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THE FLEX-PARTNERS FUNDS
SEMIANNUAL REPORT
JUNE 30, 1995
THE INSTITUTIONAL FUND
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<TABLE>
THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
==================================================================================================================================
THE INSTITUTIONAL FUND 1995 SEMIANNUAL REPORT
Table of Contents
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<S> <C>
SHAREHOLDER COMMUNICATION
3 PORTFOLIO MANAGER COMMENTARY
4 THE MONEY MARKET PORTFOLIO
FINANCIAL INFORMATION
THE INSTITUTIONAL FUND
6 Statement of Assets and Liabilities
6 Statement of Operations
7 Statement of Changes in Net Assets
7 Financial Highlights
8 Notes to Financial Statements
THE MONEY MARKET PORTFOLIO
9 Statement of Assets and Liabilities
9 Statement of Operations
10 Statement of Changes in Net Assets
10 Financial Highlights
11 Notes to Financial Statements
<FN>
[LOGO]
IF YOU HAVE ANY QUESTIONS ABOUT THE INFORMATION CONTAINED IN
THIS REPORT, CALL THE FLEX-PARTNERS FUNDS
AT 800-494-3539 (FLEX)
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THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
THE MONEY MARKET PORTFOLIO
The Institutional Fund
A well-timed move to lengthen the average maturity of The Institutional Fund
allowed the Fund to boost its performance during an otherwise quiet quarter for
money market yields.
The Institutional Fund's total return for the second quarter of 1995 made it
the 6th best performing fund of 141 institutional money market funds monitored
by Lipper Analytical Services, Inc. For the 12-months ended June 30, 1995, The
Institutional Fund was the 15th best of Lipper's 128 institutional money market
funds.
As of June 30, The Institutional Fund had a 30-day annualized compound yield
of 6.28%. At the close of the second quarter, the assets of The Institutional
Fund were invested according to the pie chart above.
A STRATEGIC DECISION
The Institutional Fund was able to capture higher yields on longer-term
securities due to a strategic decision to extend the fund's average maturity.
At the close of the first quarter, the average maturity of The Institutional
Fund was 37 days. By the end of the second quarter, we had extended the average
maturity of the Fund to 81 days.
<TABLE>
=====================================
THE MONEY MARKET PORTFOLIO
AS OF JUNE 30, 1995
<S> <C>
U.S. Government Obligations 6.7%
Repurchase Agreements 7.6%
Commercial Paper 47.3%
Corporate Obligations 38.4%
=====================================
</TABLE>
In contrast to the long average maturity of The Institutional Fund, the
average maturity of Morningstar's average Taxable Money Market Fund was just 43
days as of June 30, 1995. In general, The Institutional Fund will maintain an
average maturity of 45 days or more when we perceive that rates are declining
and 30 days or less when interest rates are rising.
Early in the second quarter, interest rates on most fixed income securities
were declining. In the early stages of this declining interest rate trend, we
acted to purchase securities with maturities in the 90 to 360 day range. By
extending the average maturity of The Money Market Portfolio, we pushed back
the date when we would have to reinvest the assets of the Fund at lower
interest rates. Money market funds that did not act as quickly to extend their
acverage maturities were forced to reinvest assets at lower rates.
Interest rates declined during the second quarter in large part due to an
expectation that the Federal Reserve Board might lower the Federal Funds rate.
The Federal Funds rate is the interest rate that banks charge one another for
overnight loans. Changes in the Fed Funds rate often have a ripple effect
throughout the fixed income market.
A VALUABLE CHOICE
As evidenced most recently by our actions during the second quarter and the
results we were able to achieve as a consequence of those actions, we believe
The Institutional Fund is a very attractive choice for institutional cash
management.
<TABLE>
Recent Fund Performance
<CAPTION>
3 months 1 year
1.52 1.44 5.53 5.24
<S> <C> <C> <C> <C>
The Institutional Fund [to come]
The Lipper Institutional Money Market Fund Average
</TABLE>
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<TABLE>
THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
PORTFOLIO OF INVESTMENTS
The Money Market Portfolio as of June 30, 1995
<CAPTION>
==================================================================================================================================
FACE VALUE AMOUNT
(NOTES 1 AND 3)
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<S> <C> <C>
COMMERCIAL PAPER - 47.3%
AES Shady Point, 6.60%, due 7/18/95 $1,207,000 $1,203,680
American Honda Finance, 6.10%, due 10/30/95 9,000,000 8,819,120
CS First Boston, 6.00%, due 7/26/95 8,000,000 7,969,333
Cargill Financial, 5.83%, due 9/19/95 5,000,000 4,936,842
Duff & Phelps, 5.75%, due 12/06/95 3,500,000 3,412,792
Duff & Phelps, 6.10%, due 9/19/95 5,000,000 4,933,917
Ford Motor Credit Corporation, 6.10%, due 9/11/95 5,000,000 4,940,694
GTE Finance Corporation, 5.97%, due 7/14/95 1,700,000 1,696,899
McCormick & Company Incorporated, 6.50%, due 7/17/95 2,000,000 1,994,944
Melville Corporation, 6.08%, due 12/07/95 2,690,000 2,618,673
Merrill Lynch, 5.95%, due 11/30/95 9,000,000 8,776,875
New England Power, 6.10%, due 7/07/95 1,050,000 1,049,288
Sears Roebuck Company, 6.15%, due 12/19/95 5,000,000 4,855,646
Southern California Edison, 6.12%, due 10/16/95 9,000,000 8,839,350
Southern California Gas, 6.20%, due 8/21/95 10,000,000 9,915,611
Tambrands, 6.04%, due 11/02/95 1,900,000 1,861,109
Toyota Motor Corporation, 6.32%, due 10/06/95 3,395,000 3,338,380
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TOTAL COMMERCIAL PAPER
(Cost $81,163,153) 81,163,153
==================================================================================================================================
CORPORATE OBLIGATIONS - 38.4%
American Telephone & Telegraph Corporation, 6.84%, due 10/23/95 500,000 500,897
*Bank One Capital Demand Note, 6.07%,
next redemption date 7/13/95 3,727,000 3,727,000
Barnett Bank, 10.00%, due 1/08/96 3,500,000 3,562,304
Bausch & Lomb, 6.70%, due 11/21/95 8,000,000 8,014,875
*Bear Stearns Floating Rate Note, 6.21%, due 3/01/96 10,000,000 10,000,000
*Best Sands Corporation Floating Rate Note,
6.20%, next redemption date 7/06/95 1,050,000 1,050,000
CIT Financial, 5.875%, due 12/01/95 175,000 174,688
CIT Group Holdings, 5.65%, due 11/15/95 500,000 498,952
*Care Life Project Floating Rate Note, 6.20%,
next redemption date 7/06/95 1,375,000 1,375,000
Conrail, 5.20%, due 2/12/96 1,000,000 994,941
Dow Capital Corporation, 8.25%, due 2/15/96 65,000 65,732
Dow Chemical Corporation, 4.625%, due 10/15/95 100,000 99,513
*Exxon Shipping Floating Rate Note, 6.05%,
next redemption date 7/03/95 7,000,000 7,000,000
Ford Motor Credit Corporation, 8.25%, due 5/15/96 1,200,000 1,222,292
Ford Motor Credit Corporation, 8.25%, due 7/15/96 171,000 174,717
*General Motors Acceptance Corporation Floating Rate Note,
6.235%, next redemption date 7/08/95 10,000,000 10,000,000
*Hancor Incorporated Floating Rate Note, 6.20%,
next redemption date 7/06/95 1,000,000 1,000,000
Household International, 9.00%, due 9/01/95 250,000 250,940
ITT Corporation, 5.25%, due 2/15/96 1,000,000 994,853
ITT Financial, 8.375%, due 8/01/95 100,000 100,132
Lockheed Corporation, 4.875%, due 2/15/96 85,000 84,234
Paccar Financial, 4.77%, due 10/10/95 2,000,000 1,993,021
Pacific Gas, 4.20%, due 10/10/95 1,000,000 992,512
</TABLE>
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<TABLE>
THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
<S> <C> <C>
Philip Morris Companies, 8.875%, due 7/01/96 1,000,000 1,027,345
Philip Morris Companies, 9.25%, due 9/25/95 300,000 301,670
*Presrite Corporation Floating Rate Note, 6.20%,
next redemption date 7/06/95 3,050,000 3,050,000
*Rockside Road Properties Floating Rate Note, 6.35%,
next redemption date 7/06/95 2,000,000 2,000,000
Smith Barney Holding Company, 5.375%, due 6/01/96 4,180,000 4,155,116
Unilever Corporation, 8.00%, due 5/28/96 450,000 458,558
WMX Technologies, 4.875%, due 6/15/96 215,000 212,788
Weyerhaeuser Corporation, 9.25%, due 11/15/95 800,000 808,722
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TOTAL CORPORATE OBLIGATIONS
(Cost $65,890,802) 65,890,802
==================================================================================================================================
U.S. TREASURY BILLS - 0.1%
U.S. Treasury Bill, 6.66%, due 1/11/96 68,000 65,584
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TOTAL U.S. TREASURY BILLS
(Cost $65,584) 65,584
==================================================================================================================================
U.S. GOVERNMENT OBLIGATIONS - 6.6%
*Student Loan Marketing Association Floating Rate Note,
5.70%, due 11/10/98, next redemption date 7/05/95 5,000,000 5,000,000
*Student Loan Marketing Association Floating Rate Note,
5.75%, due 8/03/99, next redemption date 7/05/95 4,350,000 4,355,979
*Student Loan Marketing Association Floating Rate Note,
5.68%, due 11/24/97, next redemption date 7/05/95 2,000,000 1,999,505
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TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $11,355,484) 11,355,484
==================================================================================================================================
REPURCHASE AGREEMENTS - 7.6%
(Collateralized by U.S. Government Obligations)
Paine Webber, dated 6/30/95, 6.20%, due 7/03/95 11,863,000 11,863,000
Star Bank N.A., dated 6/30/95, 5.875%, due 7/03/95 1,308,000 1,308,000
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TOTAL REPURCHASE AGREEMENTS
(Cost $13,171,000) 13,171,000
==================================================================================================================================
TOTAL INVESTMENTS - 100%
(Cost $171,646,023) $171,646,023
==================================================================================================================================
<FN>
*Floating Rate as of 6/30/95.
See Notes to Financial Statements.
</TABLE>
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THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
STATEMENT OF ASSETS AND LIABILITIES
THE INSTITUTIONAL FUND
<TABLE>
<CAPTION>
June 30, 1995 (Unaudited)
--------------------------------------------------------------
ASSETS
--------------------------------------------------------------
<S> <C>
Investment in corresponding portfolio $44,173,320
--------------------------------------------------------------
Unamortized organizational costs 12,719
--------------------------------------------------------------
Prepaid expenses and other assets 17,082
--------------------------------------------------------------
Total Assets 44,203,121
==============================================================
LIABILITIES
--------------------------------------------------------------
Dividends payable 10,452
--------------------------------------------------------------
Other accrued liabilities (6,628)
--------------------------------------------------------------
Total Liabilities 3,824
--------------------------------------------------------------
NET ASSETS $44,199,297
==============================================================
CAPITAL STOCK OUTSTANDING 44,199,297
==============================================================
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICES PER SHARE $1.00
==============================================================
<FN>
See Notes to Financial Statements.
STATEMENT OF OPERATION
THE INSTITUTIONAL FUND
<CAPTION>
Six Months Ended June 30, 1995 (Unaudited)
--------------------------------------------------------------
<S> <C>
Net investment income (loss) from corresponding
portfolio:
--------------------------------------------------------------
Interest $1,465,971
--------------------------------------------------------------
Expenses (48,983)
--------------------------------------------------------------
Total Net Investment Income From
Corresponding Portfolio 1,416,988
==============================================================
FUND EXPENSES:
--------------------------------------------------------------
Legal fees 549
--------------------------------------------------------------
Audit fees 2,038
--------------------------------------------------------------
Printing 172
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Administrative fee 5,760
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Transfer agent fees 11,558
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Trustees fees and expenses 3,870
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Insurance 491
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Distribution plan 1,040
--------------------------------------------------------------
Amortization of organizational costs 1,601
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24f-2 filing fee 9,976
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Other expenses 400
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Total expenses 37,455
--------------------------------------------------------------
Expenses waived (30,533)
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Total expenses - net 6,922
==============================================================
INVESTMENT INCOME - NET 1,410,066
==============================================================
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,410,066
==============================================================
<FN>
See Notes to Financial Statements.
</TABLE>
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<TABLE>
THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
STATEMENT OF CHANGES IN NET ASSETS
THE INSTITUTIONAL FUND
Six Months Ended June 30, 1995 (Unaudited) and For The Period Ended December 31, 1994
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<CAPTION>
Six Months Ended For the Period
June 30, 1995 June 15, 1994*
to Dec. 31, 1994
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<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
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Investment income - net $1,410,066 $1,159,548
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Net increase in net assets resulting from operations 1,410,066 1,159,548
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DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income - net (1,410,066) (1,159,548)
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Net decrease in net assets resulting from dividends and distributions (1,410,066) (1,159,548)
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Net increase (decrease) in net assets resulting from capital share transactions (15,294,953) 59,494,250
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TOTAL (DECREASE) IN NET ASSETS (15,294,953) 59,494,250
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NET ASSETS - Beginning of period 59,494,250 0
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NET ASSETS - End of period $44,199,297 $59,494,250
====================================================================================================================================
<FN>
See Notes to Financial Statements.
*Date of Inception
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
THE INSTITUTIONAL FUND
Selected per share data and ratios for an average share outstanding during each period
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<CAPTION>
Six Months For the Period
Ended June 15, 1994* to
June 30, 1995 Dec. 31, 1994
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Beginning of Period $1.00 $1.00
Income from Investment Operations
------------------------------------------------------------------------------------------------------------------------------------
Net Investment income 0.03 0.03
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Net Gains or Losses on Securities (both realized and unrealized) -- --
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Total From Investment Operations 0.03 0.03
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Less Distributions
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Dividends (from net investment income) (0.03) (0.03)
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Distributions (from capital gains) -- --
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Returns of Capital -- --
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Total Distributions (0.03) (0.03)
------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $1.00 $1.00
====================================================================================================================================
Total Return 6.02%(1) 4.80%(1)
====================================================================================================================================
Ratios/Supplemental Data
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Net Assets, End of Period ($000) 44,199 59,494
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.24%(1) 0.20%(1)
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Income to Average Net Assets 6.09%(1) 4.51%(1)
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets, before waiver of fees 0.54%(1) 0.46%(1)
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Income to Average Net Assets, before waiver of fees 5.79%(1) 4.25%(1)
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<FN>
* Date of inception. (1)Annualized
See Notes to Financial Statements.
</TABLE>
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THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
THE INSTITUTIONAL FUND JUNE 30, 1995
NOTES TO FINANCIAL STATEMENTS
===============================================================================
1. ORGANIZATION
The Flex-Partners Trust was organized in 1992 and is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The Trust has been inactive until The Institutional Fund (the "Fund")
commenced operations on June 15, 1994 when the Fund began investing all of its
investable assets in a corresponding open-end management investment company
(the "Portfolio") having the same investment objectives as the Fund. On June
30, 1995 The Institutional Fund held approximately 25.62% of the total assets
of The Money Market Portfolio.
The financial statements of the Portfolio, including the Portfolio of
Investments, are included elsewhere in this report and should be read in
conjunction with the financial statements of the Fund.
2. SIGNIFICANT ACCOUNTING POLICES
Valuation of Investments - Valuation of securities by the Portfolio is
discussed at Note 1 of the Notes to Financial Statements of the Money Market
Portfolio which are included elsewhere in this report (See page 10).
Income Taxes - It is the Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to its shareholders. Therefore, no
Federal income tax provision is required.
Organizational Costs - The cost related to the organization of the Fund has
been deferred and is being amortized on a straight-line basis over a five-year
period.
3. INVESTMENT ADVISORY, ACCOUNTING AND TRANSFER AGREEMENTS
R. Meeder & Associates (RMA), a wholly-owned subsidiary of Muirfield Investors,
Inc. (MII), provides the Portfolio with investment management, research,
statistical and advisory services.
Mutual Funds Service Co., (MFS), a wholly-owned subsidiary of MII, serves as
stock transfer, dividend disbursing and shareholder servicing agent for the
Fund. Subject to a $4,000 annual minimum fee the Fund incurs an annual fee
equal to or the greater of $20 per shareholder account or 0.06% of the Fund's
average net assets, payable monthly.
The Fund has adopted a distribution expense plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 (the "Plans"). Pursuant to the Plans, the
Fund may annually incur certain expenses associated with the distribution of
fund shares in amounts not to exceed 3/100 of 1% of the Fund's average net
assets.
Certain officers and/or trustees of the Fund and the Portfolio are officers
and/or directors of MII, RMA and MFS.
4. CAPITAL SHARE TRANSACTIONS
At June 30, an indefinite number of shares of $0.10 par value stock were
authorized in the Fund and capital amounted to $44,199,297 in The Institutional
Fund. Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
PERIOD FROM SIX MONTHS ENDED
6/15/94* TO 12/31/94 6/30/95 (UNAUDITED)
THE INSTITUTIONAL FUND: (SHARES AND $ VALUE) (SHARES AND $ VALUE)
==================================================================================================================================
<S> <C> <C>
Shares sold 282,402,574 215,812,648
Shares issued in reinvestment of dividends 339,945 868,309
Total 282,742,519 216,680,957
Shares redeemed (223,248,269) (231,975,910)
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Net increase (decrease) 59,494,250 (15,294,953)
==================================================================================================================================
<FN>
*Date of Inception
</TABLE>
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THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
<TABLE>
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995 (Unaudited)
<CAPTION>
----------------------------------------------------------------------
THE
MONEY
MARKET
PORTFOLIO
<S> <C>
======================================================================
ASSETS:
Investments at market value* $158,475,023
----------------------------------------------------------------------
Repurchase Agreements* 13,171,000
----------------------------------------------------------------------
Cash 1,417
----------------------------------------------------------------------
Receivable for futures contracts settlement -
----------------------------------------------------------------------
Interest receivable 976,948
----------------------------------------------------------------------
Dividends receivable -
----------------------------------------------------------------------
Prepaid/Other assets 3,756
----------------------------------------------------------------------
Organization cost 10,020
----------------------------------------------------------------------
Total Assets 172,638,164
======================================================================
LIABILITIES:
Payable for securities purchased -
----------------------------------------------------------------------
Payable for futures contracts settlement -
----------------------------------------------------------------------
Payable to investment advisor 21,899
----------------------------------------------------------------------
Other accrued liabilities 16,838
----------------------------------------------------------------------
Total Liabilities 38,737
----------------------------------------------------------------------
NET ASSETS $172,599,427
======================================================================
*Securities at cost 171,646,023
======================================================================
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENTS OF OPERATION
Six Months Ended June 30, 1995 (Unaudited)
----------------------------------------------------------------------
<CAPTION>
THE
MONEY
MARKET
PORTFOLIO
<S> <C>
======================================================================
INVESTMENT INCOME - NET:
Interest $6,090,162
----------------------------------------------------------------------
Dividends -
----------------------------------------------------------------------
Total Income 6,090,162
----------------------------------------------------------------------
Expenses:
Investment advisory fees 321,771
----------------------------------------------------------------------
Legal fees 433
----------------------------------------------------------------------
Audit fees 7,869
----------------------------------------------------------------------
Custodian fees 9,234
----------------------------------------------------------------------
Accounting fees 30,646
----------------------------------------------------------------------
Trustees fees and expenses 2,513
----------------------------------------------------------------------
Insurance 3,416
----------------------------------------------------------------------
Amortization of organization cost 2,496
----------------------------------------------------------------------
Other expenses 250
----------------------------------------------------------------------
Total Expenses 378,628
----------------------------------------------------------------------
Investment advisory fees waived (173,832)
----------------------------------------------------------------------
Total Expenses - net 204,796
----------------------------------------------------------------------
INVESTMENT INCOME - NET 5,885,366
======================================================================
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $5,885,366
======================================================================
<FN>
See Notes to Financial Statements.
</TABLE>
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<TABLE>
THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
STATEMENTS OF CHANGES IN NET ASSETS
for the six months ended June 30, 1995 (Unaudited)
and the year ended December 31, 1994
<CAPTION>
THE
MONEY MARKET
PORTFOLIO
6 months 12 months
ended ended
6/30/95 12/31/94
------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
------------------------------------------------------------------
OPERATIONS:,
Investment income - net $5,885,366 $8,115,651
Net realized gain on investments - -
Net change in unrealized appreciation
(depreciation) of investments - -
------------------------------------------------------------------
Net increase in net assets resulting
from operations 5,885,366 8,115,651
------------------------------------------------------------------
TRANSACTIONS OF INVESTORS'
BENEFICIAL INTERESTS:
Contributions 394,926,910 733,486,217
Withdrawals (452,736,125) (717,226,708)
------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from transactions of
investors' beneficial interests (57,809,215) 16,259,509
------------------------------------------------------------------
TOTAL INCREASE (DECREASE)
IN NET ASSETS (51,923,849) 24,375,160
------------------------------------------------------------------
NET ASSETS - Beginning of year 224,523,276 200,148,116
------------------------------------------------------------------
NET ASSETS - End of period $172,599,427 $224,523,276
------------------------------------------------------------------
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
Ratios/Supplemental Data
====================================================================================================================================
MONEY MARKET PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED YEAR ENDED FOR THE PERIOD
JUNE 30, 1995 DECEMBER 31, MAY 1, 1992
(UNAUDITED) 1994 1993 TO DEC. 31, 1992
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Assets, End of Period (000) 172,599 224,523 200,148 244,272
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets 0.21%(1) 0.19% 0.19% 0.18%(1)
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Income to Average Net Assets 5.97%(1) 4.28% 3.09% 3.60%(1)
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Expenses to Average Net Assets,
before waiver of fees 0.38%(1) 0.39% 0.40% 0.40%(1)
------------------------------------------------------------------------------------------------------------------------------------
Ratio of Net Income to Average Net Assets,
before waiver of fees 5.80%(1) 4.08% 2.88% 3.38%(1)
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate N/A N/A N/A N/A
------------------------------------------------------------------------------------------------------------------------------------
<FN>
(1)Annualized
</TABLE>
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THE INSTITUTIONAL FUND SEMIANNUAL REPORT 1995
MONEY MARKET PORTFOLIO JUNE 30, 1995
================================================================================
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The Money Market Portfolio (the "Portfolio") is registered under the Investment
Company Act of 1940, as amended, as a no-load, open-end management investment
company which was organized as a trust under the laws of the State of New York.
The Declaration of Trust permits the Trustees to issue beneficial interests in
the Portfolio. The following is a summary of significant accounting policies
followed by the Portfolio.
INVESTMENTS - Money market securities held in the Money Market Portfolio are
valued at amortized cost, which approximates market value in accordance with
Rule 2a-7 of the Investment Company Act of 1940. Amortized costs also
represents cost for federal income tax purposes.
REPURCHASE AGREEMENTS - It is the Portfolio's policy to take possession of the
collateral for repurchase agreements before payment is made to the seller.
Market value of the collateral at the date of purchase must be at least 100% of
the amount of the repurchase agreement.
INCOME TAXES - It is the Portfolio's policy to comply with the requirements of
the Internal Revenue Code applicable to partnerships. Therefore, no Federal
income tax provision is required.
ORGANIZATIONAL COSTS - The costs related to the organization the Portfolio has
been deferred and is being amortized on a straight-line basis over a five-year
period.
OTHER - The Portfolio follows industry practice and records security
transactions on the trade date. Gains and losses on security transactions are
determined on the first-in, first-out ("FIFO") basis. Interest income is
recognized as earned.
2. INVESTMENT ADVISORY, ACCOUNTING AND TRANSFER AGREEMENTS
R. Meeder & Associates (RMA), a wholly-owned subsidiary of Muirfield Investors,
Inc. (MII), provides the Portfolio with investment management, research,
statistical and advisory services, and pays certain other expenses of the
Portfolio. For such services the Portfolio pays monthly a fee based upon the
average daily value of the Portfolio's net assets at the following annual rate:
0.40% of average net assets up to $100 million and 0.25% of average net assets
exceeding $100 million. During the six month period ended June 30, 1994, RMA
voluntarily waived investment advisory fees in the Portfolio.
Mutual Funds Service Co. (MFS), a wholly-owned subsidiary of MII, serves as
accounting services agent for the Portfolio. The minimum annual fee for all
such services is $30,000. Subject to the applicable minimum fee, The
Portfolio's annual fee, payable monthly, is computed at the rate of 0.15% of
the first $10 million, 0.10% of the next $20 million, 0.02% of the next $50
million and 0.01% in excess of $80 million of the Portfolio's average net
assets.
Certain officers and/or trustees of each Portfolio are officers and/or
directors of MII, RMA and MFS.
11
<PAGE> 12
[LOGO]
THE FLEX-PARTNERS FUNDS
INVESTMENT ADVISER: R. MEEDER & ASSOCIATES
P.O. BOX 7177
DUBLIN, OHIO 43017
