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 811-03462

Meeder Funds Trust

6125 Memorial Drive

Dublin, OH 43017

Bruce McKibben

c/o Meeder Funds Trust

6125 Memorial Drive

Dublin, OH 43017

Registrant's telephone number, including area code: 800-325-3539

Date of fiscal year end: December 31, 2022

Date of reporting period: June 30, 2022

Item 1. Report to Stockholders.

TABLE OF CONTENTS

Letter to Shareholders	1
Portfolio Composition	4
Schedules of Investments	11
Statements of Assets and Liabilities	54
Statements of Operations	56
Statements of Changes in Net Assets	58
Financial Highlights	62
Notes to Financial Statements	72
Shareholder Expense Analysis	90

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

Meeder Funds are distributed by Meeder Distribution Services, Inc. (Member FINRA), an affiliate of Meeder Investment Management. An affiliated registered investment adviser, Meeder Asset Management, Inc., serves as the investment adviser to Meeder Funds and is paid a fee for its services.

Letter to Shareholders June 30, 2022

A Bear Market is Here

MARKET UPDATE

The S&P 500 Index officially reached bear market territory after finishing the second quarter down more than -20% from its all-time high set on January 3rd. It was the worst first-half performance for the S&P 500 since 1970. Bonds, represented by the Bloomberg Aggregate Index could not escape the carnage either as they also finished June down more than -10% YTD. This was just the third time since 1981 that stocks and bonds experienced two consecutive quarters of negative performance. Prior to that, the most recent occurrence was during the Financial Crisis of 2008.

The second quarter was a continuation of many of the same themes as the first quarter this year, as illustrated in Figure 1. Value stocks outperformed their Growth peers and Large- caps generally outperformed Small-caps. When looking at the 9 style boxes, the performance of each of Russell’s 9 equity style indexes were negative. S&P sectors only had Energy produce positive performance year-to-date, up more than 30%. Utilities, Consumer Staples, and Health Care sectors each had single-digit losses year-to-date. The remaining sectors have experienced negative performance year-to-date, down anywhere from 16-32%. International markets suffered too, just as the global supply chain issues continue to struggle to meet demand.

FIGURE 1

YTD PERFORMANCE THROUGH JUNE 30, 2022

	VALUE	BLEND	GROWTH
Large-Cap	-12.9%	-19.9%	-28.1%
Mid-Cap	-10.0%	-21.6%	-31.0%
Small-Cap	-17.3%	-23.4%	-29.5%

INVESTMENT	RETURN
Developed International ex-USA Index	-21.6%
Emerging Markets Index	-14.4%
Bloomberg U.S Aggregate Bond Index	-10.4%

SOURCE: Morningstar Direct; Bloomberg; Large Value: Russell 1000 Value TR Index, Large Blend: S&P 500 Index TR, Large Growth: Russell 1000 Growth Index TR, Mid Value: Russell Midcap Value Index TR, Mid Blend: Russell Midcap Index TR, Mid Growth: Russell Midcap Growth Index TR, Small Value: Russell 2000 Value Index TR, Small Blend: Russell 2000 Index TR, Small Growth: Russell 2000 Growth Index TR. Developed International: STOXX Global 1800 ex-USA Index TR, Emerging Markets: STOXX Emerging Markets 1500 Index TR

FEDERAL RESERVE

The Fed is trying to restore credibility with the marketplace after dismissing inflationary trends as just being transitory for nearly a year. The Fed took bold action after seeing inflation reach a 40-year high and increased the federal funds rate by 0.75% on June 15, making it the largest single rate increase since 1994. This brought the overnight lending rate between banks to a range of 1.50%-1.75%. The committee is currently telegraphing that they will likely increase rates by an additional 0.75% at their July meeting. The Fed is predicting that the federal funds target rate at the end of 2022 will be between 3.25% and 3.50%, which remains much higher than where rates currently sit. In June, the 10-Year Treasury yield closed above 3.49% for the first time since July 2011. It has also caused the spread between the 2 and 10-year Treasury maturities to invert. This occurs when the economic forecast looks unsteady and investors favor purchasing longer-term debt over short-term debt. They do this to try and lock in long-term bond yields to reduce risk. Historically, this has been a precursor to an economic recession.

FIGURE 2

TREASURY YIELDS AND FEDERAL FUNDS RATE

SOURCE: FRED

2022 Semi-Annual Report | June 30, 2022 Page 1

RECESSION AROUND THE CORNER?

Now that the Fed has committed to “do-whatever-it-takes to control inflation” and will be aggressively raising rates for the foreseeable future, investors are questioning if the economy has what it takes to rebound this time. As the Fed continues to tighten, the question remains, will the economy be able to continue to grow despite the dampening demand caused by an increase in interest rates? The first quarter of 2022 saw the U.S. economy unexpectedly contract by -1.6%. While the National Bureau of Economic Research is responsible for determining the official declaration of a recession, many investors follow the old methodology of two consecutive quarters of negative GDP growth as the definition of a recession. As interest rate increases continue to work their way into the economy, there are signs that some of the demand is already declining rapidly. For example, according to the U.S. Census Bureau, new housing starts declined by -14.4% from April to May.

SENTIMENT AT HISTORIC LOW

Consumers are feeling different about this bear market from others that have occurred in recent years. The University of Michigan Index of Consumer Sentiment survey for June reported a level of 50.0, making it an all-time low in the survey’s history since 1978. It was a substantial drop of more than -14% from May. Previously, investors knew that the Federal Reserve was ultimately backing up the stock market which is why some analysts believe that we had the V-shaped recoveries after the significant drawdowns we experienced in 2019 and 2020.

RUSSIA AND UKRAINE WAR

As the war between Russia and Ukraine continues to drag on, Ukraine is defending itself on several fronts better than many expected. This unprovoked Russian attack led many countries, including the European Union, to ban the purchase of Russian oil exports. This sent the price of crude oil higher as demand already outweighed supply. Russia is the world’s second- largest oil producer behind the U.S. and produces more than 9.4 million barrels per day. This shortage and continued supply chain issues were primary drivers in pushing inflation to reach 40-year highs.

HOW IS THIS IMPACTING PORTFOLIOS?

At Meeder, we manage investment solutions across different risk profiles and time horizons. Meeder manages strategies using a systematic approach that guides us in the allocation of our portfolios. Many of these solutions employ one or more of our core investment strategies: Growth, Defensive Equity, and Fixed Income.

GROWTH

Investment portfolios comprised of the Growth Strategy maintain a more aggressive objective and typically remain invested in the stock market. In the second quarter, equity markets experienced significant volatility as the Russia and Ukraine War continued. This led many countries to ban the purchase of Russian oil exports, sending the price of crude oil higher and exacerbating supply chain disruptions. The Fed took bold action after seeing inflation reach a 40-year high and increased the federal funds rate by 0.75% on June 15 making it the largest single rate increase since 1994. This volatility caused the performance of nearly all equity markets to struggle. Investors that remained in the Growth Strategy experienced more volatility than our Defensive Equity strategies but achieved performance similar to the equity market as represented by the S&P 500 Index.

DEFENSIVE EQUITY

Portfolios that utilize the Defensive Equity Strategy follow a rules-based and data-driven approach using the Meeder Investment Positioning System (IPS) model. This investment model is used to determine the risk relative to the reward available in the marketplace and identify when we should be increasing or decreasing the portfolio’s equity exposure. At the beginning of the quarter, the strategy had a 70% allocation to equities. By the end of April, credit risk continued to rise, and inflation, interest rates, and geopolitical uncertainty weighed on the model score. The IPS model guided us to reduce our allocation to equities to 51%. In the middle of May, the long-term trends and momentum were very weak. Valuations remained elevated, causing us to reduce our equity allocation to as low as 32%. In early June our intermediate and short-term models became a little more positive due to the extreme number of flows into inverse bearish ETFs. We view this from a contrarian perspective and increased our equity exposure to 41%. For the remainder of the quarter, any improvement in the IPS model scores were essentially negated by the heightened volatility present in the marketplace. The defensive equity positioning throughout the quarter substantially reduced the market volatility experienced by investors relative to the equity market as measured by the S&P 500 Index.

FIXED INCOME

The Meeder Fixed Income Strategy tactically shifts portfolio exposure utilizing our proprietary investment models. These models are designed to actively monitor factors to guide us in determining the credit quality, emerging market debt exposure, and the portfolio’s U.S. Treasury duration.

Meeder Fixed Income portfolios started the second quarter with exposure to high yield bonds, investment-grade bonds, short-term U.S. Treasuries, and cash. As market volatility increased early in the quarter, momentum and volatility factors in our credit model signaled risk-off sentiment and we reduced high yield positions in our portfolios, moving the proceeds to cash. We also extended portfolio duration from mid-May through mid-June, as momentum factors in our duration model indicated relative strength in longer duration Treasuries. As volatility subsided towards the end of May, macroeconomic, momentum and volatility factors in our credit and emerging markets led us to increase high yield and emerging market exposure briefly.

However, rate volatility in the fixed income markets continued to rise during the quarter and the Federal Reserve surprised the markets with a higher-than- expected, 0.75% rate hike on the federal funds rate in June. Our models ultimately guided us to exit high yield and

Page 2 2022 Semi-Annual Report | June 30, 2022

emerging market positions in mid- June, increasing the cash position in our portfolios. Higher cash exposure helped our portfolios’ relative performance against market benchmarks on the downside during the quarter.

One-third of the portfolio remained invested in U.S. Investment grade securities throughout the quarter. At the end of the second quarter, we reduced High Yield and Emerging Market exposure and shortened the duration by raising cash.

LOOKING AHEAD

Inflation will remain a very important issue for the global economy in the foreseeable future. This presents a unique and challenging environment that we have not seen for more than 40 years. The good news is that we have seen inflationary times worse than this and have built our models with everything we learned since that time. While no two economic periods are the same, we will continue to make our investment decisions based on economic data and factors that remove emotion from the decision- making process. We will continue to follow our disciplined process and rules-based approach to managing money and, as always, we thank you for trusting us to help you reach your financial goals.

Sincerely,

Robert S. Meeder
President and CEO

2022 Semi-Annual Report | June 30, 2022 Page 3

Portfolio Composition

June 30, 2022

Muirfield Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Information Technology	29.4%
Healthcare	19.9%
Financials	11.3%
Industrials	9.4%
Consumer Discretionary	9.1%
Communication Services	6.4%
Energy	6.2%
Consumer Staples	4.5%
Materials	2.3%
Utilities	1.3%
Real Estate Investment Trust	0.2%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
Microsoft Corp.	4.6%
Apple, Inc.	3.8%
Berkshire Hathaway, Inc. - Class B	2.6%
Johnson & Johnson	1.8%
Alphabet, Inc. - Class C	1.8%
Costco Wholesale Corp.	1.1%
Amazon.com, Inc.	1.1%
Lockheed Martin Corp.	1.0%
UnitedHealth Group, Inc.	0.9%
Northrop Grumman Systems Corp.	0.9%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	52.3%
Money Market Registered Investment Companies	42.6%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	5.0%
Total	100.0%

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

Spectrum Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Information Technology	28.4%
Healthcare	20.7%
Financials	11.9%
Consumer Discretionary	9.2%
Industrials	7.8%
Energy	7.4%
Communication Services	6.6%
Consumer Staples	4.9%
Materials	1.9%
Utilities	1.1%
Real Estate Investment Trust	0.1%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
Microsoft Corp.	5.7%
Apple, Inc.	4.8%
Berkshire Hathaway, Inc. - Class B	3.0%
Alphabet, Inc. - Class C	2.4%
UnitedHealth Group, Inc.	2.1%
Amazon.com, Inc.	1.6%
Amgen USA, Inc.	1.4%
Costco Wholesale Corp.	1.4%
Johnson & Johnson	1.3%
Chevron Corp.	1.2%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	66.5%
Money Market Registered Investment Companies	25.4%
Other Assets/Liabilities (Net)	8.1%
Total	100.0%

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

2022 Semi-Annual Report | June 30, 2022 Page 5

Global Allocation Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Information Technology	28.7%
Healthcare	19.4%
Financials	14.0%
Consumer Discretionary	8.7%
Industrials	8.3%
Energy	6.7%
Communication Services	6.5%
Consumer Staples	5.2%
Materials	1.4%
Utilities	1.0%
Real Estate Investment Trust	0.1%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2022	% of total common stocks
U.S. Fixed Income	24.7%
International Equity	75.3%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
iShares Core MSCI EAFE ETF	6.7%
Microsoft Corp.	1.7%
iShares Core MSCI Emerging Markets ETF	1.6%
Apple, Inc.	1.6%
Berkshire Hathaway, Inc. - Class B	1.3%
Alphabet, Inc. - Class C	0.8%
Johnson & Johnson	0.6%
Marsh & McLennan Cos., Inc.	0.5%
Amazon.com, Inc.	0.5%
UnitedHealth Group, Inc.	0.5%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	21.7%
Equity Registered Investment Companies	8.4%
Fixed Income Registered Investment Companies	2.7%
Money Market Registered Investment Companies	62.7%
Bank Obligations	1.3%
Other Assets/Liabilities (Net)	3.2%
Total	100.0%

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

Balanced Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Information Technology	28.7%
Healthcare	19.9%
Financials	12.8%
Consumer Discretionary	8.6%
Industrials	8.4%
Energy	7.2%
Communication Services	6.4%
Consumer Staples	4.7%
Materials	1.9%
Utilities	1.3%
Real Estate Investment Trust	0.1%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2022	% of total common stocks
U.S. Fixed Income	100.0%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
Microsoft Corp.	3.0%
Apple, Inc.	2.6%
Berkshire Hathaway, Inc. - Class B	2.0%
PGIM Short-Term Corporate Bond Fund - Class R6	1.5%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	1.5%
Alphabet, Inc. - Class C	1.3%
Segall Bryant & Hamill Plus Bond Fund Institutional	1.1%
DoubleLine Total Return Bond Fund - Class I	1.1%
UnitedHealth Group Inc.	1.0%
Baird Core Plus Bond Fund Class Institutional	0.9%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	36.2%
Fixed Income Registered Investment Companies	8.5%
Money Market Registered Investment Companies	50.7%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	4.5%
Total	100.0%

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

Page 6 2022 Semi-Annual Report | June 30, 2022

Moderate Allocation Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Information Technology	28.4%
Healthcare	19.5%
Financials	14.6%
Consumer Discretionary	8.6%
Industrials	8.4%
Communication Services	6.7%
Energy	6.6%
Consumer Staples	4.7%
Materials	1.4%
Utilities	1.0%
Real Estate Investment Trust	0.1%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2022	% of total common stocks
U.S. Fixed Income	100.0%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
PGIM Short-Term Corporate Bond Fund - Class R6	2.4%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	2.4%
Segall Bryant & Hamill Plus Bond Fund Institutional	1.8%
DoubleLine Total Return Bond Fund - Class I	1.8%
Baird Core Plus Bond Fund Class Institutional	1.5%
Microsoft Corp.	1.4%
Apple, Inc.	1.3%
Pioneer Bond Fund - Class K	1.0%
Frost Total Return Bond Fund Class Institutional	1.0%
Berkshire Hathaway, Inc. - Class B	1.0%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	17.2%
Fixed Income Registered Investment Companies	14.2%
Money Market Registered Investment Companies	66.0%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	2.4%
Total	100.0%

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

Conservative Allocation Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Information Technology	27.6%
Healthcare	18.6%
Financials	12.0%
Consumer Discretionary	7.9%
Communication Services	7.1%
Energy	6.6%
Utilities	6.6%
Industrials	6.3%
Consumer Staples	4.1%
Materials	3.2%
Real Estate Investment Trust	0.0%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2022	% of total common stocks
U.S. Fixed Income	100.0%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
PGIM Short-Term Corporate Bond Fund - Class R6	3.4%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	3.4%
Segall Bryant & Hamill Plus Bond Fund Institutional	2.5%
DoubleLine Total Return Bond Fund - Class I	2.5%
Baird Core Plus Bond Fund Class Institutional	2.1%
Pioneer Bond Fund - Class K	1.4%
Frost Total Return Bond Fund Class Institutional	1.4%
Guggenheim Total Return Bond Fund Institutional Class	1.1%
iShares Core US Aggregate Bond ETF	1.0%
BBH Limited Duration Fund Class Institutional	0.9%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	1.2%
Fixed Income Registered Investment Companies	19.8%
Money Market Registered Investment Companies	77.7%
Other Assets/Liabilities (Net)	1.3%
Total	100.0%

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

2022 Semi-Annual Report | June 30, 2022 Page 7

Dynamic Allocation Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Information Technology	28.6%
Healthcare	19.9%
Financials	12.4%
Consumer Discretionary	9.2%
Industrials	8.2%
Energy	7.0%
Communication Services	6.4%
Consumer Staples	5.2%
Materials	1.8%
Utilities	1.3%
Real Estate Investment Trust	0.0%
Total	100.0%

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

Registered Investment Company Geographic Concentration as of June 30, 2022	% of total common stocks
U.S. Fixed Income	91.1%
International Equity	8.9%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
Microsoft Corp.	5.4%
Apple, Inc.	4.5%
Berkshire Hathaway, Inc. - Class B	3.1%
Alphabet, Inc. - Class C	2.2%
UnitedHealth Group, Inc.	1.8%
Amazon.com, Inc.	1.5%
Johnson & Johnson	1.5%
Costco Wholesale Corp.	1.4%
ExxonMobil Oil Corp.	1.1%
Chevron Corp.	1.1%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	62.1%
Fixed Income Registered Investment Companies	4.6%
Equity Registered Investment Companies	0.5%
Money Market Registered Investment Companies	29.6%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	3.0%
Total	100.0%

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

Quantex Fund

Common Stock Sector Concentration as of June 30, 2022	% of total common stocks
Industrials	18.7%
Consumer Discretionary	12.7%
Financials	12.0%
Information Technology	9.8%
Healthcare	9.5%
Utilities	8.7%
Materials	8.5%
Real Estate Investment Trust	6.3%
Communication Services	5.5%
Consumer Staples	4.8%
Energy	3.5%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
Mosaic Co. Foundation/The	0.9%
Leidos Holdings, Inc.	0.9%
Nielsen Holdings PLC	0.8%
Quanta Services, Inc.	0.8%
Huntington Ingalls Industries, Inc.	0.8%
Atmos Energy Corp.	0.8%
Rollins, Inc.	0.8%
CF Industries Holdings, Inc.	0.8%
SolarEdge Technologies, Inc.	0.8%
Alliant Energy Corp.	0.7%

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

Asset Allocation as of June 30, 2022	% of total net assets
Common Stocks (United States)	58.6%
Money Market Registered Investment Companies	37.4%
Other Assets/Liabilities (Net)	4.0%
Total	100.0%

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

Page 8 2022 Semi-Annual Report | June 30, 2022

Tactical Income Fund

Fixed Income Sector Concentration as of June 30, 2022	% of total fixed income securities
Investment Grade	29.0%
Cash & Equivalents	71.0%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
iShares Core 1-5 Year USD Bond ETF	14.2%
BBH Limited Duration Fund Class Institutional	7.5%
Diamond Hill Short Duration Securitized Bond Fund - Class Y	3.1%
Frost Total Return Bond Fund Class Institutional	2.5%
PGIM Short-Term Corporate Bond Fund - Class R6	1.4%
Government National Mortgage Association, 6.50%, 7/20/2038	0.1%

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

Institutional Prime Money Market Fund

Sector Concentration as of June 30, 2022	% of total net assets
Commercial Paper	40.7%
Certificates of Deposit	27.4%
Repurchase Agreements	23.5%
Money Market Registered Investment Companies	4.6%
Variable Rate Demand Notes	3.2%
Corporate Obligations	2.1%
Other Assets/Liabilities (Net)	-1.5%
Total	100.0%

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

Top 10 Holdings as of June 30, 2022	% of total net assets
South Street Repo, 1.50%, due 7/1/2022	8.6%
South Street Repo, 1.55%, due 7/1/2022	7.8%
StoneX Repo, 1.70%, due 7/1/2022	7.1%
Federated Hermes Government Obligations Fund, 1.41%	4.6%
Great Bear Funding, 1.60%, 7/1/2022	2.1%
Great Bear Funding, 1.58%, 7/5/2022	2.1%
Halkin Finance, LLC, 1.11%, 7/1/2022	1.9%
Natixis SA/New York, NY, 1.88%, 12/2/2022	1.4%
Standard Chartered Bank NY, 0.66%, 11/1/2022	1.4%
Bank of Montreal Chicago, 2.03%, 1/3/2023	1.4%

As a percentage of total net assets.    

2022 Semi-Annual Report | June 30, 2022 Page 9

2022 Semi-Annual Report
Fund Holdings & Financial Statements

Schedules of Investments
June 30, 2022 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 52.3%
Communication Services — 3.4%
Alphabet, Inc. (1)		5,193		11,359,428
AT&T, Inc.		29,147		610,921
Cogent Communications Holdings, Inc.		2,264		137,561
Comcast Corp.		81,067		3,181,069
Emerald Holding, Inc. (1)		8		33
Entravision Communications Corp.		1,883		8,586
IDT Corp. (1)		15,505		389,951
Interpublic Group of Cos., Inc./The		49,688		1,367,911
Liberty TripAdvisor Holdings, Inc. (1)		8,364		6,328
Lions Gate Entertainment Corp. (1)		688		6,075
Lumen Technologies, Inc.		7,466		81,454
Meta Platforms, Inc. (1)		16,153		2,604,671
News Corp.		1,172		18,260
Nexstar Media Group, Inc.		3,686		600,376
Omnicom Group, Inc.		19,418		1,235,179
Telephone and Data Systems, Inc.		410		6,474
Verizon Communications, Inc.		802		40,702
				21,654,979
Consumer Discretionary — 4.7%
Abercrombie & Fitch Co. (1)		192		3,249
Academy Sports & Outdoors, Inc.		53,605		1,905,122
Amazon.com, Inc. (1)		64,824		6,884,957
AutoZone, Inc. (1)		547		1,175,569
Booking Holdings, Inc. (1)		921		1,610,820
Cavco Industries, Inc. (1)		694		136,017
Dana, Inc.		3,684		51,834
Dillard’s, Inc.		68		14,999
Everi Holdings, Inc. (1)		1,466		23,910
Fisker, Inc. (1)		3		26
Ford Motor Co.		45,012		500,984
Frontdoor, Inc. (1)		2,948		70,988
Garmin, Ltd.		72		7,074
Genesco, Inc. (1)		1,423		71,022
Gentex Corp.		476		13,314
Gentherm, Inc. (1)		1,770		110,466
Genuine Parts Co.		94		12,502
Grand Canyon Education, Inc. (1)		17,367		1,635,798
H&R Block, Inc.		11,137		393,359
Hibbett, Inc.		2,837		124,005
Home Depot, Inc./The		2,383		653,585
Hovnanian Enterprises, Inc. (1)		10		428
Kohl’s Corp.		14,402		514,007
La-Z-Boy, Inc.		315		7,469
Lear Corp.		55		6,924

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
LKQ Corp.		69		3,387
Lowe’s Cos., Inc.		20		3,493
Lululemon Athletica, Inc. (1)		9,068		2,472,027
M/I Homes, Inc. (1)		7,987		316,764
Macy’s, Inc.		86,196		1,579,111
Mohawk Industries, Inc. (1)		6,873		852,871
Monarch Casino & Resort, Inc. (1)		582		34,146
Murphy USA, Inc.		280		65,204
Nordstrom, Inc.		3,925		82,935
ONE Group Hospitality, Inc./The (1)		3,356		24,734
O’Reilly Automotive, Inc. (1)		2,508		1,584,454
PVH Corp.		12,348		702,601
Qurate Retail, Inc.		7,934		22,771
Rent-A-Center, Inc./TX		281		5,465
Ross Stores, Inc.		3,156		221,646
Skyline Champion Corp. (1)		20,917		991,884
Smith & Wesson Brands, Inc.		10,263		134,753
Sonos, Inc. (1)		37,511		676,698
Sturm Ruger & Co., Inc.		283		18,013
Tapestry, Inc.		6,717		205,003
Target Corp.		2,938		414,934
Terminix Global Holdings, Inc. (1)		2		81
Tesla, Inc. (1)		575		387,217
Thor Industries, Inc.		3,534		264,096
TJX Cos., Inc./The		10,052		561,404
Town Sports International Holdings, Inc. (1)		4,613		1
Tractor Supply Co.		2,516		487,727
Tupperware Brands Corp. (1)		645		4,089
Ulta Beauty, Inc. (1)		5,150		1,985,222
Yum! Brands, Inc.		4,033		457,786
				30,488,945
Consumer Staples — 2.4%
Albertsons Cos., Inc.		22,234		594,092
Archer-Daniels-Midland Co.		26,248		2,036,845
Bunge, Ltd.		11,487		1,041,756
Coca-Cola Co./The		3,709		233,333
Costco Wholesale Corp.		15,244		7,306,144
Darling Ingredients, Inc. (1)		2,457		146,929
Flowers Foods, Inc.		750		19,740
General Mills, Inc.		19,764		1,491,194
Hostess Brands, Inc. (1)		8,446		179,140
Ingredion, Inc.		3,551		313,056
Kroger Co./The		166		7,857
Mondelez International, Inc.		4,967		308,401
NewAge, Inc. (1)		14		3

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

2022 Semi-Annual Report | June 30, 2022 Page 11

Schedules of Investments
June 30, 2022 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
PepsiCo, Inc.		868		144,661
Simply Good Foods Co./The (1)		11,593		437,868
Sysco Corp.		40		3,388
Tyson Foods, Inc.		10,693		920,240
				15,184,647
Energy — 3.2%
Alto Ingredients, Inc. (1)		1,605		5,955
APA Corp.		7,673		267,788
Arch Resources, Inc.		67		9,587
Baker Hughes Co.		204		5,889
Berry Corp.		2,368		18,044
Brigham Minerals, Inc.		266		6,552
Bristow Group, Inc. (1)		2,574		60,232
California Resources Corp.		1,723		66,336
Centennial Resource Development, Inc./DE (1)		580		3,468
Centrus Energy Corp. (1)		2,426		60,044
ChampionX Corp.		337		6,689
Cheniere Energy, Inc.		4,803		638,943
Chevron Corp.		35,561		5,148,522
Chord Energy Corp.		47		5,718
Civitas Resources, Inc.		327		17,099
ConocoPhillips		6,796		610,349
Continental Resources, Inc./OK		113		7,385
Coterra Energy, Inc.		244		6,293
CVR Energy, Inc.		438		14,673
Delek US Holdings, Inc.		376		9,716
Devon Energy Corp.		3,257		179,493
Diamondback Energy, Inc.		2,487		301,300
DT Midstream, Inc.		5,259		257,796
EOG Resources, Inc.		5,707		630,281
EQT Corp.		6,023		207,191
Exxon Mobil Corp.		44,061		3,773,384
Halliburton Co.		183		5,739
Hess Corp.		1,994		211,244
HF Sinclair Corp.		720		32,515
Laredo Petroleum, Inc. (1)		218		15,029
Magnolia Oil & Gas Corp.		275		5,772
Marathon Petroleum Corp.		36,385		2,991,211
Matador Resources Co.		1,875		87,356
Murphy Oil Corp.		184		5,555
Nine Energy Service, Inc. (1)		7,505		19,888
Occidental Petroleum Corp.		498		29,322
ONEOK, Inc.		19,525		1,083,638
Ovintiv, Inc.		5,060		223,601

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
PBF Energy, Inc. (1)		216		6,268
PDC Energy, Inc.		953		58,714
Phillips 66		9,887		810,635
Pioneer Natural Resources Co.		1,755		391,505
ProPetro Holding Corp. (1)		369		3,690
REX American Resources Corp. (1)		51		4,325
Schlumberger NV		23,752		849,372
SM Energy Co.		1,208		41,302
Targa Resources Corp.		6,362		379,621
Teekay Corp. (1)		3,592		10,345
Valero Energy Corp.		10,631		1,129,863
Whiting Petroleum Corp.		122		8,300
Williams Cos., Inc./The		502		15,667
World Fuel Services Corp.		2,314		47,344
				20,786,548
Financials — 5.9%
American Equity Investment Life Holding Co.		10,002		365,773
American Financial Group, Inc./OH		2,518		349,524
American International Group, Inc.		63,115		3,227,070
Aon PLC		14		3,776
Atlanticus Holdings Corp. (1)		129		4,537
Axis Capital Holdings, Ltd.		385		21,980
Bank of New York Mellon Corp./The		24,075		1,004,168
Berkshire Hathaway, Inc. (1)		61,253		16,723,294
Capital Bancorp, Inc.		246		5,338
Carlyle Group, Inc./The		23		728
Charles Schwab Corp./The		15,661		989,462
Chubb, Ltd.		3,118		612,936
Enact Holdings, Inc.		309		6,637
Erie Indemnity Co.		45		8,649
Essent Group, Ltd.		10,298		400,592
Fidelity National Financial, Inc.		16,823		621,778
Hartford Financial Services Group, Inc./The		5,375		351,686
Markel Corp. (1)		210		271,583
Marsh & McLennan Cos., Inc.		25,477		3,955,304
Medley Management, Inc. (1)(5)		235		0
Moelis & Co.		4,017		158,069
Mr Cooper Group, Inc. (1)		1,667		61,246
New Residential Investment Corp.		1,068		9,954
NMI Holdings, Inc. (1)		424		7,060
Northrim BanCorp, Inc.		2,779		111,883
OFG Bancorp		257		6,528
Old Republic International Corp.		978		21,868
OneMain Holdings, Inc.		30,367		1,135,118

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

Page 12 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Pathward Financial, Inc.		3,673		142,035
Popular, Inc.		90		6,924
Prudential Financial, Inc.		11,769		1,126,058
Pzena Investment Management, Inc.		7,429		48,957
Regions Financial Corp.		33,360		625,500
Rocket Cos., Inc.		3		22
State Street Corp.		6,373		392,895
Stewart Information Services Corp.		14,949		743,713
Synchrony Financial		9,858		272,278
Unum Group		201		6,838
W R Berkley Corp.		8,168		557,548
Walker & Dunlop, Inc.		4,498		433,337
Westamerica BanCorp		318		17,700
Willis Towers Watson PLC		16,007		3,159,622
Zions Bancorp NA		3,255		165,680
				38,135,648
Healthcare — 10.4%
Abbott Laboratories		11,797		1,281,744
AbbVie, Inc.		36,570		5,601,061
Agilent Technologies, Inc.		89		10,571
Align Technology, Inc. (1)		14		3,313
Amgen, Inc.		21,249		5,169,882
Amneal Pharmaceuticals, Inc. (1)		7,487		23,809
Assertio Holdings, Inc. (1)		3,562		10,508
Avalo Therapeutics, Inc. (1)		17,337		8,669
Avid Bioservices, Inc. (1)		246		3,754
Bio-Techne Corp.		21		7,279
Bristol-Myers Squibb Co.		51,154		3,938,858
Brooklyn ImmunoTherapeutics, Inc. (1)		5		3
Cardinal Health, Inc.		36,005		1,881,981
Catalent, Inc. (1)		13,756		1,475,881
Celldex Therapeutics, Inc. (1)		32		863
Centene Corp. (1)		5,425		459,009
Centogene NV (1)		2,360		5,593
Cigna Corp.		5,727		1,509,179
Cyteir Therapeutics, Inc. (1)		3		9
Danaher Corp.		2,716		688,560
Dyne Therapeutics, Inc. (1)		4		27
Eli Lilly & Co.		12,720		4,124,206
Eloxx Pharmaceuticals, Inc. (1)		14,948		4,036
Endo International PLC (1)		21,615		10,066
Fulgent Genetics, Inc. (1)		6,797		370,640
Galectin Therapeutics, Inc. (1)		3,817		5,000
Genprex, Inc. (1)		4,483		6,231
Gilead Sciences, Inc.		42,865		2,649,486

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Humana, Inc.		1,140		533,600
IDEXX Laboratories, Inc. (1)		1,790		627,807
Illumina, Inc. (1)		3,660		674,758
ImmunityBio, Inc. (1)		14,061		52,307
Incyte Corp. (1)		3,850		292,485
Intra-Cellular Therapies, Inc. (1)		356		20,320
Johnson & Johnson		64,271		11,408,745
Kronos Bio, Inc. (1)		3		11
La Jolla Pharmaceutical Co. (1)		1,666		5,315
Laboratory Corp. of America Holdings		278		65,152
McKesson Corp.		8,991		2,932,954
Merck & Co., Inc.		49,542		4,516,744
Moderna, Inc. (1)		11,479		1,639,775
Molina Healthcare, Inc. (1)		26		7,270
Oak Street Health, Inc. (1)		1		16
Palatin Technologies, Inc. (1)		15,677		4,399
Pfizer, Inc.		62,691		3,286,889
Premier, Inc.		2,907		103,722
QuidelOrtho Corp. (1)		4,151		403,394
Regeneron Pharmaceuticals, Inc. (1)		2,877		1,700,681
UnitedHealth Group, Inc.		11,212		5,758,820
Universal Health Services, Inc.		1,326		133,541
Veeva Systems, Inc. (1)		867		171,701
Veracyte, Inc. (1)		4,212		83,819
Vertex Pharmaceuticals, Inc. (1)		3,044		857,769
Viatris, Inc.		29,587		309,776
West Pharmaceutical Services, Inc.		4,491		1,357,944
Zoetis, Inc.		3,233		555,720
				66,755,652
Industrials — 4.9%
AECOM		208		13,566
Allison Transmission Holdings, Inc.		187		7,190
Atkore, Inc. (1)		9,025		749,165
Axon Enterprise, Inc. (1)		7,443		693,464
Babcock & Wilcox Enterprises, Inc. (1)		14		84
BlueLinx Holdings, Inc. (1)		131		8,752
Boise Cascade Co.		10,341		615,186
Builders FirstSource, Inc. (1)		56,707		3,045,166
Cintas Corp.		10		3,735
Copart, Inc. (1)		14,086		1,530,585
Costamare, Inc.		524		6,340
CoStar Group, Inc. (1)		5,624		339,746
Eagle Bulk Shipping, Inc.		144		7,471
EMCOR Group, Inc.		8,293		853,847
Emerson Electric Co.		1,156		91,948

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

2022 Semi-Annual Report | June 30, 2022 Page 13

Schedules of Investments
June 30, 2022 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Encore Wire Corp.		3,243		337,013
FedEx Corp.		15		3,401
Genco Shipping & Trading, Ltd.		2,685		51,874
General Dynamics Corp.		18,049		3,993,341
Graco, Inc.		3,462		205,677
Heidrick & Struggles International, Inc.		1,132		36,632
Heritage-Crystal Clean, Inc. (1)		140		3,774
Hillenbrand, Inc.		5,410		221,594
Hubbell, Inc.		1,440		257,155
Infrastructure and Energy Alternatives, Inc. (1)		3,588		28,812
Karat Packaging, Inc. (1)		307		5,237
Kforce, Inc.		117		7,177
Lockheed Martin Corp.		15,199		6,534,962
ManpowerGroup, Inc.		3,617		276,375
Matson, Inc.		4,056		295,601
Montrose Environmental Group, Inc. (1)		1		34
Mueller Industries, Inc.		4,931		262,773
MYR Group, Inc. (1)		755		66,538
Northrop Grumman Corp.		11,911		5,700,247
nVent Electric PLC		2,601		81,489
Raytheon Technologies Corp.		28,380		2,727,602
Regal Rexnord Corp.		2,651		300,942
Republic Services, Inc.		282		36,905
Sterling Infrastructure, Inc. (1)		316		6,927
Textron, Inc.		6,577		401,657
Titan Machinery, Inc. (1)		156		3,496
TrueBlue, Inc. (1)		323		5,782
United Parcel Service, Inc.		20		3,651
Univar Solutions, Inc. (1)		258		6,416
V2X, Inc. (1)		1,245		41,658
Waste Management, Inc.		8,623		1,319,147
WillScot Mobile Mini Holdings Corp. (1)		3		97
WW Grainger, Inc.		677		307,649
				31,497,880
Information Technology — 15.4%
ACI Worldwide, Inc. (1)		3,129		81,010
Advanced Micro Devices, Inc. (1)		4,045		309,321
Affirm Holdings, Inc. (1)		2,649		47,841
Alpha & Omega Semiconductor, Ltd. (1)		32,281		1,076,249
Amdocs, Ltd.		44		3,666
American Software, Inc./GA		713		11,522
Amkor Technology, Inc.		35,568		602,878
Apple, Inc.		176,678		24,155,416
Arrow Electronics, Inc. (1)		9,145		1,025,063

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Avid Technology, Inc. (1)		5,155		133,772
Avnet, Inc.		8,301		355,947
Axcelis Technologies, Inc. (1)		11,450		627,918
Belden, Inc.		1,085		57,798
Broadcom, Inc.		756		367,272
Cadence Design Systems, Inc. (1)		11,915		1,787,607
Cass Information Systems, Inc.		112		3,786
Cisco Systems, Inc.		22,031		939,402
Cognizant Technology Solutions Corp.		4,563		307,957
CommVault Systems, Inc. (1)		1,060		66,674
Concentrix Corp.		2,744		372,196
Corning, Inc.		2,534		79,846
Dell Technologies, Inc.		429		19,824
Diodes, Inc. (1)		7,041		454,637
Dolby Laboratories, Inc.		6,270		448,681
Duck Creek Technologies, Inc. (1)		1		15
DXC Technology Co. (1)		6,664		201,986
DZS, Inc. (1)		3		49
EPAM Systems, Inc. (1)		2,193		646,453
Euronet Worldwide, Inc. (1)		2,449		246,345
Extreme Networks, Inc. (1)		1,770		15,788
Fabrinet (1)		305		24,736
Intel Corp.		80,484		3,010,906
International Money Express, Inc. (1)		562		11,504
Intuit, Inc.		8,519		3,283,563
Jabil, Inc.		57,095		2,923,835
Juniper Networks, Inc.		367		10,460
Manhattan Associates, Inc. (1)		43,576		4,993,810
Mastercard, Inc.		6,986		2,203,943
Microchip Technology, Inc.		14,690		853,195
Micron Technology, Inc.		78,374		4,332,515
Microsoft Corp.		114,877		29,503,860
Monolithic Power Systems, Inc.		411		157,840
New Relic, Inc. (1)		4,260		213,213
NortonLifeLock, Inc.		13,979		306,979
Oracle Corp.		34,448		2,406,882
Photronics, Inc. (1)		4,920		95,842
Power Integrations, Inc.		6,692		501,967
Pure Storage, Inc. (1)		14,303		367,730
QUALCOMM, Inc.		44,230		5,649,940
Qualys, Inc. (1)		1,823		229,953
StarTek, Inc. (1)		2,934		8,479
Synopsys, Inc. (1)		1,034		314,026
Tenable Holdings, Inc. (1)		10,008		454,463
WEX, Inc. (1)		898		139,693
Xperi Holding Corp.		4,260		61,472

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

Page 14 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States)— continued
Zebra Technologies Corp. (1)		1,479		434,752
Zoom Video Communications, Inc. (1)		15,849		1,711,217
				98,653,694
Materials — 1.2%
AdvanSix, Inc.		1,277		42,703
Air Products and Chemicals, Inc.		31		7,455
Alcoa Corp.		3,649		166,321
CF Industries Holdings, Inc.		545		46,723
Clearwater Paper Corp. (1)		113		3,800
Cleveland-Cliffs, Inc. (1)		1,040		15,985
Dow, Inc.		17,824		919,897
Eagle Materials, Inc.		3,389		372,587
Freeport-McMoRan, Inc.		32,031		937,227
Huntsman Corp.		354		10,036
International Paper Co.		11,412		477,364
Louisiana-Pacific Corp.		25,240		1,322,828
LyondellBasell Industries NV		14,522		1,270,094
Newmont Corp.		268		15,992
Nucor Corp.		7,026		733,585
Olin Corp.		1,864		86,266
Packaging Corp. of America		2,937		403,838
PPG Industries, Inc.		29		3,316
Reliance Steel & Aluminum Co.		40		6,794
Royal Gold, Inc.		5,076		542,015
Ryerson Holding Corp.		760		16,180
Schnitzer Steel Industries, Inc.		830		27,257
Southern Copper Corp.		3,414		170,051
Steel Dynamics, Inc.		1,109		73,360
Sylvamo Corp.		1,618		52,876
Trinseo PLC		475		18,269
Tronox Holdings PLC		453		7,610
United States Steel Corp.		4,660		83,461
Westrock Co.		155		6,175
				7,840,065
Real Estate Investment Trust — 0.1%
Altisource Portfolio Solutions SA (1)		3,399		36,505
Brixmor Property Group, Inc.		901		18,209
Broadstone Net Lease, Inc.		5		103
CareTrust REIT, Inc.		11,988		221,059
CatchMark Timber Trust, Inc.		1,594		16,036
CorEnergy Infrastructure Trust, Inc.		13,458		33,914
Corporate Office Properties Trust		11,293		295,764
Essex Property Trust, Inc.		26		6,799
Kilroy Realty Corp.		280		14,652

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Lamar Advertising Co.		40		3,519
PotlatchDeltic Corp.		2,682		118,518
SITE Centers Corp.		605		8,149
Spirit MTA REIT Liquidating Trust (1)(5)		9,151		0
				773,227
Utilities — 0.7%
AES Corp./The		333		6,996
CenterPoint Energy, Inc.		6,493		192,063
Constellation Energy Corp.		22,699		1,299,736
Evergy, Inc.		321		20,945
National Fuel Gas Co.		1,234		81,506
NRG Energy, Inc.		23,835		909,782
SJW Group		481		30,019
UGI Corp.		36,952		1,426,717
Vistra Corp.		12,555		286,882
				4,254,646
Total Common Stocks (United States) (Cost $293,356,560)				336,025,931
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred (6)		2,612		71,621
Total Preferred Stock (United States) (Cost $65,288)				71,621
Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 (1)(5)		7		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 (1)(5)		7		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (1)(5)		57		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (1)(5)		28		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 (1)		349		3,417
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (1)		122		3,902
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 (1)(5)		23		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (1)		128		1,715

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

2022 Semi-Annual Report | June 30, 2022 Page 15

Schedules of Investments
June 30, 2022 (unaudited)

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Warrants (United States) — continued
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (1)		63		662
Total Warrants (United States) (Cost $8,512)				9,696
Money Market Registered Investment Companies — 42.6%
Meeder Institutional Prime Money Market Fund, 1.42% (2)		273,689,073		273,579,597
Total Money Market Registered Investment Companies (Cost $273,624,584)				273,579,597
Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 0.55%, 7/1/2022 (3)		249,644		249,644
Metro City Bank Deposit Account, 0.05%, 7/1/2022 (3)		248,529		248,529
Total Bank Obligations (Cost $498,173)				498,173
Total Investments — 95.0% (Cost $567,553,117)				610,185,018
Other Assets less Liabilities — 5.0%				32,434,083
Total Net Assets — 100.0%				642,619,101
Trustee Deferred Compensation (4)
Meeder Balanced Fund - Retail Class		5,216		61,392
Meeder Dynamic Allocation Fund - Retail Class		13,845		155,618
Meeder Muirfield Fund - Retail Class		9,385		77,708
Meeder Conservative Allocation Fund - Retail Class		1,544		32,748
Total Trustee Deferred Compensation (Cost $321,238)				327,466

	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		(182	)		9/16/2022		(41,277,600	)		302,148
Mini MSCI EAFE Index Futures		405			9/16/2022		37,596,150			39,960
Mini MSCI Emerging Markets Index Futures		141			9/16/2022		7,069,035			(15,982	)
Russell 2000 Mini Index Futures		196			9/16/2022		16,738,400			(167,143	)
Standard & Poors 500 Mini Futures		(491	)		9/16/2022		(93,032,225	)		(1,526,652	)
Total Futures Contracts		69					(72,906,240	)		(1,367,669	)

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(6) Preferred stock.

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

Page 16 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — 66.5%
Communication Services — 4.4%
Alphabet, Inc. (1)		2,048		4,479,898
AT&T, Inc.		7,528		157,787
Cogent Communications Holdings, Inc.		2,317		140,781
Comcast Corp.		28,990		1,137,568
Entravision Communications Corp.		1,225		5,586
IDT Corp. (1)		5,190		130,529
Interpublic Group of Cos., Inc./The		16,266		447,803
Liberty TripAdvisor Holdings, Inc. (1)		2,709		2,050
Meta Platforms, Inc. (1)		5,332		859,785
Nexstar Media Group, Inc.		1,175		191,384
Omnicom Group, Inc.		7,569		481,464
				8,034,635
Consumer Discretionary — 6.1%
Academy Sports & Outdoors, Inc.		13,700		486,898
Amazon.com, Inc. (1)		27,747		2,947,009
AutoZone, Inc. (1)		159		341,710
Booking Holdings, Inc. (1)		288		503,709
Caleres, Inc.		285		7,478
Chico’s FAS, Inc. (1)		382		1,899
Ethan Allen Interiors, Inc.		206		4,163
Everi Holdings, Inc. (1)		1,238		20,192
Ford Motor Co.		15,097		168,030
Frontdoor, Inc. (1)		1,128		27,162
Gentex Corp.		265		7,412
Gentherm, Inc. (1)		1,237		77,201
Grand Canyon Education, Inc. (1)		6,858		645,955
H&R Block, Inc.		4,966		175,399
Hibbett, Inc.		2,700		118,017
Home Depot, Inc./The		248		68,019
Kohl’s Corp.		4,212		150,326
Lowe’s Cos., Inc.		1,895		331,000
Lululemon Athletica, Inc. (1)		2,701		736,320
M/I Homes, Inc. (1)		5,276		209,246
Macy’s, Inc.		24,116		441,805
Mohawk Industries, Inc. (1)		3,870		480,228
Nordstrom, Inc.		1,973		41,689
O’Reilly Automotive, Inc. (1)		639		403,695
PVH Corp.		6,450		367,005
Qurate Retail, Inc.		2,482		7,123
Skyline Champion Corp. (1)		6,640		314,869
Smith & Wesson Brands, Inc.		5,227		68,631
Sonos, Inc. (1)		17,098		308,448
Tapestry, Inc.		2,247		68,578
Target Corp.		690		97,449
Thor Industries, Inc.		2,491		186,152

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
TJX Cos., Inc./The		6,585		367,772
Tractor Supply Co.		297		57,573
Ulta Beauty, Inc. (1)		1,993		768,262
Yum! Brands, Inc.		2,153		244,387
				11,250,811
Consumer Staples — 3.3%
Albertsons Cos., Inc.		4,897		130,848
Archer-Daniels-Midland Co.		7,038		546,149
Bunge, Ltd.		3,331		302,088
Costco Wholesale Corp.		5,228		2,505,676
Darling Ingredients, Inc. (1)		1,050		62,790
General Mills, Inc.		11,179		843,456
Kroger Co./The		1,605		75,965
Mondelez International, Inc.		9,418		584,764
PepsiCo, Inc.		787		131,161
Simply Good Foods Co./The (1)		6,380		240,973
Tyson Foods, Inc.		7,280		626,517
				6,050,387
Energy — 4.9%
APA Corp.		3,444		120,196
Berry Corp.		842		6,416
Bristow Group, Inc. (1)		676		15,818
Centrus Energy Corp. (1)		679		16,805
Cheniere Energy, Inc.		537		71,437
Chevron Corp.		14,979		2,168,660
Civitas Resources, Inc.		117		6,118
ConocoPhillips		5,174		464,677
Devon Energy Corp.		1,435		79,083
Diamondback Energy, Inc.		666		80,686
DT Midstream, Inc.		2,203		107,991
EOG Resources, Inc.		2,444		269,915
Exxon Mobil Corp.		23,862		2,043,542
Hess Corp.		561		59,432
Laredo Petroleum, Inc. (1)		54		3,723
Marathon Oil Corp.		3,999		89,898
Marathon Petroleum Corp.		24,088		1,980,274
Nine Energy Service, Inc. (1)		1,635		4,333
ONEOK, Inc.		6,383		354,257
Overseas Shipholding Group, Inc. (1)		808		1,656
Ovintiv, Inc.		1,774		78,393
Phillips 66		2,135		175,049
Pioneer Natural Resources Co.		980		218,618
Schlumberger NV		6,838		244,527
SM Energy Co.		274		9,368
Targa Resources Corp.		1,808		107,883

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

2022 Semi-Annual Report | June 30, 2022 Page 17

Schedules of Investments
June 30, 2022 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Teekay Corp. (1)		1,555		4,478
Valero Energy Corp.		2,660		282,705
World Fuel Services Corp.		312		6,384
				9,072,322
Financials — 7.9%
American Equity Investment Life Holding Co.		3,778		138,161
American International Group, Inc.		29,095		1,487,627
Argo Group International Holdings, Ltd.		392		14,449
Bank of New York Mellon Corp./The		8,561		357,079
Berkshire Hathaway, Inc. (1)		20,363		5,559,506
Capital BanCorp., Inc.		1,243		26,973
Charles Schwab Corp./The		7,614		481,053
Chubb, Ltd.		4,139		813,645
Erie Indemnity Co.		120		23,063
Essent Group, Ltd.		4,593		178,668
Fidelity National Financial, Inc.		13,530		500,069
Hartford Financial Services Group, Inc./The		1,798		117,643
Investors Title Co.		43		6,746
Markel Corp. (1)		159		205,627
Marsh & McLennan Cos., Inc.		10,768		1,671,732
Moelis & Co.		445		17,511
Mr Cooper Group, Inc. (1)		629		23,109
Northrim BanCorp., Inc.		1,218		49,037
OneMain Holdings, Inc.		12,199		455,999
Pathward Financial, Inc.		1,123		43,426
Prudential Financial, Inc.		2,389		228,580
Pzena Investment Management, Inc.		2,467		16,258
Regions Financial Corp.		10,374		194,513
State Street Corp.		3,490		215,159
Stewart Information Services Corp.		2,427		120,743
Synchrony Financial		3,449		95,261
W R Berkley Corp.		2,045		139,592
Walker & Dunlop, Inc.		1,022		98,459
Willis Towers Watson PLC		6,501		1,283,232
				14,562,920
Healthcare — 13.8%
AbbVie, Inc.		13,362		2,046,524
Alaunos Therapeutics, Inc. (1)		3,984		4,940
Amgen, Inc.		10,473		2,548,081
Amneal Pharmaceuticals, Inc. (1)		1,938		6,163
Avid Bioservices, Inc. (1)		1,826		27,865
Bristol-Myers Squibb Co.		16,628		1,280,356
Cardinal Health, Inc.		22,075		1,153,860
Catalent, Inc. (1)		5,348		573,787

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Centene Corp. (1)		1,840		155,682
Centogene NV (1)		664		1,574
Cigna Corp.		3,246		855,386
Corvus Pharmaceuticals, Inc. (1)		1,984		1,964
CVS Health Corp.		8,589		795,857
Danaher Corp.		2,638		668,786
Eli Lilly & Co.		5,823		1,887,991
Eloxx Pharmaceuticals, Inc. (1)		7,574		2,045
Endo International PLC (1)		7,100		3,306
Fulgent Genetics, Inc. (1)		6,036		329,143
Genprex, Inc. (1)		1,467		2,039
Gilead Sciences, Inc.		9,026		557,897
Humana, Inc.		944		441,858
IDEXX Laboratories, Inc. (1)		864		303,031
Illumina, Inc. (1)		1,345		247,964
ImmunityBio, Inc. (1)		9,360		34,819
Incyte Corp. (1)		1,929		146,546
Johnson & Johnson		13,348		2,369,403
La Jolla Pharmaceutical Co. (1)		873		2,785
McKesson Corp.		2,596		846,841
Merck & Co., Inc.		10,689		974,516
Moderna, Inc. (1)		4,090		584,257
Molina Healthcare, Inc. (1)		101		28,241
Otonomy, Inc. (1)		2,774		5,770
Pfizer, Inc.		16,502		865,200
QuidelOrtho Corp. (1)		3,217		312,628
Regeneron Pharmaceuticals, Inc. (1)		736		435,072
UnitedHealth Group, Inc.		7,365		3,782,885
Universal Health Services, Inc.		2,015		202,931
Veracyte, Inc. (1)		151		3,005
Viatris, Inc.		9,003		94,261
West Pharmaceutical Services, Inc.		2,147		649,188
Zoetis, Inc.		682		117,229
				25,351,676
Industrials — 5.2%
Atkore, Inc. (1)		2,840		235,748
Axon Enterprise, Inc. (1)		4,171		388,612
Boise Cascade Co.		1,218		72,459
Builders FirstSource, Inc. (1)		20,331		1,091,775
BWX Technologies, Inc.		3,995		220,085
Copart, Inc. (1)		9,256		1,005,757
CoStar Group, Inc. (1)		9,234		557,826
EMCOR Group, Inc.		1,800		185,328
Encore Wire Corp.		1,086		112,857
General Dynamics Corp.		6,525		1,443,656
Graco, Inc.		2,304		136,881

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

Page 18 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Hillenbrand, Inc.		789		32,317
Hubbell, Inc.		250		44,645
Karat Packaging, Inc. (1)		140		2,388
Lockheed Martin Corp.		2,747		1,181,100
ManpowerGroup, Inc.		1,584		121,033
Matson, Inc.		1,704		124,188
Mueller Industries, Inc.		3,073		163,760
MYR Group, Inc. (1)		138		12,162
Northrop Grumman Corp.		3,404		1,629,052
Raytheon Technologies Corp.		1,073		103,126
United Parcel Service, Inc.		365		66,627
V2X, Inc. (1)		888		29,712
Waste Management, Inc.		3,326		508,811
WW Grainger, Inc.		200		90,886
				9,560,791
Information Technology — 18.9%
A10 Networks, Inc.		6,963		100,128
ACI Worldwide, Inc. (1)		2,755		71,327
Advanced Micro Devices, Inc. (1)		2,137		163,416
Affirm Holdings, Inc. (1)		670		12,100
Alpha & Omega Semiconductor, Ltd. (1)		14,207		473,661
American Software, Inc./GA		713		11,522
Amkor Technology, Inc.		15,193		257,521
Apple, Inc.		64,610		8,833,479
Arrow Electronics, Inc. (1)		1,361		152,554
Avid Technology, Inc. (1)		1,479		38,380
Avnet, Inc.		4,145		177,738
Axcelis Technologies, Inc. (1)		3,558		195,121
Broadcom, Inc.		142		68,985
Cadence Design Systems, Inc. (1)		3,831		574,765
Cisco Systems, Inc.		8,900		379,496
Cognizant Technology Solutions Corp.		2,014		135,925
Concentrix Corp.		570		77,315
Dell Technologies, Inc.		644		29,759
Diodes, Inc. (1)		2,792		180,279
Dolby Laboratories, Inc.		1,730		123,799
DXC Technology Co. (1)		965		29,249
EPAM Systems, Inc. (1)		852		251,153
Intel Corp.		33,422		1,250,317
Intuit, Inc.		2,339		901,544
Jabil, Inc.		18,556		950,253
Manhattan Associates, Inc. (1)		17,562		2,012,605
Mastercard, Inc.		2,431		766,932
Microchip Technology, Inc.		4,382		254,507
Micron Technology, Inc.		28,928		1,599,140
Microsoft Corp.		41,108		10,557,766

Spectrum Fund
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks (United States) - Long — continued
NortonLifeLock, Inc.		985			21,631
Oracle Corp.		11,866			829,077
Photronics, Inc. (1)		377			7,344
Power Integrations, Inc.		3,351			251,359
Pure Storage, Inc. (1)		7,504			192,928
QUALCOMM, Inc.		15,298			1,954,167
Qualys, Inc. (1)		1,400			176,596
StarTek, Inc. (1)		2,176			6,289
Tenable Holdings, Inc. (1)		2,524			114,615
Wolfspeed, Inc. (1)		104			6,599
Zebra Technologies Corp. (1)		13			3,821
Zoom Video Communications, Inc. (1)		5,220			563,603
					34,758,765
Materials — 1.3%
AdvanSix, Inc.		118			3,946
Alcoa Corp.		583			26,573
Dow, Inc.		8,054			415,667
Eagle Materials, Inc.		1,533			168,538
Ferroglobe PLC Contingent Value Rights (1)(6)		(2,326	)		0
Freeport-McMoRan, Inc.		9,117			266,763
Louisiana-Pacific Corp.		5,527			289,670
LyondellBasell Industries NV		3,881			339,432
Nucor Corp.		1,392			145,339
Packaging Corp. of America		1,702			234,025
Reliance Steel & Aluminum Co.		168			28,536
Royal Gold, Inc.		2,495			266,416
Schnitzer Steel Industries, Inc.		316			10,377
Steel Dynamics, Inc.		765			50,605
Sylvamo Corp.		905			29,575
United States Steel Corp.		1,345			24,089
Valvoline, Inc.		877			25,284
					2,324,835
Real Estate Investment Trust — 0.0%
Altisource Portfolio Solutions SA (1)		967			10,386
CorEnergy Infrastructure Trust, Inc.		4,564			11,501
Maui Land & Pineapple Co., Inc. (1)		314			2,974
Trinity Place Holdings, Inc. (1)		3,358			3,392
					28,253
Utilities — 0.7%
Constellation Energy Corp.		9,362			536,069
Evergy, Inc.		188			12,267
NRG Energy, Inc.		8,155			311,276
UGI Corp.		10,129			391,081
Vistra Corp.		1,796			41,039

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

2022 Semi-Annual Report | June 30, 2022 Page 19

Schedules of Investments
June 30, 2022 (unaudited)

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Xcel Energy, Inc.		483		34,177
				1,325,909
Total Common Stocks (United States) - Long (Cost $110,862,002)				122,321,304
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred (5)		198		5,429
Total Preferred Stock (United States) (Cost $4,949)				5,429
Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 (1)(4)		1		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 (1)(4)		1		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (1)(4)		13		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (1)(4)		6		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 (1)		86		842
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (1)		29		927
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 (1)(4)		7		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (1)		47		630
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (1)		23		242
Total Warrants (United States) (Cost $2,899)				2,641
Money Market Registered Investment Companies — 25.4%
Meeder Institutional Prime Money Market Fund, 1.42% (2)		46,816,397		46,797,670
Total Money Market Registered Investment Companies (Cost 46,795,802)				46,797,670
Total Investments — Long - 91.9% (Cost $157,665,652)				169,127,044
Other Assets less Liabilities — 8.1%				14,819,188
Total Net Assets — 100.0%				183,946,232

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation (3)
Meeder Balanced Fund - Retail Class		794		9,345
Meeder Dynamic Allocation Fund - Retail Class		1,964		22,075
Meeder Muirfield Fund - Retail Class		2,218		18,365
Meeder Conservative Allocation Fund - Retail Class		246		5,218
Total Trustee Deferred Compensation (Cost $56,967)				55,003

	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		(80	)		9/16/2022		(18,144,000	)		176,174
Mini MSCI EAFE Index Futures		116			9/16/2022		10,768,280			12,853
Mini MSCI Emerging Markets Index Futures		40			9/16/2022		2,005,400			(3,933	)
Russell 2000 Mini Index Futures		50			9/16/2022		4,270,000			(32,724	)
Standard & Poors 500 Mini Futures		(241	)		9/16/2022		(45,663,475	)		(676,110	)
Total Futures Contracts		(115	)				(46,763,795	)		(523,740	)

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

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

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

(5) Preferred stock.

(6) Short security.

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

Page 20 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 21.7%
Communication Services — 1.4%
Alphabet, Inc. (1)		139		304,056
AT&T, Inc.		50		1,048
Cogent Communications Holdings, Inc.		377		22,907
Comcast Corp.		1,784		70,004
Entravision Communications Corp.		144		657
IDT Corp. (1)		437		10,991
Interpublic Group of Cos., Inc./The		822		22,630
Liberty TripAdvisor Holdings, Inc. (1)		262		198
Lumen Technologies, Inc.		337		3,677
Meta Platforms, Inc. (1)		372		59,985
Nexstar Media Group, Inc.		12		1,955
Omnicom Group, Inc.		274		17,429
				515,537
Consumer Discretionary — 1.9%
Academy Sports & Outdoors, Inc.		1,020		36,251
Amazon.com, Inc. (1)		1,835		194,895
AutoZone, Inc. (1)		11		23,640
Booking Holdings, Inc. (1)		13		22,737
Chico’s FAS, Inc. (1)		42		209
Ethan Allen Interiors, Inc.		10		202
Ford Motor Co.		1,534		17,073
Frontdoor, Inc. (1)		38		915
Gentherm, Inc. (1)		67		4,181
Genuine Parts Co.		1		133
Grand Canyon Education, Inc. (1)		358		33,720
H&R Block, Inc.		31		1,095
Hibbett, Inc.		316		13,812
Kohl’s Corp.		330		11,778
Lennar Corp.		75		5,293
Lowe’s Cos., Inc.		8		1,397
Lululemon Athletica, Inc. (1)		170		46,344
M/I Homes, Inc. (1)		246		9,756
Macy’s, Inc.		1,909		34,973
MasterCraft Boat Holdings, Inc. (1)		6		126
Mohawk Industries, Inc. (1)		244		30,278
O’Reilly Automotive, Inc. (1)		34		21,480
PVH Corp.		188		10,697
Qurate Retail, Inc.		315		904
Skyline Champion Corp. (1)		341		16,170
Smith & Wesson Brands, Inc.		111		1,457
Sonos, Inc. (1)		1,287		23,217
Sturm Ruger & Co., Inc.		2		127
Tapestry, Inc.		235		7,172
Target Corp.		50		7,062
Tesla, Inc. (1)		3		2,020

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Thor Industries, Inc.		199		14,871
TJX Cos., Inc./The		373		20,832
Town Sports International Holdings, Inc. (1)(5)		378		0
Tractor Supply Co.		105		20,354
Ulta Beauty, Inc. (1)		134		51,654
				686,825
Consumer Staples — 1.1%
Albertsons Cos., Inc.		430		11,490
Archer-Daniels-Midland Co.		857		66,503
Bunge, Ltd.		30		2,721
Costco Wholesale Corp.		293		140,429
General Mills, Inc.		1,271		95,897
Ingredion, Inc.		18		1,587
Kroger Co./The		53		2,508
PepsiCo, Inc.		336		55,998
Simply Good Foods Co./The (1)		328		12,389
Tyson Foods, Inc.		322		27,711
				417,233
Energy — 1.5%
APA Corp.		334		11,657
Berry Corp.		67		511
Bristow Group, Inc. (1)		60		1,404
Centrus Energy Corp. (1)		28		693
Cheniere Energy, Inc.		8		1,064
Chevron Corp.		807		116,837
ConocoPhillips		363		32,601
Diamondback Energy, Inc.		39		4,725
EOG Resources, Inc.		162		17,891
Exxon Mobil Corp.		1,517		129,916
Halliburton Co.		444		13,924
Hess Corp.		46		4,873
Marathon Petroleum Corp.		1,098		90,267
ONEOK, Inc.		128		7,104
Ovintiv, Inc.		260		11,489
PDC Energy, Inc.		32		1,972
Phillips 66		169		13,856
Pioneer Natural Resources Co.		51		11,377
Range Resources Corp. (1)		4		99
Schlumberger NV		653		23,351
Targa Resources Corp.		166		9,905
Teekay Corp. (1)		121		348
Valero Energy Corp.		279		29,652
Westmoreland Coal Co. (1)(5)		539		0
World Fuel Services Corp.		20		409
				535,925

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

2022 Semi-Annual Report | June 30, 2022 Page 21

Schedules of Investments
June 30, 2022 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Financials — 3.0%
American Equity Investment Life Holding Co.		4		146
American Financial Group, Inc./OH		69		9,578
American International Group, Inc.		2,036		104,101
Argo Group International Holdings, Ltd.		68		2,506
Axis Capital Holdings, Ltd.		3		171
Bank of New York Mellon Corp./The		1,036		43,212
Berkshire Hathaway, Inc. (1)		1,703		464,953
Charles Schwab Corp./The		195		12,320
Chubb, Ltd.		139		27,325
Essent Group, Ltd.		36		1,400
Fidelity National Financial, Inc.		267		9,868
First American Financial Corp.		27		1,429
Hartford Financial Services Group, Inc./The		189		12,366
Markel Corp. (1)		11		14,226
Marsh & McLennan Cos., Inc.		1,307		202,912
Medley Management, Inc. (1)(5)		21		0
Moelis & Co.		145		5,706
Northrim BanCorp., Inc.		110		4,429
OneMain Holdings, Inc.		369		13,793
Pathward Financial, Inc.		120		4,640
Prudential Financial, Inc.		394		37,698
Pzena Investment Management, Inc.		196		1,292
Regions Financial Corp.		1,003		18,806
Siebert Financial Corp. (1)		74		115
State Street Corp.		199		12,268
Stewart Information Services Corp.		407		20,248
W R Berkley Corp.		94		6,416
Walker & Dunlop, Inc.		9		867
Willis Towers Watson PLC		411		81,127
				1,113,918
Healthcare — 4.2%
AbbVie, Inc.		670		102,617
Alaunos Therapeutics, Inc. (1)		620		769
Amgen, Inc.		560		136,248
Amneal Pharmaceuticals, Inc. (1)		233		741
Assertio Holdings, Inc. (1)		132		389
Bristol-Myers Squibb Co.		1,219		93,863
Calyxt, Inc. (1)		455		110
Cardinal Health, Inc.		1,058		55,302
Catalent, Inc. (1)		102		10,944
Centene Corp. (1)		176		14,891
Centogene NV (1)		74		175
Cigna Corp.		143		37,683
CVS Health Corp.		182		16,864

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Eli Lilly & Co.		292		94,675
Eloxx Pharmaceuticals, Inc. (1)		481		130
Endo International PLC (1)		1,889		880
Fulgent Genetics, Inc. (1)		820		44,715
Genprex, Inc. (1)		180		250
Gilead Sciences, Inc.		1,319		81,527
Humana, Inc.		33		15,446
Illumina, Inc. (1)		7		1,291
Johnson & Johnson		1,198		212,657
La Jolla Pharmaceutical Co. (1)		56		179
Laboratory Corp. of America Holdings		26		6,093
McKesson Corp.		97		31,642
Merck & Co., Inc.		1,160		105,757
Moderna, Inc. (1)		323		46,141
Organogenesis Holdings, Inc. (1)		21		102
Palatin Technologies, Inc. (1)		689		193
Pfizer, Inc.		1,192		62,497
QuidelOrtho Corp. (1)		154		14,966
Regeneron Pharmaceuticals, Inc. (1)		64		37,832
REGENXBIO, Inc. (1)		82		2,025
UnitedHealth Group, Inc.		350		179,771
Vertex Pharmaceuticals, Inc. (1)		75		21,134
Viatris, Inc.		1,031		10,795
West Pharmaceutical Services, Inc.		119		35,982
Zoetis, Inc.		413		70,991
				1,548,267
Industrials — 1.8%
Atkore, Inc. (1)		92		7,637
Axon Enterprise, Inc. (1)		341		31,771
Builders FirstSource, Inc. (1)		2,192		117,710
BWX Technologies, Inc.		418		23,028
Copart, Inc. (1)		773		83,994
EMCOR Group, Inc.		269		27,696
Emerson Electric Co.		136		10,817
Encore Wire Corp.		10		1,039
General Dynamics Corp.		593		131,201
Graco, Inc.		224		13,308
Hillenbrand, Inc.		103		4,219
Hubbell, Inc.		1		179
Karat Packaging, Inc. (1)		15		256
Lockheed Martin Corp.		92		39,556
ManpowerGroup, Inc.		3		229
Matson, Inc.		23		1,676
Mueller Industries, Inc.		229		12,203
MYR Group, Inc. (1)		10		881
Northrop Grumman Corp.		170		81,357

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

Page 22 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
nVent Electric PLC		215		6,736
Pitney Bowes, Inc.		26		94
Regal Rexnord Corp.		1		114
United Parcel Service, Inc.		100		18,254
V2X, Inc. (1)		46		1,539
Waste Management, Inc.		301		46,047
				661,541
Information Technology — 6.3%
Advanced Micro Devices, Inc. (1)		386		29,517
Alpha & Omega Semiconductor, Ltd. (1)		1,111		37,041
Amkor Technology, Inc.		1,916		32,476
Apple, Inc.		4,401		601,705
Arrow Electronics, Inc. (1)		349		39,119
Avnet, Inc.		503		21,569
Axcelis Technologies, Inc. (1)		367		20,126
Cadence Design Systems, Inc. (1)		176		26,405
Cisco Systems, Inc.		748		31,895
Cognizant Technology Solutions Corp.		257		17,345
Concentrix Corp.		35		4,747
Diodes, Inc. (1)		382		24,666
Dolby Laboratories, Inc.		13		930
EPAM Systems, Inc. (1)		52		15,329
Euronet Worldwide, Inc. (1)		33		3,319
Extreme Networks, Inc. (1)		16		143
Intel Corp.		1,407		52,636
Intuit, Inc.		146		56,274
Jabil, Inc.		1,085		55,563
Manhattan Associates, Inc. (1)		1,267		145,198
Mastercard, Inc.		153		48,268
Micron Technology, Inc.		2,259		124,878
Microsoft Corp.		2,432		624,615
NortonLifeLock, Inc.		530		11,639
Oracle Corp.		524		36,612
PTC, Inc. (1)		116		12,335
QUALCOMM, Inc.		1,061		135,532
Qualys, Inc. (1)		291		36,707
Rimini Street, Inc. (1)		68		409
StarTek, Inc. (1)		131		379
Tenable Holdings, Inc. (1)		191		8,673
TESSCO Technologies, Inc. (1)		27		160
Visa, Inc.		1		197
Zoom Video Communications, Inc. (1)		294		31,743
				2,288,150

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Materials — 0.3%
Alcoa Corp.		34		1,550
Constellium SE (1)		8		106
Dow, Inc.		309		15,947
Eagle Materials, Inc.		5		550
Flotek Industries, Inc. (1)		208		206
Freeport-McMoRan, Inc.		137		4,009
Huntsman Corp.		158		4,479
Louisiana-Pacific Corp.		584		30,607
LyondellBasell Industries NV		181		15,830
Nucor Corp.		148		15,453
Olin Corp.		84		3,888
Royal Gold, Inc.		33		3,524
Ryerson Holding Corp.		34		724
Schnitzer Steel Industries, Inc.		52		1,708
Southern Copper Corp.		109		5,429
Steel Dynamics, Inc.		75		4,961
United States Steel Corp.		132		2,364
				111,335
Real Estate Investment Trust — 0.0%
Altisource Portfolio Solutions SA (1)		115		1,235
CorEnergy Infrastructure Trust, Inc.		583		1,469
Kilroy Realty Corp.		2		105
Lamar Advertising Co.		2		176
RAIT Financial Trust (1)(5)		287		0
Spirit MTA REIT Liquidating Trust (1)(5)		385		0
Trinity Place Holdings, Inc. (1)		331		334
				3,319
Utilities — 0.2%
AES Corp./The		7		147
Constellation Energy Corp.		738		42,258
NRG Energy, Inc.		254		9,695
UGI Corp.		681		26,293
				78,393
Total Common Stocks (United States) (Cost $6,650,109)				7,960,443
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred (6)		81		2,221
Total Preferred Stock (United States) (Cost $2,025)				2,221

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

2022 Semi-Annual Report | June 30, 2022 Page 23

Schedules of Investments
June 30, 2022 (unaudited)

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Warrants (United States) — 0.0%
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (1)(5)		2		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (1)(5)		1		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 (1)		11		108
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (1)		4		128
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (1)		12		161
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (1)		9		95
Total Warrants (United States) (Cost $93)				492
Registered Investment Companies — 11.1%
U.S. Fixed Income — 2.7%
Baird Core Plus Bond Fund - Class I		10,515		107,777
BBH Limited Duration Fund - Class I		5,015		49,950
Diamond Hill Short Duration Securitized Bond Fund - Class Y		17,653		170,000
DoubleLine Total Return Bond Fund - Class I		13,795		128,984
Frost Total Return Bond Fund - Class I		7,587		72,603
Guggenheim- Total Return Bond Fund - Class I		2,159		52,608
iShares Core U.S. Aggregate Bond ETF (7)		531		53,992
PGIM Short-Term Corporate Bond Fund - Class Q		16,489		170,494
Pioneer Bond Fund - Class K		8,689		74,726
Segall Bryant & Hamill Plus Bond Fund - Class I		14,065		132,214
				1,013,348
International Equity — 8.4%
iShares Core MSCI EAFE ETF (7)		42,298		2,489,237
iShares Core MSCI Emerging Markets ETF (7)		12,312		604,027
				3,093,264
Total Registered Investment Companies (Cost $3,775,991)				4,106,612

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 62.7%
Federated Hermes Government Obligations Fund, 1.41%		1,864,000		1,864,000
Meeder Institutional Prime Money Market Fund, 1.42% (2)		21,307,273		21,298,750
Total Money Market Registered Investment Companies (Cost $23,166,219)				23,162,750
Bank Obligations — 1.3%
First Merchants Bank Deposit Account, 0.55%, 7/1/2022 (3)		249,644		249,644
Metro City Bank Deposit Account, 0.05%, 7/1/2022 (3)		248,529		248,529
Total Bank Obligations (Cost $498,173)				498,173
Total Investments — 96.8% (Cost $34,092,610)				35,730,691
Other Assets less Liabilities — 3.2%				1,192,236
Total Net Assets — 100.0%				36,922,927
Trustee Deferred Compensation (4)
Meeder Balanced Fund - Retail Class		1,970		23,187
Meeder Dynamic Allocation Fund - Retail Class		5,344		60,067
Meeder Muirfield Fund - Retail Class		2,276		18,845
Meeder Conservative Allocation Fund - Retail Class		558		11,835
Total Trustee Deferred Compensation (Cost $107,974)				113,934

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

Page 24 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Global Allocation Fund
	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		(2	)		9/16/2022		(453,600	)		(8,018	)
Mini MSCI EAFE Index Futures		47			9/16/2022		4,363,010			8,900
Mini MSCI Emerging Markets Index Futures		18			9/16/2022		902,430			(238	)
Russell 2000 Mini Index Futures		5			9/16/2022		427,000			(1,759	)
Standard & Poors 500 Mini Futures		(6	)		9/16/2022		(1,136,850	)		(27,891	)
Total Futures Contracts		62					4,101,990			(29,006	)

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(6) Preferred stock.

(7) Exchange-traded fund.

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

2022 Semi-Annual Report | June 30, 2022 Page 25

Schedules of Investments
June 30, 2022 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 36.2%
Communication Services — 2.3%
Alphabet, Inc. (1)		2,060		4,506,147
AT&T, Inc.		6,328		132,635
Cogent Communications Holdings, Inc.		2,397		145,642
Comcast Corp.		27,714		1,087,497
Emerald Holding, Inc. (1)		1		4
Entravision Communications Corp.		1,386		6,320
IDT Corp. (1)		5,617		141,268
Interpublic Group of Cos., Inc./The		16,900		465,257
Liberty TripAdvisor Holdings, Inc. (1)		4,043		3,059
Lumen Technologies, Inc.		3,384		36,919
Meta Platforms, Inc. (1)		5,133		827,696
Nexstar Media Group, Inc.		965		157,179
Omnicom Group, Inc.		7,229		459,837
Verizon Communications, Inc.		198		10,049
				7,979,509
Consumer Discretionary — 3.1%
Academy Sports & Outdoors, Inc.		16,176		574,895
Amazon.com, Inc. (1)		26,337		2,797,253
AutoZone, Inc. (1)		8		17,193
Booking Holdings, Inc. (1)		247		432,001
Chico’s FAS, Inc. (1)		439		2,182
Dillard’s, Inc.		22		4,853
Ethan Allen Interiors, Inc.		151		3,052
Everi Holdings, Inc. (1)		80		1,305
Ford Motor Co.		20,271		225,616
Frontdoor, Inc. (1)		398		9,584
Gentex Corp.		145		4,056
Gentherm, Inc. (1)		1,216		75,891
Genuine Parts Co.		22		2,926
Grand Canyon Education, Inc. (1)		7,210		679,110
H&R Block, Inc.		2,945		104,017
Hibbett, Inc.		3,085		134,845
Home Depot, Inc./The		46		12,616
Kohl’s Corp.		6,416		228,987
La-Z-Boy, Inc.		62		1,470
LKQ Corp.		26		1,276
Lowe’s Cos., Inc.		443		77,379
Lululemon Athletica, Inc. (1)		2,998		817,285
M/I Homes, Inc. (1)		3,943		156,379
Macy’s, Inc.		32,760		600,163
Mohawk Industries, Inc. (1)		3,665		454,790
Nordstrom, Inc.		1,972		41,668
ONE Group Hospitality, Inc./The (1)		1,514		11,158
O’Reilly Automotive, Inc. (1)		756		477,611

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
PVH Corp.		5,226		297,359
Qurate Retail, Inc.		4,274		12,266
Rent-A-Center, Inc./TX		107		2,081
Ross Stores, Inc.		18		1,264
Skyline Champion Corp. (1)		6,317		299,552
Smith & Wesson Brands, Inc.		5,346		70,193
Sonos, Inc. (1)		14,307		258,098
Sturm Ruger & Co., Inc.		64		4,074
Tapestry, Inc.		2,980		90,950
Target Corp.		709		100,132
Tesla, Inc. (1)		255		171,722
Thor Industries, Inc.		2,309		172,552
TJX Cos., Inc./The		5,398		301,478
Town Sports International Holdings, Inc. (1)(5)		1,777		0
Tractor Supply Co.		1,565		303,375
TravelCenters of America, Inc. (1)		1		34
Ulta Beauty, Inc. (1)		1,999		770,575
XL Fleet Corp. (1)		1		1
Yum! Brands, Inc.		12		1,362
				10,806,629
Consumer Staples — 1.7%
Albertsons Cos., Inc.		5,438		145,303
Archer-Daniels-Midland Co.		9,443		732,777
Bunge, Ltd.		2,201		199,609
Coca-Cola Co./The		441		27,743
Costco Wholesale Corp.		5,723		2,742,919
Darling Ingredients, Inc. (1)		1,342		80,252
Flowers Foods, Inc.		144		3,790
General Mills, Inc.		8,293		625,707
Hostess Brands, Inc. (1)		2,741		58,137
Ingredion, Inc.		1,260		111,082
Mondelez International, Inc.		3,086		191,610
NewAge, Inc. (1)(5)		1		0
PepsiCo, Inc.		1,075		179,160
Simply Good Foods Co./The (1)		6,706		253,286
Sysco Corp.		15		1,271
Tyson Foods, Inc.		6,635		571,008
				5,923,654
Energy — 2.6%
Alto Ingredients, Inc. (1)		663		2,460
APA Corp.		3,532		123,267
Berry Corp.		190		1,448
Bristow Group, Inc. (1)		747		17,480
California Resources Corp.		67		2,580

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

Page 26 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Cheniere Energy, Inc.		500		66,515
Chevron Corp.		17,691		2,561,303
Civitas Resources, Inc.		394		20,602
ConocoPhillips		7,809		701,326
Coterra Energy, Inc.		79		2,037
Devon Energy Corp.		1,739		95,836
Diamondback Energy, Inc.		706		85,532
DT Midstream, Inc.		76		3,726
EOG Resources, Inc.		2,225		245,729
Exxon Mobil Corp.		28,231		2,417,703
Hess Corp.		800		84,752
HF Sinclair Corp.		295		13,322
Marathon Oil Corp.		482		10,835
Marathon Petroleum Corp.		14,382		1,182,344
Matador Resources Co.		28		1,305
Nine Energy Service, Inc. (1)		1,808		4,791
ONEOK, Inc.		1,086		60,273
Ovintiv, Inc.		2,463		108,840
Phillips 66		2,562		210,058
Pioneer Natural Resources Co.		688		153,479
Schlumberger NV		8,695		310,933
Targa Resources Corp.		1,871		111,643
Teekay Corp. (1)		1,515		4,363
Valero Energy Corp.		3,723		395,680
World Fuel Services Corp.		482		9,862
				9,010,024
Financials — 4.6%
American Equity Investment Life Holding Co.		3,141		114,866
American Express Co.		10		1,386
American Financial Group, Inc./OH		1,117		155,051
American International Group, Inc.		25,452		1,301,361
Atlanticus Holdings Corp. (1)		52		1,829
Axis Capital Holdings, Ltd.		51		2,912
Bank of New York Mellon Corp./The		10,086		420,687
Berkshire Hathaway, Inc. (1)		25,193		6,878,193
Capital BanCorp., Inc.		132		2,864
Carlyle Group, Inc./The		1		32
Charles Schwab Corp./The		4,282		270,537
Chubb, Ltd.		4,612		906,627
Cincinnati Financial Corp.		11		1,309
Erie Indemnity Co.		9		1,730
Essent Group, Ltd.		3,927		152,760
Fidelity National Financial, Inc.		7,735		285,886
Hartford Financial Services Group, Inc./The		2,606		170,511

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Markel Corp. (1)		160		206,920
Marsh & McLennan Cos., Inc.		11,012		1,709,613
Medley Management, Inc. (1)(5)		101		0
Moelis & Co.		427		16,802
Mr Cooper Group, Inc. (1)		1,503		55,220
Northrim BanCorp., Inc.		1,156		46,541
Old Republic International Corp.		122		2,728
OneMain Holdings, Inc.		11,499		429,833
Pathward Financial, Inc.		1,680		64,966
PennyMac Financial Services, Inc.		62		2,710
Prudential Financial, Inc.		4,153		397,359
Pzena Investment Management, Inc.		2,756		18,162
Regions Financial Corp.		13,426		251,738
State Street Corp.		2,915		179,710
Stewart Information Services Corp.		6,018		299,396
Synchrony Financial		1,444		39,883
UMB Financial Corp.		15		1,292
W R Berkley Corp.		1,903		129,899
Walker & Dunlop, Inc.		967		93,161
Westamerica BanCorp.		72		4,008
Willis Towers Watson PLC		7,005		1,382,717
				16,001,199
Healthcare — 7.2%
Abbott Laboratories		1,233		133,965
AbbVie, Inc.		12,995		1,990,314
Acadia Healthcare Co., Inc. (1)		18		1,217
Alaunos Therapeutics, Inc. (1)		5,102		6,326
Align Technology, Inc. (1)		6		1,420
Amgen, Inc.		7,834		1,906,012
Amneal Pharmaceuticals, Inc. (1)		1,894		6,023
Avid Bioservices, Inc. (1)		1,110		16,939
Bristol-Myers Squibb Co.		18,965		1,460,305
Cardinal Health, Inc.		13,422		701,568
Catalent, Inc. (1)		3,275		351,375
Celldex Therapeutics, Inc. (1)		1		27
Centene Corp. (1)		3,364		284,628
Centogene NV (1)		1,080		2,560
Cigna Corp.		3,081		811,905
CVS Health Corp.		7,511		695,969
Danaher Corp.		1,580		400,562
Eli Lilly & Co.		4,212		1,365,657
Eloxx Pharmaceuticals, Inc. (1)		6,436		1,738
Fulgent Genetics, Inc. (1)		8,321		453,744
Galectin Therapeutics, Inc. (1)		1,818		2,382
Genprex, Inc. (1)		2,209		3,071

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

2022 Semi-Annual Report | June 30, 2022 Page 27

Schedules of Investments
June 30, 2022 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Gilead Sciences, Inc.		17,886		1,105,534
Humana, Inc.		101		47,275
IDEXX Laboratories, Inc. (1)		982		344,417
Illumina, Inc. (1)		757		139,561
ImmunityBio, Inc. (1)		9,627		35,812
Incyte Corp. (1)		249		18,917
Johnson & Johnson		13,420		2,382,184
La Jolla Pharmaceutical Co. (1)		705		2,249
Laboratory Corp. of America Holdings		75		17,577
McKesson Corp.		2,777		905,885
Merck & Co., Inc.		15,600		1,422,252
Moderna, Inc. (1)		4,494		641,968
Molina Healthcare, Inc. (1)		5		1,398
National HealthCare Corp.		42		2,936
Palatin Technologies, Inc. (1)		4,739		1,330
Pfizer, Inc.		21,408		1,122,421
Premier, Inc.		2,106		75,142
Quest Diagnostics, Inc.		10		1,330
QuidelOrtho Corp. (1)		1,792		174,147
Regeneron Pharmaceuticals, Inc. (1)		860		508,372
ResMed, Inc.		6		1,258
Twist Bioscience Corp. (1)		37		1,294
United Therapeutics Corp. (1)		6		1,414
UnitedHealth Group, Inc.		6,538		3,358,113
Universal Health Services, Inc.		45		4,532
Veeva Systems, Inc. (1)		232		45,945
Veracyte, Inc. (1)		2,415		48,059
Vertex Pharmaceuticals, Inc. (1)		1,683		474,253
Viatris, Inc.		5,057		52,947
West Pharmaceutical Services, Inc.		1,479		447,205
Zoetis, Inc.		5,249		902,251
				24,885,685
Industrials — 3.0%
ASGN, Inc. (1)		15		1,354
Atkore, Inc. (1)		2,880		239,069
Axon Enterprise, Inc. (1)		4,316		402,122
Babcock & Wilcox Enterprises, Inc. (1)		1		6
BlueLinx Holdings, Inc. (1)		31		2,071
Boise Cascade Co.		1,888		112,317
Builders FirstSource, Inc. (1)		21,121		1,134,198
BWX Technologies, Inc.		1,747		96,242
Cintas Corp.		4		1,494
Copart, Inc. (1)		8,382		910,788
CoStar Group, Inc. (1)		6,177		373,153
EMCOR Group, Inc.		2,548		262,342

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Encore Wire Corp.		1,048		108,908
General Dynamics Corp.		7,299		1,614,904
Graco, Inc.		2,760		163,972
Heidrick & Struggles International, Inc.		43		1,391
Hillenbrand, Inc.		2,531		103,670
Hubbell, Inc.		22		3,929
Karat Packaging, Inc. (1)		183		3,122
Lockheed Martin Corp.		4,840		2,081,006
ManpowerGroup, Inc.		2,177		166,345
Matson, Inc.		1,408		102,615
MDU Resources Group, Inc.		102		2,753
Mueller Industries, Inc.		2,526		134,611
MYR Group, Inc. (1)		438		38,601
Northrop Grumman Corp.		3,759		1,798,945
nVent Electric PLC		1,696		53,136
Raytheon Technologies Corp.		40		3,844
Regal Rexnord Corp.		227		25,769
Republic Services, Inc.		53		6,936
Safe Bulkers, Inc.		448		1,711
United Parcel Service, Inc.		564		102,953
Univar Solutions, Inc. (1)		103		2,562
V2X, Inc. (1)		629		21,046
Waste Management, Inc.		2,869		438,900
WW Grainger, Inc.		6		2,727
				10,519,512
Information Technology — 10.5%
A10 Networks, Inc.		1,730		24,877
Advanced Micro Devices, Inc. (1)		4,377		334,709
Affirm Holdings, Inc. (1)		1,121		20,245
Alpha & Omega Semiconductor, Ltd. (1)		10,475		349,237
American Software, Inc./GA		713		11,522
Amkor Technology, Inc.		11,445		193,993
Apple, Inc.		66,260		9,059,067
Arrow Electronics, Inc. (1)		3,762		421,683
Avid Technology, Inc. (1)		1,191		30,906
Avnet, Inc.		7,482		320,828
Axcelis Technologies, Inc. (1)		5,440		298,330
Broadcom, Inc.		316		153,516
Cadence Design Systems, Inc. (1)		5,034		755,251
Cisco Systems, Inc.		10,492		447,379
Cognizant Technology Solutions Corp.		2,376		160,356
CommVault Systems, Inc. (1)		46		2,893
Concentrix Corp.		801		108,648
Dell Technologies, Inc.		139		6,423
Diodes, Inc. (1)		3,196		206,366

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

Page 28 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Dolby Laboratories, Inc.		1,956		139,971
DXC Technology Co. (1)		1,053		31,916
EPAM Systems, Inc. (1)		956		281,810
Euronet Worldwide, Inc. (1)		692		69,608
Fabrinet (1)		35		2,839
Intel Corp.		26,134		977,673
International Money Express, Inc. (1)		216		4,422
Intuit, Inc.		885		341,114
Jabil, Inc.		22,197		1,136,708
Juniper Networks, Inc.		46		1,311
Manhattan Associates, Inc. (1)		19,786		2,267,476
Mastercard, Inc.		2,685		847,064
Microchip Technology, Inc.		3,584		208,159
Micron Technology, Inc.		32,443		1,793,449
Microsoft Corp.		40,833		10,487,124
Monolithic Power Systems, Inc.		4		1,536
New Relic, Inc. (1)		2,182		109,209
NortonLifeLock, Inc.		5,104		112,084
Oracle Corp.		11,964		835,925
Photronics, Inc. (1)		1,342		26,142
Power Integrations, Inc.		1,737		130,292
PTC, Inc. (1)		12		1,276
Pure Storage, Inc. (1)		4,406		113,278
QUALCOMM, Inc.		15,575		1,989,551
Qualys, Inc. (1)		1,647		207,753
Rimini Street, Inc. (1)		937		5,631
SS&C Technologies Holdings, Inc.		22		1,278
StarTek, Inc. (1)		1,281		3,702
Synopsys, Inc. (1)		441		133,932
Tenable Holdings, Inc. (1)		3,229		146,629
WEX, Inc. (1)		45		7,000
Xperi Holding Corp.		2,456		35,440
Zebra Technologies Corp. (1)		5		1,470
Zoom Video Communications, Inc. (1)		5,066		546,976
				35,905,977
Materials — 0.7%
Air Products and Chemicals, Inc.		13		3,126
Alcoa Corp.		611		27,849
Dow, Inc.		5,423		279,881
Eagle Materials, Inc.		3,239		356,096
Freeport-McMoRan, Inc.		8,135		238,030
Hecla Mining Co.		591		2,317
Louisiana-Pacific Corp.		11,572		606,489
LyondellBasell Industries NV		2,233		195,298
Newmont Corp.		51		3,043

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Nucor Corp.		1,552		162,044
Packaging Corp. of America		711		97,763
PPG Industries, Inc.		11		1,258
Reliance Steel & Aluminum Co.		11		1,868
Royal Gold, Inc.		2,375		253,603
Ryerson Holding Corp.		462		9,836
Schnitzer Steel Industries, Inc.		640		21,018
Southern Copper Corp.		1,343		66,895
Steel Dynamics, Inc.		835		55,235
Sylvamo Corp.		78		2,549
Trinseo PLC		96		3,692
United States Steel Corp.		1,964		35,175
				2,423,065
Real Estate Investment Trust — 0.0%
Altisource Portfolio Solutions SA (1)		1,498		16,089
Brixmor Property Group, Inc.		75		1,516
CorEnergy Infrastructure Trust, Inc.		5,403		13,616
Kilroy Realty Corp.		1,623		84,932
SITE Centers Corp.		121		1,630
Spirit MTA REIT Liquidating Trust (1)(5)		3,461		0
				117,783
Utilities — 0.5%
CenterPoint Energy, Inc.		2,737		80,960
Constellation Energy Corp.		9,110		521,639
NRG Energy, Inc.		9,499		362,577
SJW Group		482		30,082
UGI Corp.		13,915		537,156
Vistra Corp.		3,327		76,022
Xcel Energy, Inc.		312		22,077
				1,630,513
Total Common Stocks (United States) (Cost $105,500,179)				125,203,550
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred (6)		994		27,255
Total Preferred Stock (United States) (Cost $24,845)				27,255

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

2022 Semi-Annual Report | June 30, 2022 Page 29

Schedules of Investments
June 30, 2022 (unaudited)

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 (1)(5)		3		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 (1)(5)		3		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (1)(5)		22		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (1)(5)		12		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 (1)		157		1,537
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (1)		57		1,823
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 (1)(5)		9		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (1)		56		750
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (1)		28		294
Total Warrants (United States) (Cost $3,304)				4,404
Registered Investment Companies — 8.5%
U.S. Fixed Income — 8.5%
Baird Core Plus Bond Fund - Class I		309,538		3,172,766
BBH Limited Duration Fund - Class I		150,451		1,498,495
Diamond Hill Short Duration Securitized Bond Fund - Class Y		519,211		5,000,000
DoubleLine Total Return Bond Fund - Class I		392,047		3,665,643
Frost Total Return Bond Fund - Class I		220,086		2,106,219
Guggenheim- Total Return Bond Fund - Class I		63,690		1,552,127
iShares Core U.S. Aggregate Bond ETF (7)		15,331		1,558,856
PGIM Short-Term Corporate Bond Fund - Class Q		484,966		5,014,549
Pioneer Bond Fund - Class K		247,387		2,127,531
Segall Bryant & Hamill Plus Bond Fund - Class I		396,265		3,724,892
Total Registered Investment Companies (Cost $30,166,872)				29,421,078

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 50.7%
Federated Hermes Government Obligations Fund, 1.41%		54,170,000		54,170,000
Meeder Institutional Prime Money Market Fund, 1.42% (2)		121,352,709		121,304,168
Total Money Market Registered Investment Companies (Cost $175,472,242)				175,474,168
Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 0.55%, 7/1/2022 (3)		249,644		249,644
Metro City Bank Deposit Account, 0.05%, 7/1/2022 (3)		248,529		248,529
Total Bank Obligations (Cost $498,173)				498,173
Total Investments — 95.5% (Cost $311,665,615)				330,628,628
Other Assets less Liabilities — 4.5%				15,426,123
Total Net Assets — 100.0%				346,054,751
Trustee Deferred Compensation (4)
Meeder Balanced Fund - Retail Class		3,393		39,936
Meeder Dynamic Allocation Fund - Retail Class		8,942		100,508
Meeder Muirfield Fund - Retail Class		5,920		49,018
Meeder Conservative Allocation Fund - Retail Class		994		21,083
Total Trustee Deferred Compensation (Cost $206,686)				210,545

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

Page 30 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Balanced Fund
	Net Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		(63	)		9/16/2022		(14,288,400	)		91,209
Mini MSCI EAFE Index Futures		153			9/16/2022		14,202,990			15,067
Mini MSCI Emerging Markets Index Futures		53			9/16/2022		2,657,155			(6,008	)
Russell 2000 Mini Index Futures		72			9/16/2022		6,148,800			(62,499	)
Standard & Poors 500 Mini Futures		(183	)		9/16/2022		(34,673,925	)		(535,187	)
Total Futures Contracts		32					(25,953,380	)		(497,418	)

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(6) Preferred stock.

(7) Exchange-traded fund.

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

2022 Semi-Annual Report | June 30, 2022 Page 31

Schedules of Investments
June 30, 2022 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 17.2%
Communication Services — 1.2%
Alphabet, Inc. (1)		472		1,032,476
AT&T, Inc.		18		377
Cogent Communications Holdings, Inc.		1,066		64,770
Comcast Corp.		6,878		269,893
Entravision Communications Corp.		537		2,449
IDT Corp. (1)		1,454		36,568
Interpublic Group of Cos., Inc./The		2,856		78,626
Liberty TripAdvisor Holdings, Inc. (1)		971		735
Lumen Technologies, Inc.		1,221		13,321
Meta Platforms, Inc. (1)		1,316		212,205
Nexstar Media Group, Inc.		96		15,636
Omnicom Group, Inc.		1,168		74,296
Verizon Communications, Inc.		20		1,015
				1,802,367
Consumer Discretionary — 1.5%
Academy Sports & Outdoors, Inc.		3,961		140,774
Amazon.com, Inc. (1)		6,007		638,003
AutoZone, Inc. (1)		29		62,324
Booking Holdings, Inc. (1)		30		52,470
Cavco Industries, Inc. (1)		2		392
Chico’s FAS, Inc. (1)		134		666
Dillard’s, Inc.		2		441
Ford Motor Co.		5,706		63,508
Frontdoor, Inc. (1)		27		650
Garmin, Ltd.		4		393
Gentherm, Inc. (1)		235		14,666
Grand Canyon Education, Inc. (1)		1,149		108,224
H&R Block, Inc.		58		2,049
Hibbett, Inc.		836		36,542
Kohl’s Corp.		1,123		40,080
La-Z-Boy, Inc.		16		379
Lowe’s Cos., Inc.		2		349
Lululemon Athletica, Inc. (1)		543		148,027
M/I Homes, Inc. (1)		626		24,827
Macy’s, Inc.		7,590		139,049
Mohawk Industries, Inc. (1)		851		105,601
Murphy USA, Inc.		2		466
O’Reilly Automotive, Inc. (1)		249		157,308
PVH Corp.		773		43,984
Qurate Retail, Inc.		1,113		3,194
Skyline Champion Corp. (1)		1,003		47,562
Smith & Wesson Brands, Inc.		771		10,123
Sonos, Inc. (1)		3,098		55,888
Sturm Ruger & Co., Inc.		11		700
Tapestry, Inc.		846		25,820

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Target Corp.		183		25,845
Tesla, Inc. (1)		1		673
Thor Industries, Inc.		550		41,102
TJX Cos., Inc./The		1,253		69,980
Town Sports International Holdings, Inc. (1)(5)		961		0
Tractor Supply Co.		366		70,949
Ulta Beauty, Inc. (1)		501		193,125
				2,326,133
Consumer Staples — 0.8%
Albertsons Cos., Inc.		2,273		60,735
Archer-Daniels-Midland Co.		2,026		157,218
Costco Wholesale Corp.		912		437,103
Flowers Foods, Inc.		22		579
General Mills, Inc.		3,345		252,380
Hostess Brands, Inc. (1)		152		3,224
Ingredion, Inc.		39		3,438
Kroger Co./The		114		5,396
PepsiCo, Inc.		1,175		195,826
Simply Good Foods Co./The (1)		1,212		45,777
Tyson Foods, Inc.		1,127		96,990
				1,258,666
Energy — 1.1%
APA Corp.		1,171		40,868
Berry Corp.		301		2,294
Bristow Group, Inc. (1)		305		7,137
California Resources Corp.		9		347
ChampionX Corp.		156		3,097
Cheniere Energy, Inc.		59		7,849
Chevron Corp.		2,665		385,839
Civitas Resources, Inc.		40		2,092
Comstock Resources, Inc. (1)		78		942
ConocoPhillips		1,065		95,648
Diamondback Energy, Inc.		37		4,483
DT Midstream, Inc.		7		343
EOG Resources, Inc.		621		68,583
Exxon Mobil Corp.		5,193		444,729
Halliburton Co.		943		29,572
Hess Corp.		221		23,413
HF Sinclair Corp.		8		361
Laredo Petroleum, Inc. (1)		4		276
Marathon Petroleum Corp.		3,217		264,470
ONEOK, Inc.		770		42,735
Ovintiv, Inc.		792		34,998
Phillips 66		589		48,292
Pioneer Natural Resources Co.		164		36,585

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

Page 32 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Schlumberger NV		2,464		88,113
Targa Resources Corp.		1,093		65,219
Teekay Corp. (1)		502		1,446
Valero Energy Corp.		781		83,005
Westmoreland Coal Co. (1)(5)		773		0
Williams Cos., Inc./The		11		343
World Fuel Services Corp.		74		1,514
				1,784,593
Financials — 2.5%
American Equity Investment Life Holding Co.		10		366
American Financial Group, Inc./OH		281		39,006
American International Group, Inc.		7,123		364,199
Argo Group International Holdings, Ltd.		180		6,635
Atlanticus Holdings Corp. (1)		42		1,477
Axis Capital Holdings, Ltd.		6		343
Bank of New York Mellon Corp./The		3,890		162,252
Berkshire Hathaway, Inc. (1)		5,570		1,520,721
Charles Schwab Corp./The		839		53,008
Chubb, Ltd.		365		71,752
Erie Indemnity Co.		3		577
Essent Group, Ltd.		220		8,558
Fidelity National Financial, Inc.		1,095		40,471
Hartford Financial Services Group, Inc./The		778		50,905
Markel Corp. (1)		19		24,572
Marsh & McLennan Cos., Inc.		5,174		803,264
Medley Management, Inc. (1)(5)		27		0
Moelis & Co.		597		23,492
Mr Cooper Group, Inc. (1)		199		7,311
Northrim BanCorp., Inc.		343		13,809
OneMain Holdings, Inc.		1,706		63,770
Pathward Financial, Inc.		407		15,739
Prudential Financial, Inc.		1,276		122,088
Pzena Investment Management, Inc.		698		4,600
Regions Financial Corp.		3,729		69,919
Siebert Financial Corp. (1)		277		429
State Street Corp.		752		46,361
Stewart Information Services Corp.		1,873		93,182
Synchrony Financial		36		994
W R Berkley Corp.		296		20,205
Walker & Dunlop, Inc.		10		963
Westamerica BanCorp.		12		668
Willis Towers Watson PLC		1,535		302,994
				3,934,630

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Healthcare — 3.4%
AbbVie, Inc.		2,178		333,582
Agilent Technologies, Inc.		3		356
Amgen, Inc.		1,662		404,365
Amneal Pharmaceuticals, Inc. (1)		960		3,053
Assertio Holdings, Inc. (1)		263		776
Bio-Techne Corp.		35		12,132
Bristol-Myers Squibb Co.		4,051		311,927
Cardinal Health, Inc.		3,475		181,638
Catalent, Inc. (1)		432		46,349
Centene Corp. (1)		645		54,573
Centogene NV (1)		308		730
Cigna Corp.		432		113,841
CVS Health Corp.		388		35,952
Danaher Corp.		41		10,394
Eli Lilly & Co.		948		307,370
Eloxx Pharmaceuticals, Inc. (1)		1,526		412
Endo International PLC (1)		1,122		523
Fulgent Genetics, Inc. (1)		2,599		141,723
Galectin Therapeutics, Inc. (1)		322		422
Genprex, Inc. (1)		631		877
Gilead Sciences, Inc.		5,080		313,995
Humana, Inc.		145		67,870
Illumina, Inc. (1)		59		10,877
Intra-Cellular Therapies, Inc. (1)		11		628
Johnson & Johnson		3,685		654,124
La Jolla Pharmaceutical Co. (1)		292		931
Laboratory Corp. of America Holdings		138		32,342
McKesson Corp.		289		94,275
Merck & Co., Inc.		3,769		343,620
Moderna, Inc. (1)		1,137		162,420
Molina Healthcare, Inc. (1)		51		14,260
National HealthCare Corp.		27		1,887
Neurocrine Biosciences, Inc. (1)		75		7,311
Oncocyte Corp. (1)		447		402
Palatin Technologies, Inc. (1)		1,854		520
Pfizer, Inc.		3,928		205,945
Premier, Inc.		16		571
QuidelOrtho Corp. (1)		521		50,631
Regeneron Pharmaceuticals, Inc. (1)		214		126,502
UnitedHealth Group, Inc.		1,176		604,029
Universal Health Services, Inc.		77		7,755
Veracyte, Inc. (1)		47		935
Vertex Pharmaceuticals, Inc. (1)		302		85,101
Viatris, Inc.		3,418		35,786
West Pharmaceutical Services, Inc.		683		206,519
Zoetis, Inc.		1,611		276,915
				5,267,146

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

2022 Semi-Annual Report | June 30, 2022 Page 33

Schedules of Investments
June 30, 2022 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Industrials — 1.5%
AECOM		5		326
Atkore, Inc. (1)		386		32,042
Atlas Air Worldwide Holdings, Inc. (1)		5		309
Axon Enterprise, Inc. (1)		946		88,139
Builders FirstSource, Inc. (1)		5,982		321,233
BWX Technologies, Inc.		758		41,758
Copart, Inc. (1)		2,257		245,246
EMCOR Group, Inc.		966		99,459
Emerson Electric Co.		482		38,338
Encore Wire Corp.		36		3,741
General Dynamics Corp.		2,037		450,686
Graco, Inc.		454		26,972
Heidrick & Struggles International, Inc.		10		324
Hillenbrand, Inc.		781		31,990
Hubbell, Inc.		2		357
Karat Packaging, Inc. (1)		58		989
Lockheed Martin Corp.		709		304,842
ManpowerGroup, Inc.		159		12,149
Matson, Inc.		107		7,798
MDU Resources Group, Inc.		14		378
Mueller Industries, Inc.		531		28,297
MYR Group, Inc. (1)		136		11,986
Northrop Grumman Corp.		499		238,806
nVent Electric PLC		1,021		31,988
Otis Worldwide Corp.		5		353
Republic Services, Inc.		7		916
United Parcel Service, Inc.		325		59,326
V2X, Inc. (1)		159		5,320
Waste Management, Inc.		1,258		192,449
				2,276,517
Information Technology — 4.8%
A10 Networks, Inc.		21		302
Advanced Micro Devices, Inc. (1)		1,390		106,293
Alpha & Omega Semiconductor, Ltd. (1)		4,611		153,731
Amkor Technology, Inc.		4,908		83,191
Apple, Inc.		14,944		2,043,144
Arrow Electronics, Inc. (1)		1,130		126,662
Avnet, Inc.		2,163		92,749
Axcelis Technologies, Inc. (1)		1,248		68,440
Cadence Design Systems, Inc. (1)		352		52,811
Cisco Systems, Inc.		2,812		119,904
Cognizant Technology Solutions Corp.		522		35,230
CommVault Systems, Inc. (1)		6		377
Concentrix Corp.		92		12,479
Dell Technologies, Inc.		9		416

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Diodes, Inc. (1)		545		35,191
Dolby Laboratories, Inc.		443		31,701
EPAM Systems, Inc. (1)		176		51,881
Euronet Worldwide, Inc. (1)		254		25,550
Extreme Networks, Inc. (1)		266		2,373
Fabrinet (1)		4		324
Intel Corp.		5,134		192,063
International Money Express, Inc. (1)		35		716
Intuit, Inc.		555		213,919
Jabil, Inc.		4,358		223,173
Manhattan Associates, Inc. (1)		4,182		479,257
Mastercard, Inc.		544		171,621
Micron Technology, Inc.		7,366		407,192
Microsoft Corp.		8,222		2,111,652
NortonLifeLock, Inc.		1,430		31,403
Oracle Corp.		1,471		102,779
Photronics, Inc. (1)		24		468
QUALCOMM, Inc.		3,391		433,166
Qualys, Inc. (1)		871		109,868
Rimini Street, Inc. (1)		372		2,236
StarTek, Inc. (1)		631		1,824
Tenable Holdings, Inc. (1)		442		20,071
TESSCO Technologies, Inc. (1)		101		597
Visa, Inc.		2		394
Wolfspeed, Inc. (1)		5		317
Zoom Video Communications, Inc. (1)		915		98,793
				7,644,258
Materials — 0.2%
AdvanSix, Inc.		33		1,104
Air Products and Chemicals, Inc.		3		721
Alcoa Corp.		134		6,108
Dow, Inc.		1,212		62,551
Eagle Materials, Inc.		5		550
Flotek Industries, Inc. (1)		676		671
Huntsman Corp.		644		18,257
Louisiana-Pacific Corp.		2,254		118,132
LyondellBasell Industries NV		695		60,785
Newmont Corp.		21		1,253
Nucor Corp.		534		55,755
Packaging Corp. of America		5		688
Royal Gold, Inc.		7		747
Ryerson Holding Corp.		23		490
Schnitzer Steel Industries, Inc.		131		4,302
Southern Copper Corp.		421		20,970
Steel Dynamics, Inc.		287		18,985
Tronox Holdings PLC		25		420

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

Page 34 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
United States Steel Corp.		573		10,262
				382,751
Real Estate Investment Trust — 0.0%
Altisource Portfolio Solutions SA (1)		467		5,016
CorEnergy Infrastructure Trust, Inc.		2,011		5,068
Rafael Holdings, Inc. (1)		530		991
RAIT Financial Trust (1)(5)		751		0
Spirit MTA REIT Liquidating Trust (1)(5)		1,024		0
Trinity Place Holdings, Inc. (1)		645		651
				11,726
Utilities — 0.2%
CenterPoint Energy, Inc.		32		947
Constellation Energy Corp.		2,810		160,900
NRG Energy, Inc.		502		19,161
UGI Corp.		2,358		91,042
Vistra Corp.		39		891
				272,941
Total Common Stocks (United States) (Cost $22,732,971)				26,961,728
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred (6)		252		6,910
Total Preferred Stock (United States) (Cost $6,299)				6,910
Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 (1)(5)		1		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 (1)(5)		1		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (1)(5)		7		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (1)(5)		3		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 (1)		48		470
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (1)		15		480
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 (1)(5)		3		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (1)		26		348

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Warrants (United States) — continued
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (1)		13		137
Total Warrants (United States) (Cost $941)				1,435
Registered Investment Companies — 14.2%
U.S. Fixed Income — 14.2%
Baird Core Plus Bond Fund - Class I		233,110		2,389,382
BBH Limited Duration Fund - Class I		110,331		1,098,897
Diamond Hill Short Duration Securitized Bond Fund - Class Y		384,216		3,700,000
DoubleLine Total Return Bond Fund - Class I		297,603		2,782,592
Frost Total Return Bond Fund - Class I		165,131		1,580,299
Guggenheim- Total Return Bond Fund - Class I		48,510		1,182,195
iShares Core U.S. Aggregate Bond ETF (7)		11,587		1,178,166
PGIM Short-Term Corporate Bond Fund - Class Q		367,604		3,801,028
Pioneer Bond Fund - Class K		185,550		1,595,730
Segall Bryant & Hamill Plus Bond Fund - Class I		302,395		2,842,510
Total Registered Investment Companies (Cost $22,744,183)				22,150,799
Money Market Registered Investment Companies — 66.0%
Federated Hermes Government Obligations Fund, 1.41%		40,950,000		40,950,000
Meeder Institutional Prime Money Market Fund, 1.42% (2)		62,156,528		62,131,665
Total Money Market Registered Investment Companies (Cost $103,078,980)				103,081,665
Bank Obligations — 0.2%
Metro City Bank Deposit Account, 0.05%, 7/1/2022 (3)		248,529		248,529
Total Bank Obligations (Cost 248,529)				248,529
Total Investments — 97.6% (Cost $148,811,903)				152,451,066
Other Assets less Liabilities — 2.4%				3,791,244
Total Net Assets — 100.0%				156,242,310

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

2022 Semi-Annual Report | June 30, 2022 Page 35

Schedules of Investments
June 30, 2022 (unaudited)

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation (4)
Meeder Balanced Fund - Retail Class		565		6,650
Meeder Dynamic Allocation Fund - Retail Class		1,394		15,669
Meeder Muirfield Fund - Retail Class		1,813		15,012
Meeder Conservative Allocation Fund - Retail Class		177		3,754
Total Trustee Deferred Compensation (Cost $42,851)				41,085

	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		(7	)		9/16/2022		(1,587,600	)		(27,878	)
Mini MSCI EAFE Index Futures		49			9/16/2022		4,548,670			4,837
Mini MSCI Emerging Markets Index Futures		17			9/16/2022		852,295			(1,927	)
Russell 2000 Mini Index Futures		25			9/16/2022		2,135,000			(19,751	)
Standard & Poors 500 Mini Futures		(6	)		9/16/2022		(1,136,850	)		(13,014	)
Total Futures Contracts		78					4,811,515			(57,733	)

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(6) Preferred stock.

(7) Exchange-traded fund.

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

Page 36 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 1.2%
Communication Services — 0.1%
Alphabet, Inc. - Class C (1)		1		2,187
Alphabet, Inc. - Class A (1)		15		32,689
AT&T, Inc.		4		84
Comcast Corp.		708		27,782
Entravision Communications Corp.		172		784
IDT Corp. (1)		8		201
Interpublic Group of Cos., Inc./The		582		16,022
Meta Platforms, Inc. (1)		74		11,933
Omnicom Group, Inc.		142		9,033
Verizon Communications, Inc.		6		305
				101,020
Consumer Discretionary — 0.0%
Academy Sports & Outdoors, Inc.		49		1,741
Amazon.com, Inc. (1)		358		38,023
AutoZone, Inc. (1)		7		15,044
Booking Holdings, Inc. (1)		1		1,749
Chico’s FAS, Inc. (1)		62		308
Frontdoor, Inc. (1)		2		48
Grand Canyon Education, Inc. (1)		77		7,253
Kohl’s Corp.		84		2,998
Macy’s, Inc.		585		10,717
O’Reilly Automotive, Inc. (1)		10		6,318
Qurate Retail, Inc.		409		1,174
Tesla, Inc. (1)		24		16,162
Town Sports International Holdings, Inc. (1)(4)		464		0
Tractor Supply Co.		1		194
Ulta Beauty, Inc. (1)		22		8,481
Yum! Brands, Inc.		22		2,497
				112,707
Consumer Staples — 0.0%
Albertsons Cos., Inc.		162		4,329
Altria Group, Inc.		2		84
Archer-Daniels-Midland Co.		10		776
Coca-Cola Co./The		97		6,102
Costco Wholesale Corp.		37		17,733
Flowers Foods, Inc.		10		263
Kroger Co./The		67		3,171
Mondelez International, Inc.		1		62
PepsiCo, Inc.		68		11,333
Tyson Foods, Inc.		161		13,856
				57,709

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Energy — 0.1%
APA Corp.		23		803
California Resources Corp.		3		116
ChampionX Corp.		26		516
Cheniere Energy, Inc.		29		3,858
Chevron Corp.		82		11,872
Civitas Resources, Inc.		19		994
ConocoPhillips		43		3,862
DT Midstream, Inc.		2		98
EOG Resources, Inc.		45		4,970
EQT Corp.		3		103
Exxon Mobil Corp.		265		22,695
Hess Corp.		9		953
HF Sinclair Corp.		2		90
Marathon Petroleum Corp.		108		8,879
Matador Resources Co.		2		93
ONEOK, Inc.		104		5,772
Ovintiv, Inc.		31		1,370
Phillips 66		62		5,083
Pioneer Natural Resources Co.		4		892
Schlumberger NV		66		2,360
Targa Resources Corp.		275		16,409
Teekay Corp. (1)		65		187
Valero Energy Corp.		17		1,807
Westmoreland Coal Co. (1)(4)		410		0
				93,782
Financials — 0.1%
American Equity Investment Life Holding Co.		5		183
American Financial Group, Inc./OH		11		1,527
American International Group, Inc.		260		13,294
Argo Group International Holdings, Ltd.		33		1,216
Axis Capital Holdings, Ltd.		2		114
Berkshire Hathaway, Inc. (1)		132		36,039
Charles Schwab Corp./The		126		7,961
Chubb, Ltd.		80		15,726
Essent Group, Ltd.		6		233
Hartford Financial Services Group, Inc./The		354		23,162
Markel Corp. (1)		4		5,173
Marsh & McLennan Cos., Inc.		216		33,534
Medley Management, Inc. (1)(4)		25		0
Old Republic International Corp.		5		112
OneMain Holdings, Inc.		31		1,159
Pzena Investment Management, Inc.		173		1,140
Stewart Information Services Corp.		213		10,597
W R Berkley Corp.		3		205

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

2022 Semi-Annual Report | June 30, 2022 Page 37

Schedules of Investments
June 30, 2022 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Walker & Dunlop, Inc.		2		193
Willis Towers Watson PLC		100		19,739
				171,307
Healthcare — 0.3%
AbbVie, Inc.		49		7,505
Amgen, Inc.		69		16,788
Amneal Pharmaceuticals, Inc. (1)		442		1,406
Avalo Therapeutics, Inc. (1)		745		373
Bristol-Myers Squibb Co.		136		10,472
Cardinal Health, Inc.		69		3,607
Centene Corp. (1)		27		2,284
Centogene NV (1)		138		327
Cigna Corp.		7		1,845
Danaher Corp.		22		5,577
Elevance Health, Inc.		21		10,134
Eli Lilly & Co.		56		18,157
Eloxx Pharmaceuticals, Inc. (1)		627		169
Fulgent Genetics, Inc. (1)		32		1,745
Genprex, Inc. (1)		271		377
Gilead Sciences, Inc.		497		30,720
Humana, Inc.		15		7,021
Illumina, Inc. (1)		13		2,397
Johnson & Johnson		102		18,106
McKesson Corp.		1		326
Merck & Co., Inc.		88		8,023
Moderna, Inc. (1)		38		5,428
Oncocyte Corp. (1)		195		175
Palatin Technologies, Inc. (1)		859		241
Pfizer, Inc.		113		5,925
Premier, Inc.		7		250
QuidelOrtho Corp. (1)		117		11,370
Regeneron Pharmaceuticals, Inc. (1)		25		14,778
UnitedHealth Group, Inc.		35		17,977
Vertex Pharmaceuticals, Inc. (1)		29		8,172
Viatris, Inc.		1,051		11,004
West Pharmaceutical Services, Inc.		66		19,956
Zoetis, Inc.		128		22,002
				264,637
Industrials — 0.1%
Axon Enterprise, Inc. (1)		22		2,050
Copart, Inc. (1)		212		23,036
CoStar Group, Inc. (1)		51		3,081
EMCOR Group, Inc.		244		25,122
Heidrick & Struggles International, Inc.		4		129
Lockheed Martin Corp.		32		13,759

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Matson, Inc.		29		2,114
Mueller Industries, Inc.		2		107
Northrop Grumman Corp.		13		6,221
Owens Corning		18		1,338
Republic Services, Inc.		2		262
Univar Solutions, Inc. (1)		4		99
V2X, Inc. (1)		40		1,338
Waste Management, Inc.		68		10,403
				89,059
Information Technology — 0.4%
Amkor Technology, Inc.		906		15,357
Apple, Inc.		697		95,294
Dell Technologies, Inc.		3		139
DXC Technology Co. (1)		3		91
EPAM Systems, Inc. (1)		9		2,653
Intel Corp.		1,023		38,270
International Money Express, Inc. (1)		5		102
Intuit, Inc.		21		8,094
Jabil, Inc.		597		30,572
Manhattan Associates, Inc. (1)		492		56,383
Mastercard, Inc.		63		19,875
Micron Technology, Inc.		254		14,041
Microsoft Corp.		324		83,211
NVIDIA Corp.		28		4,245
Oracle Corp.		128		8,943
Pure Storage, Inc. (1)		1		26
QUALCOMM, Inc.		66		8,431
Tenable Holdings, Inc. (1)		20		908
TESSCO Technologies, Inc. (1)		44		260
Zoom Video Communications, Inc. (1)		49		5,291
				392,186
Materials — 0.0%
AdvanSix, Inc.		12		401
Alcoa Corp.		11		501
Cleveland-Cliffs, Inc. (1)		5		77
Dow, Inc.		318		16,412
Freeport-McMoRan, Inc.		1		29
International Paper Co.		2		84
Louisiana-Pacific Corp.		78		4,088
LyondellBasell Industries NV		70		6,122
Newmont Corp.		4		239
Nucor Corp.		30		3,132
Packaging Corp. of America		36		4,950
Royal Gold, Inc.		14		1,495
Southern Copper Corp.		120		5,977

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

Page 38 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
United States Steel Corp.		97		1,737
				45,244
Real Estate Investment Trust — 0.0%
RAIT Financial Trust (1)(4)		368		0
Spirit MTA REIT Liquidating Trust (1)(4)		477		0
				0
Utilities — 0.1%
CenterPoint Energy, Inc.		8		237
Constellation Energy Corp.		1,220		69,856
National Fuel Gas Co.		3		198
UGI Corp.		622		24,015
Vistra Corp.		6		137
				94,443
Total Common Stocks (United States) (Cost $1,202,751)				1,422,094
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred (5)		153		4,195
Total Preferred Stock (United States) (Cost $3,824)				4,195
Warrants (United States) — 0.0%
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (1)(4)		4		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (1)(4)		1		0
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 (1)		21		206
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (1)		6		192
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 (1)(4)		1		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (1)		8		107
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (1)		2		21
Total Warrants (United States) (Cost $374)				526

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — 19.8%
U.S. Fixed Income — 19.8%
Baird Core Plus Bond Fund - Class I		251,776		2,580,703
BBH Limited Duration Fund - Class I		110,331		1,098,897
Diamond Hill Short Duration Securitized Bond Fund - Class Y		425,753		4,100,000
DoubleLine Total Return Bond Fund - Class I		321,031		3,001,644
Frost Total Return Bond Fund - Class I		178,077		1,704,198
Guggenheim- Total Return Bond Fund - Class I		52,292		1,274,344
iShares Core U.S. Aggregate Bond ETF (6)		12,310		1,251,681
PGIM Short-Term Corporate Bond Fund - Class Q		397,672		4,111,930
Pioneer Bond Fund - Class K		199,844		1,718,655
Segall Bryant & Hamill Plus Bond Fund - Class I		326,020		3,064,590
Total Registered Investment Companies (Cost $24,523,363)				23,906,642
Money Market Registered Investment Companies — 77.7%
Federated Hermes Government Obligations Fund, 1.41%		44,200,000		44,200,000
Meeder Institutional Prime Money Market Fund, 1.42% (2)		49,474,956		49,455,166
Total Money Market Registered Investment Companies (Cost $93,651,598)				93,655,166
Total Investments — 98.7% (Cost $119,381,910)				118,988,623
Other Assets less Liabilities — 1.3%				1,518,698
Total Net Assets — 100.0%				120,507,321
Trustee Deferred Compensation (3)
Meeder Balanced Fund - Retail Class		1,365		16,066
Meeder Dynamic Allocation Fund - Retail Class		3,660		41,138
Meeder Muirfield Fund - Retail Class		2,277		18,854
Meeder Conservative Allocation Fund - Retail Class		398		8,442
Total Trustee Deferred Compensation (Cost $81,723)				84,500

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

2022 Semi-Annual Report | June 30, 2022 Page 39

Schedules of Investments
June 30, 2022 (unaudited)

Conservative Allocation
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		8		9/16/2022		1,814,400		9,431
Mini MSCI EAFE Index Futures		23		9/16/2022		2,135,090		2,252
Mini MSCI Emerging Markets Index Futures		8		9/16/2022		401,080		(306	)
Russell 2000 Mini Index Futures		14		9/16/2022		1,195,600		(8,573	)
Standard & Poors 500 Mini Futures		41		9/16/2022		7,768,475		93,144
Total Futures Contracts		94				13,314,645		95,948

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

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

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

(5) Preferred stock.

(6) Exchange-traded fund.

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

Page 40 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 62.1%
Communication Services — 4.0%
Alphabet, Inc. (1)		2,070		4,528,022
AT&T, Inc.		5,912		123,916
Cogent Communications Holdings, Inc.		1,500		91,140
Comcast Corp.		29,237		1,147,260
Entravision Communications Corp.		1,214		5,536
IDT Corp. (1)		5,644		141,947
Interpublic Group of Cos., Inc./The		18,256		502,588
Liberty TripAdvisor Holdings, Inc. (1)		2,078		1,572
Lumen Technologies, Inc.		3,936		42,942
Meta Platforms, Inc. (1)		5,228		843,015
News Corp.		572		8,912
Nexstar Media Group, Inc.		1,263		205,717
Omnicom Group, Inc.		8,630		548,954
Verizon Communications, Inc.		524		26,593
				8,218,114
Consumer Discretionary — 5.7%
Academy Sports & Outdoors, Inc.		14,042		499,053
Amazon.com, Inc. (1)		29,815		3,166,651
AutoZone, Inc. (1)		51		109,605
Booking Holdings, Inc. (1)		291		508,956
Chico’s FAS, Inc. (1)		743		3,693
Everi Holdings, Inc. (1)		1,238		20,192
Ford Motor Co.		15,497		172,482
Frontdoor, Inc. (1)		1,100		26,488
Gentex Corp.		1,847		51,661
Gentherm, Inc. (1)		1,288		80,384
Grand Canyon Education, Inc. (1)		7,871		741,369
H&R Block, Inc.		5,380		190,022
Hibbett, Inc.		3,554		155,345
Home Depot, Inc./The		345		94,623
Kohl’s Corp.		4,774		170,384
Lennar Corp.		35		2,055
Lululemon Athletica, Inc. (1)		2,825		770,123
M/I Homes, Inc. (1)		5,251		208,255
Macy’s, Inc.		26,609		487,477
Mohawk Industries, Inc. (1)		4,762		590,917
Nordstrom, Inc.		1,973		41,689
O’Reilly Automotive, Inc. (1)		982		620,388
PVH Corp.		6,506		370,191
Qurate Retail, Inc.		2,330		6,687
Skyline Champion Corp. (1)		6,976		330,802
Smith & Wesson Brands, Inc.		5,264		69,116
Sonos, Inc. (1)		15,438		278,502
Tapestry, Inc.		2,344		71,539
Target Corp.		660		93,212

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Thor Industries, Inc.		2,323		173,598
TJX Cos., Inc./The		6,148		343,366
Town Sports International Holdings, Inc. (1)(5)		2,090		0
Tractor Supply Co.		1,069		207,226
Ulta Beauty, Inc. (1)		2,153		829,938
Yum! Brands, Inc.		2,098		238,144
				11,724,133
Consumer Staples — 3.2%
Albertsons Cos., Inc.		9,774		261,161
Archer-Daniels-Midland Co.		11,486		891,314
Bunge, Ltd.		5,318		482,289
Costco Wholesale Corp.		5,992		2,871,846
Darling Ingredients, Inc. (1)		1,919		114,756
Flowers Foods, Inc.		107		2,816
General Mills, Inc.		12,711		959,045
Hostess Brands, Inc. (1)		1,618		34,318
Ingredion, Inc.		153		13,488
Kroger Co./The		295		13,962
Mondelez International, Inc.		2,284		141,814
PepsiCo, Inc.		660		109,996
Simply Good Foods Co./The (1)		7,082		267,487
Tyson Foods, Inc.		4,938		424,964
				6,589,256
Energy — 4.3%
APA Corp.		3,465		120,929
Berry Corp.		1,448		11,034
Bristow Group, Inc. (1)		778		18,205
Centrus Energy Corp. (1)		976		24,156
ChampionX Corp.		616		12,228
Cheniere Energy, Inc.		259		34,455
Chevron Corp.		15,999		2,316,335
Civitas Resources, Inc.		84		4,392
Comstock Resources, Inc. (1)		272		3,286
ConocoPhillips		5,705		512,366
Coterra Energy, Inc.		75		1,934
Devon Energy Corp.		1,994		109,889
Diamondback Energy, Inc.		786		95,224
DT Midstream, Inc.		2,018		98,922
EOG Resources, Inc.		1,660		183,330
Exxon Mobil Corp.		27,122		2,322,728
Halliburton Co.		2,664		83,543
Hess Corp.		624		66,107
Laredo Petroleum, Inc. (1)		55		3,792
Marathon Oil Corp.		331		7,441
Marathon Petroleum Corp.		17,444		1,434,071

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

2022 Semi-Annual Report | June 30, 2022 Page 41

Schedules of Investments
June 30, 2022 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Nine Energy Service, Inc. (1)		2,396		6,349
ONEOK, Inc.		5,048		280,164
Ovintiv, Inc.		1,655		73,134
Phillips 66		2,019		165,538
Pioneer Natural Resources Co.		519		115,779
Ranger Oil Corp.		53		1,742
Schlumberger NV		7,782		278,284
SM Energy Co.		465		15,898
Targa Resources Corp.		2,436		145,356
Teekay Corp. (1)		1,128		3,249
Valero Energy Corp.		3,397		361,033
World Fuel Services Corp.		258		5,279
				8,916,172
Financials — 7.7%
American Equity Investment Life Holding Co.		4,141		151,436
American Financial Group, Inc./OH		577		80,093
American International Group, Inc.		21,477		1,098,119
Argo Group International Holdings, Ltd.		521		19,204
Atlanticus Holdings Corp. (1)		141		4,959
Bank of New York Mellon Corp./The		9,711		405,046
Berkshire Hathaway, Inc. (1)		23,669		6,462,110
Charles Schwab Corp./The		8,554		540,442
Chubb, Ltd.		4,940		971,105
Essent Group, Ltd.		6,116		237,912
Fidelity National Financial, Inc.		5,005		184,985
Hartford Financial Services Group, Inc./The		1,450		94,874
Markel Corp. (1)		189		244,424
Marsh & McLennan Cos., Inc.		11,553		1,793,603
MetLife, Inc.		2,304		144,668
Moelis & Co.		187		7,358
Mr Cooper Group, Inc. (1)		1,322		48,570
Northrim BanCorp., Inc.		795		32,007
Old Republic International Corp.		241		5,389
OneMain Holdings, Inc.		13,820		516,592
Pathward Financial, Inc.		1,175		45,437
Prudential Financial, Inc.		3,366		322,059
Pzena Investment Management, Inc.		1,983		13,068
Regions Financial Corp.		11,137		208,819
State Street Corp.		2,125		131,006
Stewart Information Services Corp.		4,581		227,905
Synchrony Financial		4,480		123,738
W R Berkley Corp.		4,738		323,416
Walker & Dunlop, Inc.		1,453		139,982
Willis Towers Watson PLC		6,377		1,258,756
				15,837,082

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Healthcare — 12.3%
AbbVie, Inc.		12,940		1,981,890
Agilent Technologies, Inc.		224		26,604
Alaunos Therapeutics, Inc. (1)		4,281		5,308
Amgen, Inc.		6,855		1,667,822
Amneal Pharmaceuticals, Inc. (1)		1,969		6,261
Bristol-Myers Squibb Co.		13,027		1,003,079
Cardinal Health, Inc.		19,469		1,017,645
Catalent, Inc. (1)		4,684		502,546
Centene Corp. (1)		2,538		214,740
Centogene NV (1)		647		1,533
Cigna Corp.		2,398		631,921
CVS Health Corp.		9,000		833,940
Danaher Corp.		1,972		499,941
Elevance Health, Inc.		954		460,381
Eli Lilly & Co.		3,844		1,246,340
Eloxx Pharmaceuticals, Inc. (1)		8,083		2,182
Endo International PLC (1)		7,278		3,389
Fulgent Genetics, Inc. (1)		7,681		418,845
Genprex, Inc. (1)		1,400		1,946
Gilead Sciences, Inc.		15,566		962,134
Humana, Inc.		134		62,721
Illumina, Inc. (1)		1,143		210,723
ImmunityBio, Inc. (1)		6,193		23,038
Incyte Corp. (1)		1,663		126,338
Johnson & Johnson		16,827		2,986,961
Joint Corp./The (1)		200		3,062
La Jolla Pharmaceutical Co. (1)		567		1,809
Laboratory Corp. of America Holdings		266		62,340
McKesson Corp.		3,132		1,021,690
Merck & Co., Inc.		14,056		1,281,486
Moderna, Inc. (1)		4,155		593,542
Molina Healthcare, Inc. (1)		97		27,122
Pfizer, Inc.		16,915		886,853
Premier, Inc.		44		1,570
Quest Diagnostics, Inc.		221		29,389
QuidelOrtho Corp. (1)		1,799		174,827
Regeneron Pharmaceuticals, Inc. (1)		1,150		679,800
UnitedHealth Group, Inc.		7,366		3,783,399
Universal Health Services, Inc.		335		33,738
Vertex Pharmaceuticals, Inc. (1)		1,062		299,261
Viatris, Inc.		7,721		80,839
West Pharmaceutical Services, Inc.		2,814		850,869
Zoetis, Inc.		4,235		727,954
				25,437,778

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

Page 42 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Industrials — 5.1%
Atkore, Inc. (1)		2,879		238,986
Axon Enterprise, Inc. (1)		4,195		390,848
Boise Cascade Co.		1,198		71,269
Builders FirstSource, Inc. (1)		19,833		1,065,032
BWX Technologies, Inc.		1,804		99,382
Copart, Inc. (1)		9,675		1,051,286
CoStar Group, Inc. (1)		10,232		618,115
EMCOR Group, Inc.		1,844		189,858
Emerson Electric Co.		488		38,816
Encore Wire Corp.		1,041		108,181
General Dynamics Corp.		6,201		1,371,971
Graco, Inc.		2,539		150,842
Hillenbrand, Inc.		2,161		88,515
Hubbell, Inc.		45		8,036
Karat Packaging, Inc. (1)		111		1,894
Lockheed Martin Corp.		4,680		2,012,213
ManpowerGroup, Inc.		1,994		152,362
Matson, Inc.		1,013		73,827
Mueller Industries, Inc.		2,910		155,074
MYR Group, Inc. (1)		289		25,470
Northrop Grumman Corp.		3,463		1,657,288
nVent Electric PLC		338		10,590
United Parcel Service, Inc.		442		80,683
V2X, Inc. (1)		211		7,060
Waste Management, Inc.		4,448		680,455
WW Grainger, Inc.		259		117,697
				10,465,750
Information Technology — 17.7%
A10 Networks, Inc.		4,742		68,190
ACI Worldwide, Inc. (1)		3,146		81,450
Advanced Micro Devices, Inc. (1)		2,969		227,039
Affirm Holdings, Inc. (1)		357		6,447
Alpha & Omega Semiconductor, Ltd. (1)		12,836		427,952
American Software, Inc./GA		713		11,522
Amkor Technology, Inc.		13,290		225,266
Apple, Inc.		67,104		9,174,459
Arrow Electronics, Inc. (1)		2,707		303,428
Avid Technology, Inc. (1)		2,178		56,519
Avnet, Inc.		4,923		211,098
Axcelis Technologies, Inc. (1)		6,740		369,622
Broadcom, Inc.		226		109,793
Cadence Design Systems, Inc. (1)		4,163		624,575
Cisco Systems, Inc.		10,299		439,149
Cognizant Technology Solutions Corp.		1,877		126,679
Concentrix Corp.		944		128,044

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Diodes, Inc. (1)		2,237		144,443
Dolby Laboratories, Inc.		1,739		124,443
DXC Technology Co. (1)		2,194		66,500
EPAM Systems, Inc. (1)		907		267,365
Euronet Worldwide, Inc. (1)		695		69,910
Extreme Networks, Inc. (1)		748		6,672
Intel Corp.		26,855		1,004,646
Intuit, Inc.		1,130		435,547
Jabil, Inc.		18,417		943,135
Manhattan Associates, Inc. (1)		18,656		2,137,978
Mastercard, Inc.		2,969		936,660
Microchip Technology, Inc.		3,082		179,003
Micron Technology, Inc.		30,623		1,692,839
Microsoft Corp.		43,441		11,156,953
NortonLifeLock, Inc.		4,820		105,847
Oracle Corp.		13,761		961,481
Photronics, Inc. (1)		1,258		24,506
Power Integrations, Inc.		3,835		287,663
Pure Storage, Inc. (1)		7,658		196,887
QUALCOMM, Inc.		15,715		2,007,434
Qualys, Inc. (1)		1,501		189,336
Rimini Street, Inc. (1)		1,066		6,407
SS&C Technologies Holdings, Inc.		2,410		139,949
StarTek, Inc. (1)		1,629		4,708
Synopsys, Inc. (1)		341		103,562
Tenable Holdings, Inc. (1)		2,849		129,373
Xperi Holding Corp.		2,934		42,338
Zebra Technologies Corp. (1)		42		12,346
Zoom Video Communications, Inc. (1)		5,742		619,964
				36,589,127
Materials — 1.1%
AdvanSix, Inc.		88		2,943
Alcoa Corp.		349		15,907
Dow, Inc.		5,102		263,314
Eagle Materials, Inc.		2,223		244,397
Freeport-McMoRan, Inc.		8,579		251,022
Huntsman Corp.		482		13,665
Louisiana-Pacific Corp.		9,487		497,214
LyondellBasell Industries NV		1,914		167,398
Newmont Corp.		43		2,566
Nucor Corp.		1,345		140,431
Packaging Corp. of America		1,673		230,038
Royal Gold, Inc.		2,585		276,026
Ryerson Holding Corp.		140		2,981
Schnitzer Steel Industries, Inc.		386		12,676
Southern Copper Corp.		1,298		64,653

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

2022 Semi-Annual Report | June 30, 2022 Page 43

Schedules of Investments
June 30, 2022 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Steel Dynamics, Inc.		902		59,667
United States Steel Corp.		1,655		29,641
Valvoline, Inc.		2,007		57,862
				2,332,401
Real Estate Investment Trust — 0.0%
Altisource Portfolio Solutions SA (1)		1,047		11,245
CorEnergy Infrastructure Trust, Inc.		5,320		13,406
Kilroy Realty Corp.		109		5,704
Rafael Holdings, Inc. (1)		1,612		3,014
SITE Centers Corp.		255		3,435
Spirit MTA REIT Liquidating Trust (1)(5)		3,134		0
				36,804
Utilities — 0.8%
CenterPoint Energy, Inc.		3,857		114,090
Constellation Energy Corp.		7,739		443,135
Evergy, Inc.		188		12,267
NRG Energy, Inc.		8,744		333,758
UGI Corp.		14,131		545,596
Vistra Corp.		5,087		116,238
Xcel Energy, Inc.		491		34,743
				1,599,827
Total Common Stocks (United States) (Cost $114,791,966)				127,746,444
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred (6)		610		16,726
Total Preferred Stock (United States) (Cost $15,247)				16,726
Warrants (United States) — 0.0%
Chaparral Energy, Inc. A Warrants, Expiration Date 10/14/2024 (1)(5)		2		0
Chaparral Energy, Inc. B Warrants, Expiration Date 10/14/2025 (1)(5)		2		0
Civitas Solutions, Inc. A Warrants, Expiration Date 1/20/2025 (1)(5)		15		0
Civitas Solutions, Inc. B Warrants, Expiration Date 1/20/2026 (1)(5)		8		0
Hertz Global Holdings Inc. Warrants, Expiration Date 6/30/2051 (1)		89		871
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 (1)		27		863

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Warrants (United States) — continued
Oasis Petroleum, Inc. Warrants, Expiration Date 11/19/2024 (1)(5)		7		0
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 (1)		45		603
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 (1)		22		231
Total Warrants (United States) (Cost $2,715)				2,568
Registered Investment Companies — 5.1%
U.S. Fixed Income — 4.6%
Vanguard Short-Term Bond ETF (7)		123,505		9,483,949
				9,483,949
International Equity — 0.5%
iShares Core MSCI EAFE ETF (7)		15,725		925,416
				925,416
Total Registered Investment Companies (Cost $10,345,629)				10,409,365
Money Market Registered Investment Companies — 29.6%
Meeder Institutional Prime Money Market Fund, 1.42% (2)		60,683,741		60,659,468
Total Money Market Registered Investment Companies (Cost $60,660,912)				60,659,468
Bank Obligations — 0.2%
First Merchants Bank Deposit Account, 0.55%, 7/1/2022 (3)		249,644		249,644
Metro City Bank Deposit Account, 0.05%, 7/1/2022 (3)		248,529		248,529
Total Bank Obligations (Cost $498,173)				498,173
Total Investments — 97.0% (Cost $186,314,642)				199,332,744
Other Assets less Liabilities — 3.0%				5,912,011
Total Net Assets — 100.0%				205,244,755

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

Page 44 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation (4)
Meeder Balanced Fund - Retail Class		4,005		47,139
Meeder Dynamic Allocation Fund - Retail Class		10,961		123,202
Meeder Muirfield Fund - Retail Class		5,189		42,965
Meeder Conservative Allocation Fund - Retail Class		1,158		24,561
Total Trustee Deferred Compensation (Cost $225,317)				237,867

	Long (Short) Contracts			Expiration Date		Notional Value of Contracts ($)			Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		(24	)		9/16/2022		(5,443,200	)		40,542
Mini MSCI EAFE Index Futures		479			9/16/2022		44,465,570			38,365
Mini MSCI Emerging Markets Index Futures		172			9/16/2022		8,623,220			(14,194	)
Russell 2000 Mini Index Futures		141			9/16/2022		12,041,400			(144,195	)
Standard & Poors 500 Mini Futures		38			9/16/2022		7,200,050			(58,399	)
Total Futures Contracts		806					66,887,040			(137,881	)

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

(6) Preferred stock.

(7) Exchange-traded fund.

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

2022 Semi-Annual Report | June 30, 2022 Page 45

Schedules of Investments
June 30, 2022 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 58.6%
Communication Services — 3.2%
Interpublic Group of Cos., Inc./The		6,654		183,185
Lumen Technologies, Inc.		18,357		200,275
News Corp.		10,626		168,847
News Corp.		10,760		167,641
Omnicom Group, Inc.		2,771		176,263
Warner Bros Discovery, Inc. (1)		11,687		156,840
				1,053,051
Consumer Discretionary — 7.4%
Advance Auto Parts, Inc.		1,009		174,648
BorgWarner, Inc.		5,333		177,962
Gap, Inc./The		13,704		112,921
Hasbro, Inc.		2,325		190,371
Mohawk Industries, Inc. (1)		1,358		168,514
Newell Brands, Inc.		9,393		178,843
Norwegian Cruise Line Holdings, Ltd. (1)		10,736		119,384
Penn National Gaming, Inc. (1)		4,847		147,446
PulteGroup, Inc.		4,492		178,018
PVH Corp.		2,292		130,415
Ralph Lauren Corp.		1,810		162,267
Tapestry, Inc.		5,967		182,113
Under Armour, Inc. (1)		14,020		106,272
Under Armour, Inc. (1)		11,900		99,127
Whirlpool Corp.		1,068		165,401
Wynn Resorts, Ltd. (1)		2,580		147,008
				2,440,710
Consumer Staples — 2.8%
Campbell Soup Co.		4,209		202,242
Conagra Brands, Inc.		5,942		203,454
J M Smucker Co./The		578		73,990
Lamb Weston Holdings, Inc.		3,358		239,963
Molson Coors Beverage Co.		3,793		206,756
				926,405
Energy — 2.0%
APA Corp.		4,699		163,995
ConocoPhillips		2,083		187,074
Coterra Energy, Inc.		6,434		165,933
Marathon Oil Corp.		7,027		157,967
				674,969
Financials — 7.1%
Assurant, Inc.		1,165		201,370
Cboe Global Markets, Inc.		1,943		219,928
Comerica, Inc.		2,449		179,708

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Everest Re Group, Ltd.		780		218,618
Globe Life, Inc.		2,253		219,600
Invesco, Ltd.		10,515		169,607
Lincoln National Corp.		3,404		159,205
Loews Corp.		3,641		215,766
M&T Bank Corp.		1,228		195,731
MarketAxess Holdings, Inc.		628		160,774
W R Berkley Corp.		3,161		215,770
Wells Fargo & Co. (1)(5)		1		0
Zions BanCorp. NA		3,305		168,225
				2,324,302
Healthcare — 5.6%
ABIOMED, Inc. (1)		706		174,742
Cardinal Health, Inc.		3,698		193,294
DaVita, Inc. (1)		2,043		163,358
DENTSPLY SIRONA, Inc.		4,471		159,749
Henry Schein, Inc. (1)		2,540		194,920
Incyte Corp. (1)		2,854		216,818
Organon & Co.		6,512		219,780
Teleflex, Inc.		761		187,092
Universal Health Services, Inc.		1,716		172,818
Viatris, Inc.		15,811		165,541
				1,848,112
Industrials — 10.9%
A O Smith Corp.		3,009		164,532
Alaska Air Group, Inc. (1)		4,152		166,288
Allegion plc		1,930		188,947
American Airlines Group, Inc. (1)		13,439		170,407
CH Robinson Worldwide, Inc.		2,316		234,773
Fortune Brands Home & Security, Inc.		2,382		142,634
Howmet Aerospace, Inc.		7,623		239,743
Huntington Ingalls Industries, Inc.		1,243		270,750
Leidos Holdings, Inc.		2,781		280,075
Masco Corp.		3,640		184,184
Nielsen Holdings PLC		11,950		277,479
Pentair PLC		3,556		162,758
Quanta Services, Inc.		2,201		275,873
Robert Half International, Inc.		2,103		157,494
Rollins, Inc.		7,605		265,567
Snap-on, Inc.		1,158		228,161
United Airlines Holdings, Inc. (1)		5,527		195,766
				3,605,431

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

Page 46 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Information Technology — 5.8%
Ceridian HCM Holding, Inc. (1)		2,541		119,630
Citrix Systems, Inc.		2,153		209,207
DXC Technology Co. (1)		7,190		217,929
F5, Inc. (1)		1,066		163,141
IPG Photonics Corp. (1)		1,465		137,900
Jack Henry & Associates, Inc.		1,179		212,244
Juniper Networks, Inc.		6,685		190,523
NortonLifeLock, Inc.		8,850		194,341
PTC, Inc. (1)		1,953		207,682
SolarEdge Technologies, Inc. (1)		927		253,701
				1,906,298
Materials — 5.0%
CF Industries Holdings, Inc.		2,985		255,904
Eastman Chemical Co.		2,092		187,799
FMC Corp.		2,298		245,909
Mosaic Co./The		6,312		298,116
Packaging Corp. of America		1,608		221,100
Sealed Air Corp.		3,466		200,058
Westrock Co.		5,584		222,467
				1,631,353
Real Estate Investment Trust — 3.7%
Federal Realty OP LP		1,834		175,587
Host Hotels & Resorts, Inc.		14,395		225,714
Iron Mountain, Inc.		5,037		245,252
Kimco Realty Corp.		10,131		200,290
Regency Centers Corp.		3,283		194,715
SL Green Realty Corp.		128		5,907
Vornado Realty Trust		5,642		161,305
				1,208,770
Utilities — 5.1%
AES Corp./The		10,453		219,618
Alliant Energy Corp.		4,210		246,748
Atmos Energy Corp.		2,406		269,713
Evergy, Inc.		3,706		241,817
NiSource, Inc.		8,248		243,233
NRG Energy, Inc.		5,997		228,905
Pinnacle West Capital Corp.		3,063		223,967
				1,674,001
Total Common Stocks (United States) (Cost $18,635,721)				19,293,402

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 37.4%
Meeder Institutional Prime Money Market Fund, 1.42% (2)		12,328,436		12,323,505
Total Money Market Registered Investment Companies (Cost $12,329,587)				12,323,505
Bank Obligations — 0.0%
First Merchants Bank Deposit Account, 0.55%, 7/1/2022 (3)		8,199		8,199
Metro City Bank Deposit Account, 0.05%, 7/1/2022 (3)		19		19
Total Bank Obligations (Cost $8,218)				8,218
Total Investments — 96.0% (Cost $30,973,526)				31,625,125
Other Assets less Liabilities — 4.0%				1,313,311
Total Net Assets — 100.0%				32,938,436
Trustee Deferred Compensation (4)
Meeder Balanced Fund - Retail Class		1,170		13,771
Meeder Dynamic Allocation Fund - Retail Class		3,145		35,350
Meeder Muirfield Fund - Retail Class		1,585		13,124
Meeder Conservative Allocation Fund - Retail Class		337		7,148
Total Trustee Deferred Compensation (Cost $66,472)				69,393

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

2022 Semi-Annual Report | June 30, 2022 Page 47

Schedules of Investments
June 30, 2022 (unaudited)

Quantex Fund
	Long (Short) Contracts		Expiration Date		Notional Value of Contracts ($)		Value and Unrealized Appreciation (Depreciation) ($)
Futures Contracts
Index Futures
E-mini Standard & Poors MidCap 400 Futures		31		9/16/2022		7,030,800		(28,124	)
Standard & Poors 500 Mini Futures		35		9/16/2022		6,631,625		100,601
Total Futures Contracts		66				13,662,425		72,477

(1) Represents non-income producing securities.

(2) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

(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 not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

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

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

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

Page 48 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Tactical Income Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies (U.S. Fixed Income) — 28.7%
BBH Limited Duration Fund - Class I		497,264		4,952,746
Diamond Hill Short Duration Securitized Bond Fund - Class Y		213,030		2,051,482
Frost Total Return Bond Fund - Class I		175,434		1,678,905
iShares Core 1-5 Year USD Bond ETF (3)		198,740		9,420,274
PGIM Short-Term Corporate Bond Fund - Class Q		90,664		937,466
Total Registered Investment Companies (U.S. Fixed Income) (Cost $19,913,200)				19,040,873
Money Market Registered Investment Companies — 71.1%
Federated Hermes Government Obligations Fund, 1.41%		35,000,000		35,000,000
Meeder Institutional Prime Money Market Fund, 1.42% (1)		12,237,114		12,232,219
Total Money Market Registered Investment Companies (Cost $47,231,568)				47,232,219
U.S. Government Obligations — 0.1%
Government National Mortgage Association, 6.50%, due 7/20/2038		59,751		68,372
Total U.S. Government Obligations (Cost $63,701)				68,372
Total Investments — 99.9% (Cost $67,208,469)				66,341,464
Other Assets less Liabilities — 0.1%				56,038
Total Net Assets — 100.0%				66,397,502
Trustee Deferred Compensation (2)
Meeder Balanced Fund - Retail Class		1,338		15,748
Meeder Dynamic Allocation Fund - Retail Class		3,505		39,396
Meeder Muirfield Fund - Retail Class		1,900		15,732
Meeder Conservative Allocation Fund - Retail Class		393		8,336
Total Trustee Deferred Compensation (Cost $79,034)				79,212

(1) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2022.

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

(3) Exchange-traded fund.

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

2022 Semi-Annual Report | June 30, 2022 Page 49

Schedules of Investments
June 30, 2022 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — 27.4%
Banco Santander Yankee CD		0.20	%		08/19/22		1,500,000		1,496,544
Bank of Montreal Chicago (Secured Overnight Financing Rate + 0.24%)		1.75	%(2)		12/01/22		5,000,000		4,994,455
Bank of Montreal Chicago (Secured Overnight Financing Rate + 0.61%)		2.12	%(2)		07/21/23		10,000,000		9,995,001
Bank of Montreal Chicago (Secured Overnight Financing Rate + 0.20%)		1.71	%(2)		11/03/22		5,000,000		4,996,155
Barclays Bank PLC NY (Secured Overnight Financing Rate + 0.30%)		1.81	%(2)		02/02/23		5,000,000		4,990,510
Barclays Bank PLC NY (Secured Overnight Financing Rate + 0.29%)		1.80	%(2)		02/16/23		5,000,000		4,989,140
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.30%)		1.81	%(2)		01/06/23		5,000,000		4,996,405
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.25%)		1.76	%(2)		02/10/23		6,000,000		5,990,688
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.25%)		1.76	%(2)		02/17/23		5,000,000		4,991,555
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.21%)		1.72	%(2)		12/01/22		5,000,000		4,997,000
Cooperatieve Rabobank UA/NY (Secured Overnight Financing Rate + 0.49%)		2.00	%(2)		03/10/23		10,000,000		9,999,195
Credit Agricole Yankee CD		1.96	%		09/21/22		5,000,000		4,992,350
Lloyds Bank Corp. Mkts/NY Yankee CD		0.23	%		08/17/22		400,000		399,168
Lloyds Bank Corp. Mkts/NY (Secured Overnight Financing Rate + 0.28%)		1.79	%(2)		02/13/23		5,000,000		4,992,135

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — continued
Mitsubishi UFJ Trust & Banking Corp. (Secured Overnight Financing Rate + 0.19%)		1.70	%(2)		07/27/22		5,000,000		4,999,915
Mizuho Bank, Ltd./NY Yankee CD		0.33	%		07/15/22		5,000,000		4,997,320
Mizuho Bank, Ltd./NY (Secured Overnight Financing Rate + 0.18%)		1.63	%(2)		08/10/22		5,000,000		4,999,665
MUFG Bank, Ltd./New York, NY Yankee CD		0.23	%		07/15/22		2,000,000		1,998,880
MUFG Bank, Ltd./New York, NY Yankee CD		0.32	%		08/08/22		3,000,000		2,995,533
MUFG Bank, Ltd./New York, NY Yankee CD		0.21	%		09/20/22		2,000,000		1,991,298
Natixis SA/New York, NY Yankee CD		0.30	%		10/21/22		5,000,000		4,965,490
Natixis SA/New York, NY (Secured Overnight Financing Rate + 0.41%)		1.92	%(2)		12/02/22		10,000,000		10,001,500
Nordea Bank ABP/New York, NY (Secured Overnight Financing Rate + 0.29%)		1.80	%(2)		08/26/22		5,000,000		5,000,460
Nordea Bank ABP/New York, NY (Secured Overnight Financing Rate + 0.34%)		1.85	%(2)		10/21/22		5,000,000		5,000,365
Nordea Bank ABP/New York, NY (Secured Overnight Financing Rate + 0.19%)		1.70	%(2)		10/24/22		5,000,000		4,997,870
Royal Bank of Canada (Secured Overnight Financing Rate + 0.15%)		1.66	%(2)		08/09/22		5,000,000		4,999,595
Royal Bank of Canada Yankee CD		0.27	%		10/20/22		5,000,000		4,967,195
Standard Chartered Bank NY (Secured Overnight Financing Rate + 0.21%)		1.72	%(2)		11/07/22		5,000,000		4,996,760
Standard Chartered Bank NY (Secured Overnight Financing Rate + 0.40%)		1.91	%(2)		11/01/22		10,000,000		10,000,520
Sumitomo Mitsui Banking Corp./NY Yankee CD		1.65	%		07/21/22		5,000,000		5,000,135

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

Page 50 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — continued
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.45%)		1.96	%(2)		11/23/22		5,000,000		4,999,855
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.60%)		2.11	%(2)		05/03/23		10,000,000		9,997,040
Svenska Handelsbanken (Secured Overnight Financing Rate + 0.15%)		1.66	%(2)		08/01/22		1,000,000		999,954
Toronto Dominion Bank/New York, NY (Secured Overnight Financing Rate + 0.23%)		1.74	%(2)		02/08/23		5,000,000		5,000,000
Toronto Dominion Bank/New York, NY Yankee CD		2.40	%		05/11/23		5,000,000		5,000,000
Toronto Dominion Bank/New York, NY Yankee CD		3.02	%		07/03/23		5,000,000		4,963,535
Toronto Dominion Bank/New York, NY Yankee CD		0.27	%		10/20/22		1,000,000		993,639
Toronto Dominion Bank/New York, NY (US Federal Funds Effective Rate + 0.49%)		2.07	%(2)		12/23/22		5,000,000		5,000,000
Total Certificates of Deposit (Cost $191,839,652)									191,686,825
Commercial Paper — 40.7%
American Honda Finance Corp.		1.90	%		07/21/22		10,000,000		9,987,649
American Honda Finance Corp.		1.98	%		07/25/22		1,500,000		1,497,778
American Honda Finance Corp.		2.18	%		08/23/22		10,000,000		9,966,850
Anglesea Funding		1.62	%		07/01/22		800,000		799,966
Anglesea Funding		1.62	%		07/05/22		10,000,000		9,997,373
Bank of Montreal		1.62	%		07/08/22		3,700,000		3,698,701
Bank of Nova Scotia/The		0.12	%		07/27/22		2,000,000		1,997,616
Bank of Nova Scotia/The		0.12	%		07/29/22		2,000,000		1,997,438
Bank of Nova Scotia/The		0.22	%		10/03/22		1,450,000		1,441,861

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Barclays Capital, Inc.		2.53	%		01/05/23		5,000,000		4,919,831
Barclays Capital, Inc.		0.17	%		08/08/22		3,750,000		3,741,926
Bedford Row Funding		3.05	%		01/03/23		10,000,000		9,842,560
Bedford Row Funding		0.33	%		08/18/22		3,000,000		2,992,140
Bedford Row Funding (Secured Overnight Financing Rate + 0.40%)		1.91	%(2)		12/12/22		5,000,000		4,999,500
BNP Paribas SA/New York, NY		1.57	%		07/01/22		8,443,000		8,443,000
Chesham Finance, LLC		1.22	%		07/01/22		1,000,000		999,957
Chesham Finance, LLC		1.61	%		07/06/22		10,000,000		9,996,928
Chesham Finance, LLC		1.60	%		07/11/22		10,000,000		9,995,130
Collateralized Commercial Paper V Co.		2.70	%		02/24/23		2,700,000		2,641,691
Collateralized Commercial Paper V Co.		1.62	%		07/05/22		1,700,000		1,699,629
Collateralized Commercial Paper V Co.		1.67	%		07/11/22		1,955,000		1,954,048
Collateralized Commercial Paper V Co.		1.73	%		07/14/22		310,000		309,807
Collateralized Commercial Paper V Co.		2.27	%		11/30/22		5,000,000		4,940,970
Collateralized Commercial Paper V Co.		1.62	%		07/05/22		500,000		499,891
Collateralized Commercial Paper FLEX Co., LLC (Secured Overnight Financing Rate + 0.17%)		1.68	%(2)		07/21/22		5,000,000		4,999,970
CommonWealth Bank		0.25	%		07/15/22		2,000,000		1,998,692
CommonWealth Bank		2.00	%		11/07/22		1,500,000		1,486,551
CommonWealth Bank (Secured Overnight Financing Rate + 0.20%)		1.71	%(2)		08/24/22		5,000,000		4,999,290
Crown Point Capital		0.60	%		08/02/22		5,000,000		4,991,965
Crown Point Capital		2.39	%		12/06/22		10,000,000		9,870,810
Crown Point Capital		1.03	%		12/19/22		1,000,000		985,538
DZ Bank AG		1.63	%		07/08/22		750,000		749,736
DZ Bank AG		1.32	%		08/02/22		5,000,000		4,992,085
Ebury Finance, LLC		1.61	%		07/07/22		10,000,000		9,996,930
Ebury Finance, LLC		1.60	%		07/12/22		10,000,000		9,994,670
Ebury Finance, LLC		1.52	%		08/01/22		3,000,000		2,995,365

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

2022 Semi-Annual Report | June 30, 2022 Page 51

Schedules of Investments
June 30, 2022 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Glencove Funding, LLC		1.66	%		07/08/22		900,000		899,683
Glencove Funding, LLC		2.05	%		11/07/22		1,000,000		990,626
Great Bear Funding		1.62	%		07/01/22		15,000,000		14,999,355
Great Bear Funding		1.60	%		07/05/22		15,000,000		14,996,730
Halkin Finance, LLC		1.15	%		07/01/22		13,000,000		12,999,441
Lloyds Bank Corp. Mkts./NY		2.08	%		11/21/22		5,000,000		4,946,080
Macquarie Bank, Ltd./Australia		0.60	%		08/02/22		5,000,000		4,991,885
National Australia Bank, Ltd.		2.05	%		11/01/22		900,000		892,399
Natixis SA/New York, NY		0.40	%		08/15/22		5,000,000		4,987,470
Nordea Bank ABP		0.33	%		07/01/22		10,000,000		9,999,570
Ridgefield Funding Co.		1.45	%		08/11/22		1,500,000		1,496,801
Ridgefield Funding Co.		2.04	%		10/03/22		5,000,000		4,968,850
Royal Bank of Canada (Secured Overnight Financing Rate + 0.25%)		1.76	%(2)		02/24/23		5,000,000		4,989,815
Royal Bank of Canada		0.13	%		07/06/22		2,000,000		1,999,478
Royal Bank of Canada		0.28	%		10/04/22		2,650,000		2,633,061
Royal Bank of Canada		0.21	%		10/12/22		2,000,000		1,985,706
Royal Bank of Canada		0.38	%		11/14/22		1,000,000		989,428
Standard Chartered Bank NY		0.14	%		07/27/22		2,700,000		2,696,782
Standard Chartered Bank NY		0.39	%		10/14/22		900,000		893,939
Toronto Dominion Bank/New York, NY		1.62	%		07/07/22		1,000,000		999,697
Westpac Banking Corp. (Secured Overnight Financing Rate + 0.45%)		1.96	%(2)		02/21/23		10,000,000		9,995,670
Westpac Banking Corp. (Secured Overnight Financing Rate + 0.44%)		1.95	%(2)		09/22/22		5,000,000		5,001,385
Westpac Banking Corp. (Secured Overnight Financing Rate + 0.36%)		1.87	%(2)		11/14/22		5,000,000		4,999,505
Westpac Securities, Ltd.		0.29	%		08/18/22		2,500,000		2,494,025
Westpac Securities, Ltd.		1.99	%		11/01/22		500,000		495,867
Total Commercial Paper (Cost $284,997,911)									284,767,089

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Corporate Obligations — 2.1%
Bank of Montreal (Bloomberg 1Month Short Term Bank Yield Index (USD) + 0.42%)		2.03	%(2)		01/03/23		10,000,000		10,000,000
Citigroup Global Markets, Inc.		3.80	%		07/30/23		5,000,000		5,000,000
Total Corporate Obligations (Cost $15,000,000)									15,000,000
Repurchase Agreements — 23.5%
StoneX (Collateralized by $66,211,211 various Corporate Bonds, FMACs, GNMAs, and FNMAs, 0.52% - 6.95%, due 8/2/22 - 1/1/99, fair value $51,240,485)(proceeds $50,002,361) purchase date 6/30/22		1.70	%		07/01/22		50,000,000		50,000,000
South Street (Collateralized by $90,589,161 various FMACs, FHLBs, SBAs, FNMAs, FCSBs, GNMAs, and U.S. Treasuries, 3.00% - 6.50%, due 1/1/26 - 6/1/52, fair value $61,248,890)(proceeds $60,002,500), purchase date 6/30/22		1.50	%		07/01/22		60,000,000		60,000,000
South Street (Collateralized by $116,943,827 various FMACs, GNMAs, FNMAs, FHLBs, SBAs, and Corporate Bonds, 1.38% - 6.50%, due 10/11/22 - 5/1/52, fair value $56,163,672)(proceeds $55,002,368), purchase date 6/30/22		1.55	%		07/01/22		55,000,000		55,000,000
Total Repurchase Agreements (Cost $165,000,000)									165,000,000

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

Page 52 2022 Semi-Annual Report | June 30, 2022

Schedules of Investments
June 30, 2022 (unaudited)

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Variable Rate Demand Notes — 3.2%
Metro Transport Authority NY Revenue		1.20	%(1)		07/07/22		5,000,000		5,000,000
Michigan State Finance Authority Revenue		1.56	%(1)		07/07/22		4,500,000		4,500,000
Ohio State Special Obligation		1.20	%(1)		07/06/22		3,000,000		3,000,000
Pittsburgh & Allegheny County PA Sports & Exhibition Authority		1.60	%(1)		07/07/22		1,715,000		1,715,000
Triborough NY Bridge & Tunnel Authority Revenues		1.19	%(1)		07/06/22		2,400,000		2,400,000
Triborough NY Bridge & Tunnel Authority Revenues		0.75	%(1)		07/07/22		6,000,000		6,000,000
Total Variable Rate Demand Notes (Cost $22,615,000)									22,615,000
Money Market Registered Investment Companies — 4.6%
Federated Hermes Government Obligations Fund, 1.41% (3)							31,958,602		31,958,602
Total Money Market Registered Investment Companies (Cost $31,958,602)									31,958,602
Total Investments — 101.5% (Cost $711,411,165)									711,027,516
Liabilities less Other Assets — (1.5%)									(10,182,157	)
Total Net Assets — 100.0%									700,845,359

Institutional Prime Money Market Fund
Security Description	Principal Amount ($) or Shares	Fair Value ($)
Trustee Deferred Compensation (4)
Meeder Balanced Fund - Retail Class	89	1,048
Meeder Dynamic Allocation Fund - Retail Class	220	2,473
Meeder Muirfield Fund - Retail Class	287	2,376
Meeder Conservative Allocation Fund - Retail Class	28	594
Total Trustee Deferred Compensation (Cost $6,772)		6,491

(1) Variable rate security. Securities payable at par including accrued interest (usually within seven days notice) and unconditionally secured as to principal and interest by letters of credit or other credit support agreements from major banks. The interest rates are adjustable and are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown, if applicable, reflects the earlier of the next demand date or stated maturity date.

(2) Floating rate security. Interest rates reset periodically. The reference rate and spread are indicated in the description above. The rate shown represents the rate in effect at June 30, 2022. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3) 7-day yield as of June 30, 2022. The Fund may invest a significant portion of its assets in shares of one or more investment companies, including money market mutual funds. The Fund will incur additional indirect expenses (acquired fund fees and expenses) to the extent it invests in shares of other investment companies.

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

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

2022 Semi-Annual Report | June 30, 2022 Page 53

Statements of Assets and Liabilities
June 30, 2022 (unaudited)

	Muirfield Fund		Spectrum Fund
Assets
Investments, at fair value (1)(2)	$	336,605,421	$	122,329,374
Repurchase agreements, at fair value (1)		—		—
Investments in affiliates, at fair value (1)		273,579,597		46,797,670
Trustee deferred compensation investments, at fair value		327,466		55,003
Deposits at broker for futures contracts (3)		28,537,973		13,515,252
Cash held at broker for collateral on securities sold short		—		994
Receivable for securities sold		7,109,159		2,669,117
Receivable for capital stock issued		390,500		64,805
Interest and dividend receivable		468,695		126,608
Prepaid expenses/other assets		52,693		28,686
Total Assets		647,071,504		185,587,509
Liabilities
Payable for securities purchased		3,276,875		1,340,601
Payable for Trustee Deferred Compensation Plan		327,466		55,003
Payable for capital stock redeemed		236,168		34,056
Dividends payable		—		—
Payable to investment adviser		334,409		110,336
Accrued distribution plan (12b-1) and shareholder service plan fees		126,607		23,377
Accrued transfer agent, fund accounting, CCO, and administrative fees		97,549		36,533
Accrued trustee fees		8,537		3,133
Other accrued liabilities		44,792		38,238
Total Liabilities		4,452,403		1,641,277
Net Assets	$	642,619,101	$	183,946,232
Net Assets
Capital	$	570,844,432	$	159,313,166
Distributable Earnings (Accumulated Deficit)		71,774,669		24,633,066
Total Net Assets	$	642,619,101	$	183,946,232
Net Asset Value Per Share
Retail Class
Net Assets	$	39,947,463	$	1,817,869
Shares Outstanding		4,821,808		150,037
Net Asset Value, Offering and Redemption Price Per Share	$	8.28	$	12.12
Adviser Class
Net Assets	$	90,080,372	$	32,467,273
Shares Outstanding		10,743,958		2,657,919
Net Asset Value, Offering and Redemption Price Per Share	$	8.38	$	12.22
Institutional Class
Net Assets	$	512,591,266	$	149,661,090
Shares Outstanding		61,049,093		12,216,602
Net Asset Value, Offering and Redemption Price Per Share	$	8.40	$	12.25
Net Asset Value Per Share - Money Market Fund
Net Assets
Shares Outstanding
Net Asset Value, Offering and Redemption Price Per Share
(1) Investments and affiliated investments at cost	$	567,553,117	$	157,665,652
(2) Fair value of securities loaned included in investments at fair value (See Note #2, Note #3, and Note #5)	$	—	$	—
(3) Required margin held as collateral for futures contracts	$	9,625,394	$	4,198,406

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

Page 54 2022 Semi-Annual Report | June 30, 2022

Global Allocation Fund			Balanced Fund		Moderate Allocation Fund		Conservative Allocation Fund			Dynamic Allocation Fund		Quantex Fund			Tactical Income Fund			Institutional Prime Money Market Fund
$	14,431,941		$	209,324,460	$	90,319,401	$	69,533,457		$	138,673,276	$	19,301,620		$	54,109,245		$	546,027,516
	—			—		—		—			—		—			—			165,000,000
	21,298,750			121,304,168		62,131,665		49,455,166			60,659,468		12,323,505			12,232,219			—
	113,934			210,545		41,085		84,500			237,867		69,393			79,212			6,491
	927,097			13,278,480		2,752,980		1,253,108			5,500,799		1,297,564			—			—
	—			—		—		—			—		—			—			—
	288,002			3,210,282		1,088,855		353,171			2,314,540		19			38			—
	9,416			123,768		37,560		41,337			143,760		18,282			92,496			—
	25,840			268,254		127,581		105,613			137,309		37,460			48,126			344,043
	23,474			35,135		35,702		31,963			34,828		30,860			31,821			—
	37,118,454			347,755,092		156,534,829		120,858,315			207,701,847		33,078,703			66,593,157			711,378,050
	40			878,030		1,019		60,921			1,930,754		—			—			9,845,000
	113,934			210,545		41,085		84,500			237,867		69,393			79,212			6,491
	26,294			220,876		74,769		71,522			110,531		392			49,617			—
	—			12,895		2,983		1,669			—		—			125			562,035
	22,250			189,865		74,956		48,194			107,912		20,337			15,341			—
	3,997			73,779		32,830		25,573			—		21,207			9,495			53
	11,322			63,765		31,861		25,871			40,622		10,705			14,522			84,259
	846			6,923		2,617		2,096			2,786		747			820			215
	16,844			43,663		30,399		30,648			26,620		17,486			26,523			34,638
	195,527			1,700,341		292,519		350,994			2,457,092		140,267			195,655			10,532,691
$	36,922,927		$	346,054,751	$	156,242,310	$	120,507,321		$	205,244,755	$	32,938,436		$	66,397,502		$	700,845,359
$	37,607,813		$	321,506,261	$	155,586,588	$	125,931,017		$	203,695,788	$	32,949,113		$	80,028,864		$	701,231,585
	(684,886	)		24,548,490		655,722		(5,423,696	)		1,548,967		(10,677	)		(13,631,362	)		(386,226	)
$	36,922,927		$	346,054,751	$	156,242,310	$	120,507,321		$	205,244,755	$	32,938,436		$	66,397,502		$	700,845,359
$	2,650,892		$	7,270,291	$	1,097,031	$	5,835,520		$	7,090,053	$	13,186,178		$	2,404,811
	267,202			617,621		97,716		275,124			630,827		406,743			266,478
$	9.92		$	11.77	$	11.23	$	21.21		$	11.24	$	32.42		$	9.02
$	4,153,839		$	62,903,433	$	29,473,501	$	20,682,308		$	21,734,084	$	3,607,774		$	9,302,778
	415,409			5,303,156		2,619,826		964,503			1,911,451		110,328			1,029,862
$	10.00		$	11.86	$	11.25	$	21.44		$	11.37	$	32.70		$	9.03
$	30,118,196		$	275,881,027	$	125,671,778	$	93,989,493		$	176,420,618	$	16,144,484		$	54,689,913
	3,020,785			23,214,431		11,153,902		4,373,021			15,543,359		494,706			6,058,923
$	9.97		$	11.88	$	11.27	$	21.49		$	11.35	$	32.63		$	9.03
																		$	700,845,359
																			701,143,877
																		$	0.9996
$	34,092,610		$	311,665,615	$	148,811,903	$	119,381,910		$	186,314,642	$	30,973,526		$	67,208,469		$	711,411,165
$	—		$	—	$	—	$	—		$	—	$	—		$	—		$	—
$	364,022		$	3,535,836	$	411,074	$	752,333		$	3,789,594	$	786,000		$	—		$	—

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

2022 Semi-Annual Report | June 30, 2022 Page 55

Statements of Operations
For the Six Months Ended June 30, 2022 (unaudited)

	Muirfield Fund			Spectrum Fund
Investment Income
Interest	$	7,089		$	2,640
Income from affiliates		474,355			83,317
Dividends		3,308,578			1,122,801
Total Investment Income		3,790,022			1,208,758
Fund Expenses
Investment adviser		2,191,833			733,579
Transfer agent - Retail Class		19,755			1,270
Transfer agent - Adviser Class		46,445			21,422
Transfer agent - Institutional Class		259,724			94,919
Transfer agent - Money Market Fund
Fund accounting		52,606			28,149
Administrative		231,705			83,366
Trustee		15,826			4,954
Audit and tax services		8,389			8,392
Legal		1,280			1,275
Custody		34,891			10,922
Printing		2,483			3,160
Distribution plan (12b-1) - Retail Class (1)		41,529			2,646
Distribution plan (12b-1) - Money Market Fund
Shareholder service plan - Retail Class		18,065			2,117
Shareholder service plan - Adviser Class		—			—
Shareholder service plan - Institutional Class		248,425			56,951
Postage		15,994			11,765
Registration and filing		32,579			29,744
Insurance		17,282			5,542
Chief Compliance Officer		3,534			3,537
Other		25,977			18,145
Total Expenses Before Reductions		3,268,322			1,121,855
Expenses voluntarily reimbursed/waived by investment adviser (See Note #5)		—			—
Expenses contractually reimbursed/waived by investment adviser (See Note #5)		—			—
Securities lending credit (See Note #5)		(234	)		—
Net Expenses		3,268,088			1,121,855
Net Investment Income (Loss)		521,934			86,903
Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from unaffiliated investments		25,932,986			8,468,442
Net realized gains (losses) from affiliated investments		(55,653	)		(23,764	)
Net realized gains (losses) from futures contracts		(3,805,402	)		2,593,938
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		22,071,931			11,038,616
Net change in unrealized appreciation (depreciation) of unaffiliated investments		(116,848,497	)		(37,244,025	)
Net change in unrealized appreciation (depreciation) of affiliated investments		(44,732	)		(375	)
Net change in unrealized appreciation (depreciation) of futures contracts		(1,756,569	)		(346,268	)
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts		(118,649,798	)		(37,590,668	)
Net Realized and Unrealized Gain (Loss) from Investments		(96,577,867	)		(26,552,052	)
Net Change in Net Assets Resulting from Operations	$	(96,055,933	)	$	(26,465,149	)

(1) Only the Retail Class of shares has adopted a Rule 12b-1 Plan. See #5 of the Notes to Financial Statements.

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

Page 56 2022 Semi-Annual Report | June 30, 2022

Global Allocation Fund			Balanced Fund			Moderate Allocation Fund			Conservative Allocation Fund			Dynamic Allocation Fund			Quantex Fund			Tactical Income Fund			Institutional Prime Money Market Fund
$	6,575		$	167,311		$	124,862		$	135,326		$	2,869		$	21		$	110,712		$	1,736,158
	34,750			186,038			90,190			68,710			106,083			22,275			15,781			—
	185,703			2,097,600			967,570			786,059			1,260,863			209,538			446,297			—
	227,028			2,450,949			1,182,622			990,095			1,369,815			231,834			572,790			1,736,158
	151,949			1,243,644			496,073			318,563			816,471			142,412			136,206			899,585
	1,834			3,940			660			3,815			5,033			9,047			1,024
	2,838			40,743			18,627			13,157			15,324			2,543			3,802
	19,640			174,292			79,928			59,483			113,184			11,195			22,415
																						222,997
	18,433			36,596			26,616			24,719			29,476			18,178			21,191			51,356
	20,260			150,943			71,102			55,929			93,986			18,988			32,200			227,956
	1,272			9,414			4,129			3,236			5,286			1,189			1,675			546
	8,389			8,392			9,393			9,393			9,427			8,389			7,291			6,820
	1,274			1,278			1,275			1,275			1,275			1,274			1,275			1,333
	2,127			21,515			9,238			7,237			11,110			1,663			3,236			22,691
	87			1,409			713			799			991			112			303			533
	3,821			8,207			1,376			7,947			10,486			15,079			3,199			—
	3,516			3,316			1,101			—			4,110			12,742			2,303
	—			—			—			—			—			—			—
	1,800			133,624			59,946			45,604			26,410			—			18,493
	2			14,231			7,810			8,217			9,812			747			6,001			195
	25,437			32,301			24,788			24,434			26,045			21,869			25,141			5,163
	1,318			11,589			4,930			3,942			5,843			1,187			1,904			9,410
	3,532			3,532			3,533			3,532			3,533			3,534			3,532			3,517
	15,136			21,556			17,639			17,101			18,141			15,434			20,147			43,116
	282,665			1,920,522			838,877			608,383			1,205,943			285,583			311,338			1,495,218
	—			—			—			—			(33,973	)		—			(12,638	)		(938,521	)
	—			—			—			—			(65,205	)		—			(24,819	)		—
	(150	)		(4,838	)		(3,247	)		(690	)		—			—			—			—
	282,515			1,915,684			835,630			607,693			1,106,765			285,583			273,881			556,697
	(55,487	)		535,265			346,992			382,402			263,050			(53,749	)		298,909			1,179,461
	516,801			(714,614	)		(3,132,475	)		(3,283,390	)		741,955			3,492,429			(3,247,603	)		(200	)
	(4,114	)		(50,771	)		(31,482	)		(29,805	)		(21,350	)		(2,393	)		(10,464	)		—
	(1,864,270	)		491,269			(1,275,740	)		(1,829,812	)		(12,334,652	)		(3,243,323	)		—			—
	(1,351,583	)		(274,116	)		(4,439,697	)		(5,143,007	)		(11,614,047	)		246,713			(3,258,067	)		(200	)
	(4,395,994	)		(46,271,180	)		(14,847,426	)		(8,830,546	)		(34,528,885	)		(6,658,496	)		(1,196,562	)		(350,105	)
	(5,973	)		(11,433	)		(3,117	)		412			(1,797	)		(4,784	)		135			—
	(303,472	)		(499,325	)		(97,364	)		19,519			(1,357,000	)		(160,337	)		—			—
	(4,705,439	)		(46,781,938	)		(14,947,907	)		(8,810,615	)		(35,887,682	)		(6,823,617	)		(1,196,427	)		(350,105	)
	(6,057,022	)		(47,056,054	)		(19,387,604	)		(13,953,622	)		(47,501,729	)		(6,576,904	)		(4,454,494	)		(350,305	)
$	(6,112,509	)	$	(46,520,789	)	$	(19,040,612	)	$	(13,571,220	)	$	(47,238,679	)	$	(6,630,653	)	$	(4,155,585	)	$	829,156

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

2022 Semi-Annual Report | June 30, 2022 Page 57

Statements of Changes in Net Assets
For the Six Months Ended June 30, 2022 (unaudited) and the Year Ended December 31, 2021

	Muirfield Fund						Spectrum Fund
	2022			2021			2022			2021
Operations
Net investment income (loss)	$	521,934		$	1,595,623		$	86,903		$	94,333
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		22,071,931			89,463,110			11,038,616			32,449,569
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		(118,649,798	)		22,186,089			(37,590,668	)		4,551,153
Net change in net assets resulting from operations		(96,055,933	)		113,244,822			(26,465,149	)		37,095,055
Distributions to Shareholders
Retail Class		—			(1,428,738	)		—			(133,412	)
Adviser Class		—			(3,472,675	)		—			(2,008,809	)
Institutional Class		—			(18,608,096	)		—			(8,934,801	)
Money Market Fund
Change in net assets resulting from distributions		—			(23,509,509	)		—			(11,077,022	)
Capital Transactions:
Issued		104,658,200			317,995,936			21,814,173			81,698,993
Reinvested		(1	)		22,813,672			—			11,042,182
Redeemed		(86,454,731	)		(283,898,369	)		(22,506,546	)		(92,934,007	)
Net change in net assets resulting from capital transactions		18,203,468			56,911,239			(692,373	)		(192,832	)
Total Change in Net Assets		(77,852,465	)		146,646,552			(27,157,522	)		25,825,201
Net Assets - Beginning of Year		720,471,566			573,825,014			211,103,754			185,278,553
Net Assets - End of Period/Year	$	642,619,101		$	720,471,566		$	183,946,232		$	211,103,754
Share Transactions:
Issued		11,636,798			35,009,621			1,660,745			6,207,988
Reinvested		—			2,375,480			—			787,831
Redeemed		(9,792,250	)		(32,086,333	)		(1,720,363	)		(7,098,087	)
Net change in shares		1,844,548			5,298,768			(59,618	)		(102,268	)

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

Page 58 2022 Semi-Annual Report | June 30, 2022

Global Allocation Fund						Balanced Fund						Moderate Allocation Fund						Conservative Allocation Fund
2022			2021			2022			2021			2022			2021			2022			2021
$	(55,487	)	$	(91,989	)	$	535,265		$	2,769,005		$	346,992		$	1,760,910		$	382,402		$	1,975,878
	(1,351,583	)		6,197,305			(274,116	)		57,143,370			(4,439,697	)		18,503,263			(5,143,007	)		11,326,073
	(4,705,439	)		(425,582	)		(46,781,938	)		(7,453,233	)		(14,947,907	)		(4,917,333	)		(8,810,615	)		(6,463,745	)
	(6,112,509	)		5,679,734			(46,520,789	)		52,459,142			(19,040,612	)		15,346,840			(13,571,220	)		6,838,206
	—			(355,386	)		(24,624	)		(539,513	)		(1,952	)		(71,385	)		(8,243	)		(378,811	)
	—			(507,971	)		(316,556	)		(5,644,094	)		(104,519	)		(1,909,611	)		(57,717	)		(1,342,034	)
	—			(3,659,013	)		(1,386,447	)		(24,757,476	)		(444,621	)		(9,206,005	)		(218,209	)		(6,369,177	)
	—			(4,522,370	)		(1,727,627	)		(30,941,083	)		(551,092	)		(11,187,001	)		(284,169	)		(8,090,022	)
	3,118,944			11,805,911			45,194,548			153,194,019			18,568,989			66,121,514			15,990,633			54,257,997
	—			4,521,300			1,714,704			30,784,411			548,109			11,120,325			282,499			8,047,628
	(5,339,307	)		(17,810,709	)		(39,855,909	)		(214,744,638	)		(17,041,328	)		(83,908,176	)		(16,380,005	)		(68,102,776	)
	(2,220,363	)		(1,483,498	)		7,053,343			(30,766,208	)		2,075,770			(6,666,337	)		(106,873	)		(5,797,151	)
	(8,332,872	)		(326,134	)		(41,195,073	)		(9,248,149	)		(17,515,934	)		(2,506,498	)		(13,962,262	)		(7,048,967	)
	45,255,799			45,581,933			387,249,824			396,497,973			173,758,244			176,264,742			134,469,583			141,518,550
$	36,922,927		$	45,255,799		$	346,054,751		$	387,249,824		$	156,242,310		$	173,758,244		$	120,507,321		$	134,469,583
	292,928			982,056			3,544,577			11,296,376			1,537,306			5,159,224			701,399			2,206,952
	—			390,033			144,399			2,261,914			48,651			873,520			13,158			333,814
	(497,405	)		(1,467,025	)		(3,135,069	)		(15,681,027	)		(1,420,743	)		(6,532,488	)		(719,913	)		(2,774,610	)
	(204,477	)		(94,936	)		553,907			(2,122,737	)		165,214			(499,744	)		(5,356	)		(233,844	)

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

2022 Semi-Annual Report | June 30, 2022 Page 59

Statements of Changes in Net Assets
For the Six Months Ended June 30, 2022 (unaudited) and the Year Ended December 31, 2021

	Dynamic Allocation Fund
	2022			2021
Operations
Net investment income (loss)	$	263,050		$	405,885
Net realized gain (loss) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		(11,614,047	)		33,126,774
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		(35,887,682	)		4,297,387
Net change in net assets resulting from operations		(47,238,679	)		37,830,046
Distributions to Shareholders
Retail Class		—			(1,288,985	)
Adviser Class		—			(3,644,420	)
Institutional Class		—			(25,897,027	)
Money Market Fund
Change in net assets resulting from distributions		—			(30,830,432	)
Capital Transactions:
Issued		39,644,847			108,187,090
Reinvested		—			30,789,232
Redeemed		(24,892,828	)		(107,524,267	)
Net change in net assets resulting from capital transactions		14,752,019			31,452,055
Total Change in Net Assets		(32,486,660	)		38,451,669
Net Assets - Beginning of Year		237,731,415			199,279,746
Net Assets - End of Period/Year	$	205,244,755		$	237,731,415
Share Transactions:
Issued		3,102,252			7,360,966
Reinvested		—			2,185,338
Redeemed		(1,945,666	)		(7,446,963	)
Net change in shares		1,156,586			2,099,341

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

Page 60 2022 Semi-Annual Report | June 30, 2022

Quantex Fund						Tactical Income Fund						Institutional Prime Money Market Fund
2022			2021			2022			2021			2022			2021
$	(53,749	)	$	49,174		$	298,909		$	1,269,628		$	1,179,461		$	193,476
	246,713			10,644,111			(3,258,067	)		2,061,332			(200	)		229
	(6,823,617	)		(213,812	)		(1,196,427	)		(4,500,178	)		(350,105	)		(67,755	)
	(6,630,653	)		10,479,473			(4,155,585	)		(1,169,218	)		829,156			125,950
	—			(2,350,162	)		(6,535	)		(40,103	)
	—			(649,230	)		(44,284	)		(185,140	)
	—			(3,059,421	)		(248,797	)		(1,070,555	)
													(1,179,462	)		(193,478	)
	—			(6,058,813	)		(299,616	)		(1,295,798	)		(1,179,462	)		(193,478	)
	1,831,987			16,768,435			11,331,035			36,170,527			708,125,113			1,011,642,367
	—			6,046,958			299,029			1,288,487			71,387			35,042
	(4,289,790	)		(25,302,418	)		(10,118,477	)		(33,757,101	)		(633,994,246	)		(721,061,508	)
	(2,457,803	)		(2,487,025	)		1,511,587			3,701,913			74,202,254			290,615,901
	(9,088,456	)		1,933,635			(2,943,614	)		1,236,897			73,851,948			290,548,373
	42,026,892			40,093,257			69,341,116			68,104,219			626,993,411			336,445,038
$	32,938,436		$	42,026,892		$	66,397,502		$	69,341,116		$	700,845,359		$	626,993,411
	49,724			415,083			1,210,976			3,681,061			708,313,030			1,011,455,624
	—			154,992			32,302			132,173			71,475			35,036
	(115,279	)		(616,603	)		(1,084,237	)		(3,434,958	)		(634,163,596	)		(720,922,007	)
	(65,555	)		(46,528	)		159,041			378,276			74,220,909			290,568,653

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

2022 Semi-Annual Report | June 30, 2022 Page 61

Financial Highlights
For the Six Months Ended June 30, 2022 (unaudited) and the Years Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital		Total Distributions
Muirfield Fund - Retail Class (1)(2)(3)(4)
2022	$	9.53		(0.00	)		(1.25	)		(1.25	)		0.00			0.00			0.00		0.00
2021	$	8.20		(0.01	)		1.66			1.65			(0.07	)		(0.25	)		0.00		(0.32	)
2020	$	7.91		0.03			0.31			0.34			(0.05	)		0.00			0.00		(0.05	)
2019	$	7.16		0.07			0.89			0.96			(0.03	)		(0.18	)		0.00		(0.21	)
2018	$	7.54		0.04			(0.31	)		(0.27	)		(0.04	)		(0.07	)		0.00		(0.11	)
2017	$	6.79		0.04			1.34			1.38			(0.04	)		(0.59	)		0.00		(0.63	)
Muirfield Fund - Adviser Class (1)(2)(3)(4)
2022	$	9.63		0.01			(1.26	)		(1.25	)		0.00			0.00			0.00		0.00
2021	$	8.26		0.03			1.67			1.70			(0.08	)		(0.25	)		0.00		(0.33	)
2020	$	7.97		0.05			0.31			0.36			(0.07	)		0.00			0.00		(0.07	)
2019	$	7.20		0.09			0.90			0.99			(0.04	)		(0.18	)		0.00		(0.22	)
2018	$	7.57		0.06			(0.31	)		(0.25	)		(0.05	)		(0.07	)		0.00		(0.12	)
2017	$	6.80		0.05			1.34			1.39			(0.03	)		(0.59	)		0.00		(0.62	)
Muirfield Fund - Institutional Class (1)(2)(3)(4)
2022	$	9.65		0.01			(1.26	)		(1.25	)		0.00			0.00			0.00		0.00
2021	$	8.28		0.03			1.66			1.69			(0.07	)		(0.25	)		0.00		(0.32	)
2020	$	7.99		0.05			0.31			0.36			(0.07	)		0.00			0.00		(0.07	)
2019	$	7.21		0.10			0.90			1.00			(0.04	)		(0.18	)		0.00		(0.22	)
2018	$	7.57		0.08			(0.31	)		(0.23	)		(0.06	)		(0.07	)		0.00		(0.13	)
2017	$	6.80		0.07			1.33			1.40			(0.04	)		(0.59	)		0.00		(0.63	)
Spectrum Fund - Retail Class (1)(2)(3)(4)
2022	$	13.88		(0.02	)		(1.74	)		(1.76	)		0.00			0.00			0.00		0.00
2021	$	12.15		(0.06	)		2.56			2.50			(0.03	)		(0.74	)		0.00		(0.77	)
2020	$	12.19		(0.00	)		(0.03	)		(0.03	)		(0.01	)		0.00			0.00		(0.01	)
2019	$	10.89		0.04			1.38			1.42			(0.01	)		(0.11	)		0.00		(0.12	)
2018	$	11.48		0.03			(0.49	)		(0.46	)		0.00			(0.13	)		0.00		(0.13	)
2017	$	10.28		(0.01	)		1.99			1.98			0.00			(0.78	)		0.00		(0.78	)
Spectrum Fund - Adviser Class (1)(2)(3)(4)
2022	$	13.96		0.01			(1.75	)		(1.74	)		0.00			0.00			0.00		0.00
2021	$	12.17		0.02			2.54			2.56			(0.03	)		(0.74	)		0.00		(0.77	)
2020	$	12.27		0.03			(0.02	)		0.01			(0.11	)		0.00			0.00		(0.11	)
2019	$	10.95		0.07			1.37			1.44			(0.01	)		(0.11	)		0.00		(0.12	)
2018	$	11.53		0.06			(0.48	)		(0.42	)		(0.03	)		(0.13	)		0.00		(0.16	)
2017	$	10.29		0.02			2.00			2.02			0.00			(0.78	)		0.00		(0.78	)
Spectrum Fund - Institutional Class (1)(2)(3)(4)
2022	$	14.01		0.01			(1.77	)		(1.76	)		0.00			0.00			0.00		0.00
2021	$	12.22		0.01			2.55			2.56			(0.03	)		(0.74	)		0.00		(0.77	)
2020	$	12.31		0.04			(0.02	)		0.02			(0.11	)		0.00			0.00		(0.11	)
2019	$	10.96		0.09			1.38			1.47			(0.01	)		(0.11	)		0.00		(0.12	)
2018	$	11.54		0.08			(0.49	)		(0.41	)		(0.04	)		(0.13	)		0.00		(0.17	)
2017	$	10.29		0.05			1.98			2.03			0.00			(0.78	)		0.00		(0.78	)

See footnotes on pages 70 and 71.

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

Page 62 2022 Semi-Annual Report | June 30, 2022

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate
$	8.28		(13.12	%)	$	39,947		(0.05	%)		1.15	%		1.15	%		144	%
$	9.53		20.20	%	$	43,353		(0.06	%)		1.21	%		1.21	%		197	%
$	8.20		4.36	%	$	134,240		0.35	%		1.28	%		1.28	%		225	%
$	7.91		13.53	%	$	189,105		0.94	%		1.28	%		1.28	%		222	%
$	7.16		(3.66	%)	$	203,287		0.54	%		1.32	%		1.32	%		225	%
$	7.54		20.29	%	$	250,322		0.49	%		1.33	%		1.33	%		276	%
$	8.38		(12.98	%)	$	90,080		0.24	%		0.86	%		0.86	%		144	%
$	9.63		20.61	%	$	104,300		0.33	%		0.90	%		0.90	%		197	%
$	8.26		4.67	%	$	48,953		0.64	%		0.98	%		0.98	%		225	%
$	7.97		13.81	%	$	60,024		1.14	%		1.09	%		1.09	%		222	%
$	7.20		(3.39	%)	$	61,159		0.79	%		1.10	%		1.17	%		225	%
$	7.57		20.50	%	$	41,440		0.71	%		1.11	%		1.20	%		276	%
$	8.40		(12.95	%)	$	512,591		0.15	%		0.95	%		0.95	%		144	%
$	9.65		20.55	%	$	572,819		0.27	%		0.94	%		0.95	%		197	%
$	8.28		4.66	%	$	390,632		0.73	%		0.88	%		0.97	%		225	%
$	7.99		14.01	%	$	432,299		1.35	%		0.87	%		0.98	%		222	%
$	7.21		(3.17	%)	$	346,563		1.00	%		0.90	%		0.98	%		225	%
$	7.57		20.60	%	$	186,200		0.88	%		0.91	%		1.00	%		276	%
$	12.12		(12.68	%)	$	1,818		(0.31	%)		1.53	%		1.53	%		167	%
$	13.88		20.58	%	$	2,526		(0.43	%)		1.49	%		1.49	%		200	%
$	12.15		(0.23	%)	$	36,604		(0.04	%)		1.73	%		1.73	%		182	%
$	12.19		13.03	%	$	51,060		0.37	%		1.77	%		1.77	%		74	%
$	10.89		(3.97	%)	$	51,083		0.26	%		1.89	%		1.89	%		97	%
$	11.48		19.28	%	$	59,441		(0.08	%)		2.16	%		2.16	%		120	%
$	12.22		(12.46	%)	$	32,467		0.15	%		1.08	%		1.08	%		167	%
$	13.96		21.07	%	$	38,190		0.11	%		1.09	%		1.09	%		200	%
$	12.17		0.18	%	$	12,475		0.32	%		1.36	%		1.36	%		182	%
$	12.27		13.17	%	$	15,564		0.63	%		1.51	%		1.51	%		74	%
$	10.95		(3.67	%)	$	14,486		0.49	%		1.70	%		1.70	%		97	%
$	11.53		19.65	%	$	12,921		0.21	%		1.89	%		2.01	%		120	%
$	12.25		(12.56	%)	$	149,661		0.08	%		1.15	%		1.15	%		167	%
$	14.01		20.98	%	$	170,388		0.05	%		1.13	%		1.13	%		200	%
$	12.22		0.25	%	$	136,200		0.33	%		1.32	%		1.33	%		182	%
$	12.31		13.44	%	$	146,443		0.77	%		1.38	%		1.40	%		74	%
$	10.96		(3.51	%)	$	117,166		0.71	%		1.50	%		1.50	%		97	%
$	11.54		19.75	%	$	82,513		0.45	%		1.70	%		1.82	%		120	%

See footnotes on pages 70 and 71.

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

2022 Semi-Annual Report | June 30, 2022 Page 63

Financial Highlights
For the Six Months Ended June 30, 2022 (unaudited) and the Years Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital		Total Distributions
Global Allocation Fund - Retail Class (1)(2)(3)(4)
2022	$	11.55		(0.04	)		(1.59	)		(1.63	)		0.00			0.00			0.00		0.00
2021	$	11.40		(0.08	)		1.52			1.44			0.00			(1.29	)		0.00		(1.29	)
2020	$	11.32		(0.02	)		0.35			0.33			0.00			(0.25	)		0.00		(0.25	)
2019	$	10.22		0.08			1.26			1.34			(0.04	)		(0.20	)		0.00		(0.24	)
2018	$	11.53		0.05			(0.85	)		(0.80	)		(0.06	)		(0.45	)		0.00		(0.51	)
2017	$	9.56		0.04			2.09			2.13			(0.03	)		(0.13	)		0.00		(0.16	)
Global Allocation Fund - Adviser Class (1)(2)(3)(4)
2022	$	11.61		(0.01	)		(1.60	)		(1.61	)		0.00			0.00			0.00		0.00
2021	$	11.42		(0.02	)		1.50			1.48			0.00			(1.29	)		0.00		(1.29	)
2020	$	11.35		0.01			0.37			0.38			(0.06	)		(0.25	)		0.00		(0.31	)
2019	$	10.24		0.11			1.25			1.36			(0.05	)		(0.20	)		0.00		(0.25	)
2018	$	11.54		0.09			(0.86	)		(0.77	)		(0.08	)		(0.45	)		0.00		(0.53	)
2017	$	9.57		0.15			2.03			2.18			(0.08	)		(0.13	)		0.00		(0.21	)
Global Allocation Fund - Institutional Class (1)(2)(3)(4)
2022	$	11.58		(0.01	)		(1.60	)		(1.61	)		0.00			0.00			0.00		0.00
2021	$	11.38		(0.02	)		1.51			1.49			0.00			(1.29	)		0.00		(1.29	)
2020	$	11.36		0.02			0.35			0.37			(0.10	)		(0.25	)		0.00		(0.35	)
2019	$	10.24		0.13			1.26			1.39			(0.07	)		(0.20	)		0.00		(0.27	)
2018	$	11.55		0.11			(0.86	)		(0.75	)		(0.11	)		(0.45	)		0.00		(0.56	)
2017	$	9.58		0.12			2.09			2.21			(0.11	)		(0.13	)		0.00		(0.24	)
Balanced Fund - Retail Class (1)(2)(3)(4)
2022	$	13.42		0.00			(1.61	)		(1.61	)		(0.04	)		0.00			0.00		(0.04	)
2021	$	12.82		(0.01	)		1.71			1.70			(0.16	)		(0.94	)		0.00		(1.10	)
2020	$	12.26		0.08			0.56			0.64			(0.08	)		0.00			0.00		(0.08	)
2019	$	11.08		0.16			1.20			1.36			(0.09	)		(0.09	)		0.00		(0.18	)
2018	$	11.61		0.12			(0.49	)		(0.37	)		(0.10	)		(0.06	)		0.00		(0.16	)
2017	$	10.74		0.09			1.49			1.58			(0.11	)		(0.60	)		0.00		(0.71	)
Balanced Fund - Adviser Class (1)(2)(3)(4)
2022	$	13.53		0.02			(1.63	)		(1.61	)		(0.06	)		0.00			0.00		(0.06	)
2021	$	12.92		0.11			1.66			1.77			(0.22	)		(0.94	)		0.00		(1.16	)
2020	$	12.35		0.13			0.56			0.69			(0.12	)		0.00			0.00		(0.12	)
2019	$	11.15		0.19			1.21			1.40			(0.11	)		(0.09	)		0.00		(0.20	)
2018	$	11.68		0.15			(0.49	)		(0.34	)		(0.13	)		(0.06	)		0.00		(0.19	)
2017	$	10.74		0.13			1.50			1.63			(0.09	)		(0.60	)		0.00		(0.69	)
Balanced Fund - Institutional Class (1)(2)(3)(4)
2022	$	13.56		0.02			(1.64	)		(1.62	)		(0.06	)		0.00			0.00		(0.06	)
2021	$	12.94		0.10			1.67			1.77			(0.21	)		(0.94	)		0.00		(1.15	)
2020	$	12.36		0.14			0.55			0.69			(0.11	)		0.00			0.00		(0.11	)
2019	$	11.15		0.21			1.21			1.42			(0.12	)		(0.09	)		0.00		(0.21	)
2018	$	11.68		0.18			(0.51	)		(0.33	)		(0.14	)		(0.06	)		0.00		(0.20	)
2017	$	10.75		0.16			1.47			1.63			(0.10	)		(0.60	)		0.00		(0.70	)

See footnotes on pages 70 and 71.

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

Page 64 2022 Semi-Annual Report | June 30, 2022

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate
$	9.92		(14.11	%)	$	2,651		(0.72	%)		1.83	%		1.83	%		147	%
$	11.55		12.58	%	$	3,567		(0.63	%)		1.72	%		1.72	%		173	%
$	11.40		2.96	%	$	9,001		(0.25	%)		1.74	%		1.74	%		179	%
$	11.32		13.17	%	$	11,154		0.76	%		1.68	%		1.68	%		185	%
$	10.22		(6.94	%)	$	13,810		0.47	%		1.63	%		1.63	%		163	%
$	11.53		22.33	%	$	35,512		0.35	%		1.63	%		1.63	%		179	%
$	10.00		(13.87	%)	$	4,154		(0.24	%)		1.35	%		1.35	%		147	%
$	11.61		12.90	%	$	5,099		(0.14	%)		1.31	%		1.31	%		173	%
$	11.42		3.42	%	$	1,740		0.09	%		1.40	%		1.40	%		179	%
$	11.35		13.34	%	$	1,772		1.01	%		1.45	%		1.45	%		185	%
$	10.24		(6.73	%)	$	1,624		0.75	%		1.44	%		1.44	%		163	%
$	11.54		22.84	%	$	1,057		1.38	%		1.33	%		1.44	%		179	%
$	9.97		(13.90	%)	$	30,118		(0.24	%)		1.36	%		1.36	%		147	%
$	11.58		13.05	%	$	36,590		(0.16	%)		1.30	%		1.30	%		173	%
$	11.38		3.43	%	$	34,841		0.17	%		1.31	%		1.31	%		179	%
$	11.36		13.66	%	$	38,497		1.19	%		1.25	%		1.25	%		185	%
$	10.24		(6.57	%)	$	42,976		0.94	%		1.20	%		1.20	%		163	%
$	11.55		23.07	%	$	37,369		1.13	%		1.10	%		1.21	%		179	%
$	11.77		(12.00	%)	$	7,270		0.03	%		1.33	%		1.33	%		231	%
$	13.42		13.23	%	$	7,086		(0.09	%)		1.36	%		1.36	%		205	%
$	12.82		5.27	%	$	75,449		0.65	%		1.41	%		1.41	%		189	%
$	12.26		12.29	%	$	92,815		1.34	%		1.41	%		1.41	%		180	%
$	11.08		(3.25	%)	$	90,133		1.06	%		1.43	%		1.43	%		218	%
$	11.61		14.74	%	$	97,116		0.81	%		1.49	%		1.49	%		226	%
$	11.86		(11.90	%)	$	62,903		0.37	%		0.97	%		0.97	%		231	%
$	13.53		13.71	%	$	71,034		0.78	%		0.97	%		0.97	%		205	%
$	12.92		5.66	%	$	18,699		1.03	%		1.04	%		1.04	%		189	%
$	12.35		12.59	%	$	20,182		1.61	%		1.14	%		1.14	%		180	%
$	11.15		(2.99	%)	$	19,301		1.31	%		1.21	%		1.23	%		218	%
$	11.68		15.21	%	$	12,137		1.13	%		1.21	%		1.30	%		226	%
$	11.88		(11.95	%)	$	275,881		0.28	%		1.06	%		1.06	%		231	%
$	13.56		13.71	%	$	309,130		0.69	%		1.00	%		1.02	%		205	%
$	12.94		5.71	%	$	302,350		1.09	%		0.98	%		1.03	%		189	%
$	12.36		12.77	%	$	295,200		1.79	%		0.96	%		1.04	%		180	%
$	11.15		(2.85	%)	$	239,375		1.51	%		1.02	%		1.05	%		218	%
$	11.68		15.25	%	$	169,586		1.35	%		1.02	%		1.11	%		226	%

See footnotes on pages 70 and 71.

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

2022 Semi-Annual Report | June 30, 2022 Page 65

Financial Highlights
For the Six Months Ended June 30, 2022 (unaudited) and the Years Ended December 31,

				Income from Investment Operations									Less Distributions
		Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital		Total Distributions
Moderate Allocation Fund - Retail Class (1)(2)(3)(4)
2022		$	12.64		0.00			(1.39	)		(1.39	)		(0.02	)		0.00			0.00		(0.02	)
2021		$	12.37		(0.02	)		1.10			1.08			(0.05	)		(0.76	)		0.00		(0.81	)
2020		$	11.85		0.13			0.52			0.65			(0.13	)		0.00			0.00		(0.13	)
2019		$	10.84		0.20			1.00			1.20			(0.19	)		0.00			0.00		(0.19	)
2018		$	11.66		0.18			(0.48	)		(0.30	)		(0.16	)		(0.36	)		0.00		(0.52	)
2017		$	10.46		0.07			1.60			1.67			(0.05	)		(0.42	)		0.00		(0.47	)
Moderate Allocation Fund - Adviser Class (1)(2)(3)(4)
2022		$	12.66		0.03			(1.40	)		(1.37	)		(0.04	)		0.00			0.00		(0.04	)
2021		$	12.39		0.16			0.97			1.13			(0.10	)		(0.76	)		0.00		(0.86	)
2020		$	11.86		0.17			0.53			0.70			(0.17	)		0.00			0.00		(0.17	)
2019		$	10.85		0.24			1.00			1.24			(0.23	)		0.00			0.00		(0.23	)
2018		$	11.66		0.21			(0.49	)		(0.28	)		(0.17	)		(0.36	)		0.00		(0.53	)
2017		$	10.46		0.12			1.59			1.71			(0.09	)		(0.42	)		0.00		(0.51	)
Moderate Allocation Fund - Institutional Class (1)(2)(3)(4)
2022		$	12.68		0.02			(1.39	)		(1.37	)		(0.04	)		0.00			0.00		(0.04	)
2021		$	12.42		0.14			0.98			1.12			(0.10	)		(0.76	)		0.00		(0.86	)
2020		$	11.89		0.17			0.53			0.70			(0.17	)		0.00			0.00		(0.17	)
2019		$	10.88		0.25			1.00			1.25			(0.24	)		0.00			0.00		(0.24	)
2018		$	11.68		0.23			(0.48	)		(0.25	)		(0.19	)		(0.36	)		0.00		(0.55	)
2017		$	10.47		0.14			1.59			1.73			(0.10	)		(0.42	)		0.00		(0.52	)
Conservative Allocation Fund - Retail Class (1)(2)(3)(4)
2022		$	23.64		0.05			(2.45	)		(2.40	)		(0.03	)		0.00			0.00		(0.03	)
2021		$	23.91		0.22			0.89			1.11			(0.24	)		(1.14	)		0.00		(1.38	)
2020		$	22.85		0.37			1.04			1.41			(0.35	)		0.00			0.00		(0.35	)
2019		$	21.18		0.51			1.65			2.16			(0.49	)		0.00			0.00		(0.49	)
2018		$	22.54		0.46			(1.04	)		(0.58	)		(0.40	)		(0.38	)		0.00		(0.78	)
2017		$	21.32		0.27			1.36			1.63			(0.41	)		0.00			0.00		(0.41	)
Conservative Allocation Fund - Adviser Class (1)(2)(3)(4)
2022	��	$	23.91		0.08			(2.49	)		(2.41	)		(0.06	)		0.00			0.00		(0.06	)
2021		$	24.21		0.41			0.81			1.22			(0.38	)		(1.14	)		0.00		(1.52	)
2020		$	23.13		0.46			1.06			1.52			(0.44	)		0.00			0.00		(0.44	)
2019		$	21.44		0.57			1.67			2.24			(0.55	)		0.00			0.00		(0.55	)
2018		$	22.82		0.52			(1.08	)		(0.56	)		(0.44	)		(0.38	)		0.00		(0.82	)
2017		$	21.34		0.36			1.35			1.71			(0.23	)		0.00			0.00		(0.23	)
Conservative Allocation Fund - Institutional Class (1)(2)(3)(4)
2022		$	23.96		0.07			(2.49	)		(2.42	)		(0.05	)		0.00			0.00		(0.05	)
2021		$	24.26		0.38			0.81			1.19			(0.35	)		(1.14	)		0.00		(1.49	)
2020		$	23.18		0.46			1.06			1.52			(0.44	)		0.00			0.00		(0.44	)
2019		$	21.49		0.59			1.68			2.27			(0.58	)		0.00			0.00		(0.58	)
2018		$	22.85		0.56			(1.07	)		(0.51	)		(0.47	)		(0.38	)		0.00		(0.85	)
2017		$	21.34		0.59			1.14			1.73			(0.22	)		0.00			0.00		(0.22	)

See footnotes on pages 70 and 71.

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

Page 66 2022 Semi-Annual Report | June 30, 2022

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate
$	11.23		(11.00	%)	$	1,097		0.04	%		1.39	%		1.39	%		292	%
$	12.64		8.74	%	$	1,190		(0.22	%)		1.34	%		1.34	%		211	%
$	12.37		5.55	%	$	30,930		1.00	%		1.38	%		1.38	%		160	%
$	11.85		11.13	%	$	35,460		1.73	%		1.38	%		1.38	%		155	%
$	10.84		(2.60	%)	$	32,502		1.51	%		1.39	%		1.44	%		213	%
$	11.66		15.99	%	$	24,635		0.61	%		1.67	%		1.73	%		349	%
$	11.25		(10.82	%)	$	29,474		0.50	%		0.94	%		0.94	%		292	%
$	12.66		9.15	%	$	29,781		1.13	%		0.94	%		0.94	%		211	%
$	12.39		6.04	%	$	9,823		1.39	%		1.00	%		1.00	%		160	%
$	11.86		11.45	%	$	10,080		2.00	%		1.11	%		1.11	%		155	%
$	10.85		(2.47	%)	$	9,480		1.78	%		1.19	%		1.24	%		213	%
$	11.66		16.40	%	$	3,538		1.03	%		1.35	%		1.50	%		349	%
$	11.27		(10.80	%)	$	125,672		0.40	%		1.03	%		1.03	%		292	%
$	12.68		9.05	%	$	142,788		1.01	%		0.99	%		0.99	%		211	%
$	12.42		6.02	%	$	135,512		1.40	%		0.99	%		0.99	%		160	%
$	11.89		11.52	%	$	132,500		2.10	%		1.01	%		1.01	%		155	%
$	10.88		(2.20	%)	$	119,881		1.97	%		1.01	%		1.05	%		213	%
$	11.68		16.55	%	$	37,945		1.29	%		1.13	%		1.28	%		349	%
$	21.21		(10.15	%)	$	5,836		0.42	%		1.12	%		1.12	%		363	%
$	23.64		4.64	%	$	6,879		0.78	%		1.22	%		1.23	%		210	%
$	23.91		6.28	%	$	29,034		1.46	%		1.28	%		1.28	%		139	%
$	22.85		10.25	%	$	31,688		2.19	%		1.28	%		1.28	%		136	%
$	21.18		(2.62	%)	$	30,759		2.09	%		1.27	%		1.38	%		185	%
$	22.54		7.64	%	$	12,545		1.24	%		1.70	%		2.57	%		135	%
$	21.44		(10.08	%)	$	20,682		0.69	%		0.87	%		0.87	%		363	%
$	23.91		5.04	%	$	22,283		1.56	%		0.87	%		0.88	%		210	%
$	24.21		6.69	%	$	7,082		1.85	%		0.92	%		0.92	%		139	%
$	23.13		10.51	%	$	6,787		2.44	%		1.04	%		1.04	%		136	%
$	21.44		(2.50	%)	$	6,110		2.29	%		1.12	%		1.22	%		185	%
$	22.82		8.01	%	$	682		1.63	%		1.07	%		1.97	%		135	%
$	21.49		(10.10	%)	$	93,989		0.59	%		0.96	%		0.96	%		363	%
$	23.96		4.94	%	$	105,307		1.42	%		0.92	%		0.93	%		210	%
$	24.26		6.68	%	$	105,403		1.87	%		0.92	%		0.92	%		139	%
$	23.18		10.61	%	$	99,456		2.54	%		0.94	%		0.94	%		136	%
$	21.49		(2.28	%)	$	92,412		2.50	%		0.92	%		1.04	%		185	%
$	22.85		8.10	%	$	11,739		2.65	%		0.49	%		1.39	%		135	%

See footnotes on pages 70 and 71.

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

2022 Semi-Annual Report | June 30, 2022 Page 67

Financial Highlights
For the Six Months Ended June 30, 2022 (unaudited) and the Years Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)			Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains			From Return of Capital		Total Distributions
Dynamic Allocation Fund - Retail Class (1)(2)(3)(4)
2022	$	13.93		(0.01	)		(2.68	)		(2.69	)		0.00			0.00			0.00		0.00
2021	$	13.39		(0.03	)		2.65			2.62			(0.08	)		(2.00	)		0.00		(2.08	)
2020	$	11.87		0.03			1.79			1.82			(0.03	)		(0.27	)		0.00		(0.30	)
2019	$	9.79		0.11			2.23			2.34			(0.08	)		(0.18	)		0.00		(0.26	)
2018	$	10.85		0.07			(1.00	)		(0.93	)		(0.06	)		(0.07	)		0.00		(0.13	)
2017	$	9.72		0.06			1.99			2.05			(0.07	)		(0.85	)		0.00		(0.92	)
Dynamic Allocation Fund - Adviser Class (1)(2)(3)(4)
2022	$	14.07		0.02			(2.72	)		(2.70	)		0.00			0.00			0.00		0.00
2021	$	13.46		0.04			2.65			2.69			(0.08	)		(2.00	)		0.00		(2.08	)
2020	$	11.91		0.07			1.81			1.88			(0.06	)		(0.27	)		0.00		(0.33	)
2019	$	9.82		0.13			2.24			2.37			(0.10	)		(0.18	)		0.00		(0.28	)
2018	$	10.88		0.09			(1.00	)		(0.91	)		(0.08	)		(0.07	)		0.00		(0.15	)
2017	$	9.73		0.10			1.97			2.07			(0.07	)		(0.85	)		0.00		(0.92	)
Dynamic Allocation Fund - Institutional Class (1)(2)(3)(4)
2022	$	14.04		0.02			(2.71	)		(2.69	)		0.00			0.00			0.00		0.00
2021	$	13.45		0.03			2.64			2.67			(0.08	)		(2.00	)		0.00		(2.08	)
2020	$	11.90		0.08			1.80			1.88			(0.06	)		(0.27	)		0.00		(0.33	)
2019	$	9.82		0.15			2.23			2.38			(0.12	)		(0.18	)		0.00		(0.30	)
2018	$	10.86		0.12			(1.00	)		(0.88	)		(0.09	)		(0.07	)		0.00		(0.16	)
2017	$	9.72		0.12			1.97			2.09			(0.10	)		(0.85	)		0.00		(0.95	)
Quantex Fund - Retail Class (1)(2)(3)(4)
2022	$	38.89		(0.09	)		(6.38	)		(6.47	)		0.00			0.00			0.00		0.00
2021	$	35.64		(0.02	)		9.77			9.75			(0.02	)		(6.48	)		0.00		(6.50	)
2020	$	37.91		0.20			(2.28	)		(2.08	)		(0.19	)		0.00			0.00		(0.19	)
2019	$	32.22		0.19			5.75			5.94			(0.25	)		0.00			0.00		(0.25	)
2018	$	36.76		(0.01	)		(4.53	)		(4.54	)		0.00			0.00			0.00		0.00
2017	$	33.36		0.09			4.38			4.47			(0.06	)		(1.01	)		0.00		(1.07	)
Quantex Fund - Adviser Class (1)(2)(3)(4)
2022	$	39.15		(0.03	)		(6.42	)		(6.45	)		0.00			0.00			0.00		0.00
2021	$	35.75		0.13			9.77			9.90			(0.02	)		(6.48	)		0.00		(6.50	)
2020	$	38.01		0.23			(2.28	)		(2.05	)		(0.21	)		0.00			0.00		(0.21	)
2019	$	32.28		0.24			5.76			6.00			(0.27	)		0.00			0.00		(0.27	)
2018	$	36.78		0.10			(4.60	)		(4.50	)		0.00			0.00			0.00		0.00
2017	$	33.37		0.21			4.35			4.56			(0.14	)		(1.01	)		0.00		(1.15	)
Quantex - Institutional Class (1)(2)(3)(4)
2022	$	39.07		(0.03	)		(6.41	)		(6.44	)		0.00			0.00			0.00		0.00
2021	$	35.70		0.09			9.78			9.87			(0.02	)		(6.48	)		0.00		(6.50	)
2020	$	38.01		0.26			(2.31	)		(2.05	)		(0.26	)		0.00			0.00		(0.26	)
2019	$	32.29		0.29			5.77			6.06			(0.34	)		0.00			0.00		(0.34	)
2018	$	36.77		0.20			(4.62	)		(4.42	)		(0.06	)		0.00			0.00		(0.06	)
2017	$	33.37		0.26			4.35			4.61			(0.20	)		(1.01	)		0.00		(1.21	)

See footnotes on pages 70 and 71.

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

Page 68 2022 Semi-Annual Report | June 30, 2022

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate
$	11.24		(19.31	%)	$	7,090		(0.08	%)		1.30	%		1.39	%		172	%
$	13.93		19.54	%	$	9,850		(0.21	%)		1.34	%		1.43	%		213	%
$	13.39		15.37	%	$	37,392		0.27	%		1.41	%		1.51	%		236	%
$	11.87		24.00	%	$	40,977		0.97	%		1.41	%		1.51	%		265	%
$	9.79		(8.66	%)	$	40,732		0.62	%		1.45	%		1.55	%		273	%
$	10.85		21.20	%	$	50,570		0.59	%		1.51	%		1.58	%		252	%
$	11.37		(19.19	%)	$	21,734		0.26	%		0.96	%		1.05	%		172	%
$	14.07		20.02	%	$	28,129		0.25	%		0.98	%		1.07	%		213	%
$	13.46		15.85	%	$	13,322		0.61	%		1.06	%		1.16	%		236	%
$	11.91		24.29	%	$	13,137		1.20	%		1.18	%		1.28	%		265	%
$	9.82		(8.49	%)	$	11,198		0.84	%		1.23	%		1.33	%		273	%
$	10.88		21.42	%	$	10,140		0.87	%		1.27	%		1.34	%		252	%
$	11.35		(19.16	%)	$	176,421		0.25	%		0.99	%		1.08	%		172	%
$	14.04		19.88	%	$	199,753		0.21	%		1.00	%		1.09	%		213	%
$	13.45		15.94	%	$	148,566		0.67	%		1.01	%		1.11	%		236	%
$	11.90		24.40	%	$	146,119		1.38	%		1.00	%		1.10	%		265	%
$	9.82		(8.18	%)	$	121,965		1.08	%		1.01	%		1.11	%		273	%
$	10.86		21.61	%	$	70,187		1.10	%		1.05	%		1.12	%		252	%
$	32.42		(16.64	%)	$	13,186		(0.50	%)		1.73	%		1.73	%		24	%
$	38.89		27.34	%	$	16,406		(0.05	%)		1.60	%		1.60	%		64	%
$	35.64		(5.36	%)	$	18,352		0.65	%		1.53	%		1.53	%		88	%
$	37.91		18.48	%	$	24,979		0.52	%		1.53	%		1.53	%		82	%
$	32.22		(12.35	%)	$	28,319		(0.03	%)		1.57	%		1.62	%		116	%
$	36.76		13.42	%	$	60,161		0.27	%		1.52	%		1.66	%		72	%
$	32.70		(16.48	%)	$	3,608		(0.14	%)		1.36	%		1.36	%		24	%
$	39.15		27.68	%	$	4,575		0.31	%		1.33	%		1.33	%		64	%
$	35.75		(5.25	%)	$	986		0.77	%		1.41	%		1.41	%		88	%
$	38.01		18.63	%	$	1,113		0.67	%		1.41	%		1.41	%		82	%
$	32.28		(12.22	%)	$	923		0.28	%		1.42	%		1.47	%		116	%
$	36.78		13.68	%	$	2,114		0.59	%		1.39	%		1.56	%		72	%
$	32.63		(16.48	%)	$	16,144		(0.14	%)		1.36	%		1.36	%		24	%
$	39.07		27.63	%	$	21,046		0.20	%		1.36	%		1.36	%		64	%
$	35.70		(5.22	%)	$	20,756		0.85	%		1.37	%		1.37	%		88	%
$	38.01		18.81	%	$	36,646		0.82	%		1.25	%		1.25	%		82	%
$	32.29		(12.05	%)	$	35,414		0.54	%		1.21	%		1.26	%		116	%
$	36.77		13.84	%	$	32,489		0.75	%		1.18	%		1.35	%		72	%

See footnotes on pages 70 and 71.

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

2022 Semi-Annual Report | June 30, 2022 Page 69

Financial Highlights
For the Six Months Ended June 30, 2022 (unaudited) and the Years Ended December 31,

			Income from Investment Operations								Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (5)		Net gains (losses) on securities and futures (both realized and unrealized)			Total from Investment Operations			From Net Investment Income			From Net Capital Gains		From Return of Capital		Total Distributions
Tactical Income Fund - Retail Class (1)(2)(3)(4)
2022	$	9.63		0.02		(0.61	)		(0.59	)		(0.02	)		0.00		0.00		(0.02	)
2021	$	9.98		0.13		(0.33	)		(0.20	)		(0.15	)		0.00		0.00		(0.15	)
2020	$	9.46		0.21		0.49			0.70			(0.18	)		0.00		0.00		(0.18	)
2019	$	9.03		0.23		0.42			0.65			(0.22	)		0.00		0.00		(0.22	)
2018	$	9.37		0.17		(0.33	)		(0.16	)		(0.18	)		0.00		0.00		(0.18	)
2017	$	9.28		0.24		0.10			0.34			(0.25	)		0.00		0.00		(0.25	)
Tactical Income Fund - Adviser Class (1)(2)(3)(4)
2022	$	9.64		0.04		(0.61	)		(0.57	)		(0.04	)		0.00		0.00		(0.04	)
2021	$	9.99		0.21		(0.37	)		(0.16	)		(0.19	)		0.00		0.00		(0.19	)
2020	$	9.47		0.25		0.49			0.74			(0.22	)		0.00		0.00		(0.22	)
2019	$	9.04		0.26		0.42			0.68			(0.25	)		0.00		0.00		(0.25	)
2018	$	9.38		0.21		(0.35	)		(0.14	)		(0.20	)		0.00		0.00		(0.20	)
2017	$	9.28		0.28		0.10			0.38			(0.28	)		0.00		0.00		(0.28	)
Tactical Income Fund - Institutional Class (1)(2)(3)(4)
2022	$	9.64		0.04		(0.61	)		(0.57	)		(0.04	)		0.00		0.00		(0.04	)
2021	$	9.99		0.20		(0.36	)		(0.16	)		(0.19	)		0.00		0.00		(0.19	)
2020	$	9.47		0.24		0.50			0.74			(0.22	)		0.00		0.00		(0.22	)
2019	$	9.04		0.27		0.42			0.69			(0.26	)		0.00		0.00		(0.26	)
2018	$	9.38		0.23		(0.35	)		(0.12	)		(0.22	)		0.00		0.00		(0.22	)
2017	$	9.28		0.31		0.08			0.39			(0.29	)		0.00		0.00		(0.29	)
Institutional Prime Money Market Fund (1)(2)(3)(4)
2022	$	1.0001		0.0018		(0.0003	)		0.0015			(0.0020	)		0.0000		0.0000		(0.0020	)
2021	$	1.0003		0.0005		0.0003			0.0008			(0.0010	)		0.0000		0.0000		(0.0010	)
2020	$	1.0000		0.0058		(0.0005	)		0.0053			(0.0050	)		0.0000		0.0000		(0.0050	)
2019	$	0.9999		0.0231		0.0000			0.0231			(0.0230	)		0.0000		0.0000		(0.0230	)
2018	$	0.9999		0.0190		0.0000			0.0190			(0.0190	)		0.0000		0.0000		(0.0190	)
2017	$	1.0001		0.0101		(0.0003	)		0.0098			(0.0100	)		0.0000		0.0000		(0.0100	)

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

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

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

4 Ratio of net investment income (loss) to average net assets, ratio of expenses to average net assets after fee reductions, and ratio of expenses to average net assets before fee reductions are annualized for periods of less than one full year.

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

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

Page 70 2022 Semi-Annual Report | June 30, 2022

					Ratios/ Supplemental Data
Net Asset Value, End of Period		Total Return (Assumes Reinvestment of Distributions)			Net Assets, End of Period ($000)		Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses to Average Net Assets After Fee Reductions (6)			Ratio of Expenses to Average Net Assets Before Fee Reductions (7)			Portfolio Turnover Rate
$	9.02		(6.09	%)	$	2,405		0.50	%		1.16	%		1.27	%		350	%
$	9.63		(2.01	%)	$	2,721		1.10	%		1.14	%		1.25	%		250	%
$	9.98		7.46	%	$	12,231		1.87	%		1.15	%		1.26	%		69	%
$	9.46		7.24	%	$	11,137		2.27	%		1.14	%		1.25	%		95	%
$	9.03		(1.67	%)	$	14,932		1.88	%		1.15	%		1.26	%		102	%
$	9.37		3.72	%	$	67,986		2.59	%		1.02	%		1.03	%		133	%
$	9.03		(5.89	%)	$	9,303		0.96	%		0.73	%		0.84	%		350	%
$	9.64		(1.60	%)	$	8,982		1.98	%		0.75	%		0.86	%		250	%
$	9.99		7.86	%	$	5,463		2.28	%		0.79	%		0.90	%		69	%
$	9.47		7.54	%	$	4,205		2.64	%		0.88	%		0.99	%		95	%
$	9.04		(1.45	%)	$	3,570		2.33	%		0.95	%		1.06	%		102	%
$	9.38		4.07	%	$	9,896		2.95	%		0.83	%		0.84	%		133	%
$	9.03		(5.91	%)	$	54,690		0.88	%		0.80	%		0.91	%		350	%
$	9.64		(1.62	%)	$	57,638		1.90	%		0.79	%		0.90	%		250	%
$	9.99		7.86	%	$	50,410		2.25	%		0.77	%		0.88	%		69	%
$	9.47		7.67	%	$	46,490		2.72	%		0.76	%		0.87	%		95	%
$	9.04		(1.22	%)	$	48,437		2.50	%		0.76	%		0.87	%		102	%
$	9.38		4.20	%	$	110,674		3.27	%		0.64	%		0.65	%		133	%
$	0.9996		0.13	%	$	700,845		0.36	%		0.17	%		0.46	%		N/A
$	1.0001		0.03	%	$	626,993		0.05	%		0.11	%		0.50	%		N/A
$	1.0003		0.57	%	$	336,445		0.57	%		0.15	%		0.52	%		N/A
$	1.0000		2.31	%	$	370,120		2.30	%		0.13	%		0.50	%		N/A
$	0.9999		1.90	%	$	471,603		1.90	%		0.16	%		0.51	%		N/A
$	0.9999		0.96	%	$	296,547		1.01	%		0.17	%		0.56	%		N/A

6 Ratio of expenses to average net assets after fee reductions reflects contractual or voluntary waivers and reimbursements of expenses by the investment adviser and transfer agent.

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

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

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

2022 Semi-Annual Report | June 30, 2022 Page 71

Notes to Financial Statements
June 30, 2022 (unaudited)

1.    Organization

Meeder Funds (the Trust) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Trust offers ten separate series, all of which are included in this report: Muirfield Fund (Muirfield), Spectrum Fund (Spectrum), Global Allocation Fund (Global), Balanced Fund (Balanced), Moderate Allocation Fund (Moderate), Conservative Allocation Fund (Conservative), Dynamic Allocation Fund (Dynamic), Quantex Fund (Quantex), Tactical Income Fund (Income), and Institutional Prime Money Market Fund (Money Market)(the Funds).

Each Fund, except Money Market, offers three classes of shares: Retail Class, Adviser Class, and Institutional Class. Money Market offers only one class of shares. The share classes differ with respect to distribution fees, service fees, and other expenses allocated to each class. Eligibility to purchase Adviser and Institutional Class shares is generally limited to customers of financial intermediaries who enter into special arrangements with the Funds or who meet certain initial investment minimums.

Money Market operates as an institutional money market fund open to all forms of investors. Its net asset value fluctuates based upon changes in the value of its investments and the value of its shares is calculated daily to four decimal places. Money Market has adopted policies and procedures to impose liquidity fees on redemptions or temporary redemption gates in the event that the Fund’s weekly liquid assets fall below designated thresholds and the Board of Trustees determines that such liquidity fees or redemption gates are in the best interests of the Fund.

On November 2, 2021, the Board of Trustees of the Meeder Funds determined that it was in the best interest of shareholders to liquidate the Prime Money Market Fund, a former series of the Trust, pursuant to a plan of liquidation approved by the Board. The liquidation payment to shareholders took place on December 28, 2021.

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

2.    Significant Accounting Policies

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

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

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

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

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

Page 72 2022 Semi-Annual Report | June 30, 2022

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

Call and put option contracts involve the payment of a premium for the right to purchase or sell an individual security or index aggregate at a specified price until the expiration of the contract. Such transactions expose the Fund to the loss of the premium paid if the Fund does not sell or exercise the contract prior to the expiration date. In the case of a call option, sufficient cash or money market instruments will be segregated to complete the purchase. Options are fair valued on the basis of the daily settlement price or last sale on the exchanges where they trade and the changes in fair value are recorded as unrealized appreciation or depreciation until closed, exercised or expired. For the six months ended June 30, 2022, 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, 2022.

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, 2022 was as follows:

Amount of Deposits at Broker and Unrealized Appreciation (Depreciation) on Derivatives
	Type of Derivative/ Risk	Statements of Assets & Liabilities Location	Fair Value of Deposits at Broker for Futures Contracts		Value of Unrealized Appreciation (Depreciation)
Muirfield	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)	$	28,086,272	$	(1,367,670	)
Spectrum	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		12,844,987		(523,741	)
Global	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,063,190		(29,005	)
Balanced	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		13,120,398		(497,418	)
Moderate	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		2,944,790		(57,733	)
Conservative	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,569,415		95,948
Dynamic	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		6,547,618		(137,881	)
Quantex	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,573,624		72,478

2022 Semi-Annual Report | June 30, 2022 Page 73

The effect of derivative instruments on the Statements of Operations for the six months ended June 30, 2022 and related activity was as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Net Long Contracts as of December 31, 2021		Long and Short Contracts Opened During the Period		Long and Short Contracts Closed/ Expired During the Period		Net Long (Short) Contracts as of June 30, 2022			Statement of Operations Location	For the Six Months Ended June 30, 2022
Muirfield	Equity contracts		361		7,338		7,630		69		Net realized gains (losses) from futures contracts	$	(3,805,402	)
Spectrum	Equity contracts		63		2,345		2,523		(115	)	Net realized gains (losses) from futures contracts		2,593,938
Global	Equity contracts		110		538		586		62		Net realized gains (losses) from futures contracts		(1,864,270	)
Balanced	Equity contracts		117		2,825		2,910		32		Net realized gains (losses) from futures contracts		491,269
Moderate	Equity contracts		39		863		824		78		Net realized gains (losses) from futures contracts		(1,275,740	)
Conservative	Equity contracts		29		484		419		94		Net realized gains (losses) from futures contracts		(1,829,812	)
Dynamic	Equity contracts		448		3,287		2,929		806		Net realized gains (losses) from futures contracts		(12,334,652	)
Quantex	Equity contracts		43		329		306		66		Net realized gains (losses) from futures contracts		(3,243,323	)

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, 2022
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts	$	(1,756,568	)
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(346,269	)
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(303,471	)
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(499,325	)
Moderate	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(97,364	)
Conservative	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		19,520
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(1,356,999	)
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(160,337	)

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, 2018 through December 31, 2021) 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, 2022, the Funds did not incur any material interest or penalties.

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

Page 74 2022 Semi-Annual Report | June 30, 2022

Distributions from net investment income and from net capital gains are determined in accordance with income tax regulations, which may differ from GAAP. Permanent differences relate to redemptions treated as distributions for tax purposes (i.e. equalization). Accordingly, timing differences relating to shareholder distributions are reflected in the components of net assets and permanent book and tax differences have been reclassified within the components of net assets based on their ultimate characterization for federal income tax purposes. For the year ended December 31, 2021, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital		Distributable Earnings (Accumulated Deficit)
Muirfield	$	749,141	$	(749,141	)
Spectrum		506,238		(506,238	)
Global		521,611		(521,611	)
Balanced		1,002,057		(1,002,057	)
Moderate		540,869		(540,869	)
Conservative		315,068		(315,068	)
Dynamic		3,831,331		(3,831,331	)
Quantex		1,397,895		(1,397,895	)

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

Capital Share Transactions. All Funds are authorized to issue an unlimited number of shares. Transactions in the capital shares of the Funds for the six months ended June 30, 2022 and the year ended December 31, 2021 were as follows:

	Issued				Reinvested
Share Class	Amount		Shares		Amount			Shares
Six Months Ended June 30, 2022
Muirfield - Retail	$	6,510,174		734,727	$	—			—
Muirfield - Adviser		8,765,073		950,351		(1	)		—
Muirfield - Institutional		89,382,953		9,951,720		—			—
Spectrum - Retail		227,982		17,553		—			—
Spectrum - Adviser		2,839,771		210,835		—			—
Spectrum - Institutional		18,746,420		1,432,357		—			—
Global - Retail		209,796		19,689		—			—
Global - Adviser		445,713		39,767		—			—
Global - Institutional		2,463,435		233,472		—			—
Balanced - Retail		1,812,428		150,061		24,504			2,082
Balanced - Adviser		6,982,011		534,194		316,190			26,660
Balanced - Institutional		36,400,109		2,860,322		1,374,010			115,657
Moderate - Retail		279,790		24,205		1,884			168
Moderate - Adviser		5,710,663		462,640		104,450			9,284
Moderate - Institutional		12,578,536		1,050,461		441,775			39,199
Conservative - Retail		225,662		10,068		8,221			388
Conservative - Adviser		2,600,576		111,774		57,667			2,690
Conservative - Institutional		13,164,395		579,557		216,611			10,080
Dynamic - Retail		216,741		17,173		—			—
Dynamic - Adviser		2,039,159		151,442		—			—
Dynamic - Institutional		37,388,947		2,933,637		—			—
Quantex - Retail		127,238		3,424		—			—
Quantex - Adviser		262,582		6,830		—			—
Quantex - Institutional		1,442,167		39,470		—			—
Income - Retail		200,325		21,401		6,536			707
Income - Adviser		1,612,943		170,033		44,283			4,780
Income - Institutional		9,517,767		1,019,542		248,210			26,815
Money Market		708,125,113		708,313,030		71,387			71,475

2022 Semi-Annual Report | June 30, 2022 Page 75

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Year Ended December 31, 2021
Muirfield - Retail	$	6,469,284		694,953	$	1,389,369		146,318
Muirfield - Adviser		105,372,752		12,157,906		3,472,316		362,120
Muirfield - Institutional		206,153,900		22,156,762		17,951,987		1,867,042
Spectrum - Retail		812,426		62,421		133,412		9,600
Spectrum - Adviser		38,585,700		3,016,241		2,008,738		143,722
Spectrum - Institutional		42,300,867		3,129,326		8,900,032		634,509
Global - Retail		464,829		37,814		355,386		30,743
Global - Adviser		5,718,573		480,145		507,971		43,678
Global - Institutional		5,622,509		464,097		3,657,943		315,612
Balanced - Retail		1,419,522		103,666		536,279		39,803
Balanced - Adviser		75,167,324		5,639,400		5,644,455		415,494
Balanced - Institutional		76,607,173		5,553,310		24,603,677		1,806,617
Moderate - Retail		243,792		19,203		68,964		5,442
Moderate - Adviser		32,545,012		2,569,740		1,909,210		150,181
Moderate - Institutional		33,332,710		2,570,281		9,142,151		717,897
Conservative - Retail		834,351		34,357		373,133		15,690
Conservative - Adviser		24,966,663		1,019,612		1,341,555		55,711
Conservative - Institutional		28,456,983		1,152,983		6,332,940		262,413
Dynamic - Retail		826,784		56,185		1,280,969		91,616
Dynamic - Adviser		30,927,011		2,198,166		3,644,409		258,053
Dynamic - Institutional		76,433,295		5,106,615		25,863,854		1,835,669
Quantex - Retail		4,529,307		104,989		2,342,181		60,226
Quantex - Adviser		4,794,010		125,606		649,231		16,579
Quantex - Institutional		7,445,118		184,488		3,055,546		78,187
Income - Retail		573,050		58,803		39,594		4,065
Income - Adviser		10,993,038		1,108,656		185,116		18,972
Income - Institutional		24,604,439		2,513,602		1,063,777		109,136
Money Market		1,011,642,367		1,011,455,624		35,042		35,036

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Six Months Ended June 30, 2022
Muirfield - Retail	$	(4,068,376	)		(463,561	)	$	2,441,798			271,166
Muirfield - Adviser		(9,345,597	)		(1,040,786	)		(580,525	)		(90,435	)
Muirfield - Institutional		(73,040,758	)		(8,287,903	)		16,342,195			1,663,817
Spectrum - Retail		(637,508	)		(49,505	)		(409,526	)		(31,952	)
Spectrum - Adviser		(3,770,152	)		(288,953	)		(930,381	)		(78,118	)
Spectrum - Institutional		(18,098,886	)		(1,381,905	)		647,534			50,452
Global - Retail		(656,371	)		(61,324	)		(446,575	)		(41,635	)
Global - Adviser		(675,890	)		(63,423	)		(230,177	)		(23,656	)
Global - Institutional		(4,007,046	)		(372,658	)		(1,543,611	)		(139,186	)
Balanced - Retail		(777,786	)		(62,362	)		1,059,146			89,781
Balanced - Adviser		(6,491,925	)		(509,496	)		806,276			51,358
Balanced - Institutional		(32,586,198	)		(2,563,211	)		5,187,921			412,768
Moderate - Retail		(243,994	)		(20,814	)		37,680			3,559
Moderate - Adviser		(2,459,783	)		(204,889	)		3,355,330			267,035
Moderate - Institutional		(14,337,551	)		(1,195,040	)		(1,317,240	)		(105,380	)
Conservative - Retail		(589,381	)		(26,299	)		(355,498	)		(15,843	)
Conservative - Adviser		(1,874,672	)		(82,059	)		783,571			32,405
Conservative - Institutional		(13,915,952	)		(611,555	)		(534,946	)		(21,918	)
Dynamic - Retail		(1,173,315	)		(93,407	)		(956,574	)		(76,234	)
Dynamic - Adviser		(3,050,605	)		(239,550	)		(1,011,446	)		(88,108	)
Dynamic - Institutional		(20,668,908	)		(1,612,709	)		16,720,039			1,320,928

Page 76 2022 Semi-Annual Report | June 30, 2022

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Quantex - Retail	$	(688,580	)		(18,545	)	$	(561,342	)		(15,121	)
Quantex - Adviser		(501,821	)		(13,343	)		(239,239	)		(6,513	)
Quantex - Institutional		(3,099,389	)		(83,391	)		(1,657,222	)		(43,921	)
Income - Retail		(356,334	)		(38,055	)		(149,473	)		(15,947	)
Income - Adviser		(718,025	)		(76,641	)		939,201			98,172
Income - Institutional		(9,044,118	)		(969,541	)		721,859			76,816
Money Market		(633,994,246	)		(634,163,596	)		74,202,254			74,220,909
Year Ended December 31, 2021
Muirfield - Retail	$	(108,680,649	)		(12,662,814	)	$	(100,821,996	)		(11,821,543	)
Muirfield - Adviser		(66,608,139	)		(7,612,443	)		42,236,929			4,907,583
Muirfield - Institutional		(108,609,581	)		(11,811,076	)		115,496,306			12,212,728
Spectrum - Retail		(36,841,554	)		(2,901,721	)		(35,895,716	)		(2,829,700	)
Spectrum - Adviser		(18,737,374	)		(1,448,581	)		21,857,064			1,711,382
Spectrum - Institutional		(37,355,079	)		(2,747,785	)		13,845,820			1,016,050
Global - Retail		(6,568,484	)		(548,993	)		(5,748,269	)		(480,436	)
Global - Adviser		(2,862,018	)		(237,195	)		3,364,526			286,628
Global - Institutional		(8,380,207	)		(680,837	)		900,245			98,872
Balanced - Retail		(72,534,298	)		(5,502,556	)		(70,578,497	)		(5,359,087	)
Balanced - Adviser		(30,358,104	)		(2,250,733	)		50,453,675			3,804,161
Balanced - Institutional		(111,852,236	)		(7,927,738	)		(10,641,386	)		(567,811	)
Moderate - Retail		(30,629,325	)		(2,430,279	)		(30,316,569	)		(2,405,634	)
Moderate - Adviser		(14,748,469	)		(1,159,942	)		19,705,753			1,559,979
Moderate - Institutional		(38,530,382	)		(2,942,267	)		3,944,479			345,911
Conservative - Retail		(23,494,226	)		(973,256	)		(22,286,742	)		(923,209	)
Conservative - Adviser		(10,649,934	)		(435,766	)		15,658,284			639,557
Conservative - Institutional		(33,958,616	)		(1,365,588	)		831,307			49,808
Dynamic - Retail		(31,238,886	)		(2,232,902	)		(29,131,133	)		(2,085,101	)
Dynamic - Adviser		(20,640,401	)		(1,446,686	)		13,931,019			1,009,533
Dynamic - Institutional		(55,644,980	)		(3,767,375	)		46,652,169			3,174,909
Quantex - Retail		(10,498,344	)		(258,266	)		(3,626,856	)		(93,051	)
Quantex - Adviser		(2,204,605	)		(52,908	)		3,238,636			89,277
Quantex - Institutional		(12,599,469	)		(305,429	)		(2,098,805	)		(42,754	)
Income - Retail		(9,978,652	)		(1,005,571	)		(9,366,008	)		(942,703	)
Income - Adviser		(7,285,187	)		(742,788	)		3,892,967			384,840
Income - Institutional		(16,493,262	)		(1,686,599	)		9,174,954			936,139
Money Market		(721,061,508	)		(720,922,007	)		290,615,901			290,568,653

2022 Semi-Annual Report | June 30, 2022 Page 77

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, 2022.

										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:
Futures Contracts
Conservative	$	110,999		$	(15,051	)	$	95,948		$	—		$	—	$	95,948
Quantex		114,092			(41,614	)		72,478			—			—		72,478
Repurchase Agreements
Money Market	$	165,000,000		$	—		$	165,000,000		$	(165,000,000	)	$	—	$	—
Liabilities:
Futures Contracts
Muirfield	$	(1,938,842	)	$	571,172		$	(1,367,670	)	$	—		$	1,367,670	$	—
Spectrum		(787,389	)		263,648			(523,741	)		—			523,741		—
Global		(40,213	)		11,208			(29,005	)		—			29,005		—
Balanced		(678,563	)		181,145			(497,418	)		—			497,418		—
Moderate		(74,847	)		17,114			(57,733	)		—			57,733		—
Dynamic		(319,700	)		181,819			(137,881	)		—			137,881		—

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

Other. The Funds record security transactions on the trade date. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Gains and losses realized from the sale of securities are determined on the specific identification basis. Dividend income and dividend expenses are recognized on the ex-dividend date and interest income (including amortization of premium and accretion of discount) is recognized as earned. Short-term capital gain distributions from underlying funds are classified as dividend income for financial reporting purposes. Long-term capital gains distributions are separately stated. Discounts and premiums are amortized using the effective yield over the lives of the respective securities. Distributions received from partnerships are recorded as return of capital distributions. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

A Fund may purchase securities on a forward commitment or when-issued basis. A Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into which may result in a realized gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Distributions received from the Funds’ investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Funds’ shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds’ shareholders may represent a return of capital.

Page 78 2022 Semi-Annual Report | June 30, 2022

3.    Securities Valuations

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

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

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

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

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

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

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

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

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

Short-term notes (including bank obligations, commercial paper, corporate obligations, repurchase agreements, U.S. government agency obligations, and floating rate demand notes). Short-term notes held in the Funds maturing more than sixty days after the valuation date, are valued at the last sales price as of the close of business on the day of valuation, or, lacking any sales, at the most recent bid price or yield equivalent as obtained from dealers that make markets in such securities. When valued at 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.

Certificates of deposit. Except for Money Market, certificates of deposit are valued at acquisition cost, which approximates fair value, and will be categorized as level 2. For Money Market, certificates of deposit are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data, and will be categorized as level 2.

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

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

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

2022 Semi-Annual Report | June 30, 2022 Page 79

For the six months ended June 30, 2022, the Funds did not hold any assets at any time in which significant unobservable inputs were used in determining fair value. Therefore, no reconciliation of level 3 securities is provided. However, the Funds have disclosed holding level 3 securities with fair valuations of zero. The following table summarizes the inputs used to value the Funds’ assets and liabilities measured at fair value as of June 30, 2022.

Muirfield - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	336,025,931		$	—	$	—	$	336,025,931
Preferred stocks		71,621			—		—		71,621
Warrants		9,696			—		—		9,696
Money market registered investment companies		273,579,597			—		—		273,579,597
Bank obligations		—			498,173		—		498,173
Total	$	609,686,845		$	498,173	$	—	$	610,185,018
Trustee deferred compensation***	$	327,466		$	—	$	—	$	327,466
Futures contracts**	$	(1,367,669	)	$	—	$	—	$	(1,367,669	)

Spectrum - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	122,321,304		$	—	$	—	$	122,321,304
Preferred stocks		5,429			—		—		5,429
Warrants		2,641			—		—		2,641
Money market registered investment companies		46,797,670			—		—		46,797,670
Total	$	169,127,044		$	—	$	—	$	169,127,044
Trustee deferred compensation***	$	55,003		$	—	$	—	$	55,003
Futures contracts**	$	(523,740	)	$	—	$	—	$	(523,740	)

Global - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	7,960,443		$	—	$	—	$	7,960,443
Preferred stocks		2,221			—		—		2,221
Warrants		492			—		—		492
Registered investment companies		4,106,612			—		—		4,106,612
Money market registered investment companies		23,162,750			—		—		23,162,750
Bank obligations		—			498,173		—		498,173
Total	$	35,232,518		$	498,173	$	—	$	35,730,691
Trustee deferred compensation***	$	113,934		$	—	$	—	$	113,934
Futures contracts**	$	(29,006	)	$	—	$	—	$	(29,006	)

Balanced - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	125,203,550		$	—	$	—	$	125,203,550
Preferred stocks		27,255			—		—		27,255
Warrants		4,404			—		—		4,404
Registered investment companies		29,421,078			—		—		29,421,078
Money market registered investment companies		175,474,168			—		—		175,474,168
Bank obligations		—			498,173		—		498,173
Total	$	330,130,455		$	498,173	$	—	$	330,628,628
Trustee deferred compensation***	$	210,545		$	—	$	—	$	210,545
Futures contracts**	$	(497,418	)	$	—	$	—	$	(497,418	)

Page 80 2022 Semi-Annual Report | June 30, 2022

Moderate - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	26,961,728		$	—	$	—	$	26,961,728
Preferred stocks		6,910			—		—		6,910
Warrants		1,435			—		—		1,435
Registered investment companies		22,150,799			—		—		22,150,799
Money market registered investment companies		103,081,665			—		—		103,081,665
Bank obligations		—			248,529		—		248,529
Total	$	152,202,537		$	248,529	$	—	$	152,451,066
Trustee deferred compensation***	$	41,085		$	—	$	—	$	41,085
Futures contracts**	$	(57,733	)	$	—	$	—	$	(57,733	)

Conservative - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	1,422,094	$	—	$	—	$	1,422,094
Preferred stocks		4,195		—		—		4,195
Warrants		526		—		—		526
Registered investment companies		23,906,642		—		—		23,906,642
Money market registered investment companies		93,655,166		—		—		93,655,166
Total	$	118,988,623	$	—	$	—	$	118,988,623
Trustee deferred compensation***	$	84,500	$	—	$	—	$	84,500
Futures contracts**	$	95,948	$	—	$	—	$	95,948

Dynamic - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	127,746,444		$	—	$	—	$	127,746,444
Preferred stocks		16,726			—		—		16,726
Warrants		2,568			—		—		2,568
Registered investment companies		10,409,365			—		—		10,409,365
Money market registered investment companies		60,659,468			—		—		60,659,468
Bank obligations		—			498,173		—		498,173
Total	$	198,834,571		$	498,173	$	—	$	199,332,744
Trustee deferred compensation***	$	237,867		$	—	$	—	$	237,867
Futures contracts**	$	(137,881	)	$	—	$	—	$	(137,881	)

Quantex - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	19,293,402	$	—	$	—	$	19,293,402
Money market registered investment companies		12,323,505		—		—		12,323,505
Bank obligations		—		8,218		—		8,218
Total	$	31,616,907	$	8,218	$	—	$	31,625,125
Trustee deferred compensation***	$	69,393	$	—	$	—	$	69,393
Futures contracts**	$	72,477	$	—	$	—	$	72,477

Income - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Registered investment companies	$	19,040,873	$	—	$	—	$	19,040,873
Money market registered investment companies		47,232,219		—		—		47,232,219
U.S. government obligations		—		68,372		—		68,372
Total	$	66,273,092	$	68,372	$	—	$	66,341,464
Trustee deferred compensation***	$	79,212	$	—	$	—	$	79,212

2022 Semi-Annual Report | June 30, 2022 Page 81

Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Certificates of deposit	$	—	$	191,686,825	$	—	$	191,686,825
Commercial paper		—		284,767,089		—		284,767,089
Corporate obligations		—		15,000,000		—		15,000,000
Repurchase agreements		—		165,000,000		—		165,000,000
Variable rate demand notes		—		22,615,000		—		22,615,000
Money market registered investment companies		31,958,602		—		—		31,958,602
Total	$	31,958,602	$	679,068,914	$	—	$	711,027,516
Trustee deferred compensation***	$	6,491	$	—	$	—	$	6,491

* See schedules of investments for industry classifications.

** Futures contracts include unrealized gain/loss on contracts open at June 30, 2022.

*** A corresponding liability exists that is marked to market and is considered Level 1 in the fair value hierarchy.

4.    Investment Transactions

For the six months ended June 30, 2022, 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	$	604,927,548	$	659,309,230
Spectrum		234,251,646		236,047,092
Global		21,890,690		29,049,889
Balanced		385,605,358		469,784,264
Moderate		173,368,740		238,410,222
Conservative		143,542,285		211,112,250
Dynamic		273,747,094		272,895,358
Quantex		5,437,219		9,844,807
Income		72,243,580		104,977,666

For the six months ended June 30, 2022, 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
Global	$	6,250,142	$	6,178,983
Balanced		175,494,852		173,503,690
Moderate		133,121,858		131,606,539
Conservative		144,193,945		142,551,691
Income		94,862,741		94,335,015

Page 82 2022 Semi-Annual Report | June 30, 2022

5.    Investment Advisory Fees and Other Transactions with Affiliates and Non-Affiliates

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

	Percentage of Average Daily Net Assets up to $50 Million	Percentage of Average Daily Net Assets Exceeding $50 Million up to $100 Million	Percentage of Average Daily Net Assets Exceeding $100 Million up to $200 Million	Percentage of Average Daily Net Assets Exceeding $200 Million
Muirfield	1.00%	0.75%	0.60%	0.60%
Spectrum	0.75%	0.75%	0.75%	0.60%
Global	0.75%	0.75%	0.75%	0.60%
Balanced	0.75%	0.75%	0.75%	0.60%
Moderate	0.60%	0.60%	0.60%	0.60%
Conservative	0.50%	0.50%	0.50%	0.50%
Dynamic	0.75%	0.75%	0.75%	0.60%
Quantex	0.75%	0.75%	0.60%	0.60%
Income	0.40%	0.40%	0.20%	0.20%
Money Market	0.40%	0.40%	0.25%	0.25%

Fee Waivers & Expense Limitation Agreements. MAM can contractually agree to reduce its advisory fees or limit total annual ordinary fund operating expenses for certain Funds pursuant to written agreements that may only be amended or terminated with the approval of the board. The sums waived or reimbursed under these agreements would not be subject to recoupment.

For the period January 1, 2022 through April 29, 2022, MAM contractually agreed to reduce its investment advisory fee by 0.10% for Dynamic for average daily net assets up to $200 million. Effective April 30, 2022, MAM voluntarily agreed to reduce this fee by 0.10% for average daily net assets up to $200 million. During the six months ended June 30, 2022, $65,205 of investment advisory fees were contractually waived in Dynamic, while $33,973 of investment advisory fees were voluntarily waived.

For the period January 1, 2022 through April 29, 2022, MAM contractually agreed to reduce its investment advisory fee by 0.11% for Income for average daily net assets up to $100 million. Effective April 30, 2022, MAM voluntarily agreed to reduce this fee by 0.11% for average daily net assets up to $100 million. During the six months ended June 30, 2022, $24,819 of investment advisory fees were contractually waived in Income, while $12,638 of investment advisory fees were voluntarily 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 a monthly fee at an annual rate equal to the greater of the following:

	Minimum Fee		Percentage of Average Daily Net Assets up to $500 Million			Percentage of Average Daily Net Assets Exceeding $500 Million
Muirfield	$	4,000		0.12	%		0.03	%
Spectrum		4,000		0.12	%		0.03	%
Global		4,000		0.12	%		0.03	%
Balanced		4,000		0.12	%		0.03	%
Moderate		4,000		0.12	%		0.03	%
Conservative		4,000		0.12	%		0.03	%
Dynamic		4,000		0.12	%		0.03	%
Quantex		4,000		0.12	%		0.03	%
Income		4,000		0.08	%		0.03	%
Money Market		4,000		0.08	%		0.03	%

2022 Semi-Annual Report | June 30, 2022 Page 83

Management may voluntarily waive fees for any Fund. During the six months ended June 30, 2022, there were no transfer agent fees waived.MFSCo provides the Trust with certain administrative services. In compensation for such services, each Fund pays MFSCo a monthly fee at the following annual rates:

	Percentage of Average Daily Net Assets up to $50 Million			Percentage of Average Daily Net Assets Exceeding $50 Million up to $500 Million			Percentage of Average Daily Net Assets Exceeding $500 Million
Muirfield		0.10	%		0.08	%		0.03	%
Spectrum		0.10	%		0.08	%		0.03	%
Global		0.10	%		0.08	%		0.03	%
Balanced		0.10	%		0.08	%		0.03	%
Moderate		0.10	%		0.08	%		0.03	%
Conservative		0.10	%		0.08	%		0.03	%
Dynamic		0.10	%		0.08	%		0.03	%
Quantex		0.10	%		0.08	%		0.03	%
Income		0.10	%		0.08	%		0.03	%
Money Market		0.10	%		0.08	%		0.03	%

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

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

Page 84 2022 Semi-Annual Report | June 30, 2022

For the six months ended June 30, 2022, MAM agreed to voluntarily waive and/or reimburse investment advisory fees. The amounts voluntarily waived and/or reimbursed and the impact to the net expense ratio (excluding brokerage fees and commissions, taxes, interest, and extraordinary or non-recurring expenses) for each Fund are as follows:

	Voluntary Investment Advisory Fee Waivers and/or Reimbursements		Impact of Voluntary Investment Advisory Fee Waivers and/or Reimbursements to Average Net Assets			Impact of Voluntary Investment Advisory Fee Waivers and/or Reimbursements to Average Net Assets - Retail Class		Impact of Voluntary Investment Advisory Fee Waivers and/or Reimbursements to Average Net Assets - Adviser Class		Impact of Voluntary Investment Advisory Fee Waivers and/or Reimbursements to Average Net Assets - Institutional Class
Muirfield	$	—		N/A			N/A		N/A		N/A
Spectrum		—		N/A			N/A		N/A		N/A
Global		—		N/A			N/A		N/A		N/A
Balanced		—		N/A			N/A		N/A		N/A
Moderate		—		N/A			N/A		N/A		N/A
Conservative		—		N/A			N/A		N/A		N/A
Dynamic		—		N/A			N/A		N/A		N/A
Quantex		—		N/A			N/A		N/A		N/A
Income		—		N/A			N/A		N/A		N/A
Money Market		938,521		0.28	%		N/A		N/A		N/A

Certain Funds have entered into securities lending arrangements with Huntington National Bank (“HNB”). Under the terms of the agreement, HNB is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, under normal market conditions, the Funds receive cash collateral in the amount of at least 102% of the value of securities loaned. The cash collateral is invested in short term instruments as 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, 2022, Moderate 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, 2022, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	234
Global		150
Balanced		4,838
Moderate		3,247
Conservative		690

2022 Semi-Annual Report | June 30, 2022 Page 85

The Funds have adopted a written plan pursuant to Rule 12b-1 of the 1940 Act that allows the Funds to pay fees for the sale and distribution of Fund shares and for services provided to Fund shareholders. 12b-1 fees are paid by the Funds to financial intermediaries, securities brokers, investment advisers, and other persons, including affiliates of MAM. For the six months ended June 30, 2022, total 12b-1 plan expense payments made to the Funds’ affiliated distributor was $41,902. The annual adopted 12b-1 plan maximum limitations for the six months ended June 30, 2022, are as follows:

	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets - Retail Class	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets - Adviser Class	Maximum Annual 12b-1 Plan Expense as a Percentage of Average Daily Net Assets - Institutional Class	12b-1 Plan Expense Payments Made to Affiliates
Muirfield	N/A	0.20%	N/A	N/A	$ 17,868
Spectrum	N/A	0.25%	N/A	N/A	595
Global	N/A	0.25%	N/A	N/A	877
Balanced	N/A	0.25%	N/A	N/A	2,316
Moderate	N/A	0.25%	N/A	N/A	298
Conservative	N/A	0.25%	N/A	N/A	3,995
Dynamic	N/A	0.25%	N/A	N/A	5,121
Quantex	N/A	0.20%	N/A	N/A	9,944
Income	N/A	0.25%	N/A	N/A	888
Money Market	0.20%	N/A	N/A	N/A	N/A

The Funds (other than Money Market) have adopted a shareholder services plan that allows the Funds to pay financial intermediaries and other persons, including “platforms,” for providing shareholder and administrative services to Fund shareholders and maintaining shareholder accounts. The annual adopted shareholder services plan maximum limitations for the six months ended June 30, 2022 are as follows:

	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets - Retail Class	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets - Adviser Class	Maximum Annual Shareholder Services Plan Expense as a Percentage of Average Daily Net Assets - Institutional Class
Muirfield	0.20%	0.25%	0.10%
Spectrum	0.20%	0.25%	0.10%
Global	0.20%	0.25%	0.10%
Balanced	0.20%	0.25%	0.10%
Moderate	0.20%	0.25%	0.10%
Conservative	0.20%	0.25%	0.10%
Dynamic	0.20%	0.25%	0.10%
Quantex	0.20%	0.25%	0.10%
Income	0.20%	0.25%	0.10%

Page 86 2022 Semi-Annual Report | June 30, 2022

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

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

During the six months ended June 30, 2022, several of the Funds invested in the Institutional Prime Money Market Fund, an affiliate, as described in Section 2(a)(3) of the Investment Company Act of 1940. The purchases/sales amounts in the following table are presented on a gross basis, while the statement of changes in net assets shows subscriptions and redemptions into and out of the Institutional Prime Money Market Fund on a net basis. The Funds’ investments in the Institutional Prime Money Market Fund, which had a 7-day yield of 1.42% on June 30, 2022, were as follows:

	12/31/21 Fair Value		Purchases		Sales			Realized Gains (Losses)			6/30/22 Cost		Change in Unrealized			Income		6/30/22 Fair Value
Muirfield	$	227,883,637	$	158,480,246	$	(112,683,900	)	$	(55,653	)	$	273,624,584	$	(44,733	)	$	474,355	$	273,579,597
Spectrum		54,068,333		47,661,082		(54,907,607	)		(23,764	)		46,795,802		(374	)		83,317		46,797,670
Global		19,823,051		11,569,206		(10,083,420	)		(4,114	)		21,302,219		(5,973	)		34,750		21,298,750
Balanced		98,243,827		165,563,447		(142,440,902	)		(50,771	)		121,302,242		(11,433	)		186,038		121,304,168
Moderate		41,085,154		108,413,250		(87,332,140	)		(31,482	)		62,128,980		(3,117	)		90,190		62,131,665
Conservative		30,120,101		110,611,996		(91,247,540	)		(29,805	)		49,451,598		414			68,710		49,455,166
Dynamic		58,149,681		56,818,700		(54,285,766	)		(21,350	)		60,660,912		(1,797	)		106,083		60,659,468
Quantex		13,687,909		5,109,304		(6,466,531	)		(2,393	)		12,329,587		(4,784	)		22,275		12,323,505
Income		13,584,663		76,734,510		(78,076,626	)		(10,464	)		12,231,568		136			15,781		12,232,219

6.    Federal Tax Information

The following information is computed on a tax basis for each item as of December 31, 2021:

	Tax Cost of Portfolio Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Muirfield	$	554,010,792	$	165,987,127	$	(9,937,425	)	$	156,049,702
Spectrum		159,796,545		51,267,244		(3,696,820	)		47,570,424
Global		37,705,672		6,274,282		(376,927	)		5,897,355
Balanced		318,963,323		68,355,601		(4,539,044	)		63,816,557
Moderate		153,988,537		19,746,150		(1,804,997	)		17,941,153
Conservative		125,329,635		9,208,270		(1,077,468	)		8,130,802
Dynamic		183,669,427		49,646,392		(3,309,824	)		46,336,568
Quantex		33,293,229		7,446,328		(149,971	)		7,296,357
Income		69,014,811		582,989		(287,878	)		295,111
Money Market		622,482,031		11,886		(45,430	)		(33,544	)

2022 Semi-Annual Report | June 30, 2022 Page 87

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

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

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2020 were as follows:

	Ordinary Income		Net Short Term Capital Gains		Net Long Term Capital Gains		Total Dividends Paid*
Muirfield	$	4,943,111	$	—	$	—	$	4,943,111
Spectrum		1,441,970		—		—		1,441,970
Global		318,203		303,373		689,457		1,311,033
Balanced		3,364,824		—		—		3,364,824
Moderate		2,369,151		—		—		2,369,151
Conservative		2,480,581		—		—		2,480,581
Dynamic		835,596		639,520		3,370,600		4,845,716
Quantex		292,663		—		—		292,663
Income		1,403,955		—		—		1,403,955
Money Market		2,275,825		—		—		2,275,825

As of December 31, 2021, the components of distributable earnings/(accumulated deficit) on a tax basis for the Funds were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Accumulated Capital and Other Gains and (Losses)			Unrealized Appreciation/ (Depreciation)**			Total Distributable Earnings/ (Accumulated Deficit)
Muirfield	$	34,575	$	12,812,237	$	(316,771	)	$	156,049,702		$	168,579,743
Spectrum		474,159		3,611,330		(51,460	)		47,570,424			51,604,453
Global		—		158,351		(106,472	)		5,897,355			5,949,234
Balanced		4,338,740		5,840,278		(196,612	)		63,816,557			73,798,963
Moderate		1,813,657		1,071,618		(38,133	)		17,941,153			20,788,295
Conservative		—		693,917		(77,958	)		8,130,802			8,746,761
Dynamic		—		6,501,337		(218,928	)		46,336,568			52,618,977
Quantex		787,611		—		(66,097	)		7,296,357			8,017,871
Income		4,205		—		(9,475,477	)		295,111			(9,176,161	)
Money Market		6,135		—		(8,511	)		(33,544	)		(35,920	)

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

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

Page 88 2022 Semi-Annual Report | June 30, 2022

For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2021, which are not subject to expiration and are available to offset future capital gains, if any. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders:

	Short-Term Capital Loss Carryforward		Long-Term Capital Loss Carryforward		Capital Loss Carryforward Utilized
Muirfield	$	—	$	—	$	51,457,537
Spectrum		—		—		15,741,644
Global		—		—		723,513
Balanced		—		—		17,867,307
Moderate		—		—		4,583,845
Conservative		—		—		3,692,056
Quantex		—		—		2,671,091
Income		8,808,448		590,194		1,906,735
Money Market		974		1,504		229

7.    Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund under Section 2(a)(9) of the 1940 Act. As of June 30, 2022, beneficial owners that held more than 25% of the voting securities of the Funds and may be deemed to control the Funds are as follows:

Fund	Beneficial Owner	Percent of Voting Securities
Money Market	Muirfield	39%

8.    Contingencies and Commitments

The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

9.    Subsequent Events

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

Other Information (unaudited)

The Trust files a complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-PORT. In addition, Institutional Prime Money Market Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. Forms N-PORT and N-MFP are available on the SEC’s website at www.sec.gov. Information regarding Fund holdings is also available at www.meederinvestment.com.

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

2022 Semi-Annual Report | June 30, 2022 Page 89

Shareholder Expense Analysis (unaudited)

Shareholders of mutual funds pay ongoing expenses, such as advisory fees, distribution and service fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested for the period of time indicated in the table below.

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

The Hypothetical Expense example provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return of any Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Beginning Account Value December 31, 2021				Ending Account Value June 30, 2022				Expenses Paid During Period1				Net Expense Ratio2
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Muirfield Fund
Retail Class	$	1,000.00	$	1,000.00	$	868.80	$	1,019.09	$	5.33	$	5.76		1.15	%
Adviser Class		1,000.00		1,000.00		870.20		1,020.53		3.99		4.31		0.86	%
Institutional Class		1,000.00		1,000.00		870.50		1,020.03		4.45		4.81		0.96	%
Spectrum Fund
Retail Class		1,000.00		1,000.00		873.20		1,017.21		7.11		7.65		1.53	%
Adviser Class		1,000.00		1,000.00		875.40		1,019.44		5.02		5.41		1.08	%
Institutional Class		1,000.00		1,000.00		874.40		1,019.09		5.34		5.76		1.15	%
Global Allocation Fund
Retail Class		1,000.00		1,000.00		858.90		1,015.72		8.43		9.15		1.83	%
Adviser Class		1,000.00		1,000.00		861.30		1,018.10		6.23		6.76		1.35	%
Institutional Class		1,000.00		1,000.00		861.00		1,018.05		6.28		6.80		1.36	%
Balanced Fund
Retail Class		1,000.00		1,000.00		880.00		1,018.20		6.20		6.66		1.33	%
Adviser Class		1,000.00		1,000.00		881.00		1,019.98		4.52		4.86		0.97	%
Institutional Class		1,000.00		1,000.00		880.50		1,019.54		4.94		5.31		1.06	%
Moderate Allocation Fund
Retail Class		1,000.00		1,000.00		890.00		1,017.90		6.51		6.95		1.39	%
Adviser Class		1,000.00		1,000.00		891.80		1,020.13		4.41		4.71		0.94	%
Institutional Class		1,000.00		1,000.00		892.00		1,019.69		4.83		5.16		1.03	%
Conservative Allocation Fund
Retail Class		1,000.00		1,000.00		898.50		1,019.24		5.27		5.61		1.12	%
Adviser Class		1,000.00		1,000.00		899.20		1,020.48		4.10		4.36		0.87	%
Institutional Class		1,000.00		1,000.00		899.00		1,020.03		4.52		4.81		0.96	%
Dynamic Allocation Fund
Retail Class		1,000.00		1,000.00		806.90		1,018.35		5.82		6.51		1.30	%
Adviser Class		1,000.00		1,000.00		808.10		1,020.03		4.30		4.81		0.96	%
Institutional Class		1,000.00		1,000.00		808.40		1,019.89		4.44		4.96		0.99	%

Page 90 2022 Semi-Annual Report | June 30, 2022

	Beginning Account Value December 31, 2021				Ending Account Value June 30, 2022				Expenses Paid During Period1				Net Expense Ratio2
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Quantex Fund
Retail Class	$	1,000.00	$	1,000.00	$	833.60	$	1,016.22	$	7.87	$	8.65		1.73	%
Adviser Class		1,000.00		1,000.00		835.20		1,018.05		6.19		6.80		1.36	%
Institutional Class		1,000.00		1,000.00		835.20		1,018.05		6.19		6.80		1.36	%
Tactical Income Fund
Retail Class		1,000.00		1,000.00		939.10		1,019.04		5.58		5.81		1.16	%
Adviser Class		1,000.00		1,000.00		941.10		1,021.17		3.51		3.66		0.73	%
Institutional Class		1,000.00		1,000.00		940.90		1,020.83		3.85		4.01		0.80	%
Institutional Prime Money Market Fund		1,000.00		1,000.00		1,001.30		1,023.95		0.84		0.85		0.17	%

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

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

² Annualized net expense ratio reflects contractual or voluntary waivers and reimbursements of expenses by the investment adviser and transfer agent.

2022 Semi-Annual Report | June 30, 2022 Page 91

Privacy Policy

Meeder Investment Management and the Meeder Funds are committed to maintaining the financial privacy of our current, former and prospective customers. This policy explains how we protect the security and confidentiality of our customer’s information.

PERSONAL INFORMATION WE COLLECT

We may collect information about Meeder customers from a variety of sources, including:

● Information provided by you or your representative on applications or forms, such as your name, address, date of birth, social security number and investment objectives;

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

● Information we obtain from third parties regarding you, to verify your identity or transfer your account.

INFORMATION WE SHARE WITH OUR AFFILIATES

Our affiliates are financial service providers that offer transfer agency, customer accounting, customer servicing, investment advisory, and other financial services. We share information with our affiliates to service your account. In addition, we may also share information with our affiliates to alert you to other products or services offered by Meeder to the extent provided by law. Information collected from customers whose accounts are opened through investment professionals is not shared with Meeder affiliates for marketing purposes.

INFORMATION WE SHARE WITH THIRD PARTIES

On occasion, we share information we collect about you with unaffiliated third parties to perform services in connection with your account, such as processing transactions, preparing and mailing account statements, and other forms of customer servicing. Information provided to third parties may not be used for any other purpose and Meeder does not permit unaffiliated third parties to use customer information to market their products or services.

HOW WE PROTECT INFORMATION ABOUT YOU

We maintain policies, and require all unaffiliated third parties to maintain policies, to safeguard customer information. We restrict access to nonpublic personal information about you to those persons who need to know that information in order to provide products and services to you. We also maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information.

WHO THIS POLICY APPLIES TO

This policy applies to customers who open relationships directly with Meeder. It applies to Meeder Funds and Meeder’s affiliated companies, including Meeder Asset Management, Meeder Advisory Services, Meeder Public Funds, Meeder Distribution Services, Inc. and Mutual Funds Service Company.

QUESTIONS

Contact us at 800-325-3539 or visit us online at www.meederinvestment.com

Page 92 2022 Semi-Annual Report | June 30, 2022

Manager and Investment Adviser

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

Board of Trustees

Stuart M. Allen
Anthony V. D’Angelo
Robert S. Meeder, Jr.
Jeffrey R. Provence

Custodian

The Huntington National Bank
Columbus, Ohio 43215

Transfer Agent & Dividend Disbursing Agent

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

Distributor

Meeder Distribution Services, Inc.
6125 Memorial Drive
Dublin, Ohio 43017

Independent Registered Public Accounting Firm

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

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function. There were no amendments made to, or waivers granted from, the code of ethics during the fiscal year.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Trust has determined that Jeffrey R. Provence is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Provence is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows:

	2022		2021
Audit Fees	$	108,000	$	119,400
Audit-Related Fees		0		0
Tax Fees		50,500		41,000
All Other Fees		2,250		2,250

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements, including, but not limited to, mileage, lodging, and meals. Tax fees include amounts related to tax compliance, tax planning, and tax advice, including the review and preparation of the Funds' income tax returns, the review and preparation of the Funds' excise tax returns, the review of supporting schedules and documentation provided by management, the review and recalculation of the Funds' estimated distribution calculations, and the review of wash sales for reasonableness. All other fees include amounts related to the registrant's annual filing of Form N1A.

(e)(1) A purpose of the Audit Committee is to approve the engagement of the registrant's independent auditors (i) to render audit and non-audit services for the registrant in accordance with Rule 2-01(c)(7)(i) of Regulation S-X, subject to the waiver provisions set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X, and (ii) to render non-audit services for the registrant's investment advisors (other than a sub-advisor whose role is primarily portfolio management and is subcontracted or overseen by another investment advisor) and any other entity controlling by, or under common control with the investment advisor that provides ongoing services to the registrant, in each case under (ii) if the engagement relates directly to the operations and financial reporting of the registrant, in accordance with Rule 2-01(c)(7)(ii) of Regulation S-X, subject to waiver provisions set forth in Rule 2-01(c)(7)(ii) of Regulation S-X.

(e)(2) 0% of services included in (b) – (d) above were approved pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant were $51,600 and $40,600 respectively.

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

Items 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

Meeder Funds

By:	/s/ Bruce E. McKibben
	Bruce E. McKibben, Treasurer

Date: September 7, 2022

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 7, 2022

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

Date: September 7, 2022