Strategy. The Fund seeks to achieve its investment objective by taking long and short positions in the global securities markets. The Fund primarily invests long in common and preferred stocks and in investment companies (underlying funds), which include domestic and foreign mutual funds, which may include emerging markets, as well in exchange traded funds (ETFs), closed-end funds, and unit investment trusts. Short positions involve selling a security the Fund does not own in anticipation that the securitys price will decline. The Funds typical long equity investment exposure will range from 0% to 150% of net assets, while the Funds typical short equity investment exposure will range from 0% to 50% of net assets. The Fund may use leverage (e.g., by borrowing … Show more… The Fund seeks to achieve its investment objective by taking long and short positions in the global securities markets. The Fund primarily invests long in common and preferred stocks and in investment companies (underlying funds), which include domestic and foreign mutual funds, which may include emerging markets, as well in exchange traded funds (ETFs), closed-end funds, and unit investment trusts. Short positions involve selling a security the Fund does not own in anticipation that the securitys price will decline. The Funds typical long equity investment exposure will range from 0% to 150% of net assets, while the Funds typical short equity investment exposure will range from 0% to 50% of net assets. The Fund may use leverage (e.g., by borrowing or through derivatives). As a result, the sum of the Funds investment exposures may at times exceed the amount of assets invested in the Fund, although these exposures may vary over time. The Fund may also establish long or short positions in index funds and index-based investments. The Fund may invest directly in derivatives, such as options and futures contracts, or in underlying funds investing in futures contracts and options on futures contracts. These investments may be used, for example, in an effort to earn extra income, to provide adequate liquidity, to adjust exposure to individual securities or markets, to protect all or a portion of the Funds portfolio from a decline in value, or to maintain a fully invested position in equity securities. The Funds use of leverage and short positions will vary over time based on Meeder Asset Management, Inc.s (the Adviser) assessment of market conditions, prevailing interest rates and other factors. When selecting investments for the Fund, the Adviser continually evaluates style, market capitalization, sector rotation, and international positions by utilizing a series of quantitative models to perform fundamental and technical analysis in order to identify opportunities that have the best attributes for outperformance. Individual equity selection is driven by the Advisers quantitative model that evaluates securities based on exposure to value, quality, momentum, and sentiment characteristics: ? Value is a measure of the relative value of a company using metrics such as revenue, cash flow, and income; ? Quality is a measure of the financial performance of a company, typically measured by the stability of its earnings and cash flows, along with the strength of its balance sheet; ? Momentum is a measure of the rate of change in the price of securities over time; and ? Sentiment is a measure of the prevailing attitudes of investors related to anticipated price movements in the market. There are no investment limitations on the market capitalization range or geographic region. The Adviser selects securities that the Adviser believes represent above average market potential relative to market risk. The Fund may focus on stocks or underlying funds investing in stocks that are newer and/or smaller capitalization companies. The Fund utilizes several defensive tactics to reduce or eliminate its position in common stocks and underlying equity funds in order to attempt to reduce the risk of loss when the Advisers quantitative models and evaluation indicate that the risks of the stock market may be greater than the potential rewards. Utilizing its unconstrained tactical strategy, the Fund may invest up to 100% of its net assets in fixed income securities of any maturity and of any credit rating (including unrated and high yield fixed income securities, commonly known as junk bonds) and cash equivalent securities. The Fund may invest in underlying fixed income funds that invest in domestic and foreign fixed income securities, ETFs, closed-end funds, and unit investment trusts. The Fund may also buy or sell derivatives, including domestic or international stock index futures or options and option spreads on index future contracts. An option spread is a strategy where the Fund buys two different options on an index, but with different prices or expirations, in order to hedge against declines in equity market value. The use of these techniques may not protect against market declines and may limit the Funds participation in market gains, particularly in volatile market conditions. Other than as set forth in the SAI, the investment policies and limitations of the Fund are not fundamental and may be changed by the Board of Trustees of the Meeder Funds without shareholder approval. Show less