Meeder Funds NCSR Certified 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: December 31, 2022

Item 1. Report to Stockholders.

TABLE OF CONTENTS


Letter to Shareholders	1
Fund Summaries (Unaudited)
Muirfield Fund	3
Spectrum Fund	5
Global Allocation Fund	7
Balanced Fund	9
Moderate Allocation Fund	11
Conservative Allocation Fund	13
Dynamic Allocation Fund	15
Quantex Fund	17
Tactical Income Fund	19
Institutional Prime Money Market Fund	21
Financial Statements
Schedules of Investments	24
Statements of Assets and Liabilities	74
Statements of Operations	76
Statements of Changes in Net Assets	78
Financial Highlights	82
Notes to Financial Statements	92
Report of Independent Registered Public Accounting Firm	110
Shareholder Expense Analysis	111
Management of the Trust	113
Other Items	114

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

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

Letter to Shareholders
December 31, 2022

A Very Difficult Year for Stocks and Bonds

The term “historic” is frequently used and often misplaced for anyone who is a regular reader of financial news. Patterns and events may sometimes feel unique after reading eye-catching headlines and articles, intended only to capture a reader’s attention. While acknowledging the overuse of this term, I feel confident in stating that 2022 was a historic year for capital markets.

Over the long term, stocks and bonds are typically thought of as uncorrelated assets that are a complement for each other in a portfolio. When bonds aren’t earning significant income, stocks will be there to provide growth. When stocks have a tough year, income from bonds will cushion the fall. It’s a perfect duo. And while this may often be the case, 2022 showed us that uncorrelated is very different than never correlated.

2022 marked the worst performance by U.S. investment-grade bonds since 1931, with investment-grade corporate bonds down –14.5%. Stocks fared worse, with the S&P 500 Index finishing at a loss of -18.0%, experiencing a maximum drawdown of -22.7% at its October 2022 low. In the past 94 years, there have only been two years, 1931 and 1969, that the total return of both stocks and bonds finished negative in the same calendar year.

Inflation also reached its highest level since 1981, with the Consumer Price Index (CPI) 12-month growth peaking at 9.1% in June. While inflation began rearing its head in 2021, the Federal Reserve (the “Fed”) did not respond until 2022...and did they respond. The Fed increased the Fed Funds rate seven times during the year, from an upper bound of 0.25% at the start of the year to 4.50% at their last meeting in December. It was the fastest rate hike cycle since 1974, leaving investors with few places to hide.

Navigating 2022 with Meeder’s Tactical Funds

Meeder’s tactical approach allowed most of our Funds to outperform their respective benchmarks. Our cautious approach entering 2022, which led to a significant defensive position throughout the year, was a significant contributor to the relative outperformance of many of our funds that utilize the Defensive Equity strategy. Many of our funds also favored value-oriented equities within our U.S. stock selection strategy, which also positively contributed to several of our Fund’s strong performance. With respect to fixed income, having a shorter duration than many of our benchmarks allowed several Meeder Funds to be positioned well during a challenging interest rate environment.

Meeder’s Investment Philosophy

At Meeder, we manage our funds using a systematic approach that guides us in our allocation decisions. A systematic, quantitative process allows for a repeatable and efficient method to achieve long-term appreciation while avoiding common emotional biases. We also apply a holistic approach to investing;analyzing fundamental, technical, macroeconomic, and sentiment factors.

Many of our funds utilize our time-tested Defensive Equity strategy, which follows a rules-based and data-driven approach, based on the Meeder Investment Positioning (IPS) model. This model is used to determine the reward relative to the risk of the stock market and identifies when a respective fund should be increasing or decreasing its equity allocation relative to other asset classes. In addition to our Defensive Equity strategy, we also provide active management for shareholders through global allocation, individual equity selection, and fixed income exposure.

The Coast is Not Clear

One of the enduring goals throughout Meeder’s history has been to improve investor outcomes by helping investors remain committed to their investment strategy through a full market cycle. While most of our Funds performed well in 2022 relative to their respective benchmarks, we want to highlight the notable longer-term performance of one of our oldest funds. Per the 10-year rankings as of December 31, 2022, the Muirfield Fund ranked in the top 2 percent of open-ended mutual funds among the 163 strategies ranked in the Tactical Allocation category, according to Morningstar.

As we turn the corner to 2023, we maintain our commitment to continually improving our investment strategies and always maintaining a focus on serving our shareholders. Our investment team never stops looking for ways to improve our investment decision-making process.

While a new year brings new challenges; including the highest interest rates since 2007, lingering inflation, and the looming threat of an economic recession, we remain committed to our tactical approach. The direction of the winds may change, but our philosophy remains firmly planted in the ground. We feel optimistic that our approach, rooted in minimizing behavioral biases and leaning on history as a guide, will help us navigate the coming years ahead.

Sincerely,

Robert S. Meeder
President & CEO

Data Source: Bloomberg, as of May 31, 2022. Notes: The return of bonds are based on the annual return of Bloomberg U.S. Aggregate Bond Index from 1976 to 2022. Prior to 1976, the returns are based on the 10-year U.S. Treasury Bond. Stocks are represented by the S&P 500 Index from 1957 to 2022. Prior to 1957, the returns are based on the price changes in the S&P Composite Index. Index performance shown for illustrative purposes only. You cannot invest into an index. Past performance is no guarantee of future results.

2022 Annual Report | December 31, 2022

Page 1

2022 Annual Report
Fund Summaries

Muirfield Fund

The Meeder Muirfield Fund Institutional Class returned –10.93% for the year ended December 31, 2022, compared to the Morningstar Moderate Target Risk Index benchmark return of –14.77%.

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

Muirfield achieved positive performance relative to its benchmark in 2022, primarily driven by the Defensive Equity Strategy and its underweight to equities and overweight to cash throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 33% cash and a 67% allocation to equities. The Fund remained defensive for the entirety of the year, averaging only a 50% allocation to equity throughout 2022 and ending the year with a 51% equity allocation.

Our global equity allocation was a negative contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Muirfield’s equity allocation, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of international equities in 2022 compared to their U.S. counterparts, the fund’s global equity allocation detracted from performance.

The performance of our stock selection strategy was very positive in 2022. Within the U.S. portion of Muirfield’s equity allocation, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to value stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. From a sector perspective, the overweight to the Health Care and Energy sectors positively contributed to performance throughout the year, while the underweight to interest-rate sensitive sectors like Utilities and REITs also benefited performance.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the portfolio. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to reduce equity exposure in the fund’s Defensive Equity exposure was additive to performance relative to the benchmark in 2022.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year	Share Class Inception Date
Muirfield Fund Retail Class	-11.19%	4.03%	7.92%	8/10/88
Muirfield Fund Institutional Class	-10.93%	4.40%	8.15%	10/31/16
Muirfield Fund Adviser Class	-10.85%	4.35%	8.11%	10/31/16
Morningstar Moderate Target Risk Index	-14.77%	3.73%	5.82%	—

Top 10 Holdings
as of December 31, 2022

1.	Apple, Inc.	3.0%
2.	Microsoft Corp.	2.8%
3.	Chevron Corp.	1.7%
4.	Exxon Mobil Corp.	1.7%
5.	Alphabet, Inc.	1.3%
6.	Berkshire Hathaway, Inc.	1.2%
7.	UnitedHealth Group, Inc.	1.1%
8.	Johnson & Johnson	1.0%
9.	Eli Lilly & Co.	0.8%
10.	NVIDIA Corp.	0.8%

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

2022 Annual Report | December 31, 2022

Page 3

Growth of $10,000
as of December 31, 2022

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

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

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

Common Stock Sector Concentration
as of December 31, 2022

Information Technology	26.0%
Healthcare	16.3%
Energy	14.4%
Consumer Discretionary	13.4%
Financials	8.7%
Industrials	8.4%
Consumer Staples	4.4%
Communication Services	3.8%
Materials	3.6%
Utilities	0.9%
Real Estate Investment Trust	0.1%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	57.2%
Money Market Registered Investment Companies	42.6%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	0.1%
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.

Page 4

2022 Annual Report | December 31, 2022

Spectrum Fund

The Meeder Spectrum Fund Institutional Class returned –11.19% for the year ended December 31, 2022, compared to the Morningstar Moderate Target Risk Index benchmark return of –14.77%.

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

Spectrum achieved positive performance relative to its benchmark in 2022, primarily driven by the Defensive Equity Strategy and its underweight to equities and overweight to cash throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 33% cash and a 67% allocation to equities. The Fund remained defensive for the entirety of the year, averaging only a 50% allocation to equity throughout 2022 and ending the year with a 51% equity allocation.

Global equity allocation was a negative contributor to performance in 2022. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Spectrum’s equity allocation, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of international equities in 2022 compared to their U.S. counterparts, the fund’s global equity allocation detracted from performance.

The performance of our stock selection strategy was very positive in 2022. Within the U.S. portion of Spectrum’s equity allocation, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to value stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. From a sector perspective, the overweight to the Health Care and Energy sectors positively contributed to performance throughout the year, while the underweight to interest-rate sensitive sectors like Utilities and REITs also benefited performance.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	Since Inception	Share Class Inception Date
Spectrum Fund Retail Class	-11.52%	2.93%	4.82%	1/2/15
Spectrum Fund Institutional Class	-11.19%	3.35%	5.15%	10/31/16
Spectrum Fund Adviser Class	-11.08%	3.29%	5.09%	10/31/16
Morningstar Moderate Target Risk Index	-14.77%	3.73%	4.93%	—

Top 10 Holdings
as of December 31, 2022

1.	Microsoft Corp.	3.8%
2.	Apple, Inc.	2.1%
3.	Berkshire Hathaway, Inc.	1.6%
4.	Johnson & Johnson	1.1%
5.	UnitedHealth Group, Inc.	1.1%
6.	Copart, Inc.	1.0%
7.	Exxon Mobil Corp.	0.9%
8.	Chevron Corp.	0.9%
9.	Eli Lilly & Co.	0.8%
10.	Mastercard, Inc.	0.7%

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

2022 Annual Report | December 31, 2022

Page 5

Growth of $10,000
as of December 31, 2022

Common Stock Sector Concentration
as of December 31, 2022

Information Technology	29.4%
Healthcare	15.9%
Consumer Discretionary	13.1%
Financials	11.5%
Industrials	9.3%
Energy	7.7%
Materials	6.0%
Communication Services	3.4%
Consumer Staples	3.0%
Utilities	0.6%
Real Estate Investment Trust	0.1%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	47.8%
Money Market Registered Investment Companies	52.7%
Other Assets/Liabilities (Net)	-0.5%
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 Annual Report | December 31, 2022

Global Allocation Fund

The Meeder Global Allocation Fund Institutional Class returned –12.56% for the year ended December 31, 2022, compared to the Morningstar Global Allocation Index benchmark return of –17.10%.

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

The Meeder Global Allocation Fund achieved positive performance relative to its benchmark in 2022, primarily driven by the Defensive Equity Strategy and its underweight to equities and overweight to cash throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 33% cash and a 67% allocation to equities. The Fund remained defensive for the entirety of the year.

Our global equity allocation was a detractor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within the Global Allocation Fund’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of international equities in 2022 compared to their U.S. counterparts, the fund’s global equity allocation detracted from performance.

The performance of our stock selection strategy was also strong in 2022. Within the U.S. portion of the Global Allocation Fund’s equity allocation, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to common stocks displaying strong momentum and profitability were the two primary drivers of positive performance. From a sector perspective, the overweight to Information Technology and Healthcare sectors positively contributed to performance throughout the year, while the increase in allocation to Energy and Financial stocks in the second half of the year also generated positive returns.

While fixed income returns were negative, the Global Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings. In 2022, the Federal Reserve increased interest rates at its fastest rate in more than four decades. The historic rise in rates led to negative returns throughout the fixed income asset class. Despite the challenging environment, tactical shifts in the emerging market sector were a positive contributor to its outperformance. Relative to the benchmark, exposure to shorter duration bonds primarily benefited performance too.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year	Share Class Inception Date
Global Allocation Fund Retail Class	-12.94%	1.23%	5.06%	1/31/06
Global Allocation Fund Institutional Class	-12.56%	1.66%	5.35%	10/31/16
Global Allocation Fund Adviser Class	-12.52%	1.55%	5.28%	10/31/16
Morningstar Global Allocation Index	-17.10%	2.86%	5.20%	—

Top 10 Holdings
as of December 31, 2022

1.	iShares Core MSCI EAFE ETF	8.2%
2.	iShares Core MSCI Emerging Markets ETF	1.8%
3.	Apple, Inc.	1.7%
4.	Berkshire Hathaway, Inc.	1.7%
5.	Chevron Corp.	1.6%
6.	Microsoft Corp.	1.5%
7.	iShares Core U.S. Aggregate Bond ETF	1.5%
8.	iShares JP Morgan USD Emerging Markets Bond ETF	1.2%
9.	SPDR Bloomberg High Yield Bond ETF	1.1%
10.	Copart, Inc.	0.8%

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

2022 Annual Report | December 31, 2022

Page 7

Growth of $10,000
as of December 31, 2022

Common Stock Sector Concentration
as of December 31, 2022

Information Technology	25.6%
Healthcare	17.6%
Energy	14.4%
Financials	13.7%
Consumer Discretionary	10.4%
Industrials	8.6%
Consumer Staples	4.0%
Communication Services	2.7%
Materials	2.6%
Utilities	0.3%
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 December 31, 2022

U.S. Fixed Income	34.2%
International Fixed Income	6.7%
International Equity	59.1%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	26.3%
Equity Registered Investment Companies	10.1%
Fixed Income Registered Investment Companies	6.9%
Money Market Registered Investment Companies	52.7%
Bank Obligations	1.6%
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.

Page 8

2022 Annual Report | December 31, 2022

Balanced Fund

The Meeder Balanced Fund Institutional Class returned –10.80% for the year ended December 31, 2022, compared to the Morningstar Moderate Target Risk Index benchmark return of –14.77%.

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

The Balanced Fund achieved positive performance relative to its benchmark in 2022, primarily driven by the Defensive Equity Strategy and its underweight to equities and overweight to cash throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 23% cash and a 47% allocation to equities. The Fund remained defensive for the entirety of the year, averaging only a 35% allocation to equity throughout 2022 and ending the year with a 36% equity allocation.

Our global equity allocation was a detractor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within the Balanced Fund’s equity allocation, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of international equities in 2022 compared to their U.S. counterparts, the fund’s global equity allocation detracted from performance.

The performance of our stock selection strategy was very positive in 2022. Within the U.S. portion of the Balanced Fund’s equity allocation, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to value stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. From a sector perspective, the overweight to the Health Care and Energy sectors positively contributed to performance throughout the year, while the underweight to interest-rate sensitive sectors like Utilities and REITs also benefited performance.

While fixed income returns were negative, the Balanced Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings. In 2022, the Federal Reserve increased interest rates at its fastest rate in more than four decades. The historic rise in rates led to negative returns throughout the fixed income asset class. Despite the challenging environment, tactical shifts in the emerging market sector were a positive contributor to its outperformance. Relative to the benchmark, exposure to shorter duration bonds primarily benefited performance too.

In the fund, we will often use equity index derivatives, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the portfolio. Regarding equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact on the fund’s relative performance. The use of equity index futures to gain equity exposure in the fund’s Defensive Equity exposure was additive to performance relative to the benchmark in 2022.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year	Share Class Inception Date
Balanced Fund Retail Class	-11.09%	2.86%	5.58%	1/31/06
Balanced Fund Institutional Class	-10.80%	3.27%	5.85%	10/31/16
Balanced Fund Adviser Class	-10.77%	3.21%	5.80%	10/31/16
Morningstar Moderate Target Risk Index	-14.77%	3.73%	5.82%	—

Top 10 Holdings
as of December 31, 2022

1.	iShares Core U.S. Aggregate Bond ETF	4.5%
2.	iShares JP Morgan USD Emerging Markets Bond ETF	3.6%
3.	SPDR Bloomberg High Yield Bond ETF	3.5%
4.	Apple, Inc.	2.7%
5.	Microsoft Corp.	2.4%
6.	Berkshire Hathaway, Inc.	1.7%
7.	Diamond Hill Short Duration Securitized Bond Fund - Class Y	1.5%
8.	PGIM Short-Term Corporate Bond Fund - Class Q	1.5%
9.	Chevron Corp.	1.4%
10.	Copart, Inc.	1.1%

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

2022 Annual Report | December 31, 2022

Page 9

Growth of $10,000
as of December 31, 2022

Common Stock Sector Concentration
as of December 31, 2022

Information Technology	27.1%
Healthcare	17.1%
Consumer Discretionary	12.9%
Financials	12.1%
Energy	11.9%
Industrials	9.9%
Materials	3.3%
Communication Services	2.8%
Consumer Staples	2.5%
Utilities	0.3%
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 December 31, 2022

U.S. Fixed Income	82.6%
International Fixed Income	17.4%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	41.7%
Equity Registered Investment Companies	3.6%
Fixed Income Registered Investment Companies	16.9%
Money Market Registered Investment Companies	37.4%
Bank Obligations	0.1%
Other Assets/Liabilities (Net)	0.3%
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.

Page 10

2022 Annual Report | December 31, 2022

Moderate Allocation Fund

The Meeder Moderate Allocation Fund Institutional Class returned –10.39% for the year ended December 31, 2022, compared to the Morningstar Moderately Conservative Target Risk Index benchmark return of –13.85%.

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

The Meeder Moderate Allocation Fund achieved positive performance relative to its benchmark in 2022, primarily driven by the Defensive Equity Strategy and its underweight to equities and overweight to cash throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 16% cash and a 34% allocation to equities. The Fund remained defensive for the entirety of the year, averaging only a 25% allocation to equity throughout 2022 and ending the year with a 26% equity allocation.

Our global equity allocation was a detractor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Moderate Allocation’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of international equities in 2022 compared to their U.S. counterparts, the fund’s global equity allocation detracted from performance.

The performance of our stock selection strategy was very positive in 2022. Within the U.S. portion of Moderate Allocation’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to value stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. From a sector perspective, the overweight to the Health Care and Energy sectors positively contributed to performance throughout the year, while the underweight to interest-rate sensitive sectors like Utilities and REITs also benefited performance.

While fixed income returns were negative, the Moderate Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings. In 2022, the Federal Reserve increased interest rates at its fastest rate in more than four decades. The historic rise in rates led to negative returns throughout the fixed income asset class. Despite the challenging environment, tactical shifts in the emerging market sector were a positive contributor to its outperformance. Relative to the benchmark, exposure to shorter duration bonds primarily benefited performance too.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	Since Inception	Share Class Inception Date
Moderate Allocation Fund Retail Class	-10.75%	2.09%	4.40%	6/30/15
Moderate Allocation Fund Institutional Class	-10.39%	2.47%	4.74%	10/31/16
Moderate Allocation Fund Adviser Class	-10.39%	2.43%	4.69%	10/31/16
Morningstar Moderately Conservative Target Risk Index	-13.85%	2.79%	3.92%	—

Top 10 Holdings
as of December 31, 2022

1.	iShares Core U.S. Aggregate Bond ETF	7.5%
2.	iShares JP Morgan USD Emerging Markets Bond ETF	5.9%
3.	SPDR Bloomberg High Yield Bond ETF	5.9%
4.	Diamond Hill Short Duration Securitized Bond Fund - Class Y	2.5%
5.	PGIM Short-Term Corporate Bond Fund - Class Q	2.5%
6.	Segall Bryant & Hamill Plus Bond Fund - Class I	1.8%
7.	DoubleLine Total Return Bond Fund - Class I	1.7%
8.	Xtrackers USD High Yield Corporate Bond ETF	1.5%
9.	Baird Core Plus Bond Fund - Class I	1.5%
10.	Berkshire Hathaway, Inc.	1.3%

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

2022 Annual Report | December 31, 2022

Page 11

Growth of $10,000
as of December 31, 2022

Common Stock Sector Concentration
as of December 31, 2022

Information Technology	25.6%
Healthcare	17.4%
Financials	14.5%
Energy	12.7%
Consumer Discretionary	11.2%
Industrials	8.6%
Consumer Staples	4.6%
Materials	2.9%
Communication Services	2.1%
Utilities	0.3%
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 December 31, 2022

U.S. Fixed Income	82.6%
International Fixed Income	17.4%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	21.6%
Equity Registered Investment Companies	5.9%
Fixed Income Registered Investment Companies	28.1%
Money Market Registered Investment Companies	44.2%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	0.0%
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 12

2022 Annual Report | December 31, 2022

Conservative Allocation Fund

The Meeder Conservative Allocation Fund Institutional Class returned –10.00% for the year ended December 31, 2022, compared to the Morningstar Conservative Target Risk Index benchmark return of –13.15%.

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

The Meeder Conservative Allocation Fund achieved positive performance relative to its benchmark in 2022, partially driven by the Defensive Equity Strategy and its underweight to equities and overweight to cash throughout the year. The Defensive Equity Strategy entered the year with a significant defensive position of 10% cash and a 20% allocation to equities. The Fund remained defensive for the entirety of the year, averaging only a 15% allocation to equity throughout 2022 and ending the year with a 15% equity allocation.

Our global equity allocation was a negative contributor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within Conservative Allocation’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of international equities in 2022 compared to their U.S. counterparts, the fund’s global equity allocation detracted from performance.

The performance of our stock selection strategy was very positive in 2022. Within the U.S. portion of Conservative Allocation’s equity holdings, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to value stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. From a sector perspective, the overweight to the Health Care and Energy sectors positively contributed to performance throughout the year, while the underweight to interest-rate sensitive sectors like Utilities and REITs also benefited performance.

While fixed income returns were negative, the Conservative Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings. In 2022, the Federal Reserve increased interest rates at its fastest rate in more than four decades. The historic rise in rates led to negative returns throughout the fixed income asset class. Despite the challenging environment, tactical shifts in the emerging market sector were a positive contributor to its outperformance. Relative to the benchmark, exposure to shorter duration bonds primarily benefited performance too.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year	Share Class Inception Date
Conservative Allocation Fund Retail Class	-10.24%	1.39%	4.95%	6/21/95
Conservative Allocation Fund Institutional Class	-10.00%	1.72%	5.17%	10/31/16
Conservative Allocation Fund Adviser Class	-9.94%	1.69%	5.15%	10/31/16
Morningstar Conservative Target Risk Index	-13.15%	1.38%	2.38%	—

Top 10 Holdings
as of December 31, 2022

1.	iShares Core U.S. Aggregate Bond ETF	10.5%
2.	iShares JP Morgan USD Emerging Markets Bond ETF	8.4%
3.	SPDR Bloomberg High Yield Bond ETF	8.3%
4.	Diamond Hill Short Duration Securitized Bond Fund - Class Y	3.5%
5.	PGIM Short-Term Corporate Bond Fund - Class Q	3.4%
6.	Segall Bryant & Hamill Plus Bond Fund - Class I	2.5%
7.	DoubleLine Total Return Bond Fund - Class I	2.4%
8.	Xtrackers USD High Yield Corporate Bond ETF	2.1%
9.	Baird Core Plus Bond Fund - Class I	2.1%
10.	Frost Total Return Bond Fund - Class I	1.4%

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

2022 Annual Report | December 31, 2022

Page 13

Growth of $10,000
as of December 31, 2022

Common Stock Sector Concentration
as of December 31, 2022

Information Technology	21.1%
Healthcare	18.8%
Energy	16.1%
Financials	11.2%
Consumer Discretionary	11.1%
Industrials	10.3%
Consumer Staples	4.5%
Communication Services	3.8%
Materials	2.5%
Utilities	0.5%
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 December 31, 2022

U.S. Fixed Income	82.6%
International Fixed Income	17.4%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	14.7%
Equity Registered Investment Companies	8.3%
Fixed Income Registered Investment Companies	39.7%
Money Market Registered Investment Companies	37.0%
Other Assets/Liabilities (Net)	0.3%
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.

Page 14

2022 Annual Report | December 31, 2022

Dynamic Allocation Fund

The Meeder Dynamic Allocation Fund Institutional Class returned –15.26% for the year ended December 31, 2022, compared to the Morningstar Aggressive Target Risk Index benchmark return of –15.93%.

The Dynamic Allocation Fund maintains a more aggressive objective and remains nearly fully invested (95%) in the stock market. Our global equity allocation was a detractor to performance this year. The fund allocates to different regions of the global equity markets, including U.S., Developed International ex-US., and Emerging Markets. Within the Dynamic Allocation Fund’s equity holdings, it maintained an overweight to U.S. and underweight to both Developed International ex-U.S. and Emerging Markets equities relative to its benchmark. Given the outperformance of international equities in 2022 compared to their U.S. counterparts, the fund’s global equity allocation detracted from performance.

The performance of our stock selection strategy was very positive in 2022. Within the U.S. portion of the Dynamic Allocation Fund’s equity allocation, we use a proprietary equity selection model that selects stocks based on value, momentum, quality, stability, and sentiment factors. In general, we favor companies that display positive momentum relative to their peers, strong balance sheets, consistent earnings growth, along with attractive valuations and positive near-term sentiment. Our overweight to value stocks, along with our overweight to company’s displaying strong profitability, positively contributed to performance. From a sector perspective, the overweight to the Health Care and Energy sectors positively contributed to performance throughout the year, while the underweight to interest-rate sensitive sectors like Utilities and REITs also benefited performance.

A small portion of the fund (5%) is allocated to fixed income. While fixed income returns were negative, the Dynamic Allocation Fund’s fixed income allocation outperformed the fixed income portion of the benchmark. The fund’s allocation to fixed income tactically shifts portfolio exposure utilizing quantitative models designed to actively manage credit quality, emerging market bond exposure, and duration of its holdings. In 2022, the Federal Reserve increased interest rates at its fastest rate in more than four decades. The historic rise in rates led to negative returns throughout the fixed income asset class. Despite the challenging environment, tactical shifts in the emerging market sector were a positive contributor to its outperformance. Relative to the benchmark, exposure to shorter duration bonds primarily benefited performance too.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year	Share Class Inception Date
Dynamic Allocation Fund Retail Class	-15.53%	5.70%	9.22%	2/29/00
Dynamic Allocation Fund Institutional Class	-15.26%	6.11%	9.47%	10/31/16
Dynamic Allocation Fund Adviser Class	-15.23%	6.04%	9.42%	10/31/16
Morningstar Aggressive Target Risk Index	-15.93%	5.25%	8.38%	—

Top 10 Holdings
as of December 31, 2022

1.	Apple, Inc.	4.2%
2.	Microsoft Corp.	3.9%
3.	Berkshire Hathaway, Inc.	3.6%
4.	iShares Core U.S. Aggregate Bond ETF	1.8%
5.	Copart, Inc.	1.6%
6.	UnitedHealth Group, Inc.	1.6%
7.	Exxon Mobil Corp.	1.4%
8.	Johnson & Johnson	1.3%
9.	Chevron Corp.	1.3%
10.	Costco Wholesale Corp.	1.1%

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

2022 Annual Report | December 31, 2022

Page 15

Growth of $10,000
as of December 31, 2022

Common Stock Sector Concentration
as of December 31, 2022

Information Technology	26.4%
Healthcare	18.2%
Consumer Discretionary	13.8%
Financials	13.0%
Industrials	9.2%
Energy	9.2%
Consumer Staples	4.0%
Materials	3.5%
Communication Services	2.2%
Utilities	0.4%
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 December 31, 2022

U.S. Fixed Income	71.6%
International Fixed Income	15.6%
International Equity	12.8%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	70.1%
Fixed Income Registered Investment Companies	2.4%
Equity Registered Investment Companies	1.1%
Money Market Registered Investment Companies	25.4%
Bank Obligations	0.2%
Other Assets/Liabilities (Net)	0.8%
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 16

2022 Annual Report | December 31, 2022

Quantex Fund

The Meeder Quantex Fund Institutional Class returned –13.58% for the year ended December 31, 2022, compared to the S&P MidCap 400 Index benchmark return of –13.06%.

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

The performance of our stock selection strategy for this fund was favorable in 2022, allowing the fund to outperform its benchmark. With value stocks outperforming, the fund’s holdings in the Energy sector were profitable, including positions in ConocoPhillips, Marathon Oil, and APA Corp. Our underweight to Software and Equity REITs also positively contributed to performance. Travel stocks, including Wynn Resorts and Norwegian Cruise Line Holdings were among the largest detractors during the year. The Fund’s tactical allocation to U.S. large-cap equities during the year detracted from performance. This was primarily related to a strong year from U.S. mid-cap equities, which outpaced both their U.S. large- and small-cap peers.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year	Share Class Inception Date
Quantex Fund Retail Class	-13.75%	1.54%	7.90%	3/20/85
Quantex Fund Institutional Class	-13.58%	1.78%	8.08%	10/31/16
Quantex Fund Adviser Class	-13.55%	1.72%	8.03%	10/31/16
S&P MidCap 400 Index	-13.06%	6.71%	10.78%	—
Russell 2000 Index	-20.44%	4.13%	9.01%	—

Top 10 Holdings
as of December 31, 2022

1.	Quanta Services, Inc.	1.0%
2.	AES Corp./The	0.9%
3.	Howmet Aerospace, Inc.	0.9%
4.	Lamb Weston Holdings, Inc.	0.9%
5.	Leidos Holdings, Inc.	0.9%
6.	FMC Corp.	0.9%
7.	Huntington Ingalls Industries, Inc.	0.9%
8.	Cardinal Health, Inc.	0.9%
9.	Rollins, Inc.	0.9%
10.	Mosaic Co./The	0.9%

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

2022 Annual Report | December 31, 2022

Page 17

Growth of $10,000
as of December 31, 2022

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

Common Stock Sector Concentration
as of December 31, 2022

Industrials	18.0%
Financials	13.3%
Consumer Discretionary	12.3%
Information Technology	11.4%
Utilities	8.4%
Materials	8.1%
Healthcare	7.4%
Real Estate Investment Trust	6.5%
Consumer Staples	5.4%
Communication Services	5.1%
Energy	4.1%
Total	100.0%

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

Asset Allocation
as of December 31, 2022

Common Stocks (United States)	61.0%
Money Market Registered Investment Companies	37.1%
Other Assets/Liabilities (Net)	1.9%
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 18

2022 Annual Report | December 31, 2022

Tactical Income Fund

The Meeder Tactical Income Institutional Class returned –5.70% for the year ended December 31, 2022, compared to the Bloomberg U.S. Treasury Bill 1-3 Month Index benchmark return of 1.52%.

This fund tactically shifts portfolio exposure utilizing quantitative models designed to actively manage the credit quality, emerging market bond exposure, and duration of U.S. Treasury holdings. In 2022, the Federal Reserve increased interest rates at its fastest rate in more than four decades. The historic rise in rates led to negative returns throughout the fixed income asset class. While the Fund performed favorable relative to its peer group average, relative to the Bloomberg U.S. Treasury Bill 1-3 Month Index benchmark, exposure to longer duration securities, high yield and emerging markets sectors detracted from performance.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year	Share Class Inception Date
Tactical Income Fund Retail Class	-5.99%	0.86%	1.16%	6/30/11
Tactical Income Fund Institutional Class	-5.70%	1.25%	1.41%	10/31/16
Tactical Income Fund Adviser Class	-5.65%	1.20%	1.37%	10/31/16
Bloomberg U.S. Treasury Bill 1-3 Month Total Return Index	1.52%	1.22%	0.73%	—

Top 10 Holdings
as of December 31, 2022

1.	iShares Core 1-5 Year USD Bond ETF	19.7%
2.	iShares JP Morgan USD Emerging Markets Bond ETF	11.9%
3.	SPDR Bloomberg High Yield Bond ETF	11.9%
4.	BBH Limited Duration Fund - Class I	7.0%
5.	iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF	5.8%
6.	Diamond Hill Short Duration Securitized Bond Fund - Class Y	3.1%
7.	Xtrackers USD High Yield Corporate Bond ETF	3.0%
8.	Frost Total Return Bond Fund - Class I	2.5%
9.	iShares Core U.S. Aggregate Bond ETF	2.0%
10.	PGIM Short-Term Corporate Bond Fund - Class Q	1.4%

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

2022 Annual Report | December 31, 2022

Page 19

Growth of $10,000
as of December 31, 2022

Fixed Income Sector Concentration
as of December 31, 2022

Investment Grade	68.3%
Cash & Equivalents	31.7%
Total	100.0%

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

Page 20

2022 Annual Report | December 31, 2022

Institutional Prime Money Market Fund

The Meeder Institutional Prime Money Market Fund (the Fund) reported a 7-day net yield of 4.36% as of December 31, 2022. The total return for the Fund was 1.63% for the full year period.

The Fund offers a floating net asset value (FNAV). A FNAV fund is characterized by a net asset value which could vary incrementally above or below $1.0000 per share. The objective of this fund is to maintain a FNAV near $1.0000 per share while offering a safe investment vehicle and competitive returns to shareholders. A FNAV was reported at year-end 2022 as $1.0000. The advisor to the Fund accomplished the objective by investing in short-term, high-quality money market debt obligations. Money market debt obligations may be offered by the U.S. Government and its agencies but may also include obligations of fundamentally sound corporate issuers.

Over the years, investors have demonstrated confidence in the money market fund industry because of two key features. Safety and liquidity are at the core of money fund investment strategy. Safety is expressed through the selection of investments which are anticipated to provide minimal principal volatility. While liquidity is generated by maintaining high quality investments and ample funds to accommodate investor requests to redeem shares. These attributes proved important once again as the industry faced a long-awaited shift in the Federal Open Market Committee’s (FOMC) interest rate policy. Early in 2022 the FOMC embarked on an aggressive restrictive monetary policy stance to combat accelerating inflation.

Throughout 2022, the FOMC increased its target interest rate 4.25% over the course of nine months. To accommodate the shift in policy, the advisor adopted a strategy to increase investments with shorter average maturities. This was additive to performance and supported the objective of minimizing downward pressure on the FNAV. Prior to the FOMC meeting in March 2022, the Fund reported a 7-day net yield of 0.05% versus a year end rate of 4.36%. In similar fashion, the Fund’s FNAV was $0.9993 prior to the FOMC’s March movement while ending the year at $1.0000. The shorter average maturity of the fund allowed faster reinvestment of maturing proceeds in order to take advantage of base interest rates moving higher. The average maturity of the Fund was managed down from 35 days to 15 days.

The advisor addressed fund safety directly through a strategy focused on exceeding required liquidity limits and investing in securities which historically perform favorably in the aforementioned interest rate environment. The Fund maintained daily liquid assets of nearly 30% and weekly liquid assets of almost 50%. This far exceed required levels of 10% and 30%, respectively. Investments which added value to the portfolio were purchased with shorter average maturities.

As we move forward, our efforts will be focused on any supplementary monetary adjustments by the FOMC and the resulting impact of these actions may have on the economy. The strategies implemented in 2022, we believe, were prudent and provided shareholders with exceptional safety as interest rates moved higher. Currently, we believe the Fund should be positioned to maintain stability through 2023. In the event our view changes, we will review our strategy relative to market opportunities and act in the best interest of our shareholders.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2022

	1 Year	5 Year	10 Year
Institutional Prime Money Market Fund	1.63%	1.29%	0.81%

Yields
as of December 31, 2022

	7-Day Subsidized Yield	7-Day Unsubsidized Yield
Institutional Prime Money Market Fund	4.36%	4.09%

Top 10 Holdings
as of December 31, 2022

1.	Federated Hermes Government Obligations Fund, 4.15%	10.6%
2.	StoneX Repo, 4.48%, due 1/3/2023	7.2%
3.	Truist Repo, 4.34%, due 1/3/2023	7.2%
4.	South Street Repo, 4.33%, due 1/3/2023	6.5%
5.	Halkin Finance, LLC, 4.31%, 1/3/2023	2.9%
6.	Anglesea Funding, 4.37%, 2/1/2023	2.6%
7.	Anglesea Funding, 4.43%, 2/7/2023	2.4%
8.	South Street Repo, 4.28%, due 1/3/2023	2.2%
9.	Halkin Finance, LLC, 4.32%, 1/5/2023	2.2%
10.	ANZ New Zealand Int’l, LTD, 4.88%, 1/5/2023	1.8%

As a percentage of total net assets.

2022 Annual Report | December 31, 2022

Page 21

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

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

Sector Concentration
as of December 31, 2022

Commercial Paper	31.8%
Certificates of Deposit	31.6%
Repurchase Agreements	23.1%
Money Market Registered Investment Companies	10.6%
Corporate Obligations	2.2%
Variable Rate Demand Notes	0.9%
Other Assets/Liabilities (Net)	-0.2%
Total	100.0%

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

Page 22

2022 Annual Report | December 31, 2022

2022 Annual Report
Fund Holdings & Financial Statements

Schedules of Investments
December 31, 2022

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 57.2%
Communication Services — 2.2%
Alphabet, Inc. ⁽¹⁾		89,979		7,983,837
AT&T, Inc.		192		3,535
Cable One, Inc.		136		96,813
Comcast Corp.		14,624		511,401
Entravision Communications Corp.		1,883		9,038
IDT Corp. ⁽¹⁾		16,073		452,776
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		8,364		5,601
Meta Platforms, Inc. ⁽¹⁾		8,412		1,012,300
Netflix, Inc. ⁽¹⁾		283		83,451
Roku, Inc. ⁽¹⁾		5,846		237,932
Telephone and Data Systems, Inc.		3,121		32,739
T-Mobile US, Inc. ⁽¹⁾		21,221		2,970,940
Trade Desk, Inc./The ⁽¹⁾		8,551		383,341
Verizon Communications, Inc.		802		31,599
				13,815,303

Consumer Discretionary — 7.7%
ADT, Inc.		769		6,975
Amazon.com, Inc. ⁽¹⁾		5,647		474,348
AutoZone, Inc. ⁽¹⁾		559		1,378,595
Best Buy Co., Inc.		29,266		2,347,426
Bloomin’ Brands, Inc.		2,397		48,228
Booking Holdings, Inc. ⁽¹⁾		817		1,646,484
BorgWarner, Inc.		32,732		1,317,463
Buckle, Inc./The		1,116		50,611
Burlington Stores, Inc. ⁽¹⁾		4,763		965,746
Cavco Industries, Inc. ⁽¹⁾		160		36,200
Chegg, Inc. ⁽¹⁾		15,741		397,775
Citi Trends, Inc. ⁽¹⁾		732		19,383
Dana, Inc.		3,684		55,739
Dillard’s, Inc.		11		3,555
DR Horton, Inc.		24,027		2,141,767
Everi Holdings, Inc. ⁽¹⁾		566		8,122
Frontdoor, Inc. ⁽¹⁾		3,994		83,075
Garmin, Ltd.		12,011		1,108,495
Gentex Corp.		1,391		37,933
Genuine Parts Co.		94		16,310
Goodyear Tire & Rubber Co./The ⁽¹⁾		9,741		98,871
Grand Canyon Education, Inc. ⁽¹⁾		15,214		1,607,511
Green Brick Partners, Inc. ⁽¹⁾		453		10,976
Helen of Troy, Ltd. ⁽¹⁾		97		10,758
Home Depot, Inc./The		7,236		2,285,563
La-Z-Boy, Inc.		288		6,572
Lear Corp.		133		16,495
Lennar Corp.		25,161		2,277,071

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Lions Gate Entertainment Corp. ⁽¹⁾		496		2,698
Lithia Motors, Inc.		328		67,155
LKQ Corp.		9,583		511,828
Lowe’s Cos., Inc.		4,388		874,265
Lululemon Athletica, Inc. ⁽¹⁾		7,862		2,518,828
M/I Homes, Inc. ⁽¹⁾		16,719		772,083
Macy’s, Inc.		94,043		1,941,988
Malibu Boats, Inc. ⁽¹⁾		63		3,358
MasterCraft Boat Holdings, Inc. ⁽¹⁾		1,033		26,724
McDonald’s Corp.		3,447		908,388
MDC Holdings, Inc.		123		3,887
Meritage Homes Corp. ⁽¹⁾		1,677		154,619
Mohawk Industries, Inc. ⁽¹⁾		9,216		942,060
National Vision Holdings, Inc. ⁽¹⁾		907		35,155
Newell Brands, Inc.		428		5,598
NVR, Inc. ⁽¹⁾		102		470,483
ONE Group Hospitality, Inc./The ⁽¹⁾		3,356		21,143
O’Reilly Automotive, Inc. ⁽¹⁾		2,583		2,180,129
Patrick Industries, Inc.		375		22,725
PulteGroup, Inc.		7,378		335,920
PVH Corp.		8,357		589,921
Qurate Retail, Inc. ⁽¹⁾		7,934		12,932
Red Rock Resorts, Inc.		177		7,082
Rent-A-Center, Inc./TX		533		12,019
Ross Stores, Inc.		6,699		777,553
Skyline Champion Corp. ⁽¹⁾		26,489		1,364,448
Sleep Number Corp. ⁽¹⁾		2,013		52,298
Smith & Wesson Brands, Inc.		9,621		83,510
Starbucks Corp.		24,903		2,470,378
Tapestry, Inc.		6,717		255,783
Target Corp.		3,187		474,990
Tempur Sealy International, Inc.		7,965		273,438
Texas Roadhouse, Inc.		9,406		855,476
TJX Cos., Inc./The		37,014		2,946,314
Toll Brothers, Inc.		8,169		407,796
Town Sports International Holdings, Inc. ⁽¹⁾⁽⁵⁾		4,613		0
Tractor Supply Co.		2,478		557,476
TravelCenters of America, Inc. ⁽¹⁾		138		6,180
Tupperware Brands Corp. ⁽¹⁾		19,775		81,869
Ulta Beauty, Inc. ⁽¹⁾		5,773		2,707,941
Universal Electronics, Inc. ⁽¹⁾		328		6,826
Whirlpool Corp.		14,881		2,105,066
Wingstop, Inc.		1,410		194,044
Yum! Brands, Inc.		18,166		2,326,701
Zumiez, Inc. ⁽¹⁾		432		9,392
				48,836,514

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

Page 24

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Consumer Staples — 2.5%
Archer-Daniels-Midland Co.		26,252		2,437,498
Bunge, Ltd.		11,407		1,138,076
Calavo Growers, Inc.		200		5,880
Casey’s General Stores, Inc.		979		219,639
Coca-Cola Co./The		32,556		2,070,887
Coca-Cola Consolidated, Inc.		16		8,198
Costco Wholesale Corp.		1,666		760,529
Flowers Foods, Inc.		1,313		37,736
General Mills, Inc.		21,255		1,782,232
Ingles Markets, Inc.		204		19,678
Ingredion, Inc.		3,637		356,171
John B Sanfilippo & Son, Inc.		47		3,822
Kimberly-Clark Corp.		2,564		348,063
Kraft Heinz Co./The		394		16,040
Kroger Co./The		953		42,485
Lamb Weston Holdings, Inc.		4,625		413,290
Molson Coors Beverage Co.		2,574		132,612
Mondelez International, Inc.		13,544		902,708
PepsiCo, Inc.		17,205		3,108,255
Pilgrim’s Pride Corp. ⁽¹⁾		934		22,164
Simply Good Foods Co./The ⁽¹⁾		1,304		49,591
Tyson Foods, Inc.		19,769		1,230,620
Walmart, Inc.		6,873		974,523
				16,080,697

Energy — 8.3%
Alto Ingredients, Inc. ⁽¹⁾		1,605		4,622
Antero Midstream Corp.		784		8,459
Antero Resources Corp. ⁽¹⁾		394		12,210
APA Corp.		9,056		422,734
Arch Resources, Inc.		194		27,701
Baker Hughes Co.		297		8,770
Berry Corp.		2,368		18,944
Bristow Group, Inc. ⁽¹⁾		2,574		69,833
California Resources Corp.		2,985		129,877
Callon Petroleum Co. ⁽¹⁾		251		9,310
Centrus Energy Corp. ⁽¹⁾		5,482		178,055
ChampionX Corp.		337		9,770
Cheniere Energy, Inc.		11,704		1,755,132
Chesapeake Energy Corp.		5,074		478,833
Chevron Corp.		61,056		10,958,941
Chord Energy Corp.		169		23,121
Civitas Resources, Inc.		998		57,814
Comstock Resources, Inc.		433		5,936
ConocoPhillips		28,530		3,366,540

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Coterra Energy, Inc.		886		21,769
CVR Energy, Inc.		470		14,730
Delek US Holdings, Inc.		915		24,705
Denbury, Inc. ⁽¹⁾		434		37,767
Devon Energy Corp.		3,663		225,311
Diamondback Energy, Inc.		2,954		404,048
Dorian LPG, Ltd.		270		5,117
DT Midstream, Inc.		7,021		387,980
EOG Resources, Inc.		21,993		2,848,533
EQT Corp.		6,771		229,063
Exxon Mobil Corp.		98,130		10,823,739
FLEX LNG, Ltd.		588		19,222
Golar LNG, Ltd. ⁽¹⁾		826		18,825
Halliburton Co.		311		12,238
Hess Corp.		3,825		542,462
HF Sinclair Corp.		1,857		96,360
International Seaways, Inc.		155		5,738
Kinder Morgan, Inc.		1,272		22,998
Kinetik Holdings, Inc.		209		6,914
Laredo Petroleum, Inc. ⁽¹⁾		429		22,059
Magnolia Oil & Gas Corp.		936		21,949
Marathon Oil Corp.		337		9,123
Marathon Petroleum Corp.		32,363		3,766,730
Matador Resources Co.		2,210		126,500
Murphy Oil Corp.		425		18,279
New Fortress Energy, Inc.		6,752		286,420
Northern Oil and Gas, Inc.		388		11,958
Occidental Petroleum Corp.		8,886		559,729
ONEOK, Inc.		41,184		2,705,789
Ovintiv, Inc.		9,397		476,522
Par Pacific Holdings, Inc. ⁽¹⁾		190		4,418
PBF Energy, Inc.		416		16,964
Peabody Energy Corp. ⁽¹⁾		502		13,263
Phillips 66		29,982		3,120,527
Pioneer Natural Resources Co.		12,789		2,920,880
ProPetro Holding Corp. ⁽¹⁾		746		7,736
Range Resources Corp.		1,068		26,721
REX American Resources Corp. ⁽¹⁾		273		8,698
SandRidge Energy, Inc. ⁽¹⁾		406		6,914
Schlumberger, Ltd.		23,934		1,279,512
Scorpio Tankers, Inc.		404		21,723
SilverBow Resources, Inc. ⁽¹⁾		447		12,641
Sitio Royalties Corp.		454		13,098
SM Energy Co.		1,906		66,386
Targa Resources Corp.		11,739		862,817

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

2022 Annual Report | December 31, 2022

Page 25

Schedules of Investments
December 31, 2022

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Teekay Corp. ⁽¹⁾		3,592		16,308
Valero Energy Corp.		20,992		2,663,045
Williams Cos., Inc./The		1,636		53,824
World Fuel Services Corp.		2,737		74,802
				52,489,456

Financials — 5.0%
Affiliated Managers Group, Inc.		483		76,522
Aflac, Inc.		3,120		224,453
Ally Financial, Inc.		2,068		50,563
American Equity Investment Life Holding Co.		13,196		602,002
American Financial Group, Inc./OH		2,404		330,021
American International Group, Inc.		15,666		990,718
Aon PLC		26		7,804
Apollo Global Management, Inc.		16,737		1,067,653
Axis Capital Holdings, Ltd.		380		20,585
Bank of New York Mellon Corp./The		16,526		752,264
Bank OZK		1,494		59,850
Berkshire Hathaway, Inc. ⁽¹⁾		23,961		7,401,553
Capital One Financial Corp.		10,800		1,003,968
Charles Schwab Corp./The		41,324		3,440,636
Chubb, Ltd.		3,213		708,788
East West Bancorp, Inc.		15,251		1,005,041
Essent Group, Ltd.		15,187		590,471
Evercore, Inc.		239		26,070
F&G Annuities & Life, Inc.		1,684		33,697
Fidelity National Financial, Inc.		24,779		932,186
First American Financial Corp.		376		19,680
Green Dot Corp. ⁽¹⁾		1,999		31,624
Hartford Financial Services Group, Inc./The		5,375		407,586
Huntington Bancshares, Inc./OH		531		7,487
Independent Bank Corp.		47		3,968
Jackson Financial, Inc.		1,574		54,759
LendingTree, Inc. ⁽¹⁾		4,438		94,663
Loews Corp.		447		26,074
LPL Financial Holdings, Inc.		3,756		811,935
MarketAxess Holdings, Inc.		14		3,904
Marsh & McLennan Cos., Inc.		19,167		3,171,755
Medley Management, Inc. ⁽¹⁾⁽⁵⁾		235		0
Moelis & Co.		4,017		154,132
Mr Cooper Group, Inc. ⁽¹⁾		1,315		52,771
New York Community Bancorp, Inc.		3,878		33,351
NMI Holdings, Inc. ⁽¹⁾		4,033		84,290
Northern Trust Corp.		1,552		137,336
OFG Bancorp		257		7,083

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Old Republic International Corp.		3,598		86,892
Pathward Financial, Inc.		6,010		258,731
Radian Group, Inc.		1,227		23,399
Regions Financial Corp.		12,226		263,593
Reinsurance Group of America, Inc.		1,834		260,593
RLI Corp.		53		6,957
SEI Investments Co.		705		41,102
State Street Corp.		8,972		695,958
Stewart Information Services Corp.		15,866		677,954
Synchrony Financial		38,982		1,280,949
Unum Group		406		16,658
Valley National Bancorp		320		3,619
Virtus Investment Partners, Inc.		42		8,040
W R Berkley Corp.		4,183		303,560
Walker & Dunlop, Inc.		6,233		489,166
Waterstone Financial, Inc.		418		7,206
Willis Towers Watson PLC		11,421		2,793,348
WSFS Financial Corp.		156		7,073
Zions Bancorp NA		3,518		172,945
				31,824,986

Healthcare — 9.4%
Abbott Laboratories		4,591		504,046
AbbVie, Inc.		27,218		4,398,701
AmerisourceBergen Corp.		1,541		255,359
Amgen, Inc.		3,697		970,980
Assertio Holdings, Inc. ⁽¹⁾		3,562		15,317
Avalo Therapeutics, Inc. ⁽¹⁾		1,445		7,283
Biogen, Inc. ⁽¹⁾		4,091		1,132,880
Bristol-Myers Squibb Co.		22,329		1,606,572
Bruker Corp.		1,470		100,475
Cardinal Health, Inc.		1,154		88,708
Catalent, Inc. ⁽¹⁾		10,641		478,951
Centene Corp. ⁽¹⁾		9,825		805,748
Chemed Corp.		33		16,844
Cigna Corp.		6,455		2,138,800
CVS Health Corp.		6,516		607,226
Elevance Health, Inc.		3,689		1,892,346
Eli Lilly & Co.		14,262		5,217,610
Embecta Corp.		990		25,037
Enhabit, Inc. ⁽¹⁾		1,243		16,358
Ensign Group, Inc./The		76		7,190
Fulgent Genetics, Inc. ⁽¹⁾		17,453		519,750
Galectin Therapeutics, Inc. ⁽¹⁾		3,817		4,313
Genprex, Inc. ⁽¹⁾		4,483		6,500
Gilead Sciences, Inc.		39,703		3,408,503

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

Page 26

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
HCA Healthcare, Inc.		16		3,839
Humana, Inc.		2,777		1,422,352
IDEXX Laboratories, Inc. ⁽¹⁾		653		266,398
ImmunityBio, Inc. ⁽¹⁾		9,835		49,863
Intuitive Surgical, Inc. ⁽¹⁾		2,053		544,764
Johnson & Johnson		37,306		6,590,105
Joint Corp./The ⁽¹⁾		424		5,928
Laboratory Corp. of America Holdings		307		72,292
Lantheus Holdings, Inc. ⁽¹⁾		112		5,708
McKesson Corp.		2,971		1,114,482
Merck & Co., Inc.		38,345		4,254,378
Moderna, Inc. ⁽¹⁾		16,231		2,915,412
Molina Healthcare, Inc. ⁽¹⁾		141		46,561
Neurocrine Biosciences, Inc. ⁽¹⁾		1,127		134,609
Organon & Co.		666		18,601
Perrigo Co. PLC		1		34
Pfizer, Inc.		62,933		3,224,687
Quest Diagnostics, Inc.		1,893		296,141
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		2,533		1,827,534
Syneos Health, Inc. ⁽¹⁾		2,487		91,223
Teleflex, Inc.		908		226,664
Tenet Healthcare Corp. ⁽¹⁾		118		5,757
Twist Bioscience Corp. ⁽¹⁾		25,656		610,869
UnitedHealth Group, Inc.		12,834		6,804,330
Universal Health Services, Inc.		983		138,495
Veracyte, Inc. ⁽¹⁾		10,272		243,755
Vertex Pharmaceuticals, Inc. ⁽¹⁾		3,110		898,106
Viatris, Inc.		29,587		329,303
Vir Biotechnology, Inc. ⁽¹⁾		3,575		90,483
West Pharmaceutical Services, Inc.		1,386		326,195
Zoetis, Inc.		18,583		2,723,339
				59,507,704

Industrials — 4.8%
AAR Corp. ⁽¹⁾		154		6,915
Acuity Brands, Inc.		22		3,643
AECOM		208		17,665
AGCO Corp.		994		137,858
Alaska Air Group, Inc. ⁽¹⁾		308		13,226
AMETEK, Inc.		422		58,962
Applied Industrial Technologies, Inc.		38		4,789
Argan, Inc.		752		27,734
Astec Industries, Inc.		95		3,863
Atkore, Inc. ⁽¹⁾		9,917		1,124,786
BlueLinx Holdings, Inc. ⁽¹⁾		1,082		76,941
Boise Cascade Co.		11,244		772,125

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Booz Allen Hamilton Holding Corp.		2,089		218,342
Brady Corp.		335		15,779
Builders FirstSource, Inc. ⁽¹⁾		27,400		1,777,712
BWX Technologies, Inc.		276		16,030
Comfort Systems USA, Inc.		140		16,111
Copart, Inc. ⁽¹⁾		42,553		2,591,052
Costamare, Inc.		524		4,863
CoStar Group, Inc. ⁽¹⁾		1,643		126,971
Donaldson Co., Inc.		261		15,365
Dover Corp.		469		63,507
Eaton Corp. PLC		79		12,399
EMCOR Group, Inc.		10,061		1,490,135
Emerson Electric Co.		176		16,907
Enovix Corp. ⁽¹⁾		8,172		101,660
Equifax, Inc.		1,494		290,374
Expeditors International of Washington, Inc.		6,478		673,194
Fastenal Co.		227		10,742
Federal Signal Corp.		168		7,807
Fortune Brands Innovations, Inc.		16,897		964,988
Genco Shipping & Trading, Ltd.		3,389		52,055
General Dynamics Corp.		8,669		2,150,866
Graco, Inc.		10,030		674,618
H&E Equipment Services, Inc.		275		12,485
Heidrick & Struggles International, Inc.		1,275		35,662
Hub Group, Inc. ⁽¹⁾		85		6,757
Hubbell, Inc.		2,389		560,651
Huntington Ingalls Industries, Inc.		96		22,145
ITT, Inc.		1,132		91,805
Karat Packaging, Inc.		307		4,412
Kforce, Inc.		120		6,580
Leidos Holdings, Inc.		4,126		434,014
Lockheed Martin Corp.		1,819		884,925
ManpowerGroup, Inc.		3,714		309,042
Masterbrand, Inc. ⁽¹⁾		11,748		88,697
Matson, Inc.		6,541		408,878
McGrath RentCorp		171		16,885
MDU Resources Group, Inc.		115		3,489
Moog, Inc. ⁽¹⁾		280		24,573
MSC Industrial Direct Co., Inc.		93		7,598
Mueller Industries, Inc.		5,666		334,294
Nordson Corp.		1,666		396,042
Northrop Grumman Corp.		5,298		2,890,642
nVent Electric PLC		2,601		100,060
Owens Corning		1,537		131,106
PACCAR, Inc.		16,327		1,615,883

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

2022 Annual Report | December 31, 2022

Page 27

Schedules of Investments
December 31, 2022

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Primoris Services Corp.		2,062		45,240
Raytheon Technologies Corp.		25,913		2,615,140
Regal Rexnord Corp.		2,864		343,623
Republic Services, Inc.		257		33,150
Ryder System, Inc.		438		36,604
Sensata Technologies Holding PLC		1,049		42,359
SkyWest, Inc. ⁽¹⁾		1,125		18,574
Southwest Airlines Co.		24,759		833,636
Sterling Infrastructure, Inc. ⁽¹⁾		322		10,562
Tennant Co.		116		7,142
Textron, Inc.		5,747		406,888
TrueBlue, Inc. ⁽¹⁾		505		9,888
UFP Industries, Inc.		498		39,467
United Parcel Service, Inc.		1,301		226,166
United Rentals, Inc. ⁽¹⁾		1,320		469,154
Univar Solutions, Inc. ⁽¹⁾		845		26,871
Valmont Industries, Inc.		140		46,294
Verisk Analytics, Inc.		6,703		1,182,543
Vicor Corp. ⁽¹⁾		8,440		453,650
Waste Management, Inc.		5,917		928,259
WW Grainger, Inc.		1,526		848,838
Xylem, Inc./NY		1,502		166,076
				30,716,733

Information Technology — 14.8%
Adobe, Inc. ⁽¹⁾		8,721		2,934,878
Alpha & Omega Semiconductor, Ltd. ⁽¹⁾		4,895		139,850
Amkor Technology, Inc.		12,790		306,704
ANSYS, Inc. ⁽¹⁾		2,764		667,755
Apple, Inc.		145,849		18,950,161
Applied Materials, Inc.		7,902		769,497
Arista Networks, Inc. ⁽¹⁾		383		46,477
Arrow Electronics, Inc. ⁽¹⁾		9,145		956,293
Atlassian Corp. ⁽¹⁾		152		19,559
Autodesk, Inc. ⁽¹⁾		7,845		1,465,995
Avnet, Inc.		8,301		345,156
Belden, Inc.		267		19,197
Block, Inc. ⁽¹⁾		1,063		66,799
Broadcom, Inc.		49		27,397
Calix, Inc. ⁽¹⁾		1,697		116,126
Cisco Systems, Inc.		79,035		3,765,227
Cloudflare, Inc. ⁽¹⁾		18,025		814,910
Cognex Corp.		2,610		122,957
Cognizant Technology Solutions Corp.		18,450		1,055,156
Dell Technologies, Inc.		2,140		86,071
Digital Turbine, Inc. ⁽¹⁾		35,998		548,610

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
DocuSign, Inc. ⁽¹⁾		18,711		1,036,964
DXC Technology Co. ⁽¹⁾		136		3,604
EPAM Systems, Inc. ⁽¹⁾		4,464		1,463,031
Euronet Worldwide, Inc. ⁽¹⁾		1,575		148,649
Extreme Networks, Inc. ⁽¹⁾		779		14,263
Fabrinet ⁽¹⁾		344		44,108
Fair Isaac Corp. ⁽¹⁾		514		307,670
Intel Corp.		56,232		1,486,212
Intuit, Inc.		8,510		3,312,262
Jabil, Inc.		36,607		2,496,597
Juniper Networks, Inc.		346		11,058
Keysight Technologies, Inc. ⁽¹⁾		24		4,106
Lam Research Corp.		4,748		1,995,584
Lattice Semiconductor Corp. ⁽¹⁾		3,706		240,445
Manhattan Associates, Inc. ⁽¹⁾		22,482		2,729,315
Mastercard, Inc.		10,899		3,789,909
Microchip Technology, Inc.		6,902		484,866
Microsoft Corp.		75,410		18,084,813
Monolithic Power Systems, Inc.		1,208		427,161
National Instruments Corp.		3,756		138,596
NVIDIA Corp.		33,114		4,839,280
Oracle Corp.		34,203		2,795,753
Pure Storage, Inc. ⁽¹⁾		11,718		313,574
QUALCOMM, Inc.		20,695		2,275,208
Skyworks Solutions, Inc.		28,195		2,569,410
StarTek, Inc. ⁽¹⁾		2,934		11,003
Synopsys, Inc. ⁽¹⁾		5,192		1,657,754
TD SYNNEX Corp.		114		10,797
Teradyne, Inc.		22,852		1,996,122
Texas Instruments, Inc.		22,556		3,726,702
Vishay Intertechnology, Inc.		330		7,118
WEX, Inc. ⁽¹⁾		2,541		415,835
Zebra Technologies Corp. ⁽¹⁾		6,966		1,786,152
Zoom Video Communications, Inc. ⁽¹⁾		14,063		952,628
				94,801,324

Materials — 2.0%
AdvanSix, Inc.		1,479		56,232
Air Products and Chemicals, Inc.		60		18,496
Alcoa Corp.		48,938		2,225,211
Alpha Metallurgical Resources, Inc.		278		40,696
Avery Dennison Corp.		6,193		1,120,933
CF Industries Holdings, Inc.		1,130		96,276
Clearwater Paper Corp. ⁽¹⁾		293		11,078
Dow, Inc.		18,186		916,393

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

Page 28

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Eagle Materials, Inc.		5,176		687,632
Freeport-McMoRan, Inc.		13,260		503,880
Huntsman Corp.		257		7,062
International Paper Co.		8,415		291,411
Linde PLC		14		4,567
Louisiana-Pacific Corp.		34,643		2,050,866
LyondellBasell Industries NV		16,782		1,393,409
Mosaic Co./The		70		3,071
MP Materials Corp. ⁽¹⁾		4,955		120,307
Newmont Corp.		4,613		217,734
Nucor Corp.		8,327		1,097,582
Olin Corp.		1,955		103,498
Packaging Corp. of America		3,481		445,255
Reliance Steel & Aluminum Co.		239		48,383
Ryerson Holding Corp.		1,645		49,778
Schnitzer Steel Industries, Inc.		1,053		32,274
Southern Copper Corp.		3,742		225,979
Steel Dynamics, Inc.		7,745		756,687
Sylvamo Corp.		1,976		96,014
Tronox Holdings PLC		453		6,211
United States Steel Corp.		10,827		271,216
Warrior Met Coal, Inc.		619		21,442
Westrock Co.		1,291		45,392
				12,964,965

Real Estate Investment Trust — 0.0%
CorEnergy Infrastructure Trust, Inc.		13,458		28,127
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁵⁾		9,151		0
				28,127

Utilities — 0.5%
Alliant Energy Corp.		2,897		159,943
American Water Works Co., Inc.		1,250		190,525
Brookfield Renewable Corp.		1,151		31,699
CenterPoint Energy, Inc.		240		7,198
Clearway Energy, Inc.		1,377		43,885
FirstEnergy Corp.		5,896		247,278
National Fuel Gas Co.		2,556		161,795
NRG Energy, Inc.		24,850		790,727
OGE Energy Corp.		984		38,917
UGI Corp.		39,723		1,472,532
				3,144,499

Total Common Stocks (United States) (Cost $301,772,505)				364,210,308

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁶⁾		2,612		68,957
Total Preferred Stock (United States) (Cost $65,288)				68,957

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		2,602
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		122		4,014
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		2,610
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		63		1,146
Total Warrants (United States) (Cost $8,512)				10,372

Money Market Registered Investment Companies — 42.6%
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		270,676,198		270,676,198
Total Money Market Registered Investment Companies (Cost $270,564,643)				270,676,198

Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 1.60%, 1/3/2023 ⁽³⁾		249,081		249,081
Metro City Bank Deposit Account, 0.94%, 1/3/2023 ⁽³⁾		249,337		249,337
Total Bank Obligations (Cost $498,418)				498,418
Total Investments — 99.9% (Cost $572,909,366)				635,464,253
Other Assets less Liabilities — 0.1%				612,913
Total Net Assets — 100.0%				636,077,166

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

2022 Annual Report | December 31, 2022

Page 29

Schedules of Investments
December 31, 2022

Muirfield Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		5,549		63,814
Meeder Dynamic Allocation Fund - Retail Class		14,699		166,981
Meeder Muirfield Fund - Retail Class		10,252		84,476
Meeder Conservative Allocation Fund - Retail Class		1,622		33,819
Total Trustee Deferred Compensation (Cost $343,850)				349,090

Muirfield 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		(220	)		3/17/2023		(53,737,200	)		1,507,547
Mini MSCI EAFE Index Futures		458			3/17/2023		44,641,260			(1,755,897	)
Mini MSCI Emerging Markets Index Futures		200			3/17/2023		9,594,000			(247,594	)
Russell 2000 Mini Index Futures		235			3/17/2023		20,808,075			(848,860	)
Standard & Poors 500 Mini Futures		(314	)		3/17/2023		(60,617,700	)		1,883,719
Total Futures Contracts		359					(39,311,565	)		538,915

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 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 December 31, 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 30

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — 47.8%
Communication Services — 1.6%
Alphabet, Inc. - Class C ⁽¹⁾		12,812		1,136,809
Alphabet, Inc. - Class A ⁽¹⁾		6,115		539,526
Altice USA, Inc. ⁽¹⁾		1,192		5,483
AMC Entertainment Holdings, Inc. ⁽¹⁾		888		3,614
AMC Networks, Inc. ⁽¹⁾		2,171		34,020
Cable One, Inc.		20		14,237
Comcast Corp.		7,311		255,666
Entravision Communications Corp.		3,381		16,229
IDT Corp. ⁽¹⁾		1,101		31,015
Magnite, Inc. ⁽¹⁾		3,987		42,222
Meta Platforms, Inc. ⁽¹⁾		5,332		641,653
Roku, Inc. ⁽¹⁾		639		26,007
Skillz, Inc. ⁽¹⁾		138,445		70,122
Trade Desk, Inc./The ⁽¹⁾		4,338		194,473
				3,011,076

Consumer Discretionary — 6.3%
Amazon.com, Inc. ⁽¹⁾		10,935		918,540
AutoZone, Inc. ⁽¹⁾		159		392,123
Beachbody Co., Inc./The ⁽¹⁾		14,976		7,877
Beazer Homes USA, Inc. ⁽¹⁾		772		9,851
Best Buy Co., Inc.		1,491		119,593
Booking Holdings, Inc. ⁽¹⁾		153		308,338
BorgWarner, Inc.		7,262		292,296
Bright Horizons Family Solutions, Inc. ⁽¹⁾		198		12,494
Burlington Stores, Inc. ⁽¹⁾		1,710		346,720
Carvana Co. ⁽¹⁾		8,511		40,342
Century Communities, Inc.		2,882		144,129
Chegg, Inc. ⁽¹⁾		3,821		96,557
ContextLogic, Inc. ⁽¹⁾		47,462		23,147
DR Horton, Inc.		582		51,879
Ethan Allen Interiors, Inc.		206		5,443
Expedia Group, Inc. ⁽¹⁾		3,190		279,444
Frontdoor, Inc. ⁽¹⁾		1,128		23,462
Garmin, Ltd.		581		53,620
Goodyear Tire & Rubber Co./The ⁽¹⁾		10,493		106,504
Grand Canyon Education, Inc. ⁽¹⁾		5,269		556,723
Green Brick Partners, Inc. ⁽¹⁾		1,974		47,830
H&R Block, Inc.		145		5,294
Helen of Troy, Ltd. ⁽¹⁾		2,444		271,064
Home Depot, Inc./The		248		78,333
Hovnanian Enterprises, Inc. ⁽¹⁾		1,552		65,308
Lennar Corp.		647		58,554
LGI Homes, Inc. ⁽¹⁾		4,159		385,123
LKQ Corp.		453		24,195
Lovesac Co./The ⁽¹⁾		7,501		165,097

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Lowe’s Cos., Inc.		2,351		468,413
Lululemon Athletica, Inc. ⁽¹⁾		2,217		710,282
M/I Homes, Inc. ⁽¹⁾		5,932		273,940
Macy’s, Inc.		6,654		137,405
Mohawk Industries, Inc. ⁽¹⁾		7,956		813,262
National Vision Holdings, Inc. ⁽¹⁾		2,518		97,598
O’Reilly Automotive, Inc. ⁽¹⁾		388		327,484
Patrick Industries, Inc.		953		57,752
PVH Corp.		3,807		268,736
Qurate Retail, Inc. ⁽¹⁾		6,600		10,758
RealReal, Inc./The ⁽¹⁾		2,878		3,598
Rent-A-Center, Inc./TX		2,185		49,272
Ross Stores, Inc.		1,735		201,381
Skyline Champion Corp. ⁽¹⁾		6,131		315,808
Sleep Number Corp. ⁽¹⁾		4,823		125,302
Smith & Wesson Brands, Inc.		396		3,437
Starbucks Corp.		1,062		105,350
Tapestry, Inc.		2,247		85,566
Target Corp.		690		102,838
Tempur Sealy International, Inc.		571		19,602
TJX Cos., Inc./The		5,290		421,084
Toll Brothers, Inc.		2,214		110,523
Tractor Supply Co.		297		66,816
Tupperware Brands Corp. ⁽¹⁾		12,407		51,365
Ulta Beauty, Inc. ⁽¹⁾		1,966		922,192
Volta, Inc. ⁽¹⁾		16,179		5,750
Whirlpool Corp.		3,734		528,212
Wingstop, Inc.		371		51,057
Yum! Brands, Inc.		2,210		283,057
Zumiez, Inc. ⁽¹⁾		780		16,957
				11,524,677

Consumer Staples — 1.4%
Archer-Daniels-Midland Co.		7,038		653,478
Bunge, Ltd.		3,331		332,334
Casey’s General Stores, Inc.		981		220,087
Coca-Cola Co./The		415		26,398
Costco Wholesale Corp.		773		352,875
General Mills, Inc.		6,845		573,953
Kimberly-Clark Corp.		37		5,023
Kroger Co./The		456		20,328
PepsiCo, Inc.		1,976		356,984
Tyson Foods, Inc.		474		29,507
Walmart, Inc.		485		68,768
				2,639,735

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

2022 Annual Report | December 31, 2022

Page 31

Schedules of Investments
December 31, 2022

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Energy — 3.7%
Aemetis, Inc. ⁽¹⁾		19,947		78,990
Berry Corp.		842		6,736
Bristow Group, Inc. ⁽¹⁾		676		18,340
Centrus Energy Corp. ⁽¹⁾		2,818		91,529
Cheniere Energy, Inc.		1,616		242,335
Chevron Corp.		8,904		1,598,179
Civitas Resources, Inc.		117		6,778
ConocoPhillips		4,322		509,996
Diamondback Energy, Inc.		501		68,527
DMC Global, Inc. ⁽¹⁾		7,095		137,927
DT Midstream, Inc.		2,203		121,738
Enviva, Inc.		2,341		124,003
EOG Resources, Inc.		2,411		312,273
Exxon Mobil Corp.		15,198		1,676,339
Green Plains, Inc. ⁽¹⁾		3,877		118,249
Hess Corp.		561		79,561
Laredo Petroleum, Inc. ⁽¹⁾		2,129		109,473
Marathon Petroleum Corp.		771		89,737
Ovintiv, Inc.		682		34,584
Phillips 66		2,135		222,211
Pioneer Natural Resources Co.		980		223,822
Schlumberger, Ltd.		5,639		301,461
SilverBow Resources, Inc. ⁽¹⁾		6,760		191,173
Targa Resources Corp.		1,347		99,005
Teekay Corp. ⁽¹⁾		1,555		7,060
Valero Energy Corp.		2,133		270,592
World Fuel Services Corp.		312		8,527
				6,749,145

Financials — 5.5%
Berkshire Hathaway, Inc. ⁽¹⁾		9,264		2,861,650
Affiliated Managers Group, Inc.		490		77,631
American Equity Investment Life Holding Co.		3,778		172,352
American International Group, Inc.		12,807		809,915
Bank of New York Mellon Corp./The		1,673		76,155
Cannae Holdings, Inc. ⁽¹⁾		34,198		706,189
Capital BanCorp., Inc.		485		11,417
Capital One Financial Corp.		1,867		173,556
Charles Schwab Corp./The		11,571		963,401
Chubb, Ltd.		2,298		506,939
Compass Diversified Holdings		3,111		56,714
East West BanCorp., Inc.		3,768		248,311
Essent Group, Ltd.		2,896		112,596
F&G Annuities & Life, Inc.		147		2,941
Fidelity National Financial, Inc.		2,165		81,447

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
First American Financial Corp.		3,379		176,857
First Internet BanCorp.		616		14,956
Focus Financial Partners, Inc. ⁽¹⁾		3,340		124,482
Goosehead Insurance, Inc. ⁽¹⁾		951		32,657
Hartford Financial Services Group, Inc./The		1,798		136,342
Investors Title Co.		43		6,345
Jackson Financial, Inc.		19,065		663,271
Lemonade, Inc. ⁽¹⁾		12,856		175,870
LendingTree, Inc. ⁽¹⁾		4,639		98,950
Marsh & McLennan Cos., Inc.		1,346		222,736
Moelis & Co.		445		17,075
Mr Cooper Group, Inc. ⁽¹⁾		629		25,242
New York Community BanCorp., Inc.		2,818		24,235
Northern Trust Corp.		1,203		106,453
Pathward Financial, Inc.		2,117		91,137
Root, Inc./OH ⁽¹⁾		13,630		61,199
SEI Investments Co.		3,923		228,711
State Street Corp.		456		35,372
Stewart Information Services Corp.		2,427		103,706
Synchrony Financial		5,040		165,614
Trupanion, Inc. ⁽¹⁾		3,165		150,432
W R Berkley Corp.		92		6,676
Walker & Dunlop, Inc.		296		23,230
Willis Towers Watson PLC		2,059		503,590
				10,056,352

Healthcare — 7.6%
10X Genomics, Inc. ⁽¹⁾		586		21,354
AbbVie, Inc.		505		81,613
Adaptive Biotechnologies Corp. ⁽¹⁾		5,632		43,028
Amgen, Inc.		1,537		403,678
Biogen, Inc. ⁽¹⁾		786		217,659
Bristol-Myers Squibb Co.		3,404		244,918
Cardinal Health, Inc.		1,860		142,978
Catalent, Inc. ⁽¹⁾		1,499		67,470
Centene Corp. ⁽¹⁾		1,840		150,898
Cigna Corp.		3,246		1,075,530
CVS Health Corp.		6,544		609,835
Eli Lilly & Co.		3,933		1,438,849
Embecta Corp.		1,550		39,200
Emergent BioSolutions, Inc. ⁽¹⁾		384		4,535
Fulgent Genetics, Inc. ⁽¹⁾		918		27,338
Gilead Sciences, Inc.		8,067		692,552
HCA Healthcare, Inc.		274		65,749
Humana, Inc.		944		483,507
IDEXX Laboratories, Inc. ⁽¹⁾		10		4,080
ImmunityBio, Inc. ⁽¹⁾		1,360		6,895

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

Page 32

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Intuitive Surgical, Inc. ⁽¹⁾		405		107,467
Invitae Corp. ⁽¹⁾		79,888		148,592
Johnson & Johnson		11,865		2,095,952
McKesson Corp.		2,375		890,910
Merck & Co., Inc.		10,689		1,185,945
Moderna, Inc. ⁽¹⁾		253		45,444
NanoString Technologies, Inc. ⁽¹⁾		9,361		74,607
Pfizer, Inc.		16,502		845,562
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		48		34,632
ResMed, Inc.		289		60,150
Twist Bioscience Corp. ⁽¹⁾		3,856		91,811
UnitedHealth Group, Inc.		3,927		2,082,017
Universal Health Services, Inc.		771		108,626
Viatris, Inc.		664		7,390
West Pharmaceutical Services, Inc.		880		207,108
Zimmer Biomet Holdings, Inc.		66		8,415
Zoetis, Inc.		1,004		147,136
				13,963,430

Industrials — 4.5%
AeroVironment, Inc. ⁽¹⁾		1,186		101,593
Atkore, Inc. ⁽¹⁾		3,810		432,130
BlueLinx Holdings, Inc. ⁽¹⁾		553		39,324
Boise Cascade Co.		1,218		83,640
Builders FirstSource, Inc. ⁽¹⁾		3,736		242,392
Cintas Corp.		41		18,516
Copart, Inc. ⁽¹⁾		28,678		1,746,203
CoStar Group, Inc. ⁽¹⁾		6,368		492,119
Dover Corp.		494		66,893
EMCOR Group, Inc.		1,800		266,598
Enovix Corp. ⁽¹⁾		10,963		136,380
Fortune Brands Innovations, Inc.		10,827		618,330
General Dynamics Corp.		499		123,807
Graco, Inc.		2,491		167,545
H&E Equipment Services, Inc.		512		23,245
Hudson Technologies, Inc. ⁽¹⁾		2,565		25,958
ITT, Inc.		618		50,120
Karat Packaging, Inc.		140		2,012
Kirby Corp. ⁽¹⁾		1,929		124,131
Leidos Holdings, Inc.		2,114		222,372
Lockheed Martin Corp.		1,473		716,600
ManpowerGroup, Inc.		353		29,373
Masterbrand, Inc. ⁽¹⁾		10,827		81,744
Matson, Inc.		2,948		184,279
Mueller Industries, Inc.		2,411		142,249
Northrop Grumman Corp.		1,146		625,269
Raytheon Technologies Corp.		1,073		108,287

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
SiteOne Landscape Supply, Inc. ⁽¹⁾		91		10,676
SkyWest, Inc. ⁽¹⁾		1,646		27,175
Southwest Airlines Co.		5,617		189,124
United Airlines Holdings, Inc. ⁽¹⁾		2,406		90,706
Verisk Analytics, Inc.		1,454		256,515
Vicor Corp. ⁽¹⁾		1,018		54,718
Waste Management, Inc.		3,159		495,584
WW Grainger, Inc.		200		111,250
Xylem, Inc./NY		875		96,749
				8,203,606

Information Technology — 14.0%
8x8, Inc. ⁽¹⁾		10,360		44,755
Affirm Holdings, Inc. ⁽¹⁾		25,136		243,065
Alpha & Omega Semiconductor, Ltd. ⁽¹⁾		100		2,857
Amkor Technology, Inc.		260		6,235
ANSYS, Inc. ⁽¹⁾		1,367		330,254
Apple, Inc. ⁽⁶⁾		29,663		3,854,114
Applied Materials, Inc.		4,657		453,499
AppLovin Corp. ⁽¹⁾		5,971		62,875
Arrow Electronics, Inc. ⁽¹⁾		1,361		142,320
Asana, Inc. ⁽¹⁾		8,389		115,517
Autodesk, Inc. ⁽¹⁾		1,254		234,335
Avnet, Inc.		4,145		172,349
Bill.com Holdings, Inc. ⁽¹⁾		589		64,177
Block, Inc. ⁽¹⁾		2,497		156,911
Broadridge Financial Solutions, Inc.		976		130,911
Calix, Inc. ⁽¹⁾		3,102		212,270
Cisco Systems, Inc.		3,301		157,260
Cleanspark, Inc. ⁽¹⁾		3,489		7,118
Cloudflare, Inc. ⁽¹⁾		6,329		286,134
Cognex Corp.		2,621		123,475
Cognizant Technology Solutions Corp.		3,772		215,721
Cohu, Inc. ⁽¹⁾		1,057		33,877
Coupa Software, Inc. ⁽¹⁾		886		70,145
CS Disco, Inc. ⁽¹⁾		459		2,901
Dell Technologies, Inc.		644		25,902
Digital Turbine, Inc. ⁽¹⁾		48,169		734,096
Diodes, Inc. ⁽¹⁾		1,067		81,241
DocuSign, Inc. ⁽¹⁾		3,156		174,906
EPAM Systems, Inc. ⁽¹⁾		710		232,695
Euronet Worldwide, Inc. ⁽¹⁾		1,092		103,063
Extreme Networks, Inc. ⁽¹⁾		567		10,382
Fair Isaac Corp. ⁽¹⁾		16		9,577
Fastly, Inc. ⁽¹⁾		3,647		29,869
Greenidge Generation Holdings, Inc. ⁽¹⁾		5,463		1,579
HubSpot, Inc. ⁽¹⁾		1,170		338,282

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

2022 Annual Report | December 31, 2022

Page 33

Schedules of Investments
December 31, 2022

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Inseego Corp. ⁽¹⁾		7,282		6,135
Intel Corp.		11,800		311,874
Intuit, Inc.		2,339		910,386
Jabil, Inc.		9,460		645,172
Lattice Semiconductor Corp. ⁽¹⁾		2,519		163,433
Manhattan Associates, Inc. ⁽¹⁾		5,688		690,523
Mastercard, Inc.		3,523		1,225,053
Matterport, Inc. ⁽¹⁾		86,982		243,550
Microchip Technology, Inc.		3,641		255,780
Microsoft Corp.		28,853		6,919,520
National Instruments Corp.		1,271		46,900
NVIDIA Corp.		4,666		681,889
Oracle Corp.		8,024		655,882
Paysafe, Ltd. ⁽¹⁾		2,581		35,850
Power Integrations, Inc.		1,105		79,251
QUALCOMM, Inc.		2,568		282,326
RingCentral, Inc. ⁽¹⁾		7,382		261,323
Skyworks Solutions, Inc.		12,512		1,140,219
Snowflake, Inc. ⁽¹⁾		134		19,234
StarTek, Inc. ⁽¹⁾		2,176		8,160
Synopsys, Inc. ⁽¹⁾		2,201		702,757
Teradyne, Inc.		5,047		440,855
Texas Instruments, Inc.		3,076		508,217
Thoughtworks Holding, Inc. ⁽¹⁾		295		3,006
Unity Software, Inc. ⁽¹⁾		5,920		169,253
Veritone, Inc. ⁽¹⁾		7,055		37,392
Zebra Technologies Corp. ⁽¹⁾		1,767		453,076
Zoom Video Communications, Inc. ⁽¹⁾		2,091		141,644
				25,903,327

Materials — 2.9%
5E Advanced Materials, Inc. ⁽¹⁾		18,536		146,064
AdvanSix, Inc.		118		4,486
Alcoa Corp.		17,599		800,227
Avery Dennison Corp.		1,240		224,440
Carpenter Technology Corp.		621		22,940
Century Aluminum Co. ⁽¹⁾		13,108		107,223
Compass Minerals International, Inc.		3,677		150,757
Dow, Inc.		2,883		145,274
Eagle Materials, Inc.		1,440		191,304
Freeport-McMoRan, Inc.		5,943		225,834
Kaiser Aluminum Corp.		5,038		382,686
Louisiana-Pacific Corp.		10,815		640,248
LyondellBasell Industries NV		1,840		152,775
MP Materials Corp. ⁽¹⁾		21,450		520,806

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) - Long — continued
Newmont Corp.		642		30,302
Nucor Corp.		1,456		191,915
Piedmont Lithium, Inc. ⁽¹⁾		17,593		774,444
Reliance Steel & Aluminum Co.		168		34,010
Royal Gold, Inc.		248		27,955
Ryerson Holding Corp.		765		23,149
Schnitzer Steel Industries, Inc.		4,382		134,308
Steel Dynamics, Inc.		1,915		187,096
Sylvamo Corp.		905		43,974
TimkenSteel Corp. ⁽¹⁾		1,164		21,150
United States Steel Corp.		4,797		120,165
Westrock Co.		433		15,224
				5,318,756

Real Estate Investment Trust — 0.0%
CorEnergy Infrastructure Trust, Inc.		4,564		9,539
RE/MAX Holdings, Inc.		712		13,272
WeWork, Inc. ⁽¹⁾		4,047		5,787
				28,598

Utilities — 0.3%
FirstEnergy Corp.		2,271		95,246
NRG Energy, Inc.		8,155		259,492
OGE Energy Corp.		2,614		103,384
UGI Corp.		2,794		103,574
				561,696

Total Common Stocks (United States) - Long (Cost $69,725,010)				87,960,398

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred ⁽⁵⁾		198		5,227
Total Preferred Stock (United States) (Cost $4,949)				5,227

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

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

Page 34

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Spectrum Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Warrants (United States) — continued
Hertz Global Holdings, Inc. Warrants, Expiration Date 6/30/2051 ⁽¹⁾		86		641
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		29		954
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		958
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		23		418
Total Warrants (United States) (Cost $2,899)				2,971

Money Market Registered Investment Companies — 52.7%
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		97,085,841		97,085,841
Total Money Market Registered Investment Companies (Cost 97,044,533)				97,085,841
Total Investments — Long - 100.5% (Cost $166,777,391)				185,054,437
Liabilities less Other Assets — (0.5%)				(895,952	)
Total Net Assets — 100.0%				184,158,485

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		868		9,982
Meeder Dynamic Allocation Fund - Retail Class		2,143		24,344
Meeder Muirfield Fund - Retail Class		2,463		20,295
Meeder Conservative Allocation Fund - Retail Class		266		5,546
Total Trustee Deferred Compensation (Cost $62,330)				60,167

Spectrum 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		(52	)		3/17/2023		(12,701,520	)		197,143
Mini MSCI EAFE Index Futures		133			3/17/2023		12,963,510			(509,900	)
Mini MSCI Emerging Markets Index Futures		58			3/17/2023		2,782,260			(71,802	)
Russell 2000 Mini Index Futures		16			3/17/2023		1,416,720			(61,580	)
Standard & Poors 500 Mini Futures		7			3/17/2023		1,351,350			11,017
Total Futures Contracts		162					5,812,320			(435,122	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 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)	29,332 shares pledged as collateral for potential short positions (fair value $3,811,107).

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

2022 Annual Report | December 31, 2022

Page 35

Schedules of Investments
December 31, 2022

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 26.3%
Communication Services — 0.7%
Alphabet, Inc. ⁽¹⁾		1,760		156,165
Entravision Communications Corp.		144		691
IDT Corp. ⁽¹⁾		437		12,310
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		262		175
Meta Platforms, Inc. ⁽¹⁾		305		36,704
Netflix, Inc. ⁽¹⁾		25		7,372
Roku, Inc. ⁽¹⁾		67		2,727
T-Mobile US, Inc. ⁽¹⁾		52		7,280
Trade Desk, Inc./The ⁽¹⁾		60		2,690
				226,114

Consumer Discretionary — 2.7%
Amazon.com, Inc. ⁽¹⁾		1,048		88,032
AutoZone, Inc. ⁽¹⁾		11		27,128
Best Buy Co., Inc.		307		24,624
Bloomin’ Brands, Inc.		223		4,487
Booking Holdings, Inc. ⁽¹⁾		23		46,351
BorgWarner, Inc.		640		25,760
Buckle, Inc./The		9		408
Burlington Stores, Inc. ⁽¹⁾		135		27,373
Cavco Industries, Inc. ⁽¹⁾		2		453
Chegg, Inc. ⁽¹⁾		438		11,068
Chico’s FAS, Inc. ⁽¹⁾		42		207
DR Horton, Inc.		92		8,201
Ethan Allen Interiors, Inc.		10		264
Expedia Group, Inc. ⁽¹⁾		332		29,083
Frontdoor, Inc. ⁽¹⁾		38		790
Garmin, Ltd.		24		2,215
Gentex Corp.		24		654
Goodyear Tire & Rubber Co./The ⁽¹⁾		836		8,485
Grand Canyon Education, Inc. ⁽¹⁾		258		27,260
Green Brick Partners, Inc. ⁽¹⁾		14		339
Home Depot, Inc./The		206		65,067
Lear Corp.		2		248
Lennar Corp.		4		362
LKQ Corp.		63		3,365
Lowe’s Cos., Inc.		297		59,174
Lululemon Athletica, Inc. ⁽¹⁾		245		78,493
M/I Homes, Inc. ⁽¹⁾		131		6,050
Macy’s, Inc.		1,941		40,082
MasterCraft Boat Holdings, Inc. ⁽¹⁾		19		492
Mohawk Industries, Inc. ⁽¹⁾		198		20,240
National Vision Holdings, Inc. ⁽¹⁾		232		8,992
O’Reilly Automotive, Inc. ⁽¹⁾		20		16,881
PVH Corp.		582		41,083
Qurate Retail, Inc. ⁽¹⁾		315		513

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Ross Stores, Inc.		102		11,839
Skyline Champion Corp. ⁽¹⁾		359		18,492
Smith & Wesson Brands, Inc.		111		963
Tapestry, Inc.		235		8,949
Target Corp.		55		8,197
TJX Cos., Inc./The		448		35,661
Town Sports International Holdings, Inc. ⁽¹⁾⁽⁵⁾		378		0
Tractor Supply Co.		104		23,397
Tupperware Brands Corp. ⁽¹⁾		118		489
Ulta Beauty, Inc. ⁽¹⁾		83		38,933
Whirlpool Corp.		103		14,570
Wingstop, Inc.		31		4,266
Yum! Brands, Inc.		212		27,153
Zumiez, Inc. ⁽¹⁾		11		239
				867,372

Consumer Staples — 1.1%
Archer-Daniels-Midland Co.		342		31,755
Bunge, Ltd.		30		2,993
Casey’s General Stores, Inc.		7		1,570
Coca-Cola Co./The		188		11,959
Costco Wholesale Corp.		224		102,256
General Mills, Inc.		1,070		89,720
Ingredion, Inc.		18		1,763
Kraft Heinz Co./The		5		204
Kroger Co./The		59		2,630
PepsiCo, Inc.		344		62,147
Pilgrim’s Pride Corp. ⁽¹⁾		13		308
Walmart, Inc.		177		25,097
				332,402

Energy — 3.8%
APA Corp.		342		15,965
Berry Corp.		67		536
Bristow Group, Inc. ⁽¹⁾		60		1,628
California Resources Corp.		13		566
Centrus Energy Corp. ⁽¹⁾		111		3,605
Cheniere Energy, Inc.		74		11,097
Chevron Corp.		2,754		494,315
Civitas Resources, Inc.		7		406
ConocoPhillips		367		43,306
Denbury, Inc. ⁽¹⁾		2		174
Devon Energy Corp.		9		554
Diamondback Energy, Inc.		43		5,882
DT Midstream, Inc.		30		1,658
EOG Resources, Inc.		166		21,500
EQT Corp.		19		643

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

Page 36

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Exxon Mobil Corp.		1,491		164,457
Halliburton Co.		417		16,409
Hess Corp.		47		6,666
HF Sinclair Corp.		6		311
Laredo Petroleum, Inc. ⁽¹⁾		6		309
Marathon Petroleum Corp.		793		92,297
Matador Resources Co.		3		172
Occidental Petroleum Corp.		32		2,016
ONEOK, Inc.		2,673		175,616
Ovintiv, Inc.		269		13,641
PDC Energy, Inc.		32		2,031
Phillips 66		261		27,165
Pioneer Natural Resources Co.		55		12,561
Schlumberger, Ltd.		651		34,802
SM Energy Co.		10		348
Targa Resources Corp.		188		13,818
Teekay Corp. ⁽¹⁾		121		549
Valero Energy Corp.		257		32,603
Westmoreland Coal Co. ⁽¹⁾⁽⁵⁾		539		0
Williams Cos., Inc./The		10		329
World Fuel Services Corp.		20		547
				1,198,482

Financials — 3.6%
Berkshire Hathaway, Inc. ⁽¹⁾		1,704		526,366
American Equity Investment Life Holding Co.		60		2,737
American Financial Group, Inc./OH		41		5,628
American International Group, Inc.		117		7,399
Bank of New York Mellon Corp./The		1,039		47,295
Charles Schwab Corp./The		137		11,407
Chubb, Ltd.		139		30,663
East West Bancorp, Inc.		738		48,634
Essent Group, Ltd.		88		3,421
F&G Annuities & Life, Inc.		22		440
Fidelity National Financial, Inc.		331		12,452
First American Financial Corp.		28		1,466
Focus Financial Partners, Inc. ⁽¹⁾		60		2,236
Hartford Financial Services Group, Inc./The		189		14,332
Jackson Financial, Inc.		9		313
Loews Corp.		6		350
LPL Financial Holdings, Inc.		24		5,188
Marsh & McLennan Cos., Inc.		1,308		216,448
Medley Management, Inc. ⁽¹⁾⁽⁵⁾		21		0
Moelis & Co.		145		5,564
NMI Holdings, Inc. ⁽¹⁾		35		732
Northern Trust Corp.		92		8,141

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Old Republic International Corp.		14		338
Pathward Financial, Inc.		124		5,338
SEI Investments Co.		128		7,462
State Street Corp.		199		15,436
Stewart Information Services Corp.		410		17,519
Synchrony Financial		78		2,563
W R Berkley Corp.		25		1,814
Walker & Dunlop, Inc.		15		1,177
Willis Towers Watson PLC		567		138,677
				1,141,536

Healthcare — 4.7%
AbbVie, Inc.		366		59,149
Alaunos Therapeutics, Inc. ⁽¹⁾		620		402
AmerisourceBergen Corp.		9		1,491
Amgen, Inc.		365		95,864
Assertio Holdings, Inc. ⁽¹⁾		132		568
Avanos Medical, Inc. ⁽¹⁾		7		189
Biogen, Inc. ⁽¹⁾		49		13,569
Bristol-Myers Squibb Co.		655		47,127
Cardinal Health, Inc.		625		48,044
Catalent, Inc. ⁽¹⁾		254		11,433
Centene Corp. ⁽¹⁾		238		19,518
Cigna Corp.		143		47,382
CVS Health Corp.		213		19,849
Dexcom, Inc. ⁽¹⁾		44		4,983
Eli Lilly & Co.		227		83,046
Embecta Corp.		79		1,998
Endo International PLC ⁽¹⁾		1,889		134
Ensign Group, Inc./The		10		946
Exact Sciences Corp. ⁽¹⁾		119		5,892
Fulgent Genetics, Inc. ⁽¹⁾		820		24,420
Genprex, Inc. ⁽¹⁾		180		261
Gilead Sciences, Inc.		1,358		116,584
Haemonetics Corp. ⁽¹⁾		4		315
HCA Healthcare, Inc.		36		8,639
Humana, Inc.		37		18,951
IDEXX Laboratories, Inc. ⁽¹⁾		18		7,343
Inspire Medical Systems, Inc. ⁽¹⁾		15		3,778
Intuitive Surgical, Inc. ⁽¹⁾		107		28,392
IQVIA Holdings, Inc. ⁽¹⁾		53		10,859
Johnson & Johnson		1,144		202,088
Laboratory Corp. of America Holdings		26		6,122
McKesson Corp.		95		35,636
Merck & Co., Inc.		885		98,191
Moderna, Inc. ⁽¹⁾		257		46,162
Myriad Genetics, Inc. ⁽¹⁾		47		682

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

2022 Annual Report | December 31, 2022

Page 37

Schedules of Investments
December 31, 2022

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Pfizer, Inc.		887		45,450
Quest Diagnostics, Inc.		5		782
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		16		11,544
ResMed, Inc.		33		6,868
Twist Bioscience Corp. ⁽¹⁾		757		18,024
UnitedHealth Group, Inc.		308		163,295
Universal Health Services, Inc.		53		7,467
Vertex Pharmaceuticals, Inc. ⁽¹⁾		127		36,675
Viatris, Inc.		1,031		11,475
Vir Biotechnology, Inc. ⁽¹⁾		7		177
West Pharmaceutical Services, Inc.		48		11,297
Zimmer Biomet Holdings, Inc.		3		383
Zoetis, Inc.		621		91,008
				1,474,452

Industrials — 2.3%
AAR Corp. ⁽¹⁾		4		180
AeroVironment, Inc. ⁽¹⁾		113		9,680
AGCO Corp.		4		555
Alaska Air Group, Inc. ⁽¹⁾		7		301
Atkore, Inc. ⁽¹⁾		118		13,384
BlueLinx Holdings, Inc. ⁽¹⁾		9		640
Boise Cascade Co.		13		893
Brady Corp.		4		188
Builders FirstSource, Inc. ⁽¹⁾		530		34,386
Comfort Systems USA, Inc.		2		230
Copart, Inc. ⁽¹⁾		4,006		243,925
CoStar Group, Inc. ⁽¹⁾		222		17,156
Crane Holdings Co.		2		201
Donaldson Co., Inc.		3		177
EMCOR Group, Inc.		270		39,990
Emerson Electric Co.		93		8,934
Enovix Corp. ⁽¹⁾		327		4,068
Equifax, Inc.		1		194
Expeditors International of Washington, Inc.		25		2,598
Fortune Brands Innovations, Inc.		939		53,626
General Dynamics Corp.		300		74,433
Graco, Inc.		392		26,366
Hub Group, Inc. ⁽¹⁾		2		159
ITT, Inc.		5		406
Karat Packaging, Inc.		15		216
Leidos Holdings, Inc.		70		7,363
Lockheed Martin Corp.		92		44,757
ManpowerGroup, Inc.		3		250
Masterbrand, Inc. ⁽¹⁾		399		3,012
Matson, Inc.		47		2,938
MDU Resources Group, Inc.		11		334

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Mueller Industries, Inc.		110		6,490
Northrop Grumman Corp.		31		16,914
nVent Electric PLC		215		8,271
PACCAR, Inc.		18		1,781
Primoris Services Corp.		15		329
Regal Rexnord Corp.		2		240
Sensata Technologies Holding PLC		7		283
SkyWest, Inc. ⁽¹⁾		269		4,441
Southwest Airlines Co.		918		30,909
Terex Corp.		4		171
United Airlines Holdings, Inc. ⁽¹⁾		329		12,403
Univar Solutions, Inc. ⁽¹⁾		6		191
Verisk Analytics, Inc.		139		24,522
Vicor Corp. ⁽¹⁾		215		11,556
Waste Management, Inc.		15		2,353
WW Grainger, Inc.		3		1,669
				714,063

Information Technology — 6.6%
Adobe, Inc. ⁽¹⁾		166		55,864
ANSYS, Inc. ⁽¹⁾		36		8,697
Apple, Inc.		4,142		538,170
Applied Materials, Inc.		295		28,727
Arrow Electronics, Inc. ⁽¹⁾		349		36,495
Avnet, Inc.		503		20,915
Calix, Inc. ⁽¹⁾		124		8,485
Cisco Systems, Inc.		598		28,489
Cloudflare, Inc. ⁽¹⁾		334		15,100
Cognizant Technology Solutions Corp.		290		16,585
Dell Technologies, Inc.		9		362
Digital Turbine, Inc. ⁽¹⁾		847		12,908
DocuSign, Inc. ⁽¹⁾		280		15,518
EPAM Systems, Inc. ⁽¹⁾		27		8,849
Intel Corp.		313		8,273
Intuit, Inc.		146		56,826
Jabil, Inc.		143		9,753
Lam Research Corp.		82		34,465
Lattice Semiconductor Corp. ⁽¹⁾		477		30,948
Manhattan Associates, Inc. ⁽¹⁾		568		68,955
Mastercard, Inc.		203		70,589
Microchip Technology, Inc.		264		18,546
Microsoft Corp.		2,027		486,115
National Instruments Corp.		254		9,373
NVIDIA Corp.		302		44,134
Oracle Corp.		672		54,929
Power Integrations, Inc.		3		215
QUALCOMM, Inc.		563		61,896

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

Page 38

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Skyworks Solutions, Inc.		1,163		105,984
StarTek, Inc. ⁽¹⁾		131		491
Synopsys, Inc. ⁽¹⁾		176		56,195
Teradyne, Inc.		591		51,624
Texas Instruments, Inc.		586		96,819
TTM Technologies, Inc. ⁽¹⁾		12		181
Vishay Intertechnology, Inc.		8		173
Zebra Technologies Corp. ⁽¹⁾		198		50,769
Zoom Video Communications, Inc. ⁽¹⁾		320		21,677
				2,134,094

Materials — 0.7%
Alcoa Corp.		732		33,284
Avery Dennison Corp.		81		14,661
CF Industries Holdings, Inc.		5		426
Dow, Inc.		309		15,571
Eagle Materials, Inc.		99		13,152
Flotek Industries, Inc. ⁽¹⁾		208		233
Freeport-McMoRan, Inc.		666		25,308
Louisiana-Pacific Corp.		668		39,546
LyondellBasell Industries NV		213		17,685
Newmont Corp.		38		1,794
Nucor Corp.		170		22,408
Olin Corp.		49		2,594
Packaging Corp. of America		3		384
Reliance Steel & Aluminum Co.		2		405
Ryerson Holding Corp.		40		1,210
Schnitzer Steel Industries, Inc.		52		1,594
Southern Copper Corp.		106		6,401
Steel Dynamics, Inc.		132		12,896
United States Steel Corp.		366		9,168
Westrock Co.		24		844
				219,564

Real Estate Investment Trust — 0.0%
CorEnergy Infrastructure Trust, Inc.		583		1,218
RAIT Financial Trust ⁽¹⁾⁽⁵⁾		287		0
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁵⁾		385		0
				1,218

Utilities — 0.1%
American Water Works Co., Inc.		5		762
Brookfield Renewable Corp.		13		358
National Fuel Gas Co.		19		1,203
NRG Energy, Inc.		12		382

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
UGI Corp.		697		25,839
				28,544

Total Common Stocks (United States) (Cost $6,802,042)				8,337,841

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁶⁾		81		2,138
Total Preferred Stock (United States) (Cost $2,025)				2,138

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		82
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		4		132
Whiting Petroleum Corp. A Warrants, Expiration Date 9/1/2024 ⁽¹⁾		12		245
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		9		164
Total Warrants (United States) (Cost $93)				623

Registered Investment Companies — 17.0%
U.S. Fixed Income — 5.8%
Baird Core Plus Bond Fund - Class I		9,182		90,627
BBH Limited Duration Fund - Class I		5,078		50,578
Diamond Hill Short Duration Securitized Bond Fund - Class Y		18,104		170,536
DoubleLine Total Return Bond Fund - Class I		14,068		123,373
Frost Total Return Bond Fund - Class I		7,807		72,840
Guggenheim- Total Return Bond Fund - Class I		2,205		51,159
iShares Core U.S. Aggregate Bond ETF ⁽⁷⁾		4,811		466,619
PGIM Short-Term Corporate Bond Fund - Class Q		16,705		170,055
Pioneer Bond Fund - Class K		8,807		71,513
Segall Bryant & Hamill Plus Bond Fund - Class I		14,317		129,566
SPDR Bloomberg High Yield Bond ETF ⁽⁷⁾		3,977		357,930

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

2022 Annual Report | December 31, 2022

Page 39

Schedules of Investments
December 31, 2022

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
Xtrackers USD High Yield Corporate Bond ETF ⁽⁷⁾		2,730		92,028
				1,846,824

International Fixed Income — 1.1%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁷⁾		4,299		363,652
				363,652

International Equity — 10.1%
iShares Core MSCI EAFE ETF ⁽⁷⁾		42,298		2,607,249
iShares Core MSCI Emerging Markets ETF ⁽⁷⁾		12,312		574,970
				3,182,219

Total Registered Investment Companies (Cost $5,036,582)				5,392,695

Money Market Registered Investment Companies — 52.7%
Federated Hermes Government Obligations Fund, 4.15%		621,000		621,000
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		16,061,419		16,061,419
Total Money Market Registered Investment Companies (Cost $16,676,545)				16,682,419

Bank Obligations — 1.6%
First Merchants Bank Deposit Account, 1.60%, 1/3/2023 ⁽³⁾		249,081		249,081
Metro City Bank Deposit Account, 0.94%, 1/3/2023 ⁽³⁾		249,337		249,337
Total Bank Obligations (Cost $498,418)				498,418
Total Investments — 97.6% (Cost $29,015,705)				30,914,134
Other Assets less Liabilities — 2.4%				747,384
Total Net Assets — 100.0%				31,661,518

Global Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		2,048		23,552
Meeder Dynamic Allocation Fund - Retail Class		5,560		63,162
Meeder Muirfield Fund - Retail Class		2,378		19,595
Meeder Conservative Allocation Fund - Retail Class		571		11,905
Total Trustee Deferred Compensation (Cost $112,523)				118,214

	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		(1	)		3/17/2023		(244,260	)		(2,039	)
Mini MSCI EAFE Index Futures		82			3/17/2023		7,992,540			(314,375	)
Mini MSCI Emerging Markets Index Futures		39			3/17/2023		1,870,830			(47,285	)
Russell 2000 Mini Index Futures		10			3/17/2023		885,450			(31,075	)
Standard & Poors 500 Mini Futures		10			3/17/2023		1,930,500			(89,608	)
Total Futures Contracts		140					12,435,060			(484,382	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2022.

(3)

(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.

Page 40

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 41.7%
Communication Services — 1.2%
Alphabet, Inc. ⁽¹⁾		28,288		2,509,994
Cable One, Inc.		8		5,695
Entravision Communications Corp.		1,386		6,653
IDT Corp. ⁽¹⁾		5,933		167,133
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		4,043		2,707
Meta Platforms, Inc. ⁽¹⁾		4,538		546,103
Netflix, Inc. ⁽¹⁾		418		123,260
Roku, Inc. ⁽¹⁾		2,372		96,540
Telephone and Data Systems, Inc.		447		4,689
T-Mobile US, Inc. ⁽¹⁾		3,087		432,180
Trade Desk, Inc./The ⁽¹⁾		3,389		151,929
Verizon Communications, Inc.		198		7,801
				4,054,684

Consumer Discretionary — 5.4%
Amazon.com, Inc. ⁽¹⁾		8,898		747,432
AutoZone, Inc. ⁽¹⁾		13		32,060
Best Buy Co., Inc.		4,277		343,058
Bloomin’ Brands, Inc.		1,365		27,464
Booking Holdings, Inc. ⁽¹⁾		339		683,180
BorgWarner, Inc.		10,796		434,539
Buckle, Inc./The		504		22,856
Burlington Stores, Inc. ⁽¹⁾		967		196,069
Cavco Industries, Inc. ⁽¹⁾		84		19,005
Chegg, Inc. ⁽¹⁾		7,542		190,586
Citi Trends, Inc. ⁽¹⁾		1,270		33,630
Dillard’s, Inc.		10		3,232
DR Horton, Inc.		12,139		1,082,070
Ethan Allen Interiors, Inc.		151		3,989
Expedia Group, Inc. ⁽¹⁾		6,564		575,006
Frontdoor, Inc. ⁽¹⁾		498		10,358
Garmin, Ltd.		6,071		560,293
Gentex Corp.		423		11,535
Goodyear Tire & Rubber Co./The ⁽¹⁾		5,610		56,942
Grand Canyon Education, Inc. ⁽¹⁾		5,339		564,119
Green Brick Partners, Inc. ⁽¹⁾		1,860		45,068
La-Z-Boy, Inc.		10		228
Lear Corp.		42		5,209
Lennar Corp.		9,278		839,659
LKQ Corp.		3,626		193,665
Lowe’s Cos., Inc.		4,446		885,821
Lululemon Athletica, Inc. ⁽¹⁾		6,228		1,995,327
M/I Homes, Inc. ⁽¹⁾		4,804		221,849
Macy’s, Inc.		35,115		725,125
MasterCraft Boat Holdings, Inc. ⁽¹⁾		383		9,908

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Mohawk Industries, Inc. ⁽¹⁾		9,097		929,895
National Vision Holdings, Inc. ⁽¹⁾		3,666		142,094
Newell Brands, Inc.		346		4,526
NVR, Inc. ⁽¹⁾		27		124,540
ONE Group Hospitality, Inc./The ⁽¹⁾		1,514		9,538
O’Reilly Automotive, Inc. ⁽¹⁾		784		661,720
Patrick Industries, Inc.		293		17,756
PulteGroup, Inc.		4,844		220,547
PVH Corp.		4,185		295,419
Qurate Retail, Inc. ⁽¹⁾		4,274		6,967
Red Rock Resorts, Inc.		135		5,401
Rent-A-Center, Inc./TX		295		6,652
Ross Stores, Inc.		3,396		394,174
Skyline Champion Corp. ⁽¹⁾		8,506		438,144
Sleep Number Corp. ⁽¹⁾		2,001		51,986
Smith & Wesson Brands, Inc.		4,867		42,246
Tapestry, Inc.		2,980		113,478
Target Corp.		802		119,530
Tempur Sealy International, Inc.		4,501		154,519
TJX Cos., Inc./The		10,029		798,308
Toll Brothers, Inc.		4,203		209,814
Town Sports International Holdings, Inc. ⁽¹⁾⁽⁵⁾		1,777		0
Tractor Supply Co.		1,565		352,078
Tupperware Brands Corp. ⁽¹⁾		5,977		24,745
Ulta Beauty, Inc. ⁽¹⁾		1,757		824,156
Urban Outfitters, Inc. ⁽¹⁾		227		5,414
Whirlpool Corp.		7,954		1,125,173
Wingstop, Inc.		826		113,674
Yum! Brands, Inc.		6,148		787,436
Zumiez, Inc. ⁽¹⁾		780		16,957
				18,516,169

Consumer Staples — 1.0%
Archer-Daniels-Midland Co.		9,443		876,783
Bunge, Ltd.		2,201		219,594
Casey’s General Stores, Inc.		100		22,435
Coca-Cola Co./The		4,056		258,002
Costco Wholesale Corp.		1,643		750,030
Flowers Foods, Inc.		250		7,185
General Mills, Inc.		8,383		702,915
Ingles Markets, Inc.		61		5,884
Ingredion, Inc.		1,260		123,392
Kraft Heinz Co./The		152		6,188
Kroger Co./The		267		11,903
Molson Coors Beverage Co.		175		9,016
PepsiCo, Inc.		1,570		283,636

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

2022 Annual Report | December 31, 2022

Page 41

Schedules of Investments
December 31, 2022

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Pilgrim’s Pride Corp. ⁽¹⁾		240		5,695
Sysco Corp.		1		76
Walmart, Inc.		2,258		320,162
				3,602,896

Energy — 5.0%
APA Corp.		3,728		174,023
Arch Resources, Inc.		27		3,855
Bristow Group, Inc. ⁽¹⁾		747		20,266
California Resources Corp.		220		9,572
Callon Petroleum Co. ⁽¹⁾		1,160		43,024
Centrus Energy Corp. ⁽¹⁾		3,577		116,181
Cheniere Energy, Inc.		2,192		328,712
Chesapeake Energy Corp.		4,008		378,235
Chevron Corp.		26,218		4,705,869
Chord Energy Corp.		23		3,147
Civitas Resources, Inc.		438		25,373
ConocoPhillips		7,878		929,604
Coterra Energy, Inc.		180		4,423
Denbury, Inc. ⁽¹⁾		109		9,485
Devon Energy Corp.		1,759		108,196
Diamondback Energy, Inc.		802		109,698
DT Midstream, Inc.		780		43,103
EOG Resources, Inc.		7,426		961,816
EQT Corp.		228		7,713
Exxon Mobil Corp.		34,681		3,825,314
FLEX LNG, Ltd.		172		5,623
Hess Corp.		899		127,496
HF Sinclair Corp.		465		24,129
Laredo Petroleum, Inc. ⁽¹⁾		36		1,851
Marathon Oil Corp.		482		13,048
Marathon Petroleum Corp.		12,932		1,505,155
Matador Resources Co.		106		6,067
Murphy Oil Corp.		87		3,742
Occidental Petroleum Corp.		285		17,952
ONEOK, Inc.		8,963		588,869
Ovintiv, Inc.		2,633		133,519
PBF Energy, Inc.		163		6,647
Phillips 66		4,563		474,917
Pioneer Natural Resources Co.		4,529		1,034,378
Range Resources Corp.		232		5,805
Schlumberger, Ltd.		5,895		315,147
Scorpio Tankers, Inc.		111		5,968
SilverBow Resources, Inc. ⁽¹⁾		469		13,263
SM Energy Co.		226		7,872
Targa Resources Corp.		4,776		351,036

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Teekay Corp. ⁽¹⁾		1,515		6,878
Valero Energy Corp.		5,129		650,665
Williams Cos., Inc./The		383		12,601
World Fuel Services Corp.		641		17,519
				17,137,756

Financials — 5.0%
American Equity Investment Life Holding Co.		4,384		199,998
American Financial Group, Inc./OH		1,052		144,419
American International Group, Inc.		5,090		321,892
Apollo Global Management, Inc.		11,024		703,221
Axis Capital Holdings, Ltd.		103		5,580
Bank of New York Mellon Corp./The		10,738		488,794
Berkshire Hathaway, Inc. ⁽¹⁾		18,554		5,731,331
Cadence Bank		4		99
Charles Schwab Corp./The		13,114		1,091,872
Chubb, Ltd.		4,619		1,018,951
Customers Bancorp, Inc. ⁽¹⁾		181		5,130
East West Bancorp, Inc.		6,078		400,540
Essent Group, Ltd.		5,396		209,796
F&G Annuities & Life, Inc.		678		13,567
Fidelity National Financial, Inc.		9,985		375,636
First American Financial Corp.		2,684		140,481
Focus Financial Partners, Inc. ⁽¹⁾		1,740		64,850
Hartford Financial Services Group, Inc./The		2,606		197,613
Jackson Financial, Inc.		1,495		52,011
Loews Corp.		146		8,516
MarketAxess Holdings, Inc.		12		3,347
Marsh & McLennan Cos., Inc.		11,097		1,836,332
Medley Management, Inc. ⁽¹⁾⁽⁵⁾		101		0
Moelis & Co.		427		16,384
Morningstar, Inc.		152		32,922
Mr Cooper Group, Inc. ⁽¹⁾		1,437		57,667
New York Community Bancorp, Inc.		6,452		55,487
NMI Holdings, Inc. ⁽¹⁾		1,375		28,738
Northern Trust Corp.		86		7,610
Old Republic International Corp.		554		13,379
OneMain Holdings, Inc.		375		12,491
PacWest Bancorp		579		13,288
Pathward Financial, Inc.		2,409		103,707
SEI Investments Co.		4,390		255,937
State Street Corp.		3,034		235,347
Stewart Information Services Corp.		6,217		265,652
Synchrony Financial		10,648		349,893
W R Berkley Corp.		114		8,273

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

Page 42

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Walker & Dunlop, Inc.		1,766		138,596
Willis Towers Watson PLC		11,252		2,752,014
WSFS Financial Corp.		117		5,305
Zions Bancorp NA		101		4,965
				17,371,631

Healthcare — 7.2%
Abbott Laboratories		51		5,599
AbbVie, Inc.		12,999		2,100,768
Alaunos Therapeutics, Inc. ⁽¹⁾		5,102		3,312
AmerisourceBergen Corp.		109		18,062
Amgen, Inc.		5,829		1,530,929
Biogen, Inc. ⁽¹⁾		767		212,398
Bristol-Myers Squibb Co.		7,289		524,444
Catalent, Inc. ⁽¹⁾		5,388		242,514
Centene Corp. ⁽¹⁾		4,448		364,780
Chemed Corp.		15		7,656
Cigna Corp.		3,106		1,029,142
CVS Health Corp.		7,695		717,097
Dexcom, Inc. ⁽¹⁾		112		12,683
Elevance Health, Inc.		329		168,767
Eli Lilly & Co.		4,259		1,558,113
Embecta Corp.		1,536		38,845
Emergent BioSolutions, Inc. ⁽¹⁾		945		11,160
Enhabit, Inc. ⁽¹⁾		486		6,396
Fulgent Genetics, Inc. ⁽¹⁾		8,739		260,247
Genprex, Inc. ⁽¹⁾		2,209		3,203
Gilead Sciences, Inc.		18,158		1,558,864
HCA Healthcare, Inc.		119		28,555
Humana, Inc.		249		127,535
IDEXX Laboratories, Inc. ⁽¹⁾		203		82,816
ImmunityBio, Inc. ⁽¹⁾		2,407		12,203
Intuitive Surgical, Inc. ⁽¹⁾		292		77,482
IQVIA Holdings, Inc. ⁽¹⁾		437		89,537
Johnson & Johnson		15,445		2,728,359
Joint Corp./The ⁽¹⁾		332		4,641
Laboratory Corp. of America Holdings		80		18,838
McKesson Corp.		1,847		692,847
Merck & Co., Inc.		15,616		1,732,595
Moderna, Inc. ⁽¹⁾		5,724		1,028,145
Molina Healthcare, Inc. ⁽¹⁾		54		17,832
Organon & Co.		113		3,156
Pfizer, Inc.		21,305		1,091,668
Quest Diagnostics, Inc.		562		87,919
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		856		617,595
SIGA Technologies, Inc.		2,406		17,708

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Twist Bioscience Corp. ⁽¹⁾		13,422		319,578
UnitedHealth Group, Inc.		6,150		3,260,607
Universal Health Services, Inc.		88		12,398
Veracyte, Inc. ⁽¹⁾		1,568		37,209
Vertex Pharmaceuticals, Inc. ⁽¹⁾		2,952		852,479
Viatris, Inc.		5,057		56,284
Vir Biotechnology, Inc. ⁽¹⁾		843		21,336
West Pharmaceutical Services, Inc.		1,700		400,095
Zimmer Biomet Holdings, Inc.		1,573		200,558
Zoetis, Inc.		4,950		725,423
				24,720,377

Industrials — 4.1%
AECOM		79		6,709
AeroVironment, Inc. ⁽¹⁾		1,793		153,588
AGCO Corp.		69		9,570
Alaska Air Group, Inc. ⁽¹⁾		189		8,116
AMETEK, Inc.		122		17,046
Argan, Inc.		199		7,339
Atkore, Inc. ⁽¹⁾		3,090		350,468
BlueLinx Holdings, Inc. ⁽¹⁾		466		33,137
Boise Cascade Co.		2,273		156,087
Booz Allen Hamilton Holding Corp.		2,043		213,534
Builders FirstSource, Inc. ⁽¹⁾		8,562		555,503
Cintas Corp.		295		133,228
Copart, Inc. ⁽¹⁾		64,828		3,947,377
CoStar Group, Inc. ⁽¹⁾		4,509		348,456
Crane Holdings Co.		27		2,712
Dover Corp.		201		27,217
Eaton Corp. PLC		30		4,709
EMCOR Group, Inc.		2,846		421,521
Emerson Electric Co.		66		6,340
Enovix Corp. ⁽¹⁾		8,576		106,685
Equifax, Inc.		18		3,498
Expeditors International of Washington, Inc.		1,285		133,537
Federal Signal Corp.		64		2,974
Fortune Brands Innovations, Inc.		15,915		908,906
Genco Shipping & Trading, Ltd.		330		5,069
General Dynamics Corp.		5,188		1,287,195
Graco, Inc.		7,105		477,882
H&E Equipment Services, Inc.		183		8,308
Heidrick & Struggles International, Inc.		232		6,489
ITT, Inc.		1,132		91,805
Leidos Holdings, Inc.		2,282		240,044
Lockheed Martin Corp.		2,632		1,280,442
ManpowerGroup, Inc.		2,195		182,646

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

2022 Annual Report | December 31, 2022

Page 43

Schedules of Investments
December 31, 2022

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Masterbrand, Inc. ⁽¹⁾		12,892		97,335
Matson, Inc.		2,174		135,897
MDU Resources Group, Inc.		92		2,791
Mueller Industries, Inc.		2,696		159,064
Northrop Grumman Corp.		1,369		746,940
nVent Electric PLC		1,655		63,668
PACCAR, Inc.		2,399		237,429
Primoris Services Corp.		500		10,970
Raytheon Technologies Corp.		40		4,037
Regal Rexnord Corp.		297		35,634
Republic Services, Inc.		63		8,126
Ryder System, Inc.		145		12,118
Sensata Technologies Holding PLC		460		18,575
SkyWest, Inc. ⁽¹⁾		1,033		17,055
Southwest Airlines Co.		11,304		380,606
Sterling Infrastructure, Inc. ⁽¹⁾		229		7,511
UFP Industries, Inc.		83		6,578
Univar Solutions, Inc. ⁽¹⁾		213		6,773
Valmont Industries, Inc.		34		11,243
Verisk Analytics, Inc.		4,019		709,032
Vicor Corp. ⁽¹⁾		4,457		239,564
Waste Management, Inc.		1,565		245,517
WW Grainger, Inc.		51		28,369
				14,322,969

Information Technology — 11.3%
Adobe, Inc. ⁽¹⁾		2,641		888,776
Alpha & Omega Semiconductor, Ltd. ⁽¹⁾		27		771
Amkor Technology, Inc.		231		5,539
ANSYS, Inc. ⁽¹⁾		1,211		292,565
Apple, Inc.		71,803		9,329,364
Applied Materials, Inc.		3,670		357,385
Arrow Electronics, Inc. ⁽¹⁾		3,762		393,392
Atlassian Corp. ⁽¹⁾		92		11,839
Autodesk, Inc. ⁽¹⁾		72		13,455
Avnet, Inc.		7,482		311,102
Block, Inc. ⁽¹⁾		253		15,899
Broadcom, Inc.		234		130,836
Calix, Inc. ⁽¹⁾		1,844		126,185
Cisco Systems, Inc.		17,823		849,088
Cloudflare, Inc. ⁽¹⁾		7,232		326,959
Cognex Corp.		916		43,153
Cognizant Technology Solutions Corp.		6,956		397,814
Dell Technologies, Inc.		904		36,359
Digital Turbine, Inc. ⁽¹⁾		15,833		241,295
DocuSign, Inc. ⁽¹⁾		6,933		384,227

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
EPAM Systems, Inc. ⁽¹⁾		864		283,167
Euronet Worldwide, Inc. ⁽¹⁾		1,093		103,157
Extreme Networks, Inc. ⁽¹⁾		367		6,720
Fabrinet ⁽¹⁾		50		6,411
Intel Corp.		21,642		571,998
International Money Express, Inc. ⁽¹⁾		216		5,264
Intuit, Inc.		894		347,963
Jabil, Inc.		17,867		1,218,529
Juniper Networks, Inc.		96		3,068
Lam Research Corp.		1,746		733,844
Lattice Semiconductor Corp. ⁽¹⁾		5,538		359,305
Manhattan Associates, Inc. ⁽¹⁾		11,509		1,397,193
Mastercard, Inc.		4,436		1,542,530
Microchip Technology, Inc.		4,808		337,762
Microsoft Corp.		34,989		8,391,059
National Instruments Corp.		1,993		73,542
NVIDIA Corp.		7,732		1,129,954
Oracle Corp.		10,962		896,034
QUALCOMM, Inc.		5,449		599,063
Skyworks Solutions, Inc.		20,267		1,846,932
StarTek, Inc. ⁽¹⁾		1,281		4,804
Synopsys, Inc. ⁽¹⁾		2,765		882,837
TD SYNNEX Corp.		31		2,936
Teradyne, Inc.		12,294		1,073,881
Texas Instruments, Inc.		11,034		1,823,037
Zebra Technologies Corp. ⁽¹⁾		3,166		811,794
Zoom Video Communications, Inc. ⁽¹⁾		7,561		512,182
				39,120,969

Materials — 1.4%
AdvanSix, Inc.		148		5,627
Air Products and Chemicals, Inc.		24		7,398
Alcoa Corp.		24,860		1,130,384
Alpha Metallurgical Resources, Inc.		55		8,051
Avery Dennison Corp.		2,266		410,146
CF Industries Holdings, Inc.		124		10,565
Dow, Inc.		5,476		275,936
Eagle Materials, Inc.		2,335		310,205
Freeport-McMoRan, Inc.		7,980		303,240
Louisiana-Pacific Corp.		13,962		826,550
LyondellBasell Industries NV		2,795		232,069
MP Materials Corp. ⁽¹⁾		6,692		162,482
Newmont Corp.		535		25,252
Nucor Corp.		3,419		450,658
Reliance Steel & Aluminum Co.		56		11,337
Ryerson Holding Corp.		557		16,855

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

Page 44

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Schnitzer Steel Industries, Inc.		681		20,873
Southern Copper Corp.		1,377		83,157
Steel Dynamics, Inc.		2,978		290,951
Sylvamo Corp.		230		11,176
United States Steel Corp.		7,330		183,617
Westrock Co.		508		17,861
				4,794,390

Real Estate Investment Trust — 0.0%
CorEnergy Infrastructure Trust, Inc.		5,403		11,292
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁵⁾		3,461		0
				11,292
Utilities — 0.1%
American Water Works Co., Inc.		165		25,149
Brookfield Renewable Corp.		428		11,787
Clearway Energy, Inc.		555		17,688
National Fuel Gas Co.		400		25,320
UGI Corp.		8,522		315,807
				395,751

Total Common Stocks (United States) (Cost $116,444,222)				144,048,884

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁶⁾		994		26,242
Total Preferred Stock (United States) (Cost $24,845)				26,242

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		1,170
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		57		1,875
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		1,142

Balanced 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⁾		28		509
Total Warrants (United States) (Cost $3,304)				4,696

Registered Investment Companies — 20.5%
U.S. Fixed Income — 16.9%
Baird Core Plus Bond Fund - Class I		314,870		3,107,772
BBH Limited Duration Fund - Class I		152,342		1,517,327
Diamond Hill Short Duration Securitized Bond Fund - Class Y		532,461		5,015,779
DoubleLine Total Return Bond Fund - Class I		399,792		3,506,172
Frost Total Return Bond Fund - Class I		226,493		2,113,175
Guggenheim- Total Return Bond Fund - Class I		65,058		1,509,336
iShares Core U.S. Aggregate Bond ETF ⁽⁷⁾		160,566		15,573,297
PGIM Short-Term Corporate Bond Fund - Class Q		491,321		5,001,650
Pioneer Bond Fund - Class K		250,747		2,036,065
Segall Bryant & Hamill Plus Bond Fund - Class I		403,346		3,650,278
SPDR Bloomberg High Yield Bond ETF ⁽⁷⁾		135,816		12,223,440
Xtrackers USD High Yield Corporate Bond ETF ⁽⁷⁾		91,019		3,068,250
				58,322,541

International Fixed Income — 3.6%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁷⁾		145,301		12,291,012
				12,291,012

Total Registered Investment Companies (Cost $73,208,549)				70,613,553

Money Market Registered Investment Companies — 37.4%
Federated Hermes Government Obligations Fund, 4.15%		20,970,000		20,970,000
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		108,408,697		108,408,697
Total Money Market Registered Investment Companies (Cost $129,325,978)				129,378,697

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

2022 Annual Report | December 31, 2022

Page 45

Schedules of Investments
December 31, 2022

Balanced Fund
Security Description	Shares, Contracts or Principal Amount ($)		Fair Value ($)
Bank Obligations — 0.1%
First Merchants Bank Deposit Account, 1.60%, 1/3/2023 ⁽³⁾		249,081		249,081
Metro City Bank Deposit Account, 0.94%, 1/3/2023 ⁽³⁾		249,337		249,337
Total Bank Obligations (Cost $498,418)				498,418
Total Investments — 99.7% (Cost $319,505,316)				344,570,490
Other Assets less Liabilities — 0.3%				1,142,990
Total Net Assets — 100.0%				345,713,480

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		3,594		41,331
Meeder Dynamic Allocation Fund - Retail Class		9,460		107,466
Meeder Muirfield Fund - Retail Class		6,419		52,893
Meeder Conservative Allocation Fund - Retail Class		1,039		21,663
Total Trustee Deferred Compensation (Cost $220,154)				223,353

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		(96	)		3/17/2023		(23,448,960	)		585,087
Mini MSCI EAFE Index Futures		174			3/17/2023		16,959,780			(667,087	)
Mini MSCI Emerging Markets Index Futures		76			3/17/2023		3,645,720			(94,086	)
Russell 2000 Mini Index Futures		85			3/17/2023		7,526,325			(327,141	)
Standard & Poors 500 Mini Futures		(131	)		3/17/2023		(25,289,550	)		915,576
Total Futures Contracts		108					(20,606,685	)		412,349

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2022.

(3)

(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.

Page 46

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 21.6%
Communication Services — 0.5%
Alphabet, Inc. ⁽¹⁾		6,621		587,481
Cable One, Inc.		1		712
Cumulus Media, Inc. ⁽¹⁾		133		826
Entravision Communications Corp.		537		2,578
IDT Corp. ⁽¹⁾		1,500		42,255
Liberty TripAdvisor Holdings, Inc. ⁽¹⁾		971		650
Netflix, Inc. ⁽¹⁾		103		30,373
Roku, Inc. ⁽¹⁾		203		8,262
Telephone and Data Systems, Inc.		76		797
T-Mobile US, Inc. ⁽¹⁾		268		37,520
Trade Desk, Inc./The ⁽¹⁾		131		5,873
Verizon Communications, Inc.		27		1,064
				718,391

Consumer Discretionary — 2.4%
Amazon.com, Inc. ⁽¹⁾		3,551		298,284
AutoZone, Inc. ⁽¹⁾		29		71,519
Best Buy Co., Inc.		1,372		110,048
Bloomin’ Brands, Inc.		1,232		24,788
Booking Holdings, Inc. ⁽¹⁾		57		114,871
BorgWarner, Inc.		2,233		89,878
Buckle, Inc./The		109		4,943
Burlington Stores, Inc. ⁽¹⁾		493		99,961
Cavco Industries, Inc. ⁽¹⁾		9		2,036
Chegg, Inc. ⁽¹⁾		1,838		46,446
Dillard’s, Inc.		4		1,293
DR Horton, Inc.		2,213		197,267
Expedia Group, Inc. ⁽¹⁾		1,404		122,990
Frontdoor, Inc. ⁽¹⁾		58		1,206
Garmin, Ltd.		118		10,890
Gentex Corp.		70		1,909
Goodyear Tire & Rubber Co./The ⁽¹⁾		3,947		40,062
Grand Canyon Education, Inc. ⁽¹⁾		831		87,803
Green Brick Partners, Inc. ⁽¹⁾		362		8,771
Home Depot, Inc./The		1,257		397,036
Lear Corp.		9		1,116
Lennar Corp.		1,074		97,197
LKQ Corp.		178		9,507
Lululemon Athletica, Inc. ⁽¹⁾		1,140		365,233
M/I Homes, Inc. ⁽¹⁾		607		28,031
Macy’s, Inc.		8,024		165,696
Mohawk Industries, Inc. ⁽¹⁾		1,888		192,991
National Vision Holdings, Inc. ⁽¹⁾		957		37,093
O’Reilly Automotive, Inc. ⁽¹⁾		190		160,366
Patrick Industries, Inc.		26		1,576
PVH Corp.		3,128		220,806

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Qurate Retail, Inc. ⁽¹⁾		1,113		1,814
Ross Stores, Inc.		763		88,561
Skyline Champion Corp. ⁽¹⁾		1,278		65,830
Smith & Wesson Brands, Inc.		723		6,276
Tapestry, Inc.		846		32,216
Target Corp.		201		29,957
TJX Cos., Inc./The		2,366		188,334
Town Sports International Holdings, Inc. ⁽¹⁾⁽⁵⁾		961		0
Tractor Supply Co.		357		80,314
TravelCenters of America, Inc. ⁽¹⁾		22		985
Tupperware Brands Corp. ⁽¹⁾		190		787
Ulta Beauty, Inc. ⁽¹⁾		288		135,092
Whirlpool Corp.		546		77,237
Wingstop, Inc.		105		14,450
Yum! Brands, Inc.		673		86,198
				3,819,664

Consumer Staples — 1.0%
Archer-Daniels-Midland Co.		2,012		186,814
Bunge, Ltd.		7		698
Casey’s General Stores, Inc.		21		4,711
Coca-Cola Consolidated, Inc.		2		1,025
Costco Wholesale Corp.		873		398,525
Flowers Foods, Inc.		66		1,897
General Mills, Inc.		3,326		278,885
Ingredion, Inc.		39		3,819
Kroger Co./The		159		7,088
Molson Coors Beverage Co.		29		1,494
PepsiCo, Inc.		3,284		593,287
Pilgrim’s Pride Corp. ⁽¹⁾		54		1,281
Walmart, Inc.		636		90,178
				1,569,702

Energy — 2.7%
APA Corp.		1,297		60,544
Arch Resources, Inc.		11		1,571
Baker Hughes Co.		62		1,831
Berry Corp.		301		2,408
Bristow Group, Inc. ⁽¹⁾		305		8,275
California Resources Corp.		129		5,613
Callon Petroleum Co. ⁽¹⁾		21		779
Centrus Energy Corp. ⁽¹⁾		369		11,985
ChampionX Corp.		156		4,522
Cheniere Energy, Inc.		149		22,344
Chesapeake Energy Corp.		481		45,392
Chevron Corp.		10,285		1,846,055
Chord Energy Corp.		13		1,779

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

2022 Annual Report | December 31, 2022

Page 47

Schedules of Investments
December 31, 2022

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Civitas Resources, Inc.		93		5,387
Comstock Resources, Inc.		114		1,563
ConocoPhillips		1,122		132,396
Coterra Energy, Inc.		54		1,327
CVR Energy, Inc.		38		1,191
Delek US Holdings, Inc.		57		1,539
Denbury, Inc. ⁽¹⁾		48		4,177
Devon Energy Corp.		61		3,752
Diamondback Energy, Inc.		88		12,037
Dorian LPG, Ltd.		81		1,535
DT Midstream, Inc.		167		9,228
EOG Resources, Inc.		691		89,498
EQT Corp.		118		3,992
Excelerate Energy, Inc.		26		651
Exxon Mobil Corp.		5,305		585,142
FLEX LNG, Ltd.		75		2,452
Golar LNG, Ltd. ⁽¹⁾		93		2,119
Gulfport Energy Corp. ⁽¹⁾		10		736
Halliburton Co.		953		37,501
Hess Corp.		263		37,299
HF Sinclair Corp.		123		6,382
International Seaways, Inc.		33		1,222
Kinder Morgan, Inc.		68		1,229
Kinetik Holdings, Inc.		25		827
Laredo Petroleum, Inc. ⁽¹⁾		30		1,543
Magnolia Oil & Gas Corp.		67		1,571
Marathon Oil Corp.		67		1,814
Marathon Petroleum Corp.		3,265		380,013
Matador Resources Co.		60		3,434
Murphy Oil Corp.		54		2,323
Northern Oil and Gas, Inc.		43		1,325
Occidental Petroleum Corp.		153		9,637
ONEOK, Inc.		6,825		448,403
Ovintiv, Inc.		898		45,538
PBF Energy, Inc.		55		2,243
PDC Energy, Inc.		48		3,047
Peabody Energy Corp. ⁽¹⁾		56		1,480
Phillips 66		1,026		106,786
Pioneer Natural Resources Co.		185		42,252
Range Resources Corp.		75		1,877
SandRidge Energy, Inc. ⁽¹⁾		69		1,175
Schlumberger, Ltd.		2,483		132,741
Scorpio Tankers, Inc.		54		2,904
SilverBow Resources, Inc. ⁽¹⁾		45		1,273
SM Energy Co.		52		1,811
Talos Energy, Inc. ⁽¹⁾		74		1,397
Targa Resources Corp.		1,176		86,436

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Teekay Corp. ⁽¹⁾		502		2,279
Teekay Tankers, Ltd. ⁽¹⁾		38		1,171
Valero Energy Corp.		843		106,943
Westmoreland Coal Co. ⁽¹⁾⁽⁵⁾		773		0
Williams Cos., Inc./The		109		3,586
World Fuel Services Corp.		154		4,209
				4,355,491

Financials — 3.1%
American Equity Investment Life Holding Co.		345		15,739
American Financial Group, Inc./OH		277		38,027
American International Group, Inc.		3,601		227,727
Axis Capital Holdings, Ltd.		12		650
Bank of New York Mellon Corp./The		3,980		181,170
Bank OZK		80		3,205
Berkshire Hathaway, Inc. ⁽¹⁾		6,686		2,065,305
Charles Schwab Corp./The		3,158		262,935
Chubb, Ltd.		368		81,181
East West Bancorp, Inc.		2,802		184,652
Essent Group, Ltd.		517		20,101
Evercore, Inc.		25		2,727
F&G Annuities & Life, Inc.		82		1,641
Fidelity National Financial, Inc.		1,207		45,407
First American Financial Corp.		24		1,256
Hartford Financial Services Group, Inc./The		773		58,617
Loews Corp.		55		3,208
LPL Financial Holdings, Inc.		183		39,559
Marsh & McLennan Cos., Inc.		5,172		855,863
Medley Management, Inc. ⁽¹⁾⁽⁵⁾		27		0
Moelis & Co.		583		22,370
Mr Cooper Group, Inc. ⁽¹⁾		178		7,143
NMI Holdings, Inc. ⁽¹⁾		209		4,368
Northern Trust Corp.		1,285		113,710
Old Republic International Corp.		118		2,850
PacWest Bancorp		27		620
Pathward Financial, Inc.		582		25,055
SEI Investments Co.		529		30,841
State Street Corp.		789		61,203
Stewart Information Services Corp.		1,904		81,358
Synchrony Financial		1,644		54,022
TrustCo Bank Corp. NY		36		1,353
W R Berkley Corp.		89		6,459
Walker & Dunlop, Inc.		90		7,063
Willis Towers Watson PLC		1,881		460,055
				4,967,440

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

Page 48

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Healthcare — 3.8%
Abbott Laboratories		9		988
AbbVie, Inc.		1,837		296,878
AmerisourceBergen Corp.		25		4,143
Amgen, Inc.		1,321		346,947
Assertio Holdings, Inc. ⁽¹⁾		531		2,283
Avanos Medical, Inc. ⁽¹⁾		27		731
Biogen, Inc. ⁽¹⁾		183		50,676
Bristol-Myers Squibb Co.		3,008		216,426
Cardinal Health, Inc.		1,879		144,439
Catalent, Inc. ⁽¹⁾		1,156		52,032
Centene Corp. ⁽¹⁾		1,080		88,571
Chemed Corp.		2		1,021
Cigna Corp.		323		107,023
CVS Health Corp.		454		42,308
Dexcom, Inc. ⁽¹⁾		275		31,141
Dynavax Technologies Corp. ⁽¹⁾		97		1,032
Eli Lilly & Co.		959		350,841
Emergent BioSolutions, Inc. ⁽¹⁾		6		71
Enhabit, Inc. ⁽¹⁾		103		1,355
Ensign Group, Inc./The		29		2,744
Exact Sciences Corp. ⁽¹⁾		289		14,308
Fulgent Genetics, Inc. ⁽¹⁾		2,626		78,202
Genprex, Inc. ⁽¹⁾		631		915
Gilead Sciences, Inc.		5,138		441,097
Haemonetics Corp. ⁽¹⁾		15		1,180
HCA Healthcare, Inc.		40		9,598
Humana, Inc.		158		80,926
IDEXX Laboratories, Inc. ⁽¹⁾		177		72,209
Incyte Corp. ⁽¹⁾		9		723
Inspire Medical Systems, Inc. ⁽¹⁾		144		36,271
Intuitive Surgical, Inc. ⁽¹⁾		72		19,105
IQVIA Holdings, Inc. ⁽¹⁾		248		50,813
Johnson & Johnson		5,675		1,002,489
Laboratory Corp. of America Holdings		138		32,496
McKesson Corp.		298		111,786
Merck & Co., Inc.		3,381		375,122
Moderna, Inc. ⁽¹⁾		941		169,022
Molina Healthcare, Inc. ⁽¹⁾		66		21,795
Myriad Genetics, Inc. ⁽¹⁾		796		11,550
Organon & Co.		48		1,341
Pfizer, Inc.		3,577		183,285
Quest Diagnostics, Inc.		47		7,353
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		212		152,956
SIGA Technologies, Inc.		86		633
Twist Bioscience Corp. ⁽¹⁾		3,803		90,549
UnitedHealth Group, Inc.		1,196		634,095

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Universal Health Services, Inc.		89		12,539
Vertex Pharmaceuticals, Inc. ⁽¹⁾		520		150,166
Viatris, Inc.		3,418		38,042
Vir Biotechnology, Inc. ⁽¹⁾		173		4,379
West Pharmaceutical Services, Inc.		268		63,074
Zimmer Biomet Holdings, Inc.		201		25,628
Zoetis, Inc.		2,527		370,332
				6,005,629

Industrials — 1.9%
AECOM		9		764
AeroVironment, Inc. ⁽¹⁾		350		29,981
AGCO Corp.		11		1,526
Alaska Air Group, Inc. ⁽¹⁾		27		1,159
AMETEK, Inc.		19		2,655
Argan, Inc.		41		1,512
Atkore, Inc. ⁽¹⁾		450		51,039
BlueLinx Holdings, Inc. ⁽¹⁾		77		5,475
Boise Cascade Co.		147		10,094
Brady Corp.		41		1,931
Builders FirstSource, Inc. ⁽¹⁾		1,870		121,326
Comfort Systems USA, Inc.		12		1,381
Copart, Inc. ⁽¹⁾		15,834		964,132
CoStar Group, Inc. ⁽¹⁾		268		20,711
Crane Holdings Co.		12		1,205
Distribution Solutions Group, Inc. ⁽¹⁾		42		1,548
Eaton Corp. PLC		9		1,413
EMCOR Group, Inc.		1,027		152,109
Emerson Electric Co.		13		1,249
Enovix Corp. ⁽¹⁾		1,413		17,578
Equifax, Inc.		4		777
Expeditors International of Washington, Inc.		530		55,078
Fortune Brands Innovations, Inc.		2,246		128,269
Genco Shipping & Trading, Ltd.		138		2,120
General Dynamics Corp.		1,216		301,702
Graco, Inc.		1,436		96,585
GrafTech International, Ltd.		186		885
Heidrick & Struggles International, Inc.		70		1,958
Huntington Ingalls Industries, Inc.		5		1,153
ITT, Inc.		449		36,414
Karat Packaging, Inc.		58		833
Leidos Holdings, Inc.		260		27,349
Lockheed Martin Corp.		499		242,759
ManpowerGroup, Inc.		171		14,229
Masterbrand, Inc. ⁽¹⁾		2,246		16,957
Matson, Inc.		349		21,816
McGrath RentCorp		23		2,271

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

2022 Annual Report | December 31, 2022

Page 49

Schedules of Investments
December 31, 2022

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
MSC Industrial Direct Co., Inc.		8		654
Mueller Industries, Inc.		563		33,217
Northrop Grumman Corp.		335		182,779
nVent Electric PLC		1,004		38,624
PACCAR, Inc.		308		30,483
Primoris Services Corp.		117		2,567
Raytheon Technologies Corp.		7		706
Regal Rexnord Corp.		15		1,800
Republic Services, Inc.		11		1,419
Ryder System, Inc.		25		2,089
Sensata Technologies Holding PLC		35		1,413
SkyWest, Inc. ⁽¹⁾		1,114		18,392
Southwest Airlines Co.		3,701		124,613
Trex Co., Inc. ⁽¹⁾		227		9,609
TrueBlue, Inc. ⁽¹⁾		5		98
UFP Industries, Inc.		41		3,249
United Airlines Holdings, Inc. ⁽¹⁾		1,139		42,940
Univar Solutions, Inc. ⁽¹⁾		48		1,526
V2X, Inc. ⁽¹⁾		18		743
Valmont Industries, Inc.		13		4,299
Verisk Analytics, Inc.		248		43,752
Vicor Corp. ⁽¹⁾		1,135		61,006
Waste Management, Inc.		12		1,883
WW Grainger, Inc.		7		3,894
				2,951,698

Information Technology — 5.5%
Adobe, Inc. ⁽¹⁾		821		276,291
Amkor Technology, Inc.		562		13,477
Amphenol Corp.		9		685
ANSYS, Inc. ⁽¹⁾		148		35,755
Apple, Inc.		15,888		2,064,328
Applied Materials, Inc.		1,419		138,182
Arrow Electronics, Inc. ⁽¹⁾		1,130		118,164
Avnet, Inc.		2,163		89,938
Calix, Inc. ⁽¹⁾		421		28,809
Cisco Systems, Inc.		1,908		90,897
Cloudflare, Inc. ⁽¹⁾		1,085		49,053
Cognizant Technology Solutions Corp.		1,809		103,457
Dell Technologies, Inc.		101		4,062
Digital Turbine, Inc. ⁽¹⁾		3,001		45,735
DocuSign, Inc. ⁽¹⁾		1,190		65,950
EPAM Systems, Inc. ⁽¹⁾		110		36,051
Extreme Networks, Inc. ⁽¹⁾		45		824
Fabrinet ⁽¹⁾		7		898
Intel Corp.		1,855		49,028
International Money Express, Inc. ⁽¹⁾		35		853

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Intuit, Inc.		555		216,017
Jabil, Inc.		2,433		165,931
Lam Research Corp.		368		154,670
Lattice Semiconductor Corp. ⁽¹⁾		2,025		131,382
Manhattan Associates, Inc. ⁽¹⁾		2,585		313,819
Mastercard, Inc.		596		207,247
Microchip Technology, Inc.		909		63,857
Microsoft Corp.		8,110		1,944,937
National Instruments Corp.		1,271		46,900
NVIDIA Corp.		1,549		226,371
Oracle Corp.		2,670		218,246
QUALCOMM, Inc.		3,021		332,129
Skyworks Solutions, Inc.		4,332		394,775
StarTek, Inc. ⁽¹⁾		631		2,366
Synopsys, Inc. ⁽¹⁾		695		221,907
Teradyne, Inc.		2,194		191,646
Texas Instruments, Inc.		2,572		424,946
Zebra Technologies Corp. ⁽¹⁾		844		216,410
Zoom Video Communications, Inc. ⁽¹⁾		1,024		69,366
				8,755,359

Materials — 0.6%
AdvanSix, Inc.		57		2,167
Air Products and Chemicals, Inc.		5		1,541
Alcoa Corp.		4,452		202,432
Alpha Metallurgical Resources, Inc.		31		4,538
Arconic Corp. ⁽¹⁾		35		741
Avery Dennison Corp.		333		60,273
CF Industries Holdings, Inc.		53		4,516
Clearwater Paper Corp. ⁽¹⁾		22		832
Dow, Inc.		1,242		62,584
Eagle Materials, Inc.		11		1,461
Flotek Industries, Inc. ⁽¹⁾		676		757
Freeport-McMoRan, Inc.		3,121		118,598
Louisiana-Pacific Corp.		3,774		223,421
LyondellBasell Industries NV		816		67,752
Mosaic Co./The		33		1,448
Newmont Corp.		118		5,570
Nucor Corp.		736		97,012
Olin Corp.		69		3,653
Packaging Corp. of America		10		1,279
Reliance Steel & Aluminum Co.		14		2,834
Ryerson Holding Corp.		105		3,177
Schnitzer Steel Industries, Inc.		157		4,812
Southern Copper Corp.		457		27,598
Steel Dynamics, Inc.		461		45,040
SunCoke Energy, Inc.		184		1,588

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

Page 50

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Sylvamo Corp.		48		2,332
United States Steel Corp.		1,705		42,710
Warrior Met Coal, Inc.		39		1,351
Westrock Co.		99		3,481
				995,498

Real Estate Investment Trust — 0.0%
CorEnergy Infrastructure Trust, Inc.		2,011		4,203
Rafael Holdings, Inc. ⁽¹⁾		530		991
RAIT Financial Trust ⁽¹⁾⁽⁵⁾		751		0
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁵⁾		1,024		0
				5,194

Utilities — 0.1%
American Water Works Co., Inc.		18		2,744
Brookfield Renewable Corp.		108		2,974
Clearway Energy, Inc.		103		3,283
National Fuel Gas Co.		86		5,444
UGI Corp.		2,556		94,750
				109,195

Total Common Stocks (United States) (Cost $28,654,408)				34,253,261

Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁶⁾		252		6,653
Total Preferred Stock (United States) (Cost $6,299)				6,653

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		358
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		15		494
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		530

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		236
Total Warrants (United States) (Cost $941)				1,618

Registered Investment Companies — 34.0%
U.S. Fixed Income — 28.1%
Baird Core Plus Bond Fund - Class I		237,126		2,340,435
BBH Limited Duration Fund - Class I		111,718		1,112,707
Diamond Hill Short Duration Securitized Bond Fund - Class Y		415,139		3,910,609
DoubleLine Total Return Bond Fund - Class I		303,482		2,661,538
Frost Total Return Bond Fund - Class I		169,936		1,585,507
Guggenheim- Total Return Bond Fund - Class I		49,552		1,149,599
iShares Core U.S. Aggregate Bond ETF ⁽⁷⁾		122,581		11,889,132
PGIM Short-Term Corporate Bond Fund - Class Q		382,143		3,890,214
Pioneer Bond Fund - Class K		188,070		1,527,129
Segall Bryant & Hamill Plus Bond Fund - Class I		307,798		2,785,571
SPDR Bloomberg High Yield Bond ETF ⁽⁷⁾		104,083		9,367,470
Xtrackers USD High Yield Corporate Bond ETF ⁽⁷⁾		69,781		2,352,318
				44,572,229

International Fixed Income — 5.9%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁷⁾		111,279		9,413,091
				9,413,091

Total Registered Investment Companies (Cost $55,984,869)				53,985,320

Money Market Registered Investment Companies — 44.2%
Federated Hermes Government Obligations Fund, 4.15%		16,090,000		16,090,000
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		53,903,745		53,903,745
Total Money Market Registered Investment Companies (Cost $69,967,247)				69,993,745

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

2022 Annual Report | December 31, 2022

Page 51

Schedules of Investments
December 31, 2022

Moderate Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Bank Obligations — 0.2%
Metro City Bank Deposit Account, 0.94%, 1/3/2023 ⁽³⁾		249,338		249,338
Total Bank Obligations (Cost 249,338)				249,338
Total Investments — 100.0% (Cost $154,863,102)				158,489,935
Other Assets less Liabilities — 0.0%				32,233
Total Net Assets — 100.0%				158,522,168

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		625		7,188
Meeder Dynamic Allocation Fund - Retail Class		1,538		17,472
Meeder Muirfield Fund - Retail Class		2,023		16,670
Meeder Conservative Allocation Fund - Retail Class		194		4,045
Total Trustee Deferred Compensation (Cost $47,304)				45,375

	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		(14	)		3/17/2023		(3,419,640	)		77,180
Mini MSCI EAFE Index Futures		57			3/17/2023		5,555,790			(202,439	)
Mini MSCI Emerging Markets Index Futures		25			3/17/2023		1,199,250			(30,949	)
Russell 2000 Mini Index Futures		29			3/17/2023		2,567,805			(111,613	)
Total Futures Contracts		97					5,903,205			(267,821	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2022.

(3)

(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 52

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 14.7%
Communication Services — 0.6%
Alphabet, Inc. - Class C ⁽¹⁾		3,360		298,133
Alphabet, Inc. - Class A ⁽¹⁾		12		1,059
Comcast Corp.		2,269		79,347
Entravision Communications Corp.		172		826
IDT Corp. ⁽¹⁾		32		901
Interpublic Group of Cos., Inc./The		582		19,386
Liberty Broadband Corp. - Class A ⁽¹⁾		4		303
Liberty Broadband Corp. - Class C ⁽¹⁾		3		229
Meta Platforms, Inc. ⁽¹⁾		382		45,970
Netflix, Inc. ⁽¹⁾		229		67,528
T-Mobile US, Inc. ⁽¹⁾		1,122		157,080
Verizon Communications, Inc.		93		3,664
				674,426

Consumer Discretionary — 1.5%
Adtalem Global Education, Inc. ⁽¹⁾		8		284
Amazon.com, Inc. ⁽¹⁾		502		42,168
AutoNation, Inc. ⁽¹⁾		3		322
AutoZone, Inc. ⁽¹⁾		7		17,263
Best Buy Co., Inc.		845		67,777
Bloomin’ Brands, Inc.		307		6,177
Booking Holdings, Inc. ⁽¹⁾		80		161,222
BorgWarner, Inc.		1,092		43,953
Bright Horizons Family Solutions, Inc. ⁽¹⁾		13		820
Buckle, Inc./The		36		1,633
Burlington Stores, Inc. ⁽¹⁾		232		47,040
Cavco Industries, Inc. ⁽¹⁾		3		679
Chegg, Inc. ⁽¹⁾		627		15,844
Chico’s FAS, Inc. ⁽¹⁾		62		305
Churchill Downs, Inc.		1		211
ContextLogic, Inc. ⁽¹⁾		134		65
Coursera, Inc. ⁽¹⁾		18		213
Dillard’s, Inc.		2		646
Expedia Group, Inc. ⁽¹⁾		4		350
Frontdoor, Inc. ⁽¹⁾		18		374
Garmin, Ltd.		20		1,846
Gentex Corp.		53		1,445
Goodyear Tire & Rubber Co./The ⁽¹⁾		1,583		16,067
Grand Canyon Education, Inc. ⁽¹⁾		220		23,245
H&R Block, Inc.		35		1,278
Home Depot, Inc./The		849		268,165
La-Z-Boy, Inc.		25		571
Lennar Corp.		733		66,337
Lithia Motors, Inc.		2		409
LKQ Corp.		1,141		60,941
Lowe’s Cos., Inc.		2		398

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Lululemon Athletica, Inc. ⁽¹⁾		400		128,152
M/I Homes, Inc. ⁽¹⁾		41		1,893
Macy’s, Inc.		1,283		26,494
McDonald’s Corp.		722		190,269
National Vision Holdings, Inc. ⁽¹⁾		61		2,364
NIKE, Inc.		1,663		194,588
O’Reilly Automotive, Inc. ⁽¹⁾		81		68,366
Patrick Industries, Inc.		7		424
PVH Corp.		18		1,271
Qurate Retail, Inc. ⁽¹⁾		409		667
Ross Stores, Inc.		283		32,848
Skechers USA, Inc. ⁽¹⁾		592		24,834
Skyline Champion Corp. ⁽¹⁾		35		1,803
Starbucks Corp.		101		10,019
Sturm Ruger & Co., Inc.		6		304
Target Corp.		9		1,341
Tempur Sealy International, Inc.		8		275
Texas Roadhouse, Inc.		454		41,291
TJX Cos., Inc./The		1,341		106,744
Town Sports International Holdings, Inc. ⁽¹⁾⁽⁴⁾		464		0
Tractor Supply Co.		1		225
Tupperware Brands Corp. ⁽¹⁾		120		497
Ulta Beauty, Inc. ⁽¹⁾		201		94,283
Urban Outfitters, Inc. ⁽¹⁾		13		310
Whirlpool Corp.		332		46,965
Yum! Brands, Inc.		1,081		138,454
Zumiez, Inc. ⁽¹⁾		9		196
				1,962,925

Consumer Staples — 0.7%
Archer-Daniels-Midland Co.		14		1,300
Cal-Maine Foods, Inc.		16		871
Casey’s General Stores, Inc.		13		2,917
Coca-Cola Co./The		1,234		78,495
Costco Wholesale Corp.		99		45,194
Flowers Foods, Inc.		10		287
General Mills, Inc.		21		1,761
Hershey Co./The		600		138,942
Hostess Brands, Inc. ⁽¹⁾		18		404
Ingles Markets, Inc.		4		386
John B Sanfilippo & Son, Inc.		2		163
Kimberly-Clark Corp.		1,083		147,017
Kraft Heinz Co./The		10		407
Kroger Co./The		97		4,324
Lamb Weston Holdings, Inc.		179		15,995
Lancaster Colony Corp.		3		592
Molson Coors Beverage Co.		7		361

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

2022 Annual Report | December 31, 2022

Page 53

Schedules of Investments
December 31, 2022

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
PepsiCo, Inc.		1,178		212,817
Philip Morris International, Inc.		2		202
Pilgrim’s Pride Corp. ⁽¹⁾		64		1,519
Procter & Gamble Co./The		25		3,789
TreeHouse Foods, Inc. ⁽¹⁾		7		346
Walmart, Inc.		1,025		145,335
				803,424

Energy — 2.4%
Antero Resources Corp. ⁽¹⁾		41		1,271
APA Corp.		157		7,329
Arch Resources, Inc.		11		1,571
Baker Hughes Co.		29		856
California Resources Corp.		69		3,002
Callon Petroleum Co. ⁽¹⁾		45		1,669
Centrus Energy Corp. ⁽¹⁾		283		9,192
ChampionX Corp.		26		754
Cheniere Energy, Inc.		465		69,731
Chesapeake Energy Corp.		3		283
Chevron Corp.		6,863		1,231,840
Chord Energy Corp.		11		1,505
Civitas Resources, Inc.		52		3,012
Comstock Resources, Inc.		12		165
ConocoPhillips		1,247		147,146
Coterra Energy, Inc.		55		1,351
CVR Energy, Inc.		18		564
Delek US Holdings, Inc.		13		351
Denbury, Inc. ⁽¹⁾		9		783
Devon Energy Corp.		72		4,429
Diamondback Energy, Inc.		171		23,389
DT Midstream, Inc.		137		7,571
EOG Resources, Inc.		1,291		167,210
EQT Corp.		120		4,060
Exxon Mobil Corp.		4,741		522,932
FLEX LNG, Ltd.		39		1,275
Golar LNG, Ltd. ⁽¹⁾		75		1,709
Halliburton Co.		12		472
Hess Corp.		151		21,415
HF Sinclair Corp.		73		3,788
Kinder Morgan, Inc.		10		181
Laredo Petroleum, Inc. ⁽¹⁾		25		1,286
Magnolia Oil & Gas Corp.		24		563
Marathon Oil Corp.		19		514
Marathon Petroleum Corp.		1,390		161,782
Matador Resources Co.		40		2,290
Murphy Oil Corp.		23		989
Northern Oil and Gas, Inc.		13		401

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Occidental Petroleum Corp.		472		29,731
ONEOK, Inc.		2,022		132,845
Ovintiv, Inc.		500		25,355
Par Pacific Holdings, Inc. ⁽¹⁾		54		1,256
PBF Energy, Inc.		56		2,284
PDC Energy, Inc.		16		1,016
Phillips 66		877		91,278
Pioneer Natural Resources Co.		308		70,344
Range Resources Corp.		88		2,202
SandRidge Energy, Inc. ⁽¹⁾		18		307
Schlumberger, Ltd.		163		8,714
Scorpio Tankers, Inc.		144		7,743
SilverBow Resources, Inc. ⁽¹⁾		10		283
Sitio Royalties Corp.		13		375
SM Energy Co.		80		2,786
Talos Energy, Inc. ⁽¹⁾		23		434
Targa Resources Corp.		334		24,549
Teekay Corp. ⁽¹⁾		65		295
Teekay Tankers, Ltd. ⁽¹⁾		57		1,756
Tidewater, Inc. ⁽¹⁾		90		3,317
Valero Energy Corp.		327		41,483
Westmoreland Coal Co. ⁽¹⁾⁽⁴⁾		410		0
Williams Cos., Inc./The		39		1,283
World Fuel Services Corp.		33		902
				2,859,169

Financials — 1.6%
Affiliated Managers Group, Inc.		33		5,228
Aflac, Inc.		116		8,345
Ally Financial, Inc.		1,124		27,482
American Equity Investment Life Holding Co.		200		9,124
American Financial Group, Inc./OH		11		1,510
American International Group, Inc.		2,384		150,764
Argo Group International Holdings, Ltd.		33		853
Axis Capital Holdings, Ltd.		2		108
Bank of New York Mellon Corp./The		992		45,156
Bank OZK		44		1,763
Berkshire Hathaway, Inc. ⁽¹⁾		2,621		809,627
Cadence Bank		3		74
Capital One Financial Corp.		116		10,783
Cathay General Bancorp		7		286
Charles Schwab Corp./The		1,191		99,163
Chubb, Ltd.		80		17,648
Citigroup, Inc.		1		45
East West Bancorp, Inc.		1,950		128,505
Erie Indemnity Co.		1		249

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

Page 54

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Conservative Allocation
Security Description	Shares or Principal Amount ($)			Fair Value ($)
Common Stocks (United States) — continued
Essent Group, Ltd.		152			5,910
F&G Annuities & Life, Inc.		53			1,061
Fidelity National Financial, Inc.		782			29,419
First American Financial Corp.		43			2,251
Hancock Whitney Corp.		215			10,404
Hartford Financial Services Group, Inc./The		354			26,844
Loews Corp.		644			37,565
LPL Financial Holdings, Inc.		185			39,991
Marsh & McLennan Cos., Inc.		236			39,053
Medley Management, Inc. ⁽¹⁾⁽⁴⁾		25			0
New York Community Bancorp, Inc.		1,220			10,492
NMI Holdings, Inc. ⁽¹⁾		111	��		2,320
Northern Trust Corp.		1,431			126,629
Old Republic International Corp.		23			555
Pathward Financial, Inc.		69			2,970
Prosperity Bancshares, Inc.		203			14,754
Radian Group, Inc.		55			1,049
Reinsurance Group of America, Inc.		58			8,241
SLM Corp.		19			315
State Street Corp.		5			388
Stewart Information Services Corp.		220			9,401
Synchrony Financial		1,427			46,891
Unum Group		46			1,887
Virtu Financial, Inc.		14			286
W R Berkley Corp.		249			18,070
Walker & Dunlop, Inc.		27			2,119
Wells Fargo & Co.		63			2,601
Willis Towers Watson PLC		898			219,633
WSFS Financial Corp.		13			589
Zions Bancorp NA		7			344
					1,978,745

Healthcare — 2.8%
Abbott Laboratories		90			9,881
AbbVie, Inc.		1,544			249,526
Acadia Healthcare Co., Inc. ⁽¹⁾		388			31,940
AmerisourceBergen Corp.		108			17,897
Amgen, Inc.		648			170,191
AMN Healthcare Services, Inc. ⁽¹⁾		16			1,645
Amneal Pharmaceuticals, Inc. ⁽¹⁾		442			880
Avalo Therapeutics, Inc. ⁽¹⁾		62			312
Avanos Medical, Inc. ⁽¹⁾		14			379
Axogen, Inc. ⁽¹⁾		198			1,976
Biogen, Inc. ⁽¹⁾		414			114,645
BioMarin Pharmaceutical, Inc. ⁽¹⁾		4			414
Bristol-Myers Squibb Co.		1,491			107,277
Cardinal Health, Inc.		722			55,500

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Catalent, Inc. ⁽¹⁾		1,112		50,051
Catalyst Pharmaceuticals, Inc. ⁽¹⁾		22		409
Centene Corp. ⁽¹⁾		644		52,814
Centogene NV ⁽¹⁾		138		128
Cigna Corp.		32		10,603
Cross Country Healthcare, Inc. ⁽¹⁾		10		266
CVS Health Corp.		1,814		169,047
Danaher Corp.		313		83,076
Dexcom, Inc. ⁽¹⁾		205		23,214
Edwards Lifesciences Corp. ⁽¹⁾		3		224
Elevance Health, Inc.		271		139,015
Eli Lilly & Co.		716		261,941
Eloxx Pharmaceuticals, Inc. ⁽¹⁾		15		27
Embecta Corp.		30		759
Emergent BioSolutions, Inc. ⁽¹⁾		46		543
Enhabit, Inc. ⁽¹⁾		21		276
Ensign Group, Inc./The		103		9,745
Fulgent Genetics, Inc. ⁽¹⁾		649		19,327
Genprex, Inc. ⁽¹⁾		271		393
Gilead Sciences, Inc.		1,984		170,326
Haemonetics Corp. ⁽¹⁾		323		25,404
HCA Healthcare, Inc.		171		41,033
Humana, Inc.		180		92,194
Incyte Corp. ⁽¹⁾		119		9,558
Intuitive Surgical, Inc. ⁽¹⁾		623		165,313
IQVIA Holdings, Inc. ⁽¹⁾		185		37,905
Johnson & Johnson		1,864		329,276
McKesson Corp.		78		29,259
Medtronic PLC		20		1,554
Merck & Co., Inc.		332		36,835
Merit Medical Systems, Inc. ⁽¹⁾		350		24,717
MiMedx Group, Inc. ⁽¹⁾		22		61
Moderna, Inc. ⁽¹⁾		562		100,946
Molina Healthcare, Inc. ⁽¹⁾		62		20,474
Neurocrine Biosciences, Inc. ⁽¹⁾		100		11,944
Oncocyte Corp. ⁽¹⁾		195		63
Organon & Co.		36		1,005
Orthofix Medical, Inc. ⁽¹⁾		33		677
Palatin Technologies, Inc. ⁽¹⁾		34		87
Pfizer, Inc.		163		8,352
Premier, Inc.		43		1,504
Quest Diagnostics, Inc.		69		10,794
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		45		32,467
SIGA Technologies, Inc.		9		66
Twist Bioscience Corp. ⁽¹⁾		94		2,238
UnitedHealth Group, Inc.		641		339,845
Universal Health Services, Inc.		145		20,429

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

2022 Annual Report | December 31, 2022

Page 55

Schedules of Investments
December 31, 2022

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Veracyte, Inc. ⁽¹⁾		136		3,227
Vertex Pharmaceuticals, Inc. ⁽¹⁾		430		124,175
Viatris, Inc.		1,051		11,698
Vir Biotechnology, Inc. ⁽¹⁾		83		2,101
West Pharmaceutical Services, Inc.		139		32,714
Zimmer Biomet Holdings, Inc.		263		33,533
Zoetis, Inc.		245		35,905
				3,342,000

Industrials — 1.5%
Acuity Brands, Inc.		4		662
AGCO Corp.		6		832
Alaska Air Group, Inc. ⁽¹⁾		7		301
Allison Transmission Holdings, Inc.		23		957
AMETEK, Inc.		6		838
Argan, Inc.		14		516
Atkore, Inc. ⁽¹⁾		59		6,692
Axon Enterprise, Inc. ⁽¹⁾		109		18,086
BlueLinx Holdings, Inc. ⁽¹⁾		22		1,564
Boise Cascade Co.		47		3,227
Booz Allen Hamilton Holding Corp.		30		3,136
Brady Corp.		14		659
Builders FirstSource, Inc. ⁽¹⁾		1,032		66,956
BWX Technologies, Inc.		11		639
Casella Waste Systems, Inc. ⁽¹⁾		8		634
Comfort Systems USA, Inc.		9		1,036
Copart, Inc. ⁽¹⁾		5,626		342,567
Crane Holdings Co.		6		603
Deere & Co.		409		175,363
Delta Air Lines, Inc. ⁽¹⁾		3		99
Donaldson Co., Inc.		12		706
Dover Corp.		105		14,218
EMCOR Group, Inc.		253		37,472
Encore Wire Corp.		4		550
Enovix Corp. ⁽¹⁾		509		6,332
Equifax, Inc.		2		389
Fastenal Co.		7		331
Federal Signal Corp.		14		651
Fortune Brands Innovations, Inc.		2,181		124,557
Genco Shipping & Trading, Ltd.		7		108
Graco, Inc.		1,136		76,407
H&E Equipment Services, Inc.		10		454
Heidrick & Struggles International, Inc.		15		420
Hub Group, Inc. ⁽¹⁾		4		318
Hubbell, Inc.		104		24,407
Huntington Ingalls Industries, Inc.		6		1,384
ITT, Inc.		6		487

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Kforce, Inc.		5		274
Leidos Holdings, Inc.		255		26,823
Lockheed Martin Corp.		32		15,568
Masterbrand, Inc. ⁽¹⁾		1,857		14,020
Matson, Inc.		107		6,689
MDU Resources Group, Inc.		58		1,760
Moog, Inc. ⁽¹⁾		4		351
Mueller Industries, Inc.		56		3,304
MYR Group, Inc. ⁽¹⁾		4		368
Nordson Corp.		104		24,723
Northrop Grumman Corp.		13		7,093
PACCAR, Inc.		1,153		114,112
Primoris Services Corp.		63		1,382
Regal Rexnord Corp.		4		480
Republic Services, Inc.		2		258
Sensata Technologies Holding PLC		10		404
SkyWest, Inc. ⁽¹⁾		473		7,809
Southwest Airlines Co.		1,669		56,195
Tetra Tech, Inc.		242		35,136
UFP Industries, Inc.		6		476
United Airlines Holdings, Inc. ⁽¹⁾		593		22,356
United Parcel Service, Inc.		552		95,960
United Rentals, Inc. ⁽¹⁾		367		130,439
Univar Solutions, Inc. ⁽¹⁾		4		127
V2X, Inc. ⁽¹⁾		40		1,652
Valmont Industries, Inc.		3		992
Verisk Analytics, Inc.		771		136,020
Vicor Corp. ⁽¹⁾		397		21,339
Waste Management, Inc.		945		148,252
WW Grainger, Inc.		28		15,575
Xylem, Inc./NY		275		30,407
				1,834,902

Information Technology — 3.1%
Adobe, Inc. ⁽¹⁾		13		4,375
Amkor Technology, Inc.		516		12,374
Apple, Inc.		7,197		935,106
Arista Networks, Inc. ⁽¹⁾		650		78,878
Autodesk, Inc. ⁽¹⁾		399		74,561
Avnet, Inc.		2		83
Broadcom, Inc.		19		10,623
Cadence Design Systems, Inc. ⁽¹⁾		498		79,999
Calix, Inc. ⁽¹⁾		68		4,653
Cantaloupe, Inc. ⁽¹⁾		83		361
CDW Corp./DE		355		63,396
Cisco Systems, Inc.		1,315		62,647
Dell Technologies, Inc.		38		1,528

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

Page 56

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
DocuSign, Inc. ⁽¹⁾		251		13,910
EPAM Systems, Inc. ⁽¹⁾		126		41,295
Euronet Worldwide, Inc. ⁽¹⁾		55		5,191
Extreme Networks, Inc. ⁽¹⁾		23		421
Intel Corp.		1,900		50,217
International Money Express, Inc. ⁽¹⁾		5		122
Intuit, Inc.		21		8,174
Jabil, Inc.		1,156		78,839
Juniper Networks, Inc.		11		352
Lam Research Corp.		85		35,726
Manhattan Associates, Inc. ⁽¹⁾		721		87,529
Mastercard, Inc.		395		137,353
Microchip Technology, Inc.		528		37,092
Microsoft Corp.		1,588		380,837
Monolithic Power Systems, Inc.		79		27,935
National Instruments Corp.		101		3,727
NVIDIA Corp.		1,141		166,746
Oracle Corp.		951		77,735
Paycom Software, Inc. ⁽¹⁾		75		23,273
Pure Storage, Inc. ⁽¹⁾		992		26,546
QUALCOMM, Inc.		1,123		123,463
Roper Technologies, Inc.		436		188,391
Sanmina Corp. ⁽¹⁾		24		1,375
Skyworks Solutions, Inc.		2,022		184,265
Synopsys, Inc. ⁽¹⁾		447		142,723
Teradyne, Inc.		360		31,446
TESSCO Technologies, Inc. ⁽¹⁾		44		216
Texas Instruments, Inc.		2,696		445,433
VeriSign, Inc. ⁽¹⁾		14		2,876
Vishay Intertechnology, Inc.		15		324
WEX, Inc. ⁽¹⁾		246		40,258
Zebra Technologies Corp. ⁽¹⁾		21		5,385
Zoom Video Communications, Inc. ⁽¹⁾		741		50,195
				3,747,954

Materials — 0.4%
AdvanSix, Inc.		12		456
Alcoa Corp.		1,080		49,108
Alpha Metallurgical Resources, Inc.		24		3,513
Avery Dennison Corp.		113		20,453
CF Industries Holdings, Inc.		132		11,246
Dow, Inc.		323		16,276
Eagle Materials, Inc.		81		10,761
Freeport-McMoRan, Inc.		688		26,144
Huntsman Corp.		12		330
International Paper Co.		2		69
Louisiana-Pacific Corp.		532		31,494

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
LyondellBasell Industries NV		957		79,460
Mosaic Co./The		6		263
Newmont Corp.		345		16,284
Nucor Corp.		475		62,610
Olin Corp.		291		15,406
Packaging Corp. of America		5		640
Reliance Steel & Aluminum Co.		4		810
Ryerson Holding Corp.		41		1,241
Sherwin-Williams Co./The		3		712
Southern Copper Corp.		122		7,368
Steel Dynamics, Inc.		739		72,200
Sylvamo Corp.		24		1,166
United States Steel Corp.		810		20,291
Warrior Met Coal, Inc.		17		589
Westrock Co.		64		2,250
				451,140

Real Estate Investment Trust — 0.0%
Hudson Pacific Properties, Inc.		63		613
RAIT Financial Trust ⁽¹⁾⁽⁴⁾		368		0
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁴⁾		477		0
				613

Utilities — 0.1%
Brookfield Renewable Corp.		97		2,671
CenterPoint Energy, Inc.		614		18,414
Clearway Energy, Inc.		22		701
CMS Energy Corp.		137		8,676
Evergy, Inc.		8		503
National Fuel Gas Co.		178		11,267
NRG Energy, Inc.		153		4,868
OGE Energy Corp.		272		10,758
ONE Gas, Inc.		12		909
UGI Corp.		746		27,652
				86,419

Total Common Stocks (United States) (Cost $17,607,221)				17,741,717

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

2022 Annual Report | December 31, 2022

Page 57

Schedules of Investments
December 31, 2022

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁵⁾		153		4,039
Total Preferred Stock (United States) (Cost $3,824)				4,039

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		157
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		6		197
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		163
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		2		36
Total Warrants (United States) (Cost $374)				553

Registered Investment Companies — 48.0%
U.S. Fixed Income — 39.7%
Baird Core Plus Bond Fund - Class I		256,113		2,527,837
BBH Limited Duration Fund - Class I		126,828		1,263,210
Diamond Hill Short Duration Securitized Bond Fund - Class Y		441,897		4,162,672
DoubleLine Total Return Bond Fund - Class I		327,373		2,871,061
Frost Total Return Bond Fund - Class I		183,247		1,709,695
Guggenheim- Total Return Bond Fund - Class I		53,415		1,239,219
iShares Core U.S. Aggregate Bond ETF ⁽⁶⁾		130,818		12,688,038
PGIM Short-Term Corporate Bond Fund - Class Q		402,881		4,101,329
Pioneer Bond Fund - Class K		202,559		1,644,778
Segall Bryant & Hamill Plus Bond Fund - Class I		331,846		3,003,203
SPDR Bloomberg High Yield Bond ETF ⁽⁶⁾		111,053		9,994,770
Xtrackers USD High Yield Corporate Bond ETF ⁽⁶⁾		75,849		2,556,870
				47,762,682

Conservative Allocation
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Registered Investment Companies — continued
International Fixed Income — 8.3%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁶⁾		118,802		10,049,461
				10,049,461

Total Registered Investment Companies (Cost $59,935,548)				57,812,143

Money Market Registered Investment Companies — 37.0%
Federated Hermes Government Obligations Fund, 4.15%		17,165,000		17,165,000
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		27,330,467		27,330,467
Total Money Market Registered Investment Companies (Cost $44,480,360)				44,495,467
Total Investments — 99.7% (Cost $122,027,327)				120,053,919
Other Assets less Liabilities — 0.3%				352,404
Total Net Assets — 100.0%				120,406,323

Trustee Deferred Compensation ⁽³⁾
Meeder Balanced Fund - Retail Class		1,444		16,606
Meeder Dynamic Allocation Fund - Retail Class		3,865		43,906
Meeder Muirfield Fund - Retail Class		2,466		20,320
Meeder Conservative Allocation Fund - Retail Class		415		8,653
Total Trustee Deferred Compensation (Cost $86,954)				89,485

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

Page 58

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

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	)		3/17/2023		(1,954,080	)		50,773
Mini MSCI EAFE Index Futures		27			3/17/2023		2,631,690			(99,491	)
Mini MSCI Emerging Markets Index Futures		12			3/17/2023		575,640			(12,620	)
Russell 2000 Mini Index Futures		15			3/17/2023		1,328,175			(54,025	)
Standard & Poors 500 Mini Futures		(12	)		3/17/2023		(2,316,600	)		59,943
Total Futures Contracts		34					264,825			(55,420	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 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.

2022 Annual Report | December 31, 2022

Page 59

Schedules of Investments
December 31, 2022

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 70.1%
Communication Services — 1.6%
Alphabet, Inc. ⁽¹⁾		19,550		1,734,672
Cable One, Inc.		14		9,966
Entravision Communications Corp.		1,214		5,827
IDT Corp. ⁽¹⁾		5,644		158,991
Meta Platforms, Inc. ⁽¹⁾		7,797		938,291
Netflix, Inc. ⁽¹⁾		458		135,055
News Corp.		572		10,410
Roku, Inc. ⁽¹⁾		2,154		87,668
T-Mobile US, Inc. ⁽¹⁾		1,427		199,780
Trade Desk, Inc./The ⁽¹⁾		1,418		63,569
Verizon Communications, Inc.		524		20,646
				3,364,875

Consumer Discretionary — 9.7%
Amazon.com, Inc. ⁽¹⁾		8,403		705,852
AutoZone, Inc. ⁽¹⁾		51		125,775
Best Buy Co., Inc.		5,288		424,150
Bloomin’ Brands, Inc.		481		9,678
Booking Holdings, Inc. ⁽¹⁾		372		749,684
BorgWarner, Inc.		13,172		530,173
Burlington Stores, Inc. ⁽¹⁾		1,785		361,927
Chegg, Inc. ⁽¹⁾		7,421		187,529
Chico’s FAS, Inc. ⁽¹⁾		743		3,656
DR Horton, Inc.		11,602		1,034,202
Expedia Group, Inc. ⁽¹⁾		6,672		584,467
Frontdoor, Inc. ⁽¹⁾		1,100		22,880
Garmin, Ltd.		4,714		435,055
Goodyear Tire & Rubber Co./The ⁽¹⁾		7,559		76,724
Grand Canyon Education, Inc. ⁽¹⁾		6,427		679,077
Helen of Troy, Ltd. ⁽¹⁾		944		104,699
Home Depot, Inc./The		4,081		1,289,025
Lennar Corp. ⁽¹⁾		35		2,625
Lennar Corp.		7,856		710,968
LKQ Corp.		1,902		101,586
Lowe’s Cos., Inc.		3,887		774,446
Lululemon Athletica, Inc. ⁽¹⁾		6,035		1,933,493
M/I Homes, Inc. ⁽¹⁾		4,603		212,567
Macy’s, Inc.		26,609		549,476
Mohawk Industries, Inc. ⁽¹⁾		15,247		1,558,548
National Vision Holdings, Inc. ⁽¹⁾		2,692		104,342
NVR, Inc. ⁽¹⁾		7		32,288
O’Reilly Automotive, Inc. ⁽¹⁾		731		616,986
PulteGroup, Inc.		4,844		220,547
PVH Corp.		6,020		424,952
Qurate Retail, Inc. ⁽¹⁾		2,330		3,798
Ross Stores, Inc.		2,909		337,648

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Skyline Champion Corp. ⁽¹⁾		7,804		401,984
Sleep Number Corp. ⁽¹⁾		4,356		113,169
Tapestry, Inc.		2,344		89,260
Target Corp.		660		98,366
Tempur Sealy International, Inc.		7,035		241,512
TJX Cos., Inc./The		11,571		921,052
Toll Brothers, Inc.		4,640		231,629
Town Sports International Holdings, Inc. ⁽¹⁾⁽⁵⁾		2,090		0
Tractor Supply Co.		1,069		240,493
Tupperware Brands Corp. ⁽¹⁾		13,119		54,313
Ulta Beauty, Inc. ⁽¹⁾		2,133		1,000,526
Whirlpool Corp.		11,018		1,558,606
Wingstop, Inc.		754		103,765
Yum! Brands, Inc.		6,200		794,096
				20,757,594

Consumer Staples — 2.8%
Archer-Daniels-Midland Co.		11,486		1,066,475
Bunge, Ltd.		5,318		530,577
Coca-Cola Co./The		5,510		350,491
Costco Wholesale Corp.		5,390		2,460,535
Flowers Foods, Inc.		107		3,075
General Mills, Inc.		9,632		807,643
Ingredion, Inc.		153		14,983
Kroger Co./The		295		13,151
PepsiCo, Inc.		2,536		458,154
Walmart, Inc.		2,307		327,110
				6,032,194

Energy — 6.5%
APA Corp.		3,465		161,746
Ardmore Shipping Corp. ⁽¹⁾		6,127		88,290
Berry Corp.		1,448		11,584
Bristow Group, Inc. ⁽¹⁾		2,480		67,282
Callon Petroleum Co. ⁽¹⁾		4,721		175,102
Centrus Energy Corp. ⁽¹⁾		2,964		96,271
ChampionX Corp.		616		17,858
Cheniere Energy, Inc.		1,552		232,738
Chevron Corp.		15,999		2,871,661
Civitas Resources, Inc.		84		4,866
Comstock Resources, Inc.		272		3,729
ConocoPhillips		8,323		982,114
Coterra Energy, Inc.		75		1,843
CVR Energy, Inc.		1,034		32,406
Delek US Holdings, Inc.		1,146		30,942
Devon Energy Corp.		4,369		268,737
Diamondback Energy, Inc.		886		121,187

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

Page 60

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Dorian LPG, Ltd.		1,525		28,899
DT Midstream, Inc.		4,022		222,256
EOG Resources, Inc.		3,293		426,509
EQT Corp.		1,928		65,224
Exxon Mobil Corp.		26,869		2,963,651
Golar LNG, Ltd. ⁽¹⁾		2,829		64,473
Green Plains, Inc. ⁽¹⁾		4,799		146,370
Halliburton Co.		2,664		104,828
Hess Corp.		624		88,496
Laredo Petroleum, Inc. ⁽¹⁾		55		2,828
Marathon Oil Corp.		331		8,960
Marathon Petroleum Corp.		16,082		1,871,784
NexTier Oilfield Solutions, Inc. ⁽¹⁾		3,682		34,022
ONEOK, Inc.		10,228		671,980
Ovintiv, Inc.		2,155		109,280
Phillips 66		3,526		366,986
Pioneer Natural Resources Co.		2,495		569,833
Schlumberger, Ltd.		5,701		304,775
SilverBow Resources, Inc. ⁽¹⁾		1,127		31,872
SM Energy Co.		465		16,196
Solaris Oilfield Infrastructure, Inc.		279		2,770
Targa Resources Corp.		2,436		179,046
Teekay Corp. ⁽¹⁾		1,128		5,121
Teekay Tankers, Ltd. ⁽¹⁾		1,665		51,299
Valero Energy Corp.		3,397		430,943
World Fuel Services Corp.		258		7,051
				13,943,808

Financials — 9.1%
Affiliated Managers Group, Inc.		384		60,837
Aflac, Inc.		1,461		105,104
American Equity Investment Life Holding Co.		4,141		188,912
American Financial Group, Inc./OH		577		79,211
Apollo Global Management, Inc.		21,349		1,361,853
Argo Group International Holdings, Ltd.		521		13,468
Bank of New York Mellon Corp./The		15,170		690,538
Bank OZK		862		34,532
Berkshire Hathaway, Inc. ⁽¹⁾		24,919		7,697,479
Cannae Holdings, Inc. ⁽¹⁾		2,478		51,171
Charles Schwab Corp./The		13,543		1,127,590
Chubb, Ltd.		4,940		1,089,764
Donegal Group, Inc.		1,569		22,280
East West Bancorp, Inc.		7,420		488,978
Essent Group, Ltd.		7,148		277,914
F&G Annuities & Life, Inc.		487		9,745
Fidelity National Financial, Inc.		7,169		269,698

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
First American Financial Corp.		2,834		148,332
Focus Financial Partners, Inc. ⁽¹⁾		263		9,802
Hartford Financial Services Group, Inc./The		1,450		109,954
Jackson Financial, Inc.		3,161		109,971
LPL Financial Holdings, Inc.		1,525		329,659
Marsh & McLennan Cos., Inc.		12,086		1,999,991
Moelis & Co.		187		7,175
Mr Cooper Group, Inc. ⁽¹⁾		1,322		53,052
New York Community Bancorp, Inc.		4,448		38,253
Old Republic International Corp.		241		5,820
OneMain Holdings, Inc.		1,297		43,203
PacWest Bancorp		1,120		25,704
Pathward Financial, Inc.		1,175		50,584
SEI Investments Co.		2,385		139,046
State Street Corp.		2,125		164,836
Stewart Information Services Corp.		4,581		195,746
Synchrony Financial		3,910		128,483
W R Berkley Corp.		509		36,938
Walker & Dunlop, Inc.		1,770		138,910
Willis Towers Watson PLC		9,214		2,253,560
				19,558,093

Healthcare — 12.7%
AbbVie, Inc.		7,645		1,235,508
Agilent Technologies, Inc.		224		33,522
Alaunos Therapeutics, Inc. ⁽¹⁾		4,281		2,779
Amgen, Inc.		7,438		1,953,516
Avanos Medical, Inc. ⁽¹⁾		1,863		50,413
Biogen, Inc. ⁽¹⁾		1,425		394,611
Bristol-Myers Squibb Co.		8,463		608,913
Cardinal Health, Inc.		13,693		1,052,581
CareDx, Inc. ⁽¹⁾		3,297		37,619
Catalent, Inc. ⁽¹⁾		5,878		264,569
Centene Corp. ⁽¹⁾		7,170		588,012
Cigna Corp.		2,398		794,553
CVS Health Corp.		9,000		838,710
Dexcom, Inc. ⁽¹⁾		207		23,441
Elevance Health, Inc.		1,538		788,948
Eli Lilly & Co.		4,302		1,573,844
Embecta Corp.		928		23,469
Emergent BioSolutions, Inc. ⁽¹⁾		981		11,586
Enhabit, Inc. ⁽¹⁾		719		9,462
Fulgent Genetics, Inc. ⁽¹⁾		7,681		228,740
Genprex, Inc. ⁽¹⁾		1,400		2,030
Gilead Sciences, Inc.		15,525		1,332,821
HCA Healthcare, Inc.		1,521		364,979
Humana, Inc.		216		110,633

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

2022 Annual Report | December 31, 2022

Page 61

Schedules of Investments
December 31, 2022

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
IDEXX Laboratories, Inc. ⁽¹⁾		341		139,114
ImmunityBio, Inc. ⁽¹⁾		5,750		29,153
Intuitive Surgical, Inc. ⁽¹⁾		894		237,223
IQVIA Holdings, Inc. ⁽¹⁾		1,084		222,101
Johnson & Johnson		16,319		2,882,751
Joint Corp./The ⁽¹⁾		200		2,796
Laboratory Corp. of America Holdings		266		62,638
McKesson Corp.		2,301		863,151
Merck & Co., Inc.		8,941		992,004
Merit Medical Systems, Inc. ⁽¹⁾		21		1,483
Moderna, Inc. ⁽¹⁾		5,834		1,047,903
Molina Healthcare, Inc. ⁽¹⁾		19		6,274
Pfizer, Inc.		16,915		866,725
Quest Diagnostics, Inc.		2,750		430,210
Regeneron Pharmaceuticals, Inc. ⁽¹⁾		1,150		829,714
SIGA Technologies, Inc.		449		3,305
Twist Bioscience Corp. ⁽¹⁾		18,302		435,771
UnitedHealth Group, Inc.		6,280		3,329,530
Universal Health Services, Inc.		1,432		201,754
Veracyte, Inc. ⁽¹⁾		998		23,683
Vertex Pharmaceuticals, Inc. ⁽¹⁾		2,221		641,380
Viatris, Inc.		7,721		85,935
Vir Biotechnology, Inc. ⁽¹⁾		1,204		30,473
West Pharmaceutical Services, Inc.		3,305		777,832
Zoetis, Inc.		7,744		1,134,883
				27,603,045

Industrials — 6.5%
AeroVironment, Inc. ⁽¹⁾		617		52,852
Atkore, Inc. ⁽¹⁾		2,898		328,691
Boise Cascade Co.		1,198		82,267
Builders FirstSource, Inc. ⁽¹⁾		9,010		584,569
Comfort Systems USA, Inc.		200		23,016
Copart, Inc. ⁽¹⁾		56,054		3,413,128
CoStar Group, Inc. ⁽¹⁾		5,483		423,726
EMCOR Group, Inc.		1,844		273,115
Enovix Corp. ⁽¹⁾		46,291		575,860
Expeditors International of Washington, Inc.		2,554		265,412
Fortune Brands Innovations, Inc.		16,131		921,241
General Dynamics Corp.		3,337		827,943
Graco, Inc.		6,520		438,535
ITT, Inc.		1,132		91,805
Karat Packaging, Inc.		223		3,205
Leidos Holdings, Inc.		2,433		255,927
Lockheed Martin Corp.		2,596		1,262,928
ManpowerGroup, Inc.		1,994		165,921
Masterbrand, Inc. ⁽¹⁾		16,131		121,789

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Matson, Inc.		2,940		183,779
Mueller Industries, Inc.		1,455		85,845
Northrop Grumman Corp.		1,410		769,310
nVent Electric PLC		338		13,003
Owens Corning		1,537		131,106
PACCAR, Inc.		5,134		508,112
SkyWest, Inc. ⁽¹⁾		2,652		43,785
Southwest Airlines Co.		12,523		421,649
Trex Co., Inc. ⁽¹⁾		1,261		53,378
United Airlines Holdings, Inc. ⁽¹⁾		1,744		65,749
Verisk Analytics, Inc.		3,536		623,821
Vicor Corp. ⁽¹⁾		2,794		150,178
Waste Management, Inc.		4,704		737,964
				13,899,609

Information Technology — 18.4%
Adobe, Inc. ⁽¹⁾		3,228		1,086,319
Amkor Technology, Inc.		1,102		26,426
ANSYS, Inc. ⁽¹⁾		844		203,902
Apple, Inc.		69,144		8,983,880
Applied Materials, Inc.		3,341		325,347
Arrow Electronics, Inc. ⁽¹⁾		2,707		283,071
Avnet, Inc.		4,923		204,698
Block, Inc. ⁽¹⁾		288		18,098
Broadcom, Inc.		226		126,363
Calix, Inc. ⁽¹⁾		2,175		148,835
Cisco Systems, Inc.		13,890		661,720
Cloudflare, Inc. ⁽¹⁾		6,542		295,764
Cognizant Technology Solutions Corp.		8,934		510,935
Digital Turbine, Inc. ⁽¹⁾		26,090		397,612
DocuSign, Inc. ⁽¹⁾		12,678		702,615
EPAM Systems, Inc. ⁽¹⁾		745		244,166
Euronet Worldwide, Inc. ⁽¹⁾		1,960		184,985
Intel Corp.		22,902		605,300
Intuit, Inc.		1,130		439,819
Jabil, Inc.		9,880		673,816
Lam Research Corp.		1,139		478,722
Lattice Semiconductor Corp. ⁽¹⁾		5,583		362,225
Manhattan Associates, Inc. ⁽¹⁾		13,089		1,589,005
Mastercard, Inc.		4,625		1,608,251
Microchip Technology, Inc.		5,551		389,958
Microsoft Corp.		35,115		8,421,272
MongoDB, Inc. ⁽¹⁾		94		18,503
National Instruments Corp.		1,897		69,999
NVIDIA Corp.		8,106		1,184,611
Oracle Corp.		3,904		319,113
QUALCOMM, Inc.		15,694		1,725,398

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

Page 62

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Skyworks Solutions, Inc.		20,897		1,904,344
StarTek, Inc. ⁽¹⁾		1,629		6,109
Synopsys, Inc. ⁽¹⁾		2,929		935,200
Teradyne, Inc.		12,574		1,098,339
Texas Instruments, Inc.		12,501		2,065,415
Zebra Technologies Corp. ⁽¹⁾		3,037		778,717
Zoom Video Communications, Inc. ⁽¹⁾		10,075		682,481
				39,761,333

Materials — 2.5%
AdvanSix, Inc.		88		3,346
Alcoa Corp.		32,145		1,461,633
Alpha Metallurgical Resources, Inc.		112		16,396
Avery Dennison Corp.		2,471		447,251
Dow, Inc.		5,102		257,090
Eagle Materials, Inc.		680		90,338
Freeport-McMoRan, Inc.		6,565		249,470
Louisiana-Pacific Corp.		16,886		999,651
LyondellBasell Industries NV		4,940		410,168
MP Materials Corp. ⁽¹⁾		12,179		295,706
Newmont Corp.		43		2,030
Nucor Corp.		2,957		389,762
Olin Corp.		241		12,759
Ryerson Holding Corp.		140		4,236
Schnitzer Steel Industries, Inc.		981		30,068
Southern Copper Corp.		1,298		78,386
Steel Dynamics, Inc.		4,039		394,610
United States Steel Corp.		5,138		128,707
Warrior Met Coal, Inc.		2,016		69,834
				5,341,441

Real Estate Investment Trust — 0.0%
CorEnergy Infrastructure Trust, Inc.		5,320		11,119
Rafael Holdings, Inc. ⁽¹⁾		1,612		3,014
Spirit MTA REIT Liquidating Trust ⁽¹⁾⁽⁵⁾		3,134		0
				14,133

Utilities — 0.3%
Brookfield Renewable Corp.		854		23,519
OGE Energy Corp.		2,254		89,146
UGI Corp.		13,620		504,892
				617,557

Total Common Stocks (United States) (Cost $131,311,555)				150,893,682

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Preferred Stock (United States) — 0.0%
WESCO International, Inc. Series A Variable Preferred, 9.7% ⁽⁶⁾		610		16,104
Total Preferred Stock (United States) (Cost $15,247)				16,104

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		664
Nabors Industries, Ltd. Warrants, Expiration Date 6/11/2026 ⁽¹⁾		27		888
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		918
Whiting Petroleum Corp. B Warrants, Expiration Date 9/1/2025 ⁽¹⁾		22		400
Total Warrants (United States) (Cost $2,715)				2,870

Registered Investment Companies — 3.5%
U.S. Fixed Income — 2.4%
iShares Core U.S. Aggregate Bond ETF ⁽⁷⁾		40,834		3,960,490
SPDR Bloomberg High Yield Bond ETF ⁽⁷⁾		13,084		1,177,560
Xtrackers USD High Yield Corporate Bond ETF ⁽⁷⁾		8,495		286,366
				5,424,416

International Fixed Income — 0.6%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽⁷⁾		14,005		1,184,683
				1,184,683

International Equity — 0.5%
iShares Core MSCI EAFE ETF ⁽⁷⁾		15,725		969,289
				969,289

Total Registered Investment Companies (Cost $7,722,733)				7,578,388

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

2022 Annual Report | December 31, 2022

Page 63

Schedules of Investments
December 31, 2022

Dynamic Allocation Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Money Market Registered Investment Companies — 25.4%
Federated Hermes Government Obligations Fund, 4.15%		2,035,000		2,035,000
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		52,503,793		52,503,793
Total Money Market Registered Investment Companies (Cost $54,513,477)				54,538,793

Bank Obligations — 0.2%
First Merchants Bank Deposit Account, 1.60%, 1/3/2023 ⁽³⁾		249,081		249,081
Metro City Bank Deposit Account, 0.94%, 1/3/2023 ⁽³⁾		249,337		249,337
Total Bank Obligations (Cost $498,418)				498,418
Total Investments — 99.2% (Cost $194,064,145)				213,528,255
Other Assets less Liabilities — 0.8%				1,487,940
Total Net Assets — 100.0%				215,016,195

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		4,194		48,231
Meeder Dynamic Allocation Fund - Retail Class		11,475		130,356
Meeder Muirfield Fund - Retail Class		5,537		45,625
Meeder Conservative Allocation Fund - Retail Class		1,195		24,916
Total Trustee Deferred Compensation (Cost $237,194)				249,128

Dynamic 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		(82	)		3/17/2023		(20,029,320	)		437,784
Mini MSCI EAFE Index Futures		469			3/17/2023		45,713,430			(1,754,168	)
Mini MSCI Emerging Markets Index Futures		208			3/17/2023		9,977,760			(257,498	)
Russell 2000 Mini Index Futures		132			3/17/2023		11,687,940			(499,561	)
Standard & Poors 500 Mini Futures		23			3/17/2023		4,440,150			7,617
Total Futures Contracts		750					51,789,960			(2,065,826	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2022.

(3)

(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.

Page 64

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — 61.0%
Communication Services — 3.1%
DISH Network Corp. ⁽¹⁾		13,099		183,910
Interpublic Group of Cos., Inc./The		6,033		200,959
News Corp. - Class B		10,626		195,943
News Corp. - Class A		10,760		195,832
Omnicom Group, Inc.		2,771		226,030
				1,002,674

Consumer Discretionary — 7.5%
Bath & Body Works, Inc.		4,877		205,517
BorgWarner, Inc.		5,333		214,653
Caesars Entertainment, Inc. ⁽¹⁾		4,636		192,858
CarMax, Inc. ⁽¹⁾		3,596		218,960
Hasbro, Inc.		3,277		199,930
Mohawk Industries, Inc. ⁽¹⁾		2,018		206,280
Norwegian Cruise Line Holdings, Ltd. ⁽¹⁾		12,527		153,330
PulteGroup, Inc.		4,492		204,521
Ralph Lauren Corp.		1,810		191,263
Tapestry, Inc.		5,967		227,223
Whirlpool Corp.		1,422		201,156
Wynn Resorts, Ltd. ⁽¹⁾		2,426		200,072
				2,415,763

Consumer Staples — 3.3%
Campbell Soup Co.		4,209		238,861
Conagra Brands, Inc.		5,942		229,955
J M Smucker Co./The		578		91,590
Lamb Weston Holdings, Inc.		3,358		300,071
Molson Coors Beverage Co.		3,793		195,415
				1,055,892

Energy — 2.5%
APA Corp.		4,699		219,349
ConocoPhillips		2,083		245,794
Coterra Energy, Inc.		6,434		158,083
Marathon Oil Corp.		7,027		190,221
				813,447

Financials — 8.1%
Assurant, Inc.		1,620		202,597
Cboe Global Markets, Inc.		1,943		243,788
Comerica, Inc.		3,055		204,227
Everest Re Group, Ltd.		780		258,391
Globe Life, Inc.		2,253		271,599
Invesco, Ltd.		10,838		194,976
Lincoln National Corp.		6,683		205,302

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Loews Corp.		3,641		212,380
M&T Bank Corp.		1,228		178,134
Signature Bank/New York NY		1,755		202,211
W R Berkley Corp.		3,161		229,394
Zions Bancorp NA		3,994		196,345
				2,599,344

Healthcare — 4.5%
Cardinal Health, Inc.		3,698		284,265
Catalent, Inc. ⁽¹⁾		4,598		206,956
Henry Schein, Inc. ⁽¹⁾		2,540		202,870
Incyte Corp. ⁽¹⁾		2,854		229,233
Organon & Co.		7,750		216,458
Universal Health Services, Inc.		1,393		196,260
Viatris, Inc.		11,014		122,586
				1,458,628

Industrials — 11.1%
A O Smith Corp.		3,009		172,235
Alaska Air Group, Inc. ⁽¹⁾		4,559		195,763
Allegion plc		1,886		198,520
American Airlines Group, Inc. ⁽¹⁾		15,425		196,206
CH Robinson Worldwide, Inc.		2,316		212,053
Fortune Brands Innovations, Inc.		3,249		185,550
Generac Holdings, Inc. ⁽¹⁾		1,987		200,011
Howmet Aerospace, Inc.		7,623		300,424
Huntington Ingalls Industries, Inc.		1,243		286,735
Leidos Holdings, Inc.		2,781		292,533
Masterbrand, Inc. ⁽¹⁾		3,249		24,530
Pentair PLC		4,462		200,701
Quanta Services, Inc.		2,201		313,643
Robert Half International, Inc.		2,730		201,556
Rollins, Inc.		7,605		277,887
Snap-on, Inc.		1,158		264,591
				3,522,938

Information Technology — 6.9%
Ceridian HCM Holding, Inc. ⁽¹⁾		3,166		203,099
DXC Technology Co. ⁽¹⁾		7,068		187,302
F5, Inc. ⁽¹⁾		1,066		152,982
FleetCor Technologies, Inc. ⁽¹⁾		1,079		198,191
Gen Digital, Inc.		8,850		189,656
IPG Photonics Corp. ⁽¹⁾		115		10,887
Jack Henry & Associates, Inc.		1,179		206,985
Juniper Networks, Inc.		6,685		213,653
PTC, Inc. ⁽¹⁾		1,953		234,438

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

2022 Annual Report | December 31, 2022

Page 65

Schedules of Investments
December 31, 2022

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Common Stocks (United States) — continued
Qorvo, Inc. ⁽¹⁾		2,185		198,048
SolarEdge Technologies, Inc. ⁽¹⁾		927		262,591
Trimble, Inc. ⁽¹⁾		3,376		170,691
				2,228,523

Materials — 5.0%
CF Industries Holdings, Inc.		2,985		254,322
Eastman Chemical Co.		2,438		198,551
FMC Corp.		2,298		286,790
Mosaic Co./The		6,312		276,907
Packaging Corp. of America		1,608		205,679
Sealed Air Corp.		3,486		173,882
Westrock Co.		5,647		198,549
				1,594,680

Real Estate Investment Trust — 3.9%
Federal Realty Investment Trust		1,834		185,307
Host Hotels & Resorts, Inc.		14,395		231,040
Iron Mountain, Inc.		5,037		251,094
Kimco Realty Corp.		10,131		214,575
Regency Centers Corp.		3,283		205,188
SL Green Realty Corp.		128		4,316
Vornado Realty Trust		8,445		175,740
				1,267,260

Utilities — 5.1%
AES Corp./The		10,453		300,628
Alliant Energy Corp.		4,210		232,434
Atmos Energy Corp.		2,406		269,640
Evergy, Inc.		3,706		233,219
NiSource, Inc.		8,248		226,160
NRG Energy, Inc.		5,997		190,825
Pinnacle West Capital Corp.		2,636		200,442
				1,653,348

Total Common Stocks (United States) (Cost $16,458,227)				19,612,497

Quantex Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Preferred Stock (United States) — 0.0%
Wells Fargo & Co. Preferred ⁽⁵⁾		1		0
Total Preferred Stock (United States) (Cost 0)				0

Money Market Registered Investment Companies — 37.1%
Meeder Institutional Prime Money Market Fund, 4.36% ⁽²⁾		11,930,714		11,930,714
Total Money Market Registered Investment Companies (Cost $11,927,919)				11,930,714

Bank Obligations — 0.0%
First Merchants Bank Deposit Account, 1.60%, 1/3/2023 ⁽³⁾		3		3
Total Bank Obligations (Cost 3)				3
Total Investments — 98.1% (Cost $28,386,149)				31,543,214
Other Assets less Liabilities — 1.9%				624,085
Total Net Assets — 100.0%				32,167,299

Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		1,220		14,030
Meeder Dynamic Allocation Fund - Retail Class		3,282		37,284
Meeder Muirfield Fund - Retail Class		1,669		13,753
Meeder Conservative Allocation Fund - Retail Class		347		7,235
Total Trustee Deferred Compensation (Cost $69,553)				72,302

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

Page 66

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

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		41		3/17/2023		10,014,660		(290,819	)
Standard & Poors 500 Mini Futures		12		3/17/2023		2,316,600		(107,682	)
Total Futures Contracts		53				12,331,260		(398,501	)

(1)	Represents non-income producing securities.

(2)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2022.

(3)

(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.

2022 Annual Report | December 31, 2022

Page 67

Schedules of Investments
December 31, 2022

Tactical Income Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Commercial Paper — 14.8%
American Honda Finance Co, 5.06, due 1/11/2023		10,000,000		9,984,527
Total Commercial Paper (Cost $9,987,222)				9,984,527

Registered Investment Companies — 68.3%
U.S. Fixed Income — 56.4%
BBH Limited Duration Fund - Class I		473,714		4,718,194
Diamond Hill Short Duration Securitized Bond Fund - Class Y		218,467		2,057,956
Frost Total Return Bond Fund - Class I		180,104		1,680,375
iShares Core 1-5 Year USD Bond ETF ⁽³⁾		284,895		13,230,524
iShares Core U.S. Aggregate Bond ETF ⁽³⁾		13,924		1,350,489
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF ⁽³⁾		78,102		3,891,042
PGIM Short-Term Corporate Bond Fund - Class Q		91,980		936,357
SPDR Bloomberg High Yield Bond ETF ⁽³⁾		88,756		7,988,040
Xtrackers USD High Yield Corporate Bond ETF ⁽³⁾		60,679		2,045,489
				37,898,466

International Fixed Income — 11.9%
iShares JP Morgan USD Emerging Markets Bond ETF ⁽³⁾		95,033		8,038,841
				8,038,841

Total Registered Investment Companies (Cost $47,319,046)				45,937,307

Money Market Registered Investment Companies — 16.8%
Meeder Institutional Prime Money Market Fund, 4.36% ⁽¹⁾		11,331,750		11,331,750
Total Money Market Registered Investment Companies (Cost $11,327,917)				11,331,750

U.S. Government Obligations — 0.1%
Government National Mortgage Association, 6.50%, due 7/20/2038		62,053		70,588
Total U.S. Government Obligations (Cost $66,145)				70,588
Total Investments — 100.0% (Cost $68,700,330)				67,324,172
Other Assets less Liabilities — 0.0%				2,439
Total Net Assets — 100.0%				67,326,611

Tactical Income Fund
Security Description	Shares or Principal Amount ($)		Fair Value ($)
Trustee Deferred Compensation ⁽²⁾
Meeder Balanced Fund - Retail Class		1,403		16,135
Meeder Dynamic Allocation Fund - Retail Class		3,675		41,748
Meeder Muirfield Fund - Retail Class		2,028		16,711
Meeder Conservative Allocation Fund - Retail Class		406		8,465
Total Trustee Deferred Compensation (Cost $83,110)				83,059

(1)	Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 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.

Page 68

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — 31.6%
Banco Santander NY Yankee CD (Secured Overnight Financing Rate + 0.62%)		4.92	%⁽²⁾		01/18/23		300,000		300,079
Banco Santander NY Yankee CD (Secured Overnight Financing Rate + 0.68%)		4.98	%⁽²⁾		02/22/23		10,000,000		10,000,700
Bank of Montreal Chicago Yankee CD		5.00	%		10/06/23		5,000,000		4,986,110
Bank of Montreal Chicago (Secured Overnight Financing Rate + 0.61%)		4.91	%⁽²⁾		01/23/23		10,000,000		10,007,480
Bank of Nova Scotia (Secured Overnight Financing Rate + 0.48%)		4.78	%⁽²⁾		03/30/23		10,000,000		10,004,700
Barclays Bank PLC NY (Secured Overnight Financing Rate + 0.30%)		4.60	%⁽²⁾		01/02/23		5,000,000		5,000,490
Barclays Bank PLC NY (Secured Overnight Financing Rate + 0.29%)		4.59	%⁽²⁾		01/16/23		5,000,000		5,000,060
BNP Paribas NY (Secured Overnight Financing Rate + 0.50%)		4.80	%⁽²⁾		01/18/23		10,000,000		10,004,170
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.30%)		4.60	%⁽²⁾		01/06/23		5,000,000		5,000,210
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.25%)		4.55	%⁽²⁾		01/10/23		6,000,000		6,000,174
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.25%)		4.55	%⁽²⁾		01/17/23		5,000,000		4,999,975
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.28%)		4.58	%⁽²⁾		01/05/23		3,000,000		3,000,000

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Certificates of Deposit — continued
Canadian Imperial Holdings, Inc. (Secured Overnight Financing Rate + 0.30%)		4.60	%⁽²⁾		01/05/23		10,000,000		10,000,370
Cooperatieve Rabobank (Secured Overnight Financing Rate + 0.49%)		4.79	%⁽²⁾		01/10/23		10,000,000		10,002,990
Lloyds Bank Corp. Mkts/NY (Secured Overnight Financing Rate + 0.28%)		4.58	%⁽²⁾		02/13/23		5,000,000		5,000,085
Mitsubishi UFJ Trust & Banking Corp. (Secured Overnight Financing Rate + 0.60%)		4.90	%⁽²⁾		01/03/23		10,000,000		10,012,560
Mizuho Bank, Ltd./NY Yankee CD (Secured Overnight Financing Rate + 0.54%)		4.84	%⁽²⁾		01/09/23		5,925,000		5,925,729
Mizuho Bank, Ltd./NY Yankee CD (Secured Overnight Financing Rate + 0.36%)		4.66	%⁽²⁾		01/03/23		10,000,000		10,001,890
Mizuho Bank, Ltd./NY Yankee CD (Secured Overnight Financing Rate + 0.54%)		4.84	%⁽²⁾		01/09/23		10,000,000		10,004,310
Mizuho Bank, Ltd./NY (Secured Overnight Financing Rate + 0.73%)		5.03	%⁽²⁾		01/04/23		5,000,000		5,007,930
MUFG Bank, Ltd./New York, NY (Secured Overnight Financing Rate + 0.56%)		4.86	%⁽²⁾		01/17/23		5,000,000		5,000,935
Nordea Bank ABP/New York, NY (Secured Overnight Financing Rate + 0.55%)		4.85	%⁽²⁾		01/21/23		2,000,000		2,000,884
Nordea Bank ABP/New York, NY (Secured Overnight Financing Rate + 0.50%)		4.80	%⁽²⁾		01/12/23		12,600,000		12,605,670
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.60%)		4.90	%⁽²⁾		01/03/23		10,000,000		10,008,680

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

2022 Annual Report | December 31, 2022

Page 69

Schedules of Investments
December 31, 2022

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 + 0.27%)		4.57	%⁽²⁾		01/19/23		8,000,000		7,999,760
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.28%)		4.58	%⁽²⁾		01/23/23		3,000,000		2,999,781
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.50%)		4.80	%⁽²⁾		01/30/23		2,500,000		2,501,065
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.92%)		5.22	%⁽²⁾		01/21/23		560,000		561,488
Sumitomo Mitsui Banking Corp./NY (Secured Overnight Financing Rate + 0.50%)		4.80	%⁽²⁾		01/10/23		10,000,000		9,998,660
Toronto Dominion Bank/New York, NY (Secured Overnight Financing Rate + 0.23%)		4.53	%⁽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		4,954,780
Toronto Dominion Bank/New York, NY Yankee CD		3.00	%		07/03/23		5,000,000		4,945,250
Westpac Banking Corp. (Secured Overnight Financing Rate + 0.45%)		4.75	%⁽²⁾		01/23/23		10,000,000		10,002,420
Total Certificates of Deposit (Cost $218,875,475)									218,839,385

Commercial Paper — 31.8%
American Honda Finance Corp.		4.46	%		01/06/23		6,000,000		5,994,612
American Honda Finance Corp.		4.62	%		01/18/23		2,500,000		2,493,835
Anglesea Funding		4.37	%		02/01/23		18,000,000		17,928,090
Anglesea Funding		4.43	%		02/07/23		17,000,000		16,919,080
Aquitaine Funding		4.35	%		01/04/23		5,000,000		4,996,995

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
ANZ New Zealand Int’l, LTD (Secured Overnight Financing Rate + 0.58%)		4.88	%⁽²⁾		01/05/23		12,600,000		12,608,039
ANZ New Zealand Int’l, LTD (Secured Overnight Financing Rate + 0.32%)		4.62	%⁽²⁾		01/05/23		250,000		250,034
Banco Santander		4.93	%		04/17/23		10,000,000		9,856,300
Bank of America Corp.		4.66	%		06/01/23		5,400,000		5,288,144
Bank of Nova Scotia (Secured Overnight Financing Rate + 0.53%)		4.83	%⁽²⁾		01/05/23		10,000,000		10,008,080
Bank of Nova Scotia (Secured Overnight Financing Rate + 0.58%)		4.88	%⁽²⁾		01/01/23		5,000,000		5,005,520
Barclays Capital, Inc.		2.50	%		01/05/23		5,000,000		4,996,385
Barclays Capital, Inc.		4.32	%		01/06/23		1,000,000		999,156
Bedford Row Funding		3.06	%		01/03/23		10,000,000		9,995,200
Collateralized Commercial Paper V Co.		2.65	%		02/24/23		2,700,000		2,681,000
General Mills, Inc.		4.48	%		01/03/23		5,000,000		4,997,475
General Mills, Inc.		4.48	%		01/05/23		2,000,000		1,998,480
General Mills, Inc.		4.46	%		01/12/23		12,500,000		12,479,200
Halkin Finance, LLC		4.31	%		01/03/23		20,000,000		19,990,380
Halkin Finance, LLC		4.32	%		01/05/23		15,000,000		14,989,185
HSBC USA, Inc.		5.22	%		08/01/23		900,000		872,517
Liberty Street Funds		4.88	%		04/12/23		10,000,000		9,865,180
Macquarie Bank LTD/Australia (Secured Overnight Financing Rate + 0.32%)		4.62	%⁽²⁾		01/02/23		6,000,000		6,001,152
National Bank of Canada (Secured Overnight Financing Rate + 0.25%)		4.55	%⁽²⁾		02/10/23		10,000,000		10,000,020
National Australia Bank, Ltd. (Secured Overnight Financing Rate + 0.50%)		4.80	%⁽²⁾		01/08/23		3,000,000		3,000,987
Royal Bank of Canada (Secured Overnight Financing Rate + 0.25%)		4.55	%⁽²⁾		02/24/23		5,000,000		4,999,470
Royal Bank of Canada (Secured Overnight Financing Rate + 0.43%)		4.73	%⁽²⁾		03/01/23		1,500,000		1,500,113

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

Page 70

2022 Annual Report | December 31, 2022

Schedules of Investments
December 31, 2022

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Commercial Paper — continued
Skandinaviska Enskilda Banken AB (Secured Overnight Financing Rate + 0.69%)		4.99	%⁽²⁾		01/29/23		10,000,000		10,008,180
Skandinaviska Enskilda Banken AB (Secured Overnight Financing Rate + 0.67%)		4.97	%⁽²⁾		01/27/23		5,000,000		5,004,938
Westpac Banking Corp. (Secured Overnight Financing Rate + 0.50%)		4.80	%⁽²⁾		01/20/23		5,000,000		5,001,890
Total Commercial Paper (Cost $220,757,768)									220,729,636

Corporate Obligations — 2.2%
Bank of Montreal (Bloomberg 1Month Short Term Bank Yield Index (USD) + 0.42%)		4.74	%⁽²⁾		01/03/23		10,000,000		10,000,000
Citigroup Global Markets, Inc.		3.80	%		01/30/23		5,000,000		4,936,700
Total Corporate Obligations (Cost $15,000,000)									14,936,700

Repurchase Agreements — 23.1%
StoneX (Collateralized by $54,951,631 (principal) various Corporate Bonds and FMACs, 0.52% - 9.25%, due 1/11/23 - 12/31/99, fair value $51,532,606)(proceeds $50,018,667) purchase date 12/30/22		4.48	%		01/03/23		50,000,000		50,000,000
South Street (Collateralized by $16,647,976 (principal) various FMACs, FHLBs, FNMAs, and FCSBs, 1.63% - 6.00%, due 4/1/25 - 8/1/53, fair value $15,300,000)(proceeds $15,005,350), purchase date 12/30/22		4.28	%		01/03/23		15,000,000		15,000,000

Institutional Prime Money Market Fund
Security Description	Coupon/ Yield			Maturity/ Demand Date		Principal Amount ($) or Shares		Fair Value ($)
Repurchase Agreements — continued
South Street (Collateralized by $43,600,449 (principal) various FMACs, GNMAs, FNMAs, FHLBs, and SBAs, 1.63% - 7.66%, due 12/8/23 - 9/1/52, fair value $46,208,088)(proceeds $45,016,238), purchase date 12/30/22		4.33	%		01/03/23		45,000,000		45,000,000
Truist (Collateralized by $49,670,000 (principal) various Corporate Bonds, 3.55% - 5.50%, due 8/15/30 - 10/1/53, fair value $51,001,615)(proceeds $50,018,083), purchase date 12/30/22		4.34	%		01/03/23		50,000,000		50,000,000
Total Repurchase Agreements (Cost $160,000,000)									160,000,000

Variable Rate Demand Notes — 0.9%
Michigan State Finance Authority Revenue		4.38	%⁽¹⁾		01/05/23		4,500,000		4,500,000
Pittsburgh & Allegheny County PA Sports & Exhibition Authority		4.40	%⁽¹⁾		01/05/23		1,715,000		1,715,000
Total Variable Rate Demand Notes (Cost $6,215,000)									6,215,000

Money Market Registered Investment Companies — 10.6%
Federated Hermes Government Obligations Fund, 4.15% ⁽³⁾							73,405,458		73,405,458
Total Money Market Registered Investment Companies (Cost $73,405,458)									73,405,458
Total Investments — 100.2% (Cost $694,253,701)									694,126,179
Liabilities less Other Assets — (0.2%)									(1,043,633	)
Total Net Assets — 100.0%									693,082,546

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

2022 Annual Report | December 31, 2022

Page 71

Schedules of Investments
December 31, 2022

Institutional Prime Money Market Fund
Security Description	Principal Amount ($) or Shares		Fair Value ($)
Trustee Deferred Compensation ⁽⁴⁾
Meeder Balanced Fund - Retail Class		99		1,139
Meeder Dynamic Allocation Fund - Retail Class		242		2,749
Meeder Muirfield Fund - Retail Class		321		2,645
Meeder Conservative Allocation Fund - Retail Class		30		626
Total Trustee Deferred Compensation (Cost $7,479)				7,159

(1)

(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 December 31, 2022. The maturity date shown reflects the earlier of the next demand date or stated maturity date.

(3)

7-day yield as of December 31, 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.

Page 72

2022 Annual Report | December 31, 2022

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Statements of Assets and Liabilities
December 31, 2022

	Muirfield Fund		Spectrum Fund
Assets
Investments, at fair value (1)(2)	$	364,788,055	$	87,968,596
Repurchase agreements, at fair value (1)		—		—
Investments in affiliates, at fair value (1)		270,676,198		97,085,841
Trustee deferred compensation investments, at fair value		349,090		60,167
Deposits at broker for futures contracts (3)		8,555,026		1,437,596
Receivable for securities sold		7,456		84,351
Receivable for capital stock issued		645,210		70,004
Interest and dividend receivable		1,231,672		383,306
Prepaid expenses/other assets		88,176		26,536
Total Assets		646,340,883		187,116,397

Liabilities
Payable for securities purchased		9,231,438		2,670,744
Payable for Trustee Deferred Compensation Plan		349,090		60,167
Payable for capital stock redeemed		80,932		10,861
Dividends payable		—		—
Payable to investment adviser		343,628		115,704
Accrued distribution plan (12b-1) and shareholder service plan fees		102,272		22,907
Accrued transfer agent, fund accounting, CCO, and administration fees and expenses		100,913		37,590
Other accrued liabilities		55,444		39,939
Total Liabilities		10,263,717		2,957,912

Net Assets	$	636,077,166	$	184,158,485

Net Assets
Capital	$	570,152,931	$	162,251,177
Distributable Earnings (Accumulated Deficit)		65,924,235		21,907,308
Total Net Assets	$	636,077,166	$	184,158,485

Net Asset Value Per Share
Retail Class
Net Assets	$	38,205,875	$	1,715,144
Shares Outstanding		4,636,336		143,470
Net Asset Value, Offering and Redemption Price Per Share	$	8.24	$	11.95

Adviser Class
Net Assets	$	94,281,937	$	33,535,873
Shares Outstanding		11,280,350		2,775,844
Net Asset Value, Offering and Redemption Price Per Share	$	8.36	$	12.08

Institutional Class
Net Assets	$	503,589,354	$	148,907,468
Shares Outstanding		60,177,188		12,293,705
Net Asset Value, Offering and Redemption Price Per Share	$	8.37	$	12.11

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 (See Note #4)	$	572,909,366	$	166,777,391
(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	$	8,354,871	$	1,401,847

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

Page 74

2022 Annual Report | December 31, 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

$	14,852,715		$	236,161,793	$	104,586,190		$	92,723,452		$	161,024,462	$	19,612,500	$	55,992,422		$	534,126,179
	—			—		—			—			—		—		—			160,000,000
	16,061,419			108,408,697		53,903,745			27,330,467			52,503,793		11,930,714		11,331,750			—
	118,214			223,353		45,375			89,485			249,128		72,302		83,059			7,159
	855,188			3,955,439		594,225			379,947			4,018,565		947,746		—			—
	—			129,334		10,779			241,270			571,128		—		—			—
	50,770			213,332		20,152			17,316			280,733		29,540		531			—
	64,288			587,080		305,905			213,309			284,610		77,196		65,399			1,414,654
	15,751			163,019		18,799			16,196			24,240		10,655		13,556			38,146
	32,018,345			349,842,047		159,485,170			121,011,442			218,956,659		32,680,653		67,486,717			695,586,138


	181,931			3,451,003		733,228			368,083			3,427,133		—		—			—
	118,214			223,353		45,375			89,485			249,128		72,302		83,059			7,159
	16			99,754		20,934			20,355			40,120		378,285		8,878			—
	—			—		—			—			—		—		—			2,368,234
	19,907			199,150		79,683			50,594			117,097		20,619		16,381			—
	3,484			44,626		17,985			17,744			28,521		7,960		9,472			53
	10,016			66,119		33,055			26,416			43,264		10,262		14,665			91,517
	23,259			44,562		32,742			32,442			35,201		23,926		27,651			36,629
	356,827			4,128,567		963,002			605,119			3,940,464		513,354		160,106			2,503,592

$	31,661,518		$	345,713,480	$	158,522,168		$	120,406,323		$	215,016,195	$	32,167,299	$	67,326,611		$	693,082,546


$	31,681,371		$	327,356,779	$	160,704,018		$	127,442,005		$	207,425,619	$	30,526,525	$	81,634,468		$	693,210,933
	(19,853	)		18,356,701		(2,181,850	)		(7,035,682	)		7,590,576		1,640,774		(14,307,857	)		(128,387	)
$	31,661,518		$	345,713,480	$	158,522,168		$	120,406,323		$	215,016,195	$	32,167,299	$	67,326,611		$	693,082,546



$	2,398,517		$	6,117,280	$	1,033,358		$	5,328,426		$	7,767,047	$	12,476,724	$	2,246,935
	240,434			532,043		94,216			255,566			683,862		382,950		251,592
$	9.98		$	11.50	$	10.97		$	20.85		$	11.36	$	32.58	$	8.93


$	4,088,308		$	65,668,003	$	30,879,205		$	21,188,700		$	23,048,460	$	3,645,795	$	10,624,931
	405,775			5,652,770		2,804,264			1,003,899			2,001,397		110,894		1,188,190
$	10.08		$	11.62	$	11.01		$	21.11		$	11.52	$	32.88	$	8.94


$	25,174,693		$	273,928,197	$	126,609,605		$	93,889,197		$	184,200,688	$	16,044,780	$	54,454,745
	2,506,085			23,533,521		11,481,387			4,438,956			16,032,118		489,106		6,094,218
$	10.05		$	11.64	$	11.03		$	21.15		$	11.49	$	32.80	$	8.94


																		$	693,082,546
																			693,116,793
																		$	1.0000

$	29,015,705		$	319,505,316	$	154,863,102		$	122,027,327		$	194,064,145	$	28,386,149	$	68,700,330		$	694,253,701
$	—		$	—	$	—		$	—		$	—	$	—	$	—		$	—
$	609,354		$	3,474,347	$	476,106		$	354,622		$	3,516,816	$	680,700	$	—		$	—

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

2022 Annual Report | December 31, 2022

Page 75

Statements of Operations
For the Year Ended December 31, 2022

	Muirfield Fund			Spectrum Fund
Investment Income
Interest	$	11,600		$	3,214
Income from affiliates		4,484,889			1,258,244
Dividends		6,039,649			1,862,845
Total Investment Income		10,536,138			3,124,303

Fund Expenses
Investment advisory fees		4,286,868			1,432,743
Transfer agent fees and expenses - Retail Class		37,046			2,364
Transfer agent fees and expenses - Adviser Class		87,592			41,620
Transfer agent fees and expenses - Institutional Class		525,954			185,493
Transfer agent fees and expenses - Money Market Fund
Fund accounting fees		103,864			56,123
Administration fees		460,593			162,984
Trustee fees		26,075			7,500
Audit fees		17,304			17,303
Legal fees		5,223			5,223
Custody fees		66,675			18,821
Printing expenses		15,822			7,935
Distribution plan (12b-1) fees - Retail Class (1)		81,137			4,924
Shareholder service plan fees - Retail Class		53,835			3,939
Shareholder service plan fees - Adviser Class		1,362			152
Shareholder service plan fees - Institutional Class		424,528			111,177
Postage expenses		24,282			13,960
Registration fees		70,187			54,421
Insurance expenses		34,643			10,935
Chief Compliance Officer fees		7,584			7,598
Other expenses		53,632			32,671
Total Expenses Before Reductions		6,384,207			2,177,886

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	)		—
Transfer agent expenses voluntarily waived (See Note #5)		(40,000	)		—

Net Expenses		6,343,973			2,177,886

Net Investment Income (Loss)		4,192,165			946,417

Net Realized and Unrealized Gain (Loss) from Investments
Net realized gains (losses) from unaffiliated investments		22,933,526			7,297,509
Net realized gains (losses) from affiliated investments		(91,133	)		(25,148	)
Net realized gains (losses) from futures contracts		(12,194,934	)		(1,072,338	)
Distributions of long-term realized gains by other investment companies		—			—
Net Realized Gains (Losses) from Investment Transactions, Futures Contracts, and Distributions of Long-term Realized Gains by Other Investment Companies		10,647,459			6,200,023

Net change in unrealized appreciation (depreciation) of unaffiliated investments		(97,114,948	)		(30,482,693	)
Net change in unrealized appreciation (depreciation) of affiliated investments		111,809			39,064
Net change in unrealized appreciation (depreciation) of futures contracts		150,017			(257,650	)
Net Change in Unrealized Appreciation (Depreciation) of Investment Transactions and Futures Contracts		(96,853,122	)		(30,701,279	)

Net Realized and Unrealized Gain (Loss) from Investments		(86,205,663	)		(24,501,256	)

Net Change in Net Assets Resulting from Operations	$	(82,013,498	)	$	(23,554,839	)

(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 76

2022 Annual Report | December 31, 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

$	24,647		$	668,912		$	505,539		$	542,628		$	42,899		$	296		$	431,200		$	12,652,625
	286,861			1,878,603			951,306			575,657			919,517			209,219			188,419			—
	293,496			4,083,911			1,948,496			1,700,635			2,412,200			415,642			1,033,380			—
	605,004			6,631,426			3,405,341			2,818,920			3,374,616			625,157			1,652,999			12,652,625


	279,004			2,446,139			974,268			623,501			1,609,070			268,410			271,410			1,867,334
	3,378			5,682			1,314			7,278			9,656			17,168			1,973
	5,291			56,177			37,226			25,944			29,078			4,766			7,936
	35,972			367,370			156,314			116,419			223,098			21,012			44,374
																						456,080
	36,418			72,769			53,238			49,470			58,819			36,157			42,570			105,693
	37,200			296,152			139,903			109,760			184,555			35,788			64,282			466,080
	1,662			12,899			6,448			5,020			8,722			1,722			3,189			1,126
	15,394			17,303			15,398			15,398			15,398			15,395			15,799			14,822
	5,224			5,223			5,223			5,223			5,223			5,224			5,223			5,281
	3,651			34,446			15,951			12,133			21,289			3,483			6,805			54,998
	436			10,172			5,281			5,336			7,215			746			2,205			1,682
	7,038			16,867			2,737			15,162			20,117			28,613			6,165
	5,573			11,157			1,936			5,872			8,602			3,177			3,677
	35			272			57			63			139			38			43
	3,885			201,444			89,668			68,576			110,701			4,204			38,230
	299			16,858			8,831			9,055			11,621			1,321			3,885			1,690
	47,101			59,689			51,494			51,659			58,926			47,291			50,497			11,505
	2,554			22,596			9,673			7,698			11,670			2,308			3,767			20,926
	7,575			7,575			7,580			7,575			7,580			7,582			7,570			7,586
	25,636			41,600			31,674			30,160			33,497			25,523			27,003			67,845
	523,326			3,702,389			1,614,214			1,171,301			2,434,976			529,928			606,602			3,082,648

	—			—			—			—			(134,795	)		—			(49,819	)		(1,906,269	)
	—			—			—			—			(65,205	)		—			(24,819	)		—
	(150	)		(5,979	)		(3,673	)		(2,854	)		(1,913	)		—			—			—
	—			(128,000	)		—			—			—			—			—			—

	523,176			3,568,410			1,610,541			1,168,447			2,233,063			529,928			531,964			1,176,379

	81,828			3,063,016			1,794,800			1,650,473			1,141,553			95,229			1,121,035			11,476,246


	777,543			(2,176,326	)		(3,155,709	)		(3,874,403	)		2,020,572			1,426,359			(3,413,739	)		757
	(5,712	)		(55,061	)		(32,727	)		(28,520	)		(25,888	)		(5,345	)		(9,235	)		—
	(1,680,805	)		(3,241,539	)		(1,724,406	)		(651,607	)		(9,138,942	)		(2,222,162	)		—			—
	17			593			446			482			—			—			594			—
	(908,957	)		(5,472,333	)		(4,912,396	)		(4,554,048	)		(7,144,258	)		(801,148	)		(3,422,380	)		757

	(4,146,028	)		(40,234,169	)		(14,888,405	)		(10,423,829	)		(28,119,734	)		(4,165,936	)		(1,708,897	)		(93,978	)
	3,371			39,360			20,695			11,952			24,963			4,094			3,317			—
	(758,848	)		410,442			(307,452	)		(131,848	)		(3,284,944	)		(631,316	)		—			—
	(4,901,505	)		(39,784,367	)		(15,175,162	)		(10,543,725	)		(31,379,715	)		(4,793,158	)		(1,705,580	)		(93,978	)

	(5,810,462	)		(45,256,700	)		(20,087,558	)		(15,097,773	)		(38,523,973	)		(5,594,306	)		(5,127,960	)		(93,221	)

$	(5,728,634	)	$	(42,193,684	)	$	(18,292,758	)	$	(13,447,300	)	$	(37,382,420	)	$	(5,499,077	)	$	(4,006,925	)	$	11,383,025

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

2022 Annual Report | December 31, 2022

Page 77

Statements of Changes in Net Assets
For the Years Ended December 31,

	Muirfield Fund						Spectrum Fund
	2022			2021			2022			2021
Operations
Net investment income (loss)	$	4,192,165		$	1,595,623		$	946,417		$	94,333
Net realized gains (losses) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		10,647,459			89,463,110			6,200,023			32,449,569
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		(96,853,122	)		22,186,089			(30,701,279	)		4,551,153
Net change in net assets resulting from operations		(82,013,498	)		113,244,822			(23,554,839	)		37,095,055

Distributions to Shareholders
Retail Class		(1,037,037	)		(1,428,738	)		(48,367	)		(133,412	)
Adviser Class		(2,518,745	)		(3,472,675	)		(916,716	)		(2,008,809	)
Institutional Class		(13,506,315	)		(18,608,096	)		(4,076,838	)		(8,934,801	)
Money Market Fund
Change in net assets resulting from distributions		(17,062,097	)		(23,509,509	)		(5,041,921	)		(11,077,022	)

Capital Transactions:
Issued		173,001,385			317,995,936			34,617,151			81,698,993
Reinvested		16,522,225			22,813,672			5,015,633			11,042,182
Redeemed		(174,842,415	)		(283,898,369	)		(37,981,293	)		(92,934,007	)
Net change in net assets resulting from capital transactions		14,681,195			56,911,239			1,651,491			(192,832	)

Total Change in Net Assets		(84,394,400	)		146,646,552			(26,945,269	)		25,825,201

Net Assets - Beginning of Year		720,471,566			573,825,014			211,103,754			185,278,553

Net Assets - End of Year	$	636,077,166		$	720,471,566		$	184,158,485		$	211,103,754

Share Transactions:
Issued		19,687,102			35,009,621			2,699,636			6,207,988
Reinvested		1,938,275			2,375,480			406,298			787,831
Redeemed		(20,301,814	)		(32,086,333	)		(2,977,091	)		(7,098,087	)
Net change in shares		1,323,563			5,298,768			128,843			(102,268	)

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

Page 78

2022 Annual Report | December 31, 2022

Global Allocation Fund						Balanced Fund						Moderate Allocation Fund						Conservative Allocation Fund
2022			2021			2022			2021			2022			2021			2022			2021

$	81,828		$	(91,989	)	$	3,063,016		$	2,769,005		$	1,794,800		$	1,760,910		$	1,650,473		$	1,975,878
	(908,957	)		6,197,305			(5,472,333	)		57,143,370			(4,912,396	)		18,503,263			(4,554,048	)		11,326,073
	(4,901,505	)		(425,582	)		(39,784,367	)		(7,453,233	)		(15,175,162	)		(4,917,333	)		(10,543,725	)		(6,463,745	)
	(5,728,634	)		5,679,734			(42,193,684	)		52,459,142			(18,292,758	)		15,346,840			(13,447,300	)		6,838,206


	(18,338	)		(355,386	)		(235,650	)		(539,513	)		(29,590	)		(71,385	)		(97,079	)		(378,811	)
	(31,247	)		(507,971	)		(2,483,575	)		(5,644,094	)		(913,063	)		(1,909,611	)		(418,971	)		(1,342,034	)
	(190,868	)		(3,659,013	)		(10,529,353	)		(24,757,476	)		(3,734,734	)		(9,206,005	)		(1,819,093	)		(6,369,177	)

	(240,453	)		(4,522,370	)		(13,248,578	)		(30,941,083	)		(4,677,387	)		(11,187,001	)		(2,335,143	)		(8,090,022	)


	4,937,882			11,805,911			72,790,300			153,194,019			32,951,993			66,121,514			26,477,489			54,257,997
	239,130			4,521,300			13,138,981			30,784,411			4,649,341			11,120,325			2,320,415			8,047,628
	(12,802,206	)		(17,810,709	)		(72,023,363	)		(214,744,638	)		(29,867,265	)		(83,908,176	)		(27,078,721	)		(68,102,776	)
	(7,625,194	)		(1,483,498	)		13,905,918			(30,766,208	)		7,734,069			(6,666,337	)		1,719,183			(5,797,151	)

	(13,594,281	)		(326,134	)		(41,536,344	)		(9,248,149	)		(15,236,076	)		(2,506,498	)		(14,063,260	)		(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

$	31,661,518		$	45,255,799		$	345,713,480		$	387,249,824		$	158,522,168		$	173,758,244		$	120,406,323		$	134,469,583


	476,289			982,056			5,868,495			11,296,376			2,818,277			5,159,224			1,191,691			2,206,952
	23,319			390,033			1,115,552			2,261,914			419,117			873,520			109,084			333,814
	(1,255,187	)		(1,467,025	)		(5,847,014	)		(15,681,027	)		(2,563,757	)		(6,532,488	)		(1,220,358	)		(2,774,610	)
	(755,579	)		(94,936	)		1,137,033			(2,122,737	)		673,637			(499,744	)		80,417			(233,844	)

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

2022 Annual Report | December 31, 2022

Page 79

Statements of Changes in Net Assets
For the Years Ended December 31,

	Dynamic Allocation Fund
	2022			2021
Operations
Net investment income (loss)	$	1,141,553		$	405,885
Net realized gains (losses) from investment transactions, futures contracts, and distributions of long-term realized gains by other investment companies		(7,144,258	)		33,126,774
Net change in unrealized appreciation (depreciation) of investment transactions and futures contracts		(31,379,715	)		4,297,387
Net change in net assets resulting from operations		(37,382,420	)		37,830,046

Distributions to Shareholders
Retail Class		(277,373	)		(1,288,985	)
Adviser Class		(821,467	)		(3,644,420	)
Institutional Class		(6,547,141	)		(25,897,027	)
Money Market Fund
Change in net assets resulting from distributions		(7,645,981	)		(30,830,432	)

Capital Transactions:
Issued		59,839,928			108,187,090
Reinvested		7,577,815			30,789,232
Redeemed		(45,104,562	)		(107,524,267	)
Net change in net assets resulting from capital transactions		22,313,181			31,452,055

Total Change in Net Assets		(22,715,220	)		38,451,669

Net Assets - Beginning of Year		237,731,415			199,279,746

Net Assets - End of Year	$	215,016,195		$	237,731,415

Share Transactions:
Issued		4,841,994			7,360,966
Reinvested		633,922			2,185,338
Redeemed		(3,687,590	)		(7,446,963	)
Net change in shares		1,788,326			2,099,341

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

Page 80

2022 Annual Report | December 31, 2022

Quantex Fund						Tactical Income Fund						Institutional Prime Money Market Fund
2022			2021			2022			2021			2022			2021

$	95,229		$	49,174		$	1,121,035		$	1,269,628		$	11,476,246		$	193,476
	(801,148	)		10,644,111			(3,422,380	)		2,061,332			757			229
	(4,793,158	)		(213,812	)		(1,705,580	)		(4,500,178	)		(93,978	)		(67,755	)
	(5,499,077	)		10,479,473			(4,006,925	)		(1,169,218	)		11,383,025			125,950


	(354,444	)		(2,350,162	)		(32,054	)		(40,103	)
	(96,619	)		(649,230	)		(175,671	)		(185,140	)
	(426,957	)		(3,059,421	)		(917,046	)		(1,070,555	)
													(11,475,492	)		(193,478	)
	(878,020	)		(6,058,813	)		(1,124,771	)		(1,295,798	)		(11,475,492	)		(193,478	)


	3,580,398			16,768,435			18,954,073			36,170,527			1,037,794,871			1,011,642,367
	869,434			6,046,958			1,122,527			1,288,487			685,718			35,042
	(7,932,328	)		(25,302,418	)		(16,959,409	)		(33,757,101	)		(972,298,987	)		(721,061,508	)
	(3,482,496	)		(2,487,025	)		3,117,191			3,701,913			66,181,602			290,615,901

	(9,859,593	)		1,933,635			(2,014,505	)		1,236,897			66,089,135			290,548,373

	42,026,892			40,093,257			69,341,116			68,104,219			626,993,411			336,445,038

$	32,167,299		$	42,026,892		$	67,326,611		$	69,341,116		$	693,082,546		$	626,993,411


	102,272			415,083			2,059,279			3,681,061			1,038,099,219			1,011,455,624
	28,783			154,992			124,210			132,173			685,953			35,036
	(225,437	)		(616,603	)		(1,845,711	)		(3,434,958	)		(972,566,847	)		(720,922,007	)
	(94,382	)		(46,528	)		337,778			378,276			66,218,325			290,568,653

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

2022 Annual Report | December 31, 2022

Page 81

Financial Highlights
For the Years Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (3)			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)
2022	$	9.53		0.03			(1.09	)		(1.06	)		(0.06	)		(0.17	)		0.00		(0.23	)
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	)
Muirfield Fund - Adviser Class (1)(2)
2022	$	9.63		0.06			(1.10	)		(1.04	)		(0.06	)		(0.17	)		0.00		(0.23	)
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	)
Muirfield Fund - Institutional Class (1)(2)
2022	$	9.65		0.06			(1.11	)		(1.05	)		(0.06	)		(0.17	)		0.00		(0.23	)
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	)
Spectrum Fund - Retail Class (1)(2)
2022	$	13.88		0.01			(1.61	)		(1.60	)		(0.09	)		(0.24	)		0.00		(0.33	)
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	)
Spectrum Fund - Adviser Class (1)(2)
2022	$	13.96		0.07			(1.62	)		(1.55	)		(0.09	)		(0.24	)		0.00		(0.33	)
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	)
Spectrum Fund - Institutional Class (1)(2)
2022	$	14.01		0.06			(1.62	)		(1.56	)		(0.10	)		(0.24	)		0.00		(0.34	)
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	)

See footnotes on pages 90 and 91.

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

Page 82

2022 Annual Report | December 31, 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 (4)			Ratio of Expenses to Average Net Assets Before Fee Reductions (5)			Portfolio Turnover Rate

$	8.24		(11.19	%)	$	38,206		0.37	%		1.20	%		1.20	%		267	%
$	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	%

$	8.36		(10.85	%)	$	94,282		0.71	%		0.87	%		0.87	%		267	%
$	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	%

$	8.37		(10.93	%)	$	503,589		0.63	%		0.94	%		0.95	%		267	%
$	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	%

$	11.95		(11.52	%)	$	1,715		0.08	%		1.52	%		1.52	%		289	%
$	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	%

$	12.08		(11.08	%)	$	33,536		0.56	%		1.08	%		1.08	%		289	%
$	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	%

$	12.11		(11.19	%)	$	148,907		0.49	%		1.15	%		1.15	%		289	%
$	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	%

See footnotes on pages 90 and 91.

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

2022 Annual Report | December 31, 2022

Page 83

Financial Highlights
For the Years Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (3)			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)
2022	$	11.55		(0.02	)		(1.47	)		(1.49	)		(0.03	)		(0.05	)		0.00		(0.08	)
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	)
Global Allocation Fund - Adviser Class (1)(2)
2022	$	11.61		0.03			(1.48	)		(1.45	)		(0.03	)		(0.05	)		0.00		(0.08	)
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	)
Global Allocation Fund - Institutional Class (1)(2)
2022	$	11.58		0.03			(1.48	)		(1.45	)		(0.03	)		(0.05	)		0.00		(0.08	)
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	)
Balanced Fund - Retail Class (1)(2)
2022	$	13.42		0.06			(1.55	)		(1.49	)		(0.23	)		(0.20	)		0.00		(0.43	)
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	)
Balanced Fund - Adviser Class (1)(2)
2022	$	13.53		0.11			(1.57	)		(1.46	)		(0.25	)		(0.20	)		0.00		(0.45	)
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	)
Balanced Fund - Institutional Class (1)(2)
2022	$	13.56		0.11			(1.58	)		(1.47	)		(0.25	)		(0.20	)		0.00		(0.45	)
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	)

See footnotes on pages 90 and 91.

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

Page 84

2022 Annual Report | December 31, 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 (4)			Ratio of Expenses to Average Net Assets Before Fee Reductions (5)			Portfolio Turnover Rate

$	9.98		(12.94	%)	$	2,399		(0.18	%)		1.81	%		1.81	%		243	%
$	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	%

$	10.08		(12.52	%)	$	4,088		0.28	%		1.37	%		1.37	%		243	%
$	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	%

$	10.05		(12.56	%)	$	25,175		0.25	%		1.37	%		1.37	%		243	%
$	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	%

$	11.50		(11.09	%)	$	6,117		0.48	%		1.39	%		1.39	%		365	%
$	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	%

$	11.62		(10.77	%)	$	65,668		0.89	%		0.97	%		0.97	%		365	%
$	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	%

$	11.64		(10.80	%)	$	273,928		0.86	%		1.00	%		1.05	%		365	%
$	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	%

See footnotes on pages 90 and 91.

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

2022 Annual Report | December 31, 2022

Page 85

Financial Highlights
For the Years Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (3)			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)
2022	$	12.64		0.08			(1.43	)		(1.35	)		(0.24	)		(0.08	)		0.00		(0.32	)
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	)
Moderate Allocation Fund - Adviser Class (1)(2)
2022	$	12.66		0.14			(1.45	)		(1.31	)		(0.26	)		(0.08	)		0.00		(0.34	)
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	)
Moderate Allocation Fund - Institutional Class (1)(2)
2022	$	12.68		0.13			(1.44	)		(1.31	)		(0.26	)		(0.08	)		0.00		(0.34	)
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	)
Conservative Allocation Fund - Retail Class (1)(2)
2022	$	23.64		0.22			(2.64	)		(2.42	)		(0.25	)		(0.12	)		0.00		(0.37	)
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	)
Conservative Allocation Fund - Adviser Class (1)(2)
2022	$	23.91		0.31			(2.69	)		(2.38	)		(0.30	)		(0.12	)		0.00		(0.42	)
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	)
Conservative Allocation Fund - Institutional Class (1)(2)
2022	$	23.96		0.29			(2.69	)		(2.40	)		(0.29	)		(0.12	)		0.00		(0.41	)
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	)

See footnotes on pages 90 and 91.

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

Page 86

2022 Annual Report | December 31, 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 (4)			Ratio of Expenses to Average Net Assets Before Fee Reductions (5)			Portfolio Turnover Rate

$	10.97		(10.75	%)	$	1,033		0.73	%		1.36	%		1.36	%		446	%
$	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	%

$	11.01		(10.39	%)	$	30,879		1.18	%		0.94	%		0.94	%		446	%
$	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	%

$	11.03		(10.39	%)	$	126,610		1.09	%		1.00	%		1.00	%		446	%
$	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	%

$	20.85		(10.24	%)	$	5,328		1.01	%		1.21	%		1.21	%		543	%
$	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	%

$	21.11		(9.94	%)	$	21,189		1.40	%		0.87	%		0.87	%		543	%
$	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	%

$	21.15		(10.00	%)	$	93,889		1.33	%		0.94	%		0.94	%		543	%
$	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	%

See footnotes on pages 90 and 91.

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

2022 Annual Report | December 31, 2022

Page 87

Financial Highlights
For the Years Ended December 31,

			Income from Investment Operations									Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (3)			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)
2022	$	13.93		0.03			(2.18	)		(2.15	)		(0.06	)		(0.36	)		0.00		(0.42	)
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	)
Dynamic Allocation Fund - Adviser Class (1)(2)
2022	$	14.07		0.07			(2.20	)		(2.13	)		(0.06	)		(0.36	)		0.00		(0.42	)
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	)
Dynamic Allocation Fund - Institutional Class (1)(2)
2022	$	14.04		0.06			(2.19	)		(2.13	)		(0.06	)		(0.36	)		0.00		(0.42	)
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	)
Quantex Fund - Retail Class (1)(2)
2022	$	38.89		0.05			(5.47	)		(5.42	)		(0.89	)		0.00			0.00		(0.89	)
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
Quantex Fund - Adviser Class (1)(2)
2022	$	39.15		0.13			(5.51	)		(5.38	)		(0.89	)		0.00			0.00		(0.89	)
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
Quantex - Institutional Class (1)(2)
2022	$	39.07		0.12			(5.50	)		(5.38	)		(0.89	)		0.00			0.00		(0.89	)
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	)

See footnotes on pages 90 and 91.

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

Page 88

2022 Annual Report | December 31, 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 (4)			Ratio of Expenses to Average Net Assets Before Fee Reductions (5)			Portfolio Turnover Rate

$	11.36		(15.53	%)	$	7,767		0.22	%		1.32	%		1.41	%		295	%
$	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	%

$	11.52		(15.23	%)	$	23,048		0.57	%		0.96	%		1.05	%		295	%
$	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	%

$	11.49		(15.26	%)	$	184,201		0.53	%		1.02	%		1.11	%		295	%
$	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	%

$	32.58		(13.75	%)	$	12,477		0.15	%		1.60	%		1.60	%		56	%
$	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	%

$	32.88		(13.55	%)	$	3,646		0.36	%		1.38	%		1.38	%		56	%
$	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	%

$	32.80		(13.58	%)	$	16,045		0.34	%		1.40	%		1.40	%		56	%
$	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	%

See footnotes on pages 90 and 91.

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

2022 Annual Report | December 31, 2022

Page 89

Financial Highlights
For the Years Ended December 31,

			Income from Investment Operations								Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (3)		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)
2022	$	9.63		0.12		(0.70	)		(0.58	)		(0.12	)		0.00		0.00		(0.12	)
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	)
Tactical Income Fund - Adviser Class (1)(2)
2022	$	9.64		0.16		(0.70	)		(0.54	)		(0.16	)		0.00		0.00		(0.16	)
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	)
Tactical Income Fund - Institutional Class (1)(2)
2022	$	9.64		0.15		(0.70	)		(0.55	)		(0.15	)		0.00		0.00		(0.15	)
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	)
Institutional Prime Money Market Fund (1)(2)
2022	$	1.0001		0.0167		(0.0008	)		0.0159			(0.0160	)		0.0000		0.0000		(0.0160	)
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	)

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	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 90

2022 Annual Report | December 31, 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 (4)			Ratio of Expenses to Average Net Assets Before Fee Reductions (5)			Portfolio Turnover Rate

$	8.93		(5.99	%)	$	2,247		1.27	%		1.11	%		1.22	%		514	%
$	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	%

$	8.94		(5.65	%)	$	10,625		1.77	%		0.71	%		0.82	%		514	%
$	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	%

$	8.94		(5.70	%)	$	54,455		1.65	%		0.78	%		0.89	%		514	%
$	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	%

$	1.0000		1.63	%	$	693,083		1.67	%		0.17	%		0.45	%		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

4	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.

5	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 Annual Report | December 31, 2022

Page 91

Notes to Financial Statements
December 31, 2022

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.

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:

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.

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

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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 year ended December 31, 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 year ended December 31, 2022.

The fair value of derivative instruments, not accounted for as hedging instruments, as reported within the Statements of Assets and Liabilities as of December 31, 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)	$	8,555,026	$	538,915
Spectrum	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		1,437,596		(435,122	)
Global	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		855,188		(484,382	)
Balanced	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		3,955,439		412,349
Moderate	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		594,225		(267,821	)
Conservative	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		379,947		(55,420	)
Dynamic	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		4,018,565		(2,065,826	)
Quantex	Equity contracts	Assets, Deposits at broker for futures contracts; Net Assets, Distributable Earnings (Accumulated Deficit)		947,746		(398,501	)

2022 Annual Report | December 31, 2022

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The effect of derivative instruments on the Statements of Operations for the year ended December 31, 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 Contracts as of December 31, 2022		Statement of Operations Location	For the Year Ended December 31, 2022
Muirfield	Equity contracts		361		13,002		13,004		359	Net realized gains (losses) from futures contracts	$	(12,194,934	)
Spectrum	Equity contracts		63		4,097		3,998		162	Net realized gains (losses) from futures contracts		(1,072,338	)
Global	Equity contracts		110		1,085		1,055		140	Net realized gains (losses) from futures contracts		(1,680,805	)
Balanced	Equity contracts		117		4,907		4,916		108	Net realized gains (losses) from futures contracts		(3,241,539	)
Moderate	Equity contracts		39		1,386		1,328		97	Net realized gains (losses) from futures contracts		(1,724,406	)
Conservative	Equity contracts		29		747		742		34	Net realized gains (losses) from futures contracts		(651,607	)
Dynamic	Equity contracts		448		6,035		5,733		750	Net realized gains (losses) from futures contracts		(9,138,942	)
Quantex	Equity contracts		43		688		678		53	Net realized gains (losses) from futures contracts		(2,222,162	)

Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
	Type of Derivative/ Risk	Statement of Operations Location	For the Year Ended December 31, 2022
Muirfield	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts	$	150,017
Spectrum	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(257,650	)
Global	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(758,848	)
Balanced	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		410,442
Moderate	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(307,452	)
Conservative	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(131,848	)
Dynamic	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(3,284,944	)
Quantex	Equity contracts	Net change in unrealized appreciation (depreciation) of futures contracts		(631,316	)

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, 2019 through December 31, 2022) 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 year ended December 31, 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.

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2022 Annual Report | December 31, 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, 2022, the Funds made the following reclassifications to increase/(decrease) the components of net assets:

	Capital		Distributable Earnings (Accumulated Deficit)
Muirfield	$	3,579,913	$	(3,579,913	)
Spectrum		1,100,385		(1,100,385	)

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 year ended December 31, 2022 and the year ended December 31, 2021 were as follows:

	Issued				Reinvested
Share Class	Amount		Shares		Amount		Shares
Year Ended December 31, 2022
Muirfield - Retail	$	10,367,547		1,196,225	$	979,107		116,491
Muirfield - Adviser		15,179,589		1,706,964		2,505,775		293,990
Muirfield - Institutional		147,454,249		16,783,913		13,037,343		1,527,794
Spectrum - Retail		339,270		26,671		48,366		3,966
Spectrum - Adviser		4,736,600		364,858		910,490		73,892
Spectrum - Institutional		29,541,281		2,308,107		4,056,777		328,440
Global - Retail		461,718		45,302		18,332		1,800
Global - Adviser		504,831		45,774		31,246		3,038
Global - Institutional		3,971,333		385,213		189,552		18,481
Balanced - Retail		2,251,109		187,078		234,363		20,124
Balanced - Adviser		11,960,964		952,401		2,472,129		210,136
Balanced - Institutional		58,578,227		4,729,016		10,432,489		885,292
Moderate - Retail		371,399		32,399		28,570		2,590
Moderate - Adviser		8,553,108		714,051		910,055		82,141
Moderate - Institutional		24,027,486		2,071,827		3,710,716		334,386
Conservative - Retail		420,026		19,355		96,843		4,612
Conservative - Adviser		4,219,912		187,079		417,614		19,655
Conservative - Institutional		21,837,551		985,257		1,805,958		84,817
Dynamic - Retail		1,300,362		109,675		239,533		20,280
Dynamic - Adviser		3,065,143		239,717		803,118		67,012
Dynamic - Institutional		55,474,423		4,492,602		6,535,164		546,630
Quantex - Retail		643,824		19,080		347,726		11,571
Quantex - Adviser		377,374		10,236		94,910		3,125
Quantex - Institutional		2,559,200		72,956		426,798		14,087
Income - Retail		251,290		27,068		31,953		3,546
Income - Adviser		3,585,479		388,928		175,491		19,417
Income - Institutional		15,117,304		1,643,283		915,083		101,247
Money Market		1,037,794,871		1,038,099,219		685,718		685,953

2022 Annual Report | December 31, 2022

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	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
Year Ended December 31, 2022
Muirfield - Retail	$	(10,392,577	)		(1,227,021	)	$	954,077			85,695
Muirfield - Adviser		(13,699,847	)		(1,554,998	)		3,985,517			445,956
Muirfield - Institutional		(150,749,991	)		(17,519,795	)		9,741,601			791,912
Spectrum - Retail		(877,124	)		(69,156	)		(489,488	)		(38,519	)
Spectrum - Adviser		(5,121,441	)		(398,943	)		525,649			39,807
Spectrum - Institutional		(31,982,728	)		(2,508,992	)		1,615,330			127,555
Global - Retail		(1,183,450	)		(115,504	)		(703,400	)		(68,402	)
Global - Adviser		(861,702	)		(82,102	)		(325,625	)		(33,290	)
Global - Institutional		(10,757,054	)		(1,057,581	)		(6,596,169	)		(653,887	)
Balanced - Retail		(2,421,578	)		(202,999	)		63,894			4,203
Balanced - Adviser		(9,478,358	)		(761,567	)		4,954,735			400,970
Balanced - Institutional		(60,123,427	)		(4,882,448	)		8,887,289			731,860
Moderate - Retail		(400,784	)		(34,930	)		(815	)		59
Moderate - Adviser		(4,030,289	)		(344,725	)		5,432,874			451,467
Moderate - Institutional		(25,436,192	)		(2,184,102	)		2,302,010			222,111
Conservative - Retail		(1,283,281	)		(59,368	)		(766,412	)		(35,401	)
Conservative - Adviser		(3,005,162	)		(134,934	)		1,632,364			71,800
Conservative - Institutional		(22,790,278	)		(1,026,056	)		853,231			44,018
Dynamic - Retail		(1,862,469	)		(153,154	)		(322,574	)		(23,199	)
Dynamic - Adviser		(3,808,817	)		(304,891	)		59,444			1,838
Dynamic - Institutional		(39,433,276	)		(3,229,545	)		22,576,311			1,809,687

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2022 Annual Report | December 31, 2022

	Redeemed						Net Increase (Decrease)
Share Class	Amount			Shares			Amount			Shares
Quantex - Retail	$	(2,362,224	)		(69,565	)	$	(1,370,674	)		(38,914	)
Quantex - Adviser		(700,448	)		(19,309	)		(228,164	)		(5,948	)
Quantex - Institutional		(4,869,656	)		(136,563	)		(1,883,658	)		(49,520	)
Income - Retail		(565,332	)		(61,447	)		(282,089	)		(30,833	)
Income - Adviser		(1,394,981	)		(151,845	)		2,365,989			256,500
Income - Institutional		(14,999,096	)		(1,632,419	)		1,033,291			112,111
Money Market		(972,298,987	)		(972,566,847	)		66,181,602			66,218,325

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 Annual Report | December 31, 2022

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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 December 31, 2022.

										Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description/ Fund (1)	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 (2)			Collateral Pledged (Received) (2)		Net Amount
Assets:
Futures Contracts
Muirfield	$	3,391,266		$	(2,852,351	)	$	538,915		$	—		$	—	$	538,915
Balanced		1,500,663			(1,088,314	)		412,349			—			—		412,349

Repurchase Agreements
Money Market	$	160,000,000		$	—		$	160,000,000		$	(160,000,000	)	$	—	$	—

Liabilities:
Futures Contracts
Spectrum	$	(643,281	)	$	208,159		$	(435,122	)	$	—		$	435,122	$	—
Global		(484,382	)		—			(484,382	)		—			484,382		—
Moderate		(345,001	)		77,180			(267,821	)		—			267,821		—
Conservative		(166,137	)		110,717			(55,420	)		—			55,420		—
Dynamic		(2,511,226	)		445,400			(2,065,826	)		—			2,065,826		—
Quantex		(398,501	)		—			(398,501	)		—			398,501		—

(1) There were no securities on loan as of December 31, 2022.

(2) 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 98

2022 Annual Report | December 31, 2022

3. Securities Valuations

The Funds utilize various methods to calculate the Net Asset Value (NAV) of the Funds 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, which approximates fair value, 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.

In the event market quotations or evaluated prices obtained from a pricing service are not readily available when the NAV is calculated, the Funds will utilize the fair value of the investment. This may occur in the event the Funds cannot obtain current market quotations for a security, cannot obtain current evaluated prices from a pricing service, or the price furnished is not deemed reliable and representative of the fair value of the security. In these cases, the Valuation & Pricing Committee, established and designated by the Board of Trustees as its valuation designee pursuant to Rule 2a-5 under the 1940 Act, determines the fair value of the security in accordance with procedures adopted by the Adviser. Depending on the method used to determine fair value, valuations for these securities may be classified as Level 2 or Level 3 as appropriate in the fair value hierarchy.

2022 Annual Report | December 31, 2022

Page 99

The Valuation & Pricing Committee is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation & Pricing Committee is also authorized to select and retain pricing services to provide fair value evaluations of the current value of certain investments for which market quotations are not readily available. The Valuation & Pricing Committee supervises various methods used to review market quotations and evaluated prices for reliability, including the resolution of price challenges by the Adviser to evaluated prices for a given security. In the event market quotations or evaluated prices are not readily available for an investment, the Valuation & Pricing Committee will determine the fair value of the investment in accordance with its procedures. Fair valuations are periodically reviewed by the Board of Trustees, which maintains oversight of the Adviser’s fair valuation policy and procedures.

For the year ended December 31, 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 December 31, 2022.

Muirfield - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	364,210,308	$	—	$	—	$	364,210,308
Preferred stocks		68,957		—		—		68,957
Warrants		10,372		—		—		10,372
Money market registered investment companies		270,676,198		—		—		270,676,198
Bank obligations		—		498,418		—		498,418
Total	$	634,965,835	$	498,418	$	—	$	635,464,253
Trustee deferred compensation***	$	349,090	$	—	$	—	$	349,090
Futures contracts**	$	538,915	$	—	$	—	$	538,915

Spectrum - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	87,960,398		$	—	$	—	$	87,960,398
Preferred stocks		5,227			—		—		5,227
Warrants		2,971			—		—		2,971
Money market registered investment companies		97,085,841			—		—		97,085,841
Total	$	185,054,437		$	—	$	—	$	185,054,437
Trustee deferred compensation***	$	60,167		$	—	$	—	$	60,167
Futures contracts**	$	(435,122	)	$	—	$	—	$	(435,122	)

Global - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	8,337,841		$	—	$	—	$	8,337,841
Preferred stocks		2,138			—		—		2,138
Warrants		623			—		—		623
Registered investment companies		5,392,695			—		—		5,392,695
Money market registered investment companies		16,682,419			—		—		16,682,419
Bank obligations		—			498,418		—		498,418
Total	$	30,415,716		$	498,418	$	—	$	30,914,134
Trustee deferred compensation***	$	118,214		$	—	$	—	$	118,214
Futures contracts**	$	(484,382	)	$	—	$	—	$	(484,382	)

Balanced - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Common stocks*	$	144,048,884	$	—	$	—	$	144,048,884
Preferred stocks		26,242		—		—		26,242
Warrants		4,696		—		—		4,696
Registered investment companies		70,613,553		—		—		70,613,553
Money market registered investment companies		129,378,697		—		—		129,378,697
Bank obligations		—		498,418		—		498,418
Total	$	344,072,072	$	498,418	$	—	$	344,570,490
Trustee deferred compensation***	$	223,353	$	—	$	—	$	223,353
Futures contracts**	$	412,349	$	—	$	—	$	412,349

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2022 Annual Report | December 31, 2022

Moderate - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	34,253,261		$	—	$	—	$	34,253,261
Preferred stocks		6,653			—		—		6,653
Warrants		1,618			—		—		1,618
Registered investment companies		53,985,320			—		—		53,985,320
Money market registered investment companies		69,993,745			—		—		69,993,745
Bank obligations		—			249,338		—		249,338
Total	$	158,240,597		$	249,338	$	—	$	158,489,935
Trustee deferred compensation***	$	45,375		$	—	$	—	$	45,375
Futures contracts**	$	(267,821	)	$	—	$	—	$	(267,821	)

Conservative - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	17,741,717		$	—	$	—	$	17,741,717
Preferred stocks		4,039			—		—		4,039
Warrants		553			—		—		553
Registered investment companies		57,812,143			—		—		57,812,143
Money market registered investment companies		44,495,467			—		—		44,495,467
Total	$	120,053,919		$	—	$	—	$	120,053,919
Trustee deferred compensation***	$	89,485		$	—	$	—	$	89,485
Futures contracts**	$	(55,420	)	$	—	$	—	$	(55,420	)

Dynamic - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	150,893,682		$	—	$	—	$	150,893,682
Preferred stocks		16,104			—		—		16,104
Warrants		2,870			—		—		2,870
Registered investment companies		7,578,388			—		—		7,578,388
Money market registered investment companies		54,538,793			—		—		54,538,793
Bank obligations		—			498,418		—		498,418
Total	$	213,029,837		$	498,418	$	—	$	213,528,255
Trustee deferred compensation***	$	249,128		$	—	$	—	$	249,128
Futures contracts**	$	(2,065,826	)	$	—	$	—	$	(2,065,826	)

Quantex - Assets/(Liabilities)	Level 1			Level 2		Level 3		Total
Common stocks*	$	19,612,497		$	—	$	—	$	19,612,497
Money market registered investment companies		11,930,714			—		—		11,930,714
Bank obligations		—			3		—		3
Total	$	31,543,211		$	3	$	—	$	31,543,214
Trustee deferred compensation***	$	72,302		$	—	$	—	$	72,302
Futures contracts**	$	(398,501	)	$	—	$	—	$	(398,501	)

Income - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Commercial paper	$	—	$	9,984,527	$	—	$	9,984,527
Registered investment companies		45,937,307		—		—		45,937,307
Money market registered investment companies		11,331,750		—		—		11,331,750
U.S. government obligations		—		70,588		—		70,588
Total	$	57,269,057	$	10,055,115	$	—	$	67,324,172
Trustee deferred compensation***	$	83,059	$	—	$	—	$	83,059

2022 Annual Report | December 31, 2022

Page 101

Money Market - Assets/(Liabilities)	Level 1		Level 2		Level 3		Total
Certificates of deposit	$	—	$	218,839,385	$	—	$	218,839,385
Commercial paper		—		220,729,636		—		220,729,636
Corporate obligations		—		14,936,700		—		14,936,700
Repurchase agreements		—		160,000,000		—		160,000,000
Variable rate demand notes		—		6,215,000		—		6,215,000
Money market registered investment companies		73,405,458		—		—		73,405,458
Total	$	73,405,458	$	620,720,721	$	—	$	694,126,179
Trustee deferred compensation***	$	7,159	$	—	$	—	$	7,159

*	See schedules of investments for industry classifications.

**	Futures contracts include unrealized gain/loss on contracts open at December 31, 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 year ended December 31, 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	$	1,042,982,143	$	1,085,844,764
Spectrum		352,287,175		394,411,932
Global		32,916,435		38,920,408
Balanced		622,907,085		651,578,406
Moderate		264,586,211		290,418,094
Conservative		228,576,219		243,719,791
Dynamic		467,069,748		453,567,640
Quantex		11,683,364		16,191,118
Income		117,925,833		123,079,110

For the year ended December 31, 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		108,242,274		94,335,015

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2022 Annual Report | December 31, 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 year ended December 31, 2022, $65,205 of investment advisory fees were contractually waived in Dynamic, while $134,795 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 year ended December 31, 2022, $24,819 of investment advisory fees were contractually waived in Income, while $49,819 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 Annual Report | December 31, 2022

Page 103

Management may voluntarily waive fees for any Fund. During the year ended December 31, 2022, MFSCo waived the following transfer agent fees:

Voluntary
Transfer Agent Fees
Reimbursements

Impact of Voluntary
Transfer
Agent Fees
Reimbursements to
Average Net Assets
- Retail Class

Impact of Voluntary
Transfer
Agent Fees
Reimbursements to
Average Net Assets
- Adviser Class

Impact of Voluntary
Transfer
Agent Fees
Reimbursements to
Average Net Assets
- Institutional Class

Impact of Voluntary
Transfer
Agent Fees
Reimbursements to
Average Net Assets
- Money Market
Funds

Muirfield

40,000

N/A

0.01

N/A

Spectrum

—

N/A

Global

—

N/A

Balanced

128,000

N/A

0.05

N/A

Moderate

—

N/A

Conservative

—

N/A

Dynamic

—

N/A

Quantex

—

N/A

Income

—

N/A

Money Market

—

N/A

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	%

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2022 Annual Report | December 31, 2022

For the year ended December 31, 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

Spectrum

—

N/A

Global

—

N/A

Balanced

—

N/A

Moderate

—

N/A

Conservative

—

N/A

Dynamic

134,795

N/A

0.06

Quantex

—

N/A

Income

49,819

N/A

0.07

Money Market

1,906,269

0.28

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 disclosed 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 December 31, 2022, there were no securities being loaned by any of the Funds. For the year ended December 31, 2022, income earned through securities lending arrangements was as follows:

	Amount Received to Reduce Gross Expenses
Muirfield	$	234
Global		150
Balanced		5,979
Moderate		3,673
Conservative		2,854
Dynamic		1,913

2022 Annual Report | December 31, 2022

Page 105

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 year ended December 31, 2022, total 12b-1 plan expense payments made to the Funds’ affiliated distributor was $79,777. The Funds’ affiliated distributor did not receive any brokerage commissions from executed trades from the Funds. The annual adopted 12b-1 plan maximum limitations for the year ended December 31, 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	$ 34,247
Spectrum	N/A	0.25%	N/A	N/A	1,060
Global	N/A	0.25%	N/A	N/A	1,625
Balanced	N/A	0.25%	N/A	N/A	4,402
Moderate	N/A	0.25%	N/A	N/A	558
Conservative	N/A	0.25%	N/A	N/A	7,567
Dynamic	N/A	0.25%	N/A	N/A	9,659
Quantex	N/A	0.20%	N/A	N/A	18,938
Income	N/A	0.25%	N/A	N/A	1,721
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 year ended December 31, 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%

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2022 Annual Report | December 31, 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 year ended December 31, 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 4.36% on December 31, 2022, were as follows:

	12/31/21 Fair Value		Purchases		Sales			Realized Gains (Losses)			12/31/22 Cost		Change in Unrealized		Income		12/31/22 Fair Value
Muirfield	$	227,883,637	$	251,933,598	$	(209,161,713	)	$	(91,133	)	$	270,564,643	$	111,809	$	4,484,889	$	270,676,198
Spectrum		54,068,333		118,176,257		(75,172,665	)		(25,148	)		97,044,533		39,064		1,258,244		97,085,841
Global		19,823,051		17,055,207		(20,814,498	)		(5,712	)		16,055,545		3,371		286,861		16,061,419
Balanced		98,243,827		209,296,645		(199,116,074	)		(55,061	)		108,355,978		39,360		1,878,603		108,408,697
Moderate		41,085,154		132,960,642		(120,130,019	)		(32,727	)		53,877,247		20,695		951,306		53,903,745
Conservative		30,120,101		131,686,982		(134,460,048	)		(28,520	)		27,315,360		11,952		575,657		27,330,467
Dynamic		58,149,681		82,925,519		(88,570,482	)		(25,888	)		52,478,477		24,963		919,517		52,503,793
Quantex		13,687,909		13,039,119		(14,795,063	)		(5,345	)		11,927,919		4,094		209,219		11,930,714
Income		13,584,663		123,047,318		(125,294,313	)		(9,235	)		11,327,917		3,317		188,419		11,331,750

6. Federal Tax Information

The following information is computed on a tax basis for each item as of December 31, 2022:

	Tax Cost of Portfolio Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation

Muirfield	$	578,775,324	$	77,233,960	$	(20,545,031	)	$	56,688,929
Spectrum		167,909,090		20,498,091		(3,352,744	)		17,145,347
Global		29,188,296		2,320,562		(594,724	)		1,725,838
Balanced		322,436,320		33,541,605		(11,407,435	)		22,134,170
Moderate		156,073,730		7,204,505		(4,788,300	)		2,416,205
Conservative		123,043,148		1,278,096		(4,267,325	)		(2,989,229	)
Dynamic		196,277,195		27,731,097		(10,480,037	)		17,251,060
Quantex		28,502,608		3,641,207		(600,601	)		3,040,606
Income		68,725,364		129,934		(1,531,126	)		(1,401,192	)
Money Market		694,253,701		106,249		(233,771	)		(127,522	)

The tax characteristics of dividends paid by the Funds during the year ended December 31, 2022 were as follows:

	Ordinary Income		Net Short-Term Capital Gains		Net Long-Term Capital Gains		Total Dividends Paid*
Muirfield	$	4,249,878	$	—	$	12,812,219	$	17,062,097
Spectrum		958,594		471,996		3,611,331		5,041,921
Global		82,102		—		158,351		240,453
Balanced		3,501,995		3,906,305		5,840,278		13,248,578
Moderate		2,235,676		1,370,093		1,071,618		4,677,387
Conservative		1,641,226		—		693,917		2,335,143
Dynamic		1,144,644		—		6,501,337		7,645,981
Quantex		132,707		745,313		—		878,020
Income		1,124,771		—		—		1,124,771
Money Market		11,475,492		—		—		11,475,492

2022 Annual Report | December 31, 2022

Page 107

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

As of December 31, 2022, 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	$	3,941	$	9,575,215	$	(343,850	)	$	56,688,929		$	65,924,235
Spectrum		856		4,823,435		(62,330	)		17,145,347			21,907,308
Global		5,777		—		(1,751,468	)		1,725,838			(19,853	)
Balanced		16,998		—		(3,794,467	)		22,134,170			18,356,701
Moderate		11,859		—		(4,609,914	)		2,416,205			(2,181,850	)
Conservative		18,243		—		(4,064,696	)		(2,989,229	)		(7,035,682	)
Dynamic		15,175		—		(9,675,659	)		17,251,060			7,590,576
Quantex		8,276		—		(1,408,108	)		3,040,606			1,640,774
Income		6,744		—		(12,913,409	)		(1,401,192	)		(14,307,857	)
Money Market		8,335		—		(9,200	)		(127,522	)		(128,387	)

*	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 and the realization for tax purposes of unrealized gains/(losses) on certain derivative instruments.

For federal income tax purposes, the following Funds have capital loss carryforwards as of December 31, 2022, 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	$	—	$	—	$	—
Spectrum		—		—		—
Global		1,638,945		—		—
Balanced		3,574,313		—		—
Moderate		4,562,609		—		—
Conservative		3,977,742		—		—
Dynamic		9,438,465		—		—
Quantex		1,338,555		—		—
Income		12,355,351		474,948		—
Money Market		—		1,721		757

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2022 Annual Report | December 31, 2022

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 December 31, 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.

2022 Annual Report | December 31, 2022

Page 109

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Meeder Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Meeder Funds comprising Muirfield Fund, Spectrum Fund, Global Allocation Fund, Balanced Fund, Moderate Allocation Fund, Conservative Allocation Fund, Dynamic Allocation Fund, Quantex Fund, Tactical Income Fund, and Institutional Prime Money Market Fund (the “Funds”) as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2004.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
February 27, 2023

Page 110

2022 Annual Report | December 31, 2022

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 July 1, 2022				Ending Account Value December 31, 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	$	1,022.20	$	1,018.90	$	6.37	$	6.36		1.25	%
Adviser Class		1,000.00		1,000.00		1,024.40		1,020.77		4.49		4.48		0.88	%
Institutional Class		1,000.00		1,000.00		1,023.20		1,020.57		4.69		4.69		0.92	%
Spectrum Fund
Retail Class		1,000.00		1,000.00		1,013.20		1,017.59		7.66		7.68		1.51	%
Adviser Class		1,000.00		1,000.00		1,015.80		1,019.76		5.49		5.50		1.08	%
Institutional Class		1,000.00		1,000.00		1,015.70		1,019.41		5.84		5.85		1.15	%
Global Allocation Fund
Retail Class		1,000.00		1,000.00		1,013.60		1,016.18		9.08		9.10		1.79	%
Adviser Class		1,000.00		1,000.00		1,015.60		1,018.20		7.06		7.07		1.39	%
Institutional Class		1,000.00		1,000.00		1,015.60		1,018.25		7.01		7.02		1.38	%
Balanced Fund
Retail Class		1,000.00		1,000.00		1,010.30		1,017.90		7.35		7.37		1.45	%
Adviser Class		1,000.00		1,000.00		1,012.80		1,020.32		4.92		4.94		0.97	%
Institutional Class		1,000.00		1,000.00		1,013.00		1,020.47		4.77		4.79		0.94	%
Moderate Allocation Fund
Retail Class		1,000.00		1,000.00		1,002.80		1,018.50		6.71		6.77		1.33	%
Adviser Class		1,000.00		1,000.00		1,004.80		1,020.47		4.75		4.79		0.94	%
Institutional Class		1,000.00		1,000.00		1,004.70		1,020.32		4.90		4.94		0.97	%
Conservative Allocation Fund
Retail Class		1,000.00		1,000.00		999.00		1,018.65		6.55		6.61		1.30	%
Adviser Class		1,000.00		1,000.00		1,001.60		1,020.82		4.39		4.43		0.87	%
Institutional Class		1,000.00		1,000.00		1,001.10		1,020.57		4.64		4.69		0.92	%
Dynamic Allocation Fund
Retail Class		1,000.00		1,000.00		1,046.90		1,018.45		6.91		6.82		1.34	%
Adviser Class		1,000.00		1,000.00		1,049.00		1,020.37		4.96		4.89		0.96	%
Institutional Class		1,000.00		1,000.00		1,048.20		1,019.91		5.42		5.35		1.05	%

2022 Annual Report | December 31, 2022

Page 111

	Beginning Account Value July 1, 2022				Ending Account Value December 31, 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	$	1,034.70	$	1,017.80	$	7.54	$	7.48		1.47	%
Adviser Class		1,000.00		1,000.00		1,035.10		1,018.15		7.18		7.12		1.40	%
Institutional Class		1,000.00		1,000.00		1,034.70		1,017.95		7.39		7.32		1.44	%
Tactical Income Fund
Retail Class		1,000.00		1,000.00		1,001.00		1,019.86		5.35		5.40		1.06	%
Adviser Class		1,000.00		1,000.00		1,002.60		1,021.73		3.48		3.52		0.69	%
Institutional Class		1,000.00		1,000.00		1,002.20		1,021.37		3.84		3.87		0.76	%
Institutional Prime Money Market Fund		1,000.00		1,000.00		1,015.00		1,024.35		0.86		0.87		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 184/365 (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.

Page 112

2022 Annual Report | December 31, 2022

Trustees and Officers (unaudited)

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

Name, Address¹, and Year of Birth	Year First Elected a Trustee or Officer of the Trust	Position and Number of Funds Overseen²	Principal Occupation During Past Five Years and Other Directorships Held
Robert S. Meeder, Jr.* Year of Birth: 1961	1992	Trustee and President	President, Meeder Investment Management, Inc.
Stuart M. Allen** Year of Birth: 1961	2006	Trustee	President of Gardiner Allen DeRoberts Insurance LLC, an insurance agency.
Anthony V. D’Angelo** Year of Birth: 1959	2006	Trustee	General Manager, WSYX ABC 6 /WTTE-TV Fox 28 /WWHO television stations, Columbus, Ohio, operated by Sinclair Broadcast Group (2014 – present); Director of Sales (2004 – 2014); Lead Trustee of the Trust.
Jeffrey R. Provence** Year of Birth: 1969	2017	Trustee	CEO, Premier Fund Solutions, Inc. (2001 – present); General Partner & Portfolio Manager, Value Trend Capital Management, L.P. (1995 – present); Director, Blue Chip Investor Funds; Director, PFS Funds; Chairman of the Trust’s Audit Committee.
Douglas R. Jennings Year of Birth: 1962	2017	Chief Compliance Officer	Chief Compliance Officer, Meeder Investment Management, Inc. (2016 – present); Assistant General Counsel; Partner, Carlile Patchen & Murphy, LLP (2010 – 2016).
Bruce E. McKibben Year of Birth: 1969	2002	Treasurer	Director of Fund Accounting, Mutual Funds Service Co. (1997 – present).
Alaina Salonsky Year of Birth: 1967	2017	Secretary	Compliance Specialist, Meeder Investment Management, Inc. (2017 – present); Teacher, Big Walnut School District, Sunbury, Ohio (2013 – 2017).

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

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

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

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

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

2022 Annual Report | December 31, 2022

Page 113

Board Review and Approval of Investment Advisory Agreement (unaudited)

At a meeting held September 22, 2022, the Board of Trustees (“Board”), including all of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940 (“Independent Trustees”), met to consider the renewal of the investment advisory agreement (“Agreement”) between the Funds and Meeder Asset Management, Inc. (“Adviser”).

Approval Process. Pursuant to the Investment Company Act of 1940 (“1940 Act”), the Board is required to consider the continuation of the Funds’ investment advisory agreement on an annual basis. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Agreement to determine whether the Agreement is fair to each Fund and its shareholders. Prior to the meeting, the Board requested, and the Adviser provided, both written and oral reports containing information and data related to the following: (i) the nature, extent, and quality of the services provided by the Adviser to the Funds; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services to be provided and the profits to be realized by the Adviser from the relationship with the Funds; (iv) the extent to which economies of scale will be realized as a Fund grows; and (v) whether the fee level reflects these economies of scale to the benefit of the Funds’ shareholders. In reaching the decision to renew the Agreement, the Board also took into account information furnished throughout the year at regular Board meetings. Information furnished and discussed throughout the year included investment performance reports and related financial information for the Funds, as well as periodic reports on shareholder services, legal compliance, pricing, brokerage commissions, execution and other services provided by the Adviser and its affiliates. Information furnished specifically in connection with the renewal process included a report for the Funds prepared by Broadridge Financial Solutions, Ltd. (“Broadridge”), an independent organization, as well as the Funds’ profitability analysis prepared by the Adviser. The Broadridge report compared each Fund’s advisory fees and expenses with those of other mutual funds deemed comparable to the Fund. The Funds’ profitability analysis discussed the profitability to the Adviser and Mutual Funds Service Co., an affiliate of the Adviser, from the overall Funds’ operations, as well as an analysis based on the profitability resulting from the operation of each individual Fund, utilizing expense allocation methodologies deemed reasonable by the Adviser. In considering such materials, the Independent Trustees also received assistance and advice from and met separately with the Funds’ Independent Legal Counsel and the Chief Compliance Officer prior to the meeting. In their deliberations, the Board considered the terms of the existing Agreement between the Funds and the Adviser. While attention was given to all of the information furnished, the Board made the following specific findings in connection with its decision to renew the Agreement:

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by the Adviser and its affiliates, including the reputation, qualifications, experience and capabilities of the personnel performing these services. The Board considered the qualifications of the investment management team and the resources committed to maintaining and improving the Adviser’s quantitative models. The Board noted that the Adviser and its affiliates provide a series of additional administrative services for the Funds, including fund accounting, transfer agency and compliance services, and recognized the continuing expenditures made to support and improve the scope of those services. Consideration was also given to the Adviser’s compliance resources and policies, including the periodic reporting provided to the Board. In making its judgment, the Board also considered the Adviser’s continual management of investment, operational, enterprise, legal and regulatory risk as it relates to the Funds as well as the manner in which the Adviser addressed new regulatory burdens that became effective during the preceding year. The Board concluded that the nature, extent and quality of the services provided by the Adviser have benefited and should continue to benefit each Fund and its shareholders.

Investment Performance. The Board placed emphasis on the investment performance of each Fund in view of its importance to shareholders. While consideration was given to performance reports and discussions with portfolio managers at Board meetings during the year, particular attention in assessing performance was given to the Broadridge reports furnished for the Agreement renewal. The Broadridge report prepared for each Fund showed the investment performance of each Fund for the one-, three-, five-, and ten-year periods, as applicable, ended June 30, 2022, in comparison with its benchmark and a performance universe similar to each Fund’s investment objectives. The Board evaluated performance in light of the investment strategy pursued by the Adviser, measures of investment risk, and steps taken by the Adviser to mitigate risk through active management of the portfolio. The Board noted both the equity markets and bond markets were generally down for the one-year period ended June 30, 2022. They also noted each Fund was down less than its benchmark index during the one-year period ended June 30, 2022, with the exception of the Quantex Fund. The Board was satisfied with the Adviser’s explanation of the factors that contributed to both the short-term and long-term performance of each Fund. The Board noted the Adviser’s continued efforts to improve performance and improve the quantitative models. The Board concluded that the Funds’ investment results have been satisfactory for renewal of the Agreement and that the Adviser’s record in managing the Funds indicated that its continued management should benefit the Funds and their shareholders.

Costs of Services. Consideration was given to a comparative analysis of the advisory fees and expense ratios of each Fund compared with those of a group of other relevant funds. The Board observed that the Funds’ advisory fees and expenses were within the range of those of other similar funds included in the comparable reports. The Board also considered an analysis comparing the Funds’ advisory fees with the fees charged by the Adviser to private clients, but noted the significant investment, operational, regulatory, and market differences between advising the Funds and advising private clients. The Board was satisfied with the Adviser’s continued efforts to reduce fees and expenses. The Board concluded that the Funds’ cost structures were fair and reasonable in relation to the services provided, and that the Funds’ shareholders receive reasonable value in return for the advisory fees and other amounts paid to the Adviser by the Funds.

Management Profitability. The Board also considered the level of profits realized by the Adviser and its affiliates in connection with the operation of the Funds. In this respect, the Board reviewed the Funds’ profitability analysis that addresses the overall profitability of the Meeder Funds’ business as well as the profitability resulting from the operation of each Fund. The Board also took into account management’s expenditures in improving shareholder services provided to the Funds, as well as the need to meet additional regulatory and compliance requirements resulting from recent SEC requirements. The Board determined that the level of profits realized by the Adviser under its Agreement with the Funds was not excessive in view of the nature, quality and extent of services provided.

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Economies of Scale. The Board also considered whether economies of scale are realized as the Funds grow larger and the extent to which this is reflected in the level of advisory fees charged. While recognizing that any precise determination is inherently subjective, the Board noted that economies of scale may develop for certain Funds as their assets increase, and their Fund level expenses decline as a percentage of assets. The Board also considered whether the advisory fee rate is reasonable in relation to the asset size of each Fund and any economies of scale that may exist. The Board acknowledged that the advisory fee structure for each Fund is reasonable and in most instances is tiered by assets under management, allowing the shareholders to benefit from economies of scale as the Funds grow in size. The Board expressed continued satisfaction with each Fund’s fee structure under its Agreement.

Ancillary Benefits. The Board also considered ancillary benefits received by the Adviser as a result of its relationship with the Trust, including its access to research that benefits other clients and the service of its affiliates as transfer agent, administrator and distributor for the Funds. The fees for these services were considered separately in the profitability analysis and the Board considered the revenue and expenses incurred by the Adviser and its affiliates in providing these services. The Board also took into consideration additional contractual breakpoints in certain affiliated service agreements. The Board also considered the benefits derived by the Adviser from soft dollar arrangements, noting that these arrangements are subject to regular reporting and oversight. The Board took the ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to the Adviser by the Funds.

Conclusion. Based upon the foregoing findings as well as all of the information provided by the Adviser, the Board, including all of its Independent Trustees, was satisfied that the terms of the Agreement, including the existing advisory fee structure, are fair and reasonable and in the best interest of the Funds and their shareholders. The Board, including all of its Independent Trustees, therefore approved the continuation of the Agreement effective for a one-year term ending September 30, 2023.

Statement Regarding Liquidity Risk Management Program (unaudited)

In accordance with Rule 22e-4 (“Liquidity Rule”) under the 1940 Act, the Funds have adopted and implemented a liquidity risk management program (“Program”). The purpose of the Program is to outline the techniques, tools and arrangements employed for the management of liquidity risk within the Funds, and the terms, contents and frequency of reporting and escalation of any issues to the Board of Trustees. Liquidity is managed taking account of the investment strategy, liquidity profile, and redemption history, with the objective of maintaining a level of liquidity that is appropriate in light of the Funds’ obligations to the Funds’ shareholders. The Program assesses liquidity risk under both normal and stressed market conditions.

The Board of Trustees reviewed the Program during the Funds’ most recent fiscal half-year, including a written report prepared by the Program Administrator. The report reviewed the terms and operation of the Program, investment strategy and liquidity of the Funds, cash flow projections, shareholder concentration and holdings of cash and cash equivalents. The Adviser utilizes quantitative tools that provide daily evaluation of the liquidity of nearly all Funds’ securities. The Program Administrator was satisfied with the design, operation and effectiveness of the Program and reported that there were no liquidity events that materially affected the performance of the Funds or the Funds’ ability to meet their redemption obligations under normal and reasonably foreseeable stressed conditions without dilution to existing shareholders.

The report confirmed that the Funds’ investment strategies utilize highly liquid securities and do not maintain concentrated positions. The Funds also maintain significant holdings of cash and cash equivalents, which were judged suitable to meet redemption needs under ordinary and reasonably stressed market conditions. During the reporting period, the Funds maintained a high level of liquidity and primarily held assets in securities judged highly liquid under the Liquidity Rule. As a result, the Funds see no reason to, and therefore have not adopted a “Highly Liquid Investment Minimum,” as defined under the Liquidity Rule.

There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risks of the Funds can be found in the Funds’ prospectus.

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, Money Market 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 Annual Report | December 31, 2022

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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;

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

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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 and Mutual Funds Service Company.

QUESTIONS

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2022 Annual Report | December 31, 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.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202

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 $92,200 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:	March 8, 2023

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:	March 8, 2023

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

Date:	March 8, 2023

Meeder Funds N-CSRCertified annual shareholder report (management investment company)