)
CIRCOR International, Inc.		(494	)		(29,334	)
Clean Harbors, Inc. (2)		(1,969	)		(109,929	)
CompX International, Inc.		(103	)		(1,566	)
Copa Holdings SA		(130	)		(15,210	)
Covanta Holding Corp.		(3,493	)		(46,108	)
Cubic Corp.		(555	)		(25,697	)
DMC Global, Inc.		(269	)		(3,524	)
Dun & Bradstreet Corp./The		(543	)		(58,725	)
DXP Enterprises, Inc./TX (2)		(22	)		(759	)
Echo Global Logistics, Inc. (2)		(82	)		(1,632	)
Energy Recovery, Inc. (2)		(902	)		(7,478	)
Equifax, Inc.		(3,509	)		(482,207	)
ExOne Co./The (2)		(205	)		(2,347	)
Exponent, Inc.		(1,177	)		(68,619	)
FedEx Corp.		(2,745	)		(596,571	)
Flowserve Corp.		(3,720	)		(172,720	)
Franklin Covey Co. (2)		(556	)		(10,731	)
Franklin Electric Co., Inc.		(18	)		(745	)
FTI Consulting, Inc. (2)		(870	)		(30,415	)
GATX Corp.		(980	)		(62,985	)
General Electric Co.		(1,794	)		(48,456	)
Genesee & Wyoming, Inc. (2)		(1,064	)		(72,767	)
Gibraltar Industries, Inc. (2)		(107	)		(3,815	)
Gorman-Rupp Co./The		(341	)		(8,685	)
GP Strategies Corp. (2)		(33	)		(871	)
Graham Corp.		(36	)		(708	)
Granite Construction, Inc.		(792	)		(38,206	)
Healthcare Services Group, Inc.		(3,047	)		(142,691	)
HEICO Corp.		(7,455	)		(535,567	)
Herc Holdings, Inc. (2)		(299	)		(11,757	)
Hudson Technologies, Inc. (2)		(350	)		(2,958	)
Huron Consulting Group, Inc. (2)		(129	)		(5,573	)
John Bean Technologies Corp.		(418	)		(40,964	)
Johnson Controls International plc		(12,921	)		(560,255	)
KBR, Inc.		(4,736	)		(72,082	)
KeyW Holding Corp./The (2)		(1,668	)		(15,596	)
Kirby Corp. (2)		(61	)		(4,078	)
Korn/Ferry International		(456	)		(15,746	)
Kratos Defense & Security Solutions, Inc. (2)		(2,863	)		(33,984	)
Layne Christensen Co. (2)		(439	)		(3,859	)
Lindsay Corp.		(567	)		(50,605	)
Lockheed Martin Corp.		(58	)		(16,101	)
Macquarie Infrastructure Corp.		(1,648	)		(129,203	)
Manitowoc Co., Inc./The		(1,201	)		(7,218	)
Mercury Systems, Inc. (2)		(172	)		(7,239	)
Middleby Corp./The (2)		(294	)		(35,724	)
Mistras Group, Inc. (2)		(289	)		(6,349	)

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

Page 50  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
Mobile Mini, Inc.		(835	)		(24,925	)
Mueller Water Products, Inc.		(151	)		(1,764	)
Multi-Color Corp.		(636	)		(51,898	)
Navistar International Corp. (2)		(812	)		(21,299	)
Nielsen Holdings PLC		(10,352	)		(400,208	)
NOW, Inc. (2)		(1,608	)		(25,857	)
NV5 Global, Inc. (2)		(132	)		(5,610	)
Orion Group Holdings, Inc. (2)		(99	)		(740	)
Pentair PLC (2)		(398	)		(26,483	)
Proto Labs, Inc. (2)		(621	)		(41,762	)
Quanex Building Products Corp.		(730	)		(15,440	)
Raven Industries, Inc.		(35	)		(1,166	)
RBC Bearings, Inc. (2)		(374	)		(38,058	)
REV Group, Inc.		(594	)		(16,442	)
Rexnord Corp. (2)		(2,094	)		(48,686	)
Roadrunner Transportation Systems, Inc. (2)		(682	)		(4,958	)
Roper Technologies, Inc.		(2,526	)		(584,845	)
Scorpio Bulkers, Inc. (2)		(1,231	)		(8,740	)
Simpson Manufacturing Co., Inc.		(1,079	)		(47,163	)
SiteOne Landscape Supply, Inc. (2)		(171	)		(8,902	)
SkyWest, Inc.		(493	)		(17,304	)
SPX FLOW, Inc. (2)		(358	)		(13,203	)
Stericycle, Inc. (2)		(1,730	)		(132,034	)
Sterling Construction Co., Inc. (2)		(160	)		(2,091	)
Sun Hydraulics Corp.		(1,190	)		(50,777	)
Sunrun, Inc. (2)		(2,379	)		(16,938	)
Team, Inc. (2)		(496	)		(11,631	)
Terex Corp.		(840	)		(31,500	)
Titan International, Inc.		(1,077	)		(12,935	)
TransDigm Group, Inc.		(1,550	)		(416,749	)
US Ecology, Inc.		(40	)		(2,020	)
USG Corp. (2)		(3,269	)		(94,866	)
Verisk Analytics, Inc. (2)		(3,354	)		(282,977	)
Wabtec Corp./DE		(5,849	)		(535,184	)
WageWorks, Inc. (2)		(1,132	)		(76,070	)
Watts Water Technologies, Inc.		(509	)		(32,169	)
Welbilt, Inc. (2)		(563	)		(10,613	)
XPO Logistics, Inc. (2)		(104	)		(6,722	)
Xylem, Inc./NY		(2,216	)		(122,833	)
					(7,855,728	)
Information Technology — (6.0%)
2U, Inc. (2)		(245	)		(11,495	)
3D Systems Corp. (2)		(84	)		(1,571	)
ACI Worldwide, Inc. (2)		(104	)		(2,326	)
Acxiom Corp. (2)		(344	)		(8,937	)
Advanced Micro Devices, Inc. (2)		(6,269	)		(78,237	)
Agilysys, Inc. (2)		(318	)		(3,218	)
Altaba, Inc. (2)		(11,243	)		(612,519	)
Amber Road, Inc. (2)		(384	)		(3,291	)
Angie's List, Inc. (2)		(76	)		(972	)
Belden, Inc.		(860	)		(64,870	)
Benefitfocus, Inc. (2)		(499	)		(18,139	)
Black Knight Financial Services, Inc. (2)		(3,297	)		(135,012	)
Blackbaud, Inc.		(20	)		(1,715	)
Blackhawk Network Holdings, Inc. (2)		(69	)		(3,008	)
Blackline, Inc. (2)		(1,212	)		(43,317	)
Box, Inc. (2)		(1,676	)		(30,570	)
Broadcom, Ltd.		(1,169	)		(272,435	)
BroadSoft, Inc. (2)		(236	)		(10,160	)
Cardtronics PLC (2)		(122	)		(4,009	)
Cavium, Inc. (2)		(2,399	)		(149,050	)
Cimpress NV (2)		(41	)		(3,876	)
Cognizant Technology Solutions Corp.		(2,901	)		(192,626	)
Conduent, Inc. (2)		(2,337	)		(37,252	)
Cornerstone OnDemand, Inc. (2)		(1,122	)		(40,112	)
Coupa Software, Inc. (2)		(195	)		(5,651	)
Cray, Inc. (2)		(40	)		(736	)
Cree, Inc. (2)		(996	)		(24,551	)
Cypress Semiconductor Corp.		(1,938	)		(26,454	)
Daktronics, Inc.		(383	)		(3,688	)
Diebold Nixdorf, Inc.		(429	)		(12,012	)
Ebix, Inc.		(408	)		(21,991	)
Electro Scientific Industries, Inc. (2)		(876	)		(7,218	)
Ellie Mae, Inc. (2)		(19	)		(2,088	)
EMCORE Corp.		(257	)		(2,737	)
Envestnet, Inc. (2)		(481	)		(19,048	)
Everbridge, Inc. (2)		(144	)		(3,508	)
FARO Technologies, Inc. (2)		(63	)		(2,381	)
FireEye, Inc. (2)		(1,251	)		(19,028	)
First Data Corp. (2)		(20,145	)		(366,639	)
First Solar, Inc. (2)		(530	)		(21,136	)
Fitbit, Inc. (2)		(500	)		(2,655	)
FleetCor Technologies, Inc. (2)		(1,378	)		(198,721	)
Gigamon, Inc. (2)		(22	)		(866	)
Global Payments, Inc.		(2,013	)		(181,814	)
Glu Mobile, Inc. (2)		(1,678	)		(4,195	)
Gogo, Inc. (2)		(1,137	)		(13,110	)
Guidewire Software, Inc. (2)		(1,885	)		(129,518	)
Harmonic, Inc. (2)		(3,326	)		(17,462	)
Hortonworks, Inc. (2)		(643	)		(8,282	)
Imperva, Inc. (2)		(15	)		(718	)
Impinj, Inc. (2)		(160	)		(7,784	)
Infinera Corp. (2)		(1,402	)		(14,959	)

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

2017 Semiannual Report | June 30, 2017   Page 51

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
Inphi Corp. (2)		(605	)		(20,752	)
Instructure, Inc. (2)		(586	)		(17,287	)
Knowles Corp. (2)		(2,658	)		(44,973	)
Kopin Corp. (2)		(2,183	)		(8,099	)
Lattice Semiconductor Corp. (2)		(1,757	)		(11,702	)
MACOM Technology Solutions Holdings, Inc. (2)		(548	)		(30,562	)
Match Group, Inc. (2)		(386	)		(6,709	)
Maxwell Technologies, Inc. (2)		(1,475	)		(8,835	)
Mesa Laboratories, Inc.		(25	)		(3,583	)
Microchip Technology, Inc.		(6,560	)		(506,301	)
Model N, Inc. (2)		(588	)		(7,820	)
MTS Systems Corp.		(818	)		(42,372	)
National Instruments Corp.		(370	)		(14,881	)
NeoPhotonics Corp. (2)		(275	)		(2,123	)
New Relic, Inc. (2)		(137	)		(5,892	)
Nutanix, Inc. (2)		(846	)		(17,047	)
NXP Semiconductors NV (2)		(55	)		(6,020	)
OSI Systems, Inc. (2)		(71	)		(5,336	)
Palo Alto Networks, Inc. (2)		(2,050	)		(274,311	)
Pandora Media, Inc. (2)		(1,694	)		(15,110	)
Park City Group, Inc. (2)		(440	)		(5,346	)
Paycom Software, Inc. (2)		(342	)		(23,396	)
Paylocity Holding Corp. (2)		(334	)		(15,090	)
PayPal Holdings, Inc. (2)		(6,922	)		(371,504	)
PDF Solutions, Inc. (2)		(1,154	)		(18,983	)
Proofpoint, Inc. (2)		(341	)		(29,609	)
PROS Holdings, Inc. (2)		(1,985	)		(54,369	)
Pure Storage, Inc. (2)		(188	)		(2,408	)
Qorvo, Inc. (2)		(165	)		(10,448	)
Quantenna Communications, Inc. (2)		(96	)		(1,824	)
Radisys Corp. (2)		(1,262	)		(4,745	)
Rapid7, Inc. (2)		(238	)		(4,006	)
RealNetworks, Inc. (2)		(1,956	)		(8,469	)
Sabre Corp.		(5,382	)		(117,166	)
salesforce.com, Inc. (2)		(6,309	)		(546,359	)
SecureWorks Corp. (2)		(443	)		(4,115	)
ServiceSource International, Inc. (2)		(942	)		(3,655	)
Silicom, Ltd.		(37	)		(1,641	)
Silver Spring Networks, Inc. (2)		(1,522	)		(17,168	)
Splunk, Inc. (2)		(3,205	)		(182,332	)
Square, Inc. (2)		(2,161	)		(50,697	)
StarTek, Inc. (2)		(313	)		(3,831	)
Syntel, Inc.		(1,337	)		(22,676	)
Tableau Software, Inc. (2)		(964	)		(59,064	)
Telenav, Inc. (2)		(302	)		(2,446	)
Trade Desk, Inc./The (2)		(20	)		(1,002	)
TrueCar, Inc. (2)		(1,483	)		(29,556	)
Twilio, Inc. (2)		(336	)		(9,781	)
Twitter, Inc. (2)		(3,043	)		(54,378	)
Tyler Technologies, Inc. (2)		(501	)		(88,011	)
Ultimate Software Group, Inc./The (2)		(587	)		(123,305	)
USA Technologies, Inc. (2)		(131	)		(681	)
Veeco Instruments, Inc. (2)		(1,875	)		(52,219	)
VeriFone Systems, Inc. (2)		(3,836	)		(69,432	)
ViaSat, Inc. (2)		(2,445	)		(161,859	)
Visa, Inc.		(5,541	)		(519,635	)
Vishay Intertechnology, Inc.		(733	)		(12,168	)
Vishay Precision Group, Inc. (2)		(41	)		(709	)
WEX, Inc. (2)		(3,006	)		(313,436	)
Workday, Inc. (2)		(6,023	)		(584,231	)
Workiva, Inc. (2)		(1,192	)		(22,708	)
Xactly Corp. (2)		(108	)		(1,690	)
Xperi Corp.		(226	)		(6,735	)
Zendesk, Inc. (2)		(392	)		(10,890	)
Zillow Group, Inc. (2)		(68	)		(3,321	)
					(7,524,476	)
Materials — (2.4%)
Allegheny Technologies, Inc.		(2,900	)		(49,329	)
Ampco-Pittsburgh Corp.		(363	)		(5,354	)
AptarGroup, Inc.		(1,359	)		(118,043	)
Ashland Global Holdings, Inc.		(2,501	)		(164,841	)
Balchem Corp.		(893	)		(69,395	)
Ball Corp.		(14,426	)		(608,921	)
Carpenter Technology Corp.		(910	)		(34,061	)
Century Aluminum Co. (2)		(406	)		(6,325	)
CF Industries Holdings, Inc.		(2,502	)		(69,956	)
Clearwater Paper Corp. (2)		(103	)		(4,815	)
Compass Minerals International, Inc.		(490	)		(31,997	)
Deltic Timber Corp.		(586	)		(43,751	)
Ecolab, Inc.		(313	)		(41,551	)
Ferroglobe PLC		(536	)		(6,405	)
Ferroglobe PLC Contingent Value Rights (2)(10)		(2,326	)		—
Flotek Industries, Inc. (2)		(595	)		(5,319	)
FutureFuel Corp.		(75	)		(1,132	)
Handy & Harman, Ltd. (2)		(118	)		(3,705	)
Haynes International, Inc.		(368	)		(13,362	)
International Paper Co.		(6,286	)		(355,850	)
Kronos Worldwide, Inc.		(263	)		(4,792	)
Mosaic Co./The		(1,038	)		(23,698	)
PH Glatfelter Co.		(1,631	)		(31,870	)
Platform Specialty Products Corp. (2)		(1,741	)		(22,076	)

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

Page 52  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks - Short — continued
Ramaco Resources, Inc. (2)		(398	)		(2,408	)
Sealed Air Corp.		(11,005	)		(492,584	)
Sonoco Products Co.		(263	)		(13,523	)
Summit Materials, Inc. (2)		(360	)		(10,393	)
TimkenSteel Corp. (2)		(1,452	)		(22,317	)
Trecora Resources (2)		(447	)		(5,029	)
Tronox, Ltd.		(139	)		(2,102	)
US Concrete, Inc. (2)		(76	)		(5,970	)
Valhi, Inc.		(211	)		(629	)
Vulcan Materials Co.		(4,444	)		(562,966	)
Westlake Chemical Corp.		(1,602	)		(106,068	)
WR Grace & Co.		(306	)		(22,035	)
					(2,962,572	)
Real Estate Investment Trust — (0.6%)
Acadia Realty Trust		(246	)		(6,839	)
Bluerock Residential Growth REIT, Inc.		(203	)		(2,617	)
Community Healthcare Trust, Inc.		(214	)		(5,476	)
CorEnergy Infrastructure Trust, Inc.		(377	)		(12,663	)
Digital Realty Trust, Inc.		(649	)		(73,305	)
Empire State Realty Trust, Inc.		(3,554	)		(73,817	)
Equinix, Inc.		(876	)		(375,944	)
Hersha Hospitality Trust		(299	)		(5,534	)
Howard Hughes Corp./The (2)		(230	)		(28,253	)
Independence Realty Trust, Inc.		(347	)		(3,425	)
Public Storage		(804	)		(167,658	)
RE/MAX Holdings, Inc.		(90	)		(5,045	)
Regency Centers Corp.		(252	)		(15,785	)
RMR Group, Inc./The		(83	)		(4,038	)
UMH Properties, Inc.		(41	)		(699	)
					(781,098	)
Telecommunication Services — (0.0%)
Intelsat SA (2)		(222	)		(679	)
Iridium Communications, Inc. (2)		(689	)		(7,613	)
Shenandoah Telecommunications Co.		(336	)		(10,315	)
					(18,607	)
Utilities — (6.0%)
Alliant Energy Corp.		(2,775	)		(111,472	)
Aqua America, Inc.		(12,643	)		(421,012	)
AquaVenture Holdings, Ltd. (2)		(889	)		(13,539	)
Black Hills Corp.		(8,069	)		(544,415	)
Chesapeake Utilities Corp.		(356	)		(26,682	)
Connecticut Water Service, Inc.		(479	)		(26,589	)
Delta Natural Gas Co., Inc.		(29	)		(884	)
Dominion Energy, Inc.		(7,022	)		(538,096	)
Duke Energy Corp.		(6,400	)		(534,976	)
Entergy Corp.		(2,337	)		(179,411	)
FirstEnergy Corp.		(18,270	)		(532,753	)
Global Water Resources, Inc.		(1,344	)		(13,306	)
Great Plains Energy, Inc.		(17,848	)		(522,589	)
Hawaiian Electric Industries, Inc.		(12,181	)		(394,421	)
New Jersey Resources Corp.		(22	)		(873	)
NextEra Energy, Inc.		(4,032	)		(565,004	)
NiSource, Inc.		(22,260	)		(564,514	)
Northwest Natural Gas Co.		(4,068	)		(243,470	)
NRG Yield, Inc.		(2,572	)		(45,267	)
Pattern Energy Group, Inc.		(80	)		(1,907	)
SCANA Corp.		(7,368	)		(493,730	)
Sempra Energy		(4,827	)		(544,244	)
South Jersey Industries, Inc.		(897	)		(30,650	)
Southern Co./The		(10,868	)		(520,347	)
Spire, Inc.		(562	)		(39,200	)
TerraForm Power, Inc. (2)		(2,459	)		(29,508	)
Vistra Energy Corp.		(5,789	)		(97,197	)
Westar Energy, Inc.		(7,382	)		(391,394	)
WGL Holdings, Inc.		(917	)		(76,505	)
					(7,503,955	)
Total Securities Sold Short (Proceeds Received $(47,380,351))					(49,440,375	)
Trustee Deferred Compensation (9)
Meeder Aggressive Growth Fund		319			3,401
Meeder Balanced Fund		191			2,179
Meeder Dynamic Growth Fund		120			1,265
Meeder Muirfield Fund		171			1,257
Meeder Infrastructure Fund		56			1,233
Total Trustee Deferred Compensation (Cost $8,787)					9,335

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

2017 Semiannual Report | June 30, 2017   Page 53

Schedule of Investments
June 30, 2017 (unaudited)

Spectrum Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Mini MSCI EAFE Index Futures expiring September 2017, notional value $9,070,080		96		(30,524	)
Mini MSCI Emerging Markets Index Futures expiring September 2017, notional value $4,083,615		81		(35,475	)
Standard & Poors 500 Mini Futures expiring September 2017, notional value $43,213,065		357		(165,986	)
Total Futures Contracts		534		(231,985	)

(1) Cost for federal income tax purposes of $116,185,354 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	11,852,036
Unrealized depreciation		(5,077,303	)
Net unrealized appreciation (depreciation)	$	6,774,733

(2) Represents non-income producing securities.

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

(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2017.

(5) 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, 2017 was $75,154,923.

(6) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(8) Pledged as collateral on futures contracts.

(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) Fair valued security deemed as Level 3 security.

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

Page 54  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 92.3%
Consumer Discretionary — 32.6%
Aaron's Inc		22,878		889,954
Adtalem Global Education Inc		23,457		890,193
AutoNation Inc (2)		15,043		634,213
Bed Bath & Beyond Inc		18,008		547,443
Big Lots Inc		14,576		704,021
BorgWarner Inc		18,556		786,032
Chico's FAS Inc		50,859		479,092
Darden Restaurants Inc		10,064		910,188
Deckers Outdoor Corp (2)		13,213		901,919
Gap Inc/The		32,614		717,182
Goodyear Tire & Rubber Co/The		23,708		828,832
H&R Block Inc		31,834		983,989
Hanesbrands Inc		33,930		785,819
Helen of Troy Ltd (2)		8,666		815,471
HSN Inc		21,337		680,650
International Speedway Corp		19,888		746,794
KB Home		46,291		1,109,595
Kohl's Corp		14,821		573,128
Leggett & Platt Inc		14,973		786,532
Michael Kors Holdings Ltd (2)		17,028		617,265
New York Times Co/The		55,027		973,978
News Corp		63,862		874,909
Nordstrom Inc		15,269		730,316
PulteGroup Inc		39,818		976,736
PVH Corp		8,110		928,595
Ralph Lauren Corp		8,103		598,001
RH (2)(3)		23,839		1,538,092
Signet Jewelers Ltd		7,764		490,995
Sotheby's (2)		18,361		985,435
Staples Inc		80,869		814,351
TEGNA Inc		34,215		493,038
Time Inc		41,001		588,364
TripAdvisor Inc (2)		18,291		698,716
Urban Outfitters Inc (2)		25,697		476,422
Vista Outdoor Inc (2)		37,352		840,794
Wyndham Worldwide Corp		9,583		962,229
Wynn Resorts Ltd		8,460		1,134,655
				29,493,938
Consumer Staples — 1.3%
Boston Beer Co Inc/The (2)		4,309		569,434
Dean Foods Co		33,602		571,234
				1,140,668
Energy — 3.6%
Dril-Quip Inc (2)		12,188		594,774
Helmerich & Payne Inc		9,456		513,839
Newfield Exploration Co (2)		18,071		514,301
Oil States International Inc (2)		18,766		509,497
Southwestern Energy Co (2)		67,640		411,251
TechnipFMC PLC (2)		26,323		715,986
				3,259,648
Financials — 5.0%
Assurant Inc		7,881		817,181
Kemper Corp		16,521		637,711
Leucadia National Corp		31,478		823,464
People's United Financial Inc		40,879		721,923
Torchmark Corp		9,922		759,033
Wells Fargo & Co Preferred (2)(9)		1		—
Zions Bancorporation		17,004		746,646
				4,505,958
Healthcare — 11.0%
Allscripts Healthcare Solutions Inc (2)		71,681		914,650
Cooper Cos Inc/The		4,184		1,001,733
Endo International PLC (2)		44,436		496,350
Envision Healthcare Corp (2)		14,205		890,227
Halyard Health Inc (2)		19,791		777,390
LifePoint Health Inc (2)		12,885		865,228
Mallinckrodt PLC (2)		14,690		658,259
Owens & Minor Inc		20,738		667,556
Patterson Cos Inc		19,385		910,126
PerkinElmer Inc		14,034		956,277
Tenet Healthcare Corp (2)		49,317		953,791
Varian Medical Systems Inc (2)		8,152		841,205
				9,932,792
Industrials — 13.7%
Allegion PLC		11,435		927,607
Dun & Bradstreet Corp/The		6,032		652,361
Flowserve Corp		16,813		780,628
Fluor Corp		13,935		637,944
Fortune Brands Home & Security Inc		13,690		893,136
FTI Consulting Inc (2)		16,235		567,576
Herman Miller Inc		21,399		650,530
Jacobs Engineering Group Inc		12,840		698,368
NOW Inc (2)		35,753		574,908
Pitney Bowes Inc		48,180		727,518
Quanta Services Inc (2)		21,000		691,320
Robert Half International Inc		15,003		719,094
Ryder System Inc		9,832		707,707
Stericycle Inc (2)		9,606		733,130

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

2017 Semiannual Report | June 30, 2017   Page 55

Schedule of Investments
June 30, 2017 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Triumph Group Inc		27,617		872,697
Werner Enterprises Inc		27,156		797,029
Xylem Inc/NY		14,779		819,200
				12,450,753
Information Technology — 13.5%
ACI Worldwide Inc (2)		40,323		902,026
Acxiom Corp (2)		27,308		709,462
Cars.com Inc (2)		11,404		303,689
CommVault Systems Inc (2)		14,239		803,792
Convergys Corp		29,799		708,620
CSRA Inc		22,986		729,806
First Solar Inc (2)		22,495		897,101
FLIR Systems Inc		20,223		700,929
Plantronics Inc		13,365		699,123
Synaptics Inc (2)		13,659		706,307
Teradata Corp (2)		26,936		794,343
Total System Services Inc		14,927		869,498
VeriFone Systems Inc (2)		45,967		832,003
VeriSign Inc (2)		9,621		894,368
WebMD Health Corp (2)		15,730		922,565
Xerox Corp		29,274		841,042
				12,314,674
Materials — 2.8%
Avery Dennison Corp		10,422		920,992
CF Industries Holdings Inc		23,135		646,855
FMC Corp		12,940		945,267
				2,513,114
Real Estate Investment Trust — 3.9%
Alexander & Baldwin Inc		16,311		674,949
Apartment Investment & Management Co		16,103		691,946
Iron Mountain Inc		22,533		774,234
Potlatch Corp		17,572		803,040
Washington Prime Group Inc		70,304		588,444
				3,532,613
Telecommunication Services — 0.3%
Frontier Communications Corp (3)		216,527		251,171
				251,171
Utilities — 4.6%
AES Corp/VA		62,983		699,741
Alliant Energy Corp		20,813		836,058
NiSource Inc		33,056		838,300
NRG Energy Inc		59,695		1,027,946
Pinnacle West Capital Corp		9,379		798,717
				4,200,762
Total Common Stocks (Cost $76,281,646)				83,596,091
Money Market Registered Investment Companies — 7.8%
Morgan Stanley Government Institutional Fund, 0.84% (4)		1,804,589		1,804,589
Meeder Institutional Prime Money Market Fund, 1.05% (5)		5,261,772		5,261,772
Total Money Market Registered Investment Companies (Cost $7,066,856)				7,066,361
Bank Obligations — 1.4%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (6)		249,434		249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (6)		249,913		249,913
EverBank Money Market Account, 0.61%, 7/3/2017 (6)		249,759		249,759
Pacific Mercantile Bank Deposit Account, 0.91%, 7/3/2017 (6)		249,841		249,841
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (6)		248,000		248,000
Total Bank Obligations (Cost $1,246,947)				1,246,947
U.S. Government Obligations — 0.2%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (7)		207,000		206,552
Total U.S. Government Obligations (Cost $206,545)				206,552
Total Investments — 101.7% (Cost $84,801,994) (1)				92,115,951
Liabilities less Other Assets — (1.7%)				(1,581,441	)
Total Net Assets — 100.0%				90,534,510
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		1,511		16,107
Meeder Balanced Fund		812		9,265
Meeder Dynamic Growth Fund		544		5,734
Meeder Muirfield Fund		735		5,402
Meeder Infrastructure Fund		235		5,175
Total Trustee Deferred Compensation (Cost $36,510)				41,683

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

Page 56 2017 Semiannual Report | June 30, 2017 

Schedule of Investments
June 30, 2017 (unaudited)

Quantex Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
E-mini Standard & Poors MidCap 400 Futures expiring September 2017, notional value $6,635,180		38		(17,598	)
Total Futures Contracts		38		(17,598	)

(1) Cost for federal income tax purposes of $84,514,685 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	12,634,166
Unrealized depreciation		(5,042,254	)
Net unrealized appreciation (depreciation)	$	7,591,912

(2) Represents non-income producing securities.

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

(4) Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at June 30, 2017.

(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(6) 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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(7) Pledged as collateral on Futures Contracts.

(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.

(9) Fair valued security deemed as Level 3 security.

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

2017 Semiannual Report | June 30, 2017   Page 57

Schedule of Investments
June 30, 2017 (unaudited)

Infrastructure Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Common Stocks — 93.8%
Electric Utility — 8.4%
AES Corp./VA		50,861		565,066
InfraREIT, Inc.		24,427		467,777
MDU Resources Group, Inc.		21,019		550,698
				1,583,541
Natural Gas Distribution — 15.2%
Energy Transfer Partners, L.P.		9,220		187,996
National Grid, PLC - ADR (3)		11,556		725,948
OGE Energy Corp.		21,635		752,682
Targa Resources Corp.		15,266		690,023
Williams Cos., Inc./The		17,595		532,777
				2,889,426
Pipelines — 16.2%
Enbridge, Inc.		11,319		450,609
Enterprise Products Partners, L.P.		24,297		657,963
Kinder Morgan, Inc.		29,394		563,189
Marathon Petroleum Corp.		12,488		653,497
MPLX, L.P.		7,733		258,282
National Fuel Gas Co.		8,751		488,656
				3,072,196
Telecommunication Services — 28.9%
American Tower Corp. (4)		5,278		698,385
ARRIS International PLC (2)		17,342		485,923
AT&T, Inc.		14,797		558,291
Cisco Systems, Inc		16,483		515,918
Corning, Inc.		28,395		853,270
Crown Castle International Corp. (4)		4,038		404,527
DISH Network Corp. (2)		10,095		633,562
QUALCOMM, Inc.		13,519		746,519
Telephone & Data Systems, Inc.		9,264		257,076
Verizon Communications, Inc.		6,968		311,191
				5,464,662
Utility Services — 21.7%
Exelon Corp.		9,875		356,191
FedEx Corp.		4,396		955,383
Fortis, Inc.		6,461		227,104
NextEra Energy Partners, L.P.		16,341		604,454
Ormat Technologies, Inc.		6,249		366,691
Pattern Energy Group, Inc.		18,966		452,149
UGI Corp.		9,415		455,780
United Parcel Service, Inc. - Class B		6,283		694,768
				4,112,520
Water Utility — 3.4%
Veolia Environnement SA - ADR (3)		30,560		648,483
				648,483
Total Common Stocks (Cost $15,761,539)				17,770,828
Money Market Registered Investment Companies — 2.7%
Meeder Institutional Prime Money Market Fund, 1.05% (5)		503,026		503,026
Total Money Market Registered Investment Companies (Cost $503,044)				503,026
Bank Obligations — 2.6%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (6)		249,434		249,434
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (6)		248,000		248,000
Total Bank Obligations (Cost $497,434)				497,434
U.S. Government Obligations — 0.2%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (7)		41,000		40,911
Total U.S. Government Obligations (Cost $40,911)				40,911
Total Investments — 99.3% (Cost $16,802,928) (1)				18,812,199
Other Assets less Liabilities — 0.7%				127,717
Total Net Assets — 100.0%				18,939,916
Trustee Deferred Compensation (8)
Meeder Aggressive Growth Fund		1,564		16,672
Meeder Balanced Fund		828		9,447
Meeder Dynamic Growth Fund		558		5,881
Meeder Muirfield Fund		749		5,505
Meeder Infrastructure Fund		238		5,241
Total Trustee Deferred Compensation (Cost $36,763)				42,746

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

Page 58   2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Infrastructure Fund
	Long Contracts		Unrealized Appreciation  (Depreciation)($)
Futures Contracts
Standard & Poors 500 Mini Futures expiring September 2017, notional value $1,210,450		10		(4,758	)
Total Futures Contracts		10		(4,758	)

(1) Cost for federal income tax purposes of $17,032,680 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,942,308
Unrealized depreciation		(857,474	)
Net unrealized appreciation (depreciation)	$	2,084,834

(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, 2017.

(6) 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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(7) Pledged as collateral on Futures Contracts.

(8) Assets of affiliates to the 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.

2017 Semiannual Report | June 30, 2017   Page 59

Schedule of Investments
June 30, 2017 (unaudited)

Dividend Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — 88.6%
Consumer Discretionary — 6.9%
Best Buy Co., Inc.		7,660		439,148
Coach, Inc.		8,720		412,805
Comcast Corp.		10,559		410,956
Foot Locker, Inc.		7,862		387,439
General Motors Co.		16,424		573,690
International Game Technology PLC		17,802		325,777
Lear Corp.		2,662		378,217
TEGNA, Inc.		26,104		376,159
Time Warner, Inc.		4,818		483,775
				3,787,966
Consumer Staples — 3.8%
Archer-Daniels-Midland Co.		8,135		336,626
Bunge, Ltd.		5,474		408,360
Kroger Co./The		17,848		416,215
Tyson Foods, Inc.		1,233		77,223
Wal-Mart Stores, Inc.		10,959		829,377
				2,067,801
Energy — 2.9%
Exxon Mobil Corp.		1,111		89,691
Marathon Petroleum Corp.		9,243		483,686
Targa Resources Corp.		1,249		56,455
Valero Energy Corp.		7,409		499,811
Williams Cos., Inc./The		15,073		456,410
				1,586,053
Financials — 25.3%
Allstate Corp./The		5,400		477,576
Annaly Capital Management, Inc.		33,198		400,036
Assurant, Inc.		3,705		384,171
Assured Guaranty, Ltd.		9,272		387,013
Bank of America Corp.		57,395		1,392,403
Chimera Investment Corp.		19,444		362,242
Citigroup, Inc.		17,254		1,153,948
Citizens Financial Group, Inc.		12,603		449,675
CNA Financial Corp.		7,688		374,790
East West Bancorp, Inc.		6,993		409,650
Everest Re Group, Ltd.		1,593		405,562
First American Financial Corp.		8,527		381,072
FNF Group		9,314		417,547
JPMorgan Chase & Co.		18,873		1,724,992
Lazard, Ltd.		8,270		383,149
Leucadia National Corp.		15,679		410,163
Lincoln National Corp.		4,862		328,574
LPL Financial Holdings, Inc.		8,997		382,013
M&T Bank Corp.		1,425		230,779
Morgan Stanley		5,334		237,683
PNC Financial Services Group, Inc./The		5,045		629,969
Popular, Inc.		9,697		404,462
Prudential Financial, Inc.		5,395		583,415
Regions Financial Corp.		31,459		460,560
Reinsurance Group of America, Inc.		3,095		397,367
SunTrust Banks, Inc.		8,616		488,700
Unum Group		6,380		297,499
XL Group, Ltd.		712		31,186
				13,986,196
Healthcare — 15.1%
AbbVie, Inc.		5,065		367,263
Agilent Technologies, Inc.		7,159		424,600
Allergan PLC		2,128		517,296
Anthem, Inc.		2,713		510,397
Baxter International, Inc.		7,871		476,510
Bristol-Myers Squibb Co.		3,573		199,088
Gilead Sciences, Inc.		6,642		470,121
Hill-Rom Holdings, Inc.		4,530		360,633
Humana, Inc.		1,573		378,495
Johnson & Johnson		12,202		1,614,203
McKesson Corp.		2,305		379,265
Merck & Co., Inc.		16,684		1,069,278
Pfizer, Inc.		35,059		1,177,632
Quest Diagnostics, Inc.		3,904		433,969
				8,378,750
Industrials — 13.6%
Allison Transmission Holdings, Inc.		9,933		372,587
CSX Corp.		7,853		428,460
Cummins, Inc.		2,837		460,218
Delta Air Lines, Inc.		7,632		410,144
Donaldson Co., Inc.		3,460		157,568
Eaton Corp. PLC		6,663		518,581
EnerSys		4,996		361,960
Herman Miller, Inc.		2,362		71,805
Huntington Ingalls Industries, Inc.		1,976		367,852
Ingersoll-Rand PLC		1,495		136,628
Lincoln Electric Holdings, Inc.		3,861		355,559
LSC Communications, Inc.		16,682		356,995
ManpowerGroup, Inc.		3,657		408,304
Norfolk Southern Corp.		4,277		520,511
Owens Corning		5,883		393,690
Regal Beloit Corp.		2,576		210,073
Rockwell Automation, Inc.		2,301		372,670

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

Page 60  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Dividend Opportunities Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks — continued
Ryder System, Inc.		5,545		399,129
Spirit AeroSystems Holdings, Inc.		6,535		378,638
Timken Co./The		8,276		382,765
Union Pacific Corp.		4,024		438,254
				7,502,391
Information Technology — 14.5%
Apple, Inc.		2,765		398,215
Applied Materials, Inc.		8,730		360,636
CA, Inc.		12,197		420,431
Cisco Systems, Inc.		32,377		1,013,400
Corning, Inc.		15,843		476,082
DXC Technology Co.		4,792		367,642
Hewlett Packard Enterprise Co.		26,208		434,791
HP, Inc.		27,463		480,053
Intel Corp.		29,528		996,275
Jabil, Inc.		12,676		370,012
Juniper Networks, Inc.		7,396		206,200
Lam Research Corp.		2,465		348,625
NetApp, Inc.		9,505		380,675
Oracle Corp.		12,155		609,452
Skyworks Solutions, Inc.		3,561		341,678
Texas Instruments, Inc.		4,565		351,185
Western Digital Corp.		5,071		449,291
				8,004,643
Materials — 3.6%
Huntsman Corp.		15,042		388,685
LyondellBasell Industries NV		5,310		448,111
Nucor Corp.		7,419		429,338
Reliance Steel & Aluminum Co.		4,326		314,976
Steel Dynamics, Inc.		11,736		420,266
				2,001,376
Telecommunication Services — 0.7%
Telephone & Data Systems, Inc.		13,350		370,463
				370,463
Utilities — 2.2%
CenterPoint Energy, Inc.		14,718		402,978
Southwest Gas Holdings, Inc.		688		50,265
UGI Corp.		8,051		389,749
Vectren Corp.		6,367		372,087
				1,215,079
Total Common Stocks (Cost $46,553,865)				48,900,718
Money Market Registered Investment Companies — 9.5%
Meeder Institutional Prime Money Market Fund, 1.05% (2)		5,222,000		5,222,000
Total Money Market Registered Investment Companies (Cost $5,222,493)				5,222,000
Bank Obligations — 1.4%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (3)		249,434		249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (3)		249,913		249,913
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (3)		248,000		248,000
Total Bank Obligations (Cost $747,347)				747,347
U.S. Government Obligations — 0.4%
U.S. Treasury Bill, 0.99%, due 9/21/2017 (4)		194,000		193,580
Total U.S. Government Obligations (Cost $193,573)				193,580
Total Investments — 99.9% (Cost $52,717,278) (1)				55,063,645
Other Assets less Liabilities — 0.1%				55,590
Total Net Assets — 100.0%				55,119,235
Trustee Deferred Compensation (5)
Meeder Aggressive Growth Fund		122		1,301
Meeder Balanced Fund		73		833
Meeder Dynamic Growth Fund		46		485
Meeder Muirfield Fund		65		478
Meeder Infrastructure Fund		22		484
Total Trustee Deferred Compensation (Cost $3,371)				3,581

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

2017 Semiannual Report | June 30, 2017   Page 61

Schedule of Investments
June 30, 2017 (unaudited)

Dividend Opportunities Fund
	Long Contracts		Unrealized Appreciation (Depreciation)($)
Futures Contracts
Mini MSCI EAFE Index Futures expiring September 2017, notional value $3,306,800		35		(11,129	)
Mini MSCI Emerging Markets Index Futures expiring September 2017, notional value $1,109,130		22		(9,635	)
Standard & Poors 500 Mini Futures expiring September 2017, notional value $1,815,675		15		(9,619	)
Total Futures Contracts		72		(30,383	)

(1) Cost for federal income tax purposes of $52,889,087 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,774,811
Unrealized depreciation		(624,823	)
Net unrealized appreciation (depreciation)	$	2,149,988

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(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, 2017. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(4) Pledged as collateral on futures contracts.

(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.

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

 Page 62      2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Total Return Bond Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)(1)
Registered Investment Companies — 97.2%
Baird Core Plus Bond Fund - Class I		593,147		6,649,179
DoubleLine Total Return Bond Fund - Class I		359,763		3,854,017
Frost Total Return Bond Fund - Class I		525,228		5,504,390
Guggenheim Floating Rate Strategies Fund - Class I		137,219		3,570,426
Guggenheim Total Return Bond Fund - Class I		233,456		6,303,319
iShares 3-7 Year Treasury Bond ETF (5)		76,795		9,489,558
iShares 7-10 Year Treasury Bond ETF (5)		89,485		9,539,996
iShares Core U.S. Aggregate Bond ETF (5)		32,589		3,568,821
iShares iBoxx $ High Yield Corporate Bond ETF (5)		223,480		19,753,397
iShares JP Morgan USD Emerging Markets Bond ETF (5)		308,595		35,290,924
JPMorgan Core Plus Bond Fund - Class L		788,501		6,520,905
Lord Abbett Floating Rate Fund - Class I		442,849		4,060,923
Lord Abbett High Yield Fund - Class I		1,252,368		9,618,183
Metropolitan West Total Return Bond Fund - Class I		452,483		4,818,948
PIMCO Investment Grade Corporate Bond Fund - Class I		291,999		3,077,669
Pioneer Bond Fund - Class Y		448,263		4,312,289
Prudential Total Return Bond Fund - Class Z		534,122		7,712,722
SPDR Bloomberg Barclays High Yield Bond ETF (5)		526,785		19,596,402
TCW Emerging Markets Income Fund - Class I		1,836,426		15,473,724
Total Registered Investment Companies (Cost $176,211,276)				178,715,792
Money Market Registered Investment Companies — 2.4%
Meeder Institutional Prime Money Market Fund, 1.05% (2)		4,381,809		4,381,809
Total Money Market Registered Investment Companies (Cost $4,382,220)				4,381,809
				��
Bank Obligations — 0.7%
Bank Midwest Deposit Account, 0.75%, 7/3/2017 (3)		249,434		249,434
Capital Bank Deposit Account, 0.80%, 7/3/2017 (3)		249,913		249,913
EverBank Money Market Account, 0.61%, 7/3/2017 (3)		249,759		249,759
Pacific Mercantile Bank Deposit Account, 0.91%, 7/3/2017 (3)		249,841		249,841
Plaza Bank Deposit Account, 0.80%, 7/3/2017 (3)		248,000		248,000
Total Bank Obligations (Cost $1,246,947)				1,246,947
U.S. Government Obligations — 0.0%
Government National Mortgage Association, 6.50%, due 7/20/2038		43,443		61,146
Total U.S. Government Obligations (Cost $49,965)				61,146
Total Investments — 100.3% (Cost $181,890,408) (1)				184,405,694
Liabilities less Other Assets — (0.3%)				(634,253	)
Total Net Assets — 100.0%				183,771,441
Trustee Deferred Compensation (4)
Meeder Aggressive Growth Fund		1,601		17,067
Meeder Balanced Fund		896		10,223
Meeder Dynamic Growth Fund		605		6,377
Meeder Muirfield Fund		844		6,203
Meeder Infrastructure Fund		265		5,835
Total Trustee Deferred Compensation (Cost $42,892)				45,705

(1) Cost for federal income tax purposes of $182,666,606 differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,330,676
Unrealized depreciation		(591,588	)
Net unrealized appreciation (depreciation)	$	1,739,088

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2017.

(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, 2017. 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.

2017 Semiannual Report | June 30, 2017   Page 63

Schedule of Investments
June 30, 2017 (unaudited)

Prime Money Market Fund
Security Description	Coupon/Yield	Maturity/Demand Date	Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — 6.1%
Banco Estado Chile Yankee CD	1.15%	07/12/17		250,000		250,000
Banco Estado Chile Yankee CD	1.31%	10/12/17		250,000		250,000
Banco Estado Chile Yankee CD	1.32%	11/08/17		500,000		500,000
Bank of Montreal Yankee CD	1.40%	10/10/17		500,000		499,747
Dexia Credit Yankee CD	1.22%	08/31/17		250,000		250,000
Royal Bank of Canada Yankee CD	1.55%(2)	07/03/17		223,800		223,800
Royal Bank of Canada Yankee CD	1.52%(2)	09/08/17		250,000		250,000
Total Certificates of Deposit (Cost $2,223,547)						2,223,547
Commercial Paper — 28.9%
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY	1.47%	03/16/18		250,000		247,422
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY	1.27%	07/14/17		500,000		499,808
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY	1.34%	07/21/17		250,000		249,833
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY	1.32%	07/25/17		750,000		749,393
Banque et Caisse d'Epargne de l'Etat	1.26%	07/05/17		500,000		499,969
Canadian Imperial Holdings, Inc.	1.32%	01/02/18		500,000		496,670
Canadian Imperial Holdings, Inc.	1.42%	03/23/18		250,000		247,443
Canadian Imperial Holdings, Inc.	1.16%	07/28/17		250,000		249,800
Canadian Imperial Holdings, Inc.	1.32%	10/02/17		500,000		498,344
Credit Agricole Corporate and Investment Bank/New York	1.40%	02/12/18		250,000		247,838
Credit Agricole Corporate and Investment Bank/New York	1.25%	08/07/17		250,000		249,696
Credit Agricole Corporate and Investment Bank/New York	1.21%	09/14/17		500,000		498,783
Credit Agricole Corporate and Investment Bank/New York	1.39%	10/23/17		500,000		497,853
Dexia Credit Local SA/New York, NY	1.18%	07/10/17		250,000		249,943
Dexia Credit Local SA/New York, NY	1.19%	08/09/17		250,000		249,697
Dexia Credit Local SA/New York, NY	1.33%	09/11/17		500,000		498,736
ING US Funding LLC	1.20%	07/06/17		335,000		334,967
ING US Funding LLC	1.36%	08/02/17		500,000		499,442
ING US Funding LLC	1.35%	11/13/17		250,000		248,781
ING US Funding LLC	1.34%	12/06/17		250,000		248,559
JP Morgan Securities LLC	1.15%	07/17/17		250,000		249,888
JP Morgan Securities LLC	1.35%	10/27/17		150,000		149,348
Natixis SA/New York, NY	1.21%	07/05/17		250,000		249,983
Prudential Funding LLC	1.05%	07/18/17		1,000,000		999,563
Toyota Motor Credit Corp.	1.20%	07/14/17		250,000		249,908
Toyota Motor Credit Corp.	1.29%	10/27/17		500,000		497,938
Toyota Motor Credit Corp.	1.35%	12/20/17		500,000		496,836
Total Commercial Paper (Cost $10,456,441)						10,456,441
Corporate Obligations — 9.7%
Bank of Montreal/Chicago, IL	1.41%(2)	07/14/17		250,000		250,005
General Elecrtric Corp.	1.72%(2)	09/07/17		1,000,000		1,001,938
Royal Bank of Canada	1.50%	07/16/17		500,000		500,008
Royal Bank of Canada	1.40%(2)	07/25/17		500,000		500,000
Royal Bank of Canada	1.50%	12/07/17		250,000		249,892
Westpac Banking Corp.	1.60%	07/12/17		500,000		500,487
Westpac Banking Corp.	1.50%	12/01/17		500,000		500,045
Total Corporate Obligations (Cost $3,502,375)						3,502,375

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

Page 64   2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Prime Money Market Fund
Security Description	Coupon/Yield	Maturity/Demand Date	Principal Amount ($) or Shares		Fair Value ($)
Repurchase Agreements — 19.3%
INTL FCStone (Collateralized by $13,445,692 various FNMAs, FHLMCs, GNMAs, and Treasury Notes, 1.46% - 6.00%, due 7/31/20 - 6/25/45, fair value $7,140,709)(proceeds $7,000,000), purchase date 6/30/17	1.08%	07/03/17		7,000,000		7,000,000
Total Repurchase Agreements (Cost $7,000,000)						7,000,000
U.S. Government and Agency Obligations — 0.6%
United States Treasury Note	0.50%	07/31/17		111,900		111,892
United States Treasury Note	0.88%	08/15/17		111,900		111,935
Total U.S. Government and Agency Obligations (Cost $223,827)						223,827

Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 35.3%
Fidelity Prime Institutional Money Market Portfolio, 1.18% (3)		8,996,351		8,999,950
Morgan Stanley Government Institutional Fund, 0.84% (3)		3,779,633		3,779,633
Total Money Market Registered Investment Companies (Cost $12,779,583)				12,779,583
Total Investments — 99.9% (Cost $36,185,773) (1)				36,185,773
Other Assets less Liabilities — 0.1%				23,283
Total Net Assets — 100.0%				36,209,056
Trustee Deferred Compensation (4)
Meeder Aggressive Growth Fund		1,107		11,801
Meeder Balanced Fund		581		6,629
Meeder Dynamic Growth Fund		393		4,142
Meeder Muirfield Fund		523		3,844
Meeder Infrastructure Fund		167		3,677
Total Trustee Deferred Compensation (Cost $25,497)				30,093

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

(2) Floating rate security. The rate shown represents the rate in effect at June 30, 2017. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3) 7-day yield as of June 30, 2017. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. From time to time, the Fund may invest greater than 25% of its net assets in one or more investment companies. As of June 30, 2017, Fidelity Prime Institutional Money Market Portfolio represented 24.9% of Prime Money Market Fund’s net assets. Additional information for this security, including its financial statements, is available from the Securities and Exchange Commission’s website at www.sec.gov.

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

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

2017 Semiannual Report | June 30, 2017   Page 65

Schedule of Investments
June 30, 2017 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/Yield	Maturity/Demand Date	Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — 4.1%
Banco Estado Chile Yankee CD	1.15%	07/12/17		1,000,000		999,980
Banco Estado Chile Yankee CD	1.31%	10/12/17		1,000,000		1,000,121
Banco Estado Chile Yankee CD	1.32%	11/08/17		1,000,000		1,000,071
Banco Estado Chile Yankee CD	1.35%	11/30/17		1,000,000		1,000,053
Bank of Montreal Yankee CD	1.40%	10/10/17		1,562,000		1,560,276
Dexia Credit Yankee CD	1.22%	08/31/17		750,000		749,984
Royal Bank of Canada Yankee CD	1.55%(2)	07/03/17		776,200		776,225
Royal Bank of Canada Yankee CD	1.52%(2)	09/08/17		750,000		750,800
Total Certificates of Deposit (Cost $7,837,410)						7,837,510
Commercial Paper — 41.5%
Abbey National Treasury Services PLC/Stamford CT	1.20%	08/24/17		1,400,000		1,397,438
Abbey National Treasury Services PLC/Stamford CT	1.18%	08/29/17		1,000,000		998,000
Abbey National Treasury Services PLC/Stamford CT	1.24%	09/28/17		1,000,000		996,975
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.35%	08/25/17		1,000,000		998,107
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.46%	01/12/18		900,000		893,091
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.45%	02/26/18		1,000,000		990,199
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.47%	03/16/18		1,000,000		989,309
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.34%	07/21/17		750,000		749,478
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.32%	07/25/17		750,000		749,377
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.22%	08/07/17		1,000,000		998,728
Bank of Tokyo-Mitsubishi UFJ Ltd/New York NY	1.37%	09/15/17		3,000,000		2,992,023
Banque et Caisse d'Epargne de l'Etat	1.26%	07/05/17		2,000,000		1,999,690
Banque et Caisse d'Epargne de l'Etat	1.31%	12/01/17		1,000,000		994,473
Canadian Imperial Holdings Inc	1.32%	01/02/18		1,000,000		992,886
Canadian Imperial Holdings Inc	1.42%	03/23/18		1,000,000		989,175
Canadian Imperial Holdings Inc	1.16%	07/28/17		750,000		749,314
Canadian Imperial Holdings Inc	1.32%	09/18/17		500,000		498,645
Canadian Imperial Holdings Inc	1.32%	10/02/17		1,000,000		996,778
Cooperatieve Rabobank UA/NY	1.25%	09/05/17		1,000,000		997,683
Cooperatieve Rabobank UA/NY	1.25%	10/02/17		1,000,000		996,707
Credit Agricole Corporate and Investment Bank/New York	1.40%	02/12/18		1,000,000		991,065
Credit Agricole Corporate and Investment Bank/New York	1.21%	09/14/17		1,000,000		997,389
Credit Agricole Corporate and Investment Bank/New York	1.25%	10/03/17		1,000,000		996,654
Credit Agricole Corporate and Investment Bank/New York	1.39%	10/23/17		1,000,000		995,841
Credit Agricole Corporate and Investment Bank/New York	1.35%	11/01/17		1,000,000		995,471
Credit Agricole Corporate and Investment Bank/New York	1.31%	11/20/17		1,000,000		994,673
Credit Agricole Corporate and Investment Bank/New York	1.31%	12/04/17		1,000,000		994,091
Dexia Credit Local SA/New York NY	1.35%	01/31/18		1,000,000		991,788
Dexia Credit Local SA/New York NY	1.37%	02/20/18		1,000,000		991,037
Dexia Credit Local SA/New York NY	1.18%	07/10/17		750,000		749,753

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

Page 66  2017 Semiannual Report | June 30, 2017

Schedule of Investments
June 30, 2017 (unaudited)

Security Description	Coupon/Yield	Maturity/Demand Date	Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Dexia Credit Local SA/New York NY	1.19%	08/09/17		750,000		748,994
Dexia Credit Local SA/New York NY	1.33%	09/11/17		1,000,000		997,492
Dexia Credit Local SA/New York NY	1.29%	09/25/17		1,000,000		996,965
Dexia Credit Local SA/New York NY	1.41%	11/29/17		1,000,000		994,376
General Electric Capital	0.99%	07/10/17		5,000,000		4,998,505
ING US Funding LLC	1.28%	07/05/17		1,000,000		999,850
ING US Funding LLC	1.36%	08/02/17		1,000,000		998,957
ING US Funding LLC	1.29%	10/10/17		1,000,000		996,359
ING US Funding LLC	1.34%	10/27/17		1,000,000		995,633
ING US Funding LLC	1.35%	11/13/17		1,000,000		994,874
ING US Funding LLC	1.34%	12/06/17		1,000,000		993,795
JP Morgan Securities LLC	1.51%	03/16/18		1,500,000		1,484,267
JP Morgan Securities LLC	1.22%	07/11/17		930,000		929,672
JP Morgan Securities LLC	1.31%	07/14/17		125,000		124,944
JP Morgan Securities LLC	1.15%	07/17/17		1,000,000		999,451
JP Morgan Securities LLC	1.20%	09/01/17		1,000,000		997,895
JP Morgan Securities LLC	1.20%	09/05/17		1,000,000		997,754
JP Morgan Securities LLC	1.34%	10/02/17		1,000,000		996,778
JP Morgan Securities LLC	1.34%	11/06/17		1,000,000		995,428
JP Morgan Securities LLC	1.35%	11/30/17		1,000,000		994,386
JP Morgan Securities LLC	1.42%	12/08/17		1,000,000		994,030
Natixis SA/New York NY	1.34%	01/08/18		1,000,000		992,544
Natixis SA/New York NY	1.21%	07/05/17		750,000		749,878
Natixis SA/New York NY	1.31%	09/05/17		1,000,000		997,759
Natixis SA/New York NY	1.24%	09/29/17		1,000,000		996,835
Natixis SA/New York NY	1.21%	10/10/17		1,000,000		996,390
Natixis SA/New York NY	1.29%	10/31/17		1,000,000		995,507
Natixis SA/New York NY	1.33%	12/04/17		1,000,000		994,038
Prudential Funding LLC	1.05%	07/18/17		9,000,000		8,994,897
Swedbank AB	1.15%	07/18/17		400,000		399,769
Toyota Motor Credit Corp	1.36%	01/05/18		1,000,000		992,598
Toyota Motor Credit Corp	1.39%	01/18/18		1,500,000		1,488,015
Toyota Motor Credit Corp	1.37%	02/26/18		1,000,000		990,173
Toyota Motor Credit Corp	1.20%	07/14/17		750,000		749,693
Toyota Motor Credit Corp	1.25%	08/28/17		1,000,000		998,151
Toyota Motor Credit Corp	1.22%	10/02/17		1,000,000		997,010
Toyota Motor Credit Corp	1.35%	12/20/17		1,000,000		993,450
Toyota Motor Credit Corp	1.37%	12/29/17		1,000,000		992,912
Total Commercial Paper (Cost $80,225,940)						80,215,862
Corporate Obligations — 5.8%
Bank of Montreal	1.41%(2)	07/14/17		750,000		750,044
Bank of Montreal	1.68%(2)	09/01/17		500,000		500,389
General Elecrtric Corp.	1.72%(2)	09/07/17		4,000,000		4,006,728
Royal Bank of Canada	1.50%	07/16/17		1,000,000		1,000,364
Royal Bank of Canada	1.40%(2)	07/25/17		1,000,000		999,912
Royal Bank of Canada	1.50%	12/07/17		1,000,000		999,606
Westpac Banking Corp	1.60%	07/12/17		1,000,000		1,000,591
Westpac Banking Corp	1.55%	11/25/17		900,000		900,644
Westpac Banking Corp	1.50%	12/01/17		1,000,000		1,000,168
Total Corporate Obligations (Cost $11,158,919)						11,158,446
Repurchase Agreements — 11.9%
INTL FCStone (Collateralized by $61,139,688 various FNMAs, FHLMCs, GNMAs, and Treasury Notes, 1.38% - 9.00%, due 2/15/18 - 6/16/58, fair value $23,460,377)(proceeds $23,000,000), purchase date 6/30/17	1.08%	07/03/17		23,000,000		23,000,000
Total Repurchase Agreements (Cost $23,000,000)						23,000,000

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

2017 Semiannual Report | June 30, 2017   Page 67

Schedule of Investments
June 30, 2017 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/Yield	Maturity/Demand Date	Principal Amount ($) or Shares		Fair Value ($)
U.S. Government and Agency Obligations — 3.0%
Federal Home Loan Bank	0.95%	07/21/17		5,000,000		4,997,500
United States Treasury Note	0.50%	07/31/17		388,100		387,986
United States Treasury Note	0.88%	08/15/17		388,100		388,054
Total U.S. Government and Agency Obligations (Cost $5,773,955)						5,773,540

Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 33.7%
Fidelity Prime Institutional Money Market Portfolio, 1.18% (3)		54,978,009		55,000,000
Morgan Stanley Government Institutional Fund, 0.84% (3)		10,099,635		10,099,635
Total Money Market Registered Investment Companies (Cost $65,099,635)				65,099,635
Total Investments — 100.0%(Cost $193,095,859) (1)				193,084,993
Liabilities less Other Assets — (0.0%)				(80,232	)
Total Net Assets — 100.0%				193,004,761

Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation (4)
Meeder Aggressive Growth Fund		15		160
Meeder Balanced Fund		9		103
Meeder Dynamic Growth Fund		5		53
Meeder Muirfield Fund		8		59
Meeder Infrastructure Fund		3		66
Total Trustee Deferred Compensation (Cost $430)				441

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

Unrealized appreciation	$	3,945
Unrealized depreciation		(14,811	)
Net unrealized appreciation (depreciation)	$	(10,866	)

(2) Floating rate security. The rate shown represents the rate in effect at June 30,2017. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3) 7-day yield as of June 30, 2017. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies. From time to time, the Fund may invest greater than 25% of its net assets in one or more investment companies. As of June 30, 2017, Fidelity Prime Institutional Money Market Portfolio represented 28.5% of Institutional Prime Money Market Fund’s net assets. Additional information for this security, including its financial statements, is available from the Securities and Exchange Commission’s website at www.sec.gov.

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

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

Page 68      2017 Semiannual Report | June 30, 2017

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Statements of Assets & Liabilities June 30, 2017 (unaudited)
	Muirfield Fund		Dynamic Growth Fund		Aggressive Growth Fund
Assets
Investments, at fair value (1)(2)	$	300,764,304	$	102,194,049	$	33,579,157
Repurchase agreements, at fair value (1)		—		—		—
Investments in affiliates, at fair value (1)		84,854,463		16,681,885		7,188,216
Trustee deferred compensation investments, at fair value		149,601		95,258		53,322
Cash held at broker for futures contracts (3)		1,386,599		494,812		95,000
Cash held at broker for collateral on securities sold short		—		—		—
Receivable for securities sold		8,427,057		9		81
Receivable for capital stock issued		535,842		80,307		13,417
Receivable from investment advisor		—		—		—
Interest and dividend receivable		405,079		95,809		61,093
Receivable from securities lending agent (See Note #4)		84		1,469		353
Receivable for commissions recaptured		44,930		14,216		7,118
Prepaid expenses/other assets		49,597		37,530		36,801
Total Assets		396,617,556		119,695,344		41,034,558
Liabilities
Securities sold short at fair value (proceeds $47,380,351)		—		—		—
Payable for securities purchased		8,434,164		—		—
Payable for collateral on securities loaned		—		—		—
Payable for Trustee Deferred Compensation Plan		149,601		95,258		53,322
Payable for capital stock redeemed		532,312		95,061		30,661
Dividends payable		—		453		—
Dividend expense payable on short positions		—		—		—
Payable to investment advisor		223,021		65,777		26,018
Accrued distribution plan (12b-1) and shareholder service plan fees		287,976		75,070		26,757
Accrued transfer agent, fund accounting, CCO, and administrative fees		73,968		25,376		10,871
Accrued trustee fees		5,369		1,468		1,370
Other accrued liabilities		31,685		19,253		13,550
Total Liabilities		9,738,096		377,716		162,549
Net Assets	$	386,879,460	$	119,317,628	$	40,872,009
Net Assets
Capital	$	343,613,783	$	105,740,415	$	36,993,903
Accumulated undistributed (distributions in excess of) net investment income		294,992		109,204		51,297
Accumulated undistributed net realized gain (loss) from investments and futures contracts		24,922,894		8,249,026		2,728,634
Net unrealized appreciation (depreciation) of investments and futures contracts		18,047,791		5,218,983		1,098,175
Total Net Assets	$	386,879,460	$	119,317,628	$	40,872,009
Net Asset Value Per Share
Retail Class
Net Assets	$	298,526,792	$	62,699,987	$	20,962,382
Shares Outstanding		40,603,154		5,950,147		1,966,282
Net Asset Value, Offering and Redemption Price Per Share	$	7.35	$	10.54	$	10.66
Adviser Class
Net Assets	$	28,155,314	$	8,930,784	$	1,236,860
Shares Outstanding		3,817,170		846,294		115,838
Net Asset Value, Offering and Redemption Price Per Share	$	7.38	$	10.55	$	10.68
Institutional Class
Net Assets	$	60,197,354	$	47,686,857	$	18,672,767
Shares Outstanding		8,166,313		4,523,837		1,747,762
Net Asset Value, Offering and Redemption Price Per Share	$	7.37	$	10.54	$	10.68
Net Asset Value Per Share - Money Market Funds
Net Assets
Shares Outstanding
Net Asset Value, Offering and Redemption Price Per Share
(1) Investments and affiliated investments at cost	$	367,176,107	$	113,567,868	$	39,627,798
(2) Fair value of securities loaned included in investments at fair value (See Note #1 and Note #4)	$	—	$	—	$	—
(3) Required margin as collateral for futures contracts	$	3,250,400	$	724,500	$	308,600

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

Page 70    2017 Semiannual Report | June 30, 2017

Balanced Fund		Global Opportunities Fund			Spectrum Fund		Quantex Fund		Infrastructure Fund			Dividend Opportunities Fund		Total Return Bond Fund			Prime Money Market Fund		Institutional Prime Money Market Fund
$	190,491,874	$	59,814,885		$	121,440,572	$	86,854,179	$	18,309,173		$	49,841,645	$	180,023,885		$	29,185,773	$	170,084,993
	—		—			—		—		—			—		—			7,000,000		23,000,000
	26,683,853		15,127,645			3,799,813		5,261,772		503,026			5,222,000		4,381,809			—		—
	100,093		76,799			9,335		41,683		42,746			3,581		45,705			30,093		441
	398,484		319,350			624,148		89,811		106,539			74,228		—			—		—
	—		—			49,767,386		—		—			—		—			—		—
	3,316,802		34			3,276,618		10,654		—			—		—			—		—
	145,341		13,677			161,797		167,028		7,863			40,722		88,349			—		—
	—		—			—		—		—			—		—			2,839		8,698
	205,859		47,529			147,898		91,287		52,184			69,749		143,454			29,530		111,812
	3,645		—			418		7,608		—			—		—			—		—
	19,070		20,581			19,736		3,807		658			8,071		—			—		—
	38,442		35,962			36,469		39,366		40,467			40,334		45,350			18,648		1,569
	221,403,463		75,456,462			179,284,190		92,567,195		19,062,656			55,300,330		184,728,552			36,266,883		193,207,513
	—		—			49,440,375		—		—			—		—			—		—
	6,951,960		—			3,351,469		—		—			—		—			—		—
	—		—			21,008		1,815,202		—			—		—			—		—
	100,093		76,799			9,335		41,683		42,746			3,581		45,705			30,093		441
	624,882		31,328			154,679		47,233		41,701			78,225		683,813			—		—
	643		248			—		90		—			17		928			570		148,963
	—		—			58,983		—		—			—		—			—		—
	136,683		47,845			80,991		56,130		12,189			34,891		48,831			—		—
	154,198		10,692			86,599		35,253		5,047			33,392		121,640			5,211		5,897
	43,020		17,429			26,728		19,782		5,717			13,627		29,768			8,095		29,409
	4,525		1,650			2,290		946		800			752		3,069			357		505
	22,337		15,197			6,768		16,366		14,540			16,610		23,357			13,501		17,537
	8,038,341		201,188			53,239,225		2,032,685		122,740			181,095		957,111			57,827		202,752
$	213,365,122	$	75,255,274		$	126,044,965	$	90,534,510	$	18,939,916		$	55,119,235	$	183,771,441		$	36,209,056	$	193,004,761
$	196,181,585	$	74,519,834		$	112,329,808	$	78,200,263	$	17,132,013		$	51,196,113	$	193,493,397		$	36,209,056	$	193,016,867
	157,902		158,447			65,062		30,126		215,909			48,835		(390,958	)		—		105
	9,799,701		(3,116,848	)		6,708,620		5,007,762		(412,519	)		1,558,303		(11,846,284	)		—		(1,345	)
	7,225,934		3,693,841			6,941,475		7,296,359		2,004,513			2,315,984		2,515,286			—		(10,866	)
$	213,365,122	$	75,255,274		$	126,044,965	$	90,534,510	$	18,939,916		$	55,119,235	$	183,771,441		$	36,209,056	$	193,004,761
$	160,974,717	$	36,925,693		$	89,055,033	$	64,827,859	$	15,178,133		$	32,316,547	$	132,208,440
	14,106,870		3,529,305			8,091,905		1,884,397		689,283			2,957,588		14,065,946
$	11.41	$	10.46		$	11.01	$	34.40	$	22.02		$	10.93	$	9.40
$	10,168,995	$	949,518		$	11,188,191	$	1,870,070	$	600,387		$	3,110,363	$	8,377,460
	887,372		90,591			1,014,096		54,303		27,190			284,486		890,673
$	11.46	$	10.48		$	11.03	$	34.44	$	22.08		$	10.93	$	9.41
$	42,221,410	$	37,380,063		$	25,801,741	$	23,836,581	$	3,161,396		$	19,692,325	$	43,185,541
	3,691,230		3,562,271			2,338,256		692,419		143,145			1,799,362		4,589,968
$	11.44	$	10.49		$	11.03	$	34.43	$	22.09		$	10.94	$	9.41
																	$	36,209,056	$	193,013,747
																		36,209,056		193,008,329
																	$	1.00	$	1.0000
$	209,805,663	$	71,185,429		$	116,006,901	$	84,801,994	$	16,802,928		$	52,717,278	$	181,890,408		$	36,185,773	$	193,095,859
$	3,553,278	$	—		$	22,403	$	1,761,124	$	—		$	—	$	—		$	—	$	—
$	1,175,300	$	628,300		$	1,997,400	$	228,000	$	42,000		$	229,500	$	—		$	—	$	—

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

2017 Semiannual Report | June 30, 2017     Page 71

Statements of Operations For the Period Ended June 30, 2017 (unaudited)
	Muirfield Fund			Dynamic Growth Fund			Aggressive Growth Fund
Investment Income
Interest	$	10,906		$	5,935		$	2,044
Income from affiliates		341,930			62,424			18,314
Dividends		3,177,737			1,235,548			431,821
Total Investment Income		3,530,573			1,303,907			452,179
Fund Expenses
Investment advisor		1,333,906			454,246			164,754
Transfer agent - Retail Class		211,502			54,114			18,670
Transfer agent - Adviser Class		2,084			707			102
Transfer agent - Institutional Class		25,620			17,838			7,588
Transfer agent - Money Market Funds
Fund accounting		38,485			24,606			18,933
Administrative		164,484			53,453			21,967
Trustee		8,240			2,632			1,180
Audit		7,457			7,457			7,457
Legal		2,172			2,172			2,172
Custody		20,456			6,617			2,527
Printing		8,863			2,657			1,052
Distribution plan (12b-1) - Retail Class (1)		352,504			112,738			38,896
Distribution plan (12b-1) - Money Market Funds
Shareholder service plan - Retail Class		280,659			90,190			31,117
Shareholder service plan - Adviser Class		3,053			1,030			140
Shareholder service plan - Institutional Class		571			453			178
Postage		10,810			5,455			1,596
Registration and filing		30,294			23,939			20,603
Insurance		17,176			3,020			2,205
Chief Compliance Officer		2,130			2,130			2,130
Dividend expense on securities sold short		—			—			—
Other		14,985			10,915			9,532
Total Expenses Before Reductions		2,535,451			876,369			352,799
Expenses voluntarily reimbursed/waived by investment advisor (See Note #4)		—			—			—
Expenses contractually reimbursed/waived by investment advisor (See Note #4)		—			(25,148	)		—
Commissions recaptured and fees received from custodian (See Note #4)		(111,290	)		(61,602	)		(46,961	)
Securities lending credit (See Note #4)		(2,080	)		(1,502	)		(561	)
Short sales credit		—			—			—
Transfer agent expenses voluntarily waived (See Note #4)		—			—			—
Transfer agent expenses contractually waived (See Note #4)		—			—			—
Net Expenses		2,422,081			788,117			305,277
Net Investment Income (Loss)		1,108,492			515,790			146,902
Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from investments		18,173,091			6,481,277			1,963,187
Net realized gains (losses) from futures contracts		7,635,963			1,883,749			314,345
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		25,809,054			8,365,026			2,277,532
Net change in unrealized appreciation (depreciation) of investments and futures contracts		5,220,679			1,148,318			(989,782	)
Net Realized and Unrealized Gain (Loss) from Investments		31,029,733			9,513,344			1,287,750
Net Change in Net Assets Resulting from Operations	$	32,138,225		$	10,029,134		$	1,434,652

(1) Only the Retail Class of shares has adopted a Rule 12b-1 Plan. See Footnote #4 of the Notes to Financial Statements.

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

Page 72 2017 Semiannual Report | June 30, 2017

Balanced Fund			Global Opportunities Fund			Spectrum Fund			Quantex Fund			Infrastructure Fund			Dividend Opportunities Fund			Total Return Bond Fund			Prime Money Market Fund			Institutional Prime Money Market Fund
$	7,277		$	3,525		$	6,538		$	2,978		$	937		$	2,235		$	4,533		$	187,759		$	883,313
	105,707			28,907			18,865			20,788			6,291			15,085			22,970			—			—
	2,360,864			722,015			1,221,206			633,548			412,369			619,369			3,392,975			—			—
	2,473,848			754,447			1,246,609			657,314			419,597			636,689			3,420,478			187,759			883,313
	832,905			287,387			479,969			436,604			103,263			211,920			302,626			73,892			293,042
	116,977			28,152			65,823			44,031			26,979			35,221			69,107
	850			89			892			193			50			245			446
	18,672			17,740			10,081			8,167			1,306			7,318			11,386
																						15,462			69,747
	29,926			22,203			24,950			22,917			12,833			20,191			28,668			18,234			27,264
	96,013			35,668			56,210			39,941			10,326			27,618			85,954			18,473			74,721
	4,785			1,724			2,710			1,987			633			1,362			4,430			522			522
	7,457			7,457			8,209			7,457			7,457			7,457			7,457			6,956			6,956
	2,172			2,172			2,172			2,172			2,172			2,172			2,172			2,172			2,172
	12,032			4,211			6,617			4,363			1,023			3,009			11,432			1,504			6,617
	5,040			1,654			2,745			1,947			1,702			1,255			4,646			2,024			5,391
	243,703			51,894			137,131			73,385			22,991			54,884			215,963
																						3,695			8,713
	194,962			46,920			109,705			49,906			11,955			43,908			172,770
	1,210			110			1,307			214			70			352			948
	402			358			245			227			30			186			413
	6,661			3,283			6,123			5,660			4,893			5,300			5,325			637			2,654
	22,297			21,401			21,746			22,751			21,871			21,311			22,472			11,640			1,862
	13,926			2,974			8,052			2,643			743			1,583			10,129			9,772			—
	2,130			2,130			2,130			2,130			2,130			2,130			2,130			2,130			2,130
	—			—			438,041			—			—			—			—			—			—
	12,496			9,578			10,659			9,545			9,533			8,712			11,407			17,631			10,761
	1,624,616			547,105			1,395,517			736,240			241,960			456,134			969,881			184,744			512,552
	—			—			—			—			(15,094	)		—			—			(92,713	)		(338,628	)
	—			—			—			(109,160	)		(10,721	)		—			—			—			—
	(81,565	)		(52,640	)		(160,903	)		(50,762	)		(658	)		(50,395	)		—			—			—
	(13,321	)		(336	)		(4,829	)		(17,738	)		(98	)		—			—			—			—
	—			—			(48,238	)		—			—			—			—			—			—
	—			—			—			—			(15,944	)		(8,877	)		(1,413	)		—			—
	—			—			—			—			—			—			—			(4,378	)		(17,466	)
	1,529,730			494,129			1,181,547			558,580			199,445			396,862			968,468			87,653			156,458
	944,118			260,318			65,062			98,734			220,152			239,827			2,452,010			100,106			726,855
	8,533,031			2,874,319			69,378			2,005,426			61,466			1,728,039			648,381						(251	)
	2,734,845			662,431			4,633,348			108,875			146,216			598,621			—						—
	11,267,876			3,536,750			4,702,726			2,114,301			207,682			2,326,660			648,381						(251	)
	2,533,875			3,242,743			3,907,038			468,708			221,246			39,811			2,543,028						(14,126	)
	13,801,751			6,779,493			8,609,764			2,583,009			428,928			2,366,471			3,191,409						(14,377	)
$	14,745,869		$	7,039,811		$	8,674,826		$	2,681,743		$	649,080		$	2,606,298		$	5,643,419		$	100,106		$	712,478

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

 2017 Semiannual Report | June 30, 2017     Page 73

Statements of Changes in Net Assets For the Period Ended June 30, 2017 (unaudited) and the Period Ended December 31, 2016
	Muirfield Fund						Dynamic Growth Fund
	2017			2016			2017			2016
Operations
Net investment income (loss)	$	1,108,492		$	2,843,302		$	515,790		$	1,168,224
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		25,809,054			8,909,457			8,365,026			1,191,815
Net change in unrealized appreciation (depreciation) of investments and futures contracts		5,220,679			10,119,598			1,148,318			3,129,274
Net change in net assets resulting from operations		32,138,225			21,872,357			10,029,134			5,489,313
Distributions to Shareholders
From net investment income:
Retail Class		(488,660	)		(2,928,064	)		(183,729	)		(1,179,811	)
Adviser Class		(227	)		(335	)		(8,545	)		(105	)
Institutional Class		(72,043	)		(2,155	)		(140,472	)		(1,385	)
From net realized gain from investment transactions:
Retail Class		—			—			—			(566,878	)
Adviser Class		—			—			—			(225	)
Institutional Class		—			—			—			(2,968	)
Net change in net assets resulting from distributions		(560,930	)		(2,930,554	)		(332,746	)		(1,751,372	)
Capital Transactions:
Issued		130,819,706			135,904,696			66,890,429			52,208,011
Reinvested		543,042			2,838,323			332,237			1,750,198
Redeemed		(167,876,749	)		(156,813,790	)		(76,534,370	)		(55,322,607	)
Net change in net assets resulting from capital transactions		(36,514,001	)		(18,070,771	)		(9,311,704	)		(1,364,398	)
Total Change in Net Assets		(4,936,706	)		871,032			384,684			2,373,543
Net Assets - Beginning of Year		391,816,166			390,945,134			118,932,944			116,559,401
Net Assets - End of Year	$	386,879,460		$	391,816,166		$	119,317,628		$	118,932,944
Accumulated undistributed (distributions in excess of) net investment income	$	294,992		$	—		$	109,204		$	—
Share Transactions:
Issued		18,345,806			20,962,657			6,610,252			5,547,887
Reinvested		76,148			428,665			31,951			182,450
Redeemed		(23,522,010	)		(24,105,739	)		(7,553,377	)		(5,956,619	)
Net change in shares		(5,100,056	)		(2,714,417	)		(911,174	)		(226,282	)

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

2017 Semiannual Report | June 30, 2017     Page 71

Aggressive Growth Fund						Balanced Fund						Global Opportunities Fund						Spectrum Fund
2017			2016			2017			2016			2017			2016			2017			2016
$	146,902		$	500,958		$	944,118		$	2,741,585		$	260,318		$	878,663		$	65,062		$	196,468
	2,277,532			1,400,806			11,267,876			3,056,390			3,536,750			(2,265,626	)		4,702,726			4,775,916
	(989,782	)		1,991,855			2,533,875			6,956,644			3,242,743			3,437,192			3,907,038			3,628,533
	1,434,652			3,893,619			14,745,869			12,754,619			7,039,811			2,050,229			8,674,826			8,600,917
	(30,910	)		(514,879	)		(558,518	)		(2,762,407	)		(17,640	)		(920,975	)		—			(229,819	)
	(36	)		(26	)		(166	)		(336	)		(1,808	)		(189	)		—			(85	)
	(22,272	)		(384	)		(137,360	)		(754	)		(71,138	)		(1,716	)		—			(978	)
	—			—			—			—			—			—			—			(1,322,992	)
	—			—			—			—			—			—			—			(512	)
	—			—			—			—			—			—			—			(5,890	)
	(53,218	)		(515,289	)		(696,044	)		(2,763,497	)		(90,586	)		(922,880	)		—			(1,560,276	)
	22,963,538			16,210,649			74,907,726			79,755,921			42,925,992			19,568,280			50,924,025			41,463,179
	53,207			515,052			694,630			2,759,403			90,338			921,716			—			1,559,046
	(29,607,360	)		(52,233,584	)		(106,332,850	)		(151,263,770	)		(50,728,116	)		(52,021,124	)		(58,071,771	)		(51,142,012	)
	(6,590,615	)		(35,507,883	)		(30,730,494	)		(68,748,446	)		(7,711,786	)		(31,531,128	)		(7,147,746	)		(8,119,787	)
	(5,209,181	)		(32,129,553	)		(16,680,669	)		(58,757,324	)		(762,561	)		(30,403,779	)		1,527,080			(1,079,146	)
	46,081,190			78,210,743			230,045,791			288,803,115			76,017,835			106,421,614			124,517,885			125,597,031
$	40,872,009		$	46,081,190		$	213,365,122		$	230,045,791		$	75,255,274		$	76,017,835		$	126,044,965		$	124,517,885
$	51,297		$	—		$	157,902		$	—		$	158,447		$	—		$	65,062		$	—
	2,198,841			1,705,205			6,747,718			7,682,584			4,344,345			2,140,082			4,737,491			4,276,333
	5,051			53,363			61,689			260,363			8,617			97,608			0			150,043
	(2,831,193	)		(5,415,390	)		(9,551,984	)		(14,401,906	)		(5,123,701	)		(5,676,548	)		(5,401,346	)		(5,226,636	)
	(627,301	)		(3,656,822	)		(2,742,577	)		(6,458,959	)		(770,739	)		(3,438,858	)		(663,855	)		(800,260	)

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

2017 Semiannual Report | June 30, 2017     Page 75

Statements of Changes in Net Assets For the Period Ended June 30, 2017 (unaudited) and the Period Ended December 31, 2016
	Quantex Fund						Infrastructure Fund
	2017			2016			2017			2016
Operations
Net investment income (loss)	$	98,734		$	324,146		$	220,152		$	108,305
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		2,114,301			3,915,275			207,682			(379,889	)
Net change in unrealized appreciation (depreciation) of investments and futures contracts		468,708			10,155,720			221,246			3,752,341
Net change in net assets resulting from operations		2,681,743			14,395,141			649,080			3,480,757
Distributions to Shareholders
From net investment income:
Retail Class		—			(359,961	)		—			—
Adviser Class		(115	)		(38	)		—			—
Institutional Class		(26,272	)		(1,160	)		—			—
From net realized gain from investment transactions:
Retail Class		—			(1,234,598	)		—			(194,130	)
Adviser Class		—			(445	)		—			(71	)
Institutional Class		—			(13,585	)		—			(2,418	)
From return of capital:
Retail Class		—			—			—			(234,294	)
Adviser Class		—			—			—			(10	)
Institutional Class		—			—			—			(324	)
Net change in net assets resulting from distributions		(26,387	)		(1,609,787	)		—			(431,247	)
Distributions to Shareholders - Money Market Funds
From net investment income
From net investment income (Retail Class) (2)
From net investment income (Institutional Class) (2)
Net change in net assets resulting from distributions
Capital Transactions:
Issued		36,192,364			40,428,525			6,093,270			6,512,856
Reinvested		26,214			1,605,609			—			410,682
Redeemed		(34,557,184	)		(27,484,256	)		(8,564,856	)		(9,244,777	)
Net change in net assets resulting from capital transactions		1,661,394			14,549,878			(2,471,586	)		(2,321,239	)
Total Change in Net Assets		4,316,750			27,335,232			(1,822,506	)		728,271
Net Assets - Beginning of Year		86,217,760			58,882,528			20,762,422			20,035
Net Assets - End of Year	$	90,534,510		$	86,217,760		$	18,939,916		$	20,762,422
Accumulated undistributed (distributions in excess of) net investment income	$	30,126		$	—		$	215,909		$	(4,243	)
Share Transactions:
Issued		1,071,814			1,330,055			281,221			314,588
Reinvested		767			48,133			—			19,734
Redeemed		(1,025,845	)		(909,010	)		(395,603	)		(462,854	)
Net change in shares		46,736			469,178			(114,382	)		(128,532	)

(1) Commenced operations on October 7, 2016.

(2) See Note #1 of the Notes to Financial Statements.

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

Page 76 2017 Semiannual Report | June 30, 2017

Dividend Opportunities Fund						Total Return Bond Fund						Prime Money Market Fund						Institutional Prime Money Market Fund(1)
2017			2016			2017			2016			2017			2016			2017			2016
$	239,827		$	735,115		$	2,452,010		$	6,265,031		$	100,106		$	545,581		$	726,855		$	171,971
	2,326,660			1,198,154			648,381			(2,055,911	)		—			—			(251	)		(1,094	)
	39,811			3,412,365			2,543,028			4,922,395			—			—			(14,126	)		3,260
	2,606,298			5,345,634			5,643,419			9,131,515			100,106			545,581			712,478			174,137
	(98,903	)		(777,037	)		(2,322,846	)		(6,263,758	)
	(654	)		(71	)		(23,294	)		(726	)
	(58,330	)		(459	)		(496,828	)		(557	)
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(157,887	)		(777,567	)		(2,842,968	)		(6,265,041	)
													(100,105	)		(28,501	)		(726,762	)		(171,959	)
													—			(113,390	)		—			—
													—			(403,691	)		—			—
													(100,105	)		(545,582	)		(726,762	)		(171,959	)
	27,324,128			30,149,567			74,384,886			90,469,480			15,726,711			587,186,878			194,053,910			304,118,416
	157,801			777,204			2,837,676			6,255,443			97,460			137,783			82,426			14,473
	(31,806,257	)		(20,598,293	)		(111,160,397	)		(99,300,344	)		(16,280,943	)		(775,361,263	)		(198,597,527	)		(106,654,831	)
	(4,324,328	)		10,328,478			(33,937,835	)		(2,575,421	)		(456,772	)		(188,036,602	)		(4,461,191	)		197,478,058
	(1,875,917	)		14,896,545			(31,137,384	)		291,053			(456,771	)		(188,036,603	)		(4,475,475	)		197,480,236
	56,995,152			42,098,607			214,908,825			214,617,772			36,665,827			224,702,430			197,480,236			—
$	55,119,235		$	56,995,152		$	183,771,441		$	214,908,825		$	36,209,056		$	36,665,827		$	193,004,761		$	197,480,236
$	48,835		$	—		$	(390,958	)	$	—		$	—		$	—		$	105		$	12
	2,568,434			3,043,488			7,917,335			9,651,192			15,726,711			587,186,878			194,033,155			304,102,698
	14,660			79,378			302,117			668,172			97,460			137,783			82,418			14,472
	(2,989,400	)		(2,106,832	)		(11,834,590	)		(10,641,622	)		(16,280,943	)		(775,361,263	)		(198,577,073	)		(106,647,341	)
	(406,306	)		1,016,034			(3,615,138	)		(322,258	)		(456,772	)		(188,036,602	)		(4,461,500	)		197,469,829

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

2017 Semiannual Report | June 30, 2017     Page 77

Financial Highlights For a Share Outstanding Through the Period Ended June 30, 2017 (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 Return of Capital		Total Distributions
Muirfield Fund - Retail Class (1)(2)(3)(4)
2017	$	6.79		0.02			0.55			0.57			(0.01	)		0.00			0.00		(0.01	)
2016	$	6.47		0.05			0.32			0.37			(0.05	)		0.00			0.00		(0.05	)
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
Muirfield Fund - Adviser Class (1)(2)(3)(4)
2017	$	6.80		0.02			0.57			0.59			(0.01	)		0.00			0.00		(0.01	)
2016 (6)	$	6.51		0.01			0.29			0.30			(0.01	)		0.00			0.00		(0.01	)
Muirfield Fund - Institutional Class (1)(2)(3)(4)
2017	$	6.80		0.04			0.54			0.58			(0.01	)		0.00			0.00		(0.01	)
2016 (6)	$	6.51		0.02			0.29			0.31			(0.02	)		0.00			0.00		(0.02	)
Dynamic Growth Fund - Retail Class (1)(2)(3)(4)
2017	$	9.72		0.04			0.81			0.85			(0.03	)		0.00			0.00		(0.03	)
2016	$	9.36		0.10			0.40			0.50			(0.09	)		(0.05	)		0.00		(0.14	)
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
Dynamic Growth Fund - Adviser Class (1)(2)(3)(4)
2017	$	9.73		0.10			0.75			0.85			(0.03	)		0.00			0.00		(0.03	)
2016 (6)	$	9.34		0.02			0.44			0.46			(0.02	)		(0.05	)		0.00		(0.07	)
Dynamic Growth Fund - Institutional Class (1)(2)(3)(4)
2017	$	9.72		0.08			0.78			0.86			(0.04	)		0.00			0.00		(0.04	)
2016 (6)	$	9.34		0.02			0.43			0.45			(0.02	)		(0.05	)		0.00		(0.07	)
Aggressive Growth Fund - Retail Class (1)(2)(3)(4)
2017	$	10.34		0.04			0.29			0.33			(0.01	)		0.00			0.00		(0.01	)
2016	$	9.64		0.07			0.72			0.79			(0.09	)		0.00			0.00		(0.09	)
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
Aggressive Growth Fund - Adviser Class (1)(2)(3)(4)
2017	$	10.35		0.12			0.23			0.35			(0.02	)		0.00			0.00		(0.02	)
2016 (6)	$	9.53		0.01			0.82			0.83			(0.01	)		0.00			0.00		(0.01	)
Aggressive Growth Fund - Institutional Class (1)(2)(3)(4)
2017	$	10.35		0.07			0.28			0.35			(0.02	)		0.00			0.00		(0.02	)
2016 (6)	$	9.53		0.01			0.82			0.83			(0.01	)		0.00			0.00		(0.01	)

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.

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

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

Page 78 2017 Semiannual Report | June 30, 2017

					Ratios/Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Expenses 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
$	7.35		8.40	%	$	298,527		0.51	%		1.25	%		1.31	%		1.31	%		132	%
$	6.79		5.72	%	$	390,817		0.73	%		1.05	%		1.36	%		1.35	%		414	%
$	6.47		(5.50	%)	$	390,945		0.33	%		1.03	%		1.35	%		1.37	%		277	%
$	7.03		12.12	%	$	297,861		0.22	%		1.22	%		1.44	%		1.44	%		238	%
$	6.95		30.46	%	$	161,823		0.14	%		1.22	%		1.42	%		1.54	%		260	%
$	5.81		12.38	%	$	114,171		(0.12	%)		1.39	%		1.42	%		1.58	%		154	%
$	7.38		8.68	%	$	28,155		0.58	%		1.16	%		1.17	%		1.17	%		132	%
$	6.80		4.68	%	$	154		1.32	%		0.73	%		0.99	%		0.99	%		414	%
$	7.37		8.53	%	$	60,197		0.94	%		0.91	%		0.97	%		0.97	%		132	%
$	6.80		2.00	%	$	845		1.33	%		0.72	%		0.98	%		0.98	%		414	%
$	10.54		8.70	%	$	62,700		0.66	%		1.42	%		1.52	%		1.56	%		141	%
$	9.72		5.37	%	$	118,293		1.04	%		1.05	%		1.42	%		1.56	%		369	%
$	9.36		(3.46	%)	$	116,559		0.47	%		1.19	%		1.48	%		1.54	%		245	%
$	10.02		12.80	%	$	141,638		0.40	%		1.22	%		1.45	%		1.54	%		230	%
$	10.35		31.61	%	$	102,926		0.20	%		1.22	%		1.39	%		1.58	%		276	%
$	8.80		14.58	%	$	91,977		(0.04	%)		1.39	%		1.42	%		1.57	%		154	%
$	10.55		8.74	%	$	8,931		1.89	%		1.21	%		1.23	%		1.27	%		141	%
$	9.73		4.89	%	$	48		1.33	%		0.81	%		1.12	%		1.12	%		369	%
$	10.54		8.85	%	$	47,687		1.40	%		0.95	%		1.06	%		1.10	%		141	%
$	9.72		4.80	%	$	592		1.33	%		0.80	%		1.11	%		1.11	%		369	%
$	10.66		3.19	%	$	20,962		0.44	%		1.51	%		1.72	%		1.72	%		138	%
$	10.34		8.26	%	$	45,718		0.77	%		1.16	%		1.60	%		1.63	%		361	%
$	9.64		(4.35	%)	$	78,211		0.24	%		1.18	%		1.56	%		1.58	%		283	%
$	10.47		13.49	%	$	84,847		0.00	%		1.33	%		1.59	%		1.60	%		239	%
$	10.91		30.40	%	$	64,608		(0.03	%)		1.35	%		1.57	%		1.65	%		272	%
$	8.44		14.05	%	$	38,939		(0.44	%)		1.59	%		1.62	%		1.74	%		167	%
$	10.68		3.38	%	$	1,237		2.09	%		1.48	%		1.54	%		1.54	%		138	%
$	10.35		8.75	%	$	19		0.85	%		0.91	%		1.24	%		1.24	%		361	%
$	10.68		3.38	%	$	18,673		1.20	%		1.08	%		1.32	%		1.32	%		138	%
$	10.35		8.73	%	$	345		0.83	%		0.93	%		1.25	%		1.25	%		361	%

4 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 are annualized for periods of less than one full year. Total return is not annualized.

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

6 Commenced operations on October 31, 2016.

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

2017 Semiannual Report | June 30, 2017     Page 79

Financial Highlights For a Share Outstanding Through the Period Ended June 30, 2017 (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 Return of Capital			Total Distributions
Balanced Fund - Retail Class (1)(2)(3)(4)
2017	$	10.74	��		0.05			0.66			0.71			(0.04	)		0.00			0.00			(0.04	)
2016	$	10.36			0.11			0.39			0.50			(0.12	)		0.00			0.00			(0.12	)
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	)
Balanced Fund - Adviser Class (1)(2)(3)(4)
2017	$	10.74			0.02			0.72			0.74			(0.02	)		0.00			0.00			(0.02	)
2016 (6)	$	10.49			0.04			0.25			0.29			(0.04	)		0.00			0.00			(0.04	)
Balanced Fund - Institutional Class (1)(2)(3)(4)
2017	$	10.75			0.08			0.65			0.73			(0.04	)		0.00			0.00			(0.04	)
2016 (6)	$	10.49			0.04			0.26			0.30			(0.04	)		0.00			0.00			(0.04	)
Global Opportunities Fund - Retail Class (1)(2)(3)(4)
2017	$	9.56			0.02			0.89			0.91			(0.01	)		0.00			0.00			(0.01	)
2016	$	9.34			0.09			0.24			0.33			(0.11	)		0.00			0.00			(0.11	)
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
Global Opportunities Fund - Adviser Class (1)(2)(3)(4)
2017	$	9.57			0.25			0.68			0.93			(0.02	)		0.00			0.00			(0.02	)
2016 (6)	$	9.41			0.06			0.16			0.22			(0.06	)		0.00			0.00			(0.06	)
Global Opportunities Fund - Institutional Class (1)(2)(3)(4)
2017	$	9.58			0.06			0.87			0.93			(0.02	)		0.00			0.00			(0.02	)
2016 (6)	$	9.41			0.06			0.16			0.22			(0.05	)		0.00			0.00			(0.05	)
Spectrum Fund - Retail Class (1)(2)(3)(4)
2017	$	10.28			0.00			0.73			0.73			0.00			0.00			0.00			0.00
2016	$	9.73			0.02			0.66			0.68			(0.02	)		(0.11	)		0.00			(0.13	)
2015 (7)	$	10.00			(0.04	)		(0.08	)		(0.12	)		0.00			(0.13	)		(0.02	)		(0.15	)
Spectrum Fund - Adviser Class (1)(2)(3)(4)
2017	$	10.29			0.01			0.73			0.74			0.00			0.00			0.00			0.00
2016 (6)	$	9.97			0.02			0.43			0.45			(0.02	)		(0.11	)		0.00			(0.13	)
Spectrum Fund - Institutional Class (1)(2)(3)(4)
2017	$	10.29			0.03			0.71			0.74			0.00			0.00			0.00			0.00
2016 (6)	$	9.97			0.02			0.43			0.45			(0.02	)		(0.11	)		0.00			(0.13	)

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 80      2017 Semiannual Report | June 30, 2017

					Ratios/Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Expenses 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
$	11.41		6.57	%	$	160,975		0.76	%		1.41	%		1.49	%		1.49	%		112	%
$	10.74		4.84	%	$	229,738		1.02	%		1.22	%		1.46	%		1.46	%		322	%
$	10.36		(4.47	%)	$	288,803		0.81	%		1.22	%		1.47	%		1.48	%		246	%
$	10.98		8.61	%	$	175,534		0.94	%		1.33	%		1.50	%		1.54	%		180	%
$	11.10		19.79	%	$	105,642		0.85	%		1.33	%		1.47	%		1.57	%		217	%
$	10.06		10.42	%	$	86,628		0.76	%		1.49	%		1.51	%		1.58	%		168	%
$	11.46		6.90	%	$	10,169		0.41	%		1.23	%		1.26	%		1.26	%		112	%
$	10.74		2.77	%	$	89		2.42	%		0.85	%		1.06	%		1.06	%		322	%
$	11.44		6.80	%	$	42,221		1.31	%		0.97	%		1.06	%		1.06	%		112	%
$	10.75		2.83	%	$	219		2.42	%		0.85	%		1.07	%		1.07	%		322	%
$	10.46		9.47	%	$	36,926		0.34	%		1.45	%		1.58	%		1.58	%		79	%
$	9.56		3.54	%	$	75,657		1.00	%		1.16	%		1.41	%		1.54	%		169	%
$	9.34		(7.21	%)	$	106,422		0.42	%		1.19	%		1.42	%		1.50	%		170	%
$	10.38		5.87	%	$	109,845		0.54	%		1.23	%		1.37	%		1.51	%		143	%
$	11.36		23.82	%	$	91,769		0.36	%		1.23	%		1.40	%		1.58	%		231	%
$	10.07		13.15	%	$	79,446		(0.05	%)		1.39	%		1.42	%		1.58	%		86	%
$	10.48		9.72	%	$	950		4.74	%		1.33	%		1.36	%		1.36	%		79	%
$	9.57		2.34	%	$	30		3.79	%		1.01	%		1.17	%		1.17	%		169	%
$	10.49		9.71	%	$	37,380		1.20	%		1.04	%		1.19	%		1.19	%		79	%
$	9.58		2.34	%	$	330		3.76	%		1.02	%		1.18	%		1.18	%		169	%
$	11.01		7.10	%	$	89,055		0.03	%		1.90	%		2.16	%		2.16	%		57	%
$	10.28		6.97	%	$	124,009		0.16	%		1.49	%		1.99	%		1.99	%		235	%
$	9.73		(1.21	%)	$	125,597		(0.36	%)		1.49	%		2.12	%		2.19	%		161	%
$	11.03		7.19	%	$	11,188		0.13	%		2.10	%		2.11	%		2.11	%		57	%
$	10.29		4.49	%	$	48		1.07	%		1.38	%		1.88	%		1.88	%		235	%
$	11.03		7.19	%	$	25,802		0.57	%		1.50	%		1.73	%		1.73	%		57	%
$	10.29		4.52	%	$	461		1.07	%		1.38	%		1.87	%		1.87	%		235	%

4 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 are annualized for periods of less than one full year. Total return is not annualized.

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

6 Commenced operations on October 31, 2016.

7 Commenced operations on January 1, 2015.

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

2017 Semiannual Report | June 30, 2017     Page 81

Financial Highlights For a Share Outstanding Through the Period Ended June 30, 2017 (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 Return of Capital			Total Distributions
Quantex Fund - Retail Class (1)(2)(3)(4)
2017	$	33.36		0.04			1.00			1.04			0.00			0.00			0.00			0.00
2016	$	27.84		0.14			6.02			6.16			(0.16	)		(0.48	)		0.00			(0.64	)
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	)
Quantex Fund - Adviser Class (1)(2)(3)(4)
2017	$	33.37		0.08			1.02			1.10			(0.03	)		0.00			0.00			(0.03	)
2016 (6)	$	30.67		0.04			3.18			3.22			(0.04	)		(0.48	)		0.00			(0.52	)
Quantex - Institutional Class (1)(2)(3)(4)
2017	$	33.37		0.11			1.00			1.11			(0.05	)		0.00			0.00			(0.05	)
2016 (6)	$	30.67		0.04			3.18			3.22			(0.04	)		(0.48	)		0.00			(0.52	)
Infrastructure Fund - Retail Class (1)(2)(3)(4)
2017	$	21.32		0.22			0.48			0.70			0.00			0.00			0.00			0.00
2016	$	18.17		0.11			3.48			3.59			0.00			(0.20	)		(0.24	)		(0.44	)
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	)
Infrastructure Fund - Adviser Class (1)(2)(3)(4)
2017	$	21.34		0.12	*		0.62			0.74			0.00			0.00			0.00			0.00
2016 (6)	$	21.02		0.00	*		0.55			0.55			0.00			(0.20	)		(0.03	)		(0.23	)
Infrastructure - Institutional Class (1)(2)(3)(4)
2017	$	21.34		0.31	*		0.44			0.75			0.00			0.00			0.00			0.00
2016 (6)	$	21.02		0.00	*		0.55			0.55			0.00			(0.20	)		(0.03	)		(0.23	)
Dividend Opportunities Fund - Retail Class (1)(2)(3)(4)
2017	$	10.46		0.05			0.45			0.50			(0.03	)		0.00			0.00			(0.03	)
2016	$	9.50		0.16			0.97			1.13			(0.17	)		0.00			0.00			(0.17	)
2015 (7)	$	10.00		0.18			(0.59	)		(0.41	)		(0.09	)		0.00			0.00			(0.09	)
Dividend Opportunities Fund - Adviser Class (1)(2)(3)(4)
2017	$	10.46		0.06			0.45			0.51			(0.04	)		0.00			0.00			(0.04	)
2016 (6)	$	9.87		0.03			0.59			0.62			(0.03	)		0.00			0.00			(0.03	)
Dividend Opportunities Fund - Institutional Class (1)(2)(3)(4)
2017	$	10.47		0.08			0.43			0.51			(0.04	)		0.00			0.00			(0.04	)
2016 (6)	$	9.87		0.03			0.59			0.62			(0.02	)		0.00			0.00			(0.02	)

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.

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

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

Page 82      2017 Semiannual Report | June 30, 2017

					Ratios/Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Expenses 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
$	34.40		3.12	%	$	64,828		0.15	%		1.32	%		1.48	%		1.73	%		50	%
$	33.36		22.14	%	$	85,235		0.47	%		1.18	%		1.52	%		1.77	%		91	%
$	27.84		(7.68	%)	$	58,883		0.46	%		1.09	%		1.26	%		1.75	%		87	%
$	35.20		9.48	%	$	61,834		0.36	%		1.44	%		1.52	%		1.78	%		29	%
$	35.04		41.54	%	$	44,476		0.27	%		1.52	%		1.58	%		1.94	%		25	%
$	25.46		16.93	%	$	23,306		0.29	%		1.60	%		1.61	%		2.06	%		31	%
$	34.44		3.30	%	$	1,870		0.48	%		1.23	%		1.33	%		1.58	%		50	%
$	33.37		10.48	%	$	31		0.75	%		1.10	%		1.15	%		1.40	%		91	%
$	34.43		3.33	%	$	23,837		0.64	%		1.08	%		1.18	%		1.43	%		50	%
$	33.37		10.48	%	$	951		0.75	%		1.09	%		1.15	%		1.40	%		91	%
$	22.02		3.28	%	$	15,178		2.05	%		1.97	%		1.97	%		2.39	%		2	%
$	21.32		19.87	%	$	20,450		0.55	%		2.15	%		2.17	%		2.55	%		44	%
$	18.17		(16.92	%)	$	20,034		0.56	%		1.98	%		1.98	%		2.01	%		54	%
$	30.45		9.42	%	$	46,746		0.63	%		1.88	%		1.88	%		1.89	%		34	%
$	30.98		28.96	%	$	37,988		0.62	%		1.87	%		1.87	%		1.99	%		19	%
$	24.17		1.52	%	$	30,452		0.63	%		1.89	%		1.89	%		2.02	%		29	%
$	22.08		3.47	%	$	600		1.09	%		1.90	%		1.90	%		2.15	%		2	%
$	21.34		2.64	%	$	7		0.11	%		1.87	%		1.93	%		2.18	%		44	%
$	22.09		3.51	%	$	3,161		2.88	%		1.64	%		1.65	%		1.94	%		2	%
$	21.34		2.62	%	$	305		0.08	%		1.90	%		1.96	%		2.21	%		44	%
$	10.93		4.74	%	$	32,317		0.71	%		1.50	%		1.67	%		1.70	%		146	%
$	10.46		12.06	%	$	56,744		1.62	%		1.26	%		1.61	%		1.80	%		250	%
$	9.50		(4.15	%)	$	42,099		1.80	%		1.26	%		1.66	%		1.85	%		70	%
$	10.93		4.90	%	$	3,110		1.05	%		1.46	%		1.48	%		1.48	%		146	%
$	10.46		6.32	%	$	22		1.92	%		0.97	%		1.21	%		1.21	%		250	%
$	10.94		4.91	%	$	19,692		1.35	%		1.06	%		1.26	%		1.30	%		146	%
$	10.47		6.31	%	$	229		1.92	%		1.00	%		1.24	%		1.24	%		250	%

4 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 are annualized for periods of less than one full year. Total return is not annualized.

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

6 Commenced operations on October 31, 2016.

7 Commenced operations on June 30, 2015.

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

Page 82     2017 Semiannual Report | June 30, 2017     Page 83

Financial Highlights For a Share Outstanding Through the Period Ended June 30, 2017 (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 Return of Capital		Total Distributions
Total Return Bond Fund - Retail Class (1)(2)(3)(4)
2017	$	9.28		0.11		0.14			0.25			(0.13	)		0.00		0.00		(0.13	)
2016	$	9.14		0.27		0.14			0.41			(0.27	)		0.00		0.00		(0.27	)
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	)
Total Return Bond Fund - Adviser Class (1)(2)(3)(4)
2017	$	9.28		0.03		0.25			0.28			(0.15	)		0.00		0.00		(0.15	)
2016 (6)	$	9.46		0.09		(0.19	)		(0.10	)		(0.08	)		0.00		0.00		(0.08	)
Total Return Bond Fund - Institutional Class (1)(2)(3)(4)
2017	$	9.28		0.14		0.14			0.28			(0.15	)		0.00		0.00		(0.15	)
2016 (6)	$	9.46		0.08		(0.18	)		(0.10	)		(0.08	)		0.00		0.00		(0.08	)
Prime Money Market Fund (1)(2)(3)(4)
2017	$	1.00		0.003		N/A			0.003			(0.003	)		0.000		0.000		(0.003	)
2016	$	1.00		0.003		N/A			0.003			(0.003	)		0.000		0.000		(0.003	)
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	)
Institutional Prime Money Market Fund (1)(2)(3)(4)
2017	$	1.0001		0.0042		(0.0003	)		0.0039			(0.0040	)		0.0000		0.0000		(0.0040	)
2016 (7)	$	1.0000		0.0010		0.0001			0.0011			(0.0010	)		0.0000		0.0000		(0.0010	)

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 84   2017 Semiannual Report | June 30, 2017

					Ratios/Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Expenses 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
$	9.40		2.73	%	$	132,208		2.34	%		1.02	%		1.02	%		1.02	%		67	%
$	9.28		4.49	%	$	214,755		2.87	%		0.88	%		0.98	%		1.00	%		217	%
$	9.14		(2.51	%)	$	214,618		2.71	%		0.88	%		1.01	%		1.03	%		295	%
$	9.63		1.78	%	$	143,046		3.39	%		0.99	%		1.02	%		1.13	%		82	%
$	9.77		0.01	%	$	90,080		3.87	%		0.99	%		1.01	%		1.19	%		79	%
$	10.15		8.93	%	$	76,001		4.45	%		0.99	%		1.00	%		1.23	%		157	%
$	9.41		3.00	%	$	8,377		0.61	%		0.78	%		0.78	%		0.78	%		67	%
$	9.28		(1.05	%)	$	84		5.49	%		0.52	%		0.53	%		0.53	%		217	%
$	9.41		3.00	%	$	43,186		3.03	%		0.59	%		0.59	%		0.59	%		67	%
$	9.28		(1.08	%)	$	70		5.35	%		0.51	%		0.53	%		0.53	%		217	%
$	1.00		0.27	%	$	36,209		0.54	%		0.47	%		0.47	%		1.00	%		N/A
$	1.00		0.29	%	$	36,666		0.28	%		0.32	%		0.32	%		0.69	%		N/A
$	1.00		0.07	%	$	56,530		0.07	%		0.18	%		0.18	%		0.58	%		N/A
$	1.00		0.06	%	$	54,927		0.06	%		0.16	%		0.16	%		0.67	%		N/A
$	1.00		0.08	%	$	61,288		0.08	%		0.22	%		0.22	%		0.90	%		N/A
$	1.00		0.10	%	$	73,546		0.10	%		0.30	%		0.30	%		0.82	%		N/A
$	1.0000		0.41	%	$	193,008		0.83	%		0.18	%		0.18	%		0.59	%		N/A
$	1.0001		0.11	%	$	197,470		0.43	%		0.24	%		0.24	%		0.62	%		N/A

4 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 are annualized for periods of less than one full year. Total return is not annualized.

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

6 Commenced operations on October 31, 2016.

7 Commenced operations on October 7, 2016.

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

Page 84   2017 Semiannual Report | June 30, 2017

Notes to Financial Statements
June 30, 2017 (unaudited)

1.    Organization and Significant Accounting Policies

Meeder Funds^® (the “Trust”) was organized as a Massachusetts business trust on December 31, 1991 as the successor to a Pennsylvania business trust organized on April 30, 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 twelve separate series and is presently comprised of twelve separate funds as follows: Muirfield Fund^® (“Muirfield”), Dynamic Growth Fund (“Dynamic”), Aggressive Growth Fund (“Aggressive”), Balanced Fund (“Balanced”), Global Opportunities Fund (“Global”), Spectrum Fund (“Spectrum”), Dividend Opportunities Fund (“Dividend”), Quantex Fund^TM (“Quantex”), Infrastructure Fund (“Infrastructure”)(f.k.a. Miller/Howard Infrastructure Fund)(see sixth paragraph of Note #1 for more information), Total Return Bond Fund (“Bond”), Prime Money Market Fund (“Prime Money Market”)(f.k.a. Money Market Fund)(see second paragraph of Note #1 for more information), and Institutional Prime Money Market Fund (“Institutional Prime Money Market”)(see second paragraph of Note #1 for more information)(each a “Fund” and collectively the “Funds”).

In July 2014, the Securities and Exchange Commission adopted new money market fund rules that became effective on October 14, 2016. As part of these new rules, beneficial ownership of retail money market funds are now limited to natural persons; therefore, institutions are no longer permitted to own retail money market fund shares. As a result, effective October 7, 2016, the Meeder Money Market Fund became a retail money market fund with a stable net asset value per share of $1.00 and changed its name to Meeder Prime Money Market Fund. The Institutional Class of the Meeder Money Market Fund liquidated. Also effective October 7, 2016, an institutional money market fund was launched called Meeder Institutional Prime Money Market Fund with a floating net asset value per share. On October 7, 2016, investments in the amount of $131,014,084 were transferred in-kind from the Meeder Prime Money Market Fund into the Meeder Institutional Prime Money Market Fund. Organizational and offering costs for the Meeder Institutional Prime Money Market Fund were incurred by the advisor and are not subject to recoupment. For more information on these money market funds, please refer to each Fund’s prospectus.

The investment objective of Prime Money Market is to provide current income while maintaining a stable share price of $1.00. The investment objective of Institutional Prime Money Market is to provide current income consistent with liquidity and the preservation of capital. Prime Money Market and Institutional Prime Money Market (the “Money Market Funds”) each offer only one class of shares.

Prior to October 31, 2016, each Fund, other than Infrastructure and the Money Market Funds, offered one class of shares. Infrastructure offered two classes: Retail Class and Institutional Class. Effective October 31, 2016, the Funds, except for Infrastructure and the Money Market Funds, designated their single class of shares as Retail Class. Each of those Funds also launched Adviser Shares and Institutional Shares. Also on October 31, 2016, Infrastructure launched Adviser Shares. Each class of shares has equal rights as to earnings and assets, except that each class bears different distribution, shareholder servicing, and transfer agent expenses (see Note #4).

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.

Effective September 15, 2016, Miller/Howard Investments, Inc. resigned as subadviser to Infrastructure. As a result, Miller/Howard Infrastructure Fund changed its name to Infrastructure Fund. The Fund will continue to 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 also continue to invest at least 25% of its total assets in securities of public utility companies.

Use of estimates. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which 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 enter into short sales as part of its overall portfolio management strategy or to offset a potential decline in value of a security. The Fund may engage in short sales with respect to various types of securities, including ETFs. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Fund may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities (also known as “covering” the short position) at a time when the securities sold short have appreciated in value, thus

Page 86 2017 Semiannual Report | June 30, 2017

resulting in a loss to the Fund. The Fund’s investment performance may also suffer if the Fund is required to close out a short position earlier than it had intended. The Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its position in a permissible manner. The Fund will be required to pledge its liquid assets to the broker in order to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Fund’s needs for immediate cash or other liquidity. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These types of short sales expenses are sometimes referred to as the “negative cost of carry,” and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short and borrowing costs will be borne by the Fund.

Futures & options. Each Fund, except the Money Market Funds, 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, margin movements, which are equal to changes in the daily price or last sale price on the exchanges where futures contracts trade, are recorded as unrealized gains or losses until the contract is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Except for the Money Market Funds, it is normal practice for each Fund to invest in futures contracts on a daily basis. The Funds, except for Bond and the Money Market Funds, 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.

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, 2017, 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, 2017.

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, 2017 was as follows:

Amount of Cash Held at Broker and Unrealized Appreciation (Depreciation) on Derivatives
	Type of Derivative/Risk	Statements of Assets & Liabilities Location*	Fair Value of Cash Held at Broker for Futures Contracts		Fair Value of Unrealized Appreciation (Depreciation)
Muirfield	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts	$	1,386,599	$	(394,869	)
Dynamic	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		494,812		(89,083	)
Aggressive	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		95,000		(41,400	)

2017 Semiannual Report | June 30, 2017 Page 87

Amount of Cash Held at Broker and Unrealized Appreciation (Depreciation) on Derivatives
	Type of Derivative/Risk	Statements of Assets & Liabilities Location*	Fair Value of Cash Held at Broker for Futures Contracts		Fair Value of Unrealized Appreciation (Depreciation)
Balanced	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts	$	398,484	$	(144,130	)
Global	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		319,350		(63,260	)
Spectrum	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		624,148		(231,985	)
Quantex	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		89,811		(17,598	)
Dividend	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		74,228		(30,383	)
Infrastructure	Equity contracts	Assets, Cash held at broker for futures contracts; Net Assets, Net unrealized appreciation (depreciation) of investments and futures contracts		106,539		(4,758	)

* 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, 2017 was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Contracts as of December 31, 2016		Long and Short Contracts Opened During the Period		Long and Short Contracts Closed/ Expired During the Period		Contracts as of June 30, 2017		Statement of Operations Location	For the Six Months Ended June 30, 2017
Muirfield	Equity contracts		610		2,795		2,448		957	Net realized gains (losses) from futures contracts	$	7,635,963
Dynamic	Equity contracts		160		772		685		247	Net realized gains (losses) from futures contracts		1,883,749
Aggressive	Equity contracts		54		317		270		101	Net realized gains (losses) from futures contracts		314,345
Balanced	Equity contracts		181		1,123		952		352	Net realized gains (losses) from futures contracts		2,734,845
Global	Equity contracts		34		459		319		174	Net realized gains (losses) from futures contracts		662,431
Spectrum	Equity contracts		392		1,380		1,238		534	Net realized gains (losses) from futures contracts		4,633,348
Quantex	Equity contracts		89		126		177		38	Net realized gains (losses) from futures contracts		108,875
Dividend	Equity contracts		61		212		201		72	Net realized gains (losses) from futures contracts		598,621
Infrastructure	Equity contracts		15		56		61		10	Net realized gains (losses) from futures contracts		146,216

Page 88 2017 Semiannual Report | June 30, 2017

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, 2017
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts	$	142,653
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(40,258	)
Aggressive	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		80,958
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		30,102
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(5,896	)
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(18,531	)
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		282,328
Dividend	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		(11,769	)
Infrastructure	Equity contracts	Net change in unrealized appreciation (depreciation) of investments and futures contracts		5,783

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, 2013 through December 31, 2016) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Each Fund identifies its major tax jurisdictions as U.S. Federal and certain State tax authorities; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations as incurred. During the six months ended June 30, 2017, 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. The Money Market Funds declare dividends from net investment income on a daily basis and pay 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, 2016, 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	$	—		$	87,252	$	(87,252	)
Dynamic		—			13,077		(13,077	)
Aggressive		—			14,331		(14,331	)
Balanced		(22,330	)		21,912		418
Global		(44,217	)		44,217		—
Spectrum		—			34,414		(34,414	)
Quantex		—			37,013		(37,013	)
Infrastructure		(309,287	)		426,519		(117,232	)
Dividend		(44,213	)		42,452		1,761

Investment income & expenses. For all Funds, except the Money Market Funds, 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.

2017 Semiannual Report | June 30, 2017     Page 89

Capital Share Transactions. All Funds, except the Money Market Funds, are authorized to issue an unlimited number of shares in the Retail Class, the Adviser Class, and the Institutional Class. Transactions in the capital shares of the Funds for the six months ended June 30, 2017 and the period ended December 31, 2016 were as follows:

	Issued				Reinvested
	Amount		Shares		Amount		Shares
Period Ended June 30, 2017
Muirfield - Retail	$	40,898,810		5,736,204	$	471,340		66,106
Muirfield - Adviser		29,414,049		3,982,419		227		32
Muirfield - Institutional		60,506,847		8,627,183		71,475		10,010
Dynamic - Retail		9,818,375		965,200		183,608		17,701
Dynamic - Adviser		9,279,837		877,019		8,545		810
Dynamic - Institutional		47,792,217		4,768,033		140,084		13,440
Aggressive - Retail		2,261,300		215,200		30,898		2,934
Aggressive - Adviser		1,253,297		117,149		36		4
Aggressive - Institutional		19,448,941		1,866,492		22,273		2,113
Balanced - Retail		18,520,945		1,662,882		557,527		49,569
Balanced - Adviser		10,911,907		950,245		166		15
Balanced - Institutional		45,474,874		4,134,591		136,937		12,105
Global - Retail		2,874,846		286,493		17,635		1,686
Global - Adviser		976,787		92,874		1,808		173
Global - Institutional		39,074,359		3,964,978		70,895		6,758
Spectrum - Retail		13,067,787		1,214,827		—		—
Spectrum - Adviser		11,657,074		1,055,681		—		—
Spectrum - Institutional		26,199,164		2,466,983		—		—
Quantex - Retail		10,866,990		321,504		—		—
Quantex - Adviser		2,011,132		59,492		115		4
Quantex - Institutional		23,314,242		690,818		26,099		763
Infrastructure - Retail		2,544,451		117,307		—		—
Infrastructure - Adviser		627,311		28,206		—		—
Infrastructure - Institutional		2,921,508		135,708		—		—
Dividend - Retail		3,981,551		371,345		98,827		9,201
Dividend - Adviser		3,149,190		292,053		654		60
Dividend - Institutional		20,193,387		1,905,036		58,320		5,399
Bond - Retail		17,589,597		1,874,080		2,318,314		246,917
Bond - Adviser		8,874,428		935,660		23,295		2,476
Bond - Institutional		47,920,861		5,107,595		496,067		52,724
Prime Money Market		15,726,711		15,726,711		97,460		97,460
Institutional Prime Money Market		194,053,910		194,033,155		82,426		82,418
Period Ended December 31, 2016
Muirfield - Retail		134,775,425		20,789,278		2,835,833		428,299
Muirfield - Adviser		147,432		22,647		335		49
Muirfield - Institutional		981,839		150,732		2,155		317
Dynamic - Retail		51,549,145		5,477,401		1,745,515		181,974
Dynamic - Adviser		45,886		4,913		330		34
Dynamic - Institutional		612,980		65,573		4,353		442
Aggressive - Retail		15,870,787		1,670,120		514,642		53,324
Aggressive - Adviser		17,233		1,808		26		2
Aggressive - Institutional		322,629		33,277		384		37
Balanced - Retail		79,447,530		7,653,253		2,758,313		260,262
Balanced - Adviser		86,679		8,263		336		31
Balanced - Institutional		221,712		21,068		754		70
Global - Retail		19,207,912		2,101,934		919,811		97,409
Global - Adviser		29,425		3,127		189		20
Global - Institutional		330,943		35,021		1,716		179
Spectrum - Retail		40,881,075		4,217,974		1,551,581		149,326
Spectrum - Adviser		46,246		4,639		597		57

Page 90 2017 Semiannual Report | June 30, 2017

	Issued				Reinvested
	Amount		Shares		Amount		Shares
Spectrum - Institutional	$	535,858		53,720	$	6,868		660
Quantex - Retail		39,531,805		1,300,850		1,590,381		47,686
Quantex - Adviser		28,190		919		483		14
Quantex - Institutional		868,530		28,286		14,745		433
Infrastructure - Retail		6,207,005		300,083		407,859		19,601
Infrastructure - Adviser		7,305		347		81		4
Infrastructure - Institutional		298,546		14,158		2,742		129
Dividend - Retail		29,907,824		3,019,540		776,674		79,327
Dividend - Adviser		21,143		2,142		72		7
Dividend - Institutional		220,600		21,806		458		44
Bond - Retail		90,300,352		9,633,295		6,254,160		668,034
Bond - Adviser		84,879		8,973		726		78
Bond - Institutional		84,249		8,924		557		60
Prime Money Market		9,599,544		9,599,543		28,851		28,851
Institutional Prime Money Market**		304,118,416		304,102,698		14,473		14,472
Money Market - Retail*/**		83,963,435		83,963,435		104,345		104,345
Money Market - Institutional*/**		493,623,899		493,623,899		4,587		4,587

	Redeemed						Net Increase (Decrease)
	Amount			Shares			Amount			Shares
Period Ended June 30, 2017
Muirfield - Retail	$	(162,245,940	)		(22,738,908	)	$	(120,875,790	)		(16,936,598	)
Muirfield - Adviser		(1,391,445	)		(187,976	)		28,022,831			3,794,475
Muirfield - Institutional		(4,239,364	)		(595,126	)		56,338,958			8,042,067
Dynamic - Retail		(72,853,704	)		(7,198,352	)		(62,851,721	)		(6,215,451	)
Dynamic - Adviser		(386,397	)		(36,481	)		8,901,985			841,348
Dynamic - Institutional		(3,294,269	)		(318,544	)		44,638,032			4,462,929
Aggressive - Retail		(27,939,350	)		(2,673,909	)		(25,647,152	)		(2,455,775	)
Aggressive - Adviser		(33,550	)		(3,126	)		1,219,783			114,027
Aggressive - Institutional		(1,634,460	)		(154,158	)		17,836,754			1,714,447
Balanced - Retail		(100,161,324	)		(9,004,992	)		(81,082,852	)		(7,292,541	)
Balanced - Adviser		(818,219	)		(71,182	)		10,093,854			879,078
Balanced - Institutional		(5,353,307	)		(475,810	)		40,258,504			3,670,886
Global - Retail		(46,165,853	)		(4,674,131	)		(43,273,372	)		(4,385,952	)
Global - Adviser		(58,938	)		(5,602	)		919,657			87,445
Global - Institutional		(4,503,325	)		(443,968	)		34,641,929			3,527,768
Spectrum - Retail		(55,688,404	)		(5,181,521	)		(42,620,617	)		(3,966,694	)
Spectrum - Adviser		(511,607	)		(46,282	)		11,145,467			1,009,399
Spectrum - Institutional		(1,871,760	)		(173,543	)		24,327,404			2,293,440
Quantex - Retail		(33,412,881	)		(992,052	)		(22,545,891	)		(670,548	)
Quantex - Adviser		(209,878	)		(6,126	)		1,801,369			53,370
Quantex - Institutional		(934,425	)		(27,667	)		22,405,916			663,914
Infrastructure - Retail		(8,384,183	)		(387,384	)		(5,839,732	)		(270,077	)
Infrastructure - Adviser		(30,357	)		(1,368	)		596,954			26,838
Infrastructure - Institutional		(150,316	)		(6,851	)		2,771,192			128,857
Dividend - Retail		(30,265,950	)		(2,846,701	)		(26,185,572	)		(2,466,155	)
Dividend - Adviser		(106,434	)		(9,776	)		3,043,410			282,337
Dividend - Institutional		(1,433,873	)		(132,923	)		18,817,834			1,777,512
Bond - Retail		(105,182,616	)		(11,200,196	)		(85,274,705	)		(9,079,199	)
Bond - Adviser		(534,688	)		(56,514	)		8,363,035			881,622
Bond - Institutional		(5,443,093	)		(577,880	)		42,973,835			4,582,439
Prime Money Market		(16,280,943	)		(16,280,943	)		(456,772	)		(456,772	)
Institutional Prime Money Market		(198,597,527	)		(198,577,073	)		(4,461,191	)		(4,461,500	)

2017 Semiannual Report | June 30, 2017     Page 91

	Redeemed						Net Increase (Decrease)
	Amount			Shares			Amount			Shares
Period Ended December 31, 2016
Muirfield - Retail	$	(156,631,222	)		(24,078,934	)	$	(19,019,964	)		(2,861,357	)
Muirfield - Adviser		(10	)		(1	)		147,757			22,695
Muirfield - Institutional		(182,558	)		(26,804	)		801,436			124,245
Dynamic - Retail		(55,272,607	)		(5,951,512	)		(1,977,947	)		(292,137	)
Dynamic - Adviser		—			—			46,216			4,947
Dynamic - Institutional		(50,000	)		(5,107	)		567,333			60,908
Aggressive - Retail		(52,233,584	)		(5,415,390	)		(35,848,155	)		(3,691,946	)
Aggressive - Adviser		—			—			17,259			1,810
Aggressive - Institutional		—			—			323,013			33,314
Balanced - Retail		(151,255,303	)		(14,401,113	)		(69,049,460	)		(6,487,598	)
Balanced - Adviser		—			—			87,015			8,294
Balanced - Institutional		(8,467	)		(793	)		213,999			20,345
Global - Retail		(52,014,518	)		(5,675,851	)		(31,886,795	)		(3,476,508	)
Global - Adviser		—			—			29,614			3,147
Global - Institutional		(6,606	)		(697	)		326,053			34,503
Spectrum - Retail		(51,043,012	)		(5,217,071	)		(8,610,356	)		(849,771	)
Spectrum - Adviser		—			—			46,843			4,696
Spectrum - Institutional		(99,000	)		(9,565	)		443,726			44,815
Quantex - Retail		(27,477,066	)		(908,796	)		13,645,120			439,740
Quantex - Adviser		—			—			28,673			933
Quantex - Institutional		(7,190	)		(214	)		876,085			28,505
Infrastructure - Retail		(9,244,777	)		(462,854	)		(2,629,913	)		(143,170	)
Infrastructure - Adviser		—			—			7,386			351
Infrastructure - Institutional		—			—			301,288			14,287
Dividend - Retail		(20,598,293	)		(2,106,832	)		10,086,205			992,035
Dividend - Adviser		—			—			21,215			2,149
Dividend - Institutional		—			—			221,058			21,850
Bond - Retail		(99,286,839	)		(10,640,167	)		(2,732,327	)		(338,838	)
Bond - Adviser		—			—			85,605			9,051
Bond - Institutional		(13,505	)		(1,455	)		71,301			7,529
Prime Money Market		(24,978,383	)		(24,978,383	)		(15,349,988	)		(15,349,989	)
Institutional Prime Money Market**		(106,654,831	)		(106,647,341	)		197,478,058			197,469,829
Money Market - Retail*/**		(88,582,452	)		(88,582,452	)		(4,514,672	)		(4,514,672	)
Money Market - Institutional*/**		(661,800,428	)		(661,800,428	)		(168,171,942	)		(168,171,942	)

* Capital stock transactions reflect amounts when the Fund offered multiple classes of shares. For more information, please see the second paragraph of Note #1 within these financial statements.

** On October 7, 2016, $131,014,084 was transferred in-kind from Prime Money Market Fund to Institutional Prime Money Market Fund. Therefore capital and shares redeemed for Prime Money Market Fund include this in-kind transfer, whereas capital and shares issued for Institutional Prime Money Market Fund include this amount as an initial contribution.

Page 92 2017 Semiannual Report | June 30, 2017

Offsetting Assets & Liabilities. The Funds are party to enforceable master netting arrangements between counter parties, such as the securities lending agreement, which provides for the right of offset under certain circumstances, such as the event of default. The securities lending transactions have an overnight and continuous contractual maturity. Risks arise from the possible inability of counterparties to meet the terms of their contracts. The table below reflects the offsetting assets and liabilities relating to securities lending, futures contracts, and repurchase agreements shown on the Statements of Assets and Liabilities at June 30, 2017.

									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
Balanced	$	3,553,278		$	—	$	3,553,278		$	—		$	(3,553,278	)	$	—
Spectrum		22,403			—		22,403			—			(22,403	)		—
Quantex		1,761,124			—		1,761,124			—			(1,761,124	)		—
Repurchase Agreements
Prime Money Market	$	7,000,000		$	—	$	7,000,000		$	(7,000,000	)	$	—		$	—
Institutional Prime Money Market		23,000,000			—		23,000,000			(23,000,000	)		—			—
Liabilities:
Futures Contracts
Muirfield	$	(394,869	)	$	—	$	(394,869	)	$	—		$	394,869		$	—
Dynamic		(89,083	)		—		(89,083	)		—			89,083			—
Aggressive		(41,399	)		—		(41,399	)		—			41,399			—
Balanced		(144,130	)		—		(144,130	)		—			144,130			—
Global		(63,260	)		—		(63,260	)		—			63,260			—
Spectrum		(231,985	)		—		(231,985	)		—			231,985			—
Quantex		(17,598	)		—		(17,598	)		—			17,598			—
Dividend		(30,383	)		—		(30,383	)		—			30,383			—
Infrastructure		(4,759	)		—		(4,759	)		—			4,759			—

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

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

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.

2017 Semiannual Report | June 30, 2017     Page 93

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 Prime 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 Prime 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.

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, 2017, 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, 2017.

Muirfield – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	281,303,559		$	—	$	—	$	281,303,559
Registered investment companies		15,363,976			—		—		15,363,976
Money market registered investment companies		84,854,463			—		—		84,854,463
Bank obligations		—			1,246,947		—		1,246,947
U.S. government obligations		—			2,849,822		—		2,849,822
Total	$	381,521,998		$	4,096,769	$	—	$	385,618,767
Trustee deferred compensation***	$	149,601		$	—	$	—	$	149,601
Futures contracts**	$	(394,869	)	$	—	$	—	$	(394,869	)

Page 94 2017 Semiannual Report | June 30, 2017

Dynamic – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	84,519,000		$	—	$	—	$	84,519,000
Registered investment companies		15,826,406			—		—		15,826,406
Money market registered investment companies		16,681,885			—		—		16,681,885
Bank obligations		—			1,246,947		—		1,246,947
U.S. government obligations		—			601,696		—		601,696
Total	$	117,027,291		$	1,848,643	$	—	$	118,875,934
Trustee deferred compensation***	$	95,258		$	—	$	—	$	95,258
Futures contracts**	$	(89,083	)	$	—	$	—	$	(89,083	)

Aggressive – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	28,043,442		$	—	$	—	$	28,043,442
Registered investment companies		4,774,852			—		—		4,774,852
Money market registered investment companies		7,188,216			—		—		7,188,216
Bank obligations		—			497,434		—		497,434
U.S. government obligations		—			263,429		—		263,429
Total	$	40,006,510		$	760,863	$	—	$	40,767,373
Trustee deferred compensation***	$	53,322		$	—	$	—	$	53,322
Futures contracts**	$	(41,400	)	$	—	$	—	$	(41,400	)

Balanced – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	110,819,586		$	—	$	—	$	110,819,586
Registered investment companies		73,734,938			—		—		73,734,938
Money market registered investment companies		30,299,586			—		—		30,299,586
Bank obligations		—			1,246,947		—		1,246,947
U.S. government obligations		—			1,074,670		—		1,074,670
Total	$	214,854,110		$	2,321,617	$	—	$	217,175,727
Trustee deferred compensation***	$	100,093		$	—	$	—	$	100,093
Futures contracts**	$	(144,130	)	$	—	$	—	$	(144,130	)

Global – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	32,133,143		$	—	$	—	$	32,133,143
Registered investment companies		25,912,926			—		—		25,912,926
Money market registered investment companies		15,127,645			—		—		15,127,645
Bank obligations		—			1,246,947		—		1,246,947
U.S. government obligations		—			521,869		—		521,869
Total	$	73,173,714		$	1,768,816	$	—	$	74,942,530
Trustee deferred compensation***	$	76,799		$	—	$	—	$	76,799
Futures contracts**	$	(63,260	)	$	—	$	—	$	(63,260	)

Spectrum – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks – Long*	$	118,904,091		$	—	$	—	$	118,904,091
Money market registered investment companies		3,822,776			—		—		3,822,776
Bank obligations		—			747,347		—		747,347
U.S. government obligations		—			1,766,171		—		1,766,171
Total – Long investments	$	122,726,867		$	2,513,518	$	—	$	125,240,385
Common stocks – Short*	$	(49,440,375	)	$	—	$	—	$	(49,440,375	)
Trustee deferred compensation***	$	9,335		$	—	$	—	$	9,335
Futures contracts**	$	(231,985	)	$	—	$	—	$	(231,985	)

2017 Semiannual Report | June 30, 2017     Page 95

Quantex – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	83,596,091		$	—	$	—	$	83,596,091
Money market registered investment companies		7,066,361			—		—		7,066,361
Bank obligations		—			1,246,947		—		1,246,947
U.S. government obligations		—			206,552		—		206,552
Total	$	90,662,452		$	1,453,499	$	—	$	92,115,951
Trustee deferred compensation***	$	41,683		$	—	$	—	$	41,683
Futures contracts**	$	(17,598	)	$	—	$	—	$	(17.598	)

Infrastructure – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	17,770,828		$	—	$	—	$	17,770,828
Money market registered investment companies		503,026			—		—		503,026
Bank obligations		—			497,434		—		497,434
U.S. government obligations		—			40,911		—		40,911
Total	$	18,273,854		$	538,345	$	—	$	18,812,199
Trustee deferred compensation***	$	42,746		$	—	$	—	$	42,746
Futures contracts**	$	(4,758	)	$	—	$	—	$	(4,758	)

Dividend – Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	48,900,718		$	—	$	—	$	48,900,718
Money market registered investment companies		5,222,000			—		—		5,222,000
Bank obligations		—			747,347		—		747,347
U.S. government obligations		—			193,580		—		193,580
Total	$	54,122,718		$	940,927	$	—	$	55,063,645
Trustee deferred compensation***	$	3,581		$	—	$	—	$	3,581
Futures contracts**	$	(30,383	)	$	—	$	—	$	(30,383	)

Bond – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	178,715,792	$	—	$	—	$	178,715,792
Money market registered investment companies		4,381,809		—		—		4,381,809
Bank obligations		—		1,246,947		—		1,246,947
U.S. government obligations		—		61,146		—		61,146
Total	$	183,097,601	$	1,308,093	$	—	$	184,405,694
Trustee deferred compensation***	$	45,705	$	—	$	—	$	45,705

Prime Money Market – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Certificates of deposit	$	—	$	2,223,547	$	—	$	2,223,547
Commercial paper		—		10,456,441		—		10,456,441
Corporate obligations		—		3,502,375		—		3,502,375
Repurchase agreements		—		7,000,000		—		7,000,000
U.S. government agency obligations		—		223,827		—		223,827
Money Market registered investment companies		12,779,583		—		—		12,779,583
Total	$	12,779,583	$	23,406,190	$	—	$	36,185,773
Trustee deferred compensation***	$	30,093	$	—	$	—	$	30,093

Page 96 2017 Semiannual Report | June 30, 2017

Institutional Prime Money Market – Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Certificates of deposit	$	—	$	7,837,510	$	—	$	7,837,510
Commercial paper		—		80,215,862		—		80,215,862
Corporate obligations		—		11,158,446		—		11,158,446
Repurchase agreements		—		23,000,000		—		23,000,000
U.S. government agency obligations		—		5,773,540		—		5,773,540
Money Market registered investment companies		65,099,635		—		—		65,099,635
Total	$	65,099,635	$	127,985,358	$	—	$	193,084,993
Trustee deferred compensation***	$	441	$	—	$	—	$	441

* See schedule of investments for industry classifications.

** Futures contracts include unrealized gain/loss on contracts open at June 30, 2017.

*** A corresponding liability exists that is marked to market and is fair valued under the Level 1 hierarchy.

3.    Investment Transactions

For the six months ended June 30, 2017, 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	$	395,020,786	$	415,909,076
Dynamic		141,951,391		150,194,727
Aggressive		51,980,358		60,349,322
Balanced		217,800,898		239,442,559
Global		53,247,716		73,083,983
Spectrum		66,945,553		71,596,165
Quantex		48,515,820		38,537,701
Infrastructure		363,771		1,635,666
Dividend		72,903,931		75,754,859
Bond		129,809,586		162,512,488

For the six months ended June 30, 2017, 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
Bond	$	1,386	$	—

2017 Semiannual Report | June 30, 2017     Page 97

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
Prime Money Market****	N/A	N/A	0.40%	N/A	0.25%	N/A
Institutional Prime 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, 2017, $109,160 of investment advisory fees was waived in Quantex and is not subject to recoupment.

** From the period January 1, 2017 through April 17, 2017, MAM voluntarily agreed to reduce $15,094 of investment advisory fees in Infrastructure. Effective April 18, 2017, MAM has contractually agreed to reduce its investment advisory fee by 0.25% for Infrastructure 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 period April 18, 2017 through June 30, 2017, $10,721 of investment advisory fees was contractually waived in Infrastructure and is not subject to recoupment.

*** Effective April 18, 2017, MAM has contractually agreed to reduce its investment advisory fee by 0.10% for Dynamic for average daily net assets up to $200 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 period April 18, 2017 through June 30, 2017, $25,148 of investment advisory fees was contractually waived in Dynamic and is not subject to recoupment.

**** During the six months ended June 30, 2017, MAM voluntarily agreed to reduce $92,713 and $338,628 of investment advisory fees in Prime Money Market and Institutional Prime Money Market, respectively.

***** MAM has contractually agreed to reduce and/or reimburse expenses for Institutional Prime Money Market through at least April 30, 2018, to the extent necessary to limit the total operating expenses of the Fund, excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses, to no more than 0.60% of average daily net assets. During the six months ended June 30, 2017, there were no such fees waived.

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	%
Prime Money Market		4,000		20		0.08	%
Institutional Prime Money Market		4,000		20		0.08	%

* All classes of shares were charged the same fee for the six months ended June 30, 2017.

Page 98 2017 Semiannual Report | June 30, 2017

For fixed income Funds (Bond, Prime Money Market, and Institutional Prime 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, 2017, MFSCo contractually waived $4,378 and $17,466 of transfer agent fees for Prime Money Market and Institutional Prime Money Market, respectively. MFSCo also voluntarily waived $15,944, $8,877, and $1,413 of transfer agent fees for Infrastructure, Dividend, and Bond, respectively, during the six months ended June 30, 2017.

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%
Prime Money Market	0.10%	0.08%
Institutional Prime 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	%
Prime Money Market		30,000		0.15	%		0.10	%		0.02	%		0.01	%
Institutional Prime Money Market		30,000		0.15	%		0.10	%		0.02	%		0.01	%

2017 Semiannual Report | June 30, 2017     Page 99

For the six months ended June 30, 2017, MAM and MFSCo agreed to voluntarily waive and/or reimburse investment advisory fees and transfer agent fees, respectively. The cumulative amounts voluntarily waived and/or reimbursed and the impact to the net expense ratio (excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses) for each Fund are as follows:

Voluntary Expense Reimbursements

Impact of Voluntary Waivers to Average Net Assets

Impact of Voluntary Waivers to Average Net Assets – Retail Class

Impact of Voluntary Waivers to Average Net Assets – Adviser Class

Impact of Voluntary Waivers to Average Net Assets – Institutional Class

Muirfield

$

—

N/A

N/A

N/A

N/A

Quantex*

—

N/A

N/A

N/A

N/A

Infrastructure*

31,038

N/A

0.32

%

0.15

%

0.19

%

Dynamic*

—

N/A

N/A

N/A

N/A

Aggressive

—

N/A

N/A

N/A

N/A

Balanced

—

N/A

N/A

N/A

N/A

Global

—

N/A

N/A

N/A

N/A

Spectrum

—

N/A

N/A

N/A

N/A

Dividend

8,877

N/A

0.03

%

N/A

0.04

%

Bond

1,413

N/A

N/A

N/A

N/A

Prime Money Market

92,713

0.50

%

N/A

N/A

N/A

Institutional Prime Money Market

338,628

0.39

%

N/A

N/A

N/A

* $25,148, $109,160, and $10,721 of investment advisory fees were contractually waived in Dynamic, Quantex, and Infrastructure, respectively, and are not subject to recoupment as noted on page 98.

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 holdings in other investment companies (or mutual funds, etc.) The fees are remitted to the Funds, which are used to pay 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, 2017, and 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, 2017, Balanced, Spectrum, and Quantex 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. For the six months ended June 30, 2017, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	2,080
Dynamic		1,502
Aggressive		561
Balanced		13,321
Global		336
Spectrum		4,829
Quantex		17,738
Infrastructure		98

Page 100 2017 Semiannual Report | June 30, 2017

Certain Funds have entered into directed brokerage arrangements with unaffiliated brokers whereby the brokers have agreed to pay a portion of the Funds’ operating expenses using part of the commissions generated by the Funds. All expenses paid with directed brokerage and commission recapture credits are shown in full on the Statements of Operations and the amount credited is shown as a reduction in total expenses. In the absence of the directed brokerage arrangement, the Funds could have invested some of the amounts paid for commissions to generate income or capital gain; however, the Funds would have paid more in expenses. The following table identifies each category of expense that was paid using directed brokerage and commission recapture credits and the total credits received by each Fund during the six months ended June 30, 2017:

	Registration		Other		Audit		Custody		Insurance		Postage		Printing		Legal		Short Dividend		Total Credits Received
Muirfield	$	30,294	$	14,062	$	7,457	$	20,456	$	17,176	$	10,810	$	8,863	$	2,172	$	—	$	111,290
Dynamic		23,939		10,285		7,457		6,617		3,020		5,455		2,657		2,172		—		61,602
Aggressive		20,603		9,349		7,457		2,527		2,205		1,596		1,052		2,172		—		46,961
Balanced		22,297		11,980		7,457		12,032		13,926		6,661		5,040		2,172		—		81,565
Global		21,401		9,488		7,457		4,211		2,974		3,283		1,654		2,172		—		52,640
Spectrum		21,746		10,659		8,209		6,617		8,052		6,123		2,745		2,172		94,580		160,903
Quantex		22,751		8,550		7,457		4,363		2,643		4,998		—		—		—		50,762
Infrastructure		658		—		—		—		—		—		—		—		—		658
Dividend		21,311		8,308		7,457		3,009		1,583		5,300		1,255		2,172		—		50,395

The Funds have adopted a written plan pursuant to Rule 12b-1 of the 1940 Act that allows the Funds to pay fees for the sale and distribution of Fund shares and for services provided to Fund shareholders. 12b-1 fees are paid by the Funds to financial intermediaries, securities brokers, investment advisers, and other persons, including MAM and its affiliates. The annual adopted 12b-1 plan maximum limitations, along with 12b-1 plan expense payments made to MAM and its affiliates for the six months ended June 30, 2017, are as follows:

	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets – Retail Class	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets – Adviser Class	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets – Institutional Class	12b-1 Plan Expense Payments Made to MAM and Its Affiliates
Muirfield	N/A	0.20%	N/A	N/A	$ 30,234
Quantex	N/A	0.20%	N/A	N/A	13,420
Infrastructure	N/A	0.25%	N/A	N/A	5,271
Dynamic	N/A	0.25%	N/A	N/A	10,123
Aggressive	N/A	0.25%	N/A	N/A	8,548
Balanced	N/A	0.25%	N/A	N/A	37,602
Global	N/A	0.25%	N/A	N/A	9,246
Spectrum	N/A	0.25%	N/A	N/A	14,080
Dividend	N/A	0.25%	N/A	N/A	4,366
Bond	N/A	0.25%	N/A	N/A	36,361
Prime Money Market	0.20%	N/A	N/A	N/A	N/A
Institutional Prime Money Market	0.20%	N/A	N/A	N/A	N/A

2017 Semiannual Report | June 30, 2017     Page 101

The Funds (other than the Money Market Funds) have adopted a shareholder services plan that allows the Funds to pay financial intermediaries and other persons, including “platforms,” for providing shareholder and administrative services to Fund shareholders and maintaining shareholder accounts. The annual adopted shareholder services plan maximum limitations for the six months ended June 30, 2017 are as follows:

	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets – Retail Class	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets – Adviser Class	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets – Institutional Class
Muirfield	0.20%	0.25%	0.10%
Quantex	0.20%	0.25%	0.10%
Infrastructure	0.20%	0.25%	0.10%
Dynamic	0.20%	0.25%	0.10%
Aggressive	0.20%	0.25%	0.10%
Balanced	0.20%	0.25%	0.10%
Global	0.20%	0.25%	0.10%
Spectrum	0.20%	0.25%	0.10%
Dividend	0.20%	0.25%	0.10%
Bond	0.20%	0.25%	0.10%

The Funds have adopted a Deferred Compensation Plan (the “Plan”) for the independent Trustees. Under the Plan, each eligible Trustee is permitted to defer all or a portion of the trustees fees payable by any of the Funds as an investment into any combination of Funds until a specified point of time. The investment into the Funds is recorded as an asset however an offsetting liability is also recorded for the deferred payment. 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. Legal Counsel is also an officer of the Funds.

During the six months ended June 30, 2017, several of the Funds invested in the Institutional Prime Money Market Fund, an affiliate, as described in Section 2(a)(3) of the Investment Company Act of 1940. The purchases/sales amounts in the following table are presented on a gross basis, while the statement of changes in net assets shows subscriptions and redemptions into and out of the Fund on a net basis. The Funds’ investments in the Institutional Prime Money Market Fund, which had a 7-day yield of 1.05% on June 30, 2017, were as follows:

	12/31/16 Fair Value		Purchases		Sales			Realized Gains			6/30/17 Cost		Change in Unrealized			Income		6/30/17 Fair Value
Muirfield	$	93,992,266	$	50,118,623	$	(59,247,720	)	$	3,312		$	84,863,302	$	(12,018	)	$	341,930	$	84,854,463
Dynamic		15,270,106		31,447,784		(30,034,146	)		(250	)		16,683,475		(1,609	)		62,424		16,681,885
Aggressive		5,095,423		15,320,623		(13,227,050	)		(53	)		7,188,913		(727	)		18,314		7,188,216
Balanced		32,884,113		36,473,032		(42,670,584	)		(68	)		26,686,476		(2,640	)		105,707		26,683,853
Global		3,120,423		25,059,373		(13,050,553	)		125			15,129,096		(1,723	)		28,907		15,127,645
Spectrum		7,075,401		23,702,273		(26,977,550	)		(270	)		3,799,825		(41	)		18,865		3,799,813
Quantex		11,729,999		14,855,959		(21,323,461	)		349			5,262,267		(1,074	)		20,788		5,261,772
Infrastructure		1,891,662		2,866,150		(4,254,709	)		(60	)		503,044		(17	)		6,291		503,026
Dividend		5,488,862		7,851,719		(8,118,107	)		123			5,222,493		(597	)		15,085		5,222,000
Bond		6,125,641		44,344,002		(46,087,018	)		(177	)		4,382,220		(639	)		22,970		4,381,809

Page 102 2017 Semiannual Report | June 30, 2017

5.    Federal Tax Information

The tax characteristics of dividends paid by the Funds during the period ended December 31, 2016 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Tax Return of Capital		Total Dividends Paid*
Muirfield	$	2,921,928	$	—	$	—	$	—	$	2,921,928
Dynamic		1,181,295		—		570,071		—		1,751,366
Aggressive		515,324		—		—		—		515,324
Balanced		2,762,245		—		—		—		2,762,245
Global		922,270		—		—		—		922,270
Spectrum		230,684		—		1,329,394		—		1,560,078
Quantex		361,262		871,863		376,765		—		1,609,890
Infrastructure		29,976		—		196,619		221,929		448,524
Dividend		777,516		—		—		—		777,516
Bond		6,263,564		—		—		—		6,263,564
Prime Money Market		567,140		—		—		—		567,140
Institutional Prime Money Market		86,393		—		—		—		86,393

The tax characteristics of dividends paid by the Funds during the year 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	$	1,202,283	$	3,939,196	$	5,238,660	$	—	$	10,380,139
Dynamic		713,959		941,174		2,322,009		—		3,977,142
Aggressive		226,931		1,170,375		1,621,873		—		3,019,179
Balanced		1,916,823		751,208		721,302		—		3,389,333
Global		502,535		—		2,772,417		—		3,274,952
Spectrum		—		1,136,709		392,347		229,488		1,758,544
Quantex		350,309		2,941,019		5,841,122		—		9,132,450
Infrastructure		354,632		—		5,682,559		—		6,037,191
Dividend		401,235		—		—		—		401,235
Bond		5,089,086		—		—		—		5,089,086
Prime Money Market		204,416		—		—		—		204,416

As of December 31, 2016, 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	$	—	$	1,764,003		$	9,924,379		$	11,688,382
Dynamic		—		782,415			3,098,410			3,880,825
Aggressive		—		446,773			2,049,899			2,496,672
Balanced		—		(82,095	)		3,215,807			3,133,712
Global		—		(6,488,111	)		274,326			(6,213,785	)
Spectrum		—		2,172,636			2,867,695			5,040,331
Quantex		2,013,070		542,617			7,123,204			9,678,891
Infrastructure		—		(704,765	)		1,863,588			1,158,823
Dividend		—		(635,466	)		2,110,177			1,474,711
Bond		—		(11,718,467	)		(803,940	)		(12,522,407	)
Prime Money Market		—		—			—			—
Institutional Prime Money Market		12		(1,094	)		3,260			2,178

* 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.

2017 Semiannual Report | June 30, 2017     Page 103

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

	Post-October Loss Deferral
Infrastructure	$	216,089
Bond		285,930
Institutional Prime Money Market		1,068

For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2016, 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:

Capital Loss Carryforwards	Amount		Tax Character
Infrastructure	$	434,010	Short-term
Infrastructure		54,666	Long-term
Balanced		82,095	Short-term
Global		4,311,836	Short-term
Global		2,176,275	Long-term
Bond		7,252,401	Short-term
Bond		4,180,136	Long-term
Dividend		635,466	Short-term
Institutional Prime Money Market		26	Short-term

During the year ended December 31, 2016, Muirfield, Balanced, and Dividend utilized capital loss carryforwards in the amounts of $5,759,125, $322,782, and $447,919, respectively.

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, 2017, 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	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	26%
Aggressive	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	39%
Balanced	National Financial Services Corp. and certain affiliates held for the benefit of others	31%
Global	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	69%
Spectrum	National Financial Services Corp. and certain affiliates held for the benefit of others	25%
Dividend	Nationwide Trust Company, FSB and certain affiliates held for the benefit of others	25%
Bond	National Financial Services Corp. and certain affiliates held for the benefit of others	32%
Institutional Prime Money Market	Carey & Co. held for the benefit of others *	88%

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

7.    Subsequent Events

Management evaluated subsequent events through the date these financial statements were issued and concluded no subsequent events required recognition or disclosure in these financial statements.

Page 104 2017 Semiannual Report | June 30, 2017

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 (*).

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 V. 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	Co-Chief Investments 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).
James B. Craver Year of Birth: 1943	2016	Chief Compliance Officer	James B. Craver & Associates, LLC (2009 – present).
Douglas Jennings Year of Birth: 1962	2016	Assistant Chief Compliance Officer	Chief Compliance Officer, Meeder Asset Management, Inc. (2016 – present); Assistant General Counsel, Meeder Asset Management, Inc. (2016 – present); Partner, Carlile Patchen & Murphy, LLP (2010 – 2016).
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 twelve 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, Prime Money Market Fund and Institutional Prime Money Market Fund file their complete schedules 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, 2017, 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.

2017 Semiannual Report | June 30, 2017  Page 105

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Manager and Investment Advisor

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

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 & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, Ohio 44115

6125 Memorial Drive Dublin, Ohio 43017

Meeder Funds Semiannual Report

June 30, 2017

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:

	2017		2016
Audit Fees	$	122,500	$	105,750
Audit-Related Fees		300		300
Tax Fees		42,000		38,500
All Other Fees		2,500		1,650

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 $46,570 and $54,500 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, 2017

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, 2017
By:	/s/ Robert S. Meeder, Jr.
	Robert S. Meeder, Jr., President
Date:	September 6, 2017